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Invesco Semi-Annual Report to Shareholders

 

 

February 28, 2022

 

  BSCM    Invesco BulletShares 2022 Corporate Bond ETF
  BSCN    Invesco BulletShares 2023 Corporate Bond ETF
  BSCO    Invesco BulletShares 2024 Corporate Bond ETF
  BSCP    Invesco BulletShares 2025 Corporate Bond ETF
  BSCQ    Invesco BulletShares 2026 Corporate Bond ETF
  BSCR    Invesco BulletShares 2027 Corporate Bond ETF
  BSCS    Invesco BulletShares 2028 Corporate Bond ETF
  BSCT    Invesco BulletShares 2029 Corporate Bond ETF
  BSCU    Invesco BulletShares 2030 Corporate Bond ETF
  BSCV    Invesco BulletShares 2031 Corporate Bond ETF
  BSJM    Invesco BulletShares 2022 High Yield Corporate Bond ETF
  BSJN    Invesco BulletShares 2023 High Yield Corporate Bond ETF
  BSJO    Invesco BulletShares 2024 High Yield Corporate Bond ETF
  BSJP    Invesco BulletShares 2025 High Yield Corporate Bond ETF
  BSJQ    Invesco BulletShares 2026 High Yield Corporate Bond ETF
  BSJR    Invesco BulletShares 2027 High Yield Corporate Bond ETF
  BSJS    Invesco BulletShares 2028 High Yield Corporate Bond ETF
  BSJT    Invesco BulletShares 2029 High Yield Corporate Bond ETF
  BSMM    Invesco BulletShares 2022 Municipal Bond ETF
  BSMN    Invesco BulletShares 2023 Municipal Bond ETF
  BSMO    Invesco BulletShares 2024 Municipal Bond ETF
  BSMP    Invesco BulletShares 2025 Municipal Bond ETF
  BSMQ    Invesco BulletShares 2026 Municipal Bond ETF
  BSMR    Invesco BulletShares 2027 Municipal Bond ETF
  BSMS    Invesco BulletShares 2028 Municipal Bond ETF
  BSMT    Invesco BulletShares 2029 Municipal Bond ETF
  BSMU    Invesco BulletShares 2030 Municipal Bond ETF
  BSMV    Invesco BulletShares 2031 Municipal Bond ETF
  BSBE    Invesco BulletShares 2022 USD Emerging Markets Debt ETF
  BSCE    Invesco BulletShares 2023 USD Emerging Markets Debt ETF
  BSDE    Invesco BulletShares 2024 USD Emerging Markets Debt ETF


 

 

Table of Contents

 

Schedules of Investments

  

Invesco BulletShares 2022 Corporate Bond ETF (BSCM)

     3  

Invesco BulletShares 2023 Corporate Bond ETF (BSCN)

     9  

Invesco BulletShares 2024 Corporate Bond ETF (BSCO)

     16  

Invesco BulletShares 2025 Corporate Bond ETF (BSCP)

     23  

Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)

     31  

Invesco BulletShares 2027 Corporate Bond ETF (BSCR)

     38  

Invesco BulletShares 2028 Corporate Bond ETF (BSCS)

     44  

Invesco BulletShares 2029 Corporate Bond ETF (BSCT)

     49  

Invesco BulletShares 2030 Corporate Bond ETF (BSCU)

     54  

Invesco BulletShares 2031 Corporate Bond ETF (BSCV)

     59  

Invesco BulletShares 2022 High Yield Corporate Bond ETF (BSJM)

     64  

Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN)

     68  

Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)

     73  

Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)

     77  

Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)

     82  

Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)

     88  

Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)

     93  

Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)

     98  

Invesco BulletShares 2022 Municipal Bond ETF (BSMM)

     104  

Invesco BulletShares 2023 Municipal Bond ETF (BSMN)

     111  

Invesco BulletShares 2024 Municipal Bond ETF (BSMO)

     121  

Invesco BulletShares 2025 Municipal Bond ETF (BSMP)

     133  

Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)

     143  

Invesco BulletShares 2027 Municipal Bond ETF (BSMR)

     152  

Invesco BulletShares 2028 Municipal Bond ETF (BSMS)

     158  

Invesco BulletShares 2029 Municipal Bond ETF (BSMT)

     164  

Invesco BulletShares 2030 Municipal Bond ETF (BSMU)

     171  

Invesco BulletShares 2031 Municipal Bond ETF (BSMV)

     175  

Invesco BulletShares 2022 USD Emerging Markets Debt ETF (BSBE)

     179  

Invesco BulletShares 2023 USD Emerging Markets Debt ETF (BSCE)

     183  

Invesco BulletShares 2024 USD Emerging Markets Debt ETF (BSDE)

     187  

Statements of Assets and Liabilities

     190  

Statements of Operations

     196  

Statements of Changes in Net Assets

     202  

Financial Highlights

     213  

Notes to Financial Statements

     244  

Fund Expenses

     260  

Approval of Investment Advisory Contracts

     263  

 

 

  2  

 

 

 

 

 

 

 


 

Invesco BulletShares 2022 Corporate Bond ETF (BSCM)

February 28, 2022

(Unaudited)

 

Schedule of Investments(a)

 

     Principal
    Amount    
           Value        

U.S. Dollar Denominated Bonds & Notes-95.46%

 

Aerospace & Defense-0.42%

     

General Dynamics Corp., 2.25%, 11/15/2022

   $ 9,525,000      $ 9,596,702  
     

 

 

 

Air Freight & Logistics-0.69%

     

United Parcel Service, Inc.

     

2.35%, 05/16/2022

     5,230,000        5,225,986  

2.45%, 10/01/2022

     10,370,000        10,456,148  
     

 

 

 
        15,682,134  
     

 

 

 

Automobiles-4.23%

     

American Honda Finance Corp.

     

1.95%, 05/20/2022

     6,143,000        6,156,385  

2.20%, 06/27/2022

     7,938,000        7,971,748  

0.40%, 10/21/2022

     4,722,000        4,705,852  

2.60%, 11/16/2022

     5,264,000        5,318,472  

General Motors Financial Co., Inc.

     

3.45%, 04/10/2022

     12,477,000        12,502,070  

3.15%, 06/30/2022

     11,774,000        11,838,812  

Toyota Motor Corp. (Japan), 2.16%, 07/02/2022

     4,606,000        4,626,509  

Toyota Motor Credit Corp.

     

1.15%, 05/26/2022

     10,627,000        10,634,036  

2.80%, 07/13/2022

     4,881,000        4,915,649  

0.45%, 07/22/2022

     7,357,000        7,342,949  

2.15%, 09/08/2022

     8,678,000        8,727,413  

0.35%, 10/14/2022

     10,952,000        10,906,216  
     

 

 

 
        95,646,111  
     

 

 

 

Banks-18.84%

     

Bank of Montreal (Canada)

     

2.35%, 09/11/2022

     10,436,000        10,514,353  

2.55%, 11/06/2022

     9,293,000        9,365,832  

Bank of Nova Scotia (The) (Canada)

     

2.70%, 03/07/2022

     15,341,000        15,345,254  

2.45%, 09/19/2022

     9,357,000        9,421,241  

Barclays Bank PLC (United Kingdom), 7.63%, 11/21/2022

     15,072,000        15,629,399  

Canadian Imperial Bank of Commerce (Canada), 2.55%, 06/16/2022

     9,361,000        9,410,495  

Citigroup, Inc.

     

2.75%, 04/25/2022

     19,746,000        19,773,905  

4.05%, 07/30/2022

     8,108,000        8,210,721  

2.70%, 10/27/2022

     17,983,000        18,139,525  

Citizens Bank N.A., 2.65%, 05/26/2022

     5,002,000        5,016,154  

Fifth Third Bancorp, 2.60%, 06/15/2022

     7,427,000        7,451,516  

First Republic Bank, 2.50%, 06/06/2022

     5,163,000        5,175,233  

HSBC Holdings PLC (United Kingdom), 4.00%, 03/30/2022

     12,249,000        12,277,727  

Huntington National Bank (The), 2.50%, 08/07/2022

     6,802,000        6,839,482  

JPMorgan Chase & Co., 3.25%, 09/23/2022

     30,572,000        30,950,612  

KeyBank N.A.

     

2.40%, 06/09/2022

     5,729,000        5,755,275  

2.30%, 09/14/2022

     7,450,000        7,503,904  

Manufacturers and Traders Trust Co., 2.50%, 05/18/2022

     7,102,000        7,117,497  

 

 

 

     Principal
    Amount    
           Value        

Banks-(continued)

     

Mitsubishi UFJ Financial Group, Inc. (Japan)

     

2.62%, 07/18/2022

   $ 22,900,000      $ 23,046,244  

2.67%, 07/25/2022

     20,828,000        20,968,635  

Mizuho Financial Group, Inc. (Japan), 2.60%, 09/11/2022

     9,380,000        9,457,089  

MUFG Union Bank N.A., 2.10%, 12/09/2022

     7,050,000        7,095,623  

NatWest Group PLC (United Kingdom), 6.13%, 12/15/2022

     12,300,000        12,716,370  

People’s United Financial, Inc., 3.65%, 12/06/2022

     4,687,000        4,745,659  

PNC Bank N.A.

     

2.88%, 06/29/2022

     7,300,000        7,334,353  

2.45%, 07/28/2022

     7,270,000        7,305,412  

2.70%, 11/01/2022

     9,823,000        9,918,067  

PNC Financial Services Group, Inc. (The), 2.85%, 11/09/2022(b)

     4,682,000        4,739,021  

Skandinaviska Enskilda Banken AB (Sweden), 2.80%, 03/11/2022

     3,651,000        3,653,238  

Sumitomo Mitsui Banking Corp. (Japan), 3.20%, 07/18/2022

     7,385,000        7,445,870  

Sumitomo Mitsui Financial Group, Inc. (Japan)

     

2.78%, 07/12/2022

     19,769,000        19,898,088  

2.78%, 10/18/2022

     12,123,000        12,253,916  

Synchrony Bank, 3.00%, 06/15/2022

     8,045,000        8,079,666  

Truist Bank, 2.45%, 08/01/2022

     9,667,000        9,716,092  

Truist Financial Corp., 2.75%, 04/01/2022

     9,356,000        9,356,000  

U.S. Bancorp, 2.95%, 07/15/2022

     12,974,000        13,056,184  

Wells Fargo & Co.

     

3.50%, 03/08/2022

     14,343,000        14,349,165  

2.63%, 07/22/2022

     17,097,000        17,211,417  
     

 

 

 
        426,244,234  
     

 

 

 

Beverages-1.73%

     

Diageo Investment Corp. (United Kingdom), 2.88%, 05/11/2022

     9,519,000        9,557,682  

Molson Coors Beverage Co., 3.50%, 05/01/2022

     4,661,000        4,683,745  

PepsiCo, Inc.

     

2.75%, 03/05/2022

     11,496,000        11,498,045  

2.25%, 05/02/2022

     5,624,000        5,631,945  

3.10%, 07/17/2022

     7,649,000        7,683,701  
     

 

 

 
        39,055,118  
     

 

 

 

Biotechnology-3.87%

     

AbbVie, Inc.

     

2.90%, 11/06/2022

     29,200,000        29,498,872  

3.20%, 11/06/2022

     9,358,000        9,444,581  

2.30%, 11/21/2022

     28,719,000        28,913,425  

Biogen, Inc., 3.63%, 09/15/2022

     9,533,000        9,648,918  

Gilead Sciences, Inc., 3.25%, 09/01/2022

     9,908,000        9,989,262  
     

 

 

 
        87,495,058  
     

 

 

 

 

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

 

 

  3  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

     Principal
    Amount    
           Value        

Capital Markets-6.45%

     

Bank of New York Mellon Corp. (The), 1.95%, 08/23/2022

   $ 9,410,000      $ 9,455,807  

BlackRock, Inc., 3.38%, 06/01/2022

     7,097,000        7,145,399  

CME Group, Inc., 3.00%, 09/15/2022

     7,099,000        7,175,571  

Credit Suisse AG (Switzerland), 2.80%, 04/08/2022

     15,650,000        15,686,143  

Deutsche Bank AG (Germany), 3.30%, 11/16/2022

     10,609,000        10,725,945  

Morgan Stanley

     

2.75%, 05/19/2022

     30,578,000        30,702,258  

4.88%, 11/01/2022

     20,831,000        21,311,600  

Morgan Stanley Domestic Holdings, Inc., 2.95%, 08/24/2022

     6,027,000        6,072,530  

Nasdaq, Inc., 0.45%, 12/21/2022

     5,608,000        5,574,412  

Northern Trust Corp., 2.38%, 08/02/2022

     4,686,000        4,717,244  

TD Ameritrade Holding Corp., 2.95%, 04/01/2022

     7,116,000        7,129,679  

UBS AG (Switzerland), 7.63%, 08/17/2022

     19,829,000        20,306,824  
     

 

 

 
        146,003,412  
     

 

 

 

Chemicals-1.15%

     

Celanese US Holdings LLC, 4.63%, 11/15/2022

     4,686,000        4,795,981  

Eastman Chemical Co., 3.60%, 08/15/2022

     7,087,000        7,125,427  

Linde, Inc., 2.20%, 08/15/2022

     3,716,000        3,726,175  

Mosaic Co. (The), 3.25%, 11/15/2022

     5,144,000        5,210,096  

Syngenta Finance N.V. (Switzerland), 3.13%, 03/28/2022

     5,187,000        5,193,603  
     

 

 

 
        26,051,282  
     

 

 

 

Commercial Services & Supplies-0.46%

 

  

Cintas Corp. No. 2, 2.90%, 04/01/2022

     5,798,000        5,807,690  

Waste Management, Inc., 2.90%, 09/15/2022

     4,678,000        4,702,969  
     

 

 

 
        10,510,659  
     

 

 

 

Communications Equipment-0.65%

     

Cisco Systems, Inc., 3.00%, 06/15/2022

     5,195,000        5,230,313  

Telefonaktiebolaget LM Ericsson (Sweden), 4.13%, 05/15/2022

     9,455,000        9,502,133  
     

 

 

 
        14,732,446  
     

 

 

 

Consumer Finance-2.06%

     

American Express Co.

     

2.50%, 08/01/2022

     17,797,000        17,891,427  

2.65%, 12/02/2022

     13,736,000        13,881,481  

Capital One N.A.

     

2.65%, 08/08/2022

     4,000,000        4,019,211  

2.15%, 09/06/2022

     5,999,000        6,033,900  

Discover Financial Services, 3.85%, 11/21/2022

     4,683,000        4,765,974  
     

 

 

 
        46,591,993  
     

 

 

 

Diversified Consumer Services-0.21%

 

  

Block Financial LLC, 5.50%, 11/01/2022

     4,716,000        4,750,547  
     

 

 

 
     Principal
    Amount    
           Value        

Diversified Financial Services-0.53%

     

AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 4.63%, 07/01/2022

   $ 4,775,000      $ 4,829,232  

ORIX Corp. (Japan), 2.90%, 07/18/2022

     7,040,000        7,093,163  
     

 

 

 
        11,922,395  
     

 

 

 

Diversified Telecommunication Services-1.32%

 

  

AT&T, Inc.

     

3.00%, 06/30/2022

     18,612,000        18,672,971  

2.63%, 12/01/2022

     11,042,000        11,118,629  
     

 

 

 
        29,791,600  
     

 

 

 

Electric Utilities-3.71%

     

Constellation Energy Generation LLC

     

3.40%, 03/15/2022

     5,501,000        5,505,259  

4.25%, 06/15/2022

     5,009,000        5,015,479  

Duke Energy Corp.

     

2.40%, 08/15/2022

     4,963,000        4,990,150  

3.05%, 08/15/2022

     5,845,000        5,870,278  

Duke Energy Progress LLC, 2.80%, 05/15/2022

     4,649,000        4,658,155  

Entergy Corp., 4.00%, 07/15/2022

     6,382,000        6,419,019  

Eversource Energy, Series K, 2.75%, 03/15/2022

     5,524,000        5,527,732  

Exelon Corp., 3.50%, 06/01/2022

     11,201,000        11,236,909  

ITC Holdings Corp., 2.70%, 11/15/2022 .

     6,171,000        6,224,537  

Oncor Electric Delivery Co. LLC, 7.00%, 09/01/2022

     4,544,000        4,660,942  

Pacific Gas and Electric Co., 1.75%, 06/16/2022

     23,780,000        23,761,321  
     

 

 

 
        83,869,781  
     

 

 

 

Electrical Equipment-1.29%

     

ABB Finance USA, Inc. (Switzerland), 2.88%, 05/08/2022

     11,756,000        11,791,801  

Eaton Corp., 2.75%, 11/02/2022

     17,197,000        17,369,268  
     

 

 

 
        29,161,069  
     

 

 

 

Electronic Equipment, Instruments & Components-0.47%

 

CDW LLC/CDW Finance Corp., 4.13%, 05/01/2025

     5,674,000        5,757,266  

Jabil, Inc., 4.70%, 09/15/2022

     4,740,000        4,828,182  
     

 

 

 
        10,585,448  
     

 

 

 

Entertainment-0.84%

     

TWDC Enterprises 18 Corp.

     

2.45%, 03/04/2022

     4,663,000        4,663,489  

2.35%, 12/01/2022

     9,547,000        9,631,047  

Walt Disney Co. (The), 1.65%, 09/01/2022

     4,677,000        4,696,559  
     

 

 

 
        18,991,095  
     

 

 

 

Equity REITs-1.60%

     

Kimco Realty Corp., 3.40%, 11/01/2022

     6,704,000        6,785,324  

MPT Operating Partnership L.P./MPT Finance Corp.

     

5.25%, 08/01/2026

     4,800,000        4,901,424  

5.00%, 10/15/2027

     14,313,000        14,641,054  

 

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

 

 

  4  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

     Principal
    Amount    
           Value        

Equity REITs-(continued)

     

Public Storage, 2.37%, 09/15/2022

   $ 4,800,000      $ 4,825,630  

SL Green Operating Partnership L.P., 3.25%, 10/15/2022

     5,073,000        5,122,540  
     

 

 

 
        36,275,972  
     

 

 

 

Food & Staples Retailing-0.89%

     

Walgreen Co., 3.10%, 09/15/2022

     8,109,000        8,182,404  

Walmart, Inc., 2.35%, 12/15/2022

     11,782,000        11,910,813  
     

 

 

 
        20,093,217  
     

 

 

 

Food Products-1.27%

     

General Mills, Inc., 2.60%, 10/12/2022

     4,680,000        4,712,666  

McCormick & Co., Inc., 2.70%, 08/15/2022

     7,096,000        7,139,011  

Mondelez International, Inc., 0.63%, 07/01/2022

     9,526,000        9,510,817  

Tyson Foods, Inc., 4.50%, 06/15/2022

     7,356,000        7,351,431  
     

 

 

 
        28,713,925  
     

 

 

 

Health Care Equipment & Supplies-0.96%

 

  

Abbott Laboratories, 2.55%, 03/15/2022

     8,055,000        8,061,602  

DH Europe Finance II S.a.r.l., 2.05%, 11/15/2022

     6,543,000        6,578,848  

Zimmer Biomet Holdings, Inc., 3.15%, 04/01/2022

     7,107,000        7,114,017  
     

 

 

 
        21,754,467  
     

 

 

 

Health Care Providers & Services-5.02%

 

  

Aetna, Inc., 2.75%, 11/15/2022

     9,863,000        9,926,656  

Anthem, Inc.

     

3.13%, 05/15/2022

     8,150,000        8,188,443  

2.95%, 12/01/2022

     7,096,000        7,178,892  

Centene Corp., 4.25%, 12/15/2027

     23,755,000        24,345,906  

CommonSpirit Health, 2.95%, 11/01/2022

     4,662,000        4,714,248  

CVS Health Corp.

     

3.50%, 07/20/2022

     14,243,000        14,313,959  

2.75%, 12/01/2022

     11,699,000        11,787,920  

Humana, Inc., 3.15%, 12/01/2022

     5,418,000        5,469,969  

UnitedHealth Group, Inc.

     

2.88%, 03/15/2022

     9,185,000        9,193,537  

3.35%, 07/15/2022

     9,830,000        9,914,727  

2.38%, 10/15/2022

     8,523,000        8,590,405  
     

 

 

 
        113,624,662  
     

 

 

 

Hotels, Restaurants & Leisure-0.76%

     

Hyatt Hotels Corp., 1.80%, 10/01/2024

     7,100,000        6,957,089  

Starbucks Corp.

     

1.30%, 05/07/2022

     4,883,000        4,885,990  

2.70%, 06/15/2022

     5,453,000        5,464,014  
     

 

 

 
        17,307,093  
     

 

 

 

Household Durables-0.54%

     

Lennar Corp., 4.75%, 11/15/2022

     6,375,000        6,467,535  

NVR, Inc., 3.95%, 09/15/2022

     5,657,000        5,705,438  
     

 

 

 
        12,172,973  
     

 

 

 
     Principal
    Amount    
           Value        

Household Products-0.77%

     

Clorox Co. (The), 3.05%, 09/15/2022

   $ 5,655,000      $ 5,689,568  

Procter & Gamble Co. (The), 2.15%, 08/11/2022

     11,727,000        11,790,117  
     

 

 

 
        17,479,685  
     

 

 

 

Industrial Conglomerates-1.16%

     

3M Co., 2.00%, 06/26/2022

     6,385,000        6,406,942  

General Electric Co.

     

3.15%, 09/07/2022

     5,100,000        5,156,262  

2.70%, 10/09/2022

     6,300,000        6,361,635  

Honeywell International, Inc., 0.48%, 08/19/2022

     3,542,000        3,538,211  

Roper Technologies, Inc., 3.13%, 11/15/2022

     4,680,000        4,724,514  
     

 

 

 
        26,187,564  
     

 

 

 

Insurance-0.92%

     

Aon Corp., 2.20%, 11/15/2022

     4,670,000        4,696,747  

Berkshire Hathaway Finance Corp., 3.00%, 05/15/2022

     6,107,000        6,136,962  

Chubb INA Holdings, Inc., 2.88%, 11/03/2022

     9,845,000        9,939,093  
     

 

 

 
        20,772,802  
     

 

 

 

Internet & Direct Marketing Retail-0.88%

 

  

Amazon.com, Inc., 2.50%, 11/29/2022

     12,478,000        12,598,458  

eBay, Inc., 2.60%, 07/15/2022

     7,257,000        7,274,651  
     

 

 

 
        19,873,109  
     

 

 

 

IT Services-3.13%

     

Fiserv, Inc., 3.50%, 10/01/2022

     6,646,000        6,684,917  

International Business Machines Corp.

     

1.88%, 08/01/2022

     9,500,000        9,536,649  

2.88%, 11/09/2022

     8,510,000        8,612,237  

PayPal Holdings, Inc., 2.20%, 09/26/2022

     9,551,000        9,620,674  

VeriSign, Inc., 4.75%, 07/15/2027

     5,209,000        5,381,184  

Visa, Inc.

     

2.15%, 09/15/2022

     9,550,000        9,612,068  

2.80%, 12/14/2022

     21,132,000        21,370,457  
     

 

 

 
        70,818,186  
     

 

 

 

Machinery-2.91%

     

Caterpillar Financial Services Corp.

     

0.95%, 05/13/2022

     12,055,000        12,059,897  

2.85%, 06/01/2022

     5,032,000        5,057,605  

2.40%, 06/06/2022

     4,136,000        4,154,839  

1.90%, 09/06/2022

     7,124,000        7,155,813  

1.95%, 11/18/2022

     7,120,000        7,161,487  

2.55%, 11/29/2022

     5,658,000        5,720,821  

CNH Industrial Capital LLC, 4.38%, 04/05/2022

     4,683,000        4,697,788  

Deere & Co., 2.60%, 06/08/2022

     9,698,000        9,712,562  

John Deere Capital Corp.

     

2.75%, 03/15/2022

     4,336,000        4,338,953  

2.15%, 09/08/2022

     5,656,000        5,689,619  
     

 

 

 
        65,749,384  
     

 

 

 

 

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

 

 

  5  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

     Principal
    Amount    
           Value        

Media-1.83%

     

Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., 4.46%, 07/23/2022

   $ 30,464,000      $ 30,690,525  

Comcast Cable Communications Holdings, Inc., 9.46%, 11/15/2022

     10,183,000        10,769,654  
     

 

 

 
        41,460,179  
     

 

 

 

Metals & Mining-0.25%

     

Nucor Corp., 4.13%, 09/15/2022

     5,626,000        5,674,991  
     

 

 

 

Multi-Utilities-0.84%

     

DTE Energy Co.

     

2.25%, 11/01/2022

     5,287,000        5,320,308  

Series H, 0.55%, 11/01/2022

     7,120,000        7,086,955  

Public Service Enterprise Group, Inc., 2.65%, 11/15/2022

     6,536,000        6,589,649  
     

 

 

 
        18,996,912  
     

 

 

 

Oil, Gas & Consumable Fuels-4.51%

     

BP Capital Markets PLC (United Kingdom), 2.50%, 11/06/2022

     10,462,000        10,545,309  

Chevron Corp., 2.36%, 12/05/2022

     19,022,000        19,156,268  

Enbridge, Inc. (Canada), 2.90%, 07/15/2022

     7,019,991        7,056,110  

Energy Transfer L.P./Regency Energy Finance Corp., 5.00%, 10/01/2022

     7,360,000        7,448,140  

Exxon Mobil Corp., 1.90%, 08/16/2022

     7,130,000        7,166,216  

Kinder Morgan Energy Partners L.P., 3.95%, 09/01/2022

     9,454,000        9,513,372  

ONEOK Partners L.P., 3.38%, 10/01/2022

     8,538,000        8,597,306  

Phillips 66, 4.30%, 04/01/2022

     10,318,000        10,345,982  

Plains All American Pipeline L.P./PAA Finance Corp., 3.65%, 06/01/2022

     5,525,000        5,525,000  

TransCanada PipeLines Ltd. (Canada), 2.50%, 08/01/2022

     9,461,000        9,507,648  

Williams Cos., Inc. (The), 3.35%, 08/15/2022

     7,094,000        7,128,091  
     

 

 

 
        101,989,442  
     

 

 

 

Personal Products-0.59%

     

Unilever Capital Corp. (United Kingdom)

     

3.00%, 03/07/2022

     5,354,000        5,356,194  

2.20%, 05/05/2022

     8,050,000        8,061,907  
     

 

 

 
        13,418,101  
     

 

 

 

Pharmaceuticals-4.14%

     

AstraZeneca PLC (United Kingdom), 2.38%, 06/12/2022

     9,508,000        9,537,876  

Bristol-Myers Squibb Co.

     

2.00%, 08/01/2022

     7,008,000        7,031,473  

3.25%, 08/15/2022

     8,235,000        8,321,252  

Eli Lilly and Co., 2.35%, 05/15/2022

     7,119,000        7,141,759  

GlaxoSmithKline Capital PLC (United Kingdom), 2.85%, 05/08/2022

     20,172,000        20,235,507  

Johnson & Johnson, 2.25%, 03/03/2022

     8,130,000        8,130,214  

Merck & Co., Inc., 2.40%, 09/15/2022

     9,525,000        9,569,504  
     Principal
    Amount    
           Value        

Pharmaceuticals-(continued)

     

Novartis Capital Corp. (Switzerland)

     

2.40%, 05/17/2022

   $ 9,523,000      $ 9,544,394  

2.40%, 09/21/2022

     14,081,000        14,184,039  
     

 

 

 
        93,696,018  
     

 

 

 

Professional Services-0.22%

     

Equifax, Inc., 3.30%, 12/15/2022

     4,961,000        5,016,089  
     

 

 

 

Road & Rail-0.86%

     

Burlington Northern Santa Fe LLC, 3.05%, 09/01/2022

     6,410,000        6,440,385  

Norfolk Southern Corp., 3.00%, 04/01/2022

     5,843,000        5,852,111  

Union Pacific Corp., 4.16%, 07/15/2022

     7,151,000        7,176,210  
     

 

 

 
        19,468,706  
     

 

 

 

Semiconductors & Semiconductor Equipment-2.82%

 

  

Intel Corp.

     

2.35%, 05/11/2022

     6,828,000        6,842,612  

3.10%, 07/29/2022

     11,592,000        11,706,791  

2.70%, 12/15/2022

     13,624,000        13,802,004  

Microchip Technology, Inc., 4.25%, 09/01/2025

     11,445,000        11,798,412  

QUALCOMM, Inc., 3.00%, 05/20/2022

     14,960,000        14,989,039  

Texas Instruments, Inc., 1.85%, 05/15/2022

     4,676,000        4,681,967  
     

 

 

 
        63,820,825  
     

 

 

 

Software-2.90%

     

Microsoft Corp.

     

2.65%, 11/03/2022

     10,432,000        10,543,695  

2.13%, 11/15/2022

     7,492,000        7,561,747  

Oracle Corp.

     

2.50%, 05/15/2022

     23,710,000        23,736,347  

2.50%, 10/15/2022

     23,573,000        23,759,188  
     

 

 

 
        65,600,977  
     

 

 

 

Specialty Retail-0.85%

     

Home Depot, Inc. (The), 2.63%, 06/01/2022

     11,851,000        11,889,428  

Lowe’s Cos., Inc., 3.12%, 04/15/2022

     7,410,000        7,423,847  
     

 

 

 
        19,313,275  
     

 

 

 

Technology Hardware, Storage & Peripherals-2.62%

 

  

Apple, Inc.

     

2.30%, 05/11/2022

     8,691,000        8,711,969  

2.70%, 05/13/2022

     12,006,000        12,054,661  

1.70%, 09/11/2022

     9,454,000        9,500,342  

2.10%, 09/12/2022

     9,461,000        9,518,720  

Hewlett Packard Enterprise Co., 4.40%, 10/15/2022

     14,106,000        14,314,827  

HP, Inc., 4.05%, 09/15/2022

     5,140,000        5,230,681  
     

 

 

 
        59,331,200  
     

 

 

 

Textiles, Apparel & Luxury Goods-0.42%

 

  

Ralph Lauren Corp., 1.70%, 06/15/2022

     4,686,000        4,695,272  

VF Corp., 2.05%, 04/23/2022

     4,796,000        4,804,725  
     

 

 

 
        9,499,997  
     

 

 

 

Tobacco-1.58%

     

Altria Group, Inc., 2.85%, 08/09/2022

     12,540,000        12,627,397  

 

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

 

 

  6  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

     Principal
    Amount    
           Value        

Tobacco-(continued)

     

Philip Morris International, Inc.

     

2.38%, 08/17/2022

   $ 7,128,000      $ 7,166,115  

2.50%, 08/22/2022

     7,170,000        7,222,142  

2.50%, 11/02/2022

     8,718,000        8,785,316  
     

 

 

 
        35,800,970  
     

 

 

 

Trading Companies & Distributors-0.89%

 

Air Lease Corp., 2.63%, 07/01/2022

     5,632,000        5,646,424  

International Lease Finance Corp., 5.88%, 08/15/2022

     7,089,000        7,227,995  

United Rentals North America, Inc., 3.88%, 11/15/2027

     7,120,000        7,251,720  
     

 

 

 
        20,126,139  
     

 

 

 

Wireless Telecommunication Services-0.41%

 

  

T-Mobile USA, Inc., 5.38%, 04/15/2027

     4,671,000        4,816,829  

Vodafone Group PLC (United Kingdom), 2.50%, 09/26/2022

     4,420,000        4,450,583  
     

 

 

 
        9,267,412  
     

 

 

 

Total U.S. Dollar Denominated Bonds & Notes
(Cost $2,158,022,283)

 

     2,159,985,356  
     

 

 

 
     Shares      Value  

Money Market Funds-6.96%

     

Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c)(d)
(Cost $157,429,122)

     157,429,122      $ 157,429,122  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-102.42%
(Cost $2,315,451,405)

 

     2,317,414,478  

OTHER ASSETS LESS LIABILITIES-(2.42)%

 

     (54,776,313
     

 

 

 

NET ASSETS-100.00%

 

   $ 2,262,638,165  
     

 

 

 

 

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) 

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

(c) 

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2022.

 

    Value
August 31, 2021
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
  Realized
Gain
(Loss)
  Value
February 28, 2022
  Dividend
Income

Investments in Affiliated Money Market Funds:

                                   

Invesco Government & Agency Portfolio, Institutional Class

    $ 16,446,920         $ 551,863,557     $ (410,881,355 )     $ -     $ -     $ 157,429,122         $ 11,139

Investments Purchased with Cash Collateral from Securities on Loan:

                                   

Invesco Private Government Fund

      20,174,801           34,707,555       (54,882,356 )       -       -       -           1,537 *

Invesco Private Prime Fund

      47,074,537           73,764,945       (120,830,835 )       -       (8,647 )       -           18,891 *
   

 

 

         

 

 

     

 

 

     

 

 

     

 

 

     

 

 

         

 

 

 

Total

    $ 83,696,258         $ 660,336,057     $ (586,594,546 )     $ -     $ (8,647 )     $ 157,429,122         $ 31,567
   

 

 

         

 

 

     

 

 

     

 

 

     

 

 

     

 

 

         

 

 

 

 

*

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 February 28, 2022.

 

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

 

 

  7  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)

as of February 28, 2022

     

Financials

     28.80     

Health Care

     13.99     

Information Technology

     12.59     

Industrials

     8.90     

Consumer Discretionary

     7.89     

Consumer Staples

     6.83     

Utilities

     4.55     

Energy

     4.51     

Communication Services

     4.40     

Sector Types Each Less Than 3%

     3.00     

Money Market Funds Plus Other Assets Less Liabilities

     4.54     

 

 

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

 

 

  8  

 

 

 

 

 

 

 


 

Invesco BulletShares 2023 Corporate Bond ETF (BSCN)

February 28, 2022

(Unaudited)

 

Schedule of Investments(a)

 

         Principal             
     Amount            Value        

U.S. Dollar Denominated Bonds & Notes-99.07%

 

Aerospace & Defense-2.41%

     

Boeing Co. (The)

     

1.17%, 02/04/2023

   $ 8,846,000      $ 8,780,169  

4.51%, 05/01/2023

     19,985,000        20,548,565  

General Dynamics Corp.

     

3.38%, 05/15/2023

     5,026,000        5,133,243  

1.88%, 08/15/2023

     3,341,000        3,352,924  

Lockheed Martin Corp., 3.10%, 01/15/2023(b)

     3,300,000        3,343,576  

Northrop Grumman Corp., 3.25%, 08/01/2023

     7,006,000        7,160,519  

Precision Castparts Corp., 2.50%, 01/15/2023

     6,637,000        6,691,907  
     

 

 

 
        55,010,903  
     

 

 

 

Air Freight & Logistics-0.29%

     

United Parcel Service, Inc., 2.50%, 04/01/2023

     6,628,000        6,699,245  
     

 

 

 

Airlines-0.52%

     

Delta Air Lines, Inc., 3.80%, 04/19/2023(b)

     3,320,000        3,348,934  

Southwest Airlines Co., 4.75%, 05/04/2023

     8,303,000        8,586,872  
     

 

 

 
        11,935,806  
     

 

 

 

Automobiles-6.18%

     

American Honda Finance Corp.

     

2.05%, 01/10/2023

     4,983,000        5,017,555  

1.95%, 05/10/2023

     5,556,000        5,586,504  

0.88%, 07/07/2023

     8,300,000        8,227,239  

3.45%, 07/14/2023

     3,322,000        3,400,617  

0.65%, 09/08/2023(b)

     4,933,000        4,878,184  

General Motors Co.

     

4.88%, 10/02/2023

     10,263,000        10,724,830  

5.40%, 10/02/2023

     6,702,000        7,048,144  

General Motors Financial Co., Inc.

     

3.25%, 01/05/2023

     5,586,000        5,662,634  

3.70%, 05/09/2023

     7,972,000        8,120,843  

4.25%, 05/15/2023(b)

     5,432,000        5,593,109  

4.15%, 06/19/2023

     6,587,000        6,759,032  

1.70%, 08/18/2023(b)

     8,228,000        8,201,399  

Stellantis N.V., 5.25%, 04/15/2023(b)

     9,670,000        10,009,610  

Toyota Motor Corp. (Japan), 3.42%, 07/20/2023

     5,023,000        5,147,919  

Toyota Motor Credit Corp.

     

2.63%, 01/10/2023

     4,706,000        4,766,495  

2.70%, 01/11/2023(b)

     4,029,000        4,080,043  

2.90%, 03/30/2023

     11,456,000        11,644,704  

0.40%, 04/06/2023(b)

     6,571,000        6,501,188  

0.50%, 08/14/2023

     9,378,000        9,248,019  

1.35%, 08/25/2023

     7,040,000        7,021,911  

2.25%, 10/18/2023

     3,294,000        3,319,674  
     

 

 

 
        140,959,653  
     

 

 

 

Banks-16.45%

     

Banco Santander S.A. (Spain), 3.85%, 04/12/2023

     8,700,000        8,865,448  

 

 

         Principal             
     Amount            Value        

Banks-(continued)

     

Bank of America Corp.

     

3.30%, 01/11/2023

   $ 28,074,000      $ 28,557,062  

4.10%, 07/24/2023

     13,210,000        13,659,927  

Bank of Montreal (Canada), 0.45%, 12/08/2023(b)

     6,046,000        5,894,699  

Bank of Nova Scotia (The) (Canada), 0.40%, 09/15/2023(b)

     7,200,000        7,050,256  

Canadian Imperial Bank of Commerce (Canada), 3.50%, 09/13/2023(b)

     6,674,000        6,876,045  

Citigroup, Inc.

     

3.50%, 05/15/2023(b)

     8,260,000        8,455,652  

3.88%, 10/25/2023

     6,432,000        6,643,453  

Citizens Bank N.A., 3.70%, 03/29/2023

     3,304,000        3,371,556  

Comerica, Inc., 3.70%, 07/31/2023

     5,616,000        5,764,068  

Cooperatieve Rabobank U.A. (Netherlands)

     

2.75%, 01/10/2023(b)

     7,200,000        7,293,427  

4.63%, 12/01/2023

     3,600,000        3,756,473  

Fifth Third Bancorp, 1.63%, 05/05/2023

     3,300,000        3,297,951  

Fifth Third Bank N.A., 1.80%, 01/30/2023

     4,335,000        4,356,566  

HSBC Holdings PLC (United Kingdom), 3.60%, 05/25/2023

     13,290,000        13,609,476  

Huntington National Bank (The)

     

1.80%, 02/03/2023

     3,182,000        3,184,183  

3.55%, 10/06/2023(b)

     4,780,000        4,914,388  

JPMorgan Chase & Co.

     

3.20%, 01/25/2023(b)

     18,349,000        18,657,003  

3.38%, 05/01/2023

     13,434,000        13,689,289  

2.70%, 05/18/2023

     13,067,000        13,222,674  

KeyBank N.A.

     

3.38%, 03/07/2023

     3,360,000        3,422,201  

1.25%, 03/10/2023(b)

     4,640,000        4,629,960  

M&T Bank Corp., 3.55%, 07/26/2023

     3,305,000        3,386,238  

Mitsubishi UFJ Financial Group, Inc. (Japan)

     

3.46%, 03/02/2023

     9,910,000        10,093,994  

3.76%, 07/26/2023

     14,196,000        14,589,456  

2.53%, 09/13/2023

     3,402,000        3,440,177  

Mizuho Financial Group, Inc. (Japan), 3.55%, 03/05/2023

     5,570,000        5,684,825  

NatWest Group PLC (United Kingdom)

     

6.10%, 06/10/2023

     2,800,000        2,937,076  

3.88%, 09/12/2023

     17,542,000        17,983,674  

6.00%, 12/19/2023

     10,284,000        10,919,574  

PNC Bank N.A.

     

2.95%, 01/30/2023

     4,950,000        5,017,490  

3.50%, 06/08/2023

     4,850,000        4,953,097  

3.80%, 07/25/2023

     5,000,000        5,123,751  

Royal Bank of Canada (Canada), 0.50%, 10/26/2023(b)

     8,190,000        8,030,417  

Santander Holdings USA, Inc., 3.40%, 01/18/2023

     6,915,000        7,019,961  

Sumitomo Mitsui Banking Corp. (Japan)

     

3.00%, 01/18/2023

     3,336,000        3,383,770  

3.95%, 07/19/2023

     4,590,000        4,733,462  

 

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

 

 

  9  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

         Principal             
     Amount            Value        

Banks-(continued)

     

Sumitomo Mitsui Financial Group, Inc. (Japan)

     

3.10%, 01/17/2023

   $ 9,910,000      $ 10,052,669  

3.75%, 07/19/2023(b)

     4,699,000        4,824,233  

Toronto-Dominion Bank (The) (Canada), 3.50%, 07/19/2023(b)

     10,568,000        10,850,788  

Truist Bank

     

3.00%, 02/02/2023

     3,305,000        3,343,390  

1.25%, 03/09/2023

     8,260,000        8,249,371  

2.75%, 05/01/2023(b)

     4,031,000        4,079,744  

U.S. Bank N.A.

     

1.95%, 01/09/2023(b)

     5,370,000        5,409,087  

2.85%, 01/23/2023

     5,650,000        5,725,407  

3.40%, 07/24/2023

     8,300,000        8,497,361  

Wells Fargo & Co.

     

4.13%, 08/15/2023

     10,012,000        10,337,336  

Series M, 3.45%, 02/13/2023(b)

     7,153,000        7,274,095  
     

 

 

 
        375,112,200  
     

 

 

 

Beverages-2.06%

     

Constellation Brands, Inc.

     

3.20%, 02/15/2023(b)

     3,841,000        3,885,079  

4.25%, 05/01/2023

     7,056,000        7,257,173  

Diageo Capital PLC (United Kingdom)

     

2.63%, 04/29/2023

     8,972,000        9,070,088  

3.50%, 09/18/2023

     3,303,000        3,390,330  

Keurig Dr Pepper, Inc., 3.13%, 12/15/2023(b)

     3,292,000        3,354,796  

PepsiCo, Inc.

     

2.75%, 03/01/2023

     8,302,000        8,427,831  

0.75%, 05/01/2023

     6,675,000        6,625,487  

0.40%, 10/07/2023

     4,980,000        4,872,054  
     

 

 

 
        46,882,838  
     

 

 

 

Biotechnology-1.88%

     

AbbVie, Inc., 2.85%, 05/14/2023

     6,655,000        6,745,083  

Amgen, Inc., 2.25%, 08/19/2023(b)

     5,001,000        5,056,790  

Gilead Sciences, Inc.

     

2.50%, 09/01/2023

     5,146,000        5,202,764  

0.75%, 09/29/2023

     9,040,000        8,917,326  

Shire Acquisitions Investments Ireland DAC, 2.88%, 09/23/2023(b)

     16,680,000        16,909,995  
     

 

 

 
        42,831,958  
     

 

 

 

Capital Markets-7.93%

     

Ameriprise Financial, Inc., 4.00%, 10/15/2023

     5,005,000        5,171,267  

Ares Capital Corp., 3.50%, 02/10/2023(b)

     4,978,000        5,034,733  

Bank of New York Mellon Corp. (The)

     

1.85%, 01/27/2023

     4,984,000        5,015,238  

2.95%, 01/29/2023

     6,647,000        6,734,256  

3.50%, 04/28/2023

     4,977,000        5,092,003  

3.45%, 08/11/2023

     4,951,000        5,068,562  

2.20%, 08/16/2023(b)

     8,141,000        8,206,397  

0.35%, 12/07/2023(b)

     4,882,000        4,782,464  

Charles Schwab Corp. (The), 2.65%, 01/25/2023

     5,282,000        5,341,896  

Credit Suisse AG (Switzerland)

     

1.00%, 05/05/2023

     13,130,000        13,039,412  

0.52%, 08/09/2023

     9,290,000        9,125,333  
         Principal             
     Amount            Value        

Capital Markets-(continued)

     

Goldman Sachs Group, Inc. (The)

     

3.63%, 01/22/2023(b)

   $ 14,943,000      $ 15,198,194  

3.20%, 02/23/2023

     11,555,000        11,701,585  

0.52%, 03/08/2023

     4,648,000        4,616,698  

1.22%, 12/06/2023

     12,400,000        12,267,534  

Jefferies Financial Group, Inc., 5.50%, 10/18/2023

     3,000,000        3,096,982  

Morgan Stanley

     

3.13%, 01/23/2023

     16,749,000        16,993,656  

3.75%, 02/25/2023

     16,680,000        17,003,229  

4.10%, 05/22/2023

     13,349,000        13,710,509  

State Street Corp.

     

3.10%, 05/15/2023

     6,693,000        6,816,087  

3.70%, 11/20/2023

     6,605,000        6,822,367  
     

 

 

 
        180,838,402  
     

 

 

 

Chemicals-0.98%

     

CF Industries, Inc., 3.45%, 06/01/2023

     3,290,000        3,352,148  

Ecolab, Inc., 0.90%, 12/15/2023(b)

     3,317,000        3,265,039  

Linde, Inc., 2.70%, 02/21/2023(b)

     3,321,000        3,356,377  

LYB International Finance B.V., 4.00%, 07/15/2023

     2,821,000        2,904,245  

Mosaic Co. (The), 4.25%, 11/15/2023

     5,976,000        6,184,263  

Nutrien Ltd. (Canada), 1.90%, 05/13/2023

     3,286,000        3,293,852  
     

 

 

 
        22,355,924  
     

 

 

 

Commercial Services & Supplies-0.15%

 

Waste Management, Inc., 2.40%, 05/15/2023

     3,317,000        3,341,755  
     

 

 

 

Communications Equipment-0.36%

     

Cisco Systems, Inc.

     

2.60%, 02/28/2023(b)

     3,232,000        3,272,977  

2.20%, 09/20/2023(b)

     4,935,000        4,974,396  
     

 

 

 
        8,247,373  
     

 

 

 

Construction Materials-0.20%

     

Martin Marietta Materials, Inc., 0.65%, 07/15/2023(b)

     4,676,000        4,606,293  
     

 

 

 

Consumer Finance-2.89%

     

Ally Financial, Inc.

     

3.05%, 06/05/2023

     5,303,000        5,369,850  

1.45%, 10/02/2023

     8,902,000        8,798,365  

American Express Co.

     

3.40%, 02/27/2023

     10,570,000        10,733,962  

0.75%, 11/03/2023

     5,282,000        5,198,821  

Capital One Bank USA N.A., 3.38%, 02/15/2023

     9,650,000        9,804,848  

Capital One Financial Corp.

     

3.20%, 01/30/2023

     8,297,000        8,414,385  

2.60%, 05/11/2023

     6,642,000        6,701,401  

3.50%, 06/15/2023

     5,536,000        5,664,107  

Discover Bank, 3.35%, 02/06/2023

     5,200,000        5,271,213  
     

 

 

 
        65,956,952  
     

 

 

 

 

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

 

 

  10  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

         Principal             
     Amount            Value        

Diversified Financial Services-1.98%

 

AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)

     

3.30%, 01/23/2023

   $ 3,982,000      $ 4,031,670  

4.13%, 07/03/2023

     4,151,000        4,247,087  

4.50%, 09/15/2023

     7,853,000        8,096,284  

1.15%, 10/29/2023

     11,620,000        11,362,291  

Berkshire Hathaway, Inc.

     

3.00%, 02/11/2023

     3,348,000        3,402,313  

2.75%, 03/15/2023(b)

     13,837,000        14,019,059  
     

 

 

 
        45,158,704  
     

 

 

 

Electric Utilities-3.57%

     

Duke Energy Carolinas LLC

     

2.50%, 03/15/2023

     3,318,000        3,352,933  

3.05%, 03/15/2023

     3,616,000        3,671,573  

Entergy Louisiana LLC, 0.62%, 11/17/2023

     7,340,000        7,207,027  

Florida Power & Light Co., 2.75%, 06/01/2023

     3,312,000        3,343,142  

Georgia Power Co., Series A, 2.10%, 07/30/2023

     4,670,000        4,688,962  

NextEra Energy Capital Holdings, Inc., 0.65%, 03/01/2023(b)

     13,280,000        13,155,835  

OGE Energy Corp., 0.70%, 05/26/2023(b)

     3,320,000        3,270,842  

Oklahoma Gas and Electric Co., 0.55%, 05/26/2023

     3,300,000        3,254,686  

Pacific Gas and Electric Co.

     

1.37%, 03/10/2023(b)

     9,959,000        9,857,602  

4.25%, 08/01/2023

     3,330,000        3,402,107  

1.70%, 11/15/2023

     5,978,000        5,879,451  

Southern California Edison Co., Series C, 3.50%, 10/01/2023

     3,995,000        4,078,650  

Southern Co. (The), 2.95%, 07/01/2023

     8,303,000        8,411,079  

Virginia Electric & Power Co., Series C, 2.75%, 03/15/2023

     4,644,000        4,693,643  

Xcel Energy, Inc., 0.50%, 10/15/2023

     3,312,000        3,247,129  
     

 

 

 
        81,514,661  
     

 

 

 

Electrical Equipment-0.32%

     

Emerson Electric Co., 2.63%, 02/15/2023.

     3,338,000        3,371,534  

Rockwell Automation, Inc., 0.35%, 08/15/2023

     3,985,000        3,919,713  
     

 

 

 
        7,291,247  
     

 

 

 

Energy Equipment & Services-0.85%

     

Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 1.23%, 12/15/2023

     4,300,000        4,261,203  

Halliburton Co., 3.50%, 08/01/2023

     4,702,000        4,798,872  

Schlumberger Investment S.A., 3.65%, 12/01/2023

     9,991,000        10,272,939  
     

 

 

 
        19,333,014  
     

 

 

 

Entertainment-0.21%

     

RELX Capital, Inc. (United Kingdom), 3.50%, 03/16/2023

     4,625,000        4,704,921  
     

 

 

 

Equity REITs-1.64%

     

American Tower Corp.

     

3.50%, 01/31/2023

     6,678,000        6,795,664  

3.00%, 06/15/2023(b)

     4,659,000        4,731,511  
         Principal             
     Amount            Value        

Equity REITs-(continued)

     

Boston Properties L.P., 3.13%, 09/01/2023

   $ 3,303,000      $ 3,357,062  

CC Holdings GS V LLC/Crown Castle GS III Corp., 3.85%, 04/15/2023

     6,609,000        6,754,373  

Crown Castle International Corp., 3.15%, 07/15/2023

     4,977,000        5,061,385  

ERP Operating L.P., 3.00%, 04/15/2023

     3,234,000        3,275,550  

GLP Capital L.P./GLP Financing II, Inc., 5.38%, 11/01/2023

     3,295,000        3,439,067  

Simon Property Group L.P., 2.75%, 06/01/2023

     4,004,000        4,047,264  
     

 

 

 
        37,461,876  
     

 

 

 

Food & Staples Retailing-1.61%

     

Kroger Co. (The), 3.85%, 08/01/2023

     4,008,000        4,109,366  

Walgreens Boots Alliance, Inc., 0.95%, 11/17/2023

     5,600,000        5,525,435  

Walmart, Inc.

     

2.55%, 04/11/2023

     11,431,000        11,564,277  

3.40%, 06/26/2023

     15,220,000        15,607,518  
     

 

 

 
        36,806,596  
     

 

 

 

Food Products-1.05%

     

Campbell Soup Co., 3.65%, 03/15/2023(b)

     3,779,000        3,851,420  

Conagra Brands, Inc.

     

3.20%, 01/25/2023

     3,841,000        3,885,823  

0.50%, 08/11/2023

     3,236,000        3,174,855  

General Mills, Inc., 3.70%, 10/17/2023

     5,686,000        5,858,009  

Hershey Co. (The), 3.38%, 05/15/2023(b)

     3,330,000        3,404,499  

Kellogg Co., 2.65%, 12/01/2023

     3,709,000        3,756,934  
     

 

 

 
        23,931,540  
     

 

 

 

Gas Utilities-0.94%

     

Atmos Energy Corp., 0.63%, 03/09/2023

     7,280,000        7,199,698  

CenterPoint Energy Resources Corp., 0.70%, 03/02/2023

     4,445,000        4,399,800  

National Fuel Gas Co., 3.75%, 03/01/2023(b)

     3,298,000        3,339,739  

ONE Gas, Inc., 0.85%, 03/11/2023

     6,632,000        6,578,462  
     

 

 

 
        21,517,699  
     

 

 

 

Health Care Equipment & Supplies-0.49%

 

Abbott Laboratories, 3.40%, 11/30/2023

     7,005,000        7,210,954  

Stryker Corp., 0.60%, 12/01/2023(b)

     4,030,000        3,939,473  
     

 

 

 
        11,150,427  
     

 

 

 

Health Care Providers & Services-3.99%

 

Aetna, Inc., 2.80%, 06/15/2023

     9,030,000        9,156,300  

AmerisourceBergen Corp., 0.74%, 03/15/2023

     10,425,000        10,343,291  

Anthem, Inc.

     

3.30%, 01/15/2023

     6,633,000        6,736,984  

0.45%, 03/15/2023

     3,125,000        3,092,614  

Cardinal Health, Inc., 3.20%, 03/15/2023

     3,668,000        3,727,068  

Cigna Corp.

     

3.00%, 07/15/2023

     5,680,000        5,768,593  

3.75%, 07/15/2023(b)

     7,924,000        8,135,579  

CVS Health Corp., 4.00%, 12/05/2023(b)

     2,650,000        2,734,554  

 

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

 

 

  11  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

         Principal             
     Amount            Value        

Health Care Providers & Services-(continued)

 

HCA, Inc.

     

4.75%, 05/01/2023

   $ 8,333,000      $ 8,581,477  

5.88%, 05/01/2023(b)

     8,346,000        8,689,229  

Humana, Inc., 0.65%, 08/03/2023

     9,920,000        9,773,502  

UnitedHealth Group, Inc.

     

2.75%, 02/15/2023

     3,913,000        3,955,644  

2.88%, 03/15/2023

     5,002,000        5,090,404  

3.50%, 06/15/2023

     4,966,000        5,092,297  
     

 

 

 
        90,877,536  
     

 

 

 

Hotels, Restaurants & Leisure-1.16%

 

Booking Holdings, Inc., 2.75%, 03/15/2023

     3,188,000        3,226,152  

Hyatt Hotels Corp., 1.30%, 10/01/2023(b)

     4,626,000        4,556,926  

McDonald’s Corp., 3.35%, 04/01/2023

     6,646,000        6,780,453  

Starbucks Corp.

     

3.10%, 03/01/2023(b)

     6,607,000        6,710,683  

3.85%, 10/01/2023

     4,922,000        5,066,381  
     

 

 

 
        26,340,595  
     

 

 

 

Household Durables-0.18%

     

Mohawk Industries, Inc., 3.85%, 02/01/2023(b)

     4,008,000        4,064,371  
     

 

 

 

Household Products-0.45%

     

Colgate-Palmolive Co., 1.95%, 02/01/2023(b)

     3,332,000        3,355,270  

Procter & Gamble Co. (The), 3.10%, 08/15/2023

     6,669,000        6,837,221  
     

 

 

 
        10,192,491  
     

 

 

 

Industrial Conglomerates-0.72%

     

3M Co.

     

1.75%, 02/14/2023

     3,336,000        3,352,514  

2.25%, 03/15/2023

     4,290,000        4,328,986  

General Electric Co., 3.10%, 01/09/2023(b)

     4,000,000        4,058,135  

Roper Technologies, Inc., 3.65%, 09/15/2023

     4,626,000        4,751,673  
     

 

 

 
        16,491,308  
     

 

 

 

Insurance-0.74%

     

Allstate Corp. (The), 3.15%, 06/15/2023(b)

     3,168,000        3,221,990  

Lincoln National Corp., 4.00%, 09/01/2023

     3,289,000        3,399,607  

Loews Corp., 2.63%, 05/15/2023

     3,319,000        3,352,906  

MetLife, Inc., Series D, 4.37%, 09/15/2023

     6,646,000        6,887,282  
     

 

 

 
        16,861,785  
     

 

 

 

Internet & Direct Marketing Retail-1.30%

 

Amazon.com, Inc.

     

2.40%, 02/22/2023

     6,734,000        6,804,106  

0.25%, 05/12/2023

     6,538,000        6,453,039  

0.40%, 06/03/2023(b)

     6,576,000        6,508,724  

eBay, Inc., 2.75%, 01/30/2023

     5,006,000        5,059,593  

QVC, Inc., 4.38%, 03/15/2023(b)

     4,773,000        4,862,279  
     

 

 

 
        29,687,741  
     

 

 

 
         Principal             
     Amount            Value        

IT Services-1.29%

     

Fidelity National Information Services, Inc., 0.38%, 03/01/2023

   $ 4,755,000      $ 4,695,272  

Global Payments, Inc.

     

3.75%, 06/01/2023

     3,633,000        3,701,774  

4.00%, 06/01/2023

     4,271,000        4,379,677  

International Business Machines Corp., 3.38%, 08/01/2023

     9,983,000        10,237,927  

PayPal Holdings, Inc., 1.35%, 06/01/2023

     6,400,000        6,384,701  
     

 

 

 
        29,399,351  
     

 

 

 

Life Sciences Tools & Services-0.86%

 

Agilent Technologies, Inc., 3.88%, 07/15/2023

     4,002,000        4,101,473  

Illumina, Inc., 0.55%, 03/23/2023

     3,297,000        3,267,440  

PerkinElmer, Inc., 0.55%, 09/15/2023

     3,400,000        3,345,536  

Thermo Fisher Scientific, Inc., 0.80%, 10/18/2023

     9,007,000        8,894,353  
     

 

 

 
        19,608,802  
     

 

 

 

Machinery-2.94%

     

Caterpillar Financial Services Corp.

     

0.25%, 03/01/2023(b)

     6,642,000        6,574,990  

3.45%, 05/15/2023

     3,302,000        3,387,302  

0.65%, 07/07/2023

     6,674,000        6,599,532  

0.45%, 09/14/2023(b)

     6,662,000        6,551,126  

3.75%, 11/24/2023

     3,300,000        3,425,666  

CNH Industrial Capital LLC, 1.95%, 07/02/2023

     3,965,000        3,966,021  

CNH Industrial N.V. (United Kingdom), 4.50%, 08/15/2023

     4,228,000        4,366,569  

Cummins, Inc., 3.65%, 10/01/2023

     3,082,000        3,160,933  

John Deere Capital Corp.

     

2.70%, 01/06/2023(b)

     3,336,000        3,376,671  

0.25%, 01/17/2023

     4,038,000        4,005,139  

2.80%, 01/27/2023(b)

     3,325,000        3,365,752  

2.80%, 03/06/2023

     6,613,000        6,708,024  

1.20%, 04/06/2023

     3,338,000        3,337,663  

0.40%, 10/10/2023(b)

     3,336,000        3,280,204  

Trane Technologies Global Holding Co. Ltd., 4.25%, 06/15/2023

     4,674,000        4,821,186  
     

 

 

 
        66,926,778  
     

 

 

 

Media-0.55%

     

Discovery Communications LLC, 2.95%, 03/20/2023

     5,256,000        5,314,338  

Time Warner Entertainment Co. L.P., 8.38%, 03/15/2023

     6,673,000        7,118,959  
     

 

 

 
        12,433,297  
     

 

 

 

Metals & Mining-0.98%

     

Freeport-McMoRan, Inc.

     

3.88%, 03/15/2023

     6,614,000        6,734,408  

4.13%, 03/01/2028(b)

     4,675,000        4,732,666  

4.38%, 08/01/2028(b)

     4,343,000        4,404,671  

Nucor Corp., 4.00%, 08/01/2023

     3,281,000        3,370,701  

Reliance Steel & Aluminum Co., 4.50%, 04/15/2023

     3,124,000        3,198,430  
     

 

 

 
        22,440,876  
     

 

 

 

 

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

 

 

  12  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

         Principal             
     Amount            Value        

Multiline Retail-0.26%

     

Dollar General Corp., 3.25%, 04/15/2023

   $ 5,901,000      $ 5,987,349  

Multi-Utilities-1.05%

     

Black Hills Corp., 4.25%, 11/30/2023

     3,474,000        3,596,538  

Consolidated Edison, Inc., Series A, 0.65%, 12/01/2023

     4,300,000        4,215,275  

Delmarva Power & Light Co., 3.50%, 11/15/2023

     3,299,000        3,383,630  

Public Service Electric & Gas Co., 2.38%, 05/15/2023

     3,305,000        3,331,658  

Public Service Enterprise Group, Inc., 0.84%, 11/08/2023(b)

     4,951,000        4,889,574  

WEC Energy Group, Inc., 0.55%, 09/15/2023

     4,662,000        4,573,007  
     

 

 

 
        23,989,682  
     

 

 

 

Oil, Gas & Consumable Fuels-8.73%

 

BP Capital Markets PLC (United Kingdom), 3.99%, 09/26/2023

     5,036,000        5,207,824  

Canadian Natural Resources Ltd. (Canada), 2.95%, 01/15/2023(b)

     6,671,000        6,741,898  

Chevron Corp.

     

1.14%, 05/11/2023(b)

     7,659,000        7,636,690  

2.57%, 05/16/2023

     4,800,000        4,855,985  

3.19%, 06/24/2023

     14,702,000        14,992,721  

Chevron USA, Inc., 0.43%, 08/11/2023(b)

     3,797,000        3,739,823  

Continental Resources, Inc., 4.50%, 04/15/2023(b)

     4,301,000        4,399,428  

Enbridge, Inc. (Canada)

     

4.00%, 10/01/2023

     5,301,000        5,442,598  

0.55%, 10/04/2023

     3,280,000        3,213,757  

Energy Transfer L.P.

     

3.60%, 02/01/2023

     5,270,000        5,328,748  

Series 5Y, 4.20%, 09/15/2023

     3,163,000        3,255,633  

Energy Transfer L.P./Regency Energy Finance Corp., 4.50%, 11/01/2023

     4,173,000        4,303,923  

Enterprise Products Operating LLC, 3.35%, 03/15/2023

     8,338,000        8,445,632  

EOG Resources, Inc., 2.63%, 03/15/2023

     8,341,000        8,410,714  

Exxon Mobil Corp.

     

2.73%, 03/01/2023

     8,301,000        8,396,218  

1.57%, 04/15/2023

     18,284,000        18,334,222  

Kinder Morgan Energy Partners L.P.

     

3.45%, 02/15/2023

     4,332,000        4,380,353  

3.50%, 09/01/2023

     4,009,000        4,085,708  

Kinder Morgan, Inc., 3.15%, 01/15/2023(b)

     6,671,000        6,750,639  

MPLX L.P.

     

3.38%, 03/15/2023

     3,297,000        3,350,260  

4.50%, 07/15/2023

     6,593,000        6,773,573  

ONEOK, Inc., 7.50%, 09/01/2023

     3,434,000        3,668,097  

Phillips 66, 3.70%, 04/06/2023

     3,297,000        3,370,592  

Pioneer Natural Resources Co., 0.55%, 05/15/2023

     5,006,000        4,945,049  

Plains All American Pipeline L.P./PAA Finance Corp., 3.85%, 10/15/2023

     4,692,000        4,794,954  

Sabine Pass Liquefaction LLC, 5.63%, 04/15/2023

     9,740,000        10,065,163  

Shell International Finance B.V. (Netherlands), 0.38%, 09/15/2023(b)

     6,672,000        6,553,663  
         Principal             
     Amount            Value        

Oil, Gas & Consumable Fuels-(continued)

 

TotalEnergies Capital Canada Ltd. (France), 2.75%, 07/15/2023(b)

   $ 6,655,000      $ 6,765,662  

TotalEnergies Capital International S.A. (France), 2.70%, 01/25/2023

     6,654,000        6,727,210  

TransCanada PipeLines Ltd. (Canada), 3.75%, 10/16/2023(b)

     4,206,000        4,314,528  

Williams Cos., Inc. (The)

     

3.70%, 01/15/2023

     5,668,000        5,748,869  

4.50%, 11/15/2023

     4,038,000        4,191,455  
     

 

 

 
        199,191,589  
     

 

 

 

Personal Products-0.31%

     

Unilever Capital Corp. (United Kingdom)

     

3.13%, 03/22/2023(b)

     3,801,000        3,875,374  

0.38%, 09/14/2023

     3,357,000        3,295,381  
     

 

 

 
        7,170,755  
     

 

 

 

Pharmaceuticals-5.50%

     

AstraZeneca PLC (United Kingdom)

     

0.30%, 05/26/2023(b)

     9,202,000        9,078,205  

3.50%, 08/17/2023

     6,096,000        6,267,467  

Bristol-Myers Squibb Co.

     

3.25%, 11/01/2023

     3,335,000        3,425,352  

0.54%, 11/13/2023

     9,948,000        9,793,163  

GlaxoSmithKline Capital PLC (United Kingdom), 0.53%, 10/01/2023(b)

     8,376,000        8,232,543  

GlaxoSmithKline Capital, Inc. (United Kingdom)

     

2.80%, 03/18/2023(b)

     9,363,000        9,494,953  

3.38%, 05/15/2023

     8,261,000        8,444,670  

Johnson & Johnson

     

2.05%, 03/01/2023

     3,336,000        3,364,051  

3.38%, 12/05/2023(b)

     5,344,000        5,531,179  

Merck & Co., Inc., 2.80%, 05/18/2023

     11,680,000        11,887,885  

Mylan, Inc., 4.20%, 11/29/2023

     3,298,000        3,396,911  

Pfizer, Inc.

     

3.00%, 06/15/2023

     6,672,000        6,810,520  

3.20%, 09/15/2023

     6,665,000        6,840,359  

Royalty Pharma PLC, 0.75%, 09/02/2023

     6,674,000        6,554,484  

Sanofi (France), 3.38%, 06/19/2023

     6,672,000        6,833,617  

Takeda Pharmaceutical Co. Ltd. (Japan), 4.40%, 11/26/2023

     9,918,000        10,305,885  

Zoetis, Inc., 3.25%, 02/01/2023

     8,984,000        9,073,764  
     

 

 

 
        125,335,008  
     

 

 

 

Professional Services-0.18%

     

Thomson Reuters Corp. (Canada), 4.30%, 11/23/2023

     4,000,000        4,139,942  
     

 

 

 

Road & Rail-0.81%

     

Burlington Northern Santa Fe LLC

     

3.00%, 03/15/2023(b)

     4,582,000        4,643,666  

3.85%, 09/01/2023

     5,281,000        5,459,471  

Norfolk Southern Corp., 2.90%, 02/15/2023

     3,930,000        3,971,212  

Union Pacific Corp., 3.50%, 06/08/2023

     4,315,000        4,417,297  
     

 

 

 
        18,491,646  
     

 

 

 

Semiconductors & Semiconductor Equipment-1.22%

 

Microchip Technology, Inc., 2.67%, 09/01/2023

     6,580,000        6,644,882  

 

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

 

 

  13  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

         Principal             
     Amount            Value        

Semiconductors & Semiconductor Equipment-(continued)

 

NVIDIA Corp., 0.31%, 06/15/2023

   $ 8,306,000      $ 8,187,704  

QUALCOMM, Inc., 2.60%, 01/30/2023

     6,314,000        6,392,309  

Skyworks Solutions, Inc., 0.90%, 06/01/2023(b)

     3,288,000        3,245,896  

Texas Instruments, Inc., 2.25%, 05/01/2023

     3,238,000        3,262,029  
     

 

 

 
        27,732,820  
     

 

 

 

Software-3.52%

     

Adobe, Inc., 1.70%, 02/01/2023(b)

     3,291,000        3,304,290  

Intuit, Inc., 0.65%, 07/15/2023

     3,337,000        3,294,378  

Microsoft Corp.

     

2.38%, 05/01/2023

     6,582,000        6,653,734  

2.00%, 08/08/2023(b)

     10,574,000        10,679,842  

3.63%, 12/15/2023

     9,745,000        10,137,780  

Oracle Corp.

     

2.63%, 02/15/2023(b)

     8,245,000        8,302,573  

3.63%, 07/15/2023(b)

     6,585,000        6,758,784  

2.40%, 09/15/2023

     16,978,000        17,116,391  

salesforce.com, inc., 3.25%, 04/11/2023

     7,300,000        7,454,694  

VMware, Inc., 0.60%, 08/15/2023(b)

     6,575,000        6,461,310  
     

 

 

 
        80,163,776  
     

 

 

 

Specialty Retail-1.20%

     

AutoZone, Inc., 3.13%, 07/15/2023(b)

     3,091,000        3,141,336  

Dell International LLC/EMC Corp., 5.45%, 06/15/2023

     6,510,000        6,781,240  

Home Depot, Inc. (The), 2.70%, 04/01/2023

     6,606,000        6,682,707  

Leidos, Inc., 2.95%, 05/15/2023

     3,900,000        3,951,441  

Lowe’s Cos., Inc., 3.88%, 09/15/2023

     3,316,000        3,407,543  

TJX Cos., Inc. (The), 2.50%, 05/15/2023

     3,323,000        3,357,532  
     

 

 

 
        27,321,799  
     

 

 

 

Technology Hardware, Storage & Peripherals-3.53%

 

Apple, Inc.

     

2.40%, 01/13/2023

     5,227,000        5,279,718  

2.85%, 02/23/2023

     9,874,000        10,003,814  

2.40%, 05/03/2023

     36,220,000        36,698,591  

0.75%, 05/11/2023(b)

     13,053,000        12,977,247  

Hewlett Packard Enterprise Co.

     

2.25%, 04/01/2023(b)

     7,622,000        7,671,158  

4.45%, 10/02/2023

     7,662,000        7,954,252  
     

 

 

 
        80,584,780  
     

 

 

 

Textiles, Apparel & Luxury Goods-0.17%

 

NIKE, Inc., 2.25%, 05/01/2023

     3,837,000        3,871,222  
     

 

 

 

Tobacco-0.87%

     

Philip Morris International, Inc.

     

2.63%, 03/06/2023

     3,934,000        3,977,961  

1.13%, 05/01/2023

     4,924,000        4,910,403  

2.13%, 05/10/2023

     3,797,000        3,821,254  

3.60%, 11/15/2023(b)

     3,304,000        3,410,211  

Reynolds American, Inc. (United Kingdom), 4.85%, 09/15/2023

     3,634,000        3,788,151  
     

 

 

 
        19,907,980  
     

 

 

 

Investment Abbreviations:

REIT-Real Estate Investment Trust

         Principal             
     Amount            Value        

Trading Companies & Distributors-0.56%

 

Air Lease Corp.

     

2.75%, 01/15/2023

   $ 4,742,000      $ 4,782,937  

3.88%, 07/03/2023

     3,287,000        3,363,111  

3.00%, 09/15/2023(b)

     4,676,000        4,728,665  
     

 

 

 
        12,874,713  
     

 

 

 

Wireless Telecommunication Services-1.04%

 

Rogers Communications, Inc. (Canada)

     

3.00%, 03/15/2023(b)

     3,325,000        3,358,580  

4.10%, 10/01/2023

     5,676,000        5,828,947  

T-Mobile USA, Inc., 4.75%, 02/01/2028

     9,957,000        10,290,311  

Vodafone Group PLC (United Kingdom), 2.95%, 02/19/2023

     4,147,000        4,193,678  
     

 

 

 
        23,671,516  
     

 

 

 

Total U.S. Dollar Denominated Bonds & Notes
(Cost $2,266,319,441)

 

     2,259,409,495  
     

 

 

 
     Shares         

Money Market Funds-0.23%

 

  

Invesco Government & Agency Portfolio, Institutional Class,
0.03%(c)(d)
(Cost $5,108,790)

     5,108,790        5,108,790  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased
with cash collateral from
securities on loan)-99.30%
(Cost $2,271,428,231)

 

     2,264,518,285  
     

 

 

 

Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-2.95%

 

Invesco Private Government Fund, 0.12%(c)(d)(e)

     20,191,132        20,191,132  

Invesco Private Prime Fund,
0.08%(c)(d)(e)

     47,107,929        47,112,641  
     

 

 

 

Total Investments Purchased with Cash
Collateral from Securities on Loan
(Cost $67,311,867)

 

     67,303,773  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-102.25%
(Cost $2,338,740,098)

 

     2,331,822,058  

OTHER ASSETS LESS LIABILITIES-(2.25)%

 

     (51,276,490
     

 

 

 

NET ASSETS-100.00%

      $ 2,280,545,568  
     

 

 

 

 

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

 

 

  14  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

 

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 February 28, 2022.

(c) 

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2022.

 

    Value
August 31, 2021
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
(Depreciation)
  Realized
Gain
(Loss)
  Value
February 28, 2022
  Dividend
Income

Investments in Affiliated Money Market Funds:

                                   

Invesco Government & Agency Portfolio, Institutional Class

    $ 1,935,360         $ 210,117,622     $ (206,944,192 )     $ -     $ -     $ 5,108,790         $ 2,668

Investments Purchased with Cash Collateral from Securities on Loan:

                                   

Invesco Private Government Fund

      19,982,947           40,323,402       (40,115,217 )       -       -       20,191,132           2,654 *

Invesco Private Prime Fund

      46,626,878           66,869,142       (66,369,480 )       (8,094 )       (5,805 )       47,112,641           23,807 *
   

 

 

         

 

 

     

 

 

     

 

 

     

 

 

     

 

 

         

 

 

 

Total

    $ 68,545,185         $ 317,310,166     $ (313,428,889 )     $ (8,094 )     $ (5,805 )     $ 72,412,563         $ 29,129
   

 

 

         

 

 

     

 

 

     

 

 

     

 

 

     

 

 

         

 

 

 

 

*

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 February 28, 2022.

(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.

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)

as of February 28, 2022

     

Financials

     29.99     

Health Care

     12.72     

Consumer Discretionary

     10.45     

Information Technology

     9.92     

Energy

     9.58     

Industrials

     8.90     

Consumer Staples

     6.35     

Utilities

     5.56     

Sector Types Each Less Than 3%

     5.60     

Money Market Funds Plus Other Assets Less Liabilities

     0.93     

 

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

 

 

  15  

 

 

 

 

 

 

 


 

Invesco BulletShares 2024 Corporate Bond ETF (BSCO)

February 28, 2022

(Unaudited)

 

Schedule of Investments(a)

 

         Principal             
     Amount            Value        

U.S. Dollar Denominated Bonds & Notes-98.73%

 

Aerospace & Defense-1.84%

     

Boeing Co. (The)

     

1.95%, 02/01/2024(b)

   $ 6,701,000      $ 6,681,904  

1.43%, 02/04/2024

     20,108,000        19,802,806  

General Dynamics Corp., 2.38%, 11/15/2024

     3,351,000        3,406,722  

Howmet Aerospace, Inc., 5.13%, 10/01/2024(b)

     7,705,000        8,093,948  
     

 

 

 
        37,985,380  
     

 

 

 

Air Freight & Logistics-0.17%

     

United Parcel Service, Inc., 2.80%, 11/15/2024(b)

     3,351,000        3,409,835  
     

 

 

 

Airlines-0.29%

     

Delta Air Lines, Inc., 2.90%, 10/28/2024(b)

     6,036,000        5,966,526  
     

 

 

 

Auto Components-0.25%

     

Magna International, Inc. (Canada), 3.63%, 06/15/2024

     5,028,000        5,178,249  
     

 

 

 

Automobiles-4.16%

     

American Honda Finance Corp.

     

2.90%, 02/16/2024(b)

     3,338,000        3,404,745  

2.40%, 06/27/2024

     3,352,000        3,386,444  

0.55%, 07/12/2024(b)

     6,031,000        5,872,367  

0.75%, 08/09/2024

     6,672,000        6,484,540  

2.15%, 09/10/2024

     5,003,000        5,027,400  

General Motors Financial Co., Inc.

     

1.05%, 03/08/2024

     5,698,000        5,559,390  

3.95%, 04/13/2024

     8,377,000        8,622,453  

1.20%, 10/15/2024(b)

     5,698,000        5,554,408  

3.50%, 11/07/2024

     5,027,000        5,156,393  

Toyota Motor Corp. (Japan)

     

0.68%, 03/25/2024(b)

     8,336,000        8,138,148  

2.36%, 07/02/2024

     3,356,000        3,384,920  

Toyota Motor Credit Corp.

     

0.45%, 01/11/2024(b)

     6,671,000        6,519,826  

2.90%, 04/17/2024

     3,332,000        3,404,821  

0.50%, 06/18/2024(b)

     5,676,000        5,502,567  

0.63%, 09/13/2024(b)

     6,700,000        6,480,649  

2.00%, 10/07/2024

     3,339,000        3,347,052  
     

 

 

 
        85,846,123  
     

 

 

 

Banks-15.07%

     

Bank of America Corp.

     

4.13%, 01/22/2024

     16,754,000        17,438,791  

4.00%, 04/01/2024(b)

     15,444,000        16,043,729  

4.20%, 08/26/2024

     20,110,000        20,970,606  

Barclays Bank PLC (United Kingdom), 3.75%, 05/15/2024

     3,930,000        4,064,010  

Barclays PLC (United Kingdom), 4.38%, 09/11/2024

     8,360,000        8,674,736  

BNP Paribas S.A. (France), 4.25%, 10/15/2024(b)

     6,700,000        6,999,919  

BPCE S.A. (France), 4.00%, 04/15/2024

     10,070,000        10,443,455  

Canadian Imperial Bank of Commerce (Canada), 1.00%, 10/18/2024(b)

     4,356,000        4,217,115  

 

 

         Principal             
     Amount            Value        

Banks-(continued)

     

Citigroup, Inc.

     

3.75%, 06/16/2024

   $ 4,173,000      $ 4,325,538  

4.00%, 08/05/2024

     5,027,000        5,191,652  

Cooperatieve Rabobank U.A. (Netherlands), 0.38%, 01/12/2024(b)

     5,000,000        4,877,876  

Fifth Third Bancorp, 4.30%, 01/16/2024(b)

     5,025,000        5,225,668  

HSBC Holdings PLC (United Kingdom), 4.25%, 03/14/2024

     13,410,000        13,911,896  

HSBC USA, Inc., 3.50%, 06/23/2024

     5,050,000        5,206,564  

Intesa Sanpaolo S.p.A. (Italy), 5.25%, 01/12/2024

     4,244,000        4,461,402  

JPMorgan Chase & Co.

     

3.88%, 02/01/2024

     10,057,000        10,433,569  

3.63%, 05/13/2024(b)

     13,347,000        13,802,558  

3.88%, 09/10/2024

     20,006,000        20,793,906  

Lloyds Banking Group PLC (United Kingdom), 4.50%, 11/04/2024

     6,610,000        6,907,924  

Mitsubishi UFJ Financial Group, Inc. (Japan), 2.80%, 07/18/2024

     6,711,000        6,808,726  

National Bank of Canada (Canada), 0.75%, 08/06/2024(b)

     3,350,000        3,243,775  

NatWest Group PLC (United Kingdom), 5.13%, 05/28/2024

     8,274,000        8,712,917  

PNC Bank N.A.

     

2.50%, 08/27/2024

     4,000,000        4,045,726  

3.30%, 10/30/2024

     3,305,000        3,419,652  

PNC Financial Services Group, Inc. (The)

     

3.90%, 04/29/2024

     5,029,000        5,238,082  

2.20%, 11/01/2024

     4,336,000        4,359,854  

Royal Bank of Canada (Canada), 0.65%, 07/29/2024

     5,698,000        5,500,103  

Santander UK PLC (United Kingdom), 4.00%, 03/13/2024(b)

     6,704,000        6,959,316  

Sumitomo Mitsui Banking Corp. (Japan)

     

3.95%, 01/10/2024

     3,402,000        3,532,319  

3.40%, 07/11/2024(b)

     3,233,000        3,329,382  

Sumitomo Mitsui Financial Group, Inc. (Japan)

     

0.51%, 01/12/2024(b)

     3,440,000        3,357,511  

2.70%, 07/16/2024

     13,410,000        13,556,806  

2.45%, 09/27/2024

     6,800,000        6,831,490  

Truist Bank, 2.15%, 12/06/2024

     8,480,000        8,508,296  

Truist Financial Corp., 2.85%, 10/26/2024

     6,669,000        6,799,793  

U.S. Bancorp, 3.60%, 09/11/2024

     6,704,000        6,960,885  

US Bancorp, 3.70%, 01/30/2024(b)

     5,000,000        5,179,860  

Wells Fargo & Co.

     

4.48%, 01/16/2024

     4,844,000        5,070,676  

3.30%, 09/09/2024

     15,080,000        15,481,330  
     

 

 

 
        310,887,413  
     

 

 

 

Beverages-1.31%

     

Coca-Cola Co. (The), 1.75%, 09/06/2024

     6,706,000        6,724,840  

Diageo Capital PLC (United Kingdom), 2.13%, 10/24/2024

     4,100,000        4,114,048  

 

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

 

 

  16  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

         Principal    
Amount
           Value        

Beverages-(continued)

 

Keurig Dr Pepper, Inc., 0.75%, 03/15/2024

   $ 7,672,000      $ 7,490,808  

PepsiCo, Inc., 3.60%, 03/01/2024

     8,373,000        8,665,824  
     

 

 

 
        26,995,520  
     

 

 

 

Biotechnology-2.29%

     

AbbVie, Inc., 2.60%, 11/21/2024

     25,064,000        25,340,373  

Amgen, Inc., 3.63%, 05/22/2024

     9,382,000        9,700,087  

Gilead Sciences, Inc., 3.70%, 04/01/2024

     11,727,000        12,112,780  
     

 

 

 
        47,153,240  
     

 

 

 

Capital Markets-9.21%

     

Ameriprise Financial, Inc., 3.70%, 10/15/2024

     3,797,000        3,959,270  

Bank of New York Mellon Corp. (The)

     

0.50%, 04/26/2024

     4,024,000        3,913,978  

3.40%, 05/15/2024(b)

     3,356,000        3,466,031  

3.25%, 09/11/2024

     3,353,000        3,457,719  

2.10%, 10/24/2024(b)

     6,699,000        6,728,757  

Series 12, 3.65%, 02/04/2024

     5,010,000        5,173,707  

Series J, 0.85%, 10/25/2024(b)

     4,706,000        4,586,639  

BlackRock, Inc., 3.50%, 03/18/2024

     6,703,000        6,950,356  

Brookfield Finance, Inc. (Canada), 4.00%, 04/01/2024

     5,205,000        5,389,540  

Charles Schwab Corp. (The), 0.75%, 03/18/2024

     10,032,000        9,826,309  

Credit Suisse AG (Switzerland)

     

0.50%, 02/02/2024

     6,600,000        6,390,910  

3.63%, 09/09/2024

     20,010,000        20,675,590  

Deutsche Bank AG (Germany)

     

3.70%, 05/30/2024

     5,100,000        5,238,514  

3.70%, 05/30/2024(b)

     5,220,000        5,359,577  

FS KKR Capital Corp., 1.65%, 10/12/2024

     3,352,000        3,218,324  

Goldman Sachs Group, Inc. (The)

     

4.00%, 03/03/2024

     20,013,000        20,749,072  

3.85%, 07/08/2024

     15,001,000        15,531,180  

Moody’s Corp., 4.88%, 02/15/2024(b)

     3,403,000        3,572,448  

Morgan Stanley

     

3.70%, 10/23/2024(b)

     20,107,000        20,817,517  

Series F, 3.88%, 04/29/2024

     20,108,000        20,797,468  

Nasdaq, Inc., 4.25%, 06/01/2024(b)

     3,501,000        3,652,159  

State Street Corp., 3.30%, 12/16/2024

     6,702,000        6,941,750  

Stifel Financial Corp., 4.25%, 07/18/2024

     3,317,000        3,459,137  
     

 

 

 
        189,855,952  
     

 

 

 

Chemicals-0.44%

     

LyondellBasell Industries N.V., 5.75%, 04/15/2024

     5,280,000        5,631,430  

Sherwin-Williams Co. (The), 3.13%, 06/01/2024

     3,347,000        3,423,139  
     

 

 

 
        9,054,569  
     

 

 

 

Communications Equipment-0.55%

     

Cisco Systems, Inc., 3.63%, 03/04/2024

     6,796,000        7,018,227  

Motorola Solutions, Inc., 4.00%, 09/01/2024

     4,104,000        4,250,855  
     

 

 

 
        11,269,082  
     

 

 

 
         Principal    
Amount
           Value        

Construction & Engineering-0.16%

     

Quanta Services, Inc., 0.95%, 10/01/2024

   $ 3,402,000      $ 3,290,512  
     

 

 

 

Consumer Finance-2.07%

     

Ally Financial, Inc., 5.13%, 09/30/2024

     4,692,000        4,980,017  

American Express Co.

     

3.00%, 10/30/2024

     11,060,000        11,317,529  

3.63%, 12/05/2024(b)

     4,021,000        4,176,065  

Capital One Financial Corp., 3.75%, 04/24/2024(b)

     5,025,000        5,183,601  

Discover Bank, 2.45%, 09/12/2024

     4,940,000        4,949,829  

Discover Financial Services, 3.95%, 11/06/2024

     3,356,000        3,487,611  

Synchrony Financial, 4.25%, 08/15/2024

     8,379,000        8,695,876  
     

 

 

 
        42,790,528  
     

 

 

 

Containers & Packaging-0.25%

     

Berry Global, Inc., 0.95%, 02/15/2024

     5,331,000        5,190,810  
     

 

 

 

Diversified Financial Services-2.20%

     

AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)

     

3.15%, 02/15/2024

     6,100,000        6,154,635  

1.65%, 10/29/2024

     21,710,000        21,103,356  

Series 3NC1, 1.75%, 10/29/2024

     6,800,000        6,617,326  

MidAmerican Energy Co., 3.50%, 10/15/2024

     3,355,000        3,483,709  

National Rural Utilities Cooperative Finance Corp., 0.35%, 02/08/2024

     3,339,000        3,246,263  

ORIX Corp. (Japan), 3.25%, 12/04/2024(b)

     4,703,000        4,826,720  
     

 

 

 
        45,432,009  
     

 

 

 

Diversified Telecommunication Services-2.24%

 

  

AT&T, Inc.

 

  

3.90%, 03/11/2024

     3,560,000        3,687,470  

0.90%, 03/25/2024

     15,078,000        14,836,997  

4.45%, 04/01/2024

     8,100,000        8,466,062  

Bell Canada (Canada), Series US-3, 0.75%, 03/17/2024(b)

     4,024,000        3,922,783  

Verizon Communications, Inc.

     

0.75%, 03/22/2024

     6,700,000        6,565,800  

3.50%, 11/01/2024

     8,459,000        8,762,101  
     

 

 

 
        46,241,213  
     

 

 

 

Electric Utilities-2.05%

     

Avangrid, Inc., 3.15%, 12/01/2024

     4,004,000        4,085,427  

Duke Energy Corp., 3.75%, 04/15/2024

     6,707,000        6,927,038  

Edison International, 3.55%, 11/15/2024

     3,347,000        3,417,222  

Entergy Louisiana LLC, 0.95%, 10/01/2024(b)

     6,670,000        6,483,856  

Evergy, Inc., 2.45%, 09/15/2024

     5,335,000        5,338,517  

Florida Power & Light Co., 3.25%, 06/01/2024(b)

     3,350,000        3,452,487  

Interstate Power and Light Co., 3.25%, 12/01/2024

     3,336,000        3,413,455  

Southern California Edison Co., 1.10%, 04/01/2024

     4,667,000        4,570,852  

Southern Co. (The), Series 21-A, 0.60%, 02/26/2024(b)

     4,826,000        4,686,192  
     

 

 

 
        42,375,046  
     

 

 

 

 

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

 

 

  17  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

         Principal    
Amount
           Value        

Electronic Equipment, Instruments & Components-0.58%

 

Arrow Electronics, Inc., 3.25%, 09/08/2024

   $ 3,396,000      $ 3,461,852  

CDW LLC/CDW Finance Corp., 5.50%, 12/01/2024

     3,997,000        4,185,978  

Keysight Technologies, Inc., 4.55%, 10/30/2024

     4,099,000        4,320,682  
     

 

 

 
        11,968,512  
     

 

 

 

Energy Equipment & Services-0.21%

 

Boardwalk Pipelines L.P., 4.95%, 12/15/2024

     4,005,000        4,232,625  
     

 

 

 

Entertainment-0.49%

 

Walt Disney Co. (The), 1.75%, 08/30/2024(b)

     10,050,000        10,019,661  
     

 

 

 

Equity REITs-2.36%

 

American Tower Corp.

     

0.60%, 01/15/2024(b)

     3,391,000        3,305,034  

5.00%, 02/15/2024(b)

     6,705,000        7,063,191  

Boston Properties L.P., 3.80%, 02/01/2024

     4,703,000        4,838,796  

Brixmor Operating Partnership L.P., 3.65%, 06/15/2024

     3,398,000        3,503,296  

Crown Castle International Corp., 3.20%, 09/01/2024

     5,022,000        5,122,530  

CyrusOne L.P./CyrusOne Finance Corp., 2.90%, 11/15/2024

     4,098,000        4,150,004  

Simon Property Group L.P.

     

3.75%, 02/01/2024

     4,097,000        4,226,564  

2.00%, 09/13/2024

     6,666,000        6,654,917  

3.38%, 10/01/2024

     6,096,000        6,280,611  

W.P. Carey, Inc., 4.60%, 04/01/2024(b)

     3,405,000        3,556,670  
     

 

 

 
        48,701,613  
     

 

 

 

Food & Staples Retailing-1.60%

 

Costco Wholesale Corp., 2.75%, 05/18/2024

     6,704,000        6,850,609  

Kroger Co. (The), 4.00%, 02/01/2024

     3,341,000        3,466,853  

Walgreens Boots Alliance, Inc., 3.80%, 11/18/2024

     7,750,000        8,051,525  

Walmart, Inc.

     

3.30%, 04/22/2024(b)

     10,051,000        10,389,048  

2.65%, 12/15/2024(b)

     4,204,000        4,310,515  
     

 

 

 
        33,068,550  
     

 

 

 

Food Products-1.34%

 

Bunge Ltd. Finance Corp., 4.35%, 03/15/2024(b)

     4,004,000        4,164,578  

General Mills, Inc., 3.65%, 02/15/2024

     3,349,000        3,454,853  

Hormel Foods Corp., 0.65%, 06/03/2024

     6,360,000        6,191,948  

McCormick & Co., Inc., 3.15%, 08/15/2024

     4,908,000        5,030,301  

Tyson Foods, Inc., 3.95%, 08/15/2024

     8,378,000        8,708,614  
     

 

 

 
        27,550,294  
     

 

 

 

Gas Utilities-0.59%

 

Eastern Energy Gas Holdings LLC,

     

Series A, 2.50%, 11/15/2024

     4,004,000        4,013,611  
         Principal    
Amount
           Value        

Gas Utilities-(continued)

 

ONE Gas, Inc., 1.10%, 03/11/2024

   $ 4,703,000      $ 4,604,455  

Southern California Gas Co., 3.15%, 09/15/2024

     3,399,000        3,485,116  
     

 

 

 
        12,103,182  
     

 

 

 

Health Care Equipment & Supplies-1.32%

 

Becton, Dickinson and Co.

     

3.36%, 06/06/2024

     6,683,000        6,856,084  

3.73%, 12/15/2024

     5,837,000        6,044,610  

DH Europe Finance II S.a.r.l., 2.20%, 11/15/2024

     4,690,000        4,699,875  

Stryker Corp., 3.38%, 05/15/2024

     4,009,000        4,112,569  

Zimmer Biomet Holdings, Inc., 1.45%, 11/22/2024(b)

     5,695,000        5,573,465  
     

 

 

 
        27,286,603  
     

 

 

 

Health Care Providers & Services-4.98%

 

Aetna, Inc., 3.50%, 11/15/2024

     5,031,000        5,181,239  

AmerisourceBergen Corp., 3.40%, 05/15/2024(b)

     3,351,000        3,438,008  

Anthem, Inc.

     

3.50%, 08/15/2024

     5,357,000        5,516,225  

3.35%, 12/01/2024

     5,692,000        5,863,009  

Cardinal Health, Inc., 3.08%, 06/15/2024

     5,028,000        5,114,498  

Centene Corp., 4.63%, 12/15/2029

     23,461,000        24,203,658  

Cigna Corp.

     

0.61%, 03/15/2024

     3,684,000        3,597,193  

3.50%, 06/15/2024

     4,784,000        4,911,269  

CommonSpirit Health, 2.76%, 10/01/2024

     5,138,000        5,189,827  

CVS Health Corp., 3.38%, 08/12/2024

     4,361,000        4,487,239  

HCA, Inc., 5.00%, 03/15/2024

     13,404,000        14,102,732  

Humana, Inc., 3.85%, 10/01/2024

     3,998,000        4,150,441  

Laboratory Corp. of America Holdings, 3.25%, 09/01/2024

     4,024,000        4,112,776  

McKesson Corp., 3.80%, 03/15/2024(b)

     6,124,000        6,307,817  

UnitedHealth Group, Inc., 0.55%, 05/15/2024(b)

     6,700,000        6,534,504  
     

 

 

 
        102,710,435  
     

 

 

 

Hotels, Restaurants & Leisure-0.34%

 

Expedia Group, Inc., 4.50%, 08/15/2024

     3,400,000        3,555,774  

McDonald’s Corp., 3.25%, 06/10/2024(b)

     3,332,000        3,431,791  
     

 

 

 
        6,987,565  
     

 

 

 

Household Durables-0.38%

 

D.R. Horton, Inc., 2.50%, 10/15/2024

     3,350,000        3,368,240  

Lennar Corp., 4.50%, 04/30/2024(b)

     4,353,000        4,533,559  
     

 

 

 
        7,901,799  
     

 

 

 

Household Products-0.34%

 

Clorox Co. (The), 3.50%, 12/15/2024

     3,348,000        3,472,331  

Colgate-Palmolive Co., 3.25%, 03/15/2024(b)

     3,335,000        3,448,763  
     

 

 

 
        6,921,094  
     

 

 

 

Industrial Conglomerates-0.16%

 

Roper Technologies, Inc., 2.35%, 09/15/2024

     3,337,000        3,359,751  
     

 

 

 

Insurance-2.13%

 

Aflac, Inc., 3.63%, 11/15/2024(b)

     4,999,000        5,207,336  

 

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

 

 

  18  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

         Principal    
Amount
           Value        

Insurance-(continued)

 

American International Group, Inc., 4.13%, 02/15/2024

   $ 6,701,000      $ 6,987,228  

Aon PLC, 3.50%, 06/14/2024

     4,024,000        4,134,095  

Brown & Brown, Inc., 4.20%, 09/15/2024

     3,335,000        3,469,231  

Chubb INA Holdings, Inc., 3.35%, 05/15/2024

     4,697,000        4,847,189  

CNA Financial Corp., 3.95%, 05/15/2024

     3,705,000        3,826,699  

Marsh & McLennan Cos., Inc., 3.50%, 06/03/2024

     4,018,000        4,142,435  

MetLife, Inc., 3.60%, 04/10/2024

     6,700,000        6,939,848  

Willis North America, Inc., 3.60%, 05/15/2024

     4,339,000        4,456,016  
     

 

 

 
        44,010,077  
     

 

 

 

Interactive Media & Services-0.29%

 

Alphabet, Inc., 3.38%, 02/25/2024(b)

     5,721,000        5,962,815  
     

 

 

 

Internet & Direct Marketing Retail-2.33%

 

Amazon.com, Inc.

     

0.45%, 05/12/2024

     16,756,000        16,372,272  

2.80%, 08/22/2024

     13,407,000        13,729,281  

3.80%, 12/05/2024

     8,382,000        8,783,733  

eBay, Inc., 3.45%, 08/01/2024(b)

     5,022,000        5,162,838  

QVC, Inc., 4.85%, 04/01/2024

     4,019,000        4,064,093  
     

 

 

 
        48,112,217  
     

 

 

 

IT Services-2.49%

 

Fidelity National Information Services, Inc., 0.60%, 03/01/2024

     5,004,000        4,860,017  

Fiserv, Inc., 2.75%, 07/01/2024

     13,496,000        13,651,782  

Global Payments, Inc., 1.50%, 11/15/2024

     3,402,000        3,326,844  

International Business Machines Corp., 3.63%, 02/12/2024(b)

     13,407,000        13,910,717  

Mastercard, Inc., 3.38%, 04/01/2024

     6,804,000        7,037,355  

PayPal Holdings, Inc., 2.40%, 10/01/2024(b)

     8,398,000        8,477,687  
     

 

 

 
        51,264,402  
     

 

 

 

Leisure Products-0.16%

 

Hasbro, Inc., 3.00%, 11/19/2024(b)

     3,332,000        3,394,341  
     

 

 

 

Life Sciences Tools & Services-1.04%

 

PerkinElmer, Inc., 0.85%, 09/15/2024

     5,336,000        5,155,861  

Thermo Fisher Scientific, Inc., 1.22%, 10/18/2024

     16,755,000        16,400,225  
     

 

 

 
        21,556,086  
     

 

 

 

Machinery-3.97%

 

Caterpillar Financial Services Corp.

     

0.95%, 01/10/2024(b)

     8,004,000        7,912,350  

0.45%, 05/17/2024

     7,332,000        7,126,611  

0.60%, 09/13/2024(b)

     5,006,000        4,846,069  

2.15%, 11/08/2024(b)

     6,706,000        6,750,163  

3.25%, 12/01/2024

     4,186,000        4,339,232  

Caterpillar, Inc., 3.40%, 05/15/2024

     6,700,000        6,919,221  

CNH Industrial Capital LLC, 4.20%, 01/15/2024

     3,339,000        3,454,014  

Illinois Tool Works, Inc., 3.50%, 03/01/2024(b)

     4,911,000        5,061,196  
         Principal    
Amount
           Value        

Machinery-(continued)

 

John Deere Capital Corp.

 

0.90%, 01/10/2024(b)

   $  3,330,000      $ 3,287,696  

0.45%, 01/17/2024(b)

     5,366,000        5,251,439  

0.45%, 06/07/2024(b)

     4,024,000        3,907,483  

3.35%, 06/12/2024

     3,347,000        3,448,868  

2.65%, 06/24/2024

     4,021,000        4,090,945  

0.63%, 09/10/2024(b)

     3,352,000        3,259,448  

Parker-Hannifin Corp., 3.30%, 11/21/2024

     3,352,000        3,432,621  

Trane Technologies Luxembourg Finance S.A., 3.55%, 11/01/2024

     3,354,000        3,469,495  

Wabtec Corp., 4.40%, 03/15/2024

     5,213,000        5,407,020  
     

 

 

 
        81,963,871  
     

 

 

 

Media-1.24%

 

Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., 4.50%, 02/01/2024

     7,373,000        7,680,614  

Omnicom Group, Inc./Omnicom Capital, Inc., 3.65%, 11/01/2024

     5,026,000        5,205,165  

Paramount Global

     

3.88%, 04/01/2024

     3,199,000        3,331,535  

3.70%, 08/15/2024

     4,004,000        4,164,608  

WPP Finance 2010 (United Kingdom), 3.75%, 09/19/2024

     5,000,000        5,186,795  
     

 

 

 
        25,568,717  
     

 

 

 

Metals & Mining-0.25%

 

Freeport-McMoRan, Inc., 4.55%, 11/14/2024(b)

     4,895,000        5,116,132  
     

 

 

 

Multiline Retail-0.34%

 

Target Corp., 3.50%, 07/01/2024

     6,680,000        6,959,571  
     

 

 

 

Multi-Utilities-0.38%

 

Black Hills Corp., 1.04%, 08/23/2024(b)

     4,001,000        3,891,965  

WEC Energy Group, Inc., 0.80%, 03/15/2024

     4,004,000        3,904,739  
     

 

 

 
        7,796,704  
     

 

 

 

Oil, Gas & Consumable Fuels-9.91%

 

BP Capital Markets PLC (United Kingdom)

 

3.81%, 02/10/2024(b)

     8,382,000        8,700,279  

3.54%, 11/04/2024(b)

     5,022,000        5,215,875  

Canadian Natural Resources Ltd. (Canada), 3.80%, 04/15/2024(b)

     3,355,000        3,435,479  

Cheniere Corpus Christi Holdings LLC, 7.00%, 06/30/2024

     8,339,000        9,028,307  

Chevron Corp., 2.90%, 03/03/2024(b)

     6,669,000        6,814,311  

Chevron USA, Inc., 3.90%, 11/15/2024

     4,165,000        4,385,375  

ConocoPhillips, 3.35%, 11/15/2024(b)

     2,838,000        2,927,370  

Continental Resources, Inc., 3.80%, 06/01/2024(b)

     6,108,000        6,237,734  

Diamondback Energy, Inc., 2.88%, 12/01/2024(b)

     6,664,000        6,754,048  

Enbridge, Inc. (Canada), 3.50%, 06/10/2024(b)

     3,348,000        3,424,600  

Energy Transfer L.P.

     

4.25%, 04/01/2024

     3,355,000        3,457,272  

3.90%, 05/15/2024

     4,014,000        4,123,460  

 

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

 

 

  19  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

         Principal    
Amount
           Value        

Oil, Gas & Consumable Fuels-(continued)

 

Enterprise Products Operating LLC, 3.90%, 02/15/2024

   $ 5,693,000      $ 5,897,436  

Equinor ASA (Norway), 3.70%, 03/01/2024

     6,704,000        6,942,927  

Exxon Mobil Corp.

     

3.18%, 03/15/2024(b)

     6,702,000        6,895,255  

2.02%, 08/16/2024

     6,706,000        6,732,710  

Kinder Morgan Energy Partners L.P.

     

4.15%, 02/01/2024

     4,319,000        4,463,436  

4.30%, 05/01/2024(b)

     4,021,000        4,179,157  

4.25%, 09/01/2024

     4,360,000        4,538,162  

Marathon Petroleum Corp., 3.63%, 09/15/2024

     5,024,000        5,161,849  

MPLX L.P., 4.88%, 12/01/2024

     7,698,000        8,169,937  

Ovintiv Exploration, Inc., 5.63%, 07/01/2024(b)

     6,704,000        7,178,409  

Phillips 66, 0.90%, 02/15/2024

     5,365,000        5,276,893  

Plains All American Pipeline L.P./PAA Finance Corp., 3.60%, 11/01/2024

     5,022,000        5,154,217  

Sabine Pass Liquefaction LLC, 5.75%, 05/15/2024

     13,440,000        14,315,968  

Shell International Finance B.V. (Netherlands), 2.00%, 11/07/2024(b)

     8,374,000        8,407,548  

Spectra Energy Partners L.P., 4.75%, 03/15/2024

     6,673,000        6,982,752  

TotalEnergies Capital International S.A. (France)

     

3.70%, 01/15/2024

     6,664,000        6,908,883  

3.75%, 04/10/2024

     8,512,000        8,845,359  

TransCanada PipeLines Ltd. (Canada), 1.00%, 10/12/2024

     8,376,000        8,124,732  

Williams Cos., Inc. (The)

     

4.30%, 03/04/2024

     6,707,000        6,962,722  

4.55%, 06/24/2024

     8,331,000        8,734,603  
     

 

 

 
        204,377,065  
     

 

 

 

Paper & Forest Products-0.18%

 

Georgia-Pacific LLC, 8.00%, 01/15/2024

     3,347,000        3,721,791  
     

 

 

 

Personal Products-0.84%

 

Estee Lauder Cos., Inc. (The), 2.00%, 12/01/2024

     3,352,000        3,370,012  

Unilever Capital Corp. (United Kingdom)

     

3.25%, 03/07/2024(b)

     3,400,000        3,488,587  

2.60%, 05/05/2024

     6,703,000        6,792,343  

0.63%, 08/12/2024

     3,700,000        3,582,200  
     

 

 

 
        17,233,142  
     

 

 

 

Pharmaceuticals-1.97%

 

Astrazeneca Finance LLC (United Kingdom), 0.70%, 05/28/2024

     10,722,000        10,462,799  

Novartis Capital Corp. (Switzerland), 3.40%, 05/06/2024

     14,409,000        14,916,681  

Perrigo Finance Unlimited Co., 3.90%, 12/15/2024(b)

     4,600,000        4,596,414  

Pfizer, Inc., 3.40%, 05/15/2024

     6,702,000        6,948,104  

Wyeth LLC, 6.45%, 02/01/2024

     3,350,000        3,641,641  
     

 

 

 
        40,565,639  
     

 

 

 

Professional Services-0.25%

 

Equifax, Inc., 2.60%, 12/01/2024

     5,096,000        5,143,341  
     

 

 

 
         Principal    
Amount
           Value        

Road & Rail-1.07%

 

Burlington Northern Santa Fe LLC

     

3.75%, 04/01/2024

   $ 3,405,000      $ 3,525,429  

3.40%, 09/01/2024(b)

     4,692,000        4,836,890  

Canadian Pacific Railway Co. (Canada), 1.35%, 12/02/2024

     10,052,000        9,822,900  

CSX Corp., 3.40%, 08/01/2024

     3,703,000        3,821,407  
     

 

 

 
        22,006,626  
     

 

 

 

Semiconductors & Semiconductor Equipment-2.88%

 

Broadcom Corp./Broadcom Cayman Finance Ltd., 3.63%, 01/15/2024

     6,613,000        6,788,840  

Intel Corp., 2.88%, 05/11/2024

     8,604,000        8,815,815  

KLA Corp., 4.65%, 11/01/2024

     8,505,000        8,989,181  

Microchip Technology, Inc., 0.97%, 02/15/2024(b)

     9,404,000        9,175,055  

NVIDIA Corp., 0.58%, 06/14/2024(b)

     8,401,000        8,186,369  

Qorvo, Inc., 4.38%, 10/15/2029(b)

     5,803,000        5,877,801  

QUALCOMM, Inc., 2.90%, 05/20/2024(b)

     6,130,000        6,270,713  

Xilinx, Inc., 2.95%, 06/01/2024

     5,098,000        5,194,353  
     

 

 

 
        59,298,127  
     

 

 

 

Software-2.78%

 

Microsoft Corp., 2.88%, 02/06/2024

     15,077,000        15,457,829  

Oracle Corp.

     

3.40%, 07/08/2024

     13,407,000        13,733,712  

2.95%, 11/15/2024(b)

     13,408,000        13,608,603  

salesforce.com, inc., 0.63%, 07/15/2024(b)

     6,700,000        6,523,308  

VMware, Inc., 1.00%, 08/15/2024

     8,336,000        8,106,868  
     

 

 

 
        57,430,320  
     

 

 

 

Specialty Retail-0.73%

 

Dell International LLC/EMC Corp., 4.00%, 07/15/2024(b)

     7,106,000        7,383,268  

Home Depot, Inc. (The), 3.75%, 02/15/2024

     7,375,000        7,601,463  
     

 

 

 
        14,984,731  
     

 

 

 

Technology Hardware, Storage & Peripherals-2.57%

 

Apple, Inc.

 

  

3.00%, 02/09/2024

     11,805,000        12,103,008  

3.45%, 05/06/2024

     16,704,000        17,314,782  

2.85%, 05/11/2024(b)

     11,730,000        12,002,175  

1.80%, 09/11/2024

     5,023,000        5,026,888  

Hewlett Packard Enterprise Co., 1.45%, 04/01/2024

     6,701,000        6,607,030  
     

 

 

 
        53,053,883  
     

 

 

 

Tobacco-0.84%

 

Altria Group, Inc., 4.00%, 01/31/2024

     5,204,000        5,397,276  

BAT Capital Corp. (United Kingdom), 2.79%, 09/06/2024

     6,702,000        6,752,950  

Philip Morris International, Inc., 3.25%, 11/10/2024(b)

     5,030,000        5,197,458  
     

 

 

 
        17,347,684  
     

 

 

 

 

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

 

 

  20  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

         Principal    
Amount
           Value        

Trading Companies & Distributors-0.59%

 

Air Lease Corp.

     

0.70%, 02/15/2024

   $ 5,013,000      $ 4,863,098  

0.80%, 08/18/2024(b)

     4,024,000        3,873,533  

4.25%, 09/15/2024

     3,330,000        3,455,984  
     

 

 

 
        12,192,615  
     

 

 

 

Wireless Telecommunication Services-0.26%

 

Vodafone Group PLC (United Kingdom), 3.75%, 01/16/2024(b)

     5,210,000        5,396,047  
     

 

 

 

Total U.S. Dollar Denominated Bonds & Notes
(Cost $2,051,122,106)

 

     2,036,189,635  
     

 

 

 
     Shares         

Money Market Funds-0.47%

 

Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c)(d)
(Cost $9,758,059)

     9,758,059        9,758,059  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.20%
(Cost $2,060,880,165)

 

     2,045,947,694  
     

 

 

 
         Shares                Value        

Investments Purchased with Cash
Collateral from Securities on Loan

 

Money Market Funds-3.27%

 

Invesco Private Government Fund,
0.12%(c)(d)(e)

     20,225,436      $ 20,225,436  

Invesco Private Prime Fund,
0.08%(c)(d)(e)

     47,187,965        47,192,684  
     

 

 

 

Total Investments Purchased with Cash
Collateral from Securities on Loan
(Cost $67,423,484)

 

     67,418,120  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-102.47%
(Cost $2,128,303,649)

 

     2,113,365,814  

OTHER ASSETS LESS LIABILITIES-(2.47)%

 

     (50,961,243
     

 

 

 

NET ASSETS-100.00%

      $ 2,062,404,571  
     

 

 

 

 

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 February 28, 2022.

(c) 

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2022.

 

    Value
August 31, 2021
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
(Depreciation)
  Realized
Gain
(Loss)
  Value
February 28, 2022
  Dividend
Income

Investments in Affiliated Money Market Funds:

                                   

Invesco Government & Agency Portfolio, Institutional Class

    $ 6,928,004         $ 100,556,684     $ (97,726,629 )       $        -       $        -     $ 9,758,059         $ 1,269

Investments Purchased with Cash Collateral from Securities on Loan:

                                   

Invesco Private Government Fund

      20,082,627           45,608,025       (45,465,216 )       -       -       20,225,436           2,648 *

Invesco Private Prime Fund

      47,151,947           66,707,117       (66,652,743 )       (5,365 )       (8,272 )       47,192,684           23,828 *
   

 

 

         

 

 

     

 

 

     

 

 

     

 

 

     

 

 

         

 

 

 

Total

    $ 74,162,578         $ 212,871,826     $ (209,844,588 )       $(5,365 )       $(8,272 )     $ 77,176,179         $ 27,745
   

 

 

         

 

 

     

 

 

     

 

 

     

 

 

     

 

 

         

 

 

 

 

*

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 February 28, 2022.

(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.

 

 

  21  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)

as of February 28, 2022

     

Financials

   30.68   

Information Technology

   11.85   

Health Care

   11.60   

Energy

   10.12   

Consumer Discretionary

   8.69   

Industrials

   8.50   

Consumer Staples

   6.27   

Communication Services

   4.52   

Utilities

   3.02   

Sector Types Each Less Than 3%

   3.48   

Money Market Funds Plus Other Assets

Less Liabilities

   1.27   

 

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

 

 

  22  

 

 

 

 

 

 

 


 

Invesco BulletShares 2025 Corporate Bond ETF (BSCP)

February 28, 2022

(Unaudited)

 

Schedule of Investments(a)

 

         Principal             
     Amount            Value        

U.S. Dollar Denominated Bonds & Notes-98.53%

 

Aerospace & Defense-2.89%

 

Boeing Co. (The), 4.88%, 05/01/2025

   $ 10,556,000      $ 11,235,280  

General Dynamics Corp.

     

3.25%, 04/01/2025(b)

     2,256,000        2,330,793  

3.50%, 05/15/2025

     2,250,000        2,330,697  

Howmet Aerospace, Inc., 6.88%, 05/01/2025

     1,878,000        2,070,678  

L3Harris Technologies, Inc., 3.83%, 04/27/2025

     1,799,000        1,876,694  

Lockheed Martin Corp., 2.90%, 03/01/2025

     2,260,000        2,315,538  

Northrop Grumman Corp., 2.93%, 01/15/2025(b)

     4,569,000        4,663,337  

Precision Castparts Corp., 3.25%, 06/15/2025

     2,558,000        2,653,329  

Raytheon Technologies Corp., 3.95%, 08/16/2025

     4,517,000        4,766,131  
     

 

 

 
        34,242,477  
     

 

 

 

Air Freight & Logistics-0.29%

 

United Parcel Service, Inc., 3.90%, 04/01/2025

     3,246,000        3,419,406  
     

 

 

 

Airlines-0.43%

 

Southwest Airlines Co., 5.25%, 05/04/2025

     4,737,000        5,113,352  
     

 

 

 

Auto Components-0.31%

 

BorgWarner, Inc., 3.38%, 03/15/2025(b)

     1,459,000        1,500,207  

Magna International, Inc. (Canada), 4.15%, 10/01/2025

     2,053,000        2,178,938  
     

 

 

 
        3,679,145  
     

 

 

 

Automobiles-3.95%

 

American Honda Finance Corp.

     

1.50%, 01/13/2025(b)

     2,100,000        2,062,645  

1.20%, 07/08/2025

     2,252,000        2,184,604  

1.00%, 09/10/2025(b)

     2,258,000        2,166,678  

General Motors Co.

     

4.00%, 04/01/2025(b)

     1,551,000        1,611,381  

6.13%, 10/01/2025

     6,005,000        6,653,362  

General Motors Financial Co., Inc.

     

4.00%, 01/15/2025

     3,014,000        3,123,904  

2.90%, 02/26/2025

     3,702,000        3,727,397  

4.35%, 04/09/2025

     3,007,000        3,152,271  

2.75%, 06/20/2025

     3,753,000        3,756,533  

4.30%, 07/13/2025

     2,408,000        2,512,345  

Toyota Motor Credit Corp.

     

1.45%, 01/13/2025(b)

     3,500,000        3,448,432  

1.80%, 02/13/2025

     4,124,000        4,099,400  

3.00%, 04/01/2025

     3,760,000        3,854,177  

3.40%, 04/14/2025

     1,502,000        1,560,233  

0.80%, 10/16/2025

     2,998,000        2,885,103  
     

 

 

 
        46,798,465  
     

 

 

 

Banks-14.13%

 

Banco Santander S.A. (Spain), 2.75%, 05/28/2025

     4,600,000        4,610,996  

 

 

         Principal             
     Amount            Value        

Banks-(continued)

 

Bank of America Corp.

     

4.00%, 01/22/2025

   $ 7,652,000      $ 7,957,990  

3.88%, 08/01/2025

     5,379,000        5,637,086  

Series L, 3.95%, 04/21/2025

     7,529,000        7,856,331  

Citigroup, Inc.

     

3.88%, 03/26/2025

     3,008,000        3,114,644  

3.30%, 04/27/2025

     4,563,000        4,678,069  

4.40%, 06/10/2025

     7,527,000        7,908,722  

5.50%, 09/13/2025

     4,257,000        4,647,403  

Citizens Bank N.A., 2.25%, 04/28/2025

     2,350,000        2,345,247  

Cooperatieve Rabobank U.A. (Netherlands)

     

1.38%, 01/10/2025(b)

     3,010,000        2,964,534  

4.38%, 08/04/2025

     4,550,000        4,775,491  

Fifth Third Bancorp, 2.38%, 01/28/2025

     2,334,000        2,341,448  

Fifth Third Bank N.A., 3.95%, 07/28/2025

     2,200,000        2,334,923  

HSBC Holdings PLC (United Kingdom), 4.25%, 08/18/2025

     4,410,000        4,589,161  

Huntington Bancshares, Inc., 4.00%, 05/15/2025

     1,483,000        1,553,086  

JPMorgan Chase & Co.

     

3.13%, 01/23/2025

     7,529,000        7,701,725  

3.90%, 07/15/2025

     7,594,000        7,955,022  

KeyBank N.A., 3.30%, 06/01/2025

     2,250,000        2,328,027  

Lloyds Banking Group PLC (United Kingdom), 4.58%, 12/10/2025

     4,000,000        4,209,136  

Mitsubishi UFJ Financial Group, Inc. (Japan)

     

2.19%, 02/25/2025

     7,800,000        7,745,584  

3.78%, 03/02/2025(b)

     2,226,000        2,318,162  

1.41%, 07/17/2025

     5,300,000        5,121,145  

PNC Bank N.A., 3.25%, 06/01/2025

     3,265,000        3,381,396  

Regions Financial Corp., 2.25%, 05/18/2025(b)

     2,256,000        2,257,688  

Santander Holdings USA, Inc.

     

3.45%, 06/02/2025

     2,998,000        3,051,435  

4.50%, 07/17/2025

     3,315,000        3,484,578  

Sumitomo Mitsui Banking Corp. (Japan), 3.65%, 07/23/2025

     1,350,000        1,403,021  

Sumitomo Mitsui Financial Group, Inc. (Japan)

     

2.35%, 01/15/2025

     3,800,000        3,792,390  

1.47%, 07/08/2025

     6,900,000        6,659,602  

Truist Bank

     

1.50%, 03/10/2025

     3,850,000        3,789,170  

3.63%, 09/16/2025

     3,800,000        3,961,694  

Truist Financial Corp.

     

4.00%, 05/01/2025(b)

     2,553,000        2,681,983  

3.70%, 06/05/2025

     2,997,000        3,128,039  

1.20%, 08/05/2025(b)

     2,256,000        2,176,417  

U.S. Bank N.A., 2.05%, 01/21/2025

     2,900,000        2,906,641  

US Bancorp, 1.45%, 05/12/2025

     4,504,000        4,410,158  

Wells Fargo & Co.

     

3.00%, 02/19/2025

     7,586,000        7,744,043  

3.55%, 09/29/2025

     7,499,000        7,767,883  
     

 

 

 
        167,290,070  
     

 

 

 

 

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

 

 

  23  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

         Principal             
     Amount            Value        

Beverages-1.14%

 

Diageo Capital PLC (United Kingdom), 1.38%, 09/29/2025(b)

   $ 2,200,000      $ 2,130,635  

Keurig Dr Pepper, Inc., 3.40%, 11/15/2025

     1,499,000        1,548,361  

PepsiCo, Inc.

     

2.25%, 03/19/2025

     4,502,000        4,533,916  

2.75%, 04/30/2025(b)

     3,002,000        3,068,027  

3.50%, 07/17/2025

     2,106,000        2,186,693  
     

 

 

 
        13,467,632  
     

 

 

 

Biotechnology-2.52%

 

AbbVie, Inc., 3.60%, 05/14/2025

     11,248,000        11,633,193  

Amgen, Inc.

     

1.90%, 02/21/2025

     1,499,000        1,496,184  

3.13%, 05/01/2025(b)

     3,148,000        3,228,480  

Baxalta, Inc., 4.00%, 06/23/2025

     2,415,000        2,534,688  

Biogen, Inc., 4.05%, 09/15/2025

     5,253,000        5,494,242  

Gilead Sciences, Inc., 3.50%, 02/01/2025 .

     5,253,000        5,443,620  
     

 

 

 
        29,830,407  
     

 

 

 

Building Products-0.13%

 

Fortune Brands Home & Security, Inc., 4.00%, 06/15/2025

     1,504,000        1,576,660  
     

 

 

 

Capital Markets-8.09%

 

Ameriprise Financial, Inc., 3.00%, 04/02/2025

     1,609,000        1,640,517  

Ares Capital Corp.

     

4.25%, 03/01/2025

     1,801,000        1,844,900  

3.25%, 07/15/2025

     3,791,000        3,759,222  

Bank of New York Mellon Corp. (The)

     

1.60%, 04/24/2025

     3,768,000        3,715,182  

Series G, 3.00%, 02/24/2025

     2,247,000        2,309,456  

Brookfield Asset Management, Inc. (Canada), 4.00%, 01/15/2025(b)

     1,509,000        1,574,697  

Charles Schwab Corp. (The)

     

4.20%, 03/24/2025

     1,775,000        1,886,179  

3.85%, 05/21/2025

     2,259,000        2,376,638  

CME Group, Inc., 3.00%, 03/15/2025

     2,252,000        2,313,361  

Credit Suisse AG (Switzerland), 2.95%, 04/09/2025

     4,400,000        4,462,012  

Deutsche Bank AG (Germany), 4.50%, 04/01/2025(b)

     4,600,000        4,735,246  

Goldman Sachs Group, Inc. (The)

     

3.50%, 01/23/2025

     7,504,000        7,723,347  

3.50%, 04/01/2025

     10,629,000        10,938,212  

3.75%, 05/22/2025(b)

     6,751,000        6,991,465  

4.25%, 10/21/2025

     6,025,000        6,335,956  

Moody’s Corp., 3.75%, 03/24/2025

     2,135,000        2,230,291  

Morgan Stanley

     

4.00%, 07/23/2025

     9,004,000        9,443,493  

5.00%, 11/24/2025

     6,028,000        6,502,187  

Nomura Holdings, Inc. (Japan), 1.85%, 07/16/2025

     4,800,000        4,675,873  

Northern Trust Corp., 3.95%, 10/30/2025

     2,255,000        2,384,871  

Owl Rock Capital Corp., 3.75%, 07/22/2025

     1,479,000        1,459,950  
         Principal             
     Amount            Value        

Capital Markets-(continued)

 

S&P Global, Inc., 4.00%, 06/15/2025

   $ 2,101,000      $ 2,215,930  

State Street Corp., 3.55%, 08/18/2025

     4,081,000        4,270,975  
     

 

 

 
        95,789,960  
     

 

 

 

Chemicals-0.55%

 

Air Products and Chemicals, Inc., 1.50%, 10/15/2025

     1,649,000        1,616,796  

Eastman Chemical Co., 3.80%, 03/15/2025

     2,105,000        2,181,186  

EI du Pont de Nemours and Co., 1.70%, 07/15/2025

     1,500,000        1,471,655  

LYB International Finance III LLC, 1.25%, 10/01/2025

     1,325,000        1,267,628  
     

 

 

 
        6,537,265  
     

 

 

 

Commercial Services & Supplies-0.37%

 

Republic Services, Inc., 3.20%, 03/15/2025

     1,507,000        1,541,730  

Waste Management, Inc.

     

3.13%, 03/01/2025(b)

     1,340,000        1,379,654  

0.75%, 11/15/2025

     1,500,000        1,420,616  
     

 

 

 
        4,342,000  
     

 

 

 

Communications Equipment-0.13%

 

Cisco Systems, Inc., 3.50%, 06/15/2025

     1,504,000        1,577,578  
     

 

 

 

Consumer Finance-1.80%

 

Ally Financial, Inc.

     

4.63%, 03/30/2025(b)

     1,499,000        1,577,283  

5.80%, 05/01/2025(b)

     2,172,000        2,353,300  

5.75%, 11/20/2025

     2,244,000        2,392,592  

Capital One Financial Corp.

     

3.20%, 02/05/2025

     3,042,000        3,110,277  

4.25%, 04/30/2025

     2,293,000        2,415,309  

4.20%, 10/29/2025(b)

     4,550,000        4,779,114  

Discover Financial Services, 3.75%, 03/04/2025

     1,507,000        1,563,519  

Synchrony Financial, 4.50%, 07/23/2025

     3,011,000        3,164,742  
     

 

 

 
        21,356,136  
     

 

 

 

Containers & Packaging-0.16%

 

WRKCo, Inc., 3.75%, 03/15/2025

     1,810,000        1,884,790  
     

 

 

 

Distributors-0.13%

 

Genuine Parts Co., 1.75%, 02/01/2025

     1,500,000        1,476,773  
     

 

 

 

Diversified Consumer Services-0.12%

 

Yale University, Series 2020, 0.87%, 04/15/2025

     1,508,000        1,462,310  
     

 

 

 

Diversified Financial Services-0.85%

 

AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)

     

3.50%, 01/15/2025

     2,352,000        2,389,493  

6.50%, 07/15/2025

     3,761,000        4,148,577  

4.45%, 10/01/2025

     1,953,000        2,031,172  

National Rural Utilities Cooperative Finance Corp., 2.85%, 01/27/2025

     1,505,000        1,529,263  
     

 

 

 
        10,098,505  
     

 

 

 

Diversified Telecommunication Services-1.45%

 

AT&T, Inc.

     

3.95%, 01/15/2025

     1,640,000        1,719,862  

3.40%, 05/15/2025

     6,890,000        7,130,096  

 

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

 

 

  24  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

       Principal           
     Amount            Value        

Diversified Telecommunication Services-(continued)

 

Verizon Communications, Inc.

     

3.38%, 02/15/2025

   $ 4,044,000      $ 4,183,002  

0.85%, 11/20/2025

     4,340,000        4,133,967  
     

 

 

 
        17,166,927  
     

 

 

 

Electric Utilities-2.55%

 

Avangrid, Inc., 3.20%, 04/15/2025

     2,256,000        2,308,999  

Berkshire Hathaway Energy Co., 4.05%, 04/15/2025

     3,740,000        3,949,729  

Constellation Energy Generation LLC, 3.25%, 06/01/2025

     2,704,000        2,764,221  

Duke Energy Corp., 0.90%, 09/15/2025

     1,955,000        1,858,054  

Duke Energy Progress LLC, 3.25%, 08/15/2025(b)

     1,481,000        1,535,785  

Entergy Corp., 0.90%, 09/15/2025

     2,405,000        2,279,798  

Exelon Corp., 3.95%, 06/15/2025

     2,450,000        2,553,598  

Florida Power & Light Co.

     

2.85%, 04/01/2025

     3,258,000        3,329,489  

3.13%, 12/01/2025(b)

     2,147,000        2,213,957  

Pacific Gas and Electric Co., 3.45%, 07/01/2025

     2,624,000        2,652,701  

Pinnacle West Capital Corp., 1.30%, 06/15/2025(b)

     1,380,000        1,326,219  

Southern Power Co., 4.15%, 12/01/2025

     1,373,000        1,460,455  

Xcel Energy, Inc., 3.30%, 06/01/2025(b)

     1,904,000        1,948,503  
     

 

 

 
        30,181,508  
     

 

 

 

Electrical Equipment-0.13%

 

Emerson Electric Co., 3.15%, 06/01/2025

     1,498,000        1,547,554  
     

 

 

 

Energy Equipment & Services-0.36%

 

Halliburton Co., 3.80%, 11/15/2025(b)

     2,652,000        2,779,408  

Schlumberger Finance Canada Ltd., 1.40%, 09/17/2025

     1,480,000        1,438,908  
     

 

 

 
        4,218,316  
     

 

 

 

Entertainment-0.88%

 

Netflix, Inc., 5.88%, 02/15/2025

     2,406,000        2,616,405  

TWDC Enterprises 18 Corp., 3.15%, 09/17/2025

     2,254,000        2,320,787  

Walt Disney Co. (The), 3.35%, 03/24/2025(b)

     5,311,000        5,519,827  
     

 

 

 
        10,457,019  
     

 

 

 

Equity REITs-3.45%

 

Alexandria Real Estate Equities, Inc., 3.45%, 04/30/2025(b)

     1,811,000        1,876,712  

American Tower Corp.

     

2.40%, 03/15/2025

     2,260,000        2,255,420  

4.00%, 06/01/2025

     2,281,000        2,378,011  

1.30%, 09/15/2025(b)

     1,448,000        1,387,783  

AvalonBay Communities, Inc., 3.45%, 06/01/2025

     1,584,000        1,638,346  

Boston Properties L.P., 3.20%, 01/15/2025

     2,551,000        2,610,725  

Brixmor Operating Partnership L.P., 3.85%, 02/01/2025

     2,098,000        2,180,619  

Crown Castle International Corp., 1.35%, 07/15/2025

     1,508,000        1,448,510  

Equinix, Inc., 1.00%, 09/15/2025(b)

     2,097,000        1,988,753  

Essex Portfolio L.P., 3.50%, 04/01/2025

     1,508,000        1,557,290  
       Principal           
     Amount            Value        

Equity REITs-(continued)

 

GLP Capital L.P./GLP Financing II, Inc., 5.25%, 06/01/2025

   $ 2,524,000      $ 2,662,492  

Healthpeak Properties, Inc., 4.00%, 06/01/2025(b)

     1,803,000        1,890,151  

Host Hotels & Resorts L.P., Series E, 4.00%, 06/15/2025

     1,478,000        1,535,410  

Kimco Realty Corp., 3.30%, 02/01/2025

     1,482,000        1,520,456  

Realty Income Corp.

     

3.88%, 04/15/2025

     1,507,000        1,575,175  

4.63%, 11/01/2025(b)

     1,617,000        1,739,235  

Simon Property Group L.P., 3.50%, 09/01/2025

     3,303,000        3,414,894  

SITE Centers Corp., 3.63%, 02/01/2025

     1,369,000        1,405,247  

Ventas Realty L.P., 3.50%, 02/01/2025

     1,781,000        1,837,694  

Welltower, Inc., 4.00%, 06/01/2025

     3,763,000        3,943,037  
     

 

 

 
        40,845,960  
     

 

 

 

Food & Staples Retailing-0.54%

 

Sysco Corp., 3.75%, 10/01/2025

     2,255,000        2,358,556  

Walmart, Inc., 3.55%, 06/26/2025(b)

     3,800,000        3,995,996  
     

 

 

 
        6,354,552  
     

 

 

 

Food Products-1.27%

 

Bunge Ltd. Finance Corp., 1.63%, 08/17/2025

     1,935,000        1,880,998  

Campbell Soup Co., 3.95%, 03/15/2025

     2,548,000        2,657,310  

General Mills, Inc., 4.00%, 04/17/2025(b)

     2,696,000        2,825,298  

JM Smucker Co. (The), 3.50%, 03/15/2025

     3,010,000        3,118,620  

Mead Johnson Nutrition Co. (United Kingdom), 4.13%, 11/15/2025

     2,259,000        2,384,151  

Mondelez International, Inc., 1.50%, 05/04/2025

     2,255,000        2,198,374  
     

 

 

 
        15,064,751  
     

 

 

 

Health Care Equipment & Supplies-1.59%

 

Abbott Laboratories, 2.95%, 03/15/2025 .

     2,956,000        3,031,964  

Boston Scientific Corp.

     

3.85%, 05/15/2025

     1,573,000        1,643,468  

1.90%, 06/01/2025(b)

     1,413,000        1,390,892  

Medtronic, Inc., 3.50%, 03/15/2025(b)

     5,672,000        5,916,857  

Stryker Corp.

     

1.15%, 06/15/2025(b)

     1,891,000        1,824,909  

3.38%, 11/01/2025

     2,262,000        2,338,011  

Zimmer Biomet Holdings, Inc., 3.55%, 04/01/2025

     2,639,000        2,716,840  
     

 

 

 
        18,862,941  
     

 

 

 

Health Care Providers & Services-4.65%

 

AmerisourceBergen Corp., 3.25%, 03/01/2025

     1,480,000        1,519,789  

Anthem, Inc., 2.38%, 01/15/2025(b)

     3,766,000        3,786,565  

Cardinal Health, Inc., 3.75%, 09/15/2025

     1,482,000        1,541,048  

Cigna Corp.

     

3.25%, 04/15/2025

     2,088,000        2,134,291  

4.13%, 11/15/2025

     6,627,000        6,992,165  

CVS Health Corp.

     

4.10%, 03/25/2025

     2,858,000        2,996,450  

3.88%, 07/20/2025

     8,516,000        8,914,468  

 

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

 

 

  25  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

       Principal           
     Amount            Value        

Health Care Providers & Services-(continued)

 

HCA, Inc.

     

5.38%, 02/01/2025

   $ 7,610,000      $ 8,067,589  

5.25%, 04/15/2025

     4,220,000        4,536,123  

Humana, Inc., 4.50%, 04/01/2025

     1,810,000        1,923,566  

Laboratory Corp. of America Holdings, 3.60%, 02/01/2025

     2,999,000        3,087,361  

McKesson Corp., 0.90%, 12/03/2025

     1,500,000        1,421,992  

Quest Diagnostics, Inc., 3.50%, 03/30/2025

     1,802,000        1,858,622  

UnitedHealth Group, Inc., 3.75%, 07/15/2025

     6,005,000        6,305,438  
     

 

 

 
        55,085,467  
     

 

 

 

Hotels, Restaurants & Leisure-1.31%

 

Booking Holdings, Inc., 3.65%, 03/15/2025

     1,585,000        1,654,569  

Las Vegas Sands Corp., 2.90%, 06/25/2025

     1,507,000        1,458,563  

Marriott International, Inc., Series EE, 5.75%, 05/01/2025(b)

     2,274,000        2,487,357  

McDonald’s Corp.

 

3.38%, 05/26/2025(b)

     2,107,000        2,185,825  

3.30%, 07/01/2025

     2,254,000        2,321,854  

1.45%, 09/01/2025(b)

     1,500,000        1,465,569  

Starbucks Corp., 3.80%, 08/15/2025(b)

     3,767,000        3,950,819  
     

 

 

 
        15,524,556  
     

 

 

 

Household Durables-0.26%

 

DR Horton, Inc., 2.60%, 10/15/2025

     1,521,000        1,525,981  

Lennar Corp., 4.75%, 05/30/2025

     1,502,000        1,590,282  
     

 

 

 
        3,116,263  
     

 

 

 

Household Products-0.23%

 

Procter & Gamble Co. (The), 0.55%, 10/29/2025

     2,848,000        2,713,709  
     

 

 

 

Industrial Conglomerates-0.95%

 

3M Co.

     

2.00%, 02/14/2025(b)

     2,220,000        2,215,687  

2.65%, 04/15/2025

     1,522,000        1,547,845  

3.00%, 08/07/2025

     1,651,000        1,690,658  

Honeywell International, Inc., 1.35%, 06/01/2025(b)

     3,920,000        3,838,161  

Roper Technologies, Inc., 1.00%, 09/15/2025

     2,105,000        2,004,973  
     

 

 

 
        11,297,324  
     

 

 

 

Insurance-1.79%

 

Allstate Corp. (The), 0.75%, 12/15/2025

     1,800,000        1,697,037  

American International Group, Inc.

     

2.50%, 06/30/2025

     4,518,000        4,543,536  

3.75%, 07/10/2025(b)

     3,752,000        3,907,691  

Aon PLC, 3.88%, 12/15/2025

     2,221,000        2,322,702  

Chubb INA Holdings, Inc., 3.15%, 03/15/2025

     2,410,000        2,483,516  

CNO Financial Group, Inc., 5.25%, 05/30/2025

     1,496,000        1,603,252  

Marsh & McLennan Cos., Inc., 3.50%, 03/10/2025

     1,503,000        1,558,651  
       Principal           
     Amount            Value        

Insurance-(continued)

 

MetLife, Inc.

     

3.00%, 03/01/2025(b)

   $ 1,503,000      $ 1,547,911  

3.60%, 11/13/2025(b)

     1,505,000        1,577,387  
     

 

 

 
        21,241,683  
     

 

 

 

Interactive Media & Services-0.24%

 

Alphabet, Inc., 0.45%, 08/15/2025(b)

     3,000,000        2,860,627  
     

 

 

 

Internet & Direct Marketing Retail-0.89%

 

Amazon.com, Inc.

     

0.80%, 06/03/2025(b)

     3,751,000        3,622,385  

5.20%, 12/03/2025

     2,587,000        2,856,713  

eBay, Inc., 1.90%, 03/11/2025

     2,402,000        2,376,841  

QVC, Inc., 4.45%, 02/15/2025(b)

     1,707,000        1,700,454  
     

 

 

 
        10,556,393  
     

 

 

 

IT Services-2.45%

 

Automatic Data Processing, Inc., 3.38%, 09/15/2025

     3,001,000        3,137,814  

Fiserv, Inc., 3.85%, 06/01/2025

     2,720,000        2,833,180  

International Business Machines Corp., 7.00%, 10/30/2025

     1,779,000        2,070,507  

Mastercard, Inc., 2.00%, 03/03/2025

     2,255,000        2,272,238  

PayPal Holdings, Inc., 1.65%, 06/01/2025

     3,001,000        2,944,279  

VeriSign, Inc., 5.25%, 04/01/2025

     1,481,000        1,586,462  

Visa, Inc., 3.15%, 12/14/2025

     12,156,000        12,602,562  

Western Union Co. (The), 2.85%, 01/10/2025

     1,570,000        1,590,177  
     

 

 

 
        29,037,219  
     

 

 

 

Life Sciences Tools & Services-0.13%

 

Danaher Corp., 3.35%, 09/15/2025

     1,451,000        1,498,221  
     

 

 

 

Machinery-1.71%

 

Caterpillar Financial Services Corp.

     

1.45%, 05/15/2025(b)

     1,807,000        1,770,785  

0.80%, 11/13/2025(b)

     3,008,000        2,866,422  

Cummins, Inc., 0.75%, 09/01/2025(b)

     1,415,000        1,348,010  

Deere & Co., 2.75%, 04/15/2025

     2,102,000        2,144,658  

John Deere Capital Corp.

     

2.05%, 01/09/2025

     1,511,000        1,515,810  

1.25%, 01/10/2025(b)

     2,410,000        2,364,519  

3.45%, 03/13/2025

     2,710,000        2,828,636  

Otis Worldwide Corp., 2.06%, 04/05/2025

     3,934,000        3,908,887  

Wabtec Corp., 3.20%, 06/15/2025

     1,509,000        1,525,102  
     

 

 

 
        20,272,829  
     

 

 

 

Media-2.55%

     

Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., 4.91%, 07/23/2025

     13,643,000        14,484,118  

Comcast Corp.

     

3.38%, 02/15/2025(b)

     3,028,000        3,135,903  

3.38%, 08/15/2025

     4,563,000        4,727,710  

Fox Corp., 3.05%, 04/07/2025(b)

     1,798,000        1,836,480  

Paramount Global

     

3.50%, 01/15/2025(b)

     1,861,000        1,920,804  

4.75%, 05/15/2025(b)

     3,867,000        4,128,725  
     

 

 

 
        30,233,740  
     

 

 

 

 

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

 

 

  26  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

       Principal           
     Amount            Value        

Metals & Mining-0.50%

 

Freeport-McMoRan, Inc.

     

4.25%, 03/01/2030

   $ 1,932,000      $ 1,954,517  

4.63%, 08/01/2030(b)

     2,363,000        2,443,047  

Nucor Corp., 2.00%, 06/01/2025(b)

     1,519,000        1,504,258  
     

 

 

 
        5,901,822  
     

 

 

 

Multiline Retail-0.80%

 

Dollar General Corp., 4.15%, 11/01/2025

     1,483,000        1,566,468  

Dollar Tree, Inc., 4.00%, 05/15/2025(b)

     3,002,000        3,132,725  

Target Corp., 2.25%, 04/15/2025

     4,721,000        4,755,323  
     

 

 

 
        9,454,516  
     

 

 

 

Multi-Utilities-0.85%

 

Dominion Energy, Inc., 3.90%, 10/01/2025

     2,220,000        2,318,530  

DTE Energy Co., Series F, 1.05%, 06/01/2025

     2,638,000        2,523,117  

NiSource, Inc., 0.95%, 08/15/2025(b)

     3,908,000        3,696,988  

Public Service Enterprise Group, Inc., 0.80%, 08/15/2025

     1,594,000        1,515,557  
     

 

 

 
        10,054,192  
     

 

 

 

Oil, Gas & Consumable Fuels-9.99%

 

BP Capital Markets America, Inc., 3.19%, 04/06/2025

     2,249,000        2,308,387  

BP Capital Markets PLC (United Kingdom), 3.51%, 03/17/2025

     2,907,000        3,017,953  

Canadian Natural Resources Ltd. (Canada)

     

3.90%, 02/01/2025

     1,803,000        1,858,872  

2.05%, 07/15/2025

     1,803,000        1,772,984  

Cenovus Energy, Inc. (Canada), 5.38%, 07/15/2025(b)

     2,648,000        2,871,843  

Cheniere Corpus Christi Holdings LLC, 5.88%, 03/31/2025(b)

     4,519,000        4,885,047  

Chevron Corp.

     

1.55%, 05/11/2025

     7,501,000        7,397,126  

3.33%, 11/17/2025

     2,223,000        2,309,559  

Chevron USA, Inc., 0.69%, 08/12/2025

     2,563,000        2,449,825  

Columbia Pipeline Group, Inc., 4.50%, 06/01/2025

     3,008,000        3,194,106  

Devon Energy Corp.

     

5.85%, 12/15/2025(b)

     1,461,000        1,630,650  

4.50%, 01/15/2030

     1,800,000        1,881,609  

Diamondback Energy, Inc., 4.75%, 05/31/2025

     1,504,000        1,602,679  

Enbridge Energy Partners L.P., 5.88%, 10/15/2025

     1,482,000        1,646,260  

Enbridge, Inc. (Canada), 2.50%, 01/15/2025(b)

     1,510,000        1,514,334  

Energy Transfer L.P., 4.05%, 03/15/2025.

     3,007,000        3,116,465  

Enterprise Products Operating LLC, 3.75%, 02/15/2025

     3,488,000        3,631,008  

EOG Resources, Inc., 3.15%, 04/01/2025

     1,356,000        1,394,058  

Equinor ASA (Norway), 2.88%, 04/06/2025

     3,760,000        3,832,842  

Exxon Mobil Corp.

     

2.71%, 03/06/2025

     5,272,000        5,377,488  

2.99%, 03/19/2025

     8,238,000        8,468,156  

Kinder Morgan, Inc., 4.30%, 06/01/2025

     4,513,000        4,734,126  
       Principal           
     Amount            Value        

Oil, Gas & Consumable Fuels-(continued)

 

Marathon Petroleum Corp., 4.70%, 05/01/2025(b)

   $ 3,859,000      $ 4,103,450  

MPLX L.P.

     

4.00%, 02/15/2025

     1,496,000        1,558,982  

4.88%, 06/01/2025

     3,663,000        3,905,229  

ONEOK Partners L.P., 4.90%, 03/15/2025

     1,519,000        1,614,962  

Phillips 66, 3.85%, 04/09/2025

     1,955,000        2,034,436  

Phillips 66 Partners L.P., 3.61%, 02/15/2025

     1,503,000        1,552,401  

Plains All American Pipeline L.P./PAA Finance Corp., 4.65%, 10/15/2025

     2,996,000        3,176,572  

Sabine Pass Liquefaction LLC, 5.63%, 03/01/2025

     6,070,000        6,557,230  

Shell International Finance B.V. (Netherlands), 3.25%, 05/11/2025

     8,481,000        8,809,053  

Spectra Energy Partners L.P., 3.50%, 03/15/2025

     1,520,000        1,561,493  

Suncor Energy, Inc. (Canada), 3.10%, 05/15/2025

     1,634,000        1,670,372  

TotalEnergies Capital International S.A. (France), 2.43%, 01/10/2025

     3,014,000        3,067,981  

Valero Energy Corp., 2.85%, 04/15/2025

     3,147,000        3,185,403  

Williams Cos., Inc. (The)

     

3.90%, 01/15/2025

     2,254,000        2,344,302  

4.00%, 09/15/2025

     2,175,000        2,268,614  
     

 

 

 
        118,305,857  
     

 

 

 

Personal Products-0.12%

 

Unilever Capital Corp. (United Kingdom), 3.10%, 07/30/2025

     1,409,000        1,453,866  
     

 

 

 

Pharmaceuticals-4.24%

 

AstraZeneca PLC (United Kingdom), 3.38%, 11/16/2025

     6,004,000        6,266,844  

Bristol-Myers Squibb Co.

     

3.88%, 08/15/2025

     5,387,000        5,692,007  

0.75%, 11/13/2025(b)

     2,950,000        2,806,086  

Eli Lilly and Co., 2.75%, 06/01/2025

     1,843,000        1,876,348  

GlaxoSmithKline Capital, Inc. (United Kingdom), 3.63%, 05/15/2025

     3,092,000        3,230,567  

Johnson & Johnson

     

2.63%, 01/15/2025

     2,252,000        2,304,051  

0.55%, 09/01/2025

     2,844,000        2,712,911  

Merck & Co., Inc., 2.75%, 02/10/2025(b)

     7,496,000        7,676,566  

Novartis Capital Corp. (Switzerland)

     

1.75%, 02/14/2025

     2,949,000        2,939,006  

3.00%, 11/20/2025(b)

     5,095,000        5,257,054  

Pfizer, Inc., 0.80%, 05/28/2025(b)

     2,249,000        2,182,739  

Royalty Pharma PLC, 1.20%, 09/02/2025.

     2,930,000        2,786,206  

Viatris, Inc., 1.65%, 06/22/2025

     2,070,000        2,002,346  

Zoetis, Inc., 4.50%, 11/13/2025

     2,254,000        2,421,933  
     

 

 

 
        50,154,664  
     

 

 

 

Professional Services-0.24%

 

Verisk Analytics, Inc., 4.00%, 06/15/2025.

     2,720,000        2,832,615  
     

 

 

 

Road & Rail-0.78%

 

Burlington Northern Santa Fe LLC, 3.00%, 04/01/2025

     1,655,000        1,693,119  

 

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

 

 

  27  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

       Principal           
     Amount            Value        

Road & Rail-(continued)

 

Canadian Pacific Railway Co. (Canada), 2.90%, 02/01/2025

   $ 2,424,000      $ 2,471,550  

CSX Corp., 3.35%, 11/01/2025(b)

     1,797,000        1,860,719  

Union Pacific Corp.

     

3.75%, 07/15/2025

     1,548,000        1,625,902  

3.25%, 08/15/2025

     1,505,000        1,554,251  
     

 

 

 
        9,205,541  
     

 

 

 

Semiconductors & Semiconductor Equipment-2.34%

 

Applied Materials, Inc., 3.90%, 10/01/2025

     2,134,000        2,259,127  

Broadcom Corp./Broadcom Cayman Finance Ltd., 3.13%, 01/15/2025

     2,245,000        2,299,838  

Broadcom, Inc., 4.70%, 04/15/2025

     3,157,000        3,364,009  

Intel Corp.

     

3.40%, 03/25/2025(b)

     4,549,000        4,712,736  

3.70%, 07/29/2025(b)

     6,614,000        6,936,994  

Lam Research Corp., 3.80%, 03/15/2025

     1,504,000        1,577,325  

QUALCOMM, Inc., 3.45%, 05/20/2025

     4,144,000        4,310,539  

Texas Instruments, Inc., 1.38%, 03/12/2025

     2,260,000        2,225,400  
     

 

 

 
        27,685,968  
     

 

 

 

Software-3.63%

 

Adobe, Inc.

     

1.90%, 02/01/2025(b)

     1,522,000        1,524,974  

3.25%, 02/01/2025

     3,028,000        3,129,640  

Intuit, Inc., 0.95%, 07/15/2025(b)

     1,450,000        1,389,663  

Microsoft Corp.

     

2.70%, 02/12/2025(b)

     6,753,000        6,958,399  

3.13%, 11/03/2025(b)

     9,112,000        9,502,771  

Oracle Corp.

     

2.50%, 04/01/2025

     10,626,000        10,624,338  

2.95%, 05/15/2025

     7,410,000        7,474,379  

VMware, Inc., 4.50%, 05/15/2025(b)

     2,261,000        2,396,489  
     

 

 

 
        43,000,653  
     

 

 

 

Specialty Retail-1.40%

 

AutoZone, Inc., 3.63%, 04/15/2025(b)

     1,499,000        1,552,719  

Dell International LLC/EMC Corp., 5.85%, 07/15/2025(b)

     3,000,000        3,290,316  

Home Depot, Inc. (The), 3.35%, 09/15/2025

     2,901,000        3,017,009  

Leidos, Inc., 3.63%, 05/15/2025

     1,520,000        1,567,971  

Lowe’s Cos., Inc.

     

4.00%, 04/15/2025

     2,222,000        2,340,425  

3.38%, 09/15/2025

     2,375,000        2,478,195  

Ross Stores, Inc., 4.60%, 04/15/2025

     2,131,000        2,276,495  
     

 

 

 
        16,523,130  
     

 

 

 

Technology Hardware, Storage & Peripherals-3.01%

 

Apple, Inc.

 

  

2.75%, 01/13/2025

     4,513,000        4,628,195  

2.50%, 02/09/2025(b)

     4,451,000        4,530,233  

1.13%, 05/11/2025

     6,748,000        6,594,640  

3.20%, 05/13/2025

     6,004,000        6,229,508  

0.55%, 08/20/2025(b)

     3,638,000        3,467,927  
       Principal           
     Amount            Value        

Technology Hardware, Storage & Peripherals-(continued)

 

Hewlett Packard Enterprise Co., 4.90%, 10/15/2025

   $ 7,483,000      $ 8,038,074  

NetApp, Inc., 1.88%, 06/22/2025

     2,251,000        2,207,886  
     

 

 

 
        35,696,463  
     

 

 

 

Textiles, Apparel & Luxury Goods-0.44%

 

NIKE, Inc., 2.40%, 03/27/2025

     2,966,000        3,008,171  

VF Corp., 2.40%, 04/23/2025

     2,247,000        2,251,566  
     

 

 

 
        5,259,737  
     

 

 

 

Thrifts & Mortgage Finance-0.14%

 

Radian Group, Inc., 6.63%, 03/15/2025(b)

     1,579,000        1,673,716  
     

 

 

 

Tobacco-1.23%

 

Altria Group, Inc., 2.35%, 05/06/2025(b)

     2,252,000        2,247,873  

Philip Morris International, Inc.

     

1.50%, 05/01/2025

     2,220,000        2,169,527  

3.38%, 08/11/2025

     2,246,000        2,322,707  

Reynolds American, Inc. (United Kingdom), 4.45%, 06/12/2025

     7,503,000        7,856,062  
     

 

 

 
        14,596,169  
     

 

 

 

Trading Companies & Distributors-0.72%

 

Air Lease Corp.

     

2.30%, 02/01/2025

     2,247,000        2,229,985  

3.25%, 03/01/2025

     2,118,000        2,133,424  

3.38%, 07/01/2025

     2,559,000        2,591,977  

WW Grainger, Inc., 1.85%, 02/15/2025

     1,522,000        1,510,906  
     

 

 

 
        8,466,292  
     

 

 

 

Water Utilities-0.14%

 

American Water Capital Corp., 3.40%, 03/01/2025

     1,556,000        1,609,143  
     

 

 

 

Wireless Telecommunication Services-0.59%

 

Rogers Communications, Inc. (Canada), 3.63%, 12/15/2025

     2,105,000        2,189,421  

Vodafone Group PLC (United Kingdom), 4.13%, 05/30/2025(b)

     4,573,000        4,811,076  
     

 

 

 
        7,000,497  
     

 

 

 

Total U.S. Dollar Denominated Bonds & Notes
(Cost $1,186,673,886)

 

     1,166,955,331  
     

 

 

 
     Shares         

Money Market Funds-0.65%

 

Invesco Government & Agency
Portfolio, Institutional Class,
0.03%(c)(d)
(Cost $7,631,262)

     7,631,262        7,631,262  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.18%
(Cost $1,194,305,148)

 

     1,174,586,593  
     

 

 

 

Investments Purchased with Cash Collateral

from Securities on Loan

 

 

Money Market Funds-5.66%

 

  

Invesco Private Government Fund, 0.12%(c)(d)(e)

     20,110,031        20,110,031  

 

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

 

 

  28  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

     Shares      Value  

Money Market Funds-(continued)

 

  

Invesco Private Prime Fund,
0.08%(c)(d)(e)

     46,918,714      $ 46,923,407  
     

 

 

 

Total Investments Purchased with Cash
Collateral from Securities on Loan
(Cost $67,038,775)

 

     67,033,438  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-104.84%
(Cost $1,261,343,923)

 

     1,241,620,031  

OTHER ASSETS LESS LIABILITIES-(4.84)%

 

     (57,295,810
     

 

 

 

NET ASSETS-100.00%

      $ 1,184,324,221  
     

 

 

 

 

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 February 28, 2022.

(c) 

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2022.

 

    Value
August 31, 2021
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
(Depreciation)
  Realized
Gain
(Loss)
  Value
February 28, 2022
  Dividend
Income

Investments in Affiliated Money Market Funds:

                                   

Invesco Government & Agency Portfolio, Institutional Class

   

$

960,043

        $ 64,374,583     $ (57,703,364 )     $ -     $ -     $ 7,631,262         $ 1,107

Investments Purchased with Cash Collateral from Securities on Loan:

                                   

Invesco Private Government Fund

      19,985,236           43,846,052       (43,721,257 )       -       -       20,110,031           2,633 *

Invesco Private Prime Fund

      46,632,217           73,840,562       (73,535,410 )       (5,337 )       (8,625 )       46,923,407           23,414 *
   

 

 

         

 

 

     

 

 

     

 

 

     

 

 

     

 

 

         

 

 

 

Total

    $ 67,577,496         $ 182,061,197     $ (174,960,031 )     $ (5,337 )     $ (8,625 )     $ 74,664,700         $ 27,154
   

 

 

         

 

 

     

 

 

     

 

 

     

 

 

     

 

 

         

 

 

 

 

*

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 February 28, 2022.

(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.

 

 

  29  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

 

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)

as of February 28, 2022

     
Financials    26.80   
Health Care    13.13   
Information Technology    11.56   
Energy    10.35   
Consumer Discretionary    9.61   
Industrials    8.64   
Communication Services    5.71   
Consumer Staples    4.53   
Utilities    3.54   
Real Estate    3.45   
Materials    1.21   
Money Market Funds Plus Other Assets Less Liabilities    1.47   

 

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

 

 

  30  

 

 

 

 

 

 

 


 

Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)

February 28, 2022

(Unaudited)

 

Schedule of Investments(a)

 

         Principal    
Amount
           Value        

U.S. Dollar Denominated Bonds & Notes-98.86%

 

Aerospace & Defense-2.65%

     

Boeing Co. (The)

     

2.75%, 02/01/2026(b)

   $ 3,004,000      $ 3,009,726  

2.20%, 02/04/2026

     11,792,000        11,475,787  

General Dynamics Corp.

     

1.15%, 06/01/2026

     1,075,000        1,032,457  

2.13%, 08/15/2026

     1,032,000        1,032,281  

Lockheed Martin Corp., 3.55%, 01/15/2026

     4,284,000        4,510,820  

Raytheon Technologies Corp., 2.65%, 11/01/2026(b)

     1,540,000        1,573,934  
     

 

 

 
        22,635,005  
     

 

 

 

Air Freight & Logistics-0.32%

     

FedEx Corp., 3.25%, 04/01/2026

     1,604,000        1,675,661  

United Parcel Service, Inc., 2.40%, 11/15/2026

     1,076,000        1,086,754  
     

 

 

 
        2,762,415  
     

 

 

 

Airlines-0.29%

     

Delta Air Lines, Inc., 7.38%, 01/15/2026(b)

     2,211,000        2,468,294  
     

 

 

 

Automobiles-2.15%

     

American Honda Finance Corp.

     

1.30%, 09/09/2026(b)

     1,546,000        1,481,602  

2.30%, 09/09/2026(b)

     1,032,000        1,033,677  

General Motors Financial Co., Inc.

     

1.25%, 01/08/2026

     3,297,000        3,115,275  

5.25%, 03/01/2026

     2,683,000        2,924,089  

1.50%, 06/10/2026(b)

     2,679,000        2,543,183  

4.00%, 10/06/2026

     1,608,000        1,678,265  

Toyota Motor Corp. (Japan), 1.34%, 03/25/2026

     2,148,000        2,075,089  

Toyota Motor Credit Corp.

     

0.80%, 01/09/2026(b)

     1,503,000        1,429,808  

1.13%, 06/18/2026(b)

     2,148,000        2,058,555  
     

 

 

 
        18,339,543  
     

 

 

 

Banks-17.95%

     

Bank of America Corp.

     

4.45%, 03/03/2026

     4,284,000        4,570,867  

3.50%, 04/19/2026

     5,363,000        5,562,893  

4.25%, 10/22/2026

     4,330,000        4,601,825  

Bank of Nova Scotia (The) (Canada)

     

1.05%, 03/02/2026

     2,037,000        1,929,880  

1.35%, 06/24/2026(b)

     1,551,000        1,479,527  

1.30%, 09/15/2026(b)

     1,927,000        1,842,782  

Barclays PLC (United Kingdom), 5.20%, 05/12/2026(b)

     4,430,000        4,758,241  

BPCE S.A. (France), 3.38%, 12/02/2026

     1,300,000        1,336,462  

Citigroup, Inc.

     

3.70%, 01/12/2026

     4,287,000        4,486,695  

4.60%, 03/09/2026

     3,292,000        3,516,440  

3.40%, 05/01/2026(b)

     4,284,000        4,419,111  

3.20%, 10/21/2026

     6,431,000        6,567,005  

4.30%, 11/20/2026

     2,145,000        2,284,915  

Cooperatieve Rabobank U.A. (Netherlands), 3.75%, 07/21/2026

     3,100,000        3,201,027  

Fifth Third Bank N.A., 3.85%, 03/15/2026

     1,625,000        1,705,144  

    

 

         Principal    
Amount
           Value        

Banks-(continued)

     

HSBC Holdings PLC (United Kingdom)

     

4.30%, 03/08/2026

   $ 6,435,000      $ 6,814,118  

4.38%, 11/23/2026

     3,300,000        3,474,022  

JPMorgan Chase & Co.

     

3.30%, 04/01/2026

     5,357,000        5,526,852  

3.20%, 06/15/2026(b)

     3,810,000        3,912,000  

2.95%, 10/01/2026

     6,429,000        6,546,306  

7.63%, 10/15/2026

     909,000        1,095,948  

4.13%, 12/15/2026(b)

     4,285,000        4,563,804  

KeyBank N.A., 3.40%, 05/20/2026

     1,300,000        1,342,983  

Lloyds Banking Group PLC (United Kingdom), 4.65%, 03/24/2026

     3,300,000        3,485,546  

Mitsubishi UFJ Financial Group, Inc. (Japan)

     

3.85%, 03/01/2026

     5,100,000        5,351,359  

2.76%, 09/13/2026(b)

     2,100,000        2,113,049  

Mizuho Financial Group, Inc. (Japan), 2.84%, 09/13/2026

     2,060,000        2,073,247  

NatWest Group PLC (United Kingdom), 4.80%, 04/05/2026

     3,300,000        3,543,112  

PNC Financial Services Group, Inc. (The), 1.15%, 08/13/2026(b)

     1,505,000        1,442,700  

Royal Bank of Canada (Canada), 1.15%, 07/14/2026

     1,546,000        1,465,699  

Sumitomo Mitsui Financial Group, Inc. (Japan)

     

0.95%, 01/12/2026

     2,140,000        2,019,824  

3.78%, 03/09/2026

     3,212,000        3,363,190  

2.63%, 07/14/2026

     4,821,000        4,843,504  

1.40%, 09/17/2026

     4,325,000        4,092,823  

3.01%, 10/19/2026

     3,218,000        3,275,265  

SVB Financial Group, 1.80%, 10/28/2026

     1,395,000        1,348,319  

Truist Bank

     

3.30%, 05/15/2026

     1,600,000        1,656,247  

3.80%, 10/30/2026

     1,820,000        1,919,703  

U.S. Bancorp

     

Series V, 2.38%, 07/22/2026(b)

     2,892,000        2,913,442  

Series W, 3.10%, 04/27/2026

     2,146,000        2,207,386  

Wells Fargo & Co.

     

3.00%, 04/22/2026

     7,506,000        7,632,237  

4.10%, 06/03/2026

     5,230,000        5,530,041  

3.00%, 10/23/2026

     7,503,000        7,622,676  
     

 

 

 
        153,438,216  
     

 

 

 

Beverages-1.09%

     

Constellation Brands, Inc., 3.70%, 12/06/2026(b)

     1,283,000        1,331,106  

Molson Coors Beverage Co., 3.00%, 07/15/2026(b)

     4,286,000        4,365,035  

PepsiCo, Inc.

     

2.85%, 02/24/2026

     1,544,000        1,579,868  

2.38%, 10/06/2026(b)

     2,060,000        2,077,888  
     

 

 

 
        9,353,897  
     

 

 

 

Biotechnology-3.21%

     

AbbVie, Inc.

     

3.20%, 05/14/2026

     4,286,000        4,401,964  

2.95%, 11/21/2026(b)

     8,557,000        8,704,500  

Amgen, Inc., 2.60%, 08/19/2026

     2,679,000        2,705,068  

 

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

 

 

  31  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

     Principal
    Amount    
           Value        

Biotechnology-(continued)

     

Gilead Sciences, Inc., 3.65%, 03/01/2026

   $ 5,902,000      $ 6,162,520  

Shire Acquisitions Investments Ireland DAC, 3.20%, 09/23/2026(b)

     5,348,000        5,497,433  
     

 

 

 
        27,471,485  
     

 

 

 

Building Products-0.12%

     

Johnson Controls International PLC, 3.90%, 02/14/2026

     1,000,000        1,055,735  
     

 

 

 

Capital Markets-7.91%

     

Ameriprise Financial, Inc., 2.88%, 09/15/2026(b)

     1,077,000        1,104,338  

Ares Capital Corp.

     

3.88%, 01/15/2026

     2,462,000        2,498,980  

2.15%, 07/15/2026(b)

     2,148,000        2,029,134  

Bank of New York Mellon Corp. (The)

     

0.75%, 01/28/2026

     1,505,000        1,431,683  

2.80%, 05/04/2026

     1,604,000        1,639,975  

2.45%, 08/17/2026

     1,606,000        1,623,990  

1.05%, 10/15/2026(b)

     1,072,000        1,017,992  

Blackstone Secured Lending Fund

     

3.63%, 01/15/2026(b)

     1,706,000        1,710,745  

2.75%, 09/16/2026

     1,496,000        1,437,751  

Brookfield Finance, Inc. (Canada), 4.25%, 06/02/2026

     1,029,000        1,101,192  

Charles Schwab Corp. (The)

     

0.90%, 03/11/2026

     2,683,000        2,545,908  

1.15%, 05/13/2026(b)

     2,148,000        2,064,696  

Credit Suisse AG (Switzerland), 1.25%, 08/07/2026

     3,860,000        3,637,164  

Deutsche Bank AG (Germany), 1.69%, 03/19/2026

     1,650,000        1,594,595  

FS KKR Capital Corp., 3.40%, 01/15/2026

     2,146,000        2,110,378  

Goldman Sachs BDC, Inc., 2.88%, 01/15/2026(b)

     1,070,000        1,050,525  

Goldman Sachs Group, Inc. (The)

     

3.75%, 02/25/2026

     3,748,000        3,904,952  

3.50%, 11/16/2026

     5,893,000        6,043,899  

Morgan Stanley

     

3.88%, 01/27/2026

     6,438,000        6,726,748  

3.13%, 07/27/2026

     6,438,000        6,562,298  

6.25%, 08/09/2026

     1,590,000        1,828,954  

4.35%, 09/08/2026

     4,828,000        5,133,881  

Nasdaq, Inc., 3.85%, 06/30/2026

     1,072,000        1,121,262  

Nomura Holdings, Inc. (Japan), 1.65%, 07/14/2026

     2,780,000        2,641,112  

Owl Rock Capital Corp.

     

4.25%, 01/15/2026

     1,029,000        1,038,561  

3.40%, 07/15/2026

     2,468,000        2,367,858  

State Street Corp., 2.65%, 05/19/2026(b)

     1,613,000        1,647,563  
     

 

 

 
        67,616,134  
     

 

 

 

Chemicals-0.87%

     

Ecolab, Inc., 2.70%, 11/01/2026(b)

     1,611,000        1,641,179  

FMC Corp., 3.20%, 10/01/2026(b)

     1,068,000        1,091,408  

Linde, Inc., 3.20%, 01/30/2026(b)

     1,556,000        1,618,471  

PPG Industries, Inc., 1.20%, 03/15/2026

     1,505,000        1,438,443  

Westlake Corp., 3.60%, 08/15/2026

     1,612,000        1,676,561  
     

 

 

 
        7,466,062  
     

 

 

 
     Principal
    Amount    
           Value        

Commercial Services & Supplies-0.13%

 

  

Republic Services, Inc., 2.90%, 07/01/2026(b)

   $ 1,070,000      $ 1,086,792  
     

 

 

 

Communications Equipment-0.77%

     

Cisco Systems, Inc.

     

2.95%, 02/28/2026

     1,610,000        1,671,325  

2.50%, 09/20/2026(b)

     3,214,000        3,285,403  

Hughes Satellite Systems Corp., 5.25%, 08/01/2026(b)

     1,606,000        1,651,642  
     

 

 

 
        6,608,370  
     

 

 

 

Consumer Finance-1.04%

     

American Express Co., 1.65%, 11/04/2026(b)

     2,355,000        2,279,883  

Capital One Financial Corp., 3.75%, 07/28/2026

     3,213,000        3,326,812  

Discover Bank, 3.45%, 07/27/2026

     2,150,000        2,217,214  

Synchrony Financial, 3.70%, 08/04/2026

     1,077,000        1,102,061  
     

 

 

 
        8,925,970  
     

 

 

 

Containers & Packaging-0.36%

     

Berry Global, Inc., 1.57%, 01/15/2026(b)

     3,270,000        3,119,050  
     

 

 

 

Diversified Financial Services-2.06%

     

AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)

     

1.75%, 01/30/2026(b)

     2,210,000        2,096,433  

2.45%, 10/29/2026(b)

     8,040,000        7,754,972  

Berkshire Hathaway, Inc., 3.13%, 03/15/2026(b)

     5,361,000        5,568,340  

National Rural Utilities Cooperative Finance Corp., 1.00%, 06/15/2026

     1,285,000        1,217,019  

Voya Financial, Inc., 3.65%, 06/15/2026

     956,000        1,008,539  
     

 

 

 
        17,645,303  
     

 

 

 

Diversified Telecommunication Services-2.14%

 

  

AT&T, Inc.

     

4.13%, 02/17/2026

     3,886,000        4,144,616  

1.70%, 03/25/2026

     6,429,000        6,267,545  

Verizon Communications, Inc.

     

1.45%, 03/20/2026

     3,960,000        3,829,881  

2.63%, 08/15/2026

     4,006,000        4,030,080  
     

 

 

 
        18,272,122  
     

 

 

 

Electric Utilities-3.31%

     

Cleco Corporate Holdings LLC, 3.74%, 05/01/2026

     1,146,000        1,193,092  

Commonwealth Edison Co., 2.55%, 06/15/2026

     1,033,000        1,044,924  

Duke Energy Carolinas LLC, 2.95%, 12/01/2026

     1,290,000        1,330,176  

Duke Energy Corp., 2.65%, 09/01/2026(b)

     3,093,000        3,112,166  

Emera US Finance L.P. (Canada), 3.55%, 06/15/2026

     1,611,000        1,659,164  

Entergy Arkansas LLC, 3.50%, 04/01/2026

     1,234,000        1,284,087  

Entergy Corp., 2.95%, 09/01/2026(b)

     1,610,000        1,630,630  

Exelon Corp., 3.40%, 04/15/2026

     1,610,000        1,662,667  

Fortis, Inc. (Canada), 3.06%, 10/04/2026

     2,269,000        2,295,448  

Pacific Gas and Electric Co., 3.15%, 01/01/2026(b)

     4,183,000        4,164,657  

PPL Capital Funding, Inc., 3.10%, 05/15/2026

     1,391,000        1,418,254  

 

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

 

 

  32  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

     Principal
    Amount    
           Value        

Electric Utilities-(continued)

     

Southern Co. (The), 3.25%, 07/01/2026

   $ 3,614,000      $ 3,712,553  

Southwestern Electric Power Co., Series N, 1.65%, 03/15/2026(b)

     1,075,000        1,039,604  

Virginia Electric & Power Co., Series A, 3.15%, 01/15/2026

     1,551,000        1,597,910  

Xcel Energy, Inc., 3.35%, 12/01/2026

     1,075,000        1,112,007  
     

 

 

 
        28,257,339  
     

 

 

 

Electrical Equipment-0.18%

 

  

Emerson Electric Co., 0.88%, 10/15/2026

     1,613,000        1,524,503  
     

 

 

 

Electronic Equipment, Instruments & Components-0.51%

 

Avnet, Inc., 4.63%, 04/15/2026

     1,176,000        1,254,518  

CDW LLC/CDW Finance Corp., 2.67%, 12/01/2026(b)

     2,140,000        2,096,398  

Jabil, Inc., 1.70%, 04/15/2026

     1,075,000        1,040,668  
     

 

 

 
        4,391,584  
     

 

 

 

Energy Equipment & Services-0.30%

 

  

Baker Hughes Holdings LLC/Baker Hughes

     

Co-Obligor, Inc., 2.06%, 12/15/2026(b)

     1,290,000        1,263,685  

Boardwalk Pipelines L.P., 5.95%, 06/01/2026

     1,136,000        1,262,864  
     

 

 

 
        2,526,549  
     

 

 

 

Entertainment-1.36%

     

Activision Blizzard, Inc., 3.40%, 09/15/2026

     1,826,000        1,911,433  

Netflix, Inc., 4.38%, 11/15/2026(b)

     2,143,000        2,265,676  

TWDC Enterprises 18 Corp.

     

3.00%, 02/13/2026

     2,145,000        2,210,572  

1.85%, 07/30/2026(b)

     2,145,000        2,107,878  

Walt Disney Co. (The), 1.75%, 01/13/2026

     3,216,000        3,160,583  
     

 

 

 
        11,656,142  
     

 

 

 

Equity REITs-4.83%

     

American Tower Corp.

     

4.40%, 02/15/2026(b)

     1,071,000        1,137,435  

1.60%, 04/15/2026

     1,505,000        1,446,372  

1.45%, 09/15/2026

     1,285,000        1,219,489  

3.38%, 10/15/2026

     2,145,000        2,203,682  

Boston Properties L.P.

     

3.65%, 02/01/2026

     2,142,000        2,221,106  

2.75%, 10/01/2026

     2,143,000        2,150,656  

Brixmor Operating Partnership L.P., 4.13%, 06/15/2026

     1,289,000        1,364,113  

CBRE Services, Inc., 4.88%, 03/01/2026

     1,285,000        1,394,576  

Crown Castle International Corp.

     

4.45%, 02/15/2026

     1,933,000        2,054,645  

3.70%, 06/15/2026

     1,606,000        1,667,931  

1.05%, 07/15/2026

     2,118,000        1,975,838  

Equinix, Inc., 1.45%, 05/15/2026(b)

     1,500,000        1,427,225  

ERP Operating L.P., 2.85%, 11/01/2026

     1,074,000        1,101,342  

GLP Capital L.P./GLP Financing II, Inc., 5.38%, 04/15/2026

     2,087,000        2,235,741  

Healthpeak Properties, Inc., 3.25%, 07/15/2026

     1,392,000        1,440,571  

Kimco Realty Corp., 2.80%, 10/01/2026

     1,071,000        1,079,241  

LifeStorage L.P., 3.50%, 07/01/2026

     1,288,000        1,340,910  

Omega Healthcare Investors, Inc., 5.25%, 01/15/2026

     1,240,000        1,328,514  
     Principal
    Amount    
           Value        

Equity REITs-(continued)

     

Public Storage

     

0.88%, 02/15/2026

   $ 1,075,000      $ 1,022,609  

1.50%, 11/09/2026(b)

     1,389,000        1,348,228  

Realty Income Corp.

     

4.88%, 06/01/2026

     1,279,000        1,391,408  

4.13%, 10/15/2026

     1,339,000        1,420,168  

Sabra Health Care L.P., 5.13%, 08/15/2026

     1,077,000        1,145,849  

Simon Property Group L.P.

     

3.30%, 01/15/2026

     1,719,000        1,763,901  

3.25%, 11/30/2026

     1,607,000        1,655,324  

Ventas Realty L.P., 4.13%, 01/15/2026

     1,077,000        1,136,130  

Welltower, Inc., 4.25%, 04/01/2026

     1,500,000        1,600,341  
     

 

 

 
        41,273,345  
     

 

 

 

Food & Staples Retailing-1.26%

     

Kroger Co. (The)

     

3.50%, 02/01/2026

     1,077,000        1,121,560  

2.65%, 10/15/2026

     1,605,000        1,621,573  

Sysco Corp., 3.30%, 07/15/2026

     2,146,000        2,210,884  

Walgreens Boots Alliance, Inc., 3.45%, 06/01/2026

     3,100,000        3,219,328  

Walmart, Inc., 1.05%, 09/17/2026

     2,685,000        2,580,512  
     

 

 

 
        10,753,857  
     

 

 

 

Food Products-1.48%

     

Archer-Daniels-Midland Co., 2.50%, 08/11/2026

     2,148,000        2,179,540  

Bunge Ltd. Finance Corp., 3.25%, 08/15/2026

     1,446,000        1,478,750  

Hershey Co. (The), 2.30%, 08/15/2026

     1,077,000        1,088,004  

Ingredion, Inc., 3.20%, 10/01/2026

     1,074,000        1,106,779  

Kellogg Co., 3.25%, 04/01/2026

     1,751,000        1,799,445  

Kraft Heinz Foods Co. (The), 3.00%, 06/01/2026

     4,023,000        4,025,313  

McCormick & Co., Inc., 0.90%, 02/15/2026

     1,075,000        1,015,475  
     

 

 

 
        12,693,306  
     

 

 

 

Gas Utilities-0.24%

     

National Fuel Gas Co., 5.50%, 01/15/2026

     879,000        953,653  

Southern California Gas Co., Series TT, 2.60%, 06/15/2026

     1,069,000        1,082,290  
     

 

 

 
        2,035,943  
     

 

 

 

Health Care Equipment & Supplies-0.90%

 

  

Abbott Laboratories, 3.75%, 11/30/2026(b) .

     3,648,000        3,897,767  

Baxter International, Inc., 2.60%, 08/15/2026(b)

     1,548,000        1,556,502  

Stryker Corp., 3.50%, 03/15/2026

     2,140,000        2,217,838  
     

 

 

 
        7,672,107  
     

 

 

 

Health Care Providers & Services-3.19%

 

  

Anthem, Inc., 1.50%, 03/15/2026

     1,605,000        1,554,980  

Cigna Corp.

     

4.50%, 02/25/2026

     2,642,000        2,830,766  

1.25%, 03/15/2026(b)

     1,716,000        1,643,228  

CVS Health Corp., 2.88%, 06/01/2026(b)

     3,750,000        3,799,970  

HCA, Inc.

     

5.88%, 02/15/2026

     3,096,000        3,349,642  

5.25%, 06/15/2026

     3,220,000        3,491,160  

5.38%, 09/01/2026

     2,145,000        2,310,658  

 

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

 

 

  33  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

     Principal
    Amount    
           Value        

Health Care Providers & Services-(continued)

 

  

Laboratory Corp. of America Holdings, 1.55%, 06/01/2026

   $ 1,075,000      $ 1,030,379  

McKesson Corp., 1.30%, 08/15/2026

     1,075,000        1,019,458  

Quest Diagnostics, Inc., 3.45%, 06/01/2026

     1,074,000        1,115,079  

UnitedHealth Group, Inc.

     

1.25%, 01/15/2026

     1,075,000        1,041,229  

3.10%, 03/15/2026

     2,068,000        2,143,067  

1.15%, 05/15/2026(b)

     2,068,000        1,982,387  
     

 

 

 
        27,312,003  
     

 

 

 

Hotels, Restaurants & Leisure-1.24%

     

Booking Holdings, Inc., 3.60%, 06/01/2026

     2,142,000        2,243,885  

Expedia Group, Inc., 5.00%, 02/15/2026

     1,547,000        1,668,064  

Marriott International, Inc., Series R, 3.13%, 06/15/2026

     1,604,000        1,632,950  

McDonald’s Corp., 3.70%, 01/30/2026

     3,748,000        3,951,056  

Starbucks Corp., 2.45%, 06/15/2026

     1,070,000        1,075,145  
     

 

 

 
        10,571,100  
     

 

 

 

Household Durables-0.28%

     

DR Horton, Inc., 1.30%, 10/15/2026

     1,285,000        1,211,049  

PulteGroup, Inc., 5.50%, 03/01/2026(b)

     1,068,000        1,178,873  
     

 

 

 
        2,389,922  
     

 

 

 

Household Products-0.62%

     

Procter & Gamble Co. (The)

     

2.70%, 02/02/2026(b)

     1,288,000        1,329,237  

1.00%, 04/23/2026

     2,148,000        2,067,653  

2.45%, 11/03/2026

     1,879,000        1,914,099  
     

 

 

 
        5,310,989  
     

 

 

 

Independent Power and Renewable Electricity Producers-0.16%

 

  

AES Corp. (The), 1.38%, 01/15/2026(b)

     1,417,000        1,348,456  
     

 

 

 

Industrial Conglomerates-0.73%

     

3M Co., 2.25%, 09/19/2026

     1,394,000        1,393,478  

Honeywell International, Inc., 2.50%, 11/01/2026(b)

     3,217,000        3,261,838  

Roper Technologies, Inc., 3.80%, 12/15/2026

     1,504,000        1,583,748  
     

 

 

 
        6,239,064  
     

 

 

 

Insurance-2.17%

     

Allstate Corp. (The), 3.28%, 12/15/2026

     1,175,000        1,221,520  

American International Group, Inc., 3.90%, 04/01/2026

     3,214,000        3,382,333  

Arch Capital Finance LLC, 4.01%, 12/15/2026

     1,070,000        1,140,428  

Chubb INA Holdings, Inc., 3.35%, 05/03/2026

     3,217,000        3,345,786  

CNA Financial Corp., 4.50%, 03/01/2026

     1,076,000        1,156,567  

Loews Corp., 3.75%, 04/01/2026

     1,075,000        1,138,821  

Manulife Financial Corp. (Canada), 4.15%, 03/04/2026

     2,149,000        2,280,623  

Marsh & McLennan Cos., Inc., 3.75%, 03/14/2026

     1,289,000        1,364,597  

Old Republic International Corp., 3.88%, 08/26/2026

     1,178,000        1,236,878  
     Principal
    Amount    
           Value        

Insurance-(continued)

     

Prudential Financial, Inc., 1.50%, 03/10/2026(b)

   $
 
 
1,068,000
 
 
   $ 1,046,066  

Trinity Acquisition PLC, 4.40%, 03/15/2026

     1,184,000        1,268,265  
     

 

 

 
        18,581,884  
     

 

 

 

Interactive Media & Services-0.50%

 

  

Alphabet, Inc., 2.00%, 08/15/2026

     4,286,000        4,297,794  
     

 

 

 

Internet & Direct Marketing Retail-0.85%

 

  

Amazon.com, Inc., 1.00%, 05/12/2026(b)

     5,901,000        5,689,081  

eBay, Inc., 1.40%, 05/10/2026(b)

     1,610,000        1,544,694  
     

 

 

 
        7,233,775  
     

 

 

 

IT Services-2.58%

     

Broadridge Financial Solutions, Inc., 3.40%, 06/27/2026(b)

     1,076,000        1,120,528  

DXC Technology Co., 1.80%, 09/15/2026(b)

     1,505,000        1,438,207  

Fidelity National Information Services, Inc., 1.15%, 03/01/2026(b)

     2,680,000        2,533,515  

Fiserv, Inc., 3.20%, 07/01/2026

     4,290,000        4,380,527  

Global Payments, Inc.

     

1.20%, 03/01/2026(b)

     2,358,000        2,228,480  

4.80%, 04/01/2026

     1,605,000        1,723,490  

International Business Machines Corp., 3.45%, 02/19/2026(b)

     2,890,000        3,022,903  

Mastercard, Inc., 2.95%, 11/21/2026(b)

     1,608,000        1,669,184  

PayPal Holdings, Inc., 2.65%, 10/01/2026

     2,679,000        2,707,824  

Western Union Co. (The), 1.35%, 03/15/2026

     1,287,000        1,229,131  
     

 

 

 
        22,053,789  
     

 

 

 

Leisure Products-0.18%

     

Hasbro, Inc., 3.55%, 11/19/2026

     1,451,000        1,499,036  
     

 

 

 

Machinery-1.84%

     

Caterpillar Financial Services Corp.

     

0.90%, 03/02/2026

     1,606,000        1,532,859  

1.15%, 09/14/2026(b)

     1,074,000        1,026,698  

CNH Industrial Capital LLC

     

1.88%, 01/15/2026(b)

     1,070,000        1,043,735  

1.45%, 07/15/2026

     1,285,000        1,221,540  

Fortive Corp., 3.15%, 06/15/2026

     1,932,000        1,996,945  

Illinois Tool Works, Inc., 2.65%, 11/15/2026

     2,143,000        2,194,256  

John Deere Capital Corp.

     

0.70%, 01/15/2026(b)

     1,856,000        1,759,501  

2.65%, 06/10/2026

     1,069,000        1,091,986  

1.05%, 06/17/2026

     1,184,000        1,136,927  

Wabtec Corp., 3.45%, 11/15/2026(b)

     1,607,000        1,629,663  

Xylem, Inc., 3.25%, 11/01/2026

     1,075,000        1,110,511  
     

 

 

 
        15,744,621  
     

 

 

 

Media-1.35%

     

Comcast Corp., 3.15%, 03/01/2026

     4,716,000        4,888,569  

Discovery Communications LLC, 4.90%, 03/11/2026

     1,506,000        1,612,634  

Omnicom Group, Inc./Omnicom Capital, Inc., 3.60%, 04/15/2026

     3,085,000        3,221,133  

Paramount Global, 4.00%, 01/15/2026

     1,713,000        1,785,568  
     

 

 

 
        11,507,904  
     

 

 

 

 

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

 

 

  34  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

     Principal
    Amount    
           Value        

Multiline Retail-0.26%

     

Target Corp., 2.50%, 04/15/2026(b)

   $ 2,146,000      $ 2,181,571  
     

 

 

 

Multi-Utilities-0.54%

     

CenterPoint Energy, Inc., 1.45%, 06/01/2026(b)

     1,075,000        1,031,377  

Dominion Energy, Inc., Series A, 1.45%, 04/15/2026

     1,285,000        1,238,345  

DTE Energy Co., 2.85%, 10/01/2026

     1,287,000        1,301,111  

San Diego Gas & Electric Co., 2.50%, 05/15/2026

     1,069,000        1,081,279  
     

 

 

 
        4,652,112  
     

 

 

 

Oil, Gas & Consumable Fuels-7.35%

     

Chevron Corp., 2.95%, 05/16/2026

     4,646,000        4,799,509  

ConocoPhillips, 4.95%, 03/15/2026(b)

     2,583,000        2,831,216  

Diamondback Energy, Inc., 3.25%, 12/01/2026(b)

     1,720,000        1,759,220  

Enbridge, Inc. (Canada)

     

1.60%, 10/04/2026

     1,075,000        1,026,604  

4.25%, 12/01/2026

     1,608,000        1,715,976  

Energy Transfer L.P.

     

4.75%, 01/15/2026

     2,065,000        2,195,962  

3.90%, 07/15/2026

     1,175,000        1,218,932  

Enterprise Products Operating LLC, 3.70%, 02/15/2026

     1,880,000        1,965,541  

EOG Resources, Inc., 4.15%, 01/15/2026

     1,613,000        1,722,397  

Equinor ASA (Norway), 1.75%, 01/22/2026

     1,613,000        1,583,842  

Exxon Mobil Corp.

     

3.04%, 03/01/2026

     5,357,000        5,542,241  

2.28%, 08/16/2026(b)

     2,145,000        2,158,443  

HollyFrontier Corp., 5.88%, 04/01/2026

     2,149,000        2,332,353  

Kinder Morgan, Inc., 1.75%, 11/15/2026(b)

     1,075,000        1,028,917  

Magellan Midstream Partners L.P., 5.00%, 03/01/2026

     1,389,000        1,504,563  

MPLX L.P., 1.75%, 03/01/2026

     3,215,000        3,085,096  

ONEOK, Inc., 5.85%, 01/15/2026(b)

     1,290,000        1,442,601  

Ovintiv Exploration, Inc., 5.38%, 01/01/2026(b)

     1,481,000        1,600,814  

Phillips 66, 1.30%, 02/15/2026

     1,071,000        1,020,502  

Phillips 66 Partners L.P., 3.55%, 10/01/2026

     1,036,000        1,067,265  

Pioneer Natural Resources Co., 1.13%, 01/15/2026

     1,606,000        1,526,417  

Plains All American Pipeline L.P./PAA Finance Corp., 4.50%, 12/15/2026

     1,613,000        1,722,638  

Sabine Pass Liquefaction LLC, 5.88%, 06/30/2026

     3,218,000        3,572,986  

Shell International Finance B.V. (Netherlands)

     

2.88%, 05/10/2026(b)

     3,751,000        3,862,615  

2.50%, 09/12/2026

     2,149,000        2,176,339  

Spectra Energy Partners L.P., 3.38%, 10/15/2026

     1,288,000        1,327,279  

TransCanada PipeLines Ltd. (Canada), 4.88%, 01/15/2026(b)

     1,823,000        1,974,110  

Transcontinental Gas Pipe Line Co. LLC, 7.85%, 02/01/2026

     2,067,000        2,438,984  

Valero Energy Corp., 3.40%, 09/15/2026

     2,578,000        2,654,936  
     

 

 

 
        62,858,298  
     

 

 

 
     Principal
    Amount    
           Value        

Personal Products-0.18%

     

Unilever Capital Corp. (United Kingdom), 2.00%, 07/28/2026

   $ 1,543,000      $ 1,527,009  
     

 

 

 

Pharmaceuticals-2.84%

     

Astrazeneca Finance LLC (United Kingdom), 1.20%, 05/28/2026

     2,680,000        2,566,832  

AstraZeneca PLC (United Kingdom), 0.70%, 04/08/2026

     2,570,000        2,420,469  

Johnson & Johnson, 2.45%, 03/01/2026

     4,286,000        4,361,359  

Merck & Co., Inc., 0.75%, 02/24/2026(b)

     2,147,000        2,047,790  

Perrigo Finance Unlimited Co., 4.38%, 03/15/2026

     1,200,000        1,204,464  

Pfizer, Inc.

     

2.75%, 06/03/2026

     2,685,000        2,760,855  

3.00%, 12/15/2026(b)

     3,749,000        3,889,587  

Utah Acquisition Sub, Inc., 3.95%, 06/15/2026(b)

     4,820,000        4,995,301  
     

 

 

 
        24,246,657  
     

 

 

 

Professional Services-0.13%

     

Thomson Reuters Corp. (Canada), 3.35%, 05/15/2026

     1,069,000        1,107,186  
     

 

 

 

Road & Rail-0.85%

     

Canadian National Railway Co. (Canada), 2.75%, 03/01/2026

     1,071,000        1,091,282  

Canadian Pacific Railway Co. (Canada), 1.75%, 12/02/2026

     2,140,000        2,078,495  

CSX Corp., 2.60%, 11/01/2026

     1,503,000        1,526,962  

Norfolk Southern Corp., 2.90%, 06/15/2026

     1,288,000        1,320,273  

Union Pacific Corp., 2.75%, 03/01/2026

     1,205,000        1,223,963  
     

 

 

 
        7,240,975  
     

 

 

 

Semiconductors & Semiconductor Equipment-1.12%

 

  

Analog Devices, Inc., 3.50%, 12/05/2026(b)

     1,934,000        2,038,572  

Intel Corp., 2.60%, 05/19/2026(b)

     2,146,000        2,190,881  

Marvell Technology, Inc., 1.65%, 04/15/2026

     1,068,000        1,029,733  

NVIDIA Corp., 3.20%, 09/16/2026

     2,142,000        2,237,005  

Skyworks Solutions, Inc., 1.80%, 06/01/2026(b)

     1,075,000        1,028,238  

Texas Instruments, Inc., 1.13%, 09/15/2026(b)

     1,075,000        1,037,997  
     

 

 

 
        9,562,426  
     

 

 

 

Software-3.09%

     

Citrix Systems, Inc., 1.25%, 03/01/2026

     1,606,000        1,585,507  

Fortinet, Inc., 1.00%, 03/15/2026(b)

     1,075,000        1,009,228  

Microsoft Corp., 2.40%, 08/08/2026

     8,578,000        8,727,365  

Oracle Corp.

     

1.65%, 03/25/2026(b)

     5,899,000        5,659,091  

2.65%, 07/15/2026

     6,432,000        6,397,348  

VMware, Inc., 1.40%, 08/15/2026(b)

     3,212,000        3,048,430  
     

 

 

 
        26,426,969  
     

 

 

 

Specialty Retail-3.11%

     

Dell International LLC/EMC Corp.

     

6.02%, 06/15/2026

     9,249,000        10,334,451  

4.90%, 10/01/2026

     3,694,000        4,006,925  

 

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

 

 

  35  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

     Principal
    Amount    
           Value        

Specialty Retail-(continued)

     

Home Depot, Inc. (The)

     

3.00%, 04/01/2026(b)

   $ 2,788,000      $ 2,884,089  

2.13%, 09/15/2026

     2,148,000        2,150,418  

Lowe’s Cos., Inc., 2.50%, 04/15/2026(b)

     2,894,000        2,929,700  

O’Reilly Automotive, Inc., 3.55%, 03/15/2026

     1,068,000        1,113,743  

Ross Stores, Inc., 0.88%, 04/15/2026(b)

     1,071,000        1,014,211  

TJX Cos., Inc. (The), 2.25%, 09/15/2026(b)

     2,146,000        2,155,883  
     

 

 

 
        26,589,420  
     

 

 

 

Technology Hardware, Storage & Peripherals-3.31%

 

  

Apple, Inc.

     

0.70%, 02/08/2026(b)

     5,364,000        5,131,820  

3.25%, 02/23/2026

     6,969,000        7,285,283  

2.45%, 08/04/2026

     4,820,000        4,900,489  

2.05%, 09/11/2026(b)

     4,293,000        4,287,986  

Hewlett Packard Enterprise Co., 1.75%, 04/01/2026(b)

     1,613,000        1,558,381  

Western Digital Corp., 4.75%, 02/15/2026(b)

     4,930,000        5,127,841  
     

 

 

 
        28,291,800  
     

 

 

 

Textiles, Apparel & Luxury Goods-0.25%

 

NIKE, Inc., 2.38%, 11/01/2026

     2,146,000        2,174,537  
     

 

 

 

Tobacco-1.10%

     

Altria Group, Inc., 2.63%, 09/16/2026(b)

     1,077,000        1,078,115  

BAT Capital Corp. (United Kingdom), 3.22%, 09/06/2026

     2,145,000        2,146,072  

BAT International Finance PLC (United Kingdom), 1.67%, 03/25/2026

     3,215,000        3,057,096  

Philip Morris International, Inc.

     

2.75%, 02/25/2026(b)

     1,611,000        1,626,458  

0.88%, 05/01/2026

     1,613,000        1,519,220  
     

 

 

 
        9,426,961  
     

 

 

 

Trading Companies & Distributors-0.65%

 

Air Lease Corp.

     

2.88%, 01/15/2026

     3,106,000        3,098,380  

1.88%, 08/15/2026

     2,569,000        2,438,612  
     

 

 

 
        5,536,992  
     

 

 

 
     Principal
    Amount    
           Value        

Wireless Telecommunication Services-0.96%

 

Rogers Communications, Inc. (Canada), 2.90%, 11/15/2026

   $ 1,076,000      $ 1,098,414  

T-Mobile USA, Inc.

     

2.25%, 02/15/2026(b)

     1,778,000        1,717,806  

2.63%, 04/15/2026(b)

     2,570,000        2,514,167  

3.50%, 04/15/2031(b)

     2,890,000        2,840,364  
     

 

 

 
        8,170,751  
     

 

 

 

Total U.S. Dollar Denominated Bonds & Notes
(Cost $860,945,686)

 

     845,133,069  
     

 

 

 
     Shares         

Money Market Funds-0.36%

 

  

Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c)(d)
(Cost $3,098,778)

     3,098,778        3,098,778  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.22%
(Cost $864,044,464)

        848,231,847  
     

 

 

 

Investments Purchased with Cash Collateral
from Securities on Loan

 

Money Market Funds-7.88%

 

Invesco Private Government Fund, 0.12%(c)(d)(e)

     20,122,934        20,122,934  

Invesco Private Prime Fund,
0.08%(c)(d)(e)

     47,198,459        47,203,180  
     

 

 

 

Total Investments Purchased with Cash
Collateral from Securities on Loan
(Cost $67,332,531)

 

     67,326,114  

TOTAL INVESTMENTS IN SECURITIES-107.10%
(Cost $931,376,995)

 

     915,557,961  

OTHER ASSETS LESS LIABILITIES-(7.10)%

 

     (60,704,638
     

 

 

 

NET ASSETS-100.00%

      $ 854,853,323  
     

 

 

 

 

Investment Abbreviations:

REIT-Real Estate Investment Trust

 

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

 

 

  36  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

 

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 February 28, 2022.

(c) 

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2022.

 

    Value
August 31, 2021
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
(Depreciation)
  Realized
Gain
(Loss)
  Value
February 28, 2022
  Dividend
Income

Investments in Affiliated Money Market Funds:

                                   

Invesco Government & Agency Portfolio, Institutional Class

    $ 308,700         $ 24,504,794     $ (21,714,716 )     $ -     $ -     $ 3,098,778         $ 305

Investments Purchased with Cash Collateral from Securities on Loan:

                                   

Invesco Private Government Fund

      19,023,489           39,249,099       (38,149,654 )       -       -       20,122,934           2,662 *

Invesco Private Prime Fund

      44,388,142           67,941,575       (65,112,535 )       (6,418 )       (7,584 )       47,203,180           23,742 *
   

 

 

         

 

 

     

 

 

     

 

 

     

 

 

     

 

 

         

 

 

 

Total

    $ 63,720,331         $ 131,695,468     $ (124,976,905 )     $ (6,418 )     $ (7,584 )     $ 70,424,892         $ 26,709
   

 

 

         

 

 

     

 

 

     

 

 

     

 

 

     

 

 

         

 

 

 

 

*

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 February 28, 2022.

(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.

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)

as of February 28, 2022

Financials

     31.13                                       

Information Technology

     11.38     

Health Care

     10.14     

Consumer Discretionary

     8.32     

Industrials

     7.89     

Energy

     7.65     

Communication Services

     6.31     

Consumer Staples

     5.73     

Real Estate

     4.83     

Utilities

     4.25     

Materials

     1.23     

Money Market Funds Plus Other Assets Less Liabilities

     1.14     

 

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

 

 

  37  

 

 

 

 

 

 

 


 

Invesco BulletShares 2027 Corporate Bond ETF (BSCR)

February 28, 2022

(Unaudited)

 

Schedule of Investments(a)

 

         Principal    
Amount
           Value        

U.S. Dollar Denominated Bonds & Notes-98.96%

 

Aerospace & Defense-2.35%

     

Boeing Co. (The), 5.04%, 05/01/2027

   $ 2,872,000      $ 3,122,872  

General Dynamics Corp.

     

3.50%, 04/01/2027

     1,078,000        1,137,749  

2.63%, 11/15/2027

     723,000        729,202  

Howmet Aerospace, Inc., 5.90%, 02/01/2027(b)

     863,000        938,853  

Huntington Ingalls Industries, Inc., 3.48%, 12/01/2027(b)

     862,000        886,291  

Northrop Grumman Corp., 3.20%, 02/01/2027

     1,074,000        1,101,908  

Raytheon Technologies Corp., 3.13%, 05/04/2027(b)

     1,578,000        1,625,742  
     

 

 

 
        9,542,617  
     

 

 

 

Air Freight & Logistics-0.37%

     

United Parcel Service, Inc., 3.05%, 11/15/2027(b)

     1,433,000        1,496,546  
     

 

 

 

Airlines-0.79%

     

Southwest Airlines Co., 5.13%, 06/15/2027

     2,872,000        3,189,083  
     

 

 

 

Auto Components-0.63%

     

BorgWarner, Inc., 2.65%, 07/01/2027(b)

     1,522,000        1,519,157  

Lear Corp., 3.80%, 09/15/2027(b)

     996,000        1,038,843  
     

 

 

 
        2,558,000  
     

 

 

 

Automobiles-2.73%

     

American Honda Finance Corp., 2.35%, 01/08/2027

     722,000        721,982  

General Motors Co.

     

4.20%, 10/01/2027(b)

     1,033,000        1,086,030  

6.80%, 10/01/2027

     1,441,000        1,699,544  

General Motors Financial Co., Inc.

     

4.35%, 01/17/2027

     1,798,000        1,892,456  

2.35%, 02/26/2027(b)

     1,500,000        1,456,064  

2.70%, 08/20/2027

     1,294,000        1,268,682  

Toyota Motor Credit Corp.

     

3.20%, 01/11/2027

     1,081,000        1,128,498  

1.90%, 01/13/2027(b)

     1,080,000        1,063,043  

1.15%, 08/13/2027

     827,000        777,314  
     

 

 

 
        11,093,613  
     

 

 

 

Banks-11.50%

     

Banco Santander S.A. (Spain), 4.25%, 04/11/2027

     1,400,000        1,480,513  

Bank of America Corp.

     

3.25%, 10/21/2027

     3,590,000        3,673,139  

Series L, 4.18%, 11/25/2027

     2,765,000        2,909,278  

Citigroup, Inc., 4.45%, 09/29/2027

     5,329,000        5,701,380  

Fifth Third Bancorp, 2.55%, 05/05/2027

     1,076,000        1,076,916  

Fifth Third Bank N.A., 2.25%, 02/01/2027(b)

     1,000,000        995,988  

JPMorgan Chase & Co.

     

8.00%, 04/29/2027

     715,000        890,426  

4.25%, 10/01/2027

     2,078,000        2,226,310  

3.63%, 12/01/2027

     1,525,000        1,581,538  

KeyCorp, 2.25%, 04/06/2027

     1,149,000        1,133,089  

 

 

         Principal    
Amount
           Value        

Banks-(continued)

     

Lloyds Banking Group PLC (United Kingdom), 3.75%, 01/11/2027

   $ 1,850,000      $ 1,922,845  

Manufacturers and Traders Trust Co., 3.40%, 08/17/2027

     750,000        779,192  

Mitsubishi UFJ Financial Group, Inc. (Japan)

     

3.68%, 02/22/2027(b)

     1,387,000        1,454,022  

3.29%, 07/25/2027(b)

     1,433,000        1,475,059  

Mizuho Financial Group, Inc. (Japan)

     

3.66%, 02/28/2027(b)

     800,000        834,919  

3.17%, 09/11/2027

     1,500,000        1,529,046  

PNC Bank N.A., 3.10%, 10/25/2027

     1,400,000        1,449,635  

PNC Financial Services Group, Inc. (The), 3.15%, 05/19/2027(b)

     1,075,000        1,116,255  

Santander Holdings USA, Inc., 4.40%, 07/13/2027

     1,453,000        1,532,962  

Sumitomo Mitsui Financial Group, Inc. (Japan)

     

3.45%, 01/11/2027(b)

     1,791,000        1,853,269  

2.17%, 01/14/2027(b)

     800,000        781,971  

3.36%, 07/12/2027

     2,478,000        2,563,423  

3.35%, 10/18/2027(b)

     995,000        1,025,732  

Truist Financial Corp., 1.13%, 08/03/2027

     1,028,000        955,407  

U.S. Bancorp, Series X, 3.15%, 04/27/2027(b)

     1,864,000        1,937,535  

Wells Fargo & Co., 4.30%, 07/22/2027

     3,594,000        3,841,919  
     

 

 

 
        46,721,768  
     

 

 

 

Beverages-2.00%

     

Coca-Cola Co. (The)

     

3.38%, 03/25/2027

     1,441,000        1,520,929  

2.90%, 05/25/2027

     717,000        739,772  

1.45%, 06/01/2027(b)

     2,192,000        2,104,902  

Constellation Brands, Inc., 3.50%, 05/09/2027

     687,000        713,679  

PepsiCo, Inc.

     

2.63%, 03/19/2027(b)

     797,000        806,890  

3.00%, 10/15/2027(b)

     2,156,000        2,225,967  
     

 

 

 
        8,112,139  
     

 

 

 

Biotechnology-1.67%

     

Amgen, Inc.

     

2.20%, 02/21/2027

     2,516,000        2,485,449  

3.20%, 11/02/2027(b)

     1,436,000        1,486,605  

Gilead Sciences, Inc.

     

2.95%, 03/01/2027

     1,799,000        1,837,843  

1.20%, 10/01/2027(b)

     1,028,000        957,315  
     

 

 

 
        6,767,212  
     

 

 

 

Building Products-0.22%

     

Carlisle Cos., Inc.,

     

3.75%, 12/01/2027

     866,000        907,801  
     

 

 

 

Capital Markets-5.82%

     

Ares Capital Corp., 2.88%, 06/15/2027

     800,000        764,880  

Bank of New York Mellon Corp. (The), 3.25%, 05/16/2027

     1,073,000        1,115,748  

BlackRock, Inc., 3.20%, 03/15/2027

     1,008,000        1,054,726  

Cboe Global Markets, Inc., 3.65%, 01/12/2027

     929,000        977,187  

 

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

 

 

  38  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

         Principal    
Amount
           Value        

Capital Markets-(continued)

     

Charles Schwab Corp. (The)

     

3.20%, 03/02/2027

   $ 865,000      $ 899,045  

3.30%, 04/01/2027

     1,069,000        1,113,787  

Goldman Sachs Group, Inc. (The)

     

5.95%, 01/15/2027

     1,164,000        1,313,061  

3.85%, 01/26/2027(b)

     4,312,000        4,498,074  

Jefferies Group LLC/Jefferies Group Capital Finance, Inc., 4.85%, 01/15/2027

     1,026,000        1,119,979  

Morgan Stanley

     

3.63%, 01/20/2027

     4,306,000        4,493,249  

3.95%, 04/23/2027

     2,872,000        3,034,964  

Nomura Holdings, Inc. (Japan), 2.33%, 01/22/2027

     2,000,000        1,934,668  

Owl Rock Capital Corp., 2.63%, 01/15/2027

     720,000        658,465  

S&P Global, Inc., 2.95%, 01/22/2027

     661,000        678,399  
     

 

 

 
        23,656,232  
     

 

 

 

Chemicals-1.71%

     

Air Products and Chemicals, Inc., 1.85%, 05/15/2027

     937,000        921,607  

Ecolab, Inc.

     

1.65%, 02/01/2027(b)

     690,000        671,885  

3.25%, 12/01/2027

     716,000        751,238  

LYB International Finance II B.V., 3.50%, 03/02/2027

     1,324,000        1,379,986  

Mosaic Co. (The), 4.05%, 11/15/2027(b)

     1,002,000        1,061,247  

Sherwin-Williams Co. (The), 3.45%, 06/01/2027

     2,061,000        2,147,606  
     

 

 

 
        6,933,569  
     

 

 

 

Commercial Services & Supplies-0.85%

 

Cintas Corp. No. 2, 3.70%, 04/01/2027

     1,396,000        1,476,622  

Republic Services, Inc., 3.38%, 11/15/2027

     901,000        931,752  

Waste Management, Inc., 3.15%, 11/15/2027

     995,000        1,025,762  
     

 

 

 
        3,434,136  
     

 

 

 

Communications Equipment-0.17%

     

Nokia OYJ (Finland), 4.38%, 06/12/2027(b)

     648,000        671,986  
     

 

 

 

Construction Materials-0.17%

     

Martin Marietta Materials, Inc., 3.50%, 12/15/2027

     659,000        691,133  
     

 

 

 

Consumer Finance-1.57%

     

Capital One Financial Corp.

     

3.75%, 03/09/2027

     1,940,000        2,029,499  

3.65%, 05/11/2027(b)

     1,440,000        1,493,796  

Discover Financial Services, 4.10%, 02/09/2027

     1,324,000        1,387,378  

Synchrony Financial, 3.95%, 12/01/2027

     1,434,000        1,479,858  
     

 

 

 
        6,390,531  
     

 

 

 

Containers & Packaging-0.18%

     

Packaging Corp. of America, 3.40%, 12/15/2027

     689,000        713,303  
     

 

 

 
         Principal    
Amount
           Value        

Diversified Financial Services-0.73%

     

AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)

     

3.65%, 07/21/2027(b)

   $ 1,350,000      $ 1,374,188  

4.63%, 10/15/2027

     800,000        845,753  

ORIX Corp. (Japan), 3.70%, 07/18/2027

     690,000        726,059  
     

 

 

 
        2,946,000  
     

 

 

 

Diversified Telecommunication Services-3.83%

 

  

AT&T, Inc.

     

4.25%, 03/01/2027(b)

     2,143,000        2,311,565  

2.30%, 06/01/2027

     3,428,000        3,385,521  

Telefonica Emisiones S.A. (Spain), 4.10%, 03/08/2027

     2,150,000        2,275,748  

TELUS Corp. (Canada)

     

2.80%, 02/16/2027

     792,000        801,139  

3.70%, 09/15/2027

     633,000        668,030  

Verizon Communications, Inc.

     

4.13%, 03/16/2027

     4,667,000        4,996,887  

3.00%, 03/22/2027

     1,103,000        1,125,008  
     

 

 

 
        15,563,898  
     

 

 

 

Electric Utilities-3.01%

     

American Electric Power Co., Inc., 3.20%, 11/13/2027(b)

     660,000        676,060  

Duke Energy Corp., 3.15%, 08/15/2027

     1,103,000        1,127,865  

Duke Energy Florida LLC, 3.20%, 01/15/2027

     935,000        969,687  

Edison International, 5.75%, 06/15/2027(b).

     866,000        962,912  

ITC Holdings Corp., 3.35%, 11/15/2027

     720,000        743,647  

NextEra Energy Capital Holdings, Inc.

     

1.88%, 01/15/2027

     1,440,000        1,395,196  

3.55%, 05/01/2027

     2,145,000        2,231,191  

NSTAR Electric Co., 3.20%, 05/15/2027

     1,003,000        1,038,076  

Pacific Gas and Electric Co., 2.10%, 08/01/2027(b)

     1,347,000        1,253,434  

Virginia Electric & Power Co., Series A, 3.50%, 03/15/2027(b)

     1,080,000        1,137,010  

Xcel Energy, Inc., 1.75%, 03/15/2027

     720,000        690,615  
     

 

 

 
        12,225,693  
     

 

 

 

Electrical Equipment-0.40%

     

Eaton Corp., 3.10%, 09/15/2027(b)

     966,000        997,935  

Emerson Electric Co., 1.80%, 10/15/2027

     667,000        646,602  
     

 

 

 
        1,644,537  
     

 

 

 

Electronic Equipment, Instruments & Components-0.27%

 

  

Keysight Technologies, Inc., 4.60%, 04/06/2027

     1,008,000        1,103,212  
     

 

 

 

Energy Equipment & Services-0.67%

     

Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 3.34%, 12/15/2027

     1,933,000        1,996,025  

Boardwalk Pipelines L.P., 4.45%, 07/15/2027

     687,000        725,345  
     

 

 

 
        2,721,370  
     

 

 

 

 

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

 

 

  39  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

         Principal    
Amount
           Value        

Entertainment-0.55%

     

TWDC Enterprises 18 Corp., 2.95%, 06/15/2027(b)

   $ 1,434,000      $ 1,469,531  

Walt Disney Co. (The), 3.70%, 03/23/2027(b)

     716,000        760,177  
     

 

 

 
        2,229,708  
     

 

 

 

Equity REITs-3.80%

     

American Tower Corp.

     

2.75%, 01/15/2027

     1,077,000        1,076,254  

3.55%, 07/15/2027

     1,076,000        1,106,605  

Crown Castle International Corp.

     

4.00%, 03/01/2027

     687,000        721,790  

3.65%, 09/01/2027

     1,374,000        1,423,459  

Digital Realty Trust L.P., 3.70%, 08/15/2027

     1,432,000        1,500,495  

Healthcare Trust of America Holdings L.P., 3.75%, 07/01/2027(b)

     713,000        750,606  

Mid-America Apartments L.P., 3.60%, 06/01/2027

     793,000        835,580  

Omega Healthcare Investors, Inc., 4.50%, 04/01/2027

     1,009,000        1,066,747  

Public Storage, 3.09%, 09/15/2027

     719,000        747,329  

Realty Income Corp.

     

3.00%, 01/15/2027

     825,000        840,743  

3.95%, 08/15/2027

     815,000        866,962  

Regency Centers L.P., 3.60%, 02/01/2027

     754,000        792,046  

Simon Property Group L.P.

     

1.38%, 01/15/2027(b)

     790,000        748,153  

3.38%, 06/15/2027

     1,073,000        1,107,851  

3.38%, 12/01/2027

     1,074,000        1,109,308  

Welltower, Inc., 2.70%, 02/15/2027(b)

     722,000        729,988  
     

 

 

 
        15,423,916  
     

 

 

 

Food & Staples Retailing-1.29%

     

Costco Wholesale Corp.

     

3.00%, 05/18/2027

     1,435,000        1,489,916  

1.38%, 06/20/2027

     1,794,000        1,727,588  

Kroger Co. (The), 3.70%, 08/01/2027(b)

     903,000        950,633  

Sysco Corp., 3.25%, 07/15/2027(b)

     1,038,000        1,070,034  
     

 

 

 
        5,238,171  
     

 

 

 

Food Products-2.46%

     

Bunge Ltd. Finance Corp., 3.75%, 09/25/2027

     864,000        899,571  

Conagra Brands, Inc., 1.38%, 11/01/2027

     1,301,000        1,196,512  

General Mills, Inc., 3.20%, 02/10/2027(b)

     1,103,000        1,137,163  

JM Smucker Co. (The), 3.38%, 12/15/2027(b)

     719,000        749,918  

Kellogg Co., 3.40%, 11/15/2027(b)

     864,000        902,285  

Kraft Heinz Foods Co. (The), 3.88%, 05/15/2027

     1,870,000        1,943,304  

McCormick & Co., Inc., 3.40%, 08/15/2027

     1,103,000        1,147,818  

Tyson Foods, Inc., 3.55%, 06/02/2027

     1,941,000        2,019,656  
     

 

 

 
        9,996,227  
     

 

 

 

Gas Utilities-0.18%

     

Atmos Energy Corp., 3.00%, 06/15/2027(b)

     721,000        741,751  
     

 

 

 

Health Care Equipment & Supplies-0.64%

 

  

Becton, Dickinson and Co., 3.70%, 06/06/2027

     2,475,000        2,599,728  
     

 

 

 
         Principal    
Amount
           Value        

Health Care Providers & Services-5.33%

 

  

AmerisourceBergen Corp., 3.45%, 12/15/2027

   $ 1,103,000      $ 1,148,351  

Anthem, Inc., 3.65%, 12/01/2027

     2,126,000        2,233,373  

Cardinal Health, Inc., 3.41%, 06/15/2027(b)

     1,760,000        1,824,245  

Cigna Corp.

     

3.40%, 03/01/2027

     2,005,000        2,082,566  

3.05%, 10/15/2027(b)

     758,000        774,520  

CVS Health Corp.

     

3.63%, 04/01/2027

     1,078,000        1,131,311  

1.30%, 08/21/2027(b)

     3,085,000        2,879,255  

HCA, Inc., 4.50%, 02/15/2027

     1,722,000        1,827,649  

Humana, Inc.

     

1.35%, 02/03/2027(b)

     1,030,000        972,716  

3.95%, 03/15/2027

     864,000        914,203  

Kaiser Foundation Hospitals, 3.15%, 05/01/2027

     797,000        827,368  

Laboratory Corp. of America Holdings, 3.60%, 09/01/2027(b)

     794,000        827,587  

SSM Health Care Corp., Series A, 3.82%, 06/01/2027(b)

     669,000        715,882  

UnitedHealth Group, Inc.

     

3.45%, 01/15/2027(b)

     1,082,000        1,139,512  

3.38%, 04/15/2027

     895,000        941,134  

2.95%, 10/15/2027

     1,364,000        1,407,141  
     

 

 

 
        21,646,813  
     

 

 

 

Hotels, Restaurants & Leisure-1.31%

     

Darden Restaurants, Inc., 3.85%, 05/01/2027(b)

     717,000        755,899  

Expedia Group, Inc., 4.63%, 08/01/2027

     1,080,000        1,157,856  

McDonald’s Corp.

     

3.50%, 03/01/2027

     1,220,000        1,276,278  

3.50%, 07/01/2027

     1,376,000        1,444,174  

Starbucks Corp., 2.00%, 03/12/2027

     717,000        702,435  
     

 

 

 
        5,336,642  
     

 

 

 

Household Durables-0.87%

     

D.R. Horton, Inc., 1.40%, 10/15/2027(b)

     687,000        637,860  

Leggett & Platt, Inc., 3.50%, 11/15/2027(b) .

     690,000        715,276  

Lennar Corp., 4.75%, 11/29/2027(b)

     1,295,000        1,410,807  

PulteGroup, Inc., 5.00%, 01/15/2027(b)

     718,000        784,316  
     

 

 

 
        3,548,259  
     

 

 

 

Household Products-0.64%

     

Kimberly-Clark Corp., 1.05%, 09/15/2027(b)

     827,000        777,380  

Procter & Gamble Co. (The)

     

2.80%, 03/25/2027

     716,000        738,026  

2.85%, 08/11/2027(b)

     1,037,000        1,074,549  
     

 

 

 
        2,589,955  
     

 

 

 

Industrial Conglomerates-0.87%

     

3M Co., 2.88%, 10/15/2027(b)

     1,224,000        1,260,106  

Honeywell International, Inc., 1.10%, 03/01/2027(b)

     1,440,000        1,361,607  

Roper Technologies, Inc., 1.40%, 09/15/2027

     958,000        895,296  
     

 

 

 
        3,517,009  
     

 

 

 

Insurance-1.37%

     

American Equity Investment Life Holding Co., 5.00%, 06/15/2027

     716,000        778,914  

 

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

 

 

  40  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

         Principal    
Amount
           Value        

Insurance-(continued)

     

Aon Corp., 8.21%, 01/01/2027

   $ 700,000      $ 842,852  

Brighthouse Financial, Inc., 3.70%, 06/22/2027(b)

     1,698,000        1,761,509  

CNA Financial Corp., 3.45%, 08/15/2027

     717,000        744,515  

Manulife Financial Corp. (Canada), 2.48%, 05/19/2027

     717,000        715,572  

Progressive Corp. (The), 2.45%, 01/15/2027

     723,000        731,826  
     

 

 

 
        5,575,188  
     

 

 

 

Interactive Media & Services-0.31%

 

  

Alphabet, Inc., 0.80%, 08/15/2027(b)

     1,371,000        1,278,301  
     

 

 

 

Internet & Direct Marketing Retail-2.21%

 

  

Amazon.com, Inc.

     

1.20%, 06/03/2027

     1,794,000        1,708,122  

3.15%, 08/22/2027

     5,023,000        5,258,200  

eBay, Inc., 3.60%, 06/05/2027(b)

     1,220,000        1,279,540  

QVC, Inc., 4.75%, 02/15/2027

     797,000        742,501  
     

 

 

 
        8,988,363  
     

 

 

 

IT Services-2.52%

     

Fiserv, Inc., 2.25%, 06/01/2027(b)

     1,441,000        1,410,255  

Global Payments, Inc., 2.15%, 01/15/2027

     1,080,000        1,043,456  

International Business Machines Corp.

     

3.30%, 01/27/2027(b)

     700,000        731,683  

1.70%, 05/15/2027

     1,730,000        1,664,557  

Mastercard, Inc., 3.30%, 03/26/2027

     1,441,000        1,516,169  

Visa, Inc.

     

1.90%, 04/15/2027

     2,154,000        2,124,536  

0.75%, 08/15/2027

     666,000        617,953  

2.75%, 09/15/2027

     1,078,000        1,106,536  
     

 

 

 
        10,215,145  
     

 

 

 

Leisure Products-0.17%

     

Hasbro, Inc., 3.50%, 09/15/2027

     666,000        685,756  
     

 

 

 

Machinery-1.56%

     

Caterpillar Financial Services Corp.

     

1.70%, 01/08/2027

     800,000        782,321  

1.10%, 09/14/2027(b)

     998,000        940,372  

CNH Industrial N.V. (United Kingdom), 3.85%, 11/15/2027(b)

     718,000        750,987  

John Deere Capital Corp.

     

1.70%, 01/11/2027(b)

     800,000        783,955  

1.75%, 03/09/2027

     721,000        707,644  

2.80%, 09/08/2027

     652,000        669,522  

Otis Worldwide Corp., 2.29%, 04/05/2027(b)

     717,000        707,543  

Parker-Hannifin Corp., 3.25%, 03/01/2027

     956,000        990,706  
     

 

 

 
        6,333,050  
     

 

 

 

Media-1.48%

     

Comcast Corp.

     

2.35%, 01/15/2027(b)

     2,096,000        2,091,401  

3.30%, 02/01/2027

     1,793,000        1,863,870  

3.30%, 04/01/2027

     1,039,000        1,080,761  

Paramount Global, 2.90%, 01/15/2027(b)

     956,000        959,790  
     

 

 

 
        5,995,822  
     

 

 

 

Multiline Retail-0.22%

     

Dollar General Corp., 3.88%, 04/15/2027

     863,000        914,108  
     

 

 

 
         Principal    
Amount
           Value        

Multi-Utilities-0.97%

     

Ameren Corp., 1.95%, 03/15/2027

   $ 720,000      $ 696,734  

NiSource, Inc., 3.49%, 05/15/2027

     1,434,000        1,481,118  

Sempra Energy, 3.25%, 06/15/2027

     1,105,000        1,130,936  

WEC Energy Group, Inc., 1.38%, 10/15/2027

     687,000        640,043  
     

 

 

 
        3,948,831  
     

 

 

 

Oil, Gas & Consumable Fuels-7.50%

     

BP Capital Markets America, Inc., 3.54%, 04/06/2027

     716,000        744,993  

BP Capital Markets PLC (United Kingdom), 3.28%, 09/19/2027(b)

     2,158,000        2,222,890  

Canadian Natural Resources Ltd. (Canada), 3.85%, 06/01/2027

     1,728,000        1,805,178  

Cenovus Energy, Inc. (Canada), 4.25%, 04/15/2027(b)

     1,381,000        1,458,727  

Cheniere Corpus Christi Holdings LLC, 5.13%, 06/30/2027

     2,155,000        2,353,648  

Chevron Corp., 2.00%, 05/11/2027

     1,386,000        1,368,117  

Chevron USA, Inc., 1.02%, 08/12/2027

     1,028,000        962,867  

Concho Resources, Inc., 3.75%, 10/01/2027(b)

     864,000        899,883  

Enbridge, Inc. (Canada), 3.70%, 07/15/2027

     1,001,000        1,045,917  

Energy Transfer L.P.

     

4.40%, 03/15/2027

     966,000        1,015,072  

4.20%, 04/15/2027

     865,000        898,543  

4.00%, 10/01/2027

     1,080,000        1,118,386  

Enterprise Products Operating LLC, 3.95%, 02/15/2027

     824,000        869,937  

Equinor ASA (Norway), 3.00%, 04/06/2027

     696,000        714,974  

Exxon Mobil Corp., 3.29%, 03/19/2027(b)

     1,441,000        1,512,234  

Hess Corp., 4.30%, 04/01/2027

     1,436,000        1,520,576  

Marathon Oil Corp., 4.40%, 07/15/2027(b)

     1,369,000        1,455,745  

MPLX L.P., 4.13%, 03/01/2027

     1,791,000        1,886,500  

ONEOK, Inc., 4.00%, 07/13/2027

     684,000        712,836  

Sabine Pass Liquefaction LLC, 5.00%, 03/15/2027

     2,137,000        2,322,140  

TC PipeLines L.P., 3.90%, 05/25/2027

     694,000        736,721  

Valero Energy Corp., 2.15%, 09/15/2027(b)

     777,000        755,802  

Williams Cos., Inc. (The), 3.75%, 06/15/2027

     1,988,000        2,075,697  
     

 

 

 
        30,457,383  
     

 

 

 

Personal Products-0.56%

     

Estee Lauder Cos., Inc. (The), 3.15%, 03/15/2027

     716,000        746,933  

Unilever Capital Corp. (United Kingdom), 2.90%, 05/05/2027(b)

     1,475,000        1,509,491  
     

 

 

 
        2,256,424  
     

 

 

 

Pharmaceuticals-4.00%

     

AstraZeneca PLC (United Kingdom), 3.13%, 06/12/2027

     1,074,000        1,115,412  

Bristol-Myers Squibb Co.

     

3.25%, 02/27/2027(b)

     1,035,000        1,085,906  

1.13%, 11/13/2027(b)

     1,331,000        1,255,325  

Eli Lilly and Co., 3.10%, 05/15/2027

     528,000        548,222  

 

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

 

 

  41  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

         Principal    
Amount
           Value        

Pharmaceuticals-(continued)

     

Johnson & Johnson

     

2.95%, 03/03/2027

   $ 1,434,000      $ 1,486,544  

0.95%, 09/01/2027(b)

     2,077,000        1,964,425  

Merck & Co., Inc., 1.70%, 06/10/2027

     2,150,000        2,099,082  

Novartis Capital Corp. (Switzerland)

     

2.00%, 02/14/2027

     1,799,000        1,783,871  

3.10%, 05/17/2027

     1,434,000        1,488,943  

Royalty Pharma PLC, 1.75%, 09/02/2027

     1,370,000        1,287,385  

Viatris, Inc., 2.30%, 06/22/2027

     1,080,000        1,043,157  

Zoetis, Inc., 3.00%, 09/12/2027

     1,078,000        1,100,632  
     

 

 

 
        16,258,904  
     

 

 

 

Road & Rail-0.82%

     

Burlington Northern Santa Fe LLC, 3.25%, 06/15/2027(b)

     652,000        686,206  

CSX Corp., 3.25%, 06/01/2027(b)

     1,172,000        1,215,357  

Union Pacific Corp.

     

2.15%, 02/05/2027

     687,000        679,767  

3.00%, 04/15/2027

     715,000        736,520  
     

 

 

 
        3,317,850  
     

 

 

 

Semiconductors & Semiconductor Equipment-3.88%

 

  

Applied Materials, Inc., 3.30%, 04/01/2027

     1,728,000        1,807,280  

Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/2027

     4,904,000        5,113,685  

Intel Corp.

     

3.75%, 03/25/2027

     1,437,000        1,527,980  

3.15%, 05/11/2027(b)

     1,440,000        1,492,164  

Maxim Integrated Products, Inc., 3.45%, 06/15/2027

     721,000        755,602  

Micron Technology, Inc., 4.19%, 02/15/2027

     1,250,000        1,320,012  

QUALCOMM, Inc., 3.25%, 05/20/2027

     2,871,000        2,997,336  

Texas Instruments, Inc., 2.90%, 11/03/2027

     719,000        747,060  
     

 

 

 
        15,761,119  
     

 

 

 

Software-4.83%

     

Adobe, Inc., 2.15%, 02/01/2027

     1,220,000        1,215,988  

Autodesk, Inc., 3.50%, 06/15/2027

     664,000        692,881  

Citrix Systems, Inc., 4.50%, 12/01/2027

     1,080,000        1,119,721  

Intuit, Inc., 1.35%, 07/15/2027

     667,000        632,235  

Microsoft Corp., 3.30%, 02/06/2027

     5,745,000        6,081,398  

Oracle Corp.

     

2.80%, 04/01/2027

     3,235,000        3,221,560  

3.25%, 11/15/2027

     3,950,000        4,002,581  

VMware, Inc.

     

4.65%, 05/15/2027

     716,000        776,580  

3.90%, 08/21/2027

     1,799,000        1,882,662  
     

 

 

 
        19,625,606  
     

 

 

 

Specialty Retail-1.68%

     

AutoZone, Inc., 3.75%, 06/01/2027(b)

     864,000        913,288  

Home Depot, Inc. (The)

     

2.50%, 04/15/2027

     1,078,000        1,090,309  

2.80%, 09/14/2027

     1,434,000        1,465,974  

Lowe’s Cos., Inc., 3.10%, 05/03/2027(b)

     2,158,000        2,226,132  

O’Reilly Automotive, Inc., 3.60%, 09/01/2027(b)

     1,082,000        1,132,710  
     

 

 

 
        6,828,413  
     

 

 

 
         Principal    
Amount
           Value        

Technology Hardware, Storage & Peripherals-3.39%

 

  

Apple, Inc.

     

3.35%, 02/09/2027

   $ 3,235,000      $ 3,409,614  

3.20%, 05/11/2027

     2,873,000        3,010,338  

3.00%, 06/20/2027(b)

     1,417,000        1,477,229  

2.90%, 09/12/2027

     2,873,000        2,969,470  

3.00%, 11/13/2027

     2,057,000        2,141,918  

NetApp, Inc., 2.38%, 06/22/2027(b)

     756,000        749,955  
     

 

 

 
        13,758,524  
     

 

 

 

Textiles, Apparel & Luxury Goods-0.59%

 

  

NIKE, Inc., 2.75%, 03/27/2027

     1,441,000        1,481,772  

Tapestry, Inc., 4.13%, 07/15/2027

     170,000        178,391  

VF Corp., 2.80%, 04/23/2027(b)

     715,000        725,360  
     

 

 

 
        2,385,523  
     

 

 

 

Tobacco-0.51%

     

BAT Capital Corp. (United Kingdom), 4.70%, 04/02/2027

     1,295,000        1,377,571  

Philip Morris International, Inc., 3.13%, 08/17/2027

     688,000        711,313  
     

 

 

 
        2,088,884  
     

 

 

 

Trading Companies & Distributors-0.61%

 

Air Lease Corp.

     

2.20%, 01/15/2027

     1,080,000        1,037,108  

3.63%, 04/01/2027

     715,000        731,922  

3.63%, 12/01/2027

     718,000        728,516  
     

 

 

 
        2,497,546  
     

 

 

 

Water Utilities-0.20%

     

American Water Capital Corp., 2.95%, 09/01/2027(b)

     791,000        807,437  
     

 

 

 

Total U.S. Dollar Denominated Bonds & Notes
(Cost $410,444,171)

 

     401,930,735  
     

 

 

 
     Shares         

Money Market Funds-0.22%

 

  

Invesco Government & Agency Portfolio, Institutional Class,
0.03%(c)(d)
(Cost $879,254)

     879,254        879,254  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.18%
(Cost $411,323,425)

 

     402,809,989  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-16.45%

 

Invesco Private Government Fund, 0.12%(c)(d)(e)

     20,046,580        20,046,580  

Invesco Private Prime Fund,
0.08%(c)(d)(e)

     46,770,676        46,775,354  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $66,826,543)

 

     66,821,934  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-115.63%
(Cost $478,149,968)

 

     469,631,923  

OTHER ASSETS LESS
LIABILITIES-(15.63)%

        (63,487,761
     

 

 

 

NET ASSETS-100.00%

      $ 406,144,162  
     

 

 

 

 

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

 

 

  42  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

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 February 28, 2022.

(c) 

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2022.

 

    Value
August 31, 2021
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
(Depreciation)
  Realized
Gain
(Loss)
  Value
February 28, 2022
      Dividend    
Income

Investments in Affiliated Money Market Funds:

                           

Invesco Government & Agency Portfolio, Institutional Class

    $ 431,975     $ 13,839,317     $ (13,392,038 )     $ -     $ -     $ 879,254     $ 248

Investments Purchased with Cash Collateral from Securities on Loan:

                           

Invesco Private Government Fund

      13,135,420       47,702,048       (40,790,888 )       -       -       20,046,580       2,483 *

Invesco Private Prime Fund

      30,649,312       90,178,431       (74,039,396 )       (4,609 )       (8,384 )       46,775,354       21,589 *
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total

    $ 44,216,707     $ 151,719,796     $ (128,222,322 )     $ (4,609 )     $ (8,384 )     $ 67,701,188     $ 24,320
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

 

*

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 February 28, 2022.

(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.

  Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)

as of February 28, 2022

 

     

Financials

   20.99   

Information Technology

   15.06   

Health Care

   11.64   

Consumer Discretionary

   10.41   

Industrials

   8.84   

Energy

   8.17   

Consumer Staples

   7.46   

Communication Services

   6.17   

Utilities

   4.36   

Real Estate

   3.80   

Materials

   2.06   

Money Market Funds Plus Other Assets Less Liabilities

   1.04   

 

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

 

 

  43  

 

 

 

 

 

 

 


 

Invesco BulletShares 2028 Corporate Bond ETF (BSCS)

February 28, 2022

(Unaudited)

 

Schedule of Investments(a)

 

     Principal
    Amount    
           Value        

U.S. Dollar Denominated Bonds & Notes-98.28%

 

Aerospace & Defense-3.91%

     

Boeing Co. (The), 3.25%, 02/01/2028

   $ 1,182,000      $ 1,183,086  

General Dynamics Corp., 3.75%, 05/15/2028

     1,153,000        1,221,932  

L3Harris Technologies, Inc., 4.40%, 06/15/2028

     984,000        1,063,733  

Northrop Grumman Corp., 3.25%, 01/15/2028

     2,311,000        2,365,831  

Raytheon Technologies Corp., 4.13%, 11/16/2028

     3,467,000        3,754,207  
     

 

 

 
        9,588,789  
     

 

 

 

Air Freight & Logistics-0.56%

     

C.H. Robinson Worldwide, Inc., 4.20%, 04/15/2028

     746,000        804,736  

FedEx Corp., 3.40%, 02/15/2028

     557,000        580,350  
     

 

 

 
        1,385,086  
     

 

 

 

Airlines-0.33%

     

Delta Air Lines, Inc., 4.38%, 04/19/2028(b)

     819,000        820,376  
     

 

 

 

Automobiles-2.76%

     

American Honda Finance Corp.

     

3.50%, 02/15/2028

     608,000        638,571  

2.00%, 03/24/2028

     863,000        833,503  

General Motors Co., 5.00%, 10/01/2028(b)

     965,000        1,055,142  

General Motors Financial Co., Inc.

     

2.40%, 04/10/2028

     1,124,000        1,075,225  

2.40%, 10/15/2028

     1,160,000        1,102,833  

Toyota Motor Corp. (Japan), 3.67%, 07/20/2028

     603,000        645,970  

Toyota Motor Credit Corp.

     

3.05%, 01/11/2028

     611,000        631,758  

1.90%, 04/06/2028(b)

     816,000        787,578  
     

 

 

 
        6,770,580  
     

 

 

 

Banks-8.70%

     

Banco Santander S.A. (Spain), 4.38%, 04/12/2028

     1,400,000        1,486,881  

Barclays PLC (United Kingdom), 4.84%, 05/09/2028

     2,190,000        2,316,895  

Citigroup, Inc., 4.13%, 07/25/2028

     2,399,000        2,526,090  

Fifth Third Bancorp, 3.95%, 03/14/2028

     750,000        799,301  

KeyCorp, 4.10%, 04/30/2028

     817,000        878,125  

Lloyds Banking Group PLC (United Kingdom), 4.38%, 03/22/2028

     1,645,000        1,757,430  

Mitsubishi UFJ Financial Group, Inc. (Japan)

     

3.96%, 03/02/2028(b)

     1,507,000        1,593,519  

4.05%, 09/11/2028

     1,155,000        1,230,061  

Mizuho Financial Group, Inc. (Japan), 4.02%, 03/05/2028

     1,445,000        1,533,867  

PNC Bank N.A.

     

3.25%, 01/22/2028

     750,000        775,306  

4.05%, 07/26/2028

     1,370,000        1,462,778  

Regions Financial Corp., 1.80%, 08/12/2028

     750,000        704,667  

 

     Principal
    Amount    
           Value        

Banks-(continued)

     

Sumitomo Mitsui Financial Group, Inc.
(Japan)

     

3.54%, 01/17/2028(b)

   $ 818,000      $ 851,352  

3.94%, 07/19/2028(b)

     864,000        917,935  

1.90%, 09/17/2028

     1,000,000        938,014  

SVB Financial Group, 2.10%, 05/15/2028

     534,000        512,705  

U.S. Bancorp, 3.90%, 04/26/2028

     984,000        1,054,317  
     

 

 

 
        21,339,243  
     

 

 

 

Beverages-2.70%

     

Anheuser-Busch InBev Worldwide, Inc. (Belgium), 4.00%, 04/13/2028

     2,752,000        2,936,786  

Coca-Cola Co. (The)

     

1.50%, 03/05/2028(b)

     917,000        880,196  

1.00%, 03/15/2028

     1,403,000        1,301,294  

Constellation Brands, Inc., 3.60%, 02/15/2028

     832,000        860,431  

Diageo Capital PLC (United Kingdom), 3.88%, 05/18/2028

     600,000        644,849  
     

 

 

 
        6,623,556  
     

 

 

 

Biotechnology-0.55%

     

Amgen, Inc., 1.65%, 08/15/2028(b)

     1,449,000        1,359,389  
     

 

 

 

Building Products-0.26%

     

Masco Corp., 1.50%, 02/15/2028

     696,000        637,645  
     

 

 

 

Capital Markets-4.43%

     

Ares Capital Corp., 2.88%, 06/15/2028

     1,390,000        1,290,222  

Bank of New York Mellon Corp. (The)

     

3.40%, 01/29/2028

     867,000        910,615  

3.85%, 04/28/2028

     1,057,000        1,133,468  

1.65%, 07/14/2028(b)

     548,000        520,959  

3.00%, 10/30/2028

     581,000        588,029  

Brookfield Finance, Inc. (Canada), 3.90%, 01/25/2028

     1,063,000        1,118,302  

Charles Schwab Corp. (The)

     

3.20%, 01/25/2028

     1,140,000        1,186,719  

2.00%, 03/20/2028

     812,000        789,733  

CME Group, Inc., 3.75%, 06/15/2028

     821,000        879,188  

FS KKR Capital Corp., 3.13%, 10/12/2028

     830,000        774,357  

Nomura Holdings, Inc. (Japan), 2.17%, 07/14/2028(b)

     1,100,000        1,036,735  

Northern Trust Corp., 3.65%, 08/03/2028(b)

     585,000        629,699  
     

 

 

 
        10,858,026  
     

 

 

 

Chemicals-0.39%

     

PPG Industries, Inc., 3.75%, 03/15/2028(b)

     894,000        957,080  
     

 

 

 

Commercial Services & Supplies-0.61%

 

  

Republic Services, Inc., 3.95%, 05/15/2028

     921,000        980,069  

Waste Management, Inc., 1.15%, 03/15/2028(b)

     552,000        507,382  
     

 

 

 
        1,487,451  
     

 

 

 

Communications Equipment-0.37%

 

  

Motorola Solutions, Inc., 4.60%, 02/23/2028

     835,000        906,730  
     

 

 

 

 

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

 

 

  44  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

     Principal
    Amount    
           Value        

Construction & Engineering-0.39%

     

Fluor Corp., 4.25%, 09/15/2028(b)

   $ 978,000      $ 957,345  
     

 

 

 

Consumer Finance-1.46%

     

Ally Financial, Inc., 2.20%, 11/02/2028(b)

     870,000        815,057  

Capital One Financial Corp., 3.80%, 01/31/2028

     1,570,000        1,637,925  

Discover Bank, 4.65%, 09/13/2028

     1,040,000        1,129,009  
     

 

 

 
        3,581,991  
     

 

 

 

Containers & Packaging-0.29%

     

WRKCo, Inc., 4.00%, 03/15/2028(b)

     679,000        718,906  
     

 

 

 

Diversified Consumer Services-0.23%

     

Block Financial LLC, 2.50%, 07/15/2028

     598,000        571,134  
     

 

 

 

Diversified Financial Services-1.94%

 

  

AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)

     

3.88%, 01/23/2028(b)

     721,000        734,326  

3.00%, 10/29/2028

     3,290,000        3,181,893  

National Rural Utilities Cooperative Finance Corp., 3.40%, 02/07/2028

     806,000        832,778  
     

 

 

 
        4,748,997  
     

 

 

 

Diversified Telecommunication Services-2.27%

 

  

AT&T, Inc., 1.65%, 02/01/2028

     2,461,000        2,324,614  

Verizon Communications, Inc., 2.10%, 03/22/2028

     3,360,000        3,251,686  
     

 

 

 
        5,576,300  
     

 

 

 

Electric Utilities-4.27%

     

Berkshire Hathaway Energy Co., 3.25%, 04/15/2028

     695,000        723,788  

Commonwealth Edison Co., 3.70%, 08/15/2028

     639,000        673,650  

Duke Energy Florida LLC, 3.80%, 07/15/2028(b)

     695,000        734,095  

Duke Energy Progress LLC, 3.70%, 09/01/2028

     608,000        643,746  

Edison International, 4.13%, 03/15/2028

     663,000        683,598  

Entergy Corp., 1.90%, 06/15/2028

     759,000        713,505  

NextEra Energy Capital Holdings, Inc., 1.90%, 06/15/2028

     1,735,000        1,652,400  

Pacific Gas and Electric Co.

     

3.00%, 06/15/2028

     1,228,000        1,187,944  

3.75%, 07/01/2028

     1,120,000        1,119,200  

Southwestern Electric Power Co., Series M, 4.10%, 09/15/2028

     670,000        711,123  

Virginia Electric & Power Co., Series A, 3.80%, 04/01/2028

     806,000        858,237  

Xcel Energy, Inc., 4.00%, 06/15/2028

     728,000        772,655  
     

 

 

 
        10,473,941  
     

 

 

 

Electronic Equipment, Instruments & Components-1.12%

 

Arrow Electronics, Inc., 3.88%, 01/12/2028(b)

     575,000        599,357  

Jabil, Inc., 3.95%, 01/12/2028

     576,000        603,660  

Teledyne Technologies, Inc., 2.25%, 04/01/2028

     833,000        810,599  

Trimble, Inc., 4.90%, 06/15/2028

     690,000        744,893  
     

 

 

 
        2,758,509  
     

 

 

 
     Principal
    Amount    
           Value        

Energy Equipment & Services-0.32%

 

Patterson-UTI Energy, Inc., 3.95%, 02/01/2028(b)

   $ 831,000      $ 795,683  
     

 

 

 

Entertainment-1.47%

     

Netflix, Inc., 5.88%, 11/15/2028

     2,194,000        2,480,591  

Walt Disney Co. (The), 2.20%, 01/13/2028(b)

     1,157,000        1,135,662  
     

 

 

 
        3,616,253  
     

 

 

 

Equity REITs-6.04%

     

American Homes 4 Rent L.P., 4.25%, 02/15/2028

     576,000        609,473  

American Tower Corp.

     

3.60%, 01/15/2028

     735,000        755,358  

1.50%, 01/31/2028

     752,000        688,641  

Crown Castle International Corp., 3.80%, 02/15/2028

     1,160,000        1,208,541  

CubeSmart L.P., 2.25%, 12/15/2028

     640,000        610,657  

Digital Realty Trust L.P., 4.45%, 07/15/2028

     759,000        819,023  

Equinix, Inc., 1.55%, 03/15/2028

     752,000        692,511  

ERP Operating L.P., 3.50%, 03/01/2028

     576,000        607,087  

GLP Capital L.P./GLP Financing II, Inc., 5.75%, 06/01/2028

     581,000        644,585  

Healthpeak Properties, Inc., 2.13%, 12/01/2028(b)

     580,000        558,332  

Invitation Homes Operating Partnership L.P., 2.30%, 11/15/2028

     694,000        656,920  

Omega Healthcare Investors, Inc., 4.75%, 01/15/2028

     901,000        945,033  

Public Storage

     

1.85%, 05/01/2028

     751,000        718,533  

1.95%, 11/09/2028

     640,000        612,627  

Realty Income Corp.

     

3.40%, 01/15/2028

     667,000        687,982  

3.65%, 01/15/2028

     893,000        932,341  

2.20%, 06/15/2028

     504,000        489,474  

Simon Property Group L.P., 1.75%, 02/01/2028

     928,000        875,607  

Ventas Realty L.P., 4.00%, 03/01/2028

     756,000        804,483  

Welltower, Inc., 4.25%, 04/15/2028(b)

     841,000        906,690  
     

 

 

 
        14,823,898  
     

 

 

 

Food & Staples Retailing-0.76%

     

CVS Pass-Through Trust, 6.04%, 12/10/2028

     431,494        472,649  

Walmart, Inc., 1.50%, 09/22/2028(b)

     1,450,000        1,382,845  
     

 

 

 
        1,855,494  
     

 

 

 

Food Products-2.43%

     

Campbell Soup Co., 4.15%, 03/15/2028(b)

     1,155,000        1,237,999  

General Mills, Inc., 4.20%, 04/17/2028(b)

     1,573,000        1,698,506  

Hormel Foods Corp., 1.70%, 06/03/2028(b)

     797,000        762,616  

Kellogg Co., 4.30%, 05/15/2028

     973,000        1,062,149  

Mondelez International, Inc., 4.13%, 05/07/2028(b)

     1,099,000        1,194,703  
     

 

 

 
        5,955,973  
     

 

 

 

Health Care Equipment & Supplies-1.40%

 

Abbott Laboratories, 1.15%, 01/30/2028(b)

     752,000        707,725  

Boston Scientific Corp., 4.00%, 03/01/2028.

     590,000        628,846  

 

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

 

 

  45  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

     Principal
    Amount    
           Value        

Health Care Equipment & Supplies-(continued)

 

  

Edwards Lifesciences Corp., 4.30%, 06/15/2028

   $ 978,000      $ 1,061,950  

Stryker Corp., 3.65%, 03/07/2028

     976,000        1,024,251  
     

 

 

 
        3,422,772  
     

 

 

 

Health Care Providers & Services-7.33%

 

Anthem, Inc., 4.10%, 03/01/2028

     1,450,000        1,554,364  

Centene Corp., 2.45%, 07/15/2028

     2,060,000        1,943,651  

Cigna Corp., 4.38%, 10/15/2028

     4,395,000        4,768,992  

CVS Health Corp., 4.30%, 03/25/2028

     5,892,000        6,372,718  

HCA, Inc., 5.63%, 09/01/2028

     1,737,000        1,927,436  

UnitedHealth Group, Inc., 3.85%, 06/15/2028

     1,327,000        1,425,156  
     

 

 

 
        17,992,317  
     

 

 

 

Hotels, Restaurants & Leisure-1.95%

 

  

Booking Holdings, Inc., 3.55%, 03/15/2028(b)

     607,000        645,067  

Expedia Group, Inc., 3.80%, 02/15/2028

     1,161,000        1,195,768  

McDonald’s Corp., 3.80%, 04/01/2028

     1,213,000        1,288,264  

Starbucks Corp.

     

3.50%, 03/01/2028(b)

     699,000        731,787  

4.00%, 11/15/2028

     866,000        931,726  
     

 

 

 
        4,792,612  
     

 

 

 

Household Products-0.35%

     

Clorox Co. (The), 3.90%, 05/15/2028(b)

     815,000        868,562  
     

 

 

 

Independent Power and Renewable Electricity Producers-0.27%

 

DTE Electric Co., Series A, 1.90%, 04/01/2028

     680,000        652,333  
     

 

 

 

Industrial Conglomerates-0.70%

     

3M Co., 3.63%, 09/14/2028

     692,000        735,929  

Roper Technologies, Inc., 4.20%, 09/15/2028

     927,000        989,181  
     

 

 

 
        1,725,110  
     

 

 

 

Insurance-0.93%

     

American International Group, Inc., 4.20%, 04/01/2028

     826,000        897,099  

Lincoln National Corp., 3.80%, 03/01/2028

     607,000        642,532  

Willis North America, Inc., 4.50%, 09/15/2028

     690,000        736,346  
     

 

 

 
        2,275,977  
     

 

 

 

Internet & Direct Marketing Retail-1.30%

 

  

Amazon.com, Inc., 1.65%, 05/12/2028

     2,545,000        2,451,483  

QVC, Inc., 4.38%, 09/01/2028

     816,000        740,834  
     

 

 

 
        3,192,317  
     

 

 

 

IT Services-1.32%

     

Automatic Data Processing, Inc., 1.70%, 05/15/2028

     1,156,000        1,114,890  

DXC Technology Co., 2.38%, 09/15/2028

     750,000        714,349  

Fidelity National Information Services, Inc., 1.65%, 03/01/2028(b)

     816,000        756,971  

Mastercard, Inc., 3.50%, 02/26/2028

     607,000        645,768  
     

 

 

 
        3,231,978  
     

 

 

 
     Principal
    Amount    
           Value        

Life Sciences Tools & Services-0.27%

 

  

PerkinElmer, Inc., 1.90%, 09/15/2028

   $ 300,000      $ 282,182  

Thermo Fisher Scientific, Inc., 1.75%, 10/15/2028

     400,000        379,614  
     

 

 

 
        661,796  
     

 

 

 

Machinery-1.36%

     

John Deere Capital Corp., 1.50%, 03/06/2028(b)

     561,000        538,026  

Trane Technologies Global Holding Co. Ltd., 3.75%, 08/21/2028

     636,000        663,494  

Wabtec Corp., 4.95%, 09/15/2028

     1,450,000        1,579,338  

Xylem, Inc., 1.95%, 01/30/2028

     574,000        550,852  
     

 

 

 
        3,331,710  
     

 

 

 

Marine-0.25%

     

Kirby Corp., 4.20%, 03/01/2028

     582,000        600,608  
     

 

 

 

Media-3.99%

     

Charter Communications Operating LLC/ Charter Communications Operating Capital Corp.

     

3.75%, 02/15/2028

     1,624,000        1,664,358  

4.20%, 03/15/2028

     1,430,000        1,499,010  

Comcast Corp.

     

3.15%, 02/15/2028

     1,877,000        1,927,701  

3.55%, 05/01/2028

     1,160,000        1,215,857  

Discovery Communications LLC, 3.95%, 03/20/2028

     2,766,000        2,873,437  

Paramount Global, 3.38%, 02/15/2028(b)

     607,000        621,173  
     

 

 

 
        9,801,536  
     

 

 

 

Metals & Mining-0.25%

     

Nucor Corp., 3.95%, 05/01/2028

     581,000        620,600  
     

 

 

 

Multiline Retail-0.89%

     

Dollar General Corp., 4.13%, 05/01/2028

     605,000        651,325  

Dollar Tree, Inc., 4.20%, 05/15/2028

     1,443,000        1,543,699  
     

 

 

 
        2,195,024  
     

 

 

 

Multi-Utilities-0.71%

     

Sempra Energy, 3.40%, 02/01/2028

     1,152,000        1,188,523  

WEC Energy Group, Inc., 2.20%, 12/15/2028

     580,000        557,488  
     

 

 

 
        1,746,011  
     

 

 

 

Oil, Gas & Consumable Fuels-7.54%

 

  

BP Capital Markets PLC (United Kingdom), 3.72%, 11/28/2028

     892,000        938,493  

Chevron USA, Inc., 3.85%, 01/15/2028

     668,000        720,235  

Concho Resources, Inc., 4.30%, 08/15/2028

     985,000        1,055,111  

Continental Resources, Inc., 4.38%, 01/15/2028(b)

     1,121,000        1,159,760  

Energy Transfer L.P.

     

4.95%, 05/15/2028

     900,000        964,934  

4.95%, 06/15/2028

     1,625,000        1,751,037  

Equinor ASA (Norway), 3.63%, 09/10/2028(b)

     1,153,000        1,220,579  

Kinder Morgan, Inc., 4.30%, 03/01/2028

     1,431,000        1,527,786  

MPLX L.P., 4.00%, 03/15/2028

     1,426,000        1,488,152  

ONEOK, Inc., 4.55%, 07/15/2028

     921,000        982,884  

Phillips 66, 3.90%, 03/15/2028

     891,000        937,206  

 

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

 

 

  46  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

     Principal
    Amount    
           Value        

Oil, Gas & Consumable Fuels-(continued)

 

Phillips 66 Partners L.P., 3.75%, 03/01/2028

   $ 611,000      $ 629,760  

Sabine Pass Liquefaction LLC, 4.20%, 03/15/2028

     1,562,000        1,645,648  

TransCanada PipeLines Ltd. (Canada), 4.25%, 05/15/2028

     1,621,000        1,728,251  

Valero Energy Corp., 4.35%, 06/01/2028

     819,000        878,576  

Valero Energy Partners L.P., 4.50%, 03/15/2028

     820,000        873,607  
     

 

 

 
        18,502,019  
     

 

 

 

Personal Products-0.66%

     

Unilever Capital Corp. (United Kingdom), 3.50%, 03/22/2028

     1,540,000        1,625,769  
     

 

 

 

Pharmaceuticals-6.03%

     

Astrazeneca Finance LLC (United Kingdom), 1.75%, 05/28/2028

     1,450,000        1,385,944  

Bristol-Myers Squibb Co., 3.90%, 02/20/2028

     1,678,000        1,809,435  

GlaxoSmithKline Capital, Inc. (United Kingdom), 3.88%, 05/15/2028

     2,028,000        2,175,390  

Johnson & Johnson, 2.90%, 01/15/2028

     2,446,000        2,523,978  

Pfizer, Inc., 3.60%, 09/15/2028(b)

     1,125,000        1,199,844  

Pharmacia LLC, 6.60%, 12/01/2028

     1,185,000        1,475,817  

Sanofi (France), 3.63%, 06/19/2028(b)

     1,155,000        1,248,905  

Takeda Pharmaceutical Co. Ltd. (Japan), 5.00%, 11/26/2028

     1,880,000        2,123,732  

Zoetis, Inc., 3.90%, 08/20/2028(b)

     810,000        858,831  
     

 

 

 
        14,801,876  
     

 

 

 

Road & Rail-1.29%

     

Canadian Pacific Railway Co. (Canada), 4.00%, 06/01/2028(b)

     820,000        878,280  

CSX Corp., 3.80%, 03/01/2028

     921,000        972,705  

Union Pacific Corp., 3.95%, 09/10/2028

     1,219,000        1,310,979  
     

 

 

 
        3,161,964  
     

 

 

 

Semiconductors & Semiconductor Equipment-1.96%

 

Analog Devices, Inc., 1.70%, 10/01/2028

     870,000        832,312  

Broadcom Corp./Broadcom Cayman Finance Ltd., 3.50%, 01/15/2028

     1,406,000        1,438,249  

Intel Corp., 1.60%, 08/12/2028

     355,000        337,052  

Marvell Technology, Inc., 2.45%, 04/15/2028

     870,000        841,618  

NVIDIA Corp., 1.55%, 06/15/2028

     1,441,000        1,360,935  
     

 

 

 
        4,810,166  
     

 

 

 

Software-2.21%

     

Oracle Corp., 2.30%, 03/25/2028

     2,313,000        2,207,670  

salesforce.com, inc.

     

3.70%, 04/11/2028

     1,633,000        1,744,729  

1.50%, 07/15/2028(b)

     1,543,000        1,457,937  
     

 

 

 
        5,410,336  
     

 

 

 

Specialty Retail-1.53%

     

Home Depot, Inc. (The), 0.90%, 03/15/2028

     511,000        470,276  

Lowe’s Cos., Inc.

     

1.30%, 04/15/2028(b)

     1,124,000        1,038,798  

1.70%, 09/15/2028

     1,160,000        1,090,988  
     Principal
    Amount    
           Value        

Specialty Retail-(continued)

     

O’Reilly Automotive, Inc., 4.35%, 06/01/2028

   $ 577,000      $ 623,599  

TJX Cos., Inc. (The), 1.15%, 05/15/2028(b)

     582,000        539,516  
     

 

 

 
        3,763,177  
     

 

 

 

Technology Hardware, Storage & Peripherals-2.14%

 

Apple, Inc.

     

1.20%, 02/08/2028

     2,895,000        2,730,301  

1.40%, 08/05/2028

     2,659,000        2,515,795  
     

 

 

 
        5,246,096  
     

 

 

 

Tobacco-1.08%

     

BAT Capital Corp. (United Kingdom), 2.26%, 03/25/2028

     1,934,000        1,808,767  

Philip Morris International, Inc., 3.13%, 03/02/2028(b)

     820,000        843,008  
     

 

 

 
        2,651,775  
     

 

 

 

Trading Companies & Distributors-0.22%

 

Air Lease Corp., 2.10%, 09/01/2028

     575,000        526,533  
     

 

 

 

Water Utilities-0.31%

     

American Water Capital Corp., 3.75%, 09/01/2028

     722,000        762,840  
     

 

 

 

Wireless Telecommunication Services-1.48%

 

Vodafone Group PLC (United Kingdom), 4.38%, 05/30/2028(b)

     3,355,000        3,636,663  
     

 

 

 

Total U.S. Dollar Denominated Bonds & Notes
(Cost $251,717,262)

 

     241,178,852  
     

 

 

 
     Shares         

Money Market Funds-0.33%

     

Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c)(d)
(Cost $800,958)

     800,958        800,958  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-98.61%
(Cost $252,518,220)

 

     241,979,810  
     

 

 

 

Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-12.51%

 

  

Invesco Private Government Fund, 0.12%(c)(d)(e)

     9,213,384        9,213,384  

Invesco Private Prime Fund,
0.08%(c)(d)(e)

     21,495,746        21,497,896  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $30,713,032)

 

     30,711,280  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-111.12%
(Cost $283,231,252)

 

     272,691,090  

OTHER ASSETS LESS LIABILITIES-(11.12)%

 

     (27,280,922
     

 

 

 

NET ASSETS-100.00%

      $ 245,410,168  
     

 

 

 

 

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

 

 

  47  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

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 February 28, 2022.

(c) 

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2022.

 

     Value
August 31, 2021
   Purchases at
Cost
   Proceeds from
Sales
   Change in
Unrealized
Appreciation
(Depreciation)
   Realized
Gain

(Loss)
   Value
February 28, 2022
   Dividend
Income

Investments in Affiliated Money Market Funds:

                                                                                                    

Invesco Government & Agency Portfolio, Institutional Class

          $ 656,302                $ 7,602,061                $ (7,457,405 )               $ -               $ -               $ 800,958                $ 121    

Investments Purchased with Cash Collateral from Securities on Loan:

                                                                                                    

Invesco Private Government Fund

            5,783,388                  20,664,607                  (17,234,611 )                 -                 -                 9,213,384                  1,064 *    

Invesco Private Prime Fund

            13,494,573                  43,319,808                  (35,311,023 )                 (1,752 )                 (3,710 )                 21,497,896                  9,161 *    
         

 

 

                

 

 

                

 

 

               

 

 

               

 

 

               

 

 

                

 

 

     

Total

          $ 19,934,263                $ 71,586,476                $ (60,003,039 )               $ (1,752 )               $ (3,710 )               $ 31,512,238                $ 10,346    
         

 

 

                

 

 

                

 

 

               

 

 

               

 

 

               

 

 

                

 

 

     

 

*

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 February 28, 2022.

(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.

 

 Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)

as of February 28, 2022

 

     

Financials

     17.46     

Health Care

     15.58     

Industrials

     9.88     

Communication Services

     9.21     

Information Technology

     9.12     

Consumer Discretionary

     8.66     

Consumer Staples

     7.98     

Energy

     7.86     

Real Estate

     6.04     

Utilities

     5.56     

Materials

     0.93     

Money Market Funds Plus Other Assets

Less Liabilities

     1.72     

 

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

 

 

  48  

 

 

 

 

 

 

 


 

Invesco BulletShares 2029 Corporate Bond ETF (BSCT)

February 28, 2022

(Unaudited)

 

Schedule of Investments(a)

 

         Principal             
     Amount            Value        

U.S. Dollar Denominated Bonds & Notes-98.78%

 

Aerospace & Defense-1.19%

     

Boeing Co. (The), 3.20%, 03/01/2029

   $ 847,000      $ 838,078  

Howmet Aerospace, Inc., 3.00%, 01/15/2029(b)

     520,000        494,234  

Raytheon Technologies Corp., 7.50%, 09/15/2029

     300,000        392,346  
     

 

 

 
        1,724,658  
     

 

 

 

Air Freight & Logistics-0.41%

 

United Parcel Service, Inc., 3.40%, 03/15/2029

     557,000        588,347  
     

 

 

 

Airlines-0.25%

 

Delta Air Lines, Inc., 3.75%, 10/28/2029

     377,000        359,168  
     

 

 

 

Automobiles-1.16%

 

American Honda Finance Corp., 2.25%, 01/12/2029

     500,000        485,389  

General Motors Financial Co., Inc., 5.65%, 01/17/2029

     369,000        415,183  

Toyota Motor Corp. (Japan), 2.76%, 07/02/2029

     370,000        375,101  

Toyota Motor Credit Corp., 3.65%, 01/08/2029(b)

     379,000        404,802  
     

 

 

 
        1,680,475  
     

 

 

 

Banks-7.06%

 

KeyCorp, 2.55%, 10/01/2029

     560,000        543,652  

Mitsubishi UFJ Financial Group, Inc. (Japan)

     

3.74%, 03/07/2029(b)

     1,120,000        1,173,781  

3.20%, 07/18/2029

     1,400,000        1,413,448  

PNC Bank N.A., 2.70%, 10/22/2029

     500,000        493,316  

PNC Financial Services Group, Inc. (The), 3.45%, 04/23/2029

     1,220,000        1,282,287  

Sumitomo Mitsui Financial Group, Inc. (Japan)

     

3.04%, 07/16/2029

     1,930,000        1,925,750  

2.72%, 09/27/2029

     400,000        391,791  

Truist Financial Corp., 3.88%, 03/19/2029

     483,000        513,580  

Wells Fargo & Co., 4.15%, 01/24/2029

     2,063,000        2,201,973  

Zions Bancorporation N.A., 3.25%, 10/29/2029

     250,000        251,209  
     

 

 

 
        10,190,787  
     

 

 

 

Beverages-4.09%

 

Anheuser-Busch InBev Worldwide, Inc. (Belgium), 4.75%, 01/23/2029

     3,470,000        3,870,883  

Coca-Cola Co. (The), 2.13%, 09/06/2029

     747,000        730,863  

Diageo Capital PLC (United Kingdom), 2.38%, 10/24/2029(b)

     800,000        781,226  

PepsiCo, Inc., 7.00%, 03/01/2029

     404,000        518,902  
     

 

 

 
        5,901,874  
     

 

 

 

Biotechnology-3.06%

 

AbbVie, Inc., 3.20%, 11/21/2029

     4,360,000        4,422,122  
     

 

 

 

Building Products-0.37%

 

Fortune Brands Home & Security, Inc., 3.25%, 09/15/2029

     527,000        536,668  
     

 

 

 

    

 

         Principal             
     Amount            Value        

Capital Markets-3.44%

 

Bank of New York Mellon Corp. (The), 3.30%, 08/23/2029

   $ 657,000      $ 677,848  

BlackRock, Inc., 3.25%, 04/30/2029

     847,000        884,516  

Brookfield Finance, Inc. (Canada), 4.85%, 03/29/2029

     844,000        926,770  

Charles Schwab Corp. (The)

     

4.00%, 02/01/2029

     445,000        482,015  

3.25%, 05/22/2029

     450,000        463,123  

Lazard Group LLC, 4.38%, 03/11/2029

     377,000        400,990  

Nomura Holdings, Inc. (Japan), 2.71%, 01/22/2029

     400,000        387,763  

Northern Trust Corp., 3.15%, 05/03/2029

     370,000        386,500  

S&P Global, Inc., 2.50%, 12/01/2029

     367,000        360,205  
     

 

 

 
        4,969,730  
     

 

 

 

Chemicals-2.57%

 

Dow Chemical Co. (The), 7.38%, 11/01/2029

     590,000        763,428  

FMC Corp., 3.45%, 10/01/2029

     370,000        373,147  

Huntsman International LLC, 4.50%, 05/01/2029

     560,000        595,182  

Nutrien Ltd. (Canada), 4.20%, 04/01/2029

     560,000        606,073  

Rohm & Haas Co., 7.85%, 07/15/2029

     510,000        667,566  

Sherwin-Williams Co. (The), 2.95%, 08/15/2029

     697,000        700,600  
     

 

 

 
        3,705,996  
     

 

 

 

Commercial Services & Supplies-0.27%

 

Waste Connections, Inc., 3.50%, 05/01/2029

     377,000        390,723  
     

 

 

 

Communications Equipment-0.79%

 

Juniper Networks, Inc., 3.75%, 08/15/2029

     377,000        388,842  

Motorola Solutions, Inc., 4.60%, 05/23/2029

     695,000        750,690  
     

 

 

 
        1,139,532  
     

 

 

 

Consumer Finance-0.37%

 

Synchrony Financial, 5.15%, 03/19/2029

     484,000        526,829  
     

 

 

 

Containers & Packaging-0.69%

 

Packaging Corp. of America, 3.00%, 12/15/2029

     370,000        371,197  

WRKCo, Inc., 4.90%, 03/15/2029(b)

     560,000        619,315  
     

 

 

 
        990,512  
     

 

 

 

Diversified Financial Services-0.54%

 

MidAmerican Energy Co., 3.65%, 04/15/2029

     737,000        786,144  
     

 

 

 

Diversified Telecommunication Services-4.81%

 

AT&T, Inc., 4.35%, 03/01/2029

     2,440,000        2,654,560  

Verizon Communications, Inc.

     

3.88%, 02/08/2029

     845,000        898,052  

4.02%, 12/03/2029

     3,160,000        3,394,866  
     

 

 

 
        6,947,478  
     

 

 

 

Electric Utilities-4.16%

 

Avangrid, Inc., 3.80%, 06/01/2029

     655,000        685,262  

Duke Energy Corp., 3.40%, 06/15/2029

     447,000        455,493  

Duke Energy Florida LLC, 2.50%, 12/01/2029

     612,000        599,122  

Duke Energy Progress LLC, 3.45%, 03/15/2029

     447,000        466,806  

 

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

 

 

  49  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

         Principal             
     Amount            Value        

Electric Utilities-(continued)

 

Evergy, Inc., 2.90%, 09/15/2029

   $ 689,000      $ 684,636  

Eversource Energy, Series O, 4.25%, 04/01/2029

     370,000        396,328  

Nevada Power Co., Series CC, 3.70%, 05/01/2029

     367,000        387,057  

NextEra Energy Capital Holdings, Inc.

     

3.50%, 04/01/2029

     370,000        383,203  

2.75%, 11/01/2029

     843,000        829,105  

Southern California Edison Co., Series A, 4.20%, 03/01/2029

     370,000        393,310  

Virginia Electric & Power Co., Series A, 2.88%, 07/15/2029(b)

     369,000        371,356  

Xcel Energy, Inc., 2.60%, 12/01/2029

     370,000        361,525  
     

 

 

 
        6,013,203  
     

 

 

 

Electronic Equipment, Instruments & Components-0.88%

 

Amphenol Corp., 4.35%, 06/01/2029

     378,000        409,682  

CDW LLC/CDW Finance Corp., 3.25%, 02/15/2029

     520,000        485,399  

Keysight Technologies, Inc., 3.00%, 10/30/2029

     377,000        379,534  
     

 

 

 
        1,274,615  
     

 

 

 

Energy Equipment & Services-0.80%

 

Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 3.14%, 11/07/2029

     387,000        388,955  

Boardwalk Pipelines L.P., 4.80%, 05/03/2029

     372,000        398,463  

NOV, Inc., 3.60%, 12/01/2029(b)

     370,000        371,293  
     

 

 

 
        1,158,711  
     

 

 

 

Entertainment-2.13%

 

Netflix, Inc., 6.38%, 05/15/2029

     600,000        698,682  

RELX Capital, Inc. (United Kingdom), 4.00%, 03/18/2029

     805,000        858,093  

Walt Disney Co. (The), 2.00%, 09/01/2029

     1,590,000        1,519,419  
     

 

 

 
        3,076,194  
     

 

 

 

Equity REITs-8.09%

 

American Tower Corp.

     

3.95%, 03/15/2029

     437,000        453,671  

3.80%, 08/15/2029

     1,330,000        1,377,924  

Boston Properties L.P., 3.40%, 06/21/2029

     737,000        754,078  

Camden Property Trust, 3.15%, 07/01/2029

     447,000        457,372  

Crown Castle International Corp., 4.30%, 02/15/2029

     445,000        474,678  

CyrusOne L.P./CyrusOne Finance Corp., 3.45%, 11/15/2029

     437,000        460,246  

Digital Realty Trust L.P., 3.60%, 07/01/2029

     760,000        783,771  

ERP Operating L.P., 3.00%, 07/01/2029

     447,000        452,842  

Essex Portfolio L.P., 4.00%, 03/01/2029

     375,000        400,259  

GLP Capital L.P./GLP Financing II, Inc., 5.30%, 01/15/2029

     560,000        609,729  

Healthpeak Properties, Inc., 3.50%, 07/15/2029

     489,000        506,638  

Hudson Pacific Properties L.P., 4.65%, 04/01/2029

     370,000        402,643  

Omega Healthcare Investors, Inc., 3.63%, 10/01/2029

     377,000        370,775  

Public Storage, 3.39%, 05/01/2029

     370,000        385,575  
         Principal             
     Amount            Value        

Equity REITs-(continued)

 

Realty Income Corp.

     

3.25%, 06/15/2029(b)

   $ 370,000      $ 378,399  

3.10%, 12/15/2029

     447,000        449,467  

Simon Property Group L.P., 2.45%, 09/13/2029

     930,000        899,212  

Ventas Realty L.P., 4.40%, 01/15/2029

     615,000        669,264  

Welltower, Inc.

     

2.05%, 01/15/2029

     370,000        350,439  

4.13%, 03/15/2029

     415,000        444,713  

Weyerhaeuser Co., 4.00%, 11/15/2029

     560,000        598,663  
     

 

 

 
        11,680,358  
     

 

 

 

Food & Staples Retailing-1.26%

 

Ahold Finance USA LLC (Netherlands), 6.88%, 05/01/2029

     364,000        456,212  

Kroger Co. (The), 4.50%, 01/15/2029

     435,000        477,922  

Walmart, Inc.

     

3.25%, 07/08/2029

     800,000        847,447  

2.38%, 09/24/2029

     35,000        34,924  
     

 

 

 
        1,816,505  
     

 

 

 

Food Products-0.63%

 

Tyson Foods, Inc., 4.35%, 03/01/2029

     844,000        914,661  
     

 

 

 

Gas Utilities-0.32%

 

Piedmont Natural Gas Co., Inc., 3.50%, 06/01/2029

     447,000        460,608  
     

 

 

 

Health Care Equipment & Supplies-1.01%

 

Boston Scientific Corp., 4.00%, 03/01/2029

     730,000        775,355  

DH Europe Finance II S.a.r.l., 2.60%, 11/15/2029

     697,000        680,859  
     

 

 

 
        1,456,214  
     

 

 

 

Health Care Providers & Services-3.41%

 

Anthem, Inc., 2.88%, 09/15/2029

     717,000        718,129  

CommonSpirit Health, 3.35%, 10/01/2029

     767,000        775,128  

HCA, Inc.

     

5.88%, 02/01/2029

     850,000        953,317  

4.13%, 06/15/2029

     1,540,000        1,615,508  

Laboratory Corp. of America Holdings, 2.95%, 12/01/2029

     477,000        474,483  

Quest Diagnostics, Inc., 4.20%, 06/30/2029

     365,000        391,565  
     

 

 

 
        4,928,130  
     

 

 

 

Hotels, Restaurants & Leisure-0.61%

 

Starbucks Corp., 3.55%, 08/15/2029

     847,000        885,515  
     

 

 

 

Household Durables-0.68%

 

Leggett & Platt, Inc., 4.40%, 03/15/2029

     375,000        405,007  

Whirlpool Corp., 4.75%, 02/26/2029

     524,000        580,832  
     

 

 

 
        985,839  
     

 

 

 

Household Products-0.44%

 

Kimberly-Clark Corp., 3.20%, 04/25/2029(b)

     607,000        631,078  
     

 

 

 

Industrial Conglomerates-1.30%

 

3M Co.

     

3.38%, 03/01/2029(b)

     597,000        622,263  

2.38%, 08/26/2029(b)

     743,000        726,847  

Roper Technologies, Inc., 2.95%, 09/15/2029

     527,000        521,091  
     

 

 

 
        1,870,201  
     

 

 

 

 

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

 

 

  50  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

         Principal             
     Amount            Value        

Insurance-3.61%

 

American International Group, Inc., 4.25%, 03/15/2029

   $ 375,000      $ 404,915  

Aon Corp., 3.75%, 05/02/2029

     557,000        583,835  

CNA Financial Corp., 3.90%, 05/01/2029

     405,000        432,086  

CNO Financial Group, Inc., 5.25%, 05/30/2029

     370,000        400,190  

Hartford Financial Services Group, Inc. (The), 2.80%, 08/19/2029

     447,000        443,540  

Marsh & McLennan Cos., Inc., 4.38%, 03/15/2029

     1,220,000        1,331,932  

PartnerRe Finance B LLC, 3.70%, 07/02/2029

     297,000        309,961  

Principal Financial Group, Inc., 3.70%, 05/15/2029

     377,000        401,737  

Progressive Corp. (The), 4.00%, 03/01/2029

     411,000        444,181  

Reinsurance Group of America, Inc., 3.90%, 05/15/2029

     445,000        465,777  
     

 

 

 
        5,218,154  
     

 

 

 

IT Services-5.85%

 

Broadridge Financial Solutions, Inc., 2.90%, 12/01/2029

     593,000        581,359  

Fidelity National Information Services, Inc., 3.75%, 05/21/2029

     487,000        499,882  

Fiserv, Inc., 3.50%, 07/01/2029

     2,434,000        2,472,313  

International Business Machines Corp., 3.50%, 05/15/2029

     2,670,000        2,801,510  

Mastercard, Inc., 2.95%, 06/01/2029

     847,000        870,911  

PayPal Holdings, Inc., 2.85%, 10/01/2029

     1,220,000        1,216,384  
     

 

 

 
        8,442,359  
     

 

 

 

Leisure Products-0.56%

 

Hasbro, Inc., 3.90%, 11/19/2029(b)

     767,000        803,556  
     

 

 

 

Life Sciences Tools & Services-1.01%

 

PerkinElmer, Inc., 3.30%, 09/15/2029

     705,000        708,643  

Thermo Fisher Scientific, Inc., 2.60%, 10/01/2029

     753,000        743,376  
     

 

 

 
        1,452,019  
     

 

 

 

Machinery-1.87%

 

Caterpillar, Inc., 2.60%, 09/19/2029

     375,000        375,167  

Deere & Co., 5.38%, 10/16/2029

     334,000        398,673  

John Deere Capital Corp., 3.45%, 03/07/2029

     447,000        474,616  

Parker-Hannifin Corp., 3.25%, 06/14/2029

     847,000        864,158  

Trane Technologies Luxembourg Finance S.A., 3.80%, 03/21/2029

     557,000        584,621  
     

 

 

 
        2,697,235  
     

 

 

 

Media-2.12%

 

Charter Communications Operating LLC/ Charter Communications Operating Capital Corp.

     

2.25%, 01/15/2029(b)

     1,030,000        957,321  

5.05%, 03/30/2029

     1,030,000        1,126,355  

Discovery Communications LLC, 4.13%, 05/15/2029(b)

     557,000        583,451  

Paramount Global, 4.20%, 06/01/2029

     377,000        400,051  
     

 

 

 
        3,067,178  
     

 

 

 
         Principal             
     Amount            Value        

Metals & Mining-0.26%

 

ArcelorMittal S.A. (Luxembourg), 4.25%, 07/16/2029(b)

   $ 370,000      $ 379,620  
     

 

 

 

Multiline Retail-0.62%

 

Target Corp., 3.38%, 04/15/2029(b)

     843,000        894,865  
     

 

 

 

Multi-Utilities-0.25%

 

DTE Energy Co., Series C, 3.40%, 06/15/2029(b)

     349,000        355,858  
     

 

 

 

Oil, Gas & Consumable Fuels-8.89%

 

Cenovus Energy, Inc. (Canada), 4.40%, 04/15/2029

     557,000        595,513  

Chevron USA, Inc., 3.25%, 10/15/2029

     370,000        389,020  

ConocoPhillips, 6.95%, 04/15/2029

     1,260,000        1,611,641  

Diamondback Energy, Inc., 3.50%, 12/01/2029

     1,000,000        1,012,221  

Enbridge, Inc. (Canada), 3.13%, 11/15/2029

     847,000        847,080  

Energy Transfer L.P.

     

5.25%, 04/15/2029

     1,200,000        1,318,219  

4.15%, 09/15/2029

     407,000        420,485  

Enterprise Products Operating LLC, 3.13%, 07/31/2029

     1,030,000        1,041,904  

Exxon Mobil Corp., 2.44%, 08/16/2029

     980,000        964,358  

MPLX L.P., 4.80%, 02/15/2029

     555,000        607,681  

ONEOK, Inc., 4.35%, 03/15/2029

     524,000        550,171  

Phillips 66 Partners L.P., 3.15%, 12/15/2029

     447,000        441,834  

Shell International Finance B.V. (Netherlands), 2.38%, 11/07/2029(b)

     1,220,000        1,189,996  

TotalEnergies Capital International S.A. (France), 3.46%, 02/19/2029

     930,000        970,109  

Valero Energy Corp., 4.00%, 04/01/2029

     843,000        881,831  
     

 

 

 
        12,842,063  
     

 

 

 

Paper & Forest Products-0.34%

 

Georgia-Pacific LLC, 7.75%, 11/15/2029

     369,000        492,773  
     

 

 

 

Personal Products-0.80%

 

Estee Lauder Cos., Inc. (The), 2.38%, 12/01/2029

     487,000        479,257  

Unilever Capital Corp. (United Kingdom), 2.13%, 09/06/2029

     700,000        670,385  
     

 

 

 
        1,149,642  
     

 

 

 

Pharmaceuticals-3.80%

 

AstraZeneca PLC (United Kingdom), 4.00%, 01/17/2029

     845,000        914,921  

Eli Lilly and Co., 3.38%, 03/15/2029

     777,000        821,784  

GlaxoSmithKline Capital PLC (United Kingdom), 3.38%, 06/01/2029

     747,000        782,599  

Merck & Co., Inc., 3.40%, 03/07/2029

     1,410,000        1,487,259  

Pfizer, Inc., 3.45%, 03/15/2029

     1,410,000        1,486,240  
     

 

 

 
        5,492,803  
     

 

 

 

Road & Rail-1.03%

 

CSX Corp., 4.25%, 03/15/2029

     804,000        874,078  

Union Pacific Corp., 3.70%, 03/01/2029(b)

     573,000        607,248  
     

 

 

 
        1,481,326  
     

 

 

 

Semiconductors & Semiconductor Equipment-3.09%

 

Intel Corp., 2.45%, 11/15/2029

     1,597,000        1,560,448  

KLA Corp., 4.10%, 03/15/2029

     695,000        750,352  

 

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

 

 

  51  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

         Principal             
     Amount            Value        

Semiconductors & Semiconductor Equipment-(continued)

 

Lam Research Corp., 4.00%, 03/15/2029

   $ 843,000      $ 912,237  

Micron Technology, Inc., 5.33%, 02/06/2029

     525,000        585,869  

Texas Instruments, Inc., 2.25%, 09/04/2029(b)

     657,000        647,414  
     

 

 

 
        4,456,320  
     

 

 

 

Specialty Retail-3.22%

 

Dell International LLC/EMC Corp., 5.30%, 10/01/2029

     1,370,000        1,531,718  

Home Depot, Inc. (The), 2.95%, 06/15/2029

     1,403,000        1,433,081  

Lowe’s Cos., Inc., 3.65%, 04/05/2029

     1,220,000        1,279,548  

O’Reilly Automotive, Inc., 3.90%, 06/01/2029

     377,000        399,398  
     

 

 

 
        4,643,745  
     

 

 

 

Technology Hardware, Storage & Peripherals-1.13%

 

Apple, Inc., 2.20%, 09/11/2029

     1,310,000        1,287,232  

Western Digital Corp., 2.85%, 02/01/2029

     370,000        347,627  
     

 

 

 
        1,634,859  
     

 

 

 

Tobacco-1.79%

 

Altria Group, Inc., 4.80%, 02/14/2029

     1,520,000        1,643,567  

BAT Capital Corp. (United Kingdom), 3.46%, 09/06/2029

     377,000        370,824  

Philip Morris International, Inc., 3.38%, 08/15/2029

     557,000        574,200  
     

 

 

 
        2,588,591  
     

 

 

 

Trading Companies & Distributors-0.28%

 

GATX Corp., 4.70%, 04/01/2029

     370,000        407,681  
     

 

 

 

Water Utilities-0.29%

 

American Water Capital Corp., 3.45%, 06/01/2029

     399,000        412,515  
     

 

 

 

Wireless Telecommunication Services-1.18%

 

T-Mobile USA, Inc.

     

2.63%, 02/15/2029

     850,000        798,613  

3.38%, 04/15/2029(b)

     920,000        903,109  
     

 

 

 
        1,701,722  
     

 

 

 

Total U.S. Dollar Denominated Bonds & Notes
(Cost $150,302,397)

 

     142,627,759  
     

 

 

 

Investment Abbreviations:

     

REIT-Real Estate Investment Trust

     
         
Shares
     Value  

Money Market Funds-0.22%

 

Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c)(d)
(Cost $315,224)

     315,224      $ 315,224  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased
with cash collateral from securities
on loan)-99.00%
(Cost $150,617,621)

 

     142,942,983  
     

 

 

 
Investments Purchased with Cash Collateral
from Securities on Loan

 

Money Market Funds-6.42%

     

Invesco Private Government Fund,
0.12%(c)(d)(e)

     2,780,795        2,780,795  

Invesco Private Prime Fund, 0.08%(c)(d)(e)

     6,487,874        6,488,523  
     

 

 

 

Total Investments Purchased with Cash
Collateral from Securities on Loan
(Cost $9,269,591)

 

     9,269,318  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-105.42%
(Cost $159,887,212)

 

     152,212,301  

OTHER ASSETS LESS LIABILITIES-(5.42)%

 

     (7,819,194
     

 

 

 

NET ASSETS-100.00%

      $ 144,393,107  
     

 

 

 

 

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

 

 

  52  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

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 February 28, 2022.

(c) 

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2022.

 

     Value
August 31, 2021
   Purchases
at Cost
   Proceeds
from Sales
  Change in
Unrealized
Appreciation
(Depreciation)
  Realized
Gain
(Loss)
  Value
February 28, 2022
   Dividend
Income

Investments in Affiliated Money Market Funds:

                                         

Invesco Government & Agency Portfolio, Institutional Class

     $ 274,065           $ 6,602,840      $ (6,561,681 )     $ -     $ -     $ 315,224           $ 81

Investments Purchased with Cash Collateral from Securities on Loan:

                                         

Invesco Private Government Fund

       1,765,532             12,198,700        (11,183,437 )       -       -       2,780,795             314 *

Invesco Private Prime Fund

       4,119,575             22,640,342        (20,269,831 )       (273 )       (1,290 )       6,488,523             2,641 *
    

 

 

           

 

 

      

 

 

     

 

 

     

 

 

     

 

 

           

 

 

 

Total

     $ 6,159,172           $ 41,441,882      $ (38,014,949 )     $ (273 )     $ (1,290 )     $ 9,584,542           $ 3,036
    

 

 

           

 

 

      

 

 

     

 

 

     

 

 

     

 

 

           

 

 

 

 

*

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 February 28, 2022.

(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.

 Portfolio Composition

 Sector Breakdown (% of the Fund’s Net Assets)

 as of February 28, 2022

     

Financials

   15.02   

Health Care

   12.29   

Information Technology

   11.74   

Communication Services

   10.24   

Energy

   9.69   

Consumer Staples

   9.01   

Real Estate

   8.09   

Industrials

   6.97   

Consumer Discretionary

   6.85   

Utilities

   5.02   

Materials

   3.86   

Money Market Funds Plus Other Assets Less Liabilities

   1.22   

 

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

 

 

  53  

 

 

 

 

 

 

 


 

Invesco BulletShares 2030 Corporate Bond ETF (BSCU)

February 28, 2022

(Unaudited)

 

Schedule of Investments(a)

 

        Principal   
Amount
     Value  

U.S. Dollar Denominated Bonds & Notes-99.01%

 

Aerospace & Defense-3.77%

 

Boeing Co. (The), 5.15%, 05/01/2030

   $ 1,930,000      $   2,130,740  

Raytheon Technologies Corp., 2.25%, 07/01/2030

     433,000        410,327  

Teledyne FLIR LLC, 2.50%, 08/01/2030

     210,000        199,383  

Textron, Inc., 3.00%, 06/01/2030

     281,000        276,897  
     

 

 

 
     3,017,347  
     

 

 

 

Auto Components-0.39%

 

Magna International, Inc. (Canada), 2.45%, 06/15/2030

     321,000        309,120  
     

 

 

 

Automobiles-0.59%

 

General Motors Financial Co., Inc., 3.60%, 06/21/2030

     473,000        474,953  
     

 

 

 

Banks-5.69%

 

Banco Santander S.A. (Spain), 3.49%, 05/28/2030(b)

     400,000        400,742  

Citizens Financial Group, Inc., 3.25%, 04/30/2030

     320,000        324,344  

Mitsubishi UFJ Financial Group, Inc. (Japan)

     

2.56%, 02/25/2030

     400,000        385,201  

2.05%, 07/17/2030

     600,000        553,296  

Sumitomo Mitsui Financial Group, Inc. (Japan)

 

2.75%, 01/15/2030

     600,000        588,792  

2.13%, 07/08/2030

     600,000        561,087  

2.14%, 09/23/2030

     360,000        328,455  

SVB Financial Group, 3.13%, 06/05/2030

     217,000        218,345  

Truist Bank, 2.25%, 03/11/2030

     500,000        473,977  

Truist Financial Corp., 1.95%, 06/05/2030

     260,000        243,044  

U.S. Bancorp, 1.38%, 07/22/2030(b)

     537,000        480,669  
     

 

 

 
     4,557,952  
     

 

 

 

Beverages-2.44%

 

Coca-Cola Co. (The), 1.65%, 06/01/2030

     643,000        595,986  

Constellation Brands, Inc., 2.88%, 05/01/2030

     260,000        253,804  

Diageo Capital PLC (United Kingdom), 2.00%, 04/29/2030

     400,000        377,593  

Keurig Dr Pepper, Inc., 3.20%, 05/01/2030

     327,000        330,537  

PepsiCo, Inc., 1.63%, 05/01/2030

     427,000        398,515  
     

 

 

 
     1,956,435  
     

 

 

 

Biotechnology-2.46%

 

Amgen, Inc., 2.45%, 02/21/2030

     533,000        514,907  

Biogen, Inc., 2.25%, 05/01/2030

     643,000        588,956  

Gilead Sciences, Inc., 1.65%, 10/01/2030(b)

     427,000        388,249  

Regeneron Pharmaceuticals, Inc., 1.75%, 09/15/2030

     540,000        482,693  
     

 

 

 
     1,974,805  
     

 

 

 

Building Products-0.31%

 

Johnson Controls International PLC/Tyco Fire &

 

Security Finance S.C.A., 1.75%, 09/15/2030

     271,000        247,166  
     

 

 

 

Capital Markets-2.83%

 

Brookfield Finance, Inc. (Canada), 4.35%, 04/15/2030

     327,000        352,031  

Cboe Global Markets, Inc., 1.63%, 12/15/2030

     210,000        189,471  

    

 

        Principal   
Amount
     Value  

Capital Markets-(continued)

 

CI Financial Corp. (Canada), 3.20%, 12/17/2030

   $ 410,000      $ 386,459  

Franklin Resources, Inc., 1.60%, 10/30/2030

       361,000        323,145  

Nomura Holdings, Inc. (Japan), 2.68%, 07/16/2030

     400,000        379,484  

Northern Trust Corp., 1.95%, 05/01/2030

     427,000        406,285  

S&P Global, Inc., 1.25%, 08/15/2030

     261,000        231,447  
     

 

 

 
       2,268,322  
     

 

 

 

Chemicals-2.19%

 

Air Products and Chemicals, Inc., 2.05%, 05/15/2030

     387,000        370,600  

Dow Chemical Co. (The), 2.10%, 11/15/2030(b)

     363,000        338,897  

EI du Pont de Nemours and Co., 2.30%, 07/15/2030

     160,000        154,607  

Linde, Inc., 1.10%, 08/10/2030(b)

     301,000        268,328  

LYB International Finance III LLC, 2.25%, 10/01/2030(b)

     210,000        197,172  

Nutrien Ltd. (Canada), 2.95%, 05/13/2030

     217,000        216,115  

Sherwin-Williams Co. (The), 2.30%, 05/15/2030

     218,000        206,666  
     

 

 

 
     1,752,385  
     

 

 

 

Commercial Services & Supplies-0.31%

 

Republic Services, Inc., 2.30%, 03/01/2030

     260,000        248,907  
     

 

 

 

Communications Equipment-0.44%

 

Motorola Solutions, Inc., 2.30%, 11/15/2030

     383,000        352,289  
     

 

 

 

Construction & Engineering-0.51%

 

Quanta Services, Inc., 2.90%, 10/01/2030

     427,000        409,730  
     

 

 

 

Construction Materials-0.67%

 

Martin Marietta Materials, Inc., Series CB, 2.50%, 03/15/2030

     218,000        209,088  

Vulcan Materials Co., 3.50%, 06/01/2030

     320,000        330,887  
     

 

 

 
     539,975  
     

 

 

 

Containers & Packaging-0.85%

 

Amcor Flexibles North America, Inc., 2.63%, 06/19/2030

     215,000        208,322  

Avery Dennison Corp., 2.65%, 04/30/2030

     218,000        209,840  

Sonoco Products Co., 3.13%, 05/01/2030

     260,000        259,985  
     

 

 

 
     678,147  
     

 

 

 

Distributors-0.24%

 

Genuine Parts Co., 1.88%, 11/01/2030

     218,000        195,790  
     

 

 

 

Diversified Consumer Services-0.52%

 

Block Financial LLC, 3.88%, 08/15/2030

     282,000        285,049  

Yale University, Series 2020, 1.48%, 04/15/2030

     138,000        128,349  
     

 

 

 
     413,398  
     

 

 

 

Diversified Financial Services-0.54%

 

GE Capital Funding LLC, 4.40%, 05/15/2030

     400,000        431,908  
     

 

 

 

 

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

 

 

  54  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

        Principal   
Amount
     Value  

Diversified Telecommunication Services-1.03%

 

Verizon Communications, Inc.

 

1.50%, 09/18/2030

   $ 430,000      $ 384,182  

1.68%, 10/30/2030

     490,000        440,503  
     

 

 

 
     824,685  
     

 

 

 

Electric Utilities-5.32%

 

AEP Texas, Inc., Series I, 2.10%, 07/01/2030

     257,000        235,963  

Alabama Power Co., Series 20-A, 1.45%, 09/15/2030

     261,000        233,502  

Berkshire Hathaway Energy Co., 3.70%, 07/15/2030

     370,000        391,749  

Duke Energy Carolinas LLC, 2.45%, 02/01/2030

     218,000        212,812  

Duke Energy Corp., 2.45%, 06/01/2030(b)

     360,000        342,138  

Duke Energy Florida LLC, 1.75%, 06/15/2030(b)

     218,000        200,921  

Entergy Corp., 2.80%, 06/15/2030

     257,000        247,261  

Eversource Energy, Series R, 1.65%, 08/15/2030

     261,000        231,678  

NextEra Energy Capital Holdings, Inc., 2.25%, 06/01/2030

     863,000        801,570  

Pacific Gas and Electric Co., 4.55%, 07/01/2030

     1,327,000        1,363,845  
     

 

 

 
     4,261,439  
     

 

 

 

Electrical Equipment-0.51%

 

Acuity Brands Lighting, Inc., 2.15%, 12/15/2030

     218,000        201,075  

Emerson Electric Co., 1.95%, 10/15/2030

     218,000        204,344  
     

 

 

 
     405,419  
     

 

 

 

Electronic Equipment, Instruments & Components-0.26%

 

Jabil, Inc., 3.60%, 01/15/2030

     210,000        212,669  
     

 

 

 

Energy Equipment & Services-1.36%

 

Baker Hughes Holdings LLC/Baker Hughes

 

Co-Obligor, Inc., 4.49%, 05/01/2030

     218,000        239,118  

Halliburton Co., 2.92%, 03/01/2030(b)

     337,000        331,601  

Schlumberger Investment S.A., 2.65%, 06/26/2030(b)

     533,000        517,955  
     

 

 

 
     1,088,674  
     

 

 

 

Entertainment-0.64%

 

Activision Blizzard, Inc., 1.35%, 09/15/2030

     218,000        194,316  

RELX Capital, Inc. (United Kingdom), 3.00%, 05/22/2030

     320,000        320,475  
     

 

 

 
     514,791  
     

 

 

 

Equity REITs-3.69%

 

American Tower Corp.

 

2.90%, 01/15/2030

     320,000        309,476  

2.10%, 06/15/2030

     320,000        289,944  

1.88%, 10/15/2030

     340,000        302,644  

Brixmor Operating Partnership L.P., 4.05%, 07/01/2030

     340,000        352,958  

Camden Property Trust, 2.80%, 05/15/2030

     318,000        314,929  

Host Hotels & Resorts L.P., Series I, 3.50%, 09/15/2030

     320,000        312,406  

Kimco Realty Corp., 2.70%, 10/01/2030

     210,000        204,271  

Prologis L.P., 1.25%, 10/15/2030

     321,000        283,290  
        Principal   
Amount
     Value  

Equity REITs-(continued)

 

Regency Centers L.P., 3.70%, 06/15/2030

   $ 260,000      $ 271,849  

Simon Property Group L.P., 2.65%, 07/15/2030

     320,000        312,553  
     

 

 

 
     2,954,320  
     

 

 

 

Food & Staples Retailing-1.41%

 

Costco Wholesale Corp., 1.60%, 04/20/2030

        753,000        699,209  

Kroger Co. (The), 2.20%, 05/01/2030

     218,000        206,351  

Walgreens Boots Alliance, Inc., 3.20%, 04/15/2030(b)

     218,000        220,480  
     

 

 

 
     1,126,040  
     

 

 

 

Food Products-2.87%

 

Campbell Soup Co., 2.38%, 04/24/2030(b)

     218,000        207,931  

Hormel Foods Corp., 1.80%, 06/11/2030

     433,000        404,314  

Ingredion, Inc., 2.90%, 06/01/2030

     260,000        257,472  

JM Smucker Co. (The), 2.38%, 03/15/2030

     218,000        207,303  

Kellogg Co., 2.10%, 06/01/2030

     168,000        158,096  

Kraft Heinz Foods Co. (The), 3.75%, 04/01/2030

     320,000        327,776  

McCormick & Co., Inc., 2.50%, 04/15/2030

     218,000        209,896  

Mondelez International, Inc., 2.75%, 04/13/2030

     533,000        525,952  
     

 

 

 
       2,298,740  
     

 

 

 

Gas Utilities-0.59%

 

CenterPoint Energy Resources Corp., 1.75%, 10/01/2030

     218,000        196,980  

Southern California Gas Co., Series XX, 2.55%, 02/01/2030

     280,000        272,786  
     

 

 

 
     469,766  
     

 

 

 

Health Care Equipment & Supplies-2.73%

 

Abbott Laboratories, 1.40%, 06/30/2030

     281,000        256,834  

Becton, Dickinson and Co., 2.82%, 05/20/2030(b)

     327,000        321,452  

Boston Scientific Corp., 2.65%, 06/01/2030

     513,000        497,822  

DENTSPLY SIRONA, Inc., 3.25%, 06/01/2030

     327,000        331,348  

Smith & Nephew PLC (United Kingdom), 2.03%, 10/14/2030

     427,000        387,902  

Stryker Corp., 1.95%, 06/15/2030

     427,000        395,596  
     

 

 

 
     2,190,954  
     

 

 

 

Health Care Providers & Services-5.55%

 

AmerisourceBergen Corp., 2.80%, 05/15/2030

     218,000        214,445  

Anthem, Inc., 2.25%, 05/15/2030

     473,000        450,148  

Centene Corp.

 

3.38%, 02/15/2030

     859,000        825,486  

3.00%, 10/15/2030

     943,000        900,326  

Cigna Corp., 2.40%, 03/15/2030

     643,000        611,752  

CommonSpirit Health, 2.78%, 10/01/2030

     170,000        166,017  

CVS Health Corp., 1.75%, 08/21/2030

     540,000        488,249  

Sutter Health, Series 20-A, 2.29%, 08/15/2030

     300,000        282,534  

UnitedHealth Group, Inc., 2.00%, 05/15/2030(b)

     533,000        503,561  
     

 

 

 
     4,442,518  
     

 

 

 

Hotels, Restaurants & Leisure-2.87%

 

Booking Holdings, Inc., 4.63%, 04/13/2030

     643,000        719,616  

 

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

 

 

  55  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

        Principal   
Amount
     Value  

Hotels, Restaurants & Leisure-(continued)

 

Marriott International, Inc., Series FF, 4.63%, 06/15/2030

   $ 428,000      $ 462,459  

McDonald’s Corp., 2.13%, 03/01/2030

        321,000        304,245  

Starbucks Corp.

 

2.25%, 03/12/2030

     320,000        302,494  

2.55%, 11/15/2030(b)

     533,000        512,193  
     

 

 

 
     2,301,007  
     

 

 

 

Household Durables-0.75%

 

Mohawk Industries, Inc., 3.63%, 05/15/2030

     210,000        216,940  

NVR, Inc., 3.00%, 05/15/2030

     383,000        380,754  
     

 

 

 
     597,694  
     

 

 

 

Household Products-0.86%

 

Clorox Co. (The), 1.80%, 05/15/2030

     218,000        200,711  

Procter & Gamble Co. (The), 1.20%, 10/29/2030

     540,000        488,632  
     

 

 

 
     689,343  
     

 

 

 

Industrial Conglomerates-0.51%

 

Honeywell International, Inc., 1.95%, 06/01/2030

     433,000        408,479  
     

 

 

 

Insurance-5.65%

 

Alleghany Corp., 3.63%, 05/15/2030

     210,000        214,337  

Allstate Corp. (The), 1.45%, 12/15/2030(b)

     260,000        233,638  

American International Group, Inc., 3.40%, 06/30/2030

     683,000        702,061  

Aon Corp., 2.80%, 05/15/2030

     427,000        420,341  

Berkshire Hathaway Finance Corp.

 

1.85%, 03/12/2030(b)

     218,000        206,956  

1.45%, 10/15/2030

     321,000        293,337  

Brighthouse Financial, Inc., 5.63%, 05/15/2030

     260,000        296,770  

CNA Financial Corp., 2.05%, 08/15/2030

     210,000        194,396  

Fidelity National Financial, Inc., 3.40%, 06/15/2030

     280,000        280,723  

Loews Corp., 3.20%, 05/15/2030

     218,000        222,936  

Marsh & McLennan Cos., Inc., 2.25%, 11/15/2030

     327,000        306,816  

Principal Financial Group, Inc., 2.13%, 06/15/2030

     261,000        247,197  

Prudential Financial, Inc., 2.10%, 03/10/2030

     218,000        208,540  

Prudential PLC (United Kingdom), 3.13%, 04/14/2030(b)

     430,000        436,426  

Reinsurance Group of America, Inc., 3.15%, 06/15/2030

     260,000        258,920  
     

 

 

 
     4,523,394  
     

 

 

 

Interactive Media & Services-1.09%

 

Alphabet, Inc., 1.10%, 08/15/2030(b)

     963,000        871,407  
     

 

 

 

Internet & Direct Marketing Retail-1.49%

 

Amazon.com, Inc., 1.50%, 06/03/2030

     863,000        799,710  

eBay, Inc., 2.70%, 03/11/2030

     410,000        397,891  
     

 

 

 
     1,197,601  
     

 

 

 

IT Services-2.71%

 

Automatic Data Processing, Inc., 1.25%, 09/01/2030

     427,000        383,923  

Fiserv, Inc., 2.65%, 06/01/2030(b)

     433,000        412,020  

Global Payments, Inc., 2.90%, 05/15/2030

     433,000        416,864  
        Principal   
Amount
     Value  

IT Services-(continued)

 

International Business Machines Corp., 1.95%, 05/15/2030(b)

   $ 580,000      $ 545,035  

PayPal Holdings, Inc., 2.30%, 06/01/2030

        431,000        410,564  
     

 

 

 
       2,168,406  
     

 

 

 

Life Sciences Tools & Services-0.25%

 

Agilent Technologies, Inc., 2.10%, 06/04/2030

     218,000        202,558  
     

 

 

 

Machinery-2.01%

 

Cummins, Inc., 1.50%, 09/01/2030

     363,000        326,087  

Flowserve Corp., 3.50%, 10/01/2030

     210,000        208,678  

IDEX Corp., 3.00%, 05/01/2030

     218,000        214,939  

John Deere Capital Corp., 2.45%, 01/09/2030

     240,000        237,354  

Otis Worldwide Corp., 2.57%, 02/15/2030

     643,000        622,188  
     

 

 

 
     1,609,246  
     

 

 

 

Media-0.85%

 

Discovery Communications LLC, 3.63%, 05/15/2030

     427,000        428,475  

Omnicom Group, Inc., 2.45%, 04/30/2030

     261,000        250,484  
     

 

 

 
     678,959  
     

 

 

 

Metals & Mining-1.33%

 

Newmont Corp., 2.25%, 10/01/2030

     427,000        399,328  

Nucor Corp., 2.70%, 06/01/2030

     218,000        214,504  

Reliance Steel & Aluminum Co., 2.15%, 08/15/2030

     218,000        202,266  

Teck Resources Ltd. (Canada), 3.90%, 07/15/2030(b)

     240,000        246,024  
     

 

 

 
     1,062,122  
     

 

 

 

Multi-Utilities-1.20%

 

NiSource, Inc., 3.60%, 05/01/2030

     427,000        436,586  

Public Service Enterprise Group, Inc., 1.60%, 08/15/2030

     241,000        214,348  

San Diego Gas & Electric Co., Series VVV, 1.70%, 10/01/2030

     343,000        311,677  
     

 

 

 
     962,611  
     

 

 

 

Oil, Gas & Consumable Fuels-7.74%

 

BP Capital Markets America, Inc., 1.75%, 08/10/2030

     427,000        387,122  

Canadian Natural Resources Ltd. (Canada), 2.95%, 07/15/2030(b)

     168,000        164,408  

Chevron Corp., 2.24%, 05/11/2030

     643,000        626,488  

Enterprise Products Operating LLC, 2.80%, 01/31/2030

     533,000        525,572  

EOG Resources, Inc., 4.38%, 04/15/2030

     320,000        353,588  

Equinor ASA (Norway), 2.38%, 05/22/2030

     327,000        318,728  

Exxon Mobil Corp., 2.61%, 10/15/2030(b)

     863,000        857,150  

Magellan Midstream Partners L.P., 3.25%, 06/01/2030

     200,000        199,090  

MPLX L.P., 2.65%, 08/15/2030

     640,000        602,321  

ONEOK, Inc., 3.10%, 03/15/2030

     336,000        324,383  

Phillips 66, 2.15%, 12/15/2030

     360,000        332,538  

Pioneer Natural Resources Co., 1.90%, 08/15/2030

     477,000        433,589  

Plains All American Pipeline L.P./PAA Finance Corp., 3.80%, 09/15/2030

     327,000        328,295  

 

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

 

 

  56  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

        Principal   
Amount
     Value  

Oil, Gas & Consumable Fuels-(continued)

 

  

Transcontinental Gas Pipe Line Co. LLC, 3.25%, 05/15/2030

   $ 300,000      $ 305,167  

Williams Cos., Inc. (The), 3.50%, 11/15/2030

     433,000        440,453  
     

 

 

 
     6,198,892  
     

 

 

 

Personal Products-0.60%

 

  

Estee Lauder Cos., Inc. (The), 2.60%, 04/15/2030

     300,000        299,863  

Unilever Capital Corp. (United Kingdom), 1.38%, 09/14/2030

     200,000        178,697  
     

 

 

 
     478,560  
     

 

 

 

Pharmaceuticals-6.49%

 

  

AstraZeneca PLC (United Kingdom), 1.38%, 08/06/2030

     560,000        505,853  

Bristol-Myers Squibb Co., 1.45%, 11/13/2030

     540,000        489,939  

Johnson & Johnson, 1.30%, 09/01/2030

     750,000        690,198  

Merck & Co., Inc., 1.45%, 06/24/2030(b)

     533,000        487,117  

Perrigo Finance Unlimited Co., 3.90%, 06/15/2030

     400,000        367,035  

Pfizer, Inc., 1.70%, 05/28/2030(b)

     427,000        398,772  

Royalty Pharma PLC, 2.20%, 09/02/2030

     430,000        390,428  

Takeda Pharmaceutical Co. Ltd. (Japan), 2.05%, 03/31/2030

     1,070,000        994,973  

Viatris, Inc., 2.70%, 06/22/2030

     620,000        581,319  

Zoetis, Inc., 2.00%, 05/15/2030

     320,000        297,364  
     

 

 

 
     5,202,998  
     

 

 

 

Professional Services-0.32%

 

  

Equifax, Inc., 3.10%, 05/15/2030

     260,000        257,783  
     

 

 

 

Road & Rail-0.24%

 

  

Canadian Pacific Railway Co. (Canada), 2.05%, 03/05/2030

     200,000        189,313  
     

 

 

 

Semiconductors & Semiconductor Equipment-2.13%

 

  

Applied Materials, Inc., 1.75%, 06/01/2030

     321,000        300,619  

Lam Research Corp., 1.90%, 06/15/2030

     321,000        300,813  

QUALCOMM, Inc., 2.15%, 05/20/2030

     513,000        492,979  

Texas Instruments, Inc., 1.75%, 05/04/2030

     319,000        299,508  

Xilinx, Inc., 2.38%, 06/01/2030

     327,000        314,746  
     

 

 

 
     1,708,665  
     

 

 

 

Software-1.62%

 

  

Autodesk, Inc., 2.85%, 01/15/2030

     210,000        205,176  

Citrix Systems, Inc., 3.30%, 03/01/2030(b)

     320,000        322,427  

Intuit, Inc., 1.65%, 07/15/2030

     218,000        200,429  

ServiceNow, Inc., 1.40%, 09/01/2030

     643,000        569,107  
     

 

 

 
     1,297,139  
     

 

 

 

Specialty Retail-2.34%

 

  

AutoNation, Inc., 4.75%, 06/01/2030

     218,000        235,079  

Best Buy Co., Inc., 1.95%, 10/01/2030

     281,000        256,074  

Dell International LLC/EMC Corp., 6.20%, 07/15/2030

     320,000        378,967  

Leidos, Inc., 4.38%, 05/15/2030

     260,000        274,750  

Lowe’s Cos., Inc., 1.70%, 10/15/2030(b)

     537,000        483,527  

Tractor Supply Co., 1.75%, 11/01/2030

     281,000        249,576  
     

 

 

 
     1,877,973  
     

 

 

 
        Principal   
Amount
     Value  

Technology Hardware, Storage & Peripherals-1.85%

 

  

Apple, Inc.

 

  

1.65%, 05/11/2030

   $ 753,000      $ 702,628  

1.25%, 08/20/2030

     540,000        486,960  

NetApp, Inc., 2.70%, 06/22/2030

     300,000        290,698  
     

 

 

 
     1,480,286  
     

 

 

 

Textiles, Apparel & Luxury Goods-0.79%

 

  

Ralph Lauren Corp., 2.95%, 06/15/2030(b)

     321,000        320,432  

VF Corp., 2.95%, 04/23/2030

     320,000        314,915  
     

 

 

 
     635,347  
     

 

 

 

Tobacco-1.14%

 

  

Altria Group, Inc., 3.40%, 05/06/2030

     327,000        322,096  
     

 

 

 

Philip Morris International, Inc.

 

  

2.10%, 05/01/2030

     320,000        300,948  

1.75%, 11/01/2030

     324,000        293,424  
     

 

 

 
     916,468  
     

 

 

 

Trading Companies & Distributors-0.93%

 

  

Air Lease Corp.

 

  

3.00%, 02/01/2030

     220,000        211,079  

3.13%, 12/01/2030

     320,000        308,629  

GATX Corp., 4.00%, 06/30/2030

     217,000        229,060  
     

 

 

 
     748,768  
     

 

 

 

Water Utilities-0.54%

 

  

American Water Capital Corp., 2.80%, 05/01/2030

     217,000        214,922  

Essential Utilities, Inc., 2.70%, 04/15/2030

     218,000        214,399  
     

 

 

 
     429,321  
     

 

 

 

Total U.S. Dollar Denominated Bonds & Notes
(Cost $83,195,440)

 

     79,312,984  
     

 

 

 
     Shares         

Money Market Funds-0.19%

 

  

Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c)(d)
(Cost $148,752)

     148,752        148,752  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.20%
(Cost $83,344,192)

 

     79,461,736  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

  
Money Market Funds-11.29%

 

  

Invesco Private Government Fund,
0.12%(c)(d)(e)

     2,713,858        2,713,858  

Invesco Private Prime Fund,
0.08%(c)(d)(e)

     6,331,702        6,332,335  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $9,046,703)

 

     9,046,193  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-110.49%
(Cost $92,390,895)

 

     88,507,929  

OTHER ASSETS LESS LIABILITIES-(10.49)%

 

     (8,403,594
     

 

 

 

NET ASSETS-100.00%

 

   $ 80,104,335  
     

 

 

 

 

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

 

 

  57  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

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 February 28, 2022.

(c) 

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2022.

 

    Value
August 31, 2021
    Purchases at
Cost
    Proceeds
from Sales
    Change in
Unrealized
Appreciation
(Depreciation)
    Realized
Gain
(Loss)
    Value
February 28, 2022
     Dividend 
Income
 

Investments in Affiliated Money Market Funds:

                                         

Invesco Government & Agency Portfolio, Institutional Class

   

$

7,342

 

     

$

653,762

 

     

$

(512,352

     

$

-

 

     

$

-

 

     

$

148,752

 

     

$

20

 

 

Investments Purchased with Cash Collateral from Securities on Loan:

                                         

Invesco Private Government Fund

      935,638           5,266,009           (3,487,789         -           -           2,713,858           226  

Invesco Private Prime Fund

      2,183,156           11,262,390           (7,112,020         (510         (681         6,332,335           1,490  
   

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

   

Total

    $ 3,126,136         $ 17,182,161         $ (11,112,161       $ (510       $ (681       $ 9,194,945         $ 1,736    
   

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

   

 

*

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 February 28, 2022.

(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.

 Portfolio Composition

 Sector Breakdown (% of the Fund’s Net Assets)

 as of February 28, 2022

     

Health Care

     17.49    

Financials

     14.71    

Consumer Discretionary

     9.99    

Industrials

     9.42    

Consumer Staples

     9.32    

Energy

     9.10    

Information Technology

     9.01    

Utilities

     7.64    

Materials

     5.03    

Real Estate

     3.69    

Communication Services

     3.61    

Money Market Funds Plus Other Assets Less Liabilities

     0.99    

 

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

 

 

  58  

 

 

 

 

 

 

 


 

Invesco BulletShares 2031 Corporate Bond ETF (BSCV)

February 28, 2022

(Unaudited)

 

Schedule of Investments(a)

 

     Principal
Amount
           Value        

U.S. Dollar Denominated Bonds & Notes-98.54%

 

Aerospace & Defense-1.77%

 

Boeing Co. (The), 3.63%, 02/01/2031

   $ 130,000      $ 131,160  

General Dynamics Corp., 2.25%, 06/01/2031

     40,000        38,914  

L3Harris Technologies, Inc., 1.80%, 01/15/2031

     60,000        54,211  

Raytheon Technologies Corp., 1.90%, 09/01/2031

     80,000        72,907  

Textron, Inc., 2.45%, 03/15/2031

     50,000        46,881  
     

 

 

 
        344,073  
     

 

 

 

Air Freight & Logistics-0.49%

 

FedEx Corp., 2.40%, 05/15/2031

     100,000        95,336  
     

 

 

 

Automobiles-2.84%

 

American Honda Finance Corp., 1.80%, 01/13/2031

     50,000        46,210  

Daimler Finance North America LLC (Germany), 8.50%, 01/18/2031

     140,000        199,205  

General Motors Financial Co., Inc.

     

2.35%, 01/08/2031

     80,000        72,801  

2.70%, 06/10/2031

     100,000        92,593  

Toyota Motor Corp. (Japan), 2.36%, 03/25/2031

     50,000        49,055  

Toyota Motor Credit Corp.

     

1.65%, 01/10/2031

     50,000        45,723  

1.90%, 09/12/2031

     50,000        46,256  
     

 

 

 
        551,843  
     

 

 

 

Banks-1.87%

 

Royal Bank of Canada (Canada), 2.30%, 11/03/2031

     140,000        132,632  

Sumitomo Mitsui Financial Group, Inc. (Japan), 2.22%, 09/17/2031

     200,000        186,179  

SVB Financial Group, 1.80%, 02/02/2031

     50,000        45,288  
     

 

 

 
        364,099  
     

 

 

 

Beverages-2.88%

 

Anheuser-Busch InBev Worldwide, Inc. (Belgium), 4.90%, 01/23/2031

     70,000        80,329  

Coca-Cola Co. (The)

     

2.00%, 03/05/2031

     70,000        66,366  

1.38%, 03/15/2031

     120,000        107,980  

Constellation Brands, Inc., 2.25%, 08/01/2031

     100,000        91,429  

Keurig Dr Pepper, Inc., 2.25%, 03/15/2031

     50,000        46,790  

PepsiCo, Inc.

     

1.40%, 02/25/2031(b)

     60,000        54,016  

1.95%, 10/21/2031

     120,000        113,852  
     

 

 

 
        560,762  
     

 

 

 

Biotechnology-0.57%

 

Amgen, Inc., 2.30%, 02/25/2031

     120,000        111,918  
     

 

 

 

Building Products-0.86%

 

Carrier Global Corp., 2.70%, 02/15/2031

     70,000        67,750  

Johnson Controls International PLC/Tyco Fire & Security Finance S.C.A., 2.00%, 09/16/2031

     50,000        45,616  

Masco Corp., 2.00%, 02/15/2031

     60,000        54,436  
     

 

 

 
        167,802  
     

 

 

 

Capital Markets-4.95%

     

Ares Capital Corp., 3.20%, 11/15/2031

     60,000        54,263  

    

 

     Principal
Amount
           Value        

Capital Markets-(continued)

 

Bank of New York Mellon Corp. (The)

     

1.65%, 01/28/2031

   $ 50,000      $ 46,126  

1.80%, 07/28/2031

     50,000        45,957  

BlackRock, Inc., 1.90%, 01/28/2031

     120,000        111,559  

Brookfield Finance, Inc. (Canada), 2.72%, 04/15/2031

     40,000        38,282  

Charles Schwab Corp. (The)

     

1.65%, 03/11/2031

     70,000        63,640  

2.30%, 05/13/2031

     70,000        66,989  

1.95%, 12/01/2031

     80,000        73,771  

Jefferies Group LLC/Jefferies Group Capital Finance, Inc., 2.63%, 10/15/2031

     100,000        93,107  

Moody’s Corp., 2.00%, 08/19/2031

     60,000        55,010  

Nasdaq, Inc., 1.65%, 01/15/2031

     60,000        52,870  

Nomura Holdings, Inc. (Japan), 2.61%, 07/14/2031

     200,000        186,738  

State Street Corp., 2.20%, 03/03/2031

     80,000        75,270  
     

 

 

 
        963,582  
     

 

 

 

Chemicals-0.27%

 

Ecolab, Inc., 1.30%, 01/30/2031

     60,000        53,385  
     

 

 

 

Commercial Services & Supplies-0.73%

 

Republic Services, Inc., 1.45%, 02/15/2031

     60,000        53,168  

Waste Management, Inc., 1.50%, 03/15/2031

     100,000        89,458  
     

 

 

 
        142,626  
     

 

 

 

Communications Equipment-0.39%

 

Motorola Solutions, Inc., 2.75%, 05/24/2031

     80,000        75,507  
     

 

 

 

Construction Materials-0.77%

 

Eagle Materials, Inc., 2.50%, 07/01/2031

     70,000        65,444  

Martin Marietta Materials, Inc., 2.40%, 07/15/2031

     90,000        84,362  
     

 

 

 
        149,806  
     

 

 

 

Consumer Finance-1.89%

 

Ally Financial, Inc.

     

8.00%, 11/01/2031

     190,000        250,163  

8.00%, 11/01/2031

     40,000        52,194  

Synchrony Financial, 2.88%, 10/28/2031

     70,000        65,054  
     

 

 

 
        367,411  
     

 

 

 

Containers & Packaging-0.40%

 

Amcor Flexibles North America, Inc., 2.69%, 05/25/2031

     80,000        77,067  
     

 

 

 

Diversified Financial Services-0.25%

 

ORIX Corp. (Japan), 2.25%, 03/09/2031

     50,000        48,254  
     

 

 

 

Diversified Telecommunication Services-6.26%

 

AT&T, Inc., 2.75%, 06/01/2031

     290,000        282,113  

Orange S.A. (France), 9.00%, 03/01/2031

     240,000        343,969  

Verizon Communications, Inc.

     

1.75%, 01/20/2031

     220,000        198,168  

2.55%, 03/21/2031

     410,000        393,813  
     

 

 

 
        1,218,063  
     

 

 

 

Electric Utilities-4.92%

 

Appalachian Power Co., Series AA, 2.70%, 04/01/2031

     50,000        48,066  

 

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

 

 

  59  

 

 

 

 

 

 

 


 

Invesco BulletShares 2031 Corporate Bond ETF (BSCV)–(continued)

February 28, 2022

(Unaudited)

 

     Principal
Amount
           Value        

Electric Utilities-(continued)

 

Baltimore Gas and Electric Co., 2.25%, 06/15/2031

   $ 60,000      $ 57,187  

Berkshire Hathaway Energy Co., 1.65%, 05/15/2031

     50,000        44,858  

Consolidated Edison Co. of New York, Inc., 2.40%, 06/15/2031

     90,000        85,735  

Duke Energy Carolinas LLC, 2.55%, 04/15/2031

     50,000        48,725  

Duke Energy Corp., 2.55%, 06/15/2031

     100,000        93,699  

Duke Energy Florida LLC, 2.40%, 12/15/2031

     60,000        57,082  

Duke Energy Progress LLC, 2.00%, 08/15/2031

     60,000        55,784  

Entergy Corp., 2.40%, 06/15/2031

     60,000        55,539  

Entergy Texas, Inc., 1.75%, 03/15/2031

     60,000        54,226  

Pacific Gas and Electric Co., 2.50%, 02/01/2031

     170,000        151,492  

Progress Energy, Inc., 7.75%, 03/01/2031

     50,000        66,527  

Public Service Co. of Colorado, 1.88%, 06/15/2031

     70,000        64,688  

Southern Co. Gas Capital Corp., Series 20-A, 1.75%, 01/15/2031

     40,000        35,570  

Virginia Electric & Power Co., 2.30%, 11/15/2031

     40,000        37,972  
     

 

 

 
        957,150  
     

 

 

 

Electrical Equipment-0.49%

 

Emerson Electric Co., 2.20%, 12/21/2031

     100,000        95,162  
     

 

 

 

Electronic Equipment, Instruments & Components-1.67%

 

Amphenol Corp., 2.20%, 09/15/2031

     70,000        64,558  

CDW LLC/CDW Finance Corp., 3.57%, 12/01/2031

     100,000        97,252  

Jabil, Inc., 3.00%, 01/15/2031

     60,000        57,870  

Teledyne Technologies, Inc., 2.75%, 04/01/2031

     110,000        106,249  
     

 

 

 
        325,929  
     

 

 

 

Energy Equipment & Services-0.25%

 

Boardwalk Pipelines L.P., 3.40%, 02/15/2031(b) .

     50,000        48,852  
     

 

 

 

Entertainment-1.55%

 

Electronic Arts, Inc., 1.85%, 02/15/2031

     70,000        63,934  

Walt Disney Co. (The), 2.65%, 01/13/2031

     240,000        237,636  
     

 

 

 
        301,570  
     

 

 

 

Equity REITs-10.95%

 

Alexandria Real Estate Equities, Inc., 3.38%, 08/15/2031

     70,000        71,585  

American Assets Trust L.P., 3.38%, 02/01/2031

     40,000        38,763  

American Tower Corp.

     

2.70%, 04/15/2031

     70,000        65,916  

2.30%, 09/15/2031

     70,000        63,632  

AvalonBay Communities, Inc., 2.45%, 01/15/2031

     50,000        48,849  

Boston Properties L.P., 3.25%, 01/30/2031

     120,000        119,764  

Brixmor Operating Partnership L.P., 2.50%, 08/16/2031

     50,000        46,245  

CBRE Services, Inc., 2.50%, 04/01/2031

     50,000        47,382  

Corporate Office Properties L.P., 2.75%, 04/15/2031

     60,000        56,419  

Crown Castle International Corp.

     

2.25%, 01/15/2031

     90,000        82,205  

2.10%, 04/01/2031

     100,000        90,112  

2.50%, 07/15/2031

     70,000        65,064  
     Principal
Amount
           Value        

Equity REITs-(continued)

 

Equinix, Inc., 2.50%, 05/15/2031

   $ 100,000      $ 92,533  

ERP Operating L.P., 1.85%, 08/01/2031

     50,000        46,389  

GLP Capital L.P./GLP Financing II, Inc., 4.00%, 01/15/2031

     60,000        59,886  

Healthcare Trust of America Holdings L.P., 2.00%, 03/15/2031

     80,000        72,580  

Healthpeak Properties, Inc., 2.88%, 01/15/2031 .

     60,000        59,020  

Invitation Homes Operating Partnership L.P., 2.00%, 08/15/2031

     60,000        53,667  

Kimco Realty Corp., 2.25%, 12/01/2031

     50,000        46,181  

Life Storage L.P., 2.40%, 10/15/2031

     60,000        55,831  

MPT Operating Partnership L.P./MPT Finance Corp., 3.50%, 03/15/2031

     120,000        113,249  

Omega Healthcare Investors, Inc., 3.38%, 02/01/2031

     70,000        66,263  

Physicians Realty L.P., 2.63%, 11/01/2031

     50,000        46,924  

Public Storage

     

2.30%, 05/01/2031

     60,000        57,830  

2.25%, 11/09/2031

     50,000        47,852  

Realty Income Corp., 3.25%, 01/15/2031

     90,000        91,334  

Sabra Health Care L.P., 3.20%, 12/01/2031

     80,000        74,451  

Simon Property Group L.P., 2.20%, 02/01/2031 .

     70,000        65,544  

Sun Communities Operating L.P., 2.70%, 07/15/2031

     70,000        65,891  

Ventas Realty L.P., 2.50%, 09/01/2031

     50,000        47,233  

W.P. Carey, Inc., 2.40%, 02/01/2031

     50,000        46,914  

Welltower, Inc.

     

2.75%, 01/15/2031

     60,000        58,119  

2.80%, 06/01/2031

     70,000        67,914  
     

 

 

 
        2,131,541  
     

 

 

 

Food & Staples Retailing-1.15%

 

Kroger Co. (The), 1.70%, 01/15/2031

     50,000        45,293  

Walmart, Inc., 1.80%, 09/22/2031

     190,000        178,605  
     

 

 

 
        223,898  
     

 

 

 

Food Products-1.81%

 

Bunge Ltd. Finance Corp., 2.75%, 05/14/2031

     100,000        95,236  

Flowers Foods, Inc., 2.40%, 03/15/2031

     50,000        47,411  

General Mills, Inc., 2.25%, 10/14/2031

     40,000        37,632  

Kellogg Co., Series B, 7.45%, 04/01/2031

     60,000        81,266  

McCormick & Co., Inc., 1.85%, 02/15/2031

     50,000        45,539  

Mondelez International, Inc., 1.50%, 02/04/2031

     50,000        44,620  
     

 

 

 
        351,704  
     

 

 

 

Gas Utilities-0.47%

 

Atmos Energy Corp., 1.50%, 01/15/2031

     50,000        44,189  

National Fuel Gas Co., 2.95%, 03/01/2031

     50,000        47,085  
     

 

 

 
        91,274  
     

 

 

 

Health Care Equipment & Supplies-1.09%

 

Baxter International, Inc., 1.73%, 04/01/2031

     60,000        54,435  

Becton, Dickinson and Co., 1.96%, 02/11/2031

     100,000        90,925  

Zimmer Biomet Holdings, Inc., 2.60%, 11/24/2031

     70,000        66,120  
     

 

 

 
        211,480  
     

 

 

 

Health Care Providers & Services-5.79%

 

AmerisourceBergen Corp., 2.70%, 03/15/2031

     100,000        96,418  

Anthem, Inc., 2.55%, 03/15/2031

     100,000        96,288  

 

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

 

 

  60  

 

 

 

 

 

 

 


 

Invesco BulletShares 2031 Corporate Bond ETF (BSCV)–(continued)

February 28, 2022

(Unaudited)

 

     Principal
Amount
           Value        

Health Care Providers & Services-(continued)

 

Centene Corp.

 

2.50%, 03/01/2031

   $ 210,000      $ 194,301  

2.63%, 08/01/2031

     120,000        110,824  

Cigna Corp., 2.38%, 03/15/2031

     140,000        132,039  

CVS Health Corp.

     

1.88%, 02/28/2031

     120,000        109,164  

2.13%, 09/15/2031

     100,000        92,447  

HCA, Inc., 2.38%, 07/15/2031

     70,000        64,403  

Laboratory Corp. of America Holdings, 2.70%, 06/01/2031

     50,000        47,942  

Quest Diagnostics, Inc., 2.80%, 06/30/2031

     50,000        48,551  

UnitedHealth Group, Inc., 2.30%, 05/15/2031

     140,000        135,030  
     

 

 

 
        1,127,407  
     

 

 

 

Hotels, Restaurants & Leisure-1.03%

 

Expedia Group, Inc., 2.95%, 03/15/2031

     100,000        95,969  

Marriott International, Inc., Series HH, 2.85%, 04/15/2031

     110,000        104,915  
     

 

 

 
        200,884  
     

 

 

 

Household Products-0.78%

 

Kimberly-Clark Corp., 2.00%, 11/02/2031

     60,000        56,474  

Procter & Gamble Co. (The), 1.95%, 04/23/2031(b)

     100,000        96,250  
     

 

 

 
        152,724  
     

 

 

 

Independent Power and Renewable Electricity Producers-0.78%

 

AES Corp. (The), 2.45%, 01/15/2031

     100,000        92,471  

DTE Electric Co., Series C, 2.63%, 03/01/2031

     60,000        59,085  
     

 

 

 
        151,556  
     

 

 

 

Industrial Conglomerates-1.03%

 

Honeywell International, Inc., 1.75%, 09/01/2031

     140,000        129,119  

Roper Technologies, Inc., 1.75%, 02/15/2031

     80,000        70,677  
     

 

 

 
        199,796  
     

 

 

 

Insurance-1.91%

 

Aon Corp./Aon Global Holdings PLC, 2.60%, 12/02/2031

     50,000        47,460  

Assured Guaranty US Holdings, Inc., 3.15%, 06/15/2031

     40,000        39,707  

Brown & Brown, Inc., 2.38%, 03/15/2031

     70,000        65,217  

Fidelity National Financial, Inc., 2.45%, 03/15/2031

     60,000        55,989  

First American Financial Corp., 2.40%, 08/15/2031

     60,000        54,804  

Lincoln National Corp., 3.40%, 01/15/2031(b)

     50,000        51,100  

Primerica, Inc., 2.80%, 11/19/2031

     60,000        57,672  
     

 

 

 
        371,949  
     

 

 

 

Internet & Direct Marketing Retail-1.78%

 

Amazon.com, Inc., 2.10%, 05/12/2031

     290,000        279,157  

eBay, Inc., 2.60%, 05/10/2031

     70,000        66,565  
     

 

 

 
        345,722  
     

 

 

 

IT Services-2.81%

 

Broadridge Financial Solutions, Inc., 2.60%, 05/01/2031

     100,000        94,138  

Fidelity National Information Services, Inc., 2.25%, 03/01/2031

     120,000        109,333  

Global Payments, Inc., 2.90%, 11/15/2031

     70,000        66,788  
     Principal
Amount
           Value        

IT Services-(continued)

 

Mastercard, Inc.

     

1.90%, 03/15/2031

   $ 60,000      $ 56,655  

2.00%, 11/18/2031

     70,000        66,281  

VeriSign, Inc., 2.70%, 06/15/2031

     70,000        65,072  

Visa, Inc., 1.10%, 02/15/2031

     100,000        88,699  
     

 

 

 
        546,966  
     

 

 

 

Leisure Products-0.23%

 

Brunswick Corp., 2.40%, 08/18/2031

     50,000        45,762  
     

 

 

 

Life Sciences Tools & Services-1.39%

 

Agilent Technologies, Inc., 2.30%, 03/12/2031

     70,000        65,505  

Illumina, Inc., 2.55%, 03/23/2031

     50,000        47,430  

PerkinElmer, Inc., 2.25%, 09/15/2031

     50,000        45,850  

Thermo Fisher Scientific, Inc., 2.00%, 10/15/2031

     120,000        111,432  
     

 

 

 
        270,217  
     

 

 

 

Machinery-1.31%

 

Caterpillar, Inc., 1.90%, 03/12/2031

     50,000        47,893  

IDEX Corp., 2.63%, 06/15/2031

     50,000        47,681  

John Deere Capital Corp.

     

1.45%, 01/15/2031

     60,000        54,700  

2.00%, 06/17/2031

     60,000        57,135  

Xylem, Inc., 2.25%, 01/30/2031

     50,000        47,078  
     

 

 

 
        254,487  
     

 

 

 

Media-3.50%

 

Charter Communications Operating LLC/Charter

     

Communications Operating Capital Corp., 2.80%, 04/01/2031

     150,000        140,074  

Comcast Corp.

     

1.95%, 01/15/2031

     140,000        130,325  

1.50%, 02/15/2031

     170,000        152,757  

Interpublic Group of Cos., Inc. (The), 2.40%, 03/01/2031

     50,000        47,453  

Omnicom Group, Inc., 2.60%, 08/01/2031

     80,000        76,940  

Paramount Global, 4.95%, 01/15/2031

     120,000        133,115  
     

 

 

 
        680,664  
     

 

 

 

Metals & Mining-0.26%

 

Steel Dynamics, Inc., 3.25%, 01/15/2031

     50,000        49,962  
     

 

 

 

Multiline Retail-0.64%

 

Dollar Tree, Inc., 2.65%, 12/01/2031

     80,000        76,028  

Kohl’s Corp., 3.38%, 05/01/2031(b)

     50,000        49,243  
     

 

 

 
        125,271  
     

 

 

 

Multi-Utilities-1.80%

 

Ameren Corp., 3.50%, 01/15/2031

     80,000        82,318  

CenterPoint Energy, Inc., 2.65%, 06/01/2031

     50,000        47,868  

Dominion Energy, Inc., Series C, 2.25%, 08/15/2031

     100,000        92,615  

NiSource, Inc., 1.70%, 02/15/2031

     70,000        61,305  

Public Service Enterprise Group, Inc., 2.45%, 11/15/2031

     70,000        66,355  
     

 

 

 
        350,461  
     

 

 

 

Oil, Gas & Consumable Fuels-5.34%

 

Burlington Resources LLC

     

7.20%, 08/15/2031

     60,000        80,397  

7.40%, 12/01/2031

     40,000        55,679  

Conoco Funding Co., 7.25%, 10/15/2031

     50,000        68,588  

 

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

 

 

  61  

 

 

 

 

 

 

 


 

Invesco BulletShares 2031 Corporate Bond ETF (BSCV)–(continued)

February 28, 2022

(Unaudited)

 

     Principal
Amount
           Value        

Oil, Gas & Consumable Fuels-(continued)

 

Devon Energy Corp., 7.88%, 09/30/2031

   $ 60,000      $ 80,922  

Diamondback Energy, Inc., 3.13%, 03/24/2031

     90,000        87,921  

Hess Corp., 7.30%, 08/15/2031

     50,000        63,455  

Kinder Morgan, Inc.

     

2.00%, 02/15/2031(b)

     70,000        62,946  

7.80%, 08/01/2031

     40,000        52,538  

ONEOK, Inc., 6.35%, 01/15/2031

     60,000        71,047  

Ovintiv, Inc., 7.38%, 11/01/2031

     40,000        50,924  

Pioneer Natural Resources Co., 2.15%, 01/15/2031

     100,000        92,310  

TransCanada PipeLines Ltd. (Canada), 2.50%, 10/12/2031

     100,000        93,489  

Valero Energy Corp., 2.80%, 12/01/2031

     50,000        47,270  

Williams Cos., Inc. (The), 2.60%, 03/15/2031

     140,000        132,319  
     

 

 

 
        1,039,805  
     

 

 

 

Personal Products-0.71%

 

Estee Lauder Cos., Inc. (The), 1.95%, 03/15/2031

     50,000        47,095  

Unilever Capital Corp. (United Kingdom), 1.75%, 08/12/2031

     100,000        91,307  
     

 

 

 
        138,402  
     

 

 

 

Pharmaceuticals-2.03%

 

Astrazeneca Finance LLC (United Kingdom), 2.25%, 05/28/2031(b)

     70,000        67,297  

Merck & Co., Inc., 2.15%, 12/10/2031

     190,000        181,621  

Pfizer, Inc., 1.75%, 08/18/2031

     100,000        92,686  

Royalty Pharma PLC, 2.15%, 09/02/2031

     60,000        53,731  
     

 

 

 
        395,335  
     

 

 

 

Professional Services-0.47%

 

Equifax, Inc., 2.35%, 09/15/2031

     100,000        91,928  
     

 

 

 

Road & Rail-1.39%

 

Canadian Pacific Railway Co. (Canada), 2.45%, 12/02/2031

     130,000        124,896  

Norfolk Southern Corp., 2.30%, 05/15/2031

     50,000        48,279  

Union Pacific Corp., 2.38%, 05/20/2031

     100,000        97,045  
     

 

 

 
        270,220  
     

 

 

 

Semiconductors & Semiconductor Equipment-2.47%

 

Analog Devices, Inc., 2.10%, 10/01/2031

     100,000        95,416  

Intel Corp., 2.00%, 08/12/2031

     120,000        111,635  

Marvell Technology, Inc., 2.95%, 04/15/2031

     70,000        67,465  

NVIDIA Corp., 2.00%, 06/15/2031

     120,000        112,936  

Skyworks Solutions, Inc., 3.00%, 06/01/2031

     50,000        46,679  

Texas Instruments, Inc., 1.90%, 09/15/2031(b)

     50,000        47,255  
     

 

 

 
        481,386  
     

 

 

 

Software-3.48%

 

Autodesk, Inc., 2.40%, 12/15/2031

     80,000        74,150  

Fortinet, Inc., 2.20%, 03/15/2031

     50,000        45,986  

Oracle Corp., 2.88%, 03/25/2031

     310,000        296,219  

salesforce.com, inc., 1.95%, 07/15/2031

     140,000        132,390  

VMware, Inc., 2.20%, 08/15/2031

     140,000        128,316  
     

 

 

 
        677,061  
     

 

 

 
     Principal
Amount
           Value        

Specialty Retail-3.06%

 

AutoZone, Inc., 1.65%, 01/15/2031

   $ 60,000      $ 53,245  

Home Depot, Inc. (The)

     

1.38%, 03/15/2031

     120,000        107,537  

1.88%, 09/15/2031

     100,000        92,859  

Leidos, Inc., 2.30%, 02/15/2031

     100,000        90,210  

Lowe’s Cos., Inc., 2.63%, 04/01/2031

     120,000        116,026  

O’Reilly Automotive, Inc., 1.75%, 03/15/2031

     50,000        44,908  

Ross Stores, Inc., 1.88%, 04/15/2031

     50,000        45,267  

TJX Cos., Inc. (The), 1.60%, 05/15/2031

     50,000        45,289  
     

 

 

 
        595,341  
     

 

 

 

Technology Hardware, Storage & Peripherals-1.72%

 

Apple, Inc.

 

  

1.65%, 02/08/2031

     260,000        241,835  

1.70%, 08/05/2031

     100,000        92,766  
     

 

 

 
        334,601  
     

 

 

 

Tobacco-0.57%

 

BAT Capital Corp. (United Kingdom), 2.73%, 03/25/2031

     120,000        110,029  
     

 

 

 

Water Utilities-0.24%

 

American Water Capital Corp., 2.30%, 06/01/2031

     50,000        47,213  
     

 

 

 

Wireless Telecommunication Services-0.48%

 

T-Mobile USA, Inc., 2.88%, 02/15/2031

     100,000        93,977  
     

 

 

 

Total U.S. Dollar Denominated Bonds & Notes
(Cost $20,305,524)

        19,179,220  
     

 

 

 
     Shares         

Money Market Funds-0.44%

 

  

Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c)(d)
(Cost $85,681)

     85,681        85,681  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-98.98%
(Cost $20,391,205)

        19,264,901  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

  

Money Market Funds-2.06%

 

  

Invesco Private Government Fund,
0.12%(c)(d)(e)

     120,486        120,486  

Invesco Private Prime Fund, 0.08%(c)(d)(e)

     281,106        281,134  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $401,622)

 

     401,620  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-101.04%
(Cost $20,792,827)

        19,666,521  

OTHER ASSETS LESS LIABILITIES-(1.04)%

        (202,303
     

 

 

 

NET ASSETS-100.00%

      $ 19,464,218  
     

 

 

 

 

Investment Abbreviations:

REIT-Real Estate Investment Trust

 

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

 

 

  62  

 

 

 

 

 

 

 


 

Invesco BulletShares 2031 Corporate Bond ETF (BSCV)–(continued)

February 28, 2022

(Unaudited)

 

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 February 28, 2022.

(c) 

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the period ended February 28, 2022.

 

    Value
August 31, 2021
    Purchases at
Cost
    Proceeds
from Sales
    Change in
Unrealized
Appreciation
(Depreciation)
    Realized
Gain
(Loss)
    Value
February 28, 2022
    Dividend
Income
 

Investments in Affiliated Money Market Funds:

                                                                                                                                           

Invesco Government & Agency Portfolio, Institutional Class

    $ -         $ 209,087         $ (123,406       $ -         $ -         $ 85,681         $ 9    

Investments Purchased with Cash Collateral from Securities on Loan:

                                         

Invesco Private Government Fund

      -           494,793           (374,307         -           -           120,486           8  

Invesco Private Prime Fund

      -           975,002           (693,847         (2         (19         281,134           45  
   

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

   

Total

    $ -         $ 1,678,882         $ (1,191,560         $(2         $(19       $ 487,301         $ 62    
   

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

   

 

*

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 February 28, 2022.

(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.

 

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)

 as of February 28, 2022

Information Technology

   12.54   

Communication Services

   11.79   

Real Estate

   10.95   

Health Care

   10.87   

Financials

   10.87   

Consumer Discretionary

   9.58   

Industrials

   9.03   

Utilities

   8.21   

Consumer Staples

   7.41   

Energy

   5.59   

Materials

   1.70   

Money Market Funds Plus Other Assets Less Liabilities

   1.46   

 

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

 

 

  63  

 

 

 

 

 

 

 


 

Invesco BulletShares 2022 High Yield Corporate Bond ETF (BSJM)

February 28, 2022

(Unaudited)

 

Schedule of Investments(a)

 

     Principal
    Amount    
           Value        

U.S. Dollar Denominated Bonds & Notes-89.19%

 

Aerospace & Defense-1.82%

 

TransDigm, Inc.

     

8.00%, 12/15/2025(b)

   $    9,596,000      $ 10,031,274  

7.50%, 03/15/2027

     4,904,000        5,074,414  
     

 

 

 
        15,105,688  
     

 

 

 

Airlines-0.39%

     

United Airlines Holdings, Inc., 4.25%, 10/01/2022

     3,189,000        3,248,411  
     

 

 

 

Auto Components-3.81%

 

American Axle & Manufacturing, Inc.

     

6.25%, 03/15/2026

     3,175,000        3,224,340  

6.50%, 04/01/2027

     3,973,000        4,066,366  

Clarios Global L.P., 6.75%, 05/15/2025(b)

     4,170,000        4,331,921  

Dana Financing Luxembourg S.a.r.l., 5.75%, 04/15/2025(b)

     1,025,000        1,039,130  

Dana, Inc., 5.38%, 11/15/2027

     3,707,000        3,785,792  

Gates Global LLC/Gates Corp., 6.25%, 01/15/2026(b)

     5,043,000        5,162,973  

Goodyear Tire & Rubber Co. (The)

     

9.50%, 05/31/2025

     7,470,000        7,961,152  

5.00%, 05/31/2026

     2,081,000        2,091,384  
     

 

 

 
        31,663,058  
     

 

 

 

Automobiles-3.75%

     

Cooper-Standard Automotive, Inc., 13.00%, 06/01/2024(b)

     1,982,000        2,089,474  

Ford Motor Credit Co. LLC

     

2.98%, 08/03/2022

     7,997,000        8,006,636  

4.25%, 09/20/2022

     8,800,000        8,892,356  

3.55%, 10/07/2022

     5,680,000        5,718,908  

Jaguar Land Rover Automotive PLC (United Kingdom),
7.75%, 10/15/2025(b)

     6,080,000        6,414,400  
     

 

 

 
        31,121,774  
     

 

 

 

Building Products-0.25%

 

JELD-WEN, Inc., 6.25%, 05/15/2025(b)

     1,985,000        2,049,483  
     

 

 

 

Chemicals-2.18%

     

Adams Homes, Inc., 7.50%, 02/15/2025(b)

     614,000        622,381  

Avient Corp., 5.75%, 05/15/2025(b)

     5,588,000        5,741,782  

GCP Applied Technologies, Inc., 5.50%, 04/15/2026(b)

     2,695,000        2,748,658  

Olin Corp., 5.50%, 08/15/2022

     1,589,000        1,609,419  

Suburban Propane Partners L.P./Suburban Energy Finance Corp., 5.88%, 03/01/2027

     2,777,000        2,839,288  

Tronox, Inc., 6.50%, 05/01/2025(b)

     4,377,000        4,550,876  
     

 

 

 
        18,112,404  
     

 

 

 

Commercial Services & Supplies-3.37%

 

Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.63%, 07/15/2026(b)

     17,000,000        17,430,100  

Brink’s Co. (The), 5.50%, 07/15/2025(b)

     3,732,000        3,820,579  

Clean Harbors, Inc., 4.88%, 07/15/2027(b)

     4,801,000        4,821,068  

Quad/Graphics, Inc., 7.00%, 05/01/2022

     1,899,000        1,903,748  
     

 

 

 
        27,975,495  
     

 

 

 

 

     Principal
    Amount    
           Value        

Consumer Finance-1.72%

 

Credit Acceptance Corp., 6.63%, 03/15/2026

   $   3,442,000      $     3,553,985  

OneMain Finance Corp., 8.88%, 06/01/2025

     5,157,000        5,447,210  

PRA Group, Inc., 7.38%, 09/01/2025(b)

     2,386,000        2,508,223  

TMX Finance LLC/TitleMax Finance Corp., 11.13%, 04/01/2023(b)

     2,802,000        2,800,137  
     

 

 

 
        14,309,555  
     

 

 

 

Containers & Packaging-1.97%

 

Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 5.25%, 04/30/2025(b)

     5,560,000        5,615,656  

Berry Global, Inc., 4.50%, 02/15/2026(b)

     384,000        385,238  

Flex Acquisition Co., Inc., 6.88%, 01/15/2025(b)

     5,701,000        5,719,756  

Graphic Packaging International LLC, 4.88%, 11/15/2022

     2,148,000        2,172,197  

Silgan Holdings, Inc., 4.75%, 03/15/2025

     2,464,000        2,473,228  
     

 

 

 
        16,366,075  
     

 

 

 

Diversified Consumer Services-0.53%

 

Service Corp. International, 4.63%, 12/15/2027

     4,371,000        4,420,217  
     

 

 

 

Diversified Financial Services-0.47%

 

Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 5.75%, 06/01/2025(b)

     2,504,000        2,564,384  

Verscend Escrow Corp., 9.75%, 08/15/2026(b)

     1,316,000        1,373,391  
     

 

 

 
        3,937,775  
     

 

 

 

Diversified Telecommunication Services-6.37%

 

Altice France Holding S.A. (Luxembourg), 10.50%, 05/15/2027(b)

     13,500,000        14,156,842  

Altice France S.A. (France), 8.13%, 02/01/2027(b)

     13,905,000        14,652,394  

Level 3 Financing, Inc.

     

5.38%, 05/01/2025

     4,172,000        4,188,605  

5.25%, 03/15/2026

     6,798,000        6,819,550  

Lumen Technologies, Inc., Series T, 5.80%, 03/15/2022

     13,068,000        13,090,150  
     

 

 

 
        52,907,541  
     

 

 

 

Electric Utilities-2.05%

     

FirstEnergy Corp., Series A, 3.35%, 07/15/2022

     3,972,000        3,966,082  

NRG Energy, Inc., 6.63%, 01/15/2027

     2,980,000        3,084,300  

Terraform Global Operating LLC, 6.13%, 03/01/2026(b)

     515,000        515,337  

Vistra Operations Co. LLC, 5.50%, 09/01/2026(b)

     9,330,000        9,488,657  
     

 

 

 
        17,054,376  
     

 

 

 

Electrical Equipment-1.51%

 

WESCO Distribution, Inc., 7.13%, 06/15/2025(b)

     11,918,000        12,504,246  
     

 

 

 

Entertainment-0.25%

     

Cinemark USA, Inc., 8.75%, 05/01/2025(b)

     1,991,000        2,089,286  
     

 

 

 

 

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

 

 

  64  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

     Principal
    Amount    
           Value        

Equity REITs-4.89%

 

Diversified Healthcare Trust, 9.75%, 06/15/2025

   $ 7,945,000      $ 8,402,473  

HAT Holdings I LLC/HAT Holdings II LLC, 6.00%, 04/15/2025(b)

     3,699,000        3,819,772  

Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 7.50%, 06/01/2025(b)

     843,000        881,938  

Service Properties Trust, 5.00%, 08/15/2022

     4,665,000        4,652,825  

Uniti Group L.P./Uniti Fiber Holdings, Inc./CSL Capital LLC, 7.88%, 02/15/2025(b)

     17,999,000        18,750,908  

XHR L.P., 6.38%, 08/15/2025(b)

     3,971,000        4,094,359  
     

 

 

 
        40,602,275  
     

 

 

 

Food & Staples Retailing-1.34%

 

Fresh Market, Inc. (The), 9.75%, 05/01/2023(b)

     5,439,000        2,251,642  

Performance Food Group, Inc., 6.88%, 05/01/2025(b)

     619,000        642,107  

US Foods, Inc., 6.25%, 04/15/2025(b)

     7,947,000        8,234,920  
     

 

 

 
        11,128,669  
     

 

 

 

Food Products-2.65%

 

B&G Foods, Inc., 5.25%, 04/01/2025

     7,154,000        7,198,677  

Del Monte Foods, Inc., 11.88%, 05/15/2025(b)

     3,977,000        4,403,732  

Post Holdings, Inc., 5.75%, 03/01/2027(b)

     10,323,000        10,436,553  
     

 

 

 
        22,038,962  
     

 

 

 

Health Care Equipment & Supplies-0.78%

 

Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics S.A., 7.38%, 06/01/2025(b)

     2,240,000        2,317,011  

Teleflex, Inc., 4.63%, 11/15/2027

     4,081,000        4,150,397  
     

 

 

 
        6,467,408  
     

 

 

 

Health Care Providers & Services-0.48%

 

ModivCare, Inc., 5.88%, 11/15/2025(b)

     3,973,000        3,992,031  
     

 

 

 

Hotels, Restaurants & Leisure-11.60%

 

1011778 BC ULC/New Red Finance, Inc. (Canada), 5.75%, 04/15/2025(b)

     4,162,000        4,291,688  

Aramark Services, Inc.

     

5.00%, 04/01/2025(b)

     1,453,000        1,466,251  

6.38%, 05/01/2025(b)

     13,999,000        14,472,796  

Boyd Gaming Corp., 8.63%, 06/01/2025(b)

     3,027,000        3,189,474  

Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp., 5.50%, 05/01/2025(b)

     8,627,000        8,877,744  

Hilton Domestic Operating Co., Inc., 5.38%, 05/01/2025(b)

     3,971,000        4,102,043  

Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/2027

     4,765,000        4,872,475  

IRB Holding Corp., 7.00%, 06/15/2025(b)

     7,002,000        7,324,022  

KFC Holding Co./Pizza Hut Holdings LLC/ Taco Bell of America LLC, 4.75%, 06/01/2027(b)

     5,938,000        6,094,615  

Marriott Ownership Resorts, Inc., 6.13%, 09/15/2025(b)

     2,338,000        2,416,861  
     Principal
    Amount    
           Value        

Hotels, Restaurants & Leisure-(continued)

 

MGM Resorts International

 

7.75%, 03/15/2022

   $ 8,796,000      $ 8,824,455  

6.75%, 05/01/2025

     6,942,000        7,192,676  

SeaWorld Parks & Entertainment, Inc., 8.75%, 05/01/2025(b)

     596,000        626,959  

Six Flags Theme Parks, Inc., 7.00%, 07/01/2025(b)

     5,761,000        6,013,015  

Vail Resorts, Inc., 6.25%, 05/15/2025(b)

     5,602,000        5,777,511  

Wynn Resorts Finance LLC/Wynn Resorts

     

Capital Corp., 7.75%, 04/15/2025(b)

     4,762,000        4,976,742  

Yum! Brands, Inc., 7.75%, 04/01/2025(b)

     5,552,000        5,788,376  
     

 

 

 
        96,307,703  
     

 

 

 

Household Durables-0.42%

 

Beazer Homes USA, Inc., 6.75%, 03/15/2025

     588,000        594,515  

KB Home, 7.50%, 09/15/2022

     2,777,000        2,863,740  
     

 

 

 
        3,458,255  
     

 

 

 

Leisure Products-0.72%

 

Mattel, Inc., 5.88%, 12/15/2027(b)

     5,601,000        5,944,005  
     

 

 

 

Machinery-1.34%

 

CD&R Smokey Buyer, Inc., 6.75%, 07/15/2025(b)

     6,440,000        6,657,253  

Maxim Crane Works Holdings Capital LLC, 10.13%, 08/01/2024(b)

     1,479,000        1,504,631  

Welbilt, Inc., 9.50%, 02/15/2024

     2,950,000        2,962,405  
     

 

 

 
        11,124,289  
     

 

 

 

Media-12.28%

 

AMC Networks, Inc., 5.00%, 04/01/2024

     1,781,000        1,780,786  

CCO Holdings LLC/CCO Holdings Capital Corp.

     

5.50%, 05/01/2026(b)

     897,000        916,052  

5.13%, 05/01/2027(b)

     21,195,000        21,454,215  

5.00%, 02/01/2028(b)

     17,001,000        17,063,479  

CSC Holdings LLC

     

5.88%, 09/15/2022

     5,701,000        5,785,831  

5.50%, 04/15/2027(b)

     10,410,000        10,396,571  

DISH DBS Corp., 5.88%, 07/15/2022

     17,995,000        18,171,891  

Outfront Media Capital LLC/Outfront Media Capital Corp., 6.25%, 06/15/2025(b)

     915,000        948,091  

Sirius XM Radio, Inc., 5.00%, 08/01/2027(b) .

     11,876,000        12,008,536  

Univision Communications, Inc., 9.50%, 05/01/2025(b)

     3,426,000        3,610,285  

Videotron Ltd. (Canada), 5.13%, 04/15/2027(b)

     4,762,000        4,851,716  

Ziggo Bond Co. B.V. (Netherlands), 6.00%, 01/15/2027(b)

     4,970,000        5,037,368  
     

 

 

 
        102,024,821  
     

 

 

 

Metals & Mining-2.36%

 

Cleveland-Cliffs, Inc.

 

9.88%, 10/17/2025(b)

     5,220,000        5,800,568  

6.75%, 03/15/2026(b)

     6,715,000        7,090,167  

Compass Minerals International, Inc., 6.75%, 12/01/2027(b)

     4,201,000        4,366,652  

Mountain Province Diamonds, Inc. (Canada), 8.00%, 12/15/2022(b)(c)

     2,384,000        2,381,938  
     

 

 

 
        19,639,325  
     

 

 

 

 

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

 

 

  65  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

 

     Principal
    Amount    
           Value        

Oil, Gas & Consumable Fuels-5.94%

 

Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.63%, 12/15/2025(b)

   $ 5,161,000      $ 5,431,436  

Calumet Specialty Products Partners L.P./Calumet Finance Corp., 9.25%, 07/15/2024(b)

     1,805,000        1,947,640  

Enviva Partners L.P./Enviva Partners Finance Corp., 6.50%, 01/15/2026(b)

     4,470,000        4,614,582  

EQT Corp., 3.00%, 10/01/2022

     5,313,000        5,360,950  

Hess Midstream Operations L.P., 5.63%, 02/15/2026(b)

     6,317,000        6,482,916  

Range Resources Corp., 5.00%, 08/15/2022

     1,350,000        1,353,564  

Southwestern Energy Co., 7.75%, 10/01/2027

     3,499,000        3,708,590  

Targa Resources Partners L.P./Targa Resources Partners Finance Corp.

     

5.88%, 04/15/2026

     5,640,000        5,829,645  

5.38%, 02/01/2027

     3,206,000        3,298,285  

6.50%, 07/15/2027

     6,586,000        6,989,919  

Western Midstream Operating L.P., 4.00%, 07/01/2022

     4,317,000        4,321,857  
     

 

 

 
        49,339,384  
     

 

 

 

Pharmaceuticals-2.95%

     

Bausch Health Americas, Inc.

     

9.25%, 04/01/2026(b)

     13,998,000        14,498,149  

8.50%, 01/31/2027(b)

     5,280,000        5,356,454  

Catalent Pharma Solutions, Inc., 5.00%, 07/15/2027(b)

     4,565,000        4,673,350  
     

 

 

 
        24,527,953  
     

 

 

 

Road & Rail-2.32%

     

Uber Technologies, Inc., 7.50%, 05/15/2025(b)

     8,794,000        9,154,554  

XPO Logistics, Inc., 6.25%, 05/01/2025(b)

     9,737,000        10,117,230  
     

 

 

 
        19,271,784  
     

 

 

 

Software-1.23%

     

Boxer Parent Co., Inc., 7.13%, 10/02/2025(b)

     4,762,000        4,933,432  

CDK Global, Inc., 4.88%, 06/01/2027

     5,176,000        5,307,186  
     

 

 

 
        10,240,618  
     

 

 

 

Specialty Retail-0.61%

     

Murphy Oil USA, Inc., 5.63%, 05/01/2027

     2,455,000        2,529,571  

Sally Holdings LLC/Sally Capital, Inc., 8.75%, 04/30/2025(b)

     2,382,000        2,501,076  
     

 

 

 
        5,030,647  
     

 

 

 

Technology Hardware, Storage & Peripherals-0.81%

 

  

Diebold Nixdorf, Inc., 9.38%, 07/15/2025(b)

     6,484,000        6,759,635  
     

 

 

 

Textiles, Apparel & Luxury Goods-1.35%

 

Abercrombie & Fitch Management Co., 8.75%, 07/15/2025(b)

     3,053,000        3,224,624  
     Principal
    Amount    
           Value        

Textiles, Apparel & Luxury Goods-(continued)

 

G-III Apparel Group Ltd., 7.88%, 08/15/2025(b)

   $ 3,732,000      $ 3,929,087  

William Carter Co. (The), 5.50%, 05/15/2025(b)

     3,970,000        4,073,816  
     

 

 

 
        11,227,527  
     

 

 

 

Trading Companies & Distributors-0.99%

 

  

United Rentals North America, Inc., 5.50%, 05/15/2027

     7,943,000        8,203,491  
     

 

 

 

Wireless Telecommunication Services-3.69%

 

  

C&W Senior Financing DAC (Panama), 6.88%, 09/15/2027(b)

     9,690,000        10,059,770  

Sprint Communications, Inc., 6.00%, 11/15/2022

     20,003,000        20,586,688  
     

 

 

 
        30,646,458  
     

 

 

 

Total U.S. Dollar Denominated Bonds & Notes
(Cost $745,629,283)

 

     740,840,624  
     

 

 

 

U.S. Treasury Securities-7.64%

 

U.S. Treasury Bills-7.64%

 

  

0.14%–0.21%, 04/21/2022(d)

     21,000,000        20,994,715  

0.07%–0.08%, 03/24/2022(d)

     15,500,000        15,499,440  

0.31%, 05/19/2022(d)

     27,000,000        26,982,423  
     

 

 

 

Total U.S. Treasury Securities
(Cost $63,475,884)

        63,476,578  
     

 

 

 
     Shares         

Money Market Funds-1.70%

 

Invesco Government & Agency Portfolio, Institutional Class, 0.03%(e)(f)
(Cost $14,113,553)

     14,113,553        14,113,553  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased
with cash collateral from
securities on loan)-98.53%
(Cost $823,218,720)

 

     818,430,755  
     

 

 

 
Investments Purchased with Cash Collateral
from Securities on Loan

 

Money Market Funds-0.09%

 

Invesco Private Government Fund,
0.12%(e)(f)(g)

     223,925        223,925  

Invesco Private Prime Fund,
0.08%(e)(f)(g)

     522,439        522,491  
     

 

 

 

Total Investments Purchased with Cash
Collateral from Securities on Loan
(Cost $746,520)

 

     746,416  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-98.62%
(Cost $823,965,240)

 

     819,177,171  

OTHER ASSETS LESS LIABILITIES-1.38%

 

     11,451,054  
     

 

 

 

NET ASSETS-100.00%

      $ 830,628,225  
     

 

 

 

 

Investment Abbreviations:

REIT-Real Estate Investment Trust

 

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

 

 

  66  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

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 February 28, 2022 was $488,259,994, which represented 58.78% of the Fund’s Net Assets.

(c) 

All or a portion of this security was out on loan at February 28, 2022.

(d) 

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

(e) 

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2022.

 

     Value
August 31, 2021
   Purchases
at Cost
   Proceeds
from Sales
  Change in
Unrealized
Appreciation
(Depreciation)
  Realized
Gain
(Loss)
  Value
February 28, 2022
   Dividend
Income

Investments in Affiliated Money Market Funds:

                               

Invesco Government & Agency Portfolio, Institutional Class

     $ 38,334,118      $ 245,175,733      $ (269,396,298 )     $ -     $ -     $ 14,113,553      $ 4,000

Investments Purchased with Cash Collateral from Securities on Loan:

                               

Invesco Private Government Fund

       27,943,890        58,697,671        (86,417,636 )       -       -       223,925        2,173 *

Invesco Private Prime Fund

       65,723,895        121,815,022        (187,001,526 )       (104 )       (14,796 )       522,491        26,603 *
    

 

 

      

 

 

      

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 

Total

     $ 132,001,903      $ 425,688,426      $ (542,815,460 )     $ (104 )     $ (14,796 )     $ 14,859,969      $ 32,776
    

 

 

      

 

 

      

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 

 

*

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 February 28, 2022.

(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.

 Portfolio Composition

 Sector Breakdown (% of the Fund’s Net Assets)

 as of February 28, 2022

 

     

Communication Services

     22.59     

Consumer Discretionary

     20.99     

Industrials

     11.74     

U.S. Treasury Securities

     7.64     

Materials

     6.51     

Energy

     6.25     

Consumer Staples

     5.73     

Real Estate

     4.89     

Health Care

     4.21     

Sector Types Each Less Than 3%

     6.28     

Money Market Funds Plus Other Assets Less Liabilities

     3.17     

 

 

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

 

 

  67  

 

 

 

 

 

 

 


 

Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN)

February 28, 2022

(Unaudited)

 

Schedule of Investments(a)

 

         Principal    
Amount
           Value        

U.S. Dollar Denominated Bonds & Notes-97.85%

 

Aerospace & Defense-1.15%

     

Maxar Space Robotics LLC, 9.75%, 12/31/2023(b)

   $   3,887,000      $      4,109,842  

Triumph Group, Inc., 8.88%,
06/01/2024(b)

     4,335,000        4,630,322  
     

 

 

 
        8,740,164  
     

 

 

 

Auto Components-1.34%

     

Ahern Rentals, Inc., 7.38%, 05/15/2023(b)(c)

     4,230,000        3,828,150  

American Axle & Manufacturing, Inc.,
6.88%, 07/01/2028(c)

     3,092,000        3,191,717  

Dana, Inc., 5.63%, 06/15/2028(c)

     3,060,000        3,132,690  
     

 

 

 
        10,152,557  
     

 

 

 

Automobiles-5.90%

     

Ford Motor Credit Co. LLC

     

3.09%, 01/09/2023

     10,480,000        10,558,495  

4.14%, 02/15/2023

     6,360,000        6,437,051  

3.10%, 05/04/2023

     7,102,000        7,164,143  

4.38%, 08/06/2023

     6,900,000        7,011,263  

3.37%, 11/17/2023

     7,040,000        7,080,198  

Jaguar Land Rover Automotive PLC (United Kingdom), 5.63%, 02/01/2023(b)

     3,983,000        3,985,723  

Winnebago Industries, Inc., 6.25%, 07/15/2028(b)(c)

     2,330,000        2,408,661  
     

 

 

 
        44,645,534  
     

 

 

 

Building Products-1.20%

     

Cornerstone Building Brands, Inc., 6.13%, 01/15/2029(b)(c)

     3,837,000        3,678,398  

Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/2029(b)

     5,370,000        5,397,145  
     

 

 

 
        9,075,543  
     

 

 

 

Capital Markets-1.57%

     

APX Group, Inc., 6.75%, 02/15/2027(b)(c)

     4,645,000        4,774,503  

DKT Finance ApS (Denmark), 9.38%, 06/17/2023(b)

     3,150,000        3,166,115  

FS Energy and Power Fund, 7.50%, 08/15/2023(b)

     3,792,000        3,920,094  
     

 

 

 
        11,860,712  
     

 

 

 

Chemicals-2.47%

     

Avient Corp., 5.25%, 03/15/2023

     4,590,000        4,710,786  

Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B B.V., 4.75%, 06/15/2027(b)(c)

     3,930,000        3,944,836  

Chemours Co. (The), 5.75%, 11/15/2028(b)(c)

     6,162,000        6,063,162  

Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/2028(b)

     3,520,000        3,727,539  

Innophos Holdings, Inc., 9.38%, 02/15/2028(b)

     225,000        240,032  
     

 

 

 
        18,686,355  
     

 

 

 

Commercial Services & Supplies-2.54%

 

ADT Security Corp. (The), 4.13%, 06/15/2023

     5,430,000        5,540,229  

 

 

 

         Principal    
Amount
           Value        

Commercial Services & Supplies-(continued)

 

CoreCivic, Inc., 4.63%, 05/01/2023(c)

   $  1,330,000      $      1,331,975  

GEO Group, Inc. (The), 5.13%, 04/01/2023

     1,974,000        1,878,537  

Interface, Inc., 5.50%, 12/01/2028(b)

     2,306,000        2,326,201  

Prime Security Services Borrower LLC/ Prime Finance, Inc., 6.25%, 01/15/2028(b)(c)

     2,430,000        2,347,854  

RR Donnelley & Sons Co.

     

6.13%, 11/01/2026(b)

     3,500,000        3,731,875  

8.25%, 07/01/2027

     1,780,000        2,058,125  
     

 

 

 
        19,214,796  
     

 

 

 

Construction & Engineering-0.28%

 

  

New Enterprise Stone & Lime Co., Inc., 9.75%, 07/15/2028(b)

     2,030,000        2,099,122  
     

 

 

 

Consumer Finance-2.74%

     

Navient Corp.

     

5.50%, 01/25/2023

     7,292,000        7,454,393  

7.25%, 09/25/2023(c)

     3,589,000        3,769,257  

OneMain Finance Corp.

     

5.63%, 03/15/2023(c)

     6,785,000        6,962,767  

8.25%, 10/01/2023

     2,352,000        2,515,605  
     

 

 

 
        20,702,022  
     

 

 

 

Containers & Packaging-3.64%

     

Ball Corp., 4.00%, 11/15/2023(c)

     7,744,000        7,917,465  

Cascades, Inc./Cascades USA, Inc. (Canada)

     

5.13%, 01/15/2026(b)

     1,580,000        1,587,142  

5.38%, 01/15/2028(b)

     3,400,000        3,412,869  

Owens-Brockway Glass Container, Inc.

     

5.88%, 08/15/2023(b)

     5,523,000        5,625,921  

6.63%, 05/13/2027(b)(c)

     5,416,000        5,624,841  

Sealed Air Corp., 5.25%, 04/01/2023(b)(c) .

     3,308,000        3,369,909  
     

 

 

 
        27,538,147  
     

 

 

 

Diversified Telecommunication Services-2.97%

 

Avaya, Inc., 6.13%, 09/15/2028(b)(c)

     7,672,000        7,405,168  

Frontier Communications Holdings LLC, 5.88%, 10/15/2027(b)

     8,901,000        9,036,251  

Lumen Technologies, Inc., Series W, 6.75%, 12/01/2023(c)

     5,806,000        6,074,237  
     

 

 

 
        22,515,656  
     

 

 

 

Electric Utilities-1.40%

     

InterGen N.V. (Netherlands), 7.00%, 06/30/2023(b)

     3,002,000        2,954,418  

PG&E Corp., 5.00%, 07/01/2028(c)

     7,742,000        7,677,355  
     

 

 

 
        10,631,773  
     

 

 

 

Electrical Equipment-2.28%

     

EnerSys, 5.00%, 04/30/2023(b)(c)

     2,341,000        2,380,540  

Sensata Technologies B.V., 4.88%, 10/15/2023(b)

     3,844,000        3,944,309  

WESCO Distribution, Inc., 7.25%, 06/15/2028(b)(c)

     10,254,000        10,942,966  
     

 

 

 
        17,267,815  
     

 

 

 

 

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

 

 

  68  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

         Principal    
Amount
           Value        

Energy Equipment & Services-1.84%

 

Harvest Midstream I L.P., 7.50%, 09/01/2028(b)

   $ 6,137,000      $ 6,202,574  

TechnipFMC PLC (United Kingdom), 6.50%, 02/01/2026(b)(c)

     4,895,000        5,060,427  

Tervita Corp. (Canada), 11.00%, 12/01/2025(b)

     2,356,000        2,688,879  
     

 

 

 
        13,951,880  
     

 

 

 

Entertainment-1.32%

     

Live Nation Entertainment, Inc., 6.50%, 05/15/2027(b)

     9,293,000        9,959,959  
     

 

 

 

Equity REITs-3.94%

     

NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/2026(b)

     8,514,000        8,773,677  

SBA Communications Corp., 3.88%, 02/15/2027(c)

     11,476,000        11,462,515  

Service Properties Trust, 4.50%, 06/15/2023

     3,892,000        3,858,996  

VICI Properties L.P./VICI Note Co., Inc., 3.75%, 02/15/2027(b)(c)

     5,734,000        5,700,657  
     

 

 

 
        29,795,845  
     

 

 

 

Food & Staples Retailing-1.33%

 

Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s L.P./Albertson’s LLC, 3.50%, 02/15/2023(b)(c)

     5,811,000        5,833,605  

SEG Holding LLC/SEG Finance Corp., 5.63%, 10/15/2028(b)

     243,000        250,600  

United Natural Foods, Inc., 6.75%, 10/15/2028(b)(c)

     3,821,000        3,953,779  
     

 

 

 
        10,037,984  
     

 

 

 

Health Care Equipment & Supplies-3.61%

 

CHS/Community Health Systems, Inc., 5.63%, 03/15/2027(b)(c)

     14,705,000        14,757,423  

Hologic, Inc., 4.63%, 02/01/2028(b)(c)

     3,100,000        3,204,485  

Ortho-Clinical Diagnostics, Inc./Ortho- Clinical Diagnostics S.A., 7.25%, 02/01/2028(b)

     3,104,000        3,247,032  

Teleflex, Inc., 4.25%, 06/01/2028(b)

     3,885,000        3,843,392  

Varex Imaging Corp., 7.88%, 10/15/2027(b)

     2,110,000        2,276,933  
     

 

 

 
        27,329,265  
     

 

 

 

Health Care Providers & Services-6.63%

 

Acadia Healthcare Co., Inc., 5.50%, 07/01/2028(b)

     3,465,000        3,485,790  

Avantor Funding, Inc., 4.63%, 07/15/2028(b)

     11,999,000        12,193,384  

Tenet Healthcare Corp.

     

6.75%, 06/15/2023

     14,487,000        15,081,981  

6.13%, 10/01/2028(b)(c)

     19,276,000        19,401,679  
     

 

 

 
        50,162,834  
     

 

 

 

Hotels, Restaurants & Leisure-9.31%

 

Academy Ltd., 6.00%,
11/15/2027(b)(c)

     3,100,000        3,231,828  

Brinker International, Inc., 3.88%, 05/15/2023

     2,345,000        2,369,529  

Caesars Entertainment, Inc., 8.13%, 07/01/2027(b)(c)

     13,076,000        14,070,691  
         Principal    
Amount
           Value        

Hotels, Restaurants & Leisure-(continued)

 

Carnival Corp., 10.50%, 02/01/2026(b)(c)

   $ 6,003,000      $ 6,746,111  

Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp., 6.50%, 10/01/2028(c)

     2,306,000        2,366,187  

Churchill Downs, Inc., 4.75%, 01/15/2028(b)

     5,422,000        5,332,401  

Hilton Domestic Operating Co., Inc., 5.75%, 05/01/2028(b)(c)

     3,840,000        4,017,427  

MGM Resorts International, 6.00%, 03/15/2023(c)

     9,681,000        9,995,633  

Peninsula Pacific Entertainment LLC/ Peninsula Pacific Entertainment Finance, Inc., 8.50%, 11/15/2027(b)

     6,521,000        7,225,268  

Scientific Games International, Inc., 7.00%, 05/15/2028(b)(c)

     5,348,000        5,513,788  

Travel + Leisure Co., 3.90%, 03/01/2023

     3,045,000        3,056,312  

Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 4.25%, 05/30/2023(b)(c)

     3,889,000        3,912,373  

Yum! Brands, Inc., 3.88%, 11/01/2023(c)

     2,536,000        2,596,141  
     

 

 

 
        70,433,689  
     

 

 

 

Household Durables-2.74%

     

Apex Tool Group LLC/BC Mountain Finance, Inc., 9.00%, 02/15/2023(b)(c)

     2,391,000        2,396,320  

Ashton Woods USA LLC/Ashton Woods Finance Co., 6.63%, 01/15/2028(b)

     1,937,000        1,992,360  

Installed Building Products, Inc., 5.75%, 02/01/2028(b)(c)

     2,271,000        2,279,766  

KB Home, 7.63%, 05/15/2023(c)

     2,711,000        2,805,600  

Newell Brands, Inc., 4.35%, 04/01/2023(c)

     8,414,000        8,595,869  

Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., 5.88%, 04/15/2023(b)

     2,645,000        2,704,486  
     

 

 

 
        20,774,401  
     

 

 

 

Household Products-0.72%

     

Central Garden & Pet Co., 5.13%, 02/01/2028(c)

     2,306,000        2,349,214  

Prestige Brands, Inc., 5.13%, 01/15/2028(b)

     3,127,000        3,134,896  
     

 

 

 
        5,484,110  
     

 

 

 

Independent Power and Renewable Electricity Producers-1.37%

 

Clearway Energy Operating LLC, 4.75%, 03/15/2028(b)(c)

     6,519,000        6,564,046  

TerraForm Power Operating LLC, 4.25%, 01/31/2023(b)(c)

     3,831,000        3,840,329  
     

 

 

 
        10,404,375  
     

 

 

 

Interactive Media & Services-0.41%

     

Cars.com, Inc., 6.38%, 11/01/2028(b)

     3,061,000        3,095,865  
     

 

 

 

Internet & Direct Marketing Retail-0.27%

 

Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc., 10.75%, 06/01/2028(b)

     1,915,000        2,024,576  

IT Services-1.35%

     

Gartner, Inc., 4.50%, 07/01/2028(b)(c)

     6,198,000        6,286,260  

Unisys Corp., 6.88%, 11/01/2027(b)

     3,767,000        3,969,570  
     

 

 

 
        10,255,830  
     

 

 

 

 

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

 

 

  69  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

         Principal    
Amount
           Value        

Leisure Products-0.25%

     

Mattel, Inc., 3.15%, 03/15/2023

   $ 1,895,000      $ 1,897,160  
     

 

 

 

Machinery-0.80%

     

Cleaver-Brooks, Inc., 7.88%, 03/01/2023(b)(c)

     2,895,000        2,783,933  

TK Elevator Holdco GmbH (Germany), 7.63%, 07/15/2028, (Acquired 02/01/2022 - 02/10/2022;
Cost $3,386,678)(b)(c)(d)

     3,200,000        3,259,200  
     

 

 

 
        6,043,133  
     

 

 

 

Media-4.09%

     

CCO Holdings LLC/CCO Holdings Capital Corp., 4.00%, 03/01/2023(b)

     3,848,000        3,847,519  

DISH DBS Corp., 5.00%, 03/15/2023

     11,616,000        11,755,392  

Quebecor Media, Inc. (Canada), 5.75%, 01/15/2023(c)

     6,577,000        6,699,990  

TEGNA, Inc., 4.75%, 03/15/2026(b)

     4,250,000        4,283,277  

Townsquare Media, Inc., 6.88%, 02/01/2026(b)(c)

     4,250,000        4,339,250  
     

 

 

 
        30,925,428  
     

 

 

 

Metals & Mining-3.16%

     

Arconic Corp., 6.13%, 02/15/2028(b)

     6,920,000        7,085,976  

Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/2029(b)

     5,569,000        5,827,624  

Commercial Metals Co., 4.88%, 05/15/2023(c)

     2,558,000        2,611,411  

Constellium SE, 5.63%, 06/15/2028(b)(c)

     2,600,000        2,620,748  

Joseph T. Ryerson & Son, Inc., 8.50%, 08/01/2028(b)

     2,353,000        2,548,299  

New Gold, Inc. (Canada), 7.50%, 07/15/2027(b)(c)

     3,071,000        3,204,819  
     

 

 

 
        23,898,877  
     

 

 

 

Mortgage REITs-0.31%

     

Starwood Property Trust, Inc., 5.50%, 11/01/2023(b)

     2,345,000        2,383,071  
     

 

 

 

Multiline Retail-0.52%

     

Macy’s Retail Holdings LLC, 2.88%, 02/15/2023(c)

     3,900,000        3,900,000  
     

 

 

 

Oil, Gas & Consumable Fuels-8.24%

 

Aethon United BR L.P./Aethon United Finance Corp., 8.25%, 02/15/2026(b)

     5,786,000        6,131,424  

Antero Midstream Partners L.P./Antero Midstream Finance Corp., 7.88%, 05/15/2026(b)

     4,250,000        4,574,169  

Buckeye Partners L.P., 4.15%, 07/01/2023

     3,847,000        3,898,819  

Chesapeake Energy Corp., 5.50%, 02/01/2026(b)

     3,839,000        3,949,736  

DCP Midstream Operating L.P., 3.88%, 03/15/2023

     3,878,000        3,926,339  

EQM Midstream Partners L.P., 4.75%, 07/15/2023

     4,611,000        4,640,234  

Hess Midstream Operations L.P., 5.13%, 06/15/2028(b)(c)

     4,224,000        4,319,462  

MEG Energy Corp. (Canada), 7.13%, 02/01/2027(b)

     9,235,000        9,660,733  
         Principal    
Amount
           Value        

Oil, Gas & Consumable Fuels-(continued)

 

NGL Energy Partners L.P./NGL Energy Finance Corp., 7.50%, 11/01/2023

   $ 3,820,000      $ 3,673,083  

Occidental Petroleum Corp., 2.70%, 02/15/2023

     3,422,000        3,427,133  

PBF Logistics L.P./PBF Logistics Finance Corp., 6.88%, 05/15/2023

     4,064,000        4,047,846  

Range Resources Corp., 5.00%, 03/15/2023

     4,084,000        4,139,216  

Rockpoint Gas Storage Canada Ltd. (Canada), 7.00%, 03/31/2023(b)

     3,053,000        3,052,237  

Southwestern Energy Co., 8.38%, 09/15/2028(c)

     2,686,000        2,939,827  
     

 

 

 
        62,380,258  
     

 

 

 

Personal Products-1.26%

     

Avon Products, Inc. (United Kingdom), 6.50%, 03/15/2023(c)

     3,612,000        3,674,975  

Edgewell Personal Care Co., 5.50%, 06/01/2028(b)(c)

     5,805,000        5,842,384  
     

 

 

 
        9,517,359  
     

 

 

 

Pharmaceuticals-1.14%

     

AdaptHealth LLC, 6.13%, 08/01/2028(b)(c)

     2,690,000        2,666,005  

Elanco Animal Health, Inc., 5.77%, 08/28/2023(c)

     5,789,000        5,970,196  
     

 

 

 
        8,636,201  
     

 

 

 

Real Estate Management & Development-1.83%

 

Cushman & Wakefield US Borrower LLC, 6.75%, 05/15/2028(b)

     5,032,000        5,264,428  

Howard Hughes Corp. (The), 5.38%, 08/01/2028(b)(c)

     5,367,000        5,431,726  

Realogy Group LLC/Realogy Co-Issuer Corp., 4.88%, 06/01/2023(b)(c)

     3,096,000        3,169,004  
     

 

 

 
        13,865,158  
     

 

 

 

Road & Rail-1.14%

     

Uber Technologies, Inc., 6.25%, 01/15/2028(b)(c)

     3,873,000        3,959,368  

Watco Cos. LLC/Watco Finance Corp., 6.50%, 06/15/2027(b)

     4,600,000        4,633,120  
     

 

 

 
        8,592,488  
     

 

 

 

Specialty Retail-0.35%

     

Guitar Center, Inc., 8.50%, 01/15/2026(b)(c)

     2,510,000        2,635,876  
     

 

 

 

Technology Hardware, Storage & Peripherals-2.02%

 

Presidio Holdings, Inc., 8.25%, 02/01/2028(b)(c)

     3,100,000        3,178,740  

Seagate HDD Cayman, 4.75%, 06/01/2023(c)

     4,177,000        4,296,817  

Xerox Corp., 4.38%, 03/15/2023(c)

     7,755,000        7,842,438  
     

 

 

 
        15,317,995  
     

 

 

 

Thrifts & Mortgage Finance-1.55%

 

MGIC Investment Corp.

     

5.75%, 08/15/2023(c)

     1,850,000        1,930,974  

5.25%, 08/15/2028

     4,973,000        5,044,910  

Nationstar Mortgage Holdings, Inc., 6.00%, 01/15/2027(b)

     4,645,000        4,720,551  
     

 

 

 
        11,696,435  
     

 

 

 

 

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

 

 

  70  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

         Principal    
Amount
           Value        

Trading Companies & Distributors-2.19%

 

Fortress Transportation and Infrastructure Investors LLC, 9.75%, 08/01/2027(b)

   $   3,083,000      $ 3,387,462  

United Rentals North America, Inc., 4.88%, 01/15/2028

     12,923,000        13,173,544  
     

 

 

 
        16,561,006  
     

 

 

 

Wireless Telecommunication Services-4.68%

 

  

Sprint Corp., 7.88%, 09/15/2023

     32,907,000        35,395,592  
     

 

 

 

Total U.S. Dollar Denominated Bonds & Notes
(Cost $754,265,215)

 

     740,486,846  
     

 

 

 
     Shares         

Money Market Funds-0.77%

 

Invesco Government & Agency
Portfolio, Institutional Class,
0.03%(e)(f)
(Cost $5,810,863)

     5,810,863        5,810,863  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash
collateral from securities on loan)-98.62%
(Cost $760,076,078)

 

     746,297,709  
     

 

 

 
         Shares          Value  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-18.70%

 

Invesco Private Government Fund, 0.12%(e)(f)(g)

     42,444,961      $ 42,444,961  

Invesco Private Prime Fund,
0.08%(e)(f)(g)

     99,028,338        99,038,243  
     

 

 

 

Total Investments Purchased with Cash
Collateral from Securities on Loan
(Cost $141,492,247)

 

     141,483,204  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-117.32%
(Cost $901,568,325)

 

     887,780,913  

OTHER ASSETS LESS LIABILITIES-(17.32)%

 

     (131,045,244
  

 

 

 

NET ASSETS-100.00%

 

   $  756,735,669  
     

 

 

 

 

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 February 28, 2022 was $438,596,685, which represented 57.96% of the Fund’s Net Assets.

(c) 

All or a portion of this security was out on loan at February 28, 2022.

(d) 

Restricted security. The value of this security at February 28, 2022 represented less than 1% of the Fund’s Net Assets.

(e) 

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2022.

 

     Value
August 31, 2021
   Purchases
at Cost
   Proceeds
from Sales
  Change  in
Unrealized
Appreciation
(Depreciation)
  Realized
Gain
(Loss)
  Value
February 28, 2022
   Dividend
Income

Investments in Affiliated Money Market Funds:

                               

Invesco Government & Agency Portfolio, Institutional Class

     $ 1,252,545      $ 172,249,128      $ (167,690,810 )     $ -     $ -     $ 5,810,863      $ 2,477

Investments Purchased with Cash Collateral from Securities on Loan:

                               

Invesco Private Government Fund

       36,814,253        98,919,378        (93,288,670 )       -       -       42,444,961        5,185 *

Invesco Private Prime Fund

       85,920,830        165,855,550        (152,712,031 )       (9,043 )       (17,063 )       99,038,243        45,242 *
    

 

 

      

 

 

      

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 

Total

     $ 123,987,628      $ 437,024,056      $ (413,691,511 )     $ (9,043 )     $ (17,063 )     $ 147,294,067      $ 52,904
    

 

 

      

 

 

      

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 

 

*

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.

 

(f) 

The rate shown is the 7-day SEC standardized yield as of February 28, 2022.

(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.

 

 

  71  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

 Portfolio Composition

 Sector Breakdown (% of the Fund’s Net Assets)

 as of February 28, 2022

     

Consumer Discretionary

     20.41     

Communication Services

     13.47     

Industrials

     11.58     

Health Care

     11.38     

Energy

     10.08     

Materials

     9.27     

Financials

     6.17     

Real Estate

     5.77     

Information Technology

     3.64     

Consumer Staples

     3.31     

Utilities

     2.77     

Money Market Funds Plus Other Assets Less Liabilities

     2.15     

 

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

 

 

  72  

 

 

 

 

 

 

 


 

Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)

February 28, 2022

(Unaudited)

 

Schedule of Investments(a)

 

     Principal
    Amount    
           Value        

U.S. Dollar Denominated Bonds &  Notes-96.63%

 

Aerospace & Defense-1.20%

     

Bombardier, Inc. (Canada), 7.50%, 12/01/2024(b)(c)

   $ 5,315,000      $ 5,506,739  
     

 

 

 

Airlines-0.38%

     

United Airlines Holdings, Inc., 5.00%, 02/01/2024(c)

     1,708,000        1,727,104  
     

 

 

 

Auto Components-2.28%

     

Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.38%, 03/01/2029(b)(c)

     3,390,000        3,340,659  

FXI Holdings, Inc., 7.88%,
11/01/2024(b)(c)

     2,852,000        2,812,685  

Tenneco, Inc.

     

5.38%, 12/15/2024

     1,336,000        1,343,014  

7.88%, 01/15/2029(b)(c)

     2,801,000        2,961,441  
     

 

 

 
        10,457,799  
     

 

 

 

Automobiles-4.49%

     

Allison Transmission, Inc., 5.88%, 06/01/2029(b)

     2,831,000        2,974,461  

Ford Motor Credit Co. LLC

     

3.81%, 01/09/2024

     4,300,000        4,355,040  

3.66%, 09/08/2024(c)

     4,650,000        4,661,044  

4.06%, 11/01/2024

     8,450,000        8,586,112  
     

 

 

 
        20,576,657  
     

 

 

 

Banks-2.54%

     

Freedom Mortgage Corp., 8.13%, 11/15/2024(b)(c)

     2,271,000        2,269,240  

Intesa Sanpaolo S.p.A. (Italy), 5.02%, 06/26/2024(b)

     9,060,000        9,337,722  
     

 

 

 
        11,606,962  
     

 

 

 

Chemicals-2.48%

     

Cornerstone Chemical Co., 6.75%, 08/15/2024(b)(c)

     2,545,000        2,320,467  

Olin Corp., 5.63%, 08/01/2029(c)

     3,597,000        3,758,308  

Rayonier A.M. Products, Inc., 5.50%, 06/01/2024(b)(c)

     2,091,000        2,058,328  

Scotts Miracle-Gro Co. (The), 4.50%, 10/15/2029(c)

     2,379,000        2,299,756  

WR Grace Holdings LLC, 5.63%, 10/01/2024(b)

     905,000        924,109  
     

 

 

 
        11,360,968  
     

 

 

 

Commercial Services & Supplies-0.83%

 

Clean Harbors, Inc., 5.13%, 07/15/2029(b)

     1,373,000        1,404,565  

GEO Group, Inc. (The), 5.88%,
10/15/2024

     1,306,000        1,153,610  

Pitney Bowes, Inc., 4.63%,
03/15/2024(c)

     1,200,000        1,225,482  
     

 

 

 
        3,783,657  
     

 

 

 

Construction & Engineering-0.40%

 

Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2029(b)(c)

     1,840,000        1,844,766  
     

 

 

 

Consumer Finance-3.06%

     

Credit Acceptance Corp., 5.13%, 12/31/2024(b)

     2,281,000        2,315,067  

Enova International, Inc., 8.50%, 09/01/2024(b)

     1,080,000        1,085,324  

 

     Principal
    Amount    
           Value        

Consumer Finance-(continued)

     

goeasy Ltd. (Canada), 5.38%, 12/01/2024(b)

   $ 2,980,000      $ 2,998,729  

Navient Corp.

     

6.13%, 03/25/2024(c)

     4,725,000        4,872,515  

5.88%, 10/25/2024(c)

     2,665,000        2,759,661  
     

 

 

 
        14,031,296  
     

 

 

 

Containers & Packaging-2.74%

     

Graphic Packaging International LLC, 4.13%, 08/15/2024

     1,693,000        1,749,606  

Mauser Packaging Solutions Holding Co., 5.50%, 04/15/2024(b)(c)

     8,348,000        8,314,608  

Sealed Air Corp., 5.13%, 12/01/2024(b)(c)

     2,384,000        2,470,265  
     

 

 

 
        12,534,479  
     

 

 

 

Distributors-0.67%

     

Wolverine Escrow LLC, 8.50%, 11/15/2024(b)(c)

     3,640,000        3,063,606  
     

 

 

 

Diversified Consumer Services-1.96%

 

Cengage Learning, Inc., 9.50%,
06/15/2024(b)(c)

     3,404,000        3,415,420  

Grand Canyon University, 4.13%, 10/01/2024(c)

     1,180,000        1,196,001  

Service Corp. International, 5.13%, 06/01/2029(c)

     4,226,000        4,339,468  
     

 

 

 
        8,950,889  
     

 

 

 

Diversified Financial Services-2.59%

     

Burford Capital Global Finance LLC, 6.25%, 04/15/2028(b)(c)

     2,300,000        2,386,215  

Compass Group Diversified Holdings LLC, 5.25%, 04/15/2029(b)

     3,330,000        3,222,874  

Midcap Financial Issuer Trust, 6.50%, 05/01/2028(b)

     4,400,000        4,293,564  

Stena International S.A. (Sweden), 5.75%, 03/01/2024(b)(c)

     1,950,000        1,952,262  
     

 

 

 
        11,854,915  
     

 

 

 

Diversified Telecommunication Services-1.30%

 

Lumen Technologies, Inc., Series Y, 7.50%, 04/01/2024

     5,653,000        5,939,183  
     

 

 

 

Electric Utilities-1.85%

     

NextEra Energy Operating Partners L.P., 4.25%, 07/15/2024(b)(c)

     4,224,000        4,312,155  

NRG Energy, Inc., 5.25%, 06/15/2029(b)(c)

     4,065,000        4,154,288  
     

 

 

 
        8,466,443  
     

 

 

 

Electrical Equipment-0.50%

     

Sensata Technologies B.V., 5.63%, 11/01/2024(b)

     2,164,000        2,282,587  
     

 

 

 

Energy Equipment & Services-0.89%

     

Colgate Energy Partners III LLC, 7.75%, 02/15/2026(b)

     1,535,000        1,655,559  

Oceaneering International, Inc., 4.65%, 11/15/2024

     2,467,000        2,430,982  
     

 

 

 
        4,086,541  
     

 

 

 

 

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

 

 

  73  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

         Principal    
Amount
           Value        

Entertainment-0.71%

     

Live Nation Entertainment, Inc., 4.88%, 11/01/2024(b)(c)

   $ 3,206,000      $ 3,243,767  
     

 

 

 

Equity REITs-2.03%

     

MGM Growth Properties Operating Partnership L.P./MGP Finance Co-Issuer, Inc., 5.63%, 05/01/2024

     3,552,000        3,691,677  

VICI Properties L.P./VICI Note Co., Inc., 4.63%, 12/01/2029(b)

     5,502,000        5,621,036  
     

 

 

 
        9,312,713  
     

 

 

 

Food & Staples Retailing-1.55%

 

PetSmart, Inc./PetSmart Finance Corp., 7.75%, 02/15/2029(b)(c)

     6,760,000        7,113,311  
     

 

 

 

Food Products-1.55%

     

Post Holdings, Inc., 5.50%, 12/15/2029(b)

     7,036,000        7,104,249  
     

 

 

 

Gas Utilities-0.87%

     

AmeriGas Partners L.P./AmeriGas Finance Corp., 5.63%, 05/20/2024

     3,914,000        3,997,583  
     

 

 

 

Health Care Equipment & Supplies-1.08%

 

CHS/Community Health Systems, Inc., 6.00%, 01/15/2029(b)(c)

     4,922,000        4,936,495  
     

 

 

 

Health Care Providers & Services-2.00%

 

Owens & Minor, Inc., 4.38%, 12/15/2024(c)

     1,438,000        1,495,549  

Tenet Healthcare Corp.

     

4.63%, 07/15/2024

     4,285,000        4,305,825  

4.63%, 09/01/2024(b)

     3,289,000        3,337,184  
     

 

 

 
        9,138,558  
     

 

 

 

Hotels, Restaurants & Leisure-5.70%

 

Carnival Corp.

     

7.63%, 03/01/2026(b)(c)

     8,200,000        8,437,759  

9.88%, 08/01/2027(b)

     5,411,000        6,081,450  

Full House Resorts, Inc., 8.25%, 02/15/2028(b)

     1,247,000        1,252,156  

Mohegan Gaming & Entertainment, 7.88%, 10/15/2024(b)(c)

     450,000        463,392  

Scientific Games International, Inc., 7.25%, 11/15/2029(b)(c)

     2,812,000        2,990,562  

Six Flags Entertainment Corp., 4.88%, 07/31/2024(b)(c)

     5,133,000        5,138,852  

Travel + Leisure Co., 5.65%, 04/01/2024

     1,691,000        1,756,509  
     

 

 

 
        26,120,680  
     

 

 

 

Household Durables-1.22%

     

Newell Brands, Inc., 4.00%, 12/01/2024

     1,282,000        1,308,146  

Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., 5.63%, 03/01/2024(b)

     1,605,000        1,655,140  

TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 5.88%, 06/15/2024(c)

     2,505,000        2,608,319  
     

 

 

 
        5,571,605  
     

 

 

 

Industrial Conglomerates-1.34%

     

Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 4.75%, 09/15/2024

     6,188,000        6,148,799  
     

 

 

 

Interactive Media & Services-0.44%

     

Match Group Holdings II LLC, 5.63%, 02/15/2029(b)

     1,917,000        1,991,705  
     

 

 

 
         Principal    
Amount
           Value        

Leisure Products-0.71%

     

Mattel, Inc., 3.75%, 04/01/2029(b)(c)

   $ 3,242,000      $ 3,251,078  
     

 

 

 

Machinery-0.24%

     

JPW Industries Holding Corp., 9.00%, 10/01/2024(b)

     1,067,000        1,102,232  
     

 

 

 

Marine-0.47%

     

Stena AB (Sweden), 7.00%, 02/01/2024(b)(c)

     2,100,000        2,129,505  
     

 

 

 

Media-14.78%

     

CCO Holdings LLC/CCO Holdings Capital Corp., 5.38%, 06/01/2029(b)(c)

     8,386,000        8,505,165  

Clear Channel Outdoor Holdings, Inc.

     

7.75%, 04/15/2028(b)(c)

     5,570,000        5,784,445  

7.50%, 06/01/2029(b)(c)

     6,050,000        6,281,503  

CSC Holdings LLC

     

5.25%, 06/01/2024(c)

     4,240,000        4,291,050  

6.50%, 02/01/2029(b)

     10,240,000        10,384,128  

DISH DBS Corp., 5.88%, 11/15/2024

     11,311,000        11,322,311  

Lamar Media Corp., 4.88%, 01/15/2029(c)

     2,200,000        2,208,283  

Sirius XM Radio, Inc., 5.50%, 07/01/2029(b)(c)

     6,972,000        7,140,897  

Videotron Ltd. (Canada), 5.38%, 06/15/2024(b)(c)

     3,658,000        3,794,443  

Virgin Media Secured Finance PLC (United Kingdom), 5.50%, 05/15/2029(b)(c)

     7,970,000        7,975,294  
     

 

 

 
        67,687,519  
     

 

 

 

Metals & Mining-2.05%

     

Celtic Resources Holdings DAC (United Kingdom), 4.13%, 10/09/2024(b)

     1,200,000        724,805  

Century Aluminum Co., 7.50%, 04/01/2028(b)

     30,000        31,906  

Compass Minerals International, Inc., 4.88%, 07/15/2024(b)

     1,118,000        1,124,708  

Hudbay Minerals, Inc. (Canada), 6.13%, 04/01/2029(b)(c)

     3,293,000        3,371,653  

United States Steel Corp., 6.88%, 03/01/2029(c)

     4,017,000        4,132,589  
     

 

 

 
        9,385,661  
     

 

 

 

Mortgage REITs-0.49%

     

Starwood Property Trust, Inc., 3.75%, 12/31/2024(b)

     2,300,000        2,250,849  
     

 

 

 

Multiline Retail-1.08%

     

Macy’s Retail Holdings LLC

     

3.63%, 06/01/2024

     1,999,000        2,046,716  

5.88%, 04/01/2029(b)(c)

     2,822,000        2,888,839  
     

 

 

 
        4,935,555  
     

 

 

 

Oil, Gas & Consumable Fuels-15.96%

     

Antero Midstream Partners L.P./Antero Midstream Finance Corp., 5.38%, 06/15/2029(b)

     4,014,000        4,039,228  

Antero Resources Corp.

     

8.38%, 07/15/2026(b)

     1,803,000        1,980,911  

7.63%, 02/01/2029(b)

     3,576,000        3,875,544  

Baytex Energy Corp. (Canada), 5.63%, 06/01/2024(b)(c)

     1,131,000        1,133,319  

Callon Petroleum Co., 6.13%, 10/01/2024(c)

     2,850,000        2,842,162  

 

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

 

 

  74  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

         Principal    
Amount
           Value        

Oil, Gas & Consumable Fuels-(continued)

 

Cheniere Energy Partners L.P., 4.50%, 10/01/2029

   $ 8,476,000      $ 8,610,514  

Chesapeake Energy Corp.

     

5.88%, 02/01/2029(b)

     2,861,000        2,964,940  

6.75%, 04/15/2029(b)(c)

     5,335,000        5,647,871  

Comstock Resources, Inc., 6.75%, 03/01/2029(b)(c)

     7,064,000        7,196,273  

Crestwood Midstream Partners L.P./ Crestwood Midstream Finance Corp., 8.00%, 04/01/2029(b)

     2,220,000        2,364,966  

CrownRock L.P./CrownRock Finance, Inc., 5.00%, 05/01/2029(b)

     2,257,000        2,299,804  

EnLink Midstream Partners L.P., 4.40%, 04/01/2024

     3,095,000        3,155,933  

EQM Midstream Partners L.P., 4.00%, 08/01/2024

     2,811,000        2,758,322  

Genesis Energy L.P./Genesis Energy Finance Corp., 5.63%, 06/15/2024

     1,924,000        1,907,646  

Murphy Oil Corp.

     

6.88%, 08/15/2024(c)

     1,572,000        1,591,611  

6.38%, 07/15/2028(c)

     3,070,000        3,185,048  

Northern Oil and Gas, Inc., 8.13%, 03/01/2028(b)

     4,212,000        4,433,130  

Occidental Petroleum Corp., 6.95%, 07/01/2024

     3,340,000        3,628,042  

PDC Energy, Inc., 6.13%, 09/15/2024

     1,566,000        1,579,804  

Range Resources Corp., 8.25%, 01/15/2029(c)

     3,372,000        3,699,354  

Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 6.88%, 01/15/2029

     3,824,000        4,167,510  
     

 

 

 
        73,061,932  
     

 

 

 

Pharmaceuticals-2.19%

     

Endo DAC/Endo Finance LLC/Endo Finco, Inc., 5.88%, 10/15/2024(b)

     1,600,000        1,572,000  

Jazz Securities DAC, 4.38%, 01/15/2029(b)(c)

     8,500,000        8,433,870  
     

 

 

 
        10,005,870  
     

 

 

 

Real Estate Management & Development-0.54%

 

  

Kennedy-Wilson, Inc., 4.75%, 02/01/2030(c) .

     2,590,000        2,481,557  
     

 

 

 

Software-1.88%

     

CDK Global, Inc.

     

5.00%, 10/15/2024

     2,823,000        2,959,859  

5.25%, 05/15/2029(b)(c)

     2,807,000        2,882,200  

NCR Corp., 6.13%, 09/01/2029(b)(c)

     2,673,000        2,778,931  
     

 

 

 
        8,620,990  
     

 

 

 

Investment Abbreviations:

REIT-Real Estate Investment Trust

         Principal    
Amount
           Value        

Specialty Retail-1.96%

     

AAG FH L.P./AAG FH Finco, Inc. (Canada), 9.75%, 07/15/2024(b)

   $ 721,000      $ 715,492  

Bath & Body Works, Inc., 7.50%, 06/15/2029(c)

     2,701,000        2,972,396  

Murphy Oil USA, Inc., 4.75%, 09/15/2029

     2,862,000        2,874,206  

Rent-A-Center, Inc., 6.38%, 02/15/2029(b)(c)

     2,535,000        2,430,444  
     

 

 

 
        8,992,538  
     

 

 

 

Technology Hardware, Storage & Peripherals-1.09%

 

  

Diebold Nixdorf, Inc., 8.50%, 04/15/2024(c)

     2,265,000        2,234,524  

Seagate HDD Cayman, 4.88%, 03/01/2024 .

     2,665,000        2,751,746  
     

 

 

 
        4,986,270  
     

 

 

 

Textiles, Apparel & Luxury Goods-1.08%

 

  

Hanesbrands, Inc., 4.63%, 05/15/2024(b)

     4,892,000        4,964,817  
     

 

 

 

Wireless Telecommunication Services-3.46%

 

  

Sprint Corp., 7.13%, 06/15/2024

     14,640,000        15,861,122  
     

 

 

 

Total U.S. Dollar Denominated Bonds & Notes
(Cost $452,554,572)

 

     442,471,551  
     

 

 

 
     Shares         
Money Market Funds-2.59%

 

  

Invesco Government & Agency Portfolio, Institutional Class,
0.03%(d)(e)
(Cost $11,868,784)

     11,868,784        11,868,784  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash
collateral from securities on loan)-99.22%
(Cost $464,423,356)

 

     454,340,335  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

  

Money Market Funds-22.21%

     

Invesco Private Government Fund, 0.12%(d)(e)(f)

     29,463,362        29,463,362  

Invesco Private Prime Fund,
0.08%(d)(e)(f)

     72,214,817        72,222,040  
     

 

 

 

Total Investments Purchased with Cash
Collateral from Securities on Loan
(Cost $101,691,586)

 

     101,685,402  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-121.43%
(Cost $566,114,942)

 

     556,025,737  

OTHER ASSETS LESS LIABILITIES-(21.43)%

 

     (98,133,462
     

 

 

 

NET ASSETS-100.00%

      $ 457,892,275  
     

 

 

 

 

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

 

 

  75  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

 

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 February 28, 2022 was $271,499,953, which represented 59.29% of the Fund’s Net Assets.

(c)

All or a portion of this security was out on loan at February 28, 2022.

(d)

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2022.

 

     Value
August 31, 2021
   Purchases
at Cost
   Proceeds
from Sales
  Change in
Unrealized
Appreciation
(Depreciation)
  Realized
Gain
(Loss)
  Value
February 28, 2022
   Dividend
Income

Investments in Affiliated Money Market Funds:

                                         

Invesco Government & Agency Portfolio, Institutional Class

     $ 7,592,648           $ 85,240,075      $ (80,963,939 )     $ -     $ -     $ 11,868,784           $ 1,338

Investments Purchased with Cash Collateral from Securities on Loan:

                                         

Invesco Private Government Fund

       23,913,924             75,838,074        (70,288,636 )       -       -       29,463,362             4,026 *

Invesco Private Prime Fund

       56,667,297             152,071,680        (136,493,994 )       (6,185 )       (16,758 )       72,222,040             35,514 *
    

 

 

           

 

 

      

 

 

     

 

 

     

 

 

     

 

 

           

 

 

 

Total

     $ 88,173,869           $ 313,149,829      $ (287,746,569 )     $ (6,185 )     $ (16,758 )     $ 113,554,186           $ 40,878
    

 

 

           

 

 

      

 

 

     

 

 

     

 

 

     

 

 

           

 

 

 

 

*

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 February 28, 2022.

(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.

 Portfolio Composition

 Sector Breakdown (% of the Fund’s Net Assets)

 as of February 28, 2022

     

Communication Services

     20.69    

Consumer Discretionary

     19.85    

Energy

     17.48    

Financials

     8.25    

Materials

     7.27    

Industrials

     6.46    

Health Care

     5.27    

Consumer Staples

     3.10    

Sector Types Each Less Than 3%

     8.26    

Money Market Funds Plus Other Assets Less Liabilities

     3.37    

 

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

 

 

  76  

 

 

 

 

 

 

 


 

Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)

February 28, 2022

(Unaudited)

 

Schedule of Investments(a)

 

     Principal
    Amount    
           Value        

U.S. Dollar Denominated Bonds &  Notes-97.60%

 

Aerospace & Defense-3.37%

 

Bombardier, Inc. (Canada), 7.50%, 03/15/2025(b)(c)

   $ 4,354,000      $ 4,347,708  

Kratos Defense & Security Solutions, Inc., 6.50%, 11/30/2025(b)

     874,000        904,175  

Spirit AeroSystems, Inc.

     

5.50%, 01/15/2025(b)(c)

     1,451,000        1,492,896  

7.50%, 04/15/2025(b)

     3,475,000        3,608,788  

Triumph Group, Inc., 7.75%, 08/15/2025(c).

     1,490,000        1,497,078  
     

 

 

 
        11,850,645  
     

 

 

 

Air Freight & Logistics-0.37%

 

Western Global Airlines LLC, 10.38%, 08/15/2025(b)(c)

     1,205,000        1,311,185  
     

 

 

 

Airlines-2.96%

 

American Airlines Group, Inc., 3.75%, 03/01/2025(b)(c)

     1,480,000        1,380,100  

American Airlines, Inc., 11.75%,
07/15/2025(b)

     7,423,000        9,021,172  
     

 

 

 
        10,401,272  
     

 

 

 

Auto Components-0.24%

 

GC EOS Buyer, Inc., 9.25%, 08/01/2025(b)

     805,000        856,669  
     

 

 

 

Automobiles-5.43%

 

Ford Motor Co., 9.00%, 04/22/2025(c)

     5,400,000        6,267,375  

Ford Motor Credit Co. LLC

     

2.30%, 02/10/2025(c)

     750,000        728,479  

4.69%, 06/09/2025

     1,000,000        1,031,995  

5.13%, 06/16/2025

     3,600,000        3,743,496  

4.13%, 08/04/2025

     3,200,000        3,240,000  

3.38%, 11/13/2025

     4,130,000        4,072,758  
     

 

 

 
        19,084,103  
     

 

 

 

Banks-0.46%

 

Freedom Mortgage Corp., 8.25%, 04/15/2025(b)

     1,600,000        1,598,944  
     

 

 

 

Building Products-0.33%

 

JELD-WEN, Inc., 4.63%,
12/15/2025(b)(c)

     1,192,000        1,171,468  
     

 

 

 

Capital Markets-0.33%

 

StoneX Group, Inc., 8.63%, 06/15/2025(b)

     1,099,000        1,152,604  
     

 

 

 

Chemicals-2.65%

 

Koppers, Inc., 6.00%, 02/15/2025(b)

     1,481,000        1,488,005  

Kraton Polymers LLC/Kraton Polymers

     

Capital Corp., 4.25%, 12/15/2025(b)(c)

     1,115,000        1,144,269  

OCI N.V. (Netherlands), 4.63%, 10/15/2025(b)

     1,090,000        1,094,196  

Olin Corp., 9.50%, 06/01/2025(b)

     626,000        738,524  

Rain CII Carbon LLC/CII Carbon Corp., 7.25%, 04/01/2025(b)

     1,636,000        1,639,616  

Trinseo Materials Operating S.C.A./Trinseo Materials Finance, Inc., 5.38%, 09/01/2025(b)

     1,488,000        1,501,377  

    

 

     Principal
    Amount    
           Value        

Chemicals-(continued)

 

Venator Finance S.a.r.l./Venator Materials LLC

     

9.50%, 07/01/2025(b)

   $ 670,000      $ 722,618  

5.75%, 07/15/2025(b)(c)

     1,111,000        1,001,728  
     

 

 

 
        9,330,333  
     

 

 

 

Commercial Services & Supplies-3.68%

 

Aptim Corp., 7.75%, 06/15/2025(b)(c)

     1,530,000        1,296,675  

Covanta Holding Corp., 5.00%, 09/01/2030(c)

     945,000        909,279  

GFL Environmental, Inc. (Canada)

     

4.25%, 06/01/2025(b)(c)

     1,481,000        1,480,800  

3.75%, 08/01/2025(b)(c)

     2,174,000        2,154,891  

Intrado Corp., 8.50%,
10/15/2025(b)(c)

     2,028,000        1,869,289  

KAR Auction Services, Inc., 5.13%, 06/01/2025(b)(c)

     2,814,000        2,856,041  

Matthews International Corp., 5.25%, 12/01/2025(b)(c)

     833,000        839,768  

Ritchie Bros. Auctioneers, Inc. (Canada), 5.38%, 01/15/2025(b)

     1,499,000        1,524,333  
     

 

 

 
        12,931,076  
     

 

 

 

Communications Equipment-1.68%

 

CommScope Technologies LLC, 6.00%, 06/15/2025(b)(c)

     4,014,000        3,939,520  

ViaSat, Inc., 5.63%, 09/15/2025(b)

     2,073,000        1,983,053  
     

 

 

 
        5,922,573  
     

 

 

 

Construction & Engineering-1.31%

 

Artera Services LLC, 9.03%, 12/04/2025(b)

     2,932,000        2,945,560  

Tutor Perini Corp., 6.88%, 05/01/2025(b)(c)

     1,678,000        1,644,172  
     

 

 

 
        4,589,732  
     

 

 

 

Construction Materials-0.86%

 

Associated Materials LLC/AMH New Finance, Inc., 9.00%, 09/01/2025(b)

     554,000        584,229  

Picasso Finance Sub, Inc., 6.13%, 06/15/2025(b)

     1,566,000        1,616,825  

Werner FinCo L.P./Werner FinCo, Inc., 8.75%, 07/15/2025(b)

     783,000        814,574  
     

 

 

 
        3,015,628  
     

 

 

 

Consumer Finance-2.27%

 

Finance of America Funding LLC, 7.88%, 11/15/2025(b)

     1,039,000        968,109  

Navient Corp., 6.75%, 06/25/2025

     1,485,000        1,544,200  

OneMain Finance Corp., 6.88%, 03/15/2025

     3,700,000        3,952,821  

SLM Corp., 4.20%, 10/29/2025(c)

     1,501,000        1,510,321  
     

 

 

 
        7,975,451  
     

 

 

 

Containers & Packaging-3.28%

 

Ball Corp., 5.25%, 07/01/2025(c)

     2,911,000        3,089,008  

Mauser Packaging Solutions Holding Co., 7.25%, 04/15/2025(b)(c)

     3,955,000        3,892,847  

Owens-Brockway Glass Container, Inc.

     

5.38%, 01/15/2025(b)(c)

     872,000        889,370  

6.38%, 08/15/2025(b)(c)

     834,000        878,627  

Pactiv LLC, 7.95%, 12/15/2025

     822,000        855,702  

 

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

 

 

  77  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

     Principal
    Amount    
           Value        

Containers & Packaging-(continued)

 

Sealed Air Corp., 5.50%, 09/15/2025(b)

   $ 1,148,000      $ 1,203,977  

Trident TPI Holdings, Inc., 6.63%, 11/01/2025(b)

     713,000        706,558  
     

 

 

 
        11,516,089  
     

 

 

 

Diversified Financial Services-0.97%

 

Stena International S.A. (Sweden), 6.13%, 02/01/2025(b)

     1,109,000        1,127,969  

United Wholesale Mortgage LLC, 5.50%, 11/15/2025(b)

     2,368,000        2,282,385  
     

 

 

 
        3,410,354  
     

 

 

 

Diversified Telecommunication Services-0.42%

 

Lumen Technologies, Inc., 5.63%, 04/01/2025(c)

     1,492,000        1,485,006  
     

 

 

 

Electric Utilities-0.37%

 

DPL, Inc., 4.13%, 07/01/2025

     1,315,000        1,310,016  
     

 

 

 

Electrical Equipment-0.62%

 

Sensata Technologies B.V., 5.00%, 10/01/2025(b)

     2,112,000        2,186,554  
     

 

 

 

Electronic Equipment, Instruments & Components-0.42%

 

Likewize Corp., 9.75%, 10/15/2025(b)

     1,415,000        1,474,104  
     

 

 

 

Energy Equipment & Services-0.79%

 

CSI Compressco L.P./CSI Compressco Finance, Inc., 7.50%, 04/01/2025(b)

     1,039,000        1,029,649  

Delek Logistics Partners L.P./Delek Logistics Finance Corp., 6.75%, 05/15/2025

     744,000        745,391  

Exterran Energy Solutions L.P./EES Finance Corp., 8.13%, 05/01/2025

     990,000        994,950  
     

 

 

 
        2,769,990  
     

 

 

 

Entertainment-0.34%

 

Banijay Entertainment S.A.S.U. (France), 5.38%, 03/01/2025(b)

     1,200,000        1,189,200  
     

 

 

 

Equity REITs-1.55%

 

iStar, Inc., 4.25%, 08/01/2025(c)

     1,632,000        1,620,005  

MGM Growth Properties Operating Partnership L.P./MGP Finance Co-Issuer, Inc., 4.63%, 06/15/2025(b)

     1,598,000        1,648,465  

VICI Properties L.P./VICI Note Co., Inc., 3.50%, 02/15/2025(b)

     2,182,000        2,189,800  
     

 

 

 
        5,458,270  
     

 

 

 

Food & Staples Retailing-0.49%

 

Rite Aid Corp., 7.50%,
07/01/2025(b)(c)

     1,801,000        1,732,607  
     

 

 

 

Food Products-0.45%

 

Chobani LLC/Chobani Finance Corp., Inc., 7.50%, 04/15/2025(b)(c)

     1,599,000        1,593,483  
     

 

 

 

Gas Utilities-0.59%

 

AmeriGas Partners L.P./AmeriGas Finance Corp., 5.50%, 05/20/2025

     2,031,000        2,069,376  
     

 

 

 

Health Care Providers & Services-5.49%

 

Air Methods Corp., 8.00%, 05/15/2025(b)(c)

     1,421,000        1,181,753  

Akumin, Inc., 7.00%, 11/01/2025(b)(c)

     1,421,000        1,242,238  

Change Healthcare Holdings LLC/Change Healthcare Finance, Inc., 5.75%, 03/01/2025(b)(c)

     4,023,000        4,003,891  
     Principal
    Amount    
           Value        

Health Care Providers & Services-(continued)

 

Encompass Health Corp., 5.75%, 09/15/2025(c)

   $ 1,074,000      $ 1,088,692  

Global Medical Response, Inc., 6.50%, 10/01/2025(b)(c)

     1,802,000        1,769,987  

Legacy LifePoint Health LLC, 6.75%, 04/15/2025(b)

     1,785,000        1,850,099  

Prime Healthcare Services, Inc., 7.25%, 11/01/2025(b)

     2,748,000        2,813,595  

RP Escrow Issuer LLC, 5.25%, 12/15/2025(b)(c)

     2,370,000        2,319,045  

Surgery Center Holdings, Inc., 6.75%, 07/01/2025(b)(c)

     1,105,000        1,100,580  

Team Health Holdings, Inc., 6.38%, 02/01/2025(b)(c)

     2,132,000        1,933,202  
     

 

 

 
        19,303,082  
     

 

 

 

Hotels, Restaurants & Leisure-11.71%

 

Caesars Entertainment, Inc., 6.25%, 07/01/2025(b)

     9,949,000        10,323,729  

Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/2025(b)(c)

     2,963,000        3,041,668  

Constellation Merger Sub, Inc., 8.50%, 09/15/2025(b)

     1,203,000        1,139,578  

Dave & Buster’s, Inc., 7.63%, 11/01/2025(b)(c)

     1,316,000        1,379,885  

International Game Technology PLC, 6.50%, 02/15/2025(b)(c)

     3,200,000        3,403,760  

MGM Resorts International, 5.75%, 06/15/2025(c)

     1,952,000        2,025,200  

Powdr Corp., 6.00%, 08/01/2025(b)

     783,000        808,264  

Sabre GLBL, Inc.

     

9.25%, 04/15/2025(b)(c)

     2,401,000        2,710,849  

7.38%, 09/01/2025(b)

     2,465,000        2,557,437  

Scientific Games International, Inc.

     

8.63%, 07/01/2025(b)

     1,592,000        1,689,112  

5.00%, 10/15/2025(b)

     3,718,000        3,759,716  

Sizzling Platter LLC/Sizzling Platter Finance Corp., 8.50%, 11/28/2025(b)

     1,040,000        1,000,953  

Sugarhouse HSP Gaming Prop Mezz L.P./Sugarhouse HSP Gaming Finance Corp., 5.88%, 05/15/2025(b)

     913,000        902,501  

Travel + Leisure Co., 6.60%, 10/01/2025

     1,013,000        1,082,897  

Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.50%,
03/01/2025(b)(c)

     5,255,000        5,335,401  
     

 

 

 
        41,160,950  
     

 

 

 

Household Durables-1.55%

 

American Greetings Corp., 8.75%, 04/15/2025(b)

     832,000        841,173  

Empire Communities Corp. (Canada), 7.00%, 12/15/2025(b)

     1,381,000        1,368,571  

Meritage Homes Corp., 6.00%, 06/01/2025 .

     1,136,000        1,211,203  

New Home Co., Inc. (The), 7.25%, 10/15/2025(b)

     474,000        470,962  

Newell Brands, Inc., 4.88%, 06/01/2025(c)

     1,488,000        1,567,801  
     

 

 

 
        5,459,710  
     

 

 

 

 

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

 

 

  78  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

     Principal
    Amount    
           Value        

Household Products-0.65%

 

Spectrum Brands, Inc.

     

5.75%, 07/15/2025(c)

   $ 1,353,000      $ 1,378,416  

5.50%, 07/15/2030(b)

     900,000        896,891  
     

 

 

 
        2,275,307  
     

 

 

 

Industrial Conglomerates-1.44%

 

Brand Industrial Services, Inc., 8.50%, 07/15/2025(b)(c)

     2,934,000        2,696,948  

Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 6.38%, 12/15/2025

     2,317,000        2,351,407  
     

 

 

 
        5,048,355  
     

 

 

 

Insurance-1.71%

 

Acrisure LLC/Acrisure Finance, Inc., 7.00%, 11/15/2025(b)

     2,745,000        2,720,487  

AssuredPartners, Inc., 7.00%, 08/15/2025(b)

     1,500,000        1,486,500  

USI, Inc., 6.88%, 05/01/2025(b)(c)

     1,827,000        1,815,326  
     

 

 

 
        6,022,313  
     

 

 

 

Interactive Media & Services-0.43%

 

TripAdvisor, Inc., 7.00%, 07/15/2025(b)

     1,445,000        1,497,453  
     

 

 

 

Machinery-0.25%

 

Meritor, Inc., 6.25%, 06/01/2025(b)

     835,000        869,131  
     

 

 

 

Media-2.56%

 

AMC Networks, Inc.,
4.75%, 08/01/2025(c)

     2,374,000        2,372,516  

Clear Channel International B.V. (United Kingdom), 6.63%, 08/01/2025(b)(c)

     1,230,000        1,249,680  

Houghton Mifflin Harcourt Publishers, Inc., 9.00%, 02/15/2025(b)

     919,000        964,909  

Univision Communications, Inc., 5.13%, 02/15/2025(b)

     4,390,000        4,423,909  
     

 

 

 
        9,011,014  
     

 

 

 

Mortgage REITs-1.20%

 

Ladder Capital Finance Holdings LLLP/ Ladder Capital Finance Corp., 5.25%, 10/01/2025(b)

     1,117,000        1,121,200  

New Residential Investment Corp., 6.25%, 10/15/2025(b)

     1,632,000        1,598,740  

Starwood Property Trust, Inc., 4.75%, 03/15/2025

     1,481,000        1,498,160  
     

 

 

 
        4,218,100  
     

 

 

 

Oil, Gas & Consumable Fuels-19.45%

 

Antero Resources Corp.

     

5.00%, 03/01/2025(c)

     1,591,000        1,610,887  

5.38%, 03/01/2030(b)(c)

     1,740,000        1,775,740  

Apache Corp., 4.63%, 11/15/2025(c)

     1,444,000        1,492,497  

Calumet Specialty Products Partners L.P./Calumet Finance Corp., 11.00%, 04/15/2025(b)

     1,661,000        1,751,059  

CITGO Petroleum Corp., 7.00%, 06/15/2025(b)

     3,397,000        3,400,890  

Comstock Resources, Inc., 7.50%, 05/15/2025(b)(c)

     689,000        705,481  

Crestwood Midstream Partners L.P./ Crestwood Midstream Finance Corp., 5.75%, 04/01/2025

     1,479,000        1,490,144  
     Principal
    Amount    
           Value        

Oil, Gas & Consumable Fuels-(continued)

 

CrownRock L.P./CrownRock Finance, Inc., 5.63%, 10/15/2025(b)

   $ 3,437,000      $ 3,480,186  

CVR Energy, Inc., 5.25%, 02/15/2025(b)(c)

     1,733,000        1,679,910  

DCP Midstream Operating L.P., 5.38%, 07/15/2025

     2,389,000        2,533,057  

eG Global Finance PLC (United Kingdom), 8.50%, 10/30/2025(b)

     2,000,000        2,023,960  

EnLink Midstream Partners L.P., 4.15%, 06/01/2025

     2,089,000        2,094,379  

EQM Midstream Partners L.P., 6.00%, 07/01/2025(b)

     2,083,000        2,127,399  

Genesis Energy L.P./Genesis Energy Finance Corp., 6.50%, 10/01/2025

     1,585,000        1,547,000  

Laredo Petroleum, Inc., 9.50%, 01/15/2025.

     1,704,000        1,756,185  

Martin Midstream Partners L.P./Martin Midstream Finance Corp., 11.50%, 02/28/2025(b)

     844,000        871,135  

MEG Energy Corp. (Canada), 6.50%, 01/15/2025(b)

     1,563,000        1,589,274  

Murphy Oil Corp., 5.75%, 08/15/2025(c)

     1,659,000        1,692,163  

Neptune Energy Bondco PLC (United Kingdom), 6.63%, 05/15/2025(b)(c)

     2,600,000        2,628,600  

New Fortress Energy, Inc., 6.75%, 09/15/2025(b)

     3,680,000        3,544,447  

NGL Energy Partners L.P./NGL Energy Finance Corp., 6.13%, 03/01/2025

     1,160,000        1,005,308  

NuStar Logistics L.P., 5.75%, 10/01/2025

     1,782,000        1,857,886  

Occidental Petroleum Corp.

     

3.50%, 06/15/2025(c)

     1,404,000        1,435,541  

8.00%, 07/15/2025

     1,481,000        1,677,455  

5.88%, 09/01/2025

     2,666,000        2,862,857  

5.50%, 12/01/2025(c)

     2,172,000        2,336,931  

Par Petroleum LLC/Par Petroleum Finance Corp., 7.75%, 12/15/2025(b)

     914,000        924,479  

PBF Holding Co. LLC/PBF Finance Corp., 7.25%, 06/15/2025(c)

     2,000,000        1,683,630  

Range Resources Corp., 4.88%, 05/15/2025(c)

     2,223,000        2,254,533  

SM Energy Co., 5.63%, 06/01/2025

     1,012,000        1,008,291  

Southwestern Energy Co.

     

5.95%, 01/23/2025(c)

     1,672,000        1,745,033  

5.38%, 03/15/2030(c)

     3,550,000        3,667,931  

Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 5.50%, 03/01/2030

     2,817,000        2,991,598  

Vermilion Energy, Inc. (Canada), 5.63%, 03/15/2025(b)(c)

     882,000        893,435  

Western Midstream Operating L.P., 3.60%, 02/01/2025

     2,222,000        2,234,343  
     

 

 

 
        68,373,644  
     

 

 

 

Paper & Forest Products-0.26%

 

Clearwater Paper Corp., 5.38%, 02/01/2025(b)

     895,000        926,634  
     

 

 

 

 

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

 

 

  79  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

     Principal
    Amount    
           Value        

Pharmaceuticals-3.95%

 

Bausch Health Cos., Inc.

     

6.13%, 04/15/2025(b)

   $ 7,300,000      $ 7,341,062  

5.50%, 11/01/2025(b)

     5,198,000        5,217,493  

P&L Development LLC/PLD Finance Corp., 7.75%, 11/15/2025(b)

     1,385,000        1,325,126  
     

 

 

 
        13,883,681  
     

 

 

 

Professional Services-0.43%

 

Nielsen Co. (Luxembourg) S.a.r.l. (The), 5.00%, 02/01/2025(b)(c)

     1,511,000        1,524,335  
     

 

 

 

Real Estate Management & Development-1.96%

 

Five Point Operating Co. L.P./Five Point Capital Corp., 7.88%, 11/15/2025(b)(c)

     1,902,000        1,942,427  

Greystar Real Estate Partners LLC, 5.75%, 12/01/2025(b)

     1,756,000        1,781,005  

WeWork Cos. LLC/WW Co-Obligor, Inc., 5.00%, 07/10/2025(b)

     1,630,000        1,372,264  

WeWork Cos., Inc., 7.88%, 05/01/2025(b)

     1,986,000        1,800,935  
     

 

 

 
        6,896,631  
     

 

 

 

Semiconductors & Semiconductor Equipment-0.38%

 

ams AG (Austria), 7.00%, 07/31/2025(b)(c)

     1,300,000        1,348,828  
     

 

 

 

Software-1.89%

 

PTC, Inc., 3.63%, 02/15/2025(b)(c)

     1,482,000        1,481,511  

Veritas US, Inc./Veritas Bermuda Ltd., 7.50%, 09/01/2025(b)

     5,196,000        5,145,599  
     

 

 

 
        6,627,110  
     

 

 

 

Specialty Retail-2.22%

 

Bath & Body Works, Inc., 6.63%, 10/01/2030(b)

     2,897,000        3,139,682  

Carvana Co., 5.63%, 10/01/2025(b)(c)

     1,516,000        1,441,716  

Lithia Motors, Inc., 4.38%, 01/15/2031(b)(c)

     1,590,000        1,604,532  

Penske Automotive Group, Inc., 3.50%, 09/01/2025(c)

     1,632,000        1,617,785  
     

 

 

 
        7,803,715  
     

 

 

 

Technology Hardware, Storage & Peripherals-0.65%

 

Xerox Holdings Corp., 5.00%, 08/15/2025(b)(c)

     2,224,000        2,268,480  
     

 

 

 

Thrifts & Mortgage Finance-1.46%

 

Enact Holdings, Inc., 6.50%, 08/15/2025(b)

     2,224,000        2,304,509  
     Principal
    Amount    
           Value        

Thrifts & Mortgage Finance-(continued)

 

PennyMac Financial Services, Inc., 5.38%, 10/15/2025(b)(c)

   $ 1,933,000      $ 1,925,510  

Provident Funding Associates L.P./PFG Finance Corp., 6.38%, 06/15/2025(b)

     911,000        906,162  
     

 

 

 
        5,136,181  
     

 

 

 

Trading Companies & Distributors-0.32%

 

Boise Cascade Co., 4.88%, 07/01/2030(b)

     1,125,000        1,130,850  
     

 

 

 

Wireless Telecommunication Services-1.41%

 

Sprint Corp., 7.63%, 02/15/2025

     4,457,000        4,941,699  
     

 

 

 

Total U.S. Dollar Denominated Bonds & Notes
(Cost $347,773,299)

 

     343,113,935  
     

 

 

 
     Shares         

Money Market Funds-0.77%

 

  

Invesco Government & Agency Portfolio, Institutional Class,
0.03%(d)(e) (Cost $2,704,378)

     2,704,378        2,704,378  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.37%
(Cost $350,477,677)

 

     345,818,313  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-23.52%

 

  

Invesco Private Government Fund,
0.12%(d)(e)(f)

     25,213,687        25,213,687  

Invesco Private Prime Fund,
0.08%(d)(e)(f)

     57,468,190        57,473,938  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $82,694,849)

        82,687,625  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-121.89%
(Cost $433,172,526)

        428,505,938  

OTHER ASSETS LESS LIABILITIES-(21.89)%

 

     (76,951,419
     

 

 

 

NET ASSETS-100.00%

      $ 351,554,519  
     

 

 

 

 

Investment Abbreviations:

REIT-Real Estate Investment Trust

 

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

 

 

  80  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

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 February 28, 2022 was $240,333,254, which represented 68.36% of the Fund’s Net Assets.

(c)

All or a portion of this security was out on loan at February 28, 2022.

(d)

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2022.

 

     Value
August 31, 2021
   Purchases
at Cost
   Proceeds
from Sales
  Change in
Unrealized
Appreciation
(Depreciation)
  Realized
Gain
(Loss)
  Value
February 28, 2022
   Dividend
Income

Investments in Affiliated Money Market Funds:

                               

Invesco Government & Agency Portfolio, Institutional Class

     $ 9,295,397      $ 52,772,641      $ (59,363,660 )     $ -     $     -     $     2,704,378      $     707

Investments Purchased with Cash Collateral from Securities on Loan:

                               

Invesco Private Government Fund

       19,771,183        46,290,710        (40,848,206 )       -       -       25,213,687        2,952 *

Invesco Private Prime Fund

       46,132,760        81,900,878        (70,544,008 )       (7,225 )       (8,467 )       57,473,938        25,636 *
    

 

 

      

 

 

      

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 

Total

     $ 75,199,340      $ 180,964,229      $ (170,755,874 )     $ (7,225 )     $ (8,467 )     $ 85,392,003      $ 29,295
    

 

 

      

 

 

      

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 

 

*

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 February 28, 2022.

(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.

 Portfolio Composition

 Sector Breakdown (% of the Fund’s Net Assets)

 as of February 28, 2022

 

     

Consumer Discretionary

     21.48     

Energy

     20.24     

Industrials

     15.07     

Health Care

     9.44     

Financials

     8.08     

Materials

     7.05     

Communication Services

     5.16     

Information Technology

     5.02     

Real Estate

     3.51     

Sector Types Each Less Than 3%

     2.55     

Money Market Funds Plus Other Assets Less Liabilities

     2.40     

 

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

 

 

  81  

 

 

 

 

 

 

 


 

Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)

February 28, 2022

(Unaudited)

 

Schedule of Investments(a)

 

         Principal    
Amount
           Value        

U.S. Dollar Denominated Bonds & Notes-96.21%

 

Aerospace & Defense-2.13%

     

Bombardier, Inc. (Canada), 7.13%, 06/15/2026(b)

   $   1,890,000      $     1,889,584  

Brundage-Bone Concrete Pumping Holdings, Inc., 6.00%, 02/01/2026(b)

     590,000        584,135  

TransDigm, Inc., 6.38%, 06/15/2026

     1,446,000        1,475,853  
     

 

 

 
        3,949,572  
     

 

 

 

Airlines-2.71%

     

Air Canada (Canada), 3.88%, 08/15/2026(b)

     1,920,000        1,869,859  

United Airlines, Inc., 4.38%, 04/15/2026(b)

     3,150,000        3,155,544  
     

 

 

 
        5,025,403  
     

 

 

 

Auto Components-0.43%

     

Tenneco, Inc., 5.00%, 07/15/2026(c)

     788,000        787,106  
     

 

 

 

Automobiles-4.55%

     

Ford Motor Co., 4.35%, 12/08/2026

     2,365,000        2,421,169  

Ford Motor Credit Co. LLC

     

4.39%, 01/08/2026

     1,840,000        1,879,247  

2.70%, 08/10/2026

     2,300,000        2,205,125  

J.B. Poindexter & Co., Inc., 7.13%, 04/15/2026(b)

     897,000        931,983  

Mclaren Finance PLC (United Kingdom), 7.50%, 08/01/2026(b)(c)

     1,000,000        997,650  
     

 

 

 
        8,435,174  
     

 

 

 

Banks-0.49%

     

Freedom Mortgage Corp., 7.63%, 05/01/2026(b)(c)

     950,000        913,786  
     

 

 

 

Chemicals-2.50%

     

Consolidated Energy Finance S.A. (Switzerland), 6.50%,
05/15/2026(b)(c)

     700,000        700,161  

INEOS Quattro Finance 2 PLC (United Kingdom), 3.38%, 01/15/2026(b)(c)

     720,000        688,410  

Ingevity Corp., 4.50%, 02/01/2026(b)

     445,000        437,760  

Polar US Borrower LLC/Schenectady International Group, Inc., 6.75%, 05/15/2026(b)

     480,000        437,594  

Rayonier A.M. Products, Inc., 7.63%, 01/15/2026(b)

     760,000        761,429  

SCIL IV LLC/SCIL USA Holdings LLC, 5.38%, 11/01/2026(b)(c)

     1,200,000        1,199,760  

Scotts Miracle-Gro Co. (The), 5.25%, 12/15/2026

     393,000        402,287  
     

 

 

 
        4,627,401  
     

 

 

 

Commercial Services & Supplies-2.74%

 

Cimpress PLC (Ireland), 7.00%, 06/15/2026(b)

     900,000        892,125  

CoreCivic, Inc., 8.25%, 04/15/2026

     1,060,000        1,077,909  

CPI CG, Inc., 8.63%, 03/15/2026(b)(c)

     500,000        476,417  

Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/2026

     645,000        661,725  

GEO Group, Inc. (The), 6.00%, 04/15/2026 .

     550,000        454,655  

 

 

 

         Principal    
Amount
           Value        

Commercial Services & Supplies-(continued)

 

GFL Environmental, Inc. (Canada), 5.13%, 12/15/2026(b)(c)

   $      741,000      $        757,443  

Waste Pro USA, Inc., 5.50%, 02/15/2026(b)(c)

     801,000        756,144  
     

 

 

 
        5,076,418  
     

 

 

 

Communications Equipment-0.66%

     

Hughes Satellite Systems Corp., 6.63%, 08/01/2026(c)

     1,179,000        1,229,461  
     

 

 

 

Construction & Engineering-0.29%

     

INNOVATE Corp., 8.50%, 02/01/2026(b)

     530,000        527,928  
     

 

 

 

Consumer Finance-3.16%

     

goeasy Ltd. (Canada), 4.38%, 05/01/2026(b)(c)

     515,000        506,281  

LFS Topco LLC, 5.88%,
10/15/2026(b)(c)

     500,000        500,045  

Navient Corp., 6.75%, 06/15/2026(c)

     785,000        815,423  

OneMain Finance Corp., 7.13%, 03/15/2026

     2,602,000        2,823,782  

SLM Corp., 3.13%, 11/02/2026(c)

     790,000        758,293  

World Acceptance Corp., 7.00%, 11/01/2026(b)

     470,000        444,528  
     

 

 

 
        5,848,352  
     

 

 

 

Containers & Packaging-2.06%

     

Ball Corp., 4.88%, 03/15/2026(c)

     1,206,000        1,261,247  

Crown Cork & Seal Co., Inc., 7.38%, 12/15/2026

     556,000        627,855  

Flex Acquisition Co., Inc., 7.88%, 07/15/2026(b)

     797,000        822,703  

LABL, Inc., 6.75%, 07/15/2026(b)(c)

     1,108,000        1,112,083  
     

 

 

 
        3,823,888  
     

 

 

 

Distributors-1.23%

     

Ferrellgas L.P./Ferrellgas Finance Corp., 5.38%, 04/01/2026(b)

     1,020,000        954,995  

Wolverine Escrow LLC, 9.00%, 11/15/2026(b)(c)

     1,316,000        1,318,171  
     

 

 

 
        2,273,166  
     

 

 

 

Diversified Consumer Services-0.33%

 

  

Graham Holdings Co., 5.75%, 06/01/2026(b)

     587,000        604,281  
     

 

 

 

Diversified Financial Services-1.02%

     

Albion Financing 1 S.a.r.l/Aggreko Holdings, Inc. (Luxembourg), 6.13%, 10/15/2026(b)

     850,000        825,605  

Jefferson Capital Holdings LLC, 6.00%, 08/15/2026(b)

     460,000        443,435  

PHH Mortgage Corp., 7.88%, 03/15/2026(b)(c)

     640,000        624,192  
     

 

 

 
        1,893,232  
     

 

 

 

Diversified Telecommunication Services-4.92%

 

  

Cogent Communications Group, Inc., 3.50%, 05/01/2026(b)

     790,000        765,277  

Connect Finco S.a.r.l./Connect US Finco LLC (United Kingdom), 6.75%, 10/01/2026(b)

     3,290,000        3,334,415  

 

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

 

 

  82  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

         Principal    
Amount
           Value        

Diversified Telecommunication Services-(continued)

 

  

Iliad Holding S.A.S. (France), 6.50%, 10/15/2026(b)

   $   1,900,000      $     1,892,828  

Lumen Technologies, Inc., 5.13%, 12/15/2026(b)(c)

     2,001,000        1,860,930  

Radiate Holdco LLC/Radiate Finance, Inc., 4.50%, 09/15/2026(b)(c)

     1,320,000        1,262,804  
     

 

 

 
        9,116,254  
     

 

 

 

Electric Utilities-0.43%

     

NextEra Energy Operating Partners L.P., 3.88%, 10/15/2026(b)

     803,000        794,705  
     

 

 

 

Energy Equipment & Services-2.65%

 

  

Energy Ventures Gom LLC/EnVen Finance Corp., 11.75%, 04/15/2026(b)

     454,000        464,111  

NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/2026(b)(c)

     3,302,000        3,319,501  

Precision Drilling Corp. (Canada), 7.13%, 01/15/2026(b)(c)

     559,000        566,376  

Welltec International ApS (Denmark), 8.25%, 10/15/2026(b)

     550,000        563,653  
     

 

 

 
        4,913,641  
     

 

 

 

Entertainment-0.61%

     

Cinemark USA, Inc., 5.88%, 03/15/2026(b)(c)

     650,000        640,900  

Live Nation Entertainment, Inc., 5.63%, 03/15/2026(b)

     477,000        485,872  
     

 

 

 
        1,126,772  
     

 

 

 

Equity REITs-2.94%

     

HAT Holdings I LLC/HAT Holdings II LLC, 3.38%, 06/15/2026(b)(c)

     1,530,000        1,452,398  

iStar, Inc., 5.50%, 02/15/2026

     643,000        658,882  

MGM Growth Properties Operating

     

Partnership L.P./MGP Finance Co-Issuer, Inc., 4.50%, 09/01/2026

     476,000        486,151  

RLJ Lodging Trust L.P., 3.75%, 07/01/2026(b)

     740,000        721,722  

VICI Properties L.P./VICI Note Co., Inc., 4.25%, 12/01/2026(b)

     2,097,000        2,120,329  
     

 

 

 
        5,439,482  
     

 

 

 

Food & Staples Retailing-1.68%

     

Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s L.P./Albertson’s LLC, 3.25%, 03/15/2026(b)(c)

     1,186,000        1,143,304  

Rite Aid Corp.,
8.00%, 11/15/2026(b)(c)

     1,335,000        1,270,860  

Sigma Holdco B.V. (Netherlands), 7.88%, 05/15/2026(b)(c)

     800,000        705,308  
     

 

 

 
        3,119,472  
     

 

 

 

Food Products-0.56%

     

FAGE International S.A./FAGE USA Dairy Industry, Inc. (Luxembourg), 5.63%, 08/15/2026(b)

     500,000        506,818  

H-Food Holdings LLC/Hearthside Finance Co., Inc., 8.50%, 06/01/2026(b)

     550,000        538,524  
     

 

 

 
        1,045,342  
     

 

 

 
         Principal    
Amount
           Value        

Gas Utilities-1.04%

     

AmeriGas Partners L.P./AmeriGas Finance Corp., 5.88%, 08/20/2026

   $   1,098,000      $     1,119,960  

Crescent Energy Finance LLC, 7.25%, 05/01/2026(b)

     800,000        799,448  
     

 

 

 
        1,919,408  
     

 

 

 

Health Care Providers & Services-2.48%

 

Hadrian Merger Sub, Inc., 8.50%, 05/01/2026(b)

     490,000        495,686  

Tenet Healthcare Corp., 4.88%, 01/01/2026(b)

     3,315,000        3,327,730  

US Acute Care Solutions LLC, 6.38%, 03/01/2026(b)

     785,000        772,047  
     

 

 

 
        4,595,463  
     

 

 

 

Hotels, Restaurants & Leisure-5.95%

 

  

CCM Merger, Inc., 6.38%, 05/01/2026(b)

     440,000        450,523  

CEC Entertainment LLC, 6.75%, 05/01/2026(b)

     1,040,000        991,442  

Empire Resorts, Inc., 7.75%, 11/01/2026(b)(c)

     560,000        559,681  

International Game Technology PLC, 4.13%, 04/15/2026(b)(c)

     1,230,000        1,213,075  

IRB Holding Corp., 6.75%, 02/15/2026(b)

     779,000        785,621  

Life Time, Inc.

     

5.75%, 01/15/2026(b)

     1,460,000        1,454,196  

8.00%, 04/15/2026(b)

     744,000        743,539  

Merlin Entertainments Ltd. (United Kingdom), 5.75%, 06/15/2026(b)

     600,000        623,136  

MGM Resorts International, 4.63%, 09/01/2026

     637,000        636,191  

Mohegan Gaming & Entertainment, 8.00%, 02/01/2026(b)

     1,900,000        1,921,280  

Raptor Acquisition Corp./Raptor Co-Issuer LLC (Canada), 4.88%, 11/01/2026(b)(c)

     560,000        541,632  

Travel + Leisure Co., 6.63%, 07/31/2026(b)

     1,030,000        1,100,988  
     

 

 

 
        11,021,304  
     

 

 

 

Household Durables-2.48%

     

Newell Brands, Inc., 4.70%, 04/01/2026

     3,132,000        3,245,692  

WASH Multifamily Acquisition, Inc., 5.75%, 04/15/2026(b)

     1,340,000        1,352,053  
     

 

 

 
        4,597,745  
     

 

 

 

Household Products-0.37%

     

Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. (Canada), 5.00%, 12/31/2026(b)

     750,000        677,730  
     

 

 

 

Independent Power and Renewable Electricity Producers-0.70%

 

Calpine Corp., 5.25%, 06/01/2026(b)

     718,000        726,024  

Sunnova Energy Corp., 5.88%, 09/01/2026(b)(c)

     630,000        577,669  
     

 

 

 
        1,303,693  
     

 

 

 

Industrial Conglomerates-1.09%

     

Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 6.25%, 05/15/2026

     1,998,000        2,015,153  
     

 

 

 

 

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

 

 

  83  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

         Principal    
Amount
           Value        

Insurance-1.43%

     

HUB International Ltd., 7.00%, 05/01/2026(b)

   $   2,631,000      $     2,651,259  
     

 

 

 

Interactive Media & Services-1.02%

 

  

Cumulus Media New Holdings, Inc., 6.75%, 07/01/2026(b)(c)

     660,000        672,217  

Millennium Escrow Corp., 6.63%, 08/01/2026(b)

     1,260,000        1,220,562  
     

 

 

 
        1,892,779  
     

 

 

 

IT Services-1.66%

     

Block, Inc., 2.75%, 06/01/2026(b)(c)

     1,600,000        1,554,088  

MoneyGram International, Inc., 5.38%, 08/01/2026(b)(c)

     700,000        731,675  

Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/2026(b)(c)

     797,000        793,182  
     

 

 

 
        3,078,945  
     

 

 

 

Leisure Products-1.14%

     

Mattel, Inc., 3.38%, 04/01/2026(b)(c)

     920,000        914,876  

Party City Holdings, Inc., 8.75%, 02/15/2026(b)(c)

     1,200,000        1,203,000  
     

 

 

 
        2,117,876  
     

 

 

 

Life Sciences Tools & Services-1.36%

 

  

IQVIA, Inc., 5.00%, 10/15/2026(b)

     1,700,000        1,738,267  

PRA Health Sciences, Inc., 2.88%, 07/15/2026(b)

     800,000        776,240  
     

 

 

 
        2,514,507  
     

 

 

 

Machinery-1.07%

     

Ritchie Bros. Holdings, Inc. (Canada), 4.75%, 12/15/2031(b)

     960,000        955,339  

Titan Acquisition Ltd./Titan Co-Borrower LLC (Canada), 7.75%, 04/15/2026(b)(c)

     1,045,000        1,025,918  
     

 

 

 
        1,981,257  
     

 

 

 

Media-7.37%

     

Beasley Mezzanine Holdings LLC, 8.63%, 02/01/2026(b)(c)

     480,000        466,495  

DISH DBS Corp.

     

7.75%, 07/01/2026(c)

     3,200,000        3,244,304  

5.25%, 12/01/2026(b)

     4,400,000        4,321,625  

Gannett Holdings LLC, 6.00%, 11/01/2026(b)(c)

     700,000        695,940  

Gray Television, Inc., 5.88%, 07/15/2026(b)

     1,199,000        1,227,434  

Sinclair Television Group, Inc., 5.88%, 03/15/2026(b)(c)

     543,000        536,756  

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

     1,580,000        1,511,049  

Spanish Broadcasting System, Inc., 9.75%, 03/01/2026(b)(c)

     485,000        495,607  

Summer BC Bidco LLC, 5.50%, 10/31/2026(b)

     600,000        579,771  

Telesat Canada/Telesat LLC (Canada), 5.63%, 12/06/2026(b)

     790,000        582,147  
     

 

 

 
        13,661,128  
     

 

 

 
         Principal    
Amount
           Value        

Metals & Mining-2.02%

     

Baffinland Iron Mines Corp./Baffinland Iron Mines L.P. (Canada), 8.75%, 07/15/2026(b)

   $      922,000      $        947,300  

Constellium SE, 5.88%,
02/15/2026(b)(c)

     595,000        603,041  

JW Aluminum Continuous Cast Co., 10.25%, 06/01/2026(b)

     409,000        427,534  

Novelis Corp., 3.25%, 11/15/2026(b)(c)

     1,200,000        1,140,276  

Taseko Mines Ltd. (Canada), 7.00%, 02/15/2026(b)(c)

     630,000        630,721  
     

 

 

 
        3,748,872  
     

 

 

 

Mortgage REITs-0.33%

     

Starwood Property Trust, Inc., 3.63%, 07/15/2026(b)

     640,000        606,701  
     

 

 

 

Oil, Gas & Consumable Fuels-15.03%

 

  

Athabasca Oil Corp. (Canada), 9.75%, 11/01/2026(b)(c)

     530,000        554,966  

Berry Petroleum Co. LLC, 7.00%, 02/15/2026(b)

     699,000        689,305  

Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.63%, 07/15/2026(b)

     406,000        419,566  

Buckeye Partners L.P., 3.95%, 12/01/2026 .

     963,000        930,778  

California Resources Corp., 7.13%, 02/01/2026(b)(c)

     950,000        989,102  

Callon Petroleum Co., 6.38%, 07/01/2026

     510,000        495,215  

Centennial Resource Production LLC, 5.38%, 01/15/2026(b)(c)

     460,000        444,365  

CITGO Petroleum Corp., 6.38%, 06/15/2026(b)

     1,040,000        1,034,951  

Civitas Resources, Inc., 5.00%, 10/15/2026(b)

     640,000        631,520  

EnLink Midstream Partners L.P., 4.85%, 07/15/2026

     805,000        816,053  

EQM Midstream Partners L.P., 4.13%, 12/01/2026

     790,000        755,805  

EQT Corp., 3.13%, 05/15/2026(b)

     800,000        787,760  

Genesis Energy L.P./Genesis Energy Finance Corp., 6.25%, 05/15/2026

     569,000        548,209  

Harbour Energy PLC (United Kingdom), 5.50%, 10/15/2026(b)

     800,000        790,848  

Ithaca Energy North Sea PLC (United Kingdom), 9.00%, 07/15/2026(b)

     1,000,000        1,009,385  

Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/2026(b)

     594,000        606,608  

Moss Creek Resources Holdings, Inc., 7.50%, 01/15/2026(b)

     1,100,000        975,496  

New Fortress Energy, Inc., 6.50%, 09/30/2026(b)

     2,400,000        2,300,844  

Northriver Midstream Finance L.P. (Canada), 5.63%, 02/15/2026(b)(c)

     840,000        845,195  

Oasis Petroleum, Inc., 6.38%, 06/01/2026(b)

     635,000        646,820  

Occidental Petroleum Corp.

     

5.55%, 03/15/2026

     1,702,000        1,828,008  

3.40%, 04/15/2026

     1,232,000        1,233,620  

PDC Energy, Inc., 5.75%, 05/15/2026(c)

     1,187,000        1,206,336  

Penn Virginia Holdings LLC, 9.25%, 08/15/2026(b)

     630,000        643,387  

 

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

 

 

  84  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

         Principal    
Amount
           Value        

Oil, Gas & Consumable Fuels-(continued)

 

SM Energy Co., 6.75%, 09/15/2026

   $      700,000      $        707,889  

Strathcona Resources Ltd. (Canada), 6.88%, 08/01/2026(b)

     790,000        765,842  

Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 8.50%, 10/15/2026(b)

     1,200,000        1,193,670  

Talos Production, Inc., 12.00%, 01/15/2026

     1,035,000        1,095,439  

Tap Rock Resources LLC, 7.00%, 10/01/2026(b)

     800,000        805,820  

Targa Resources Partners L.P./Targa

     

Resources Partners Finance Corp., 4.88%, 02/01/2031

     1,600,000        1,650,624  

TransMontaigne Partners L.P./TLP Finance Corp., 6.13%, 02/15/2026

     445,000        433,982  
     

 

 

 
        27,837,408  
     

 

 

 

Paper & Forest Products-0.26%

     

Mercer International, Inc. (Germany), 5.50%, 01/15/2026(c)

     476,000        477,799  
     

 

 

 

Personal Products-1.24%

     

Coty, Inc. 5.00%, 04/15/2026(b)

     1,420,000        1,418,069  

6.50%, 04/15/2026(b)(c)

     870,000        885,112  
     

 

 

 
        2,303,181  
     

 

 

 

Real Estate Management & Development-0.33%

 

Forestar Group, Inc., 3.85%, 05/15/2026(b)(c)

     640,000        607,197  
     

 

 

 

Road & Rail-0.41%

     

Hertz Corp. (The), 4.63%, 12/01/2026(b)

     790,000        753,316  
     

 

 

 

Software-1.73%

     

ACI Worldwide, Inc., 5.75%, 08/15/2026(b)

     642,000        665,369  

Boxer Parent Co., Inc., 9.13%, 03/01/2026(b)

     600,000        623,100  

Consensus Cloud Solutions, Inc., 6.00%, 10/15/2026(b)

     490,000        489,451  

Fair Isaac Corp., 5.25%, 05/15/2026(b)

     632,000        671,478  

Nuance Communications, Inc., 5.63%, 12/15/2026

     733,000        754,143  
     

 

 

 
        3,203,541  
     

 

 

 

Specialty Retail-1.36%

     

LSF9 Atlantis Holdings LLC/Victra Finance Corp., 7.75%, 02/15/2026(b)

     1,400,000        1,350,153  

Specialty Building Products Holdings LLC/ SBP Finance Corp., 6.38%, 09/30/2026(b)

     1,160,000        1,170,237  
     

 

 

 
        2,520,390  
     

 

 

 

Technology Hardware, Storage & Peripherals-1.10%

 

Vericast Corp., 11.00%, 09/15/2026(b)(c)

     2,000,000        2,045,000  
     

 

 

 

Textiles, Apparel & Luxury Goods-1.27%

 

Hanesbrands, Inc., 4.88%, 05/15/2026(b)(c) .

     1,389,000        1,416,176  

Under Armour, Inc., 3.25%, 06/15/2026(c)

     944,000        937,581  
     

 

 

 
        2,353,757  
     

 

 

 
         Principal    
Amount
           Value        
     

 

 

 

Thrifts & Mortgage Finance-1.31%

     

Home Point Capital, Inc., 5.00%, 02/01/2026(b)(c)

   $      870,000      $        719,377  

Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 2.88%, 10/15/2026(b)(c)

     1,810,000        1,704,368  
     

 

 

 
        2,423,745  
     

 

 

 

Tobacco-0.21%

     

Turning Point Brands, Inc., 5.63%, 02/15/2026(b)

     390,000        380,716  
     

 

 

 

Trading Companies & Distributors-0.53%

 

Alta Equipment Group, Inc., 5.63%, 04/15/2026(b)

     500,000        498,018  

Beacon Roofing Supply, Inc., 4.50%, 11/15/2026(b)(c)

     483,000        484,915  
     

 

 

 
        982,933  
     

 

 

 

Water Utilities-0.35%

     

Solaris Midstream Holdings LLC, 7.63%, 04/01/2026(b)

     632,000        648,536  
     

 

 

 

Wireless Telecommunication Services-1.48%

 

Sprint Corp., 7.63%, 03/01/2026

     2,404,000        2,743,445  
     

 

 

 

Total U.S. Dollar Denominated Bonds & Notes (Cost $183,526,894)

        178,235,620  
     

 

 

 

Variable Rate Senior Loan Interests-0.01%(d)(e)

 

Media-0.01%

     

McClatchy Co. (The), Term Loan, 10.00%, 07/15/2026(f)
(Cost $25,150)

     26,628        26,533  
     

 

 

 
     Shares         

Money Market Funds-0.89%

     

Invesco Government & Agency Portfolio, Institutional Class, 0.03%(g)(h)
(Cost $1,648,086)

     1,648,086        1,648,086  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-97.11%
(Cost $185,200,130)

 

     179,910,239  
     

 

 

 

Investments Purchased with Cash Collateral from Securities on Loan

 

  

Money Market Funds-21.65%

 

  

Invesco Private Government Fund, 0.12%(g)(h)(i)

     11,714,199        11,714,199  

Invesco Private Prime Fund,
0.08%(g)(h)(i)

     28,379,873        28,382,711  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $40,099,503)

 

     40,096,910  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-118.76%
(Cost $225,299,633)

 

     220,007,149  

OTHER ASSETS LESS LIABILITIES-(18.76)%

 

     (34,749,285
     

 

 

 

NET ASSETS-100.00%

 

   $ 185,257,864  
     

 

 

 

 

Investment Abbreviations:

REIT-Real Estate Investment Trust

 

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

 

 

  85  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

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 February 28, 2022 was $131,333,224, which represented 70.89% of the Fund’s Net Assets.

(c) 

All or a portion of this security was out on loan at February 28, 2022.

(d) 

Variable rate senior loan interests often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with any accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, it is anticipated that the variable rate senior loan interests will have an expected average life of three to five years.

(e) 

Variable rate senior loan interests are, at present, not readily marketable, not registered under the Securities Act of 1933, as amended (the “1933 Act”) and may be subject to contractual and legal restrictions on sale. Variable rate senior loan interests in the Fund’s portfolio generally have variable rates which adjust to a base, such as the London Interbank Offered Rate (“LIBOR”), on set dates, typically every 30 days, but not greater than one year, and/or have interest rates that float at margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank.

(f) 

Security valued using significant unobservable inputs (Level 3). See Note 5.

(g) 

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2022.

 

    

Value

August 31, 2021

  

Purchases

   at Cost   

  

Proceeds

from Sales

  Change in
Unrealized
Appreciation
(Depreciation)
  Realized
Gain
(Loss)
 

Value

February 28, 2022

   Dividend
Income

Investments in Affiliated Money Market Funds:

                               

Invesco Government & Agency Portfolio, Institutional Class

     $ 2,830,545      $ 23,486,785      $ (24,669,244 )     $ -     $ -     $ 1,648,086      $ 363

Investments Purchased with Cash Collateral from Securities on Loan:

                               

Invesco Private Government Fund

       8,613,013        27,892,655        (24,791,469 )       -       -       11,714,199        1,412 *

Invesco Private Prime Fund

       20,097,030        53,260,934        (44,968,109 )       (2,593 )       (4,551 )       28,382,711        11,838 *
    

 

 

      

 

 

      

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 

Total

     $ 31,540,588      $ 104,640,374      $ (94,428,822 )     $ (2,593 )     $ (4,551 )     $ 41,744,996      $ 13,613
    

 

 

      

 

 

      

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 

 

*

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

 

(h) 

The rate shown is the 7-day SEC standardized yield as of February 28, 2022.

(i) 

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

 

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

 

 

  86  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

 Portfolio Composition

 Sector Breakdown (% of the Fund’s Net Assets)  as of February 28, 2022

     

Consumer Discretionary

     18.28    

Energy

     17.68    

Communication Services

     15.16    

Industrials

     11.68    

Financials

     7.74    

Materials

     6.84    

Information Technology

     5.15    

Consumer Staples

     4.06    

Health Care

     3.84    

Real Estate

     3.27    

Utilities

     2.52    

Money Market Funds Plus Other Assets
Less Liabilities

     3.78    

 

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

 

 

  87  

 

 

 

 

 

 

 


 

Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)

February 28, 2022

(Unaudited)

 

Schedule of Investments(a)

 

     Principal
  Amount  
           Value        

U.S. Dollar Denominated Bonds & Notes-98.63%

 

Aerospace & Defense-1.82%

     

Moog, Inc., 4.25%, 12/15/2027(b)

   $    273,000      $    268,100  

Rolls-Royce PLC (United Kingdom), 5.75%, 10/15/2027(b)

     600,000        619,191  
     

 

 

 
        887,291  
     

 

 

 

Auto Components-1.66%

     

Avis Budget Car Rental LLC/Avis Budget Finance, Inc.

     

5.75%, 07/15/2027(b)(c)

     223,000        225,094  

5.75%, 07/15/2027(b)

     195,000        196,595  

Goodyear Tire & Rubber Co. (The), 4.88%, 03/15/2027(c)

     385,000        385,493  
     

 

 

 
        807,182  
     

 

 

 

Automobiles-3.80%

     

Allison Transmission, Inc., 4.75%, 10/01/2027(b)

     215,000        214,084  

Ford Motor Credit Co. LLC

     

4.27%, 01/09/2027

     425,000        428,910  

4.13%, 08/17/2027(c)

     600,000        605,310  

3.82%, 11/02/2027

     400,000        396,908  

Jaguar Land Rover Automotive PLC (United Kingdom),
4.50%, 10/01/2027(b)(c)

     220,000        202,692  
     

 

 

 
        1,847,904  
     

 

 

 

Banks-0.68%

     

Freedom Mortgage Corp., 6.63%, 01/15/2027(b)(c)

     360,000        332,793  
     

 

 

 

Building Products-0.84%

     

Advanced Drainage Systems, Inc., 5.00%, 09/30/2027(b)

     197,000        198,720  

JELD-WEN, Inc., 4.88%, 12/15/2027(b)

     218,000        212,287  
     

 

 

 
        411,007  
     

 

 

 

Chemicals-3.13%

     

Chemours Co. (The), 5.38%, 05/15/2027(c)

     255,000        256,275  

HB Fuller Co., 4.00%, 02/15/2027

     165,000        165,219  

Hexion, Inc., 7.88%, 07/15/2027(b)

     233,000        245,597  

Methanex Corp. (Canada), 5.13%, 10/15/2027

     380,000        386,432  

Olin Corp., 5.13%, 09/15/2027

     276,000        279,789  

SPCM S.A. (France), 3.13%, 03/15/2027(b)

     200,000        189,717  
     

 

 

 
        1,523,029  
     

 

 

 

Commercial Services & Supplies-4.71%

 

Allied Universal Holdco LLC/Allied Universal Finance Corp., 9.75%, 07/15/2027(b)

     572,000        598,312  

Brink’s Co. (The), 4.63%, 10/15/2027(b)

     325,000        317,749  

CoreCivic, Inc., 4.75%, 10/15/2027

     140,000        124,203  

Garda World Security Corp. (Canada), 4.63%, 02/15/2027(b)

     310,000        300,805  

Harsco Corp., 5.75%, 07/31/2027(b)

     278,000        274,168  

Pitney Bowes, Inc., 6.88%,
03/15/2027(b)(c)

     180,000        169,754  

Prime Security Services Borrower LLC/Prime Finance, Inc., 3.38%, 08/31/2027(b)(c)

     545,000        504,985  
     

 

 

 
        2,289,976  
     

 

 

 

 

     Principal
  Amount  
           Value        

Communications Equipment-0.70%

 

CommScope Technologies LLC, 5.00%, 03/15/2027(b)(c)

   $      384,000      $      340,335  
     

 

 

 

Construction & Engineering-1.47%

 

AECOM, 5.13%, 03/15/2027

     502,000        514,982  

Howard Midstream Energy Partners LLC, 6.75%, 01/15/2027(b)

     200,000        198,768  
     

 

 

 
        713,750  
     

 

 

 

Consumer Finance-1.56%

     

Navient Corp., 5.00%, 03/15/2027

     383,000        370,187  

OneMain Finance Corp., 3.50%, 01/15/2027

     410,000        388,458  
     

 

 

 
        758,645  
     

 

 

 

Containers & Packaging-3.07%

 

Ardagh Packaging Finance PLC/Ardagh

     

Holdings USA, Inc., 5.25%, 08/15/2027(b) .

     650,000        618,591  

Graphic Packaging International LLC, 4.75%, 07/15/2027(b)

     165,000        169,409  

LABL, Inc., 10.50%, 07/15/2027(b)

     348,000        357,333  

Pactiv LLC, 8.38%, 04/15/2027(c)

     110,000        116,242  

Sealed Air Corp., 4.00%, 12/01/2027(b)

     232,000        230,066  
     

 

 

 
        1,491,641  
     

 

 

 

Distributors-0.69%

     

BCPE Empire Holdings, Inc., 7.63%, 05/01/2027(b)(c)

     350,000        333,300  
     

 

 

 

Diversified Consumer Services-0.86%

 

Sotheby’s, 7.38%, 10/15/2027(b)(c)

     400,000        417,000  
     

 

 

 

Diversified Financial Services-1.84%

     

Albion Financing 2 S.a.r.l. (Luxembourg), 8.75%, 04/15/2027(b)

     225,000        218,550  

Castlelake Aviation Finance DAC, 5.00%, 04/15/2027(b)(c)

     210,000        199,840  

LPL Holdings, Inc., 4.63%, 11/15/2027(b)

     217,000        216,288  

United Wholesale Mortgage LLC, 5.75%, 06/15/2027(b)

     270,000        258,463  
     

 

 

 
        893,141  
     

 

 

 

Diversified Telecommunication Services-1.98%

 

Cablevision Lightpath LLC, 3.88%, 09/15/2027(b)

     200,000        187,901  

Zayo Group Holdings, Inc., 4.00%, 03/01/2027(b)

     815,000        775,945  
     

 

 

 
        963,846  
     

 

 

 

Electric Utilities-3.72%

     

FirstEnergy Corp., Series B, 4.40%, 07/15/2027

     757,000        783,794  

NextEra Energy Operating Partners L.P., 4.50%, 09/15/2027(b)(c)

     306,000        308,030  

Vistra Operations Co. LLC, 5.00%, 07/31/2027(b)(c)

     713,000        719,125  
     

 

 

 
        1,810,949  
     

 

 

 

Electrical Equipment-0.31%

     

EnerSys, 4.38%, 12/15/2027(b)

     150,000        149,062  
     

 

 

 

 

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

 

 

  88  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

     Principal
  Amount  
           Value        

Energy Equipment & Services-2.78%

 

CGG S.A. (France), 8.75%, 04/01/2027(b)(c)

   $    200,000      $      195,378  

Nabors Industries, Inc., 7.38%, 05/15/2027(b)

     380,000        392,827  

Transocean, Inc., 11.50%, 01/30/2027(b)

     350,000        350,658  

USA Compression Partners L.P./USA Compression Finance Corp., 6.88%, 09/01/2027

     415,000        415,867  
     

 

 

 
        1,354,730  
     

 

 

 

Entertainment-1.62%

     

Live Nation Entertainment, Inc., 4.75%, 10/15/2027(b)(c)

     523,000        514,507  

Scripps Escrow, Inc., 5.88%,
07/15/2027(b)(c)

     278,000        276,233  
     

 

 

 
        790,740  
     

 

 

 

Equity REITs-3.83%

     

Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC, 4.50%, 04/01/2027, (Acquired 12/14/2021 - 12/27/2021;
Cost $393,043)(b)(c)(d)

     400,000        373,696  

Iron Mountain, Inc., 4.88%, 09/15/2027(b)

     548,000        547,501  

MGM Growth Properties Operating Partnership L.P./MGP Finance Co-Issuer, Inc., 5.75%, 02/01/2027

     344,000        372,619  

RHP Hotel Properties L.P./RHP Finance Corp., 4.75%, 10/15/2027

     374,000        366,799  

Service Properties Trust, 5.50%, 12/15/2027(c)

     206,000        201,880  
     

 

 

 
        1,862,495  
     

 

 

 

Food & Staples Retailing-2.94%

 

Albertson’s Cos., Inc./Safeway, Inc./New

     

Albertson’s L.P./Albertson’s LLC, 4.63%, 01/15/2027(b)(c)

     739,000        743,159  

Performance Food Group, Inc., 5.50%, 10/15/2027(b)

     585,000        596,015  

Rite Aid Corp., 7.70%, 02/15/2027(c)

     110,000        92,055  
     

 

 

 
        1,431,229  
     

 

 

 

Gas Utilities-0.61%

     

AmeriGas Partners L.P./AmeriGas Finance Corp., 5.75%, 05/20/2027

     291,000        294,384  
     

 

 

 

Health Care Providers & Services-3.65%

 

Community Health Systems, Inc., 8.00%, 12/15/2027(b)

     385,000        406,548  

Legacy LifePoint Health LLC, 4.38%, 02/15/2027(b)

     305,000        289,386  

Tenet Healthcare Corp., 5.13%, 11/01/2027(b)(c)

     818,000        826,098  

US Renal Care, Inc., 10.63%, 07/15/2027(b)

     257,000        256,135  
     

 

 

 
        1,778,167  
     

 

 

 

Hotels, Restaurants & Leisure-8.61%

 

Affinity Gaming, 6.88%, 12/15/2027(b)

     300,000        295,882  

Boyd Gaming Corp., 4.75%, 12/01/2027(c)

     552,000        553,449  

Carnival Corp., 5.75%, 03/01/2027(b)(c)

     1,920,000        1,869,686  
     Principal
  Amount  
           Value        

Hotels, Restaurants & Leisure-(continued)

 

Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp., 5.38%, 04/15/2027

   $      277,000      $      279,373  

Penn National Gaming, Inc., 5.63%, 01/15/2027(b)(c)

     223,000        226,341  

Six Flags Entertainment Corp., 5.50%, 04/15/2027(b)(c)

     250,000        252,422  

Travel + Leisure Co., Series J, 6.00%, 04/01/2027

     215,000        225,021  

Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 05/15/2027(b)(c)

     493,000        488,657  
     

 

 

 
        4,190,831  
     

 

 

 

Household Durables-1.65%

 

Beazer Homes USA, Inc., 5.88%, 10/15/2027(c)

     196,000        194,774  

Mattamy Group Corp. (Canada), 5.25%, 12/15/2027(b)

     276,000        277,383  

Meritage Homes Corp., 5.13%, 06/06/2027

     155,000        161,067  

Tri Pointe Homes, Inc., 5.25%, 06/01/2027

     168,000        167,640  
     

 

 

 
        800,864  
     

 

 

 

Household Products-1.55%

     

Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC, 4.00%, 10/15/2027(b)(c)

     552,000        511,398  

Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. (Canada), 7.00%, 12/31/2027(b)(c)

     290,000        242,614  
     

 

 

 
        754,012  
     

 

 

 

Industrial Conglomerates-1.64%

 

Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 5.25%, 05/15/2027

     801,000        796,582  
     

 

 

 

Insurance-2.23%

     

Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer

     

4.25%, 10/15/2027(b)

     381,000        368,162  

6.75%, 10/15/2027(b)

     733,000        717,336  
     

 

 

 
        1,085,498  
     

 

 

 

Interactive Media & Services-3.35%

 

Match Group Holdings II LLC, 5.00%, 12/15/2027(b)

     246,000        246,302  

Nexstar Media, Inc., 5.63%, 07/15/2027(b)

     983,000        1,005,732  

Twitter, Inc., 3.88%, 12/15/2027(b)(c)

     385,000        379,148  
     

 

 

 
        1,631,182  
     

 

 

 

Internet & Direct Marketing Retail-0.36%

 

Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc., 4.75%, 04/30/2027(b)

     190,000        176,839  
     

 

 

 

Machinery-2.49%

     

Granite US Holdings Corp., 11.00%, 10/01/2027(b)(c)

     148,000        158,071  

Park-Ohio Industries, Inc., 6.63%, 04/15/2027(c)

     187,000        163,821  

TK Elevator US Newco, Inc. (Germany), 5.25%, 07/15/2027(b)

     900,000        892,094  
     

 

 

 
        1,213,986  
     

 

 

 

 

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

 

 

  89  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

     Principal
  Amount  
           Value        

Media-3.87%

     

Belo Corp.

     

7.75%, 06/01/2027

   $ 110,000      $ 124,547  

7.25%, 09/15/2027

     136,000        152,216  

Clear Channel Worldwide Holdings, Inc., 5.13%, 08/15/2027(b)

     687,000        687,206  

Sinclair Television Group, Inc., 5.13%, 02/15/2027(b)

     215,000        195,895  

Telesat Canada/Telesat LLC (Canada), 4.88%, 06/01/2027(b)

     217,000        154,470  

Terrier Media Buyer, Inc., 8.88%, 12/15/2027(b)(c)

     555,000        569,502  
     

 

 

 
        1,883,836  
     

 

 

 

Mortgage REITs-1.08%

     

Blackstone Mortgage Trust, Inc., 3.75%, 01/15/2027(b)

     220,000        208,213  

Ladder Capital Finance Holdings LLLP/ Ladder Capital Finance Corp., 4.25%, 02/01/2027(b)(c)

     326,000        318,028  
     

 

 

 
        526,241  
     

 

 

 

Oil, Gas & Consumable Fuels-10.79%

 

Apache Corp., 4.88%, 11/15/2027

     204,000        209,942  

Ascent Resources Utica Holdings LLC/ARU Finance Corp., 9.00%, 11/01/2027(b)

     187,000        242,846  

Baytex Energy Corp. (Canada), 8.75%, 04/01/2027(b)(c)

     250,000        268,287  

DCP Midstream Operating L.P., 5.63%, 07/15/2027

     276,000        296,889  

EQM Midstream Partners L.P., 6.50%, 07/01/2027(b)

     493,000        513,183  

EQT Corp., 3.90%, 10/01/2027(c)

     689,000        696,996  

Genesis Energy L.P./Genesis Energy Finance Corp., 8.00%, 01/15/2027

     510,000        516,375  

Murphy Oil Corp., 5.88%, 12/01/2027(c)

     275,000        280,510  

NuStar Logistics L.P., 5.63%, 04/28/2027

     306,000        306,886  

Occidental Petroleum Corp.

     

3.00%, 02/15/2027(c)

     393,000        383,888  

8.50%, 07/15/2027

     274,000        330,639  

Parkland Corp. (Canada), 5.88%, 07/15/2027(b)

     278,000        281,707  

SM Energy Co., 6.63%, 01/15/2027(c)

     190,000        192,129  

Southwestern Energy Co., 4.75%, 02/01/2032

     500,000        497,980  

Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp., 6.00%, 03/01/2027(b)

     233,000        233,381  
     

 

 

 
        5,251,638  
     

 

 

 

Pharmaceuticals-6.15%

     

Bausch Health Americas, Inc., 8.50%, 01/31/2027(b)(c)

     956,000        969,843  

Endo DAC/Endo Finance LLC/Endo Finco, Inc., 9.50%, 07/31/2027(b)

     520,000        507,845  

Horizon Therapeutics USA, Inc., 5.50%, 08/01/2027(b)

     400,000        408,054  

Par Pharmaceutical, Inc., 7.50%, 04/01/2027(b)

     1,107,000        1,108,278  
     

 

 

 
        2,994,020  
     

 

 

 
     Principal
  Amount  
           Value        

Professional Services-0.93%

     

AMN Healthcare, Inc., 4.63%, 10/01/2027(b)

   $ 276,000      $ 273,704  

Korn Ferry, 4.63%, 12/15/2027(b)

     183,000        180,562  
     

 

 

 
        454,266  
     

 

 

 

Software-1.60%

     

LogMeIn, Inc., 5.50%, 09/01/2027(b)

     522,000        497,119  

NCR Corp., 5.75%, 09/01/2027(b)

     279,000        282,146  
     

 

 

 
        779,265  
     

 

 

 

Specialty Retail-1.01%

     

Carvana Co., 5.50%, 04/15/2027(b)

     300,000        268,656  

Lithia Motors, Inc., 4.63%, 12/15/2027(b)

     220,000        225,211  
     

 

 

 
        493,867  
     

 

 

 

Technology Hardware, Storage & Peripherals-1.10%

 

Presidio Holdings, Inc., 4.88%, 02/01/2027(b)

     271,000        270,608  

Seagate HDD Cayman, 4.88%, 06/01/2027(c)

     258,000        265,517  
     

 

 

 
        536,125  
     

 

 

 

Trading Companies & Distributors-1.95%

 

Herc Holdings, Inc., 5.50%, 07/15/2027(b)

     658,000        675,273  

Univar Solutions USA, Inc., 5.13%, 12/01/2027(b)

     270,000        275,223  
     

 

 

 
        950,496  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.63%
(Cost $49,885,004)

        48,002,144  
     

 

 

 
     Shares         
Investments Purchased with Cash Collateral from Securities on Loan Money

 

Market Funds-30.65%

     

Invesco Private Government Fund,
0.12%(e)(f)(g)

     4,389,718        4,389,718  

Invesco Private Prime Fund, 0.08%(e)(f)(g)

     10,522,462        10,523,515  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $14,914,212)

        14,913,233  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-129.28%
(Cost $64,799,216)

 

     62,915,377  

OTHER ASSETS LESS LIABILITIES-(29.28)%

 

     (14,247,863
     

 

 

 

NET ASSETS-100.00%

 

   $ 48,667,514  
     

 

 

 

 

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

 

 

  90  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

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 February 28, 2022 was $34,260,097, which represented 70.40% of the Fund’s Net Assets.

(c) 

All or a portion of this security was out on loan at February 28, 2022.

(d) 

Restricted security. The value of this security at February 28, 2022 represented less than 1% of the Fund’s Net Assets.

(e) 

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2022.

 

    Value
August 31, 2021
  Purchases at
Cost
  Proceeds from
Sales
  Change in
Unrealized
Appreciation
(Depreciation)
  Realized
Gain
(Loss)
  Value
February 28,
2022
  Dividend
Income

Investments in Affiliated

Money Market Funds:

                                                                                   

Invesco Government & Agency

Portfolio, Institutional Class

        $ 228,494             $ 3,056,319             $ (3,284,813 )             $ -             $ -             $ -             $ 51    

Investments Purchased with Cash Collateral from Securities on Loan:

                                                                                   

Invesco Private Government Fund

          3,310,687               8,193,509               (7,114,478 )               -               -               4,389,718               505 *    

Invesco Private Prime Fund

          7,724,936               17,627,858               (14,826,675 )               (979 )               (1,625 )               10,523,515               4,441 *    
       

 

 

             

 

 

             

 

 

             

 

 

             

 

 

             

 

 

             

 

 

     

Total

        $ 11,264,117             $ 28,877,686             $ (25,225,966 )             $ (979 )             $ (1,625 )             $ 14,913,233             $ 4,997    
       

 

 

             

 

 

             

 

 

             

 

 

             

 

 

             

 

 

             

 

 

     

 

*

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 February 28, 2022.

(g) 

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

 

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

 

 

  91  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

 Portfolio Composition

 Sector Breakdown (% of the Fund’s Net Assets)

 as of February 28, 2022

     

Consumer Discretionary

     18.70    

Industrials

     15.73    

Energy

     13.57    

Communication Services

     10.83    

Health Care

     9.81    

Financials

     7.39    

Materials

     6.19    

Consumer Staples

     4.49    

Utilities

     4.33    

Real Estate

     3.83    

Information Technology

     3.76    

Money Market Funds Plus Other Assets Less Liabilities

     1.37    

                

 

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

 

 

  92  

 

 

 

 

 

 

 


 

Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)

February 28, 2022

(Unaudited)

 

Schedule of Investments(a)

 

        Principal   
Amount
     Value  

U.S. Dollar Denominated Bonds & Notes-98.13%

 

Aerospace & Defense-1.42%

 

Bombardier, Inc. (Canada), 6.00%, 02/15/2028(b)

   $ 110,000      $ 105,204  

BWX Technologies, Inc., 4.13%, 06/30/2028(b)

     52,000        50,530  

Spirit AeroSystems, Inc., 4.60%, 06/15/2028

     122,000        116,642  
     

 

 

 
     272,376  
     

 

 

 

Airlines-0.52%

 

Cargo Aircraft Management, Inc., 4.75%, 02/01/2028(b)

        102,000        100,172  
     

 

 

 

Auto Components-1.05%

 

ANGI Group LLC, 3.88%, 08/15/2028(b)

     71,000        63,126  

Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 4.75%, 04/01/2028(b)

     70,000        67,084  

Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/2028(b)

     71,000        71,138  
     

 

 

 
          201,348  
     

 

 

 

Automobiles-2.75%

 

Ford Motor Co., 6.63%, 10/01/2028

     55,000        61,833  

Ford Motor Credit Co. LLC, 2.90%, 02/16/2028

     200,000        189,739  

Jaguar Land Rover Automotive PLC (United Kingdom), 5.88%, 01/15/2028(b)

     200,000        198,600  

PM General Purchaser LLC, 9.50%, 10/01/2028(b)

     82,000        78,594  
     

 

 

 
     528,766  
     

 

 

 

Biotechnology-1.30%

 

Emergent BioSolutions, Inc., 3.88%, 08/15/2028(b)

     67,000        60,042  

Grifols Escrow Issuer S.A. (Spain), 4.75%, 10/15/2028(b)

     200,000        188,745  
     

 

 

 
     248,787  
     

 

 

 

Capital Markets-2.28%

 

Coinbase Global, Inc., 3.38%, 10/01/2028(b)(c)

     140,000        127,829  

NFP Corp.

     

4.88%, 08/15/2028(b)

     80,000        76,492  

6.88%, 08/15/2028(b)

     251,000        233,763  
     

 

 

 
     438,084  
     

 

 

 

Chemicals-4.70%

 

ASP Unifrax Holdings, Inc., 5.25%, 09/30/2028(b)

     110,000        105,509  

CVR Partners L.P./CVR Nitrogen Finance Corp., 6.13%, 06/15/2028(b)

     70,000        70,515  

Element Solutions, Inc., 3.88%, 09/01/2028(b)(c)

     112,000        106,401  

HB Fuller Co., 4.25%, 10/15/2028

     41,000        39,098  

Ingevity Corp., 3.88%, 11/01/2028(b)

     75,000        70,815  

LSB Industries, Inc., 6.25%, 10/15/2028(b)(c)

     70,000        70,428  

Minerals Technologies, Inc., 5.00%, 07/01/2028(b)

     52,000        51,196  

Olympus Water US Holding Corp., 4.25%, 10/01/2028(b)

     200,000        186,760  

    

 

        Principal   
Amount
     Value  

Chemicals-(continued)

 

SCIH Salt Holdings, Inc., 4.88%, 05/01/2028(b)

   $ 150,000      $ 143,625  

Weekley Homes LLC/Weekley Finance Corp., 4.88%, 09/15/2028(b)

     61,000        58,127  
     

 

 

 
     902,474  
     

 

 

 

Commercial Services & Supplies-5.02%

 

Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 S.a.r.l., 4.63%, 06/01/2028(b)

        200,000        190,165  

GFL Environmental, Inc. (Canada)

     

4.00%, 08/01/2028(b)

     101,000        93,533  

3.50%, 09/01/2028(b)

     110,000        105,196  

Madison IAQ LLC, 4.13%, 06/30/2028(b)(c)

     95,000        89,993  

MPH Acquisition Holdings LLC

     

5.50%, 09/01/2028(b)

     150,000        145,765  

5.75%, 11/01/2028(b)

     183,000        165,361  

Prime Security Services Borrower LLC/Prime Finance, Inc., 6.25%, 01/15/2028(b)(c)

     180,000        173,915  
     

 

 

 
     963,928  
     

 

 

 

Communications Equipment-0.25%

 

ViaSat, Inc., 6.50%, 07/15/2028(b)

     52,000        48,067  
     

 

 

 

Construction & Engineering-1.18%

 

New Enterprise Stone & Lime Co., Inc., 5.25%, 07/15/2028(b)

     80,000        77,894  

Pike Corp., 5.50%, 09/01/2028(b)

     101,000        97,338  

Railworks Holdings L.P./Railworks Rally, Inc., 8.25%, 11/15/2028(b)

     50,000        51,054  
     

 

 

 
          226,286  
     

 

 

 

Consumer Finance-1.73%

 

Curo Group Holdings Corp., 7.50%, 08/01/2028(b)

     140,000        124,502  

FirstCash, Inc., 4.63%, 09/01/2028(b)

     71,000        67,120  

Navient Corp., 4.88%, 03/15/2028(c)

     70,000        65,552  

OneMain Finance Corp., 3.88%, 09/15/2028

     80,000        74,226  
     

 

 

 
     331,400  
     

 

 

 

Containers & Packaging-2.25%

 

Graham Packaging Co., Inc., 7.13%, 08/15/2028(b)

     70,000        67,445  

Graphic Packaging International LLC, 3.50%, 03/15/2028(b)

     60,000        57,084  

Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC (Canada), 6.00%, 09/15/2028(b)

     100,000        97,250  

LABL, Inc., 5.88%, 11/01/2028(b)

     70,000        67,135  

Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer, Inc., 4.38%, 10/15/2028(b)

     70,000        64,746  

Silgan Holdings, Inc., 4.13%, 02/01/2028

     80,000        78,594  
     

 

 

 
     432,254  
     

 

 

 

Diversified Consumer Services-0.83%

 

Adtalem Global Education, Inc., 5.50%, 03/01/2028(b)(c)

     110,000        98,599  

Grand Canyon University, 5.13%, 10/01/2028

     60,000        60,150  
     

 

 

 
     158,749  
     

 

 

 

 

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

 

 

  93  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

        Principal   
Amount
     Value  

Diversified Financial Services-1.99%

 

  

AG Issuer LLC, 6.25%, 03/01/2028(b)

   $ 72,000      $ 72,900  

Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/2028(b)

     200,000        192,833  

Midcap Financial Issuer Trust, 6.50%, 05/01/2028(b)

        120,000        117,097  
     

 

 

 
     382,830  
     

 

 

 

Diversified Telecommunication Services-9.57%

 

  

Altice France Holding S.A. (Luxembourg), 6.00%,
02/15/2028(b)(c)

     200,000        176,850  

Altice France S.A. (France), 5.50%, 01/15/2028(b)

     200,000        187,242  

CommScope, Inc., 7.13%,
07/01/2028(b)(c)

     91,000        85,466  

Consolidated Communications, Inc.

 

  

5.00%, 10/01/2028(b)(c)

     60,000        56,920  

6.50%, 10/01/2028(b)(c)

     107,000        106,733  

Frontier Communications Holdings LLC, 5.00%, 05/01/2028(b)

     268,000        260,563  

Iliad Holding S.A.S. (France), 7.00%, 10/15/2028(b)

     200,000        199,278  

Level 3 Financing, Inc., 4.25%, 07/01/2028(b)

     173,000        160,025  

Lumen Technologies, Inc., Series G, 6.88%, 01/15/2028

     60,000        57,831  

Radiate Holdco LLC/Radiate Finance, Inc., 6.50%, 09/15/2028(b)

     142,000        133,539  

Switch Ltd., 3.75%, 09/15/2028(b)

     81,000        76,975  

Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 08/15/2028(b)(c)

     193,000        195,034  

Zayo Group Holdings, Inc., 6.13%, 03/01/2028(b)(c)

     150,000        139,674  
     

 

 

 
       1,836,130  
     

 

 

 

Electric Utilities-1.09%

 

  

Pattern Energy Operations L.P./Pattern Energy Operations, Inc., 4.50%, 08/15/2028(b)

     95,000        92,926  

Talen Energy Supply LLC

 

  

6.63%, 01/15/2028(b)

     70,000        60,842  

7.63%, 06/01/2028(b)

     61,000        54,697  
     

 

 

 
     208,465  
     

 

 

 

Electrical Equipment-0.57%

 

  

Vertiv Group Corp., 4.13%, 11/15/2028(b)

     120,000        110,263  
     

 

 

 

Electronic Equipment, Instruments & Components-0.20%

 

Austin BidCo, Inc., 7.13%, 12/15/2028(b)

     40,000        39,140  
     

 

 

 

Energy Equipment & Services-1.10%

 

  

Archrock Partners L.P./Archrock Partners Finance Corp., 6.25%, 04/01/2028(b)

     102,000        102,118  

Bristow Group, Inc., 6.88%, 03/01/2028(b)

     60,000        60,781  

Delek Logistics Partners L.P./Delek Logistics Finance Corp., 7.13%, 06/01/2028(b)

     50,000        48,961  
     

 

 

 
     211,860  
     

 

 

 

Entertainment-1.36%

 

  

Allen Media LLC/Allen Media Co-Issuer, Inc., 10.50%, 02/15/2028(b)

     91,000        90,563  

Cinemark USA, Inc., 5.25%, 07/15/2028(b)(c)

     110,000        104,221  

Live Nation Entertainment, Inc., 3.75%, 01/15/2028(b)

     70,000        67,112  
     

 

 

 
     261,896  
     

 

 

 
        Principal   
Amount
     Value  

Equity REITs-3.10%

 

  

American Finance Trust, Inc./American Finance Operating Partner L.P., 4.50%, 09/30/2028(b)

   $ 70,000      $ 65,337  

CTR Partnership L.P./CareTrust Capital Corp., 3.88%, 06/30/2028(b)

     60,000        57,400  

Diversified Healthcare Trust, 4.75%, 02/15/2028

     62,000        56,151  

Iron Mountain, Inc.

 

  

5.25%, 03/15/2028(b)

        114,000             114,228  

5.00%, 07/15/2028(b)

     72,000        71,444  

MGM Growth Properties Operating Partnership L.P./MGP Finance Co-Issuer, Inc., 4.50%, 01/15/2028

     47,000        48,794  

Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 5.88%, 10/01/2028(b)(c)

     104,000        105,685  

Uniti Group L.P./Uniti Group Finance, Inc./CSL Capital LLC, 4.75%, 04/15/2028(b)

     80,000        76,279  
     

 

 

 
     595,318  
     

 

 

 

Food & Staples Retailing-1.84%

 

  

C&S Group Enterprises LLC, 5.00%, 12/15/2028(b)

     61,000        53,136  

GPS Hospitality Holding Co. LLC/GPS Finco, Inc., 7.00%, 08/15/2028(b)

     60,000        50,100  

PetSmart, Inc./PetSmart Finance Corp., 4.75%, 02/15/2028(b)

     250,000        249,733  
     

 

 

 
     352,969  
     

 

 

 

Food Products-2.01%

 

  

Chobani LLC/Chobani Finance Corp., Inc., 4.63%, 11/15/2028(b)

     53,000        51,104  

Lamb Weston Holdings, Inc., 4.88%, 05/15/2028(b)(c)

     72,000        74,011  

Post Holdings, Inc., 5.63%, 01/15/2028(b)

     136,000        136,656  

TKC Holdings, Inc., 6.88%, 05/15/2028(b)

     60,000        59,474  

TreeHouse Foods, Inc., 4.00%, 09/01/2028(c)

     71,000        64,868  
     

 

 

 
     386,113  
     

 

 

 

Health Care Equipment & Supplies-0.52%

 

  

Radiology Partners, Inc., 9.25%, 02/01/2028(b)

     100,000        99,921  
     

 

 

 

Health Care Providers & Services-0.93%

 

  

Akumin Escrow, Inc., 7.50%, 08/01/2028(b)

     50,000        42,325  

Cano Health LLC, 6.25%, 10/01/2028(b)

     40,000        35,557  

Molina Healthcare, Inc., 4.38%, 06/15/2028(b)(c)

     100,000        99,746  
     

 

 

 
     177,628  
     

 

 

 

Hotels, Restaurants & Leisure-4.70%

 

  

1011778 BC ULC/New Red Finance, Inc. (Canada), 4.38%, 01/15/2028(b)

     108,000        106,292  

Aramark Services, Inc., 5.00%, 02/01/2028(b)(c)

     158,000        158,457  

Carnival Corp., 4.00%, 08/01/2028(b)

     340,000        325,190  

Marriott Ownership Resorts, Inc., 4.75%, 01/15/2028

     49,000        47,558  

MGM Resorts International, 4.75%, 10/15/2028(c)

     107,000        106,731  

 

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

 

 

  94  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

        Principal   
Amount
     Value  

Hotels, Restaurants & Leisure-(continued)

 

Station Casinos LLC, 4.50%, 02/15/2028(b)

   $ 101,000      $ 97,212  

Wyndham Hotels & Resorts, Inc., 4.38%, 08/15/2028(b)

     62,000        61,495  
     

 

 

 
        902,935  
     

 

 

 

Household Durables-1.22%

     

CP Atlas Buyer, Inc., 7.00%, 12/01/2028(b)(c)

          74,000        66,811  

M/I Homes, Inc., 4.95%, 02/01/2028

     52,000        50,921  

Tri Pointe Homes, Inc., 5.70%, 06/15/2028

     46,000        46,425  

Williams Scotsman International, Inc., 4.63%, 08/15/2028(b)

     70,000        69,125  
     

 

 

 
             233,282  
     

 

 

 

Household Products-0.41%

     

Energizer Holdings, Inc., 4.75%, 06/15/2028(b)

     82,000        77,988  
     

 

 

 

Independent Power and Renewable Electricity Producers-2.41%

 

Calpine Corp.

     

4.50%, 02/15/2028(b)

     178,000        173,841  

5.13%, 03/15/2028(b)

     193,000        186,128  

TerraForm Power Operating LLC, 5.00%, 01/31/2028(b)

     102,000        102,439  
     

 

 

 
        462,408  
     

 

 

 

Interactive Media & Services-1.67%

     

Match Group Holdings II LLC, 4.63%, 06/01/2028(b)

     62,000        62,293  

Nexstar Media, Inc., 4.75%, 11/01/2028(b)(c)

     122,000        118,804  

Rackspace Technology Global, Inc.

     

3.50%, 02/15/2028(b)

     80,000        72,686  

5.38%, 12/01/2028(b)(c)

     75,000        67,391  
     

 

 

 
        321,174  
     

 

 

 

Internet & Direct Marketing Retail-0.18%

 

  

Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc., 6.00%, 02/15/2028(b)(c)

     40,000        35,065  
     

 

 

 

IT Services-1.59%

     

Ahead DB Holdings LLC, 6.63%, 05/01/2028(b)

     60,000        56,467  

Arches Buyer, Inc., 4.25%, 06/01/2028(b)

     132,000        125,142  

Clarivate Science Holdings Corp., 3.88%, 07/01/2028(b)

     130,000        123,042  
     

 

 

 
        304,651  
     

 

 

 

Machinery-1.40%

     

ATS Automation Tooling Systems, Inc. (Canada), 4.13%, 12/15/2028(b)

     40,000        38,599  

GrafTech Finance, Inc., 4.63%, 12/15/2028(b) .

     75,000        73,003  

Meritor, Inc., 4.50%, 12/15/2028(b)

     38,000        38,906  

Titan International, Inc., 7.00%, 04/30/2028

     60,000        62,100  

Wabash National Corp., 4.50%, 10/15/2028(b) .

     60,000        56,982  
     

 

 

 
        269,590  
     

 

 

 

Media-9.93%

     

Advantage Sales & Marketing, Inc., 6.50%, 11/15/2028(b)

     129,000        130,048  

CSC Holdings LLC, 5.38%, 02/01/2028(b)

     140,000        136,500  

DISH DBS Corp.

     

7.38%, 07/01/2028(c)

     172,000        161,986  

5.75%, 12/01/2028(b)

     350,000        335,676  

GCI LLC, 4.75%, 10/15/2028(b)

     84,000        82,561  
        Principal   
Amount
     Value  

Media-(continued)

     

iHeartCommunications, Inc., 4.75%, 01/15/2028(b)

   $ 70,000      $ 67,805  

Lamar Media Corp., 3.75%, 02/15/2028

     81,000        77,963  

McGraw-Hill Education, Inc., 5.75%, 08/01/2028(b)

     130,000        123,500  

National CineMedia LLC, 5.88%, 04/15/2028(b)(c)

     52,000        46,207  

Sirius XM Radio, Inc., 4.00%, 07/15/2028(b)

        295,000        284,115  

TEGNA, Inc., 4.63%, 03/15/2028

     142,000        142,178  

UPC Holding B.V. (Netherlands), 5.50%, 01/15/2028(b)

     200,000        199,231  

Urban One, Inc., 7.38%, 02/01/2028(b)

     119,000        118,550  
     

 

 

 
          1,906,320  
     

 

 

 

Metals & Mining-0.31%

     

Kaiser Aluminum Corp., 4.63%, 03/01/2028(b)

     62,000        58,645  
     

 

 

 

Oil, Gas & Consumable Fuels-5.22%

     

Apache Corp., 4.38%, 10/15/2028

     101,000        102,433  

Ascent Resources Utica Holdings LLC/ARU Finance Corp., 8.25%, 12/31/2028(b)

     47,000        48,223  

Callon Petroleum Co., 8.00%, 08/01/2028(b)(c) .

     90,000        93,709  

CVR Energy, Inc., 5.75%, 02/15/2028(b)

     52,000        49,082  

Encino Acquisition Partners Holdings LLC, 8.50%, 05/01/2028(b)

     95,000        96,384  

EnLink Midstream LLC, 5.63%, 01/15/2028(b) .

     70,000        70,814  

EQM Midstream Partners L.P., 5.50%, 07/15/2028

     117,000        115,340  

Holly Energy Partners L.P./Holly Energy Finance Corp., 5.00%, 02/01/2028(b)

     72,000        68,876  

Laredo Petroleum, Inc., 10.13%, 01/15/2028

     50,000        52,981  

Occidental Petroleum Corp., 6.38%, 09/01/2028

     71,000        80,356  

Renewable Energy Group, Inc., 5.88%, 06/01/2028(b)

     82,000        88,649  

SM Energy Co., 6.50%, 07/15/2028

     60,000        61,573  

Weatherford International Ltd., 6.50%, 09/15/2028(b)

     70,000        72,557  
     

 

 

 
        1,000,977  
     

 

 

 

Paper & Forest Products-0.68%

     

Clearwater Paper Corp., 4.75%, 08/15/2028(b) .

     38,000        35,781  

Domtar Corp., 6.75%, 10/01/2028(b)(c)

     94,000        94,074  
     

 

 

 
        129,855  
     

 

 

 

Pharmaceuticals-3.88%

     

Bausch Health Cos., Inc.

     

5.00%, 01/30/2028(b)

     178,000        149,378  

4.88%, 06/01/2028(b)(c)

     270,000        259,837  

Elanco Animal Health, Inc., 6.40%, 08/28/2028

     105,000        113,957  

Organon & Co./Organon Foreign Debt Co-Issuer B.V., 4.13%, 04/30/2028(b)

     225,000        221,693  
     

 

 

 
        744,865  
     

 

 

 

Professional Services-2.09%

     

ASGN, Inc., 4.63%, 05/15/2028(b)

     77,000        76,170  

CoreLogic, Inc., 4.50%, 05/01/2028(b)

     100,000        95,073  

KBR, Inc., 4.75%, 09/30/2028(b)

     36,000        35,814  

 

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

 

 

  95  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

        Principal   
Amount
          Value       

Professional Services-(continued)

 

Nielsen Finance LLC/Nielsen Finance Co., 5.63%, 10/01/2028(b)

   $    142,000      $ 136,214  

Science Applications International Corp., 4.88%, 04/01/2028(b)

     60,000        58,632  
     

 

 

 
     401,903  
     

 

 

 

Real Estate Management & Development-0.16%

 

Forestar Group, Inc., 5.00%, 03/01/2028(b)

     31,000        29,965  
     

 

 

 

Semiconductors & Semiconductor Equipment-0.77%

 

Entegris, Inc., 4.38%, 04/15/2028(b)

     48,000        47,123  

ON Semiconductor Corp., 3.88%, 09/01/2028(b)

     102,000        101,255  
     

 

 

 
     148,378  
     

 

 

 

Software-3.17%

 

Black Knight InfoServ LLC, 3.63%, 09/01/2028(b)

     142,000        134,784  

Castle US Holding Corp., 9.50%, 02/15/2028(b)

     45,000        46,263  

Consensus Cloud Solutions, Inc., 6.50%, 10/15/2028(b)

     70,000        70,525  

Fair Isaac Corp., 4.00%, 06/15/2028(b)

     126,000        123,843  

MicroStrategy, Inc., 6.13%, 06/15/2028(b)(c)

     70,000        67,637  

NCR Corp., 5.00%, 10/01/2028(b)

     96,000        94,813  

PTC, Inc., 4.00%, 02/15/2028(b)

     72,000        70,322  
     

 

 

 
     608,187  
     

 

 

 

Specialty Retail-3.48%

 

Asbury Automotive Group, Inc., 4.50%, 03/01/2028(c)

     61,000        60,058  

At Home Group, Inc., 4.88%, 07/15/2028(b)

     40,000        37,126  

Bath & Body Works, Inc., 5.25%, 02/01/2028

     72,000        74,700  

Carvana Co., 5.88%, 10/01/2028(b)

     81,000        72,436  

Group 1 Automotive, Inc., 4.00%, 08/15/2028(b)

     106,000        102,340  

Ken Garff Automotive LLC, 4.88%, 09/15/2028(b)

     30,000        28,760  

Michaels Cos., Inc. (The), 5.25%, 05/01/2028(b)

     120,000        112,695  

SRS Distribution, Inc., 4.63%, 07/01/2028(b)

     90,000        86,060  

White Cap Buyer LLC, 6.88%, 10/15/2028(b)

     95,000        94,642  
     

 

 

 
     668,817  
     

 

 

 

Technology Hardware, Storage & Peripherals-0.56%

 

Xerox Holdings Corp., 5.50%,
08/15/2028(b)(c)

     107,000        106,918  
     

 

 

 

Investment Abbreviations:

REIT-Real Estate Investment Trust

 

 

        Principal   
Amount
     Value  

Thrifts & Mortgage Finance-0.98%

 

LD Holdings Group LLC, 6.13%, 04/01/2028(b)

   $ 80,000      $ 71,494  

Nationstar Mortgage Holdings, Inc., 5.50%, 08/15/2028(b)

     117,000        116,825  
     

 

 

 
     188,319  
     

 

 

 

Trading Companies & Distributors-1.57%

 

Fortress Transportation and Infrastructure Investors LLC, 5.50%, 05/01/2028(b)

     140,000        133,951  

H&E Equipment Services, Inc., 3.88%, 12/15/2028(b)

     178,000        166,801  
     

 

 

 
     300,752  
     

 

 

 

Wireless Telecommunication Services-2.19%

 

Sprint Capital Corp., 6.88%, 11/15/2028

     353,000        419,747  
     

 

 

 

Total U.S. Dollar Denominated Bonds & Notes
(Cost $19,734,128)

 

     18,835,965  
     

 

 

 
     Shares         

Money Market Funds-0.58%

 

Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e)
(Cost $110,681)

     110,681        110,681  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash
collateral from securities
on loan)-98.71%
(Cost $19,844,809)

 

     18,946,646  
     

 

 

 

Investments Purchased with Cash Collateral

from Securities on Loan

 

 

Money Market Funds-16.19%

 

Invesco Private Government Fund,
0.12%(d)(e)(f)

     932,336        932,336  

Invesco Private Prime Fund, 0.08%(d)(e)(f)

     2,175,233        2,175,450  
     

 

 

 

Total Investments Purchased with Cash
Collateral from Securities on Loan
(Cost $3,107,931)

 

     3,107,786  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-114.90%
(Cost $22,952,740)

 

     22,054,432  

OTHER ASSETS LESS LIABILITIES-(14.90)%

 

     (2,859,624
     

 

 

 

NET ASSETS-100.00%

 

   $ 19,194,808  
     

 

 

 

 

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

 

 

  96  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

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 February 28, 2022 was $16,145,480, which represented 84.11% of the Fund’s Net Assets.

(c) 

All or a portion of this security was out on loan at February 28, 2022.

(d) 

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2022.

 

    Value
August 31, 2021
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
(Depreciation)
  Realized
Gain
(Loss)
  Value
February 28, 2022
  Dividend
Income

Investments in Affiliated Money Market Funds:

                                   

Invesco Government & Agency Portfolio, Institutional Class

    $ 58,424         $ 1,052,708     $ (1,000,451 )     $ -     $ -     $ 110,681         $ 15

Investments Purchased with Cash Collateral from Securities on Loan:

                                   

Invesco Private Government Fund

      573,554           3,645,139       (3,286,357 )       -       -       932,336           95 *

Invesco Private Prime Fund

      1,338,292           7,018,616       (6,181,063 )       (145 )       (250 )       2,175,450           811 *
   

 

 

         

 

 

     

 

 

     

 

 

     

 

 

     

 

 

         

 

 

 

Total

    $ 1,970,270         $ 11,716,463     $ (10,467,871 )     $ (145 )     $ (250 )     $ 3,218,467         $ 921
   

 

 

         

 

 

     

 

 

     

 

 

     

 

 

     

 

 

         

 

 

 

 

*

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 February 28, 2022.

(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.

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)

as of February 28, 2022

     

Communication Services

     24.72    

Industrials

     13.78    

Consumer Discretionary

     13.21    

Materials

     7.94    

Financials

     6.98    

Information Technology

     6.72    

Health Care

     6.62    

Energy

     6.32    

Consumer Staples

     5.08    

Utilities

     3.50    

Real Estate

     3.26    

Money Market Funds Plus Other Assets Less Liabilities

     1.87    

 

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

 

 

  97  

 

 

 

 

 

 

 


 

Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)

February 28, 2022

(Unaudited)

 

Schedule of Investments(a)

 

        Principal   
Amount
     Value  

U.S. Dollar Denominated Bonds & Notes-97.75%

 

Aerospace & Defense-1.34%

 

BWX Technologies, Inc., 4.13%, 04/15/2029(b)

   $ 40,000      $ 38,869  

TransDigm, Inc.

 

4.63%, 01/15/2029

     50,000        47,411  

4.88%, 05/01/2029

     40,000        38,052  
     

 

 

 
        124,332  
     

 

 

 

Airlines-1.10%

 

United Airlines, Inc., 4.63%, 04/15/2029(b)

     105,000        102,448  
     

 

 

 

Auto Components-2.48%

 

American Axle & Manufacturing, Inc., 5.00%, 10/01/2029(c)

     30,000        28,507  

Goodyear Tire & Rubber Co. (The), 5.00%, 07/15/2029(b)

     40,000        39,404  

NESCO Holdings II, Inc., 5.50%, 04/15/2029(b)

     60,000        57,753  

Patrick Industries, Inc., 4.75%, 05/01/2029(b)

     20,000        18,092  

Real Hero Merger Sub 2, Inc., 6.25%, 02/01/2029(b)

     30,000        28,312  

Tenneco, Inc., 5.13%, 04/15/2029(b)

     40,000        39,759  

Wheel Pros, Inc., 6.50%, 05/15/2029(b)

     20,000        18,332  
     

 

 

 
     230,159  
     

 

 

 

Automobiles-0.60%

 

Dornoch Debt Merger Sub, Inc., 6.63%, 10/15/2029(b)

     30,000        27,862  

Thor Industries, Inc., 4.00%, 10/15/2029(b)

     30,000        27,413  
     

 

 

 
     55,275  
     

 

 

 

Beverages-0.60%

 

Primo Water Holdings, Inc. (Canada), 4.38%, 04/30/2029(b)

     30,000        27,976  

Triton Water Holdings, Inc., 6.25%, 04/01/2029(b)

     30,000        27,696  
     

 

 

 
     55,672  
     

 

 

 

Building Products-0.88%

 

GYP Holdings III Corp., 4.63%, 05/01/2029(b)

     20,000        18,682  

Park River Holdings, Inc.

 

5.63%, 02/01/2029(b)

     20,000        17,282  

6.75%, 08/01/2029(b)

     20,000        17,685  

PGT Innovations, Inc., 4.38%, 10/01/2029(b)(c)

     30,000        28,229  
     

 

 

 
     81,878  
     

 

 

 

Capital Markets-0.29%

 

APX Group, Inc., 5.75%, 07/15/2029(b)

     30,000        26,943  
     

 

 

 

Chemicals-4.28%

 

ASP Unifrax Holdings, Inc., 7.50%, 09/30/2029(b)(c)

     30,000        27,424  

Chemours Co. (The), 4.63%, 11/15/2029(b)

     40,000        37,112  

Diamond BC B.V., 4.63%, 10/01/2029(b)

     30,000        27,340  

EverArc Escrow S.a.r.l., 5.00%, 10/30/2029(b)

     40,000        37,062  

LSF11 A5 Holdco LLC, 6.63%, 10/15/2029(b)

     20,000        18,950  

Methanex Corp. (Canada), 5.25%, 12/15/2029

     40,000        40,476  

NOVA Chemicals Corp. (Canada), 4.25%, 05/15/2029(b)

     40,000        37,551  

SCIH Salt Holdings, Inc., 6.63%, 05/01/2029(b)(c)

     40,000        37,653  

Trinseo Materials Operating S.C.A./Trinseo Materials Finance, Inc., 5.13%, 04/01/2029(b)

     20,000        18,973  

    

 

        Principal   
Amount
     Value  

Chemicals-(continued)

 

Tronox, Inc., 4.63%, 03/15/2029(b)

   $ 60,000      $ 56,637  

WR Grace Holdings LLC, 5.63%, 08/15/2029(b)

       60,000        57,600  
     

 

 

 
        396,778  
     

 

 

 

Commercial Services & Supplies-3.86%

 

ACCO Brands Corp., 4.25%, 03/15/2029(b)

     30,000        27,880  

ADT Security Corp. (The), 4.13%, 08/01/2029(b)

     50,000        47,228  

APi Escrow Corp., 4.75%, 10/15/2029(b)

     20,000        18,924  

Deluxe Corp., 8.00%, 06/01/2029(b)

     20,000        20,527  

First Student Bidco, Inc./First Transit Parent, Inc., 4.00%, 07/31/2029(b)

     40,000        37,875  

Garda World Security Corp. (Canada), 6.00%, 06/01/2029(b)

     30,000        27,260  

GFL Environmental, Inc. (Canada)

 

4.75%, 06/15/2029(b)

     40,000        37,850  

4.38%, 08/15/2029(b)

     30,000        27,903  

Madison IAQ LLC, 5.88%, 06/30/2029(b)

     50,000        45,439  

PECF USS Intermediate Holding III Corp., 8.00%, 11/15/2029(b)(c)

     30,000        29,224  

Pitney Bowes, Inc., 7.25%, 03/15/2029(b)

     20,000        19,023  

Stericycle, Inc., 3.88%, 01/15/2029(b)

     20,000        18,653  
     

 

 

 
     357,786  
     

 

 

 

Communications Equipment-0.40%

 

Plantronics, Inc., 4.75%, 03/01/2029(b)

     20,000        17,769  

Viavi Solutions, Inc., 3.75%, 10/01/2029(b)

     20,000        18,991  
     

 

 

 
     36,760  
     

 

 

 

Construction & Engineering-0.72%

 

Arcosa, Inc., 4.38%, 04/15/2029(b)

     20,000        18,985  

Dycom Industries, Inc., 4.50%, 04/15/2029(b)(c)

     20,000        19,235  

IEA Energy Services LLC, 6.63%, 08/15/2029(b)

     20,000        18,537  

VM Consolidated, Inc., 5.50%, 04/15/2029(b)

     10,000        9,840  
     

 

 

 
     66,597  
     

 

 

 

Construction Materials-0.39%

 

APi Group DE, Inc., 4.13%, 07/15/2029(b)

     20,000        18,452  

Victors Merger Corp., 6.38%, 05/15/2029(b)

     20,000        17,350  
     

 

 

 
     35,802  
     

 

 

 

Consumer Finance-1.76%

 

Navient Corp., 5.50%, 03/15/2029

     50,000        47,339  

OneMain Finance Corp., 5.38%, 11/15/2029

     40,000        40,300  

Paysafe Finance PLC/Paysafe Holdings US Corp., 4.00%, 06/15/2029(b)

     20,000        17,427  

PRA Group, Inc., 5.00%, 10/01/2029(b)

     20,000        19,434  

PROG Holdings, Inc., 6.00%, 11/15/2029(b)

     40,000        38,477  
     

 

 

 
     162,977  
     

 

 

 

Containers & Packaging-0.81%

 

Graphic Packaging International LLC, 3.50%, 03/01/2029(b)

     20,000        18,780  

Intertape Polymer Group, Inc. (Canada), 4.38%, 06/15/2029(b)

     20,000        18,990  

LABL, Inc., 8.25%, 11/01/2029(b)

     20,000        18,638  

TriMas Corp., 4.13%, 04/15/2029(b)

     20,000        18,858  
     

 

 

 
     75,266  
     

 

 

 

 

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

 

 

  98  

 

 

 

 

 

 

 


 

Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)–(continued)

February 28, 2022

(Unaudited)

 

        Principal   
Amount
     Value  

Distributors-0.59%

 

Ferrellgas L.P./Ferrellgas Finance Corp., 5.88%, 04/01/2029(b)

   $ 40,000      $ 36,812  

Resideo Funding, Inc., 4.00%, 09/01/2029(b)

     20,000        18,016  
     

 

 

 
     54,828  
     

 

 

 

Diversified Consumer Services-0.58%

 

Carriage Services, Inc., 4.25%, 05/15/2029(b)

     20,000        18,899  

Signal Parent, Inc., 6.13%, 04/01/2029(b)

     10,000        8,342  

StoneMor, Inc., 8.50%, 05/15/2029(b)

     10,000        10,095  

WW International, Inc., 4.50%, 04/15/2029(b)

     20,000        16,837  
     

 

 

 
     54,173  
     

 

 

 

Diversified Financial Services-2.20%

 

Aretec Escrow Issuer, Inc., 7.50%, 04/01/2029(b) .

     20,000        19,841  

Cobra Acquisitionco LLC, 6.38%, 11/01/2029(b)

     30,000        27,526  

Compass Group Diversified Holdings LLC, 5.25%, 04/15/2029(b)

     42,000        40,649  

Hightower Holding LLC, 6.75%, 04/15/2029(b)

     20,000        20,046  

Jane Street Group/JSG Finance, Inc., 4.50%, 11/15/2029(b)

     30,000        29,306  

LPL Holdings, Inc., 4.00%, 03/15/2029(b)

     40,000        38,911  

United Wholesale Mortgage LLC, 5.50%, 04/15/2029(b)

     30,000        27,502  
     

 

 

 
        203,781  
     

 

 

 

Diversified Telecommunication Services-7.19%

 

Altice France S.A. (France)

 

5.13%, 07/15/2029(b)

     200,000        181,247  

5.50%, 10/15/2029(b)

     200,000        183,533  

CommScope, Inc., 4.75%, 09/01/2029(b)

     80,000        74,730  

Frontier Communications Holdings LLC

 

6.75%, 05/01/2029(b)

     52,000        50,570  

5.88%, 11/01/2029

     40,000        36,873  

Level 3 Financing, Inc.

 

3.63%, 01/15/2029(b)

     30,000        26,326  

3.75%, 07/15/2029(b)

     30,000        26,521  

Lumen Technologies, Inc.

 

4.50%, 01/15/2029(b)

     40,000        33,469  

5.38%, 06/15/2029(b)

     40,000        34,780  

Switch Ltd., 4.13%, 06/15/2029(b)

     20,000        19,179  
     

 

 

 
     667,228  
     

 

 

 

Electric Utilities-1.45%

 

DPL, Inc., 4.35%, 04/15/2029

     20,000        19,535  

Leeward Renewable Energy Operations LLC, 4.25%, 07/01/2029(b)

     20,000        19,400  

NRG Energy, Inc., 3.38%, 02/15/2029(b)

     30,000        27,912  

Vistra Operations Co. LLC, 4.38%, 05/01/2029(b) .

     70,000        67,954  
     

 

 

 
     134,801  
     

 

 

 

Electronic Equipment, Instruments & Components-1.89%

 

II-VI, Inc., 5.00%, 12/15/2029(b)

     60,000        59,957  

Imola Merger Corp., 4.75%, 05/15/2029(b)

     90,000        87,432  

TTM Technologies, Inc., 4.00%, 03/01/2029(b)

     30,000        27,726  
     

 

 

 
     175,115  
     

 

 

 

Energy Equipment & Services-1.02%

 

Colgate Energy Partners III LLC, 5.88%, 07/01/2029(b)

     40,000        41,248  
        Principal   
Amount
     Value  

Energy Equipment & Services-(continued)

 

Global Partners L.P./GLP Finance Corp., 6.88%, 01/15/2029

   $ 13,000      $ 13,215  

Precision Drilling Corp. (Canada), 6.88%, 01/15/2029(b)

     40,000        40,202  
     

 

 

 
     94,665  
     

 

 

 

Entertainment-0.78%

 

Lions Gate Capital Holdings LLC, 5.50%, 04/15/2029(b)

     37,000        35,235  

Playtika Holding Corp., 4.25%, 03/15/2029(b)

     40,000        37,256  
     

 

 

 
     72,491  
     

 

 

 

Equity REITs-2.77%

 

Iron Mountain, Inc., 4.88%, 09/15/2029(b)

     60,000        57,994  

MGM Growth Properties Operating Partnership L.P./MGP Finance Co-Issuer, Inc., 3.88%, 02/15/2029(b)

     30,000        30,204  

Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 4.88%, 05/15/2029(b)

     28,000        27,020  

RHP Hotel Properties L.P./RHP Finance Corp., 4.50%, 02/15/2029(b)

     40,000        37,850  

RLJ Lodging Trust L.P., 4.00%, 09/15/2029(b)

     30,000        28,221  

SBA Communications Corp., 3.13%, 02/01/2029

     50,000        46,504  

XHR L.P., 4.88%, 06/01/2029(b)

     30,000        29,095  
     

 

 

 
        256,888  
     

 

 

 

Food & Staples Retailing-2.25%

 

Albertsons Cos., Inc./Safeway, Inc./New Albertsons L.P./Albertson’s LLC, 3.50%, 03/15/2029(b)

     70,000        65,253  

American Builders & Contractors Supply Co., Inc., 3.88%, 11/15/2029(b)

     20,000        18,831  

Performance Food Group, Inc., 4.25%, 08/01/2029(b)

     50,000        47,765  

Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc., 4.63%, 03/01/2029(b)

     40,000        37,102  

US Foods, Inc., 4.75%, 02/15/2029(b)

     40,000        39,619  
     

 

 

 
     208,570  
     

 

 

 

Food Products-0.55%

 

TKC Holdings, Inc., 10.50%, 05/15/2029(b)

     50,000        51,340  
     

 

 

 

Gas Utilities-0.21%

 

Superior Plus L.P./Superior General Partner, Inc. (Canada), 4.50%, 03/15/2029(b)

     20,000        19,110  
     

 

 

 

Health Care Equipment & Supplies-4.09%

 

Hologic, Inc., 3.25%, 02/15/2029(b)

     30,000        28,477  

Mozart Debt Merger Sub, Inc.

 

3.88%, 04/01/2029(b)

     240,000        226,851  

5.25%, 10/01/2029(b)

     130,000        124,332  
     

 

 

 
     379,660  
     

 

 

 

Health Care Providers & Services-2.96%

 

Acadia Healthcare Co., Inc., 5.00%, 04/15/2029(b)

     27,000        26,697  

AHP Health Partners, Inc., 5.75%, 07/15/2029(b)

     20,000        18,932  

Avantor Funding, Inc., 3.88%, 11/01/2029(b)

     50,000        48,192  

HealthEquity, Inc., 4.50%, 10/01/2029(b)

     30,000        28,593  

LifePoint Health, Inc., 5.38%, 01/15/2029(b)

     30,000        27,781  

 

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

 

 

  99  

 

 

 

 

 

 

 


 

Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)–(continued)

February 28, 2022

(Unaudited)

 

        Principal   
Amount
     Value  

Health Care Providers & Services-(continued)

 

ModivCare Escrow Issuer, Inc., 5.00%, 10/01/2029(b)(c)

   $ 30,000      $ 28,284  

Owens & Minor, Inc., 4.50%, 03/31/2029(b)

     30,000        28,307  

Tenet Healthcare Corp., 4.25%, 06/01/2029(b)

     70,000        67,645  
     

 

 

 
        274,431  
     

 

 

 

Hotels, Restaurants & Leisure-6.98%

 

1011778 BC ULC/New Red Finance, Inc. (Canada), 3.50%, 02/15/2029(b)

     40,000        37,774  

Bloomin’ Brands, Inc./OSI Restaurant Partners LLC, 5.13%, 04/15/2029(b)

     50,000        48,936  

Boyne USA, Inc., 4.75%, 05/15/2029(b)

     20,000        19,822  

Caesars Entertainment, Inc., 4.63%, 10/15/2029(b)

     70,000        66,696  

Carnival Corp., 6.00%, 05/01/2029(b)

     110,000        106,305  

Carrols Restaurant Group, Inc., 5.88%, 07/01/2029(b)

     10,000        8,619  

Cedar Fair L.P., 5.25%, 07/15/2029(c)

     20,000        20,012  

Everi Holdings, Inc., 5.00%, 07/15/2029(b)

     20,000        19,638  

Hilton Domestic Operating Co., Inc., 3.75%, 05/01/2029(b)

     50,000        48,329  

Hilton Grand Vacations Borrower Escrow LLC/ Hilton Grand Vacations Borrower Escrow, Inc., 5.00%, 06/01/2029(b)

     40,000        39,260  

MajorDrive Holdings IV LLC, 6.38%, 06/01/2029(b)

     30,000        27,203  

Marriott Ownership Resorts, Inc., 4.50%, 06/15/2029(b)

     30,000        28,462  

Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/2029(b)

     60,000        58,575  

Papa John’s International, Inc., 3.88%, 09/15/2029(b)

     30,000        27,942  

Penn National Gaming, Inc., 4.13%, 07/01/2029(b)

     20,000        18,522  

Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., 5.63%, 09/01/2029(b)

     30,000        27,254  

SeaWorld Parks & Entertainment, Inc., 5.25%, 08/15/2029(b)

     45,000        43,832  
     

 

 

 
     647,181  
     

 

 

 

Household Durables-1.02%

 

Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), 5.00%, 06/15/2029(b)

     20,000        18,850  

Century Communities, Inc., 3.88%, 08/15/2029(b)

     30,000        27,871  

LGI Homes, Inc., 4.00%, 07/15/2029(b)

     20,000        18,694  

Meritage Homes Corp., 3.88%, 04/15/2029(b)

     20,000        19,583  

Shea Homes L.P./Shea Homes Funding Corp., 4.75%, 04/01/2029(b)

     10,000        9,522  
     

 

 

 
     94,520  
     

 

 

 

Household Products-0.39%

 

Energizer Holdings, Inc., 4.38%, 03/31/2029(b)(c)

     40,000        36,150  
     

 

 

 

Independent Power and Renewable Electricity Producers-0.30%

 

Calpine Corp., 4.63%, 02/01/2029(b)

     30,000        27,869  
     

 

 

 

Industrial Conglomerates-0.40%

 

Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 4.38%, 02/01/2029

     40,000        37,166  
     

 

 

 
        Principal   
Amount
     Value  

Insurance-2.32%

 

Acrisure LLC/Acrisure Finance, Inc.

 

4.25%, 02/15/2029(b)

   $ 40,000      $ 37,649  

6.00%, 08/01/2029(b)

     30,000        27,099  

Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 5.88%, 11/01/2029(b)

     40,000        37,812  

AmWINS Group, Inc., 4.88%, 06/30/2029(b)

     30,000        28,613  

AssuredPartners, Inc., 5.63%, 01/15/2029(b)

     30,000        27,644  

BroadStreet Partners, Inc., 5.88%, 04/15/2029(b) .

     30,000        27,940  

HUB International Ltd., 5.63%, 12/01/2029(b)

     30,000        28,537  
     

 

 

 
        215,294  
     

 

 

 

Interactive Media & Services-0.51%

 

Audacy Capital Corp., 6.75%, 03/31/2029(b)

     30,000        28,479  

Scripps Escrow II, Inc., 3.88%, 01/15/2029(b)

     20,000        18,812  
     

 

 

 
     47,291  
     

 

 

 

Internet & Direct Marketing Retail-0.30%

 

Go Daddy Operating Co. LLC/GD Finance Co., Inc., 3.50%, 03/01/2029(b)(c)

     30,000        28,269  
     

 

 

 

IT Services-2.13%

 

Clarivate Science Holdings Corp., 4.88%, 07/01/2029(b)

     60,000        56,571  

Conduent Business Services LLC/Conduent State & Local Solutions, Inc., 6.00%, 11/01/2029(b)

     30,000        28,555  

Endurance International Group Holdings, Inc., 6.00%, 02/15/2029(b)

     20,000        16,335  

Gartner, Inc., 3.63%, 06/15/2029(b)

     40,000        38,880  

Twilio, Inc., 3.63%, 03/15/2029

     30,000        28,717  

ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/2029(b)

     30,000        28,315  
     

 

 

 
     197,373  
     

 

 

 

Leisure Products-0.20%

 

Vista Outdoor, Inc., 4.50%, 03/15/2029(b)

     20,000        18,826  
     

 

 

 

Life Sciences Tools & Services-0.62%

 

Charles River Laboratories International, Inc., 3.75%, 03/15/2029(b)

     30,000        28,851  

Syneos Health, Inc., 3.63%, 01/15/2029(b)

     30,000        28,375  
     

 

 

 
     57,226  
     

 

 

 

Machinery-1.05%

 

Mueller Water Products, Inc., 4.00%, 06/15/2029(b)

     20,000        19,127  

OT Merger Corp., 7.88%, 10/15/2029(b)

     20,000        17,852  

Roller Bearing Co. of America, Inc., 4.38%, 10/15/2029(b)

     30,000        28,987  

Terex Corp., 5.00%, 05/15/2029(b)

     32,000        31,738  
     

 

 

 
     97,704  
     

 

 

 

Media-5.46%

 

Altice Financing S.A. (Luxembourg), 5.75%, 08/15/2029(b)

     200,000        182,498  

AMC Networks, Inc., 4.25%, 02/15/2029

     40,000        37,513  

Liberty Interactive LLC, 8.50%, 07/15/2029

     20,000        19,640  

McGraw-Hill Education, Inc., 8.00%, 08/01/2029(b)

     40,000        35,975  

Midas Opco Holdings LLC, 5.63%, 08/15/2029(b)

     60,000        58,875  

News Corp., 3.88%, 05/15/2029(b)

     40,000        38,370  

Outfront Media Capital LLC/Outfront Media Capital Corp., 4.25%, 01/15/2029(b)

     20,000        19,101  

 

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

 

 

  100  

 

 

 

 

 

 

 


 

Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)–(continued)

February 28, 2022

(Unaudited)

 

        Principal   
Amount
     Value  

Media-(continued)

     

TEGNA, Inc., 5.00%, 09/15/2029

   $ 40,000      $ 39,967  

Univision Communications, Inc., 4.50%, 05/01/2029(b)

       60,000        57,078  

Videotron Ltd. (Canada), 3.63%, 06/15/2029(b)

     18,000        17,156  
     

 

 

 
           506,173  
     

 

 

 

Metals & Mining-1.14%

     

Allegheny Technologies, Inc., 4.88%, 10/01/2029

     30,000        29,062  

Cleveland-Cliffs, Inc., 4.63%, 03/01/2029(b)

     21,000        20,299  

Coeur Mining, Inc., 5.13%, 02/15/2029(b)

     20,000        17,669  

SunCoke Energy, Inc., 4.88%, 06/30/2029(b)

     20,000        19,215  

TMS International Corp., 6.25%, 04/15/2029(b)

     20,000        19,256  
     

 

 

 
        105,501  
     

 

 

 

Mortgage REITs-0.61%

     

Apollo Commercial Real Estate Finance, Inc., 4.63%, 06/15/2029(b)

     30,000        27,127  

Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.75%, 06/15/2029(b)

     30,000        29,115  
     

 

 

 
        56,242  
     

 

 

 

Oil, Gas & Consumable Fuels-6.34%

     

Ascent Resources Utica Holdings LLC/ARU Finance Corp., 5.88%, 06/30/2029(b)

     20,000        19,063  

CNX Resources Corp., 6.00%, 01/15/2029(b)

     31,000        31,707  

Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp., 6.00%, 02/01/2029(b)

     26,000        26,200  

DCP Midstream Operating L.P., 5.13%, 05/15/2029

     30,000        31,626  

DT Midstream, Inc., 4.13%, 06/15/2029(b)

     50,000        48,463  

EnLink Midstream LLC, 5.38%, 06/01/2029

     30,000        29,897  

EQM Midstream Partners L.P., 4.50%, 01/15/2029(b)

     40,000        37,419  

EQT Corp., 5.00%, 01/15/2029

     20,000        21,133  

Hilcorp Energy I L.P./Hilcorp Finance Co., 5.75%, 02/01/2029(b)

     40,000        40,270  

ITT Holdings LLC, 6.50%, 08/01/2029(b)

     60,000        56,339  

MEG Energy Corp. (Canada), 5.88%, 02/01/2029(b)

     32,000        32,394  

Parkland Corp. (Canada), 4.50%, 10/01/2029(b)

     30,000        28,338  

Rockcliff Energy II LLC, 5.50%, 10/15/2029(b)

     40,000        39,709  

Southwestern Energy Co., 5.38%, 02/01/2029

     26,000        26,780  

Sunoco L.P./Sunoco Finance Corp., 4.50%, 05/15/2029

     30,000        28,801  

Teine Energy Ltd. (Canada), 6.88%, 04/15/2029(b)

     40,000        40,585  

Venture Global Calcasieu Pass LLC, 3.88%, 08/15/2029

     50,000        49,036  
     

 

 

 
        587,760  
     

 

 

 

Paper & Forest Products-1.42%

     

Glatfelter Corp., 4.75%, 11/15/2029(b)

     25,000        23,734  

Louisiana-Pacific Corp., 3.63%, 03/15/2029(b)

     20,000        18,764  

Mercer International, Inc. (Germany), 5.13%, 02/01/2029

     60,000        58,762  

Sylvamo Corp., 7.00%, 09/01/2029(b)

     30,000        30,103  
     

 

 

 
        131,363  
     

 

 

 
        Principal   
Amount
     Value  

Personal Products-0.62%

     

Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC, 4.75%, 01/15/2029(b)

   $ 40,000      $ 38,852  

Edgewell Personal Care Co., 4.13%, 04/01/2029(b)

     20,000        18,815  
     

 

 

 
        57,667  
     

 

 

 

Pharmaceuticals-2.59%

     

AdaptHealth LLC, 4.63%, 08/01/2029(b)

       30,000        27,099  

Bausch Health Cos., Inc.

     

5.00%, 02/15/2029(b)

     40,000        32,371  

6.25%, 02/15/2029(b)

     50,000        42,729  

7.25%, 05/30/2029(b)

     30,000        26,307  

Catalent Pharma Solutions, Inc., 3.13%, 02/15/2029(b)

     20,000        18,550  

Endo Luxembourg Finance Co. I S.a.r.l./Endo US, Inc., 6.13%, 04/01/2029(b)

     70,000        65,726  

HLF Financing Sarl LLC/Herbalife International, Inc., 4.88%, 06/01/2029(b)

     30,000        27,571  
     

 

 

 
           240,353  
     

 

 

 

Professional Services-0.60%

     

AMN Healthcare, Inc., 4.00%, 04/15/2029(b)

     10,000        9,508  

Nielsen Finance LLC/Nielsen Finance Co., 4.50%, 07/15/2029(b)

     30,000        27,009  

TriNet Group, Inc., 3.50%, 03/01/2029(b)

     20,000        18,846  
     

 

 

 
        55,363  
     

 

 

 

Real Estate Management & Development-1.81%

 

Howard Hughes Corp. (The), 4.13%, 02/01/2029(b)

     50,000        47,343  

Hunt Cos., Inc., 5.25%, 04/15/2029(b)

     30,000        28,762  

Kennedy-Wilson, Inc., 4.75%, 03/01/2029

     30,000        29,363  

Realogy Group LLC/Realogy Co-Issuer Corp., 5.75%, 01/15/2029(b)

     63,000        62,587  
     

 

 

 
        168,055  
     

 

 

 

Road & Rail-1.64%

     

Carriage Purchaser, Inc., 7.88%, 10/15/2029(b)

     20,000        19,055  

Hertz Corp. (The), 5.00%, 12/01/2029(b)

     60,000        56,044  

Uber Technologies, Inc., 4.50%, 08/15/2029(b)

     80,000        76,742  
     

 

 

 
        151,841  
     

 

 

 

Semiconductors & Semiconductor Equipment-0.41%

 

  

Entegris, Inc., 3.63%, 05/01/2029(b)

     20,000        18,769  

Synaptics, Inc., 4.00%, 06/15/2029(b)

     20,000        19,315  
     

 

 

 
        38,084  
     

 

 

 

Software-2.15%

     

Crowdstrike Holdings, Inc., 3.00%, 02/15/2029

     40,000        37,572  

Elastic N.V., 4.13%, 07/15/2029(b)

     30,000        27,558  

NCR Corp., 5.13%, 04/15/2029(b)

     70,000        68,957  

Open Text Corp. (Canada), 3.88%, 12/01/2029(b)

     40,000        37,812  

Rocket Software, Inc., 6.50%, 02/15/2029(b)

     30,000        27,873  
     

 

 

 
        199,772  
     

 

 

 

Specialty Retail-5.89%

     

Arko Corp., 5.13%, 11/15/2029(b)

     20,000        18,526  

Asbury Automotive Group, Inc., 4.63%, 11/15/2029(b)

     60,000        58,611  

At Home Group, Inc., 7.13%, 07/15/2029(b)

     30,000        26,825  

Carvana Co., 4.88%, 09/01/2029(b)(c)

     25,000        20,922  

 

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

 

 

  101  

 

 

 

 

 

 

 


 

Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)–(continued)

February 28, 2022

(Unaudited)

 

        Principal   
Amount
     Value  

Specialty Retail-(continued)

     

Foot Locker, Inc., 4.00%, 10/01/2029(b)

   $ 30,000      $ 27,354  

Gap, Inc. (The), 3.63%, 10/01/2029(b)

     50,000        45,288  

LBM Acquisition LLC, 6.25%, 01/15/2029(b)

     40,000        37,167  

LCM Investments Holdings II LLC, 4.88%, 05/01/2029(b)

     50,000        47,710  

Lithia Motors, Inc., 3.88%, 06/01/2029(b)

     60,000        59,206  

Michaels Cos., Inc. (The), 7.88%, 05/01/2029(b)

     60,000        52,612  

Penske Automotive Group, Inc., 3.75%, 06/15/2029

     20,000        18,711  

Sonic Automotive, Inc., 4.63%, 11/15/2029(b)

     50,000        47,542  

SRS Distribution, Inc. 6.13%, 07/01/2029(b)

       20,000        19,134  

6.00%, 12/01/2029(b)

     50,000        47,378  

Victoria’s Secret & Co., 4.63%, 07/15/2029(b)

     20,000        18,833  
     

 

 

 
           545,819  
     

 

 

 

Technology Hardware, Storage & Peripherals-0.71%

 

Seagate HDD Cayman

     

4.09%, 06/01/2029

     40,000        38,572  

3.13%, 07/15/2029

     30,000        27,375  
     

 

 

 
        65,947  
     

 

 

 

Textiles, Apparel & Luxury Goods-0.39%

 

Crocs, Inc., 4.25%, 03/15/2029(b)

     10,000        8,811  

Wolverine World Wide, Inc., 4.00%, 08/15/2029(b)

     30,000        27,631  
     

 

 

 
        36,442  
     

 

 

 

Thrifts & Mortgage Finance-0.60%

     

PennyMac Financial Services, Inc., 4.25%, 02/15/2029(b)

     20,000        17,927  

Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.63%, 03/01/2029(b)

     40,000        37,528  
     

 

 

 
        55,455  
     

 

 

 

Tobacco-0.50%

     

Vector Group Ltd., 5.75%, 02/01/2029(b)

     50,000        46,212  
     

 

 

 
        Principal   
Amount
     Value  

Trading Companies & Distributors-0.61%

 

Beacon Roofing Supply, Inc., 4.13%, 05/15/2029(b)

   $ 20,000      $ 18,675  

BlueLinx Holdings, Inc., 6.00%, 11/15/2029(b)

     20,000        19,528  

Foundation Building Materials, Inc., 6.00%, 03/01/2029(b)

     20,000        18,650  
     

 

 

 
        56,853  
     

 

 

 

Total U.S. Dollar Denominated Bonds & Notes
(Cost $9,577,826)

 

     9,065,525  
     

 

 

 
     Shares         

Money Market Funds-0.88%

     

Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e)
(Cost $81,540)

     81,540        81,540  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash
collateral from securities on loan)-98.63%
(Cost $9,659,366)

 

     9,147,065  
     

 

 

 
Investments Purchased with Cash Collateral
from Securities on Loan

 

Money Market Funds-3.18%

     

Invesco Private Government Fund, 0.12%(d)(e)(f)

     88,382        88,382  

Invesco Private Prime Fund,
0.08%(d)(e)(f)

     206,205        206,226  
     

 

 

 

Total Investments Purchased with Cash
Collateral from Securities on Loan
(Cost $294,614)

 

     294,608  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-101.81%
(Cost $9,953,980)

 

     9,441,673  

OTHER ASSETS LESS LIABILITIES-(1.81)%

 

     (167,761
     

 

 

 

NET ASSETS-100.00%

      $ 9,273,912  
     

 

 

 

 

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 February 28, 2022 was $8,097,608, which represented 87.32% of the Fund’s Net Assets.

(c)

All or a portion of this security was out on loan at February 28, 2022.

(d)

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the period ended February 28, 2022.

 

    Value
August 31, 2021
  Purchases
at Cost
  Proceeds
from
Sales
  Change in
Unrealized
Appreciation
(Depreciation)
  Realized
Gain
(Loss)
  Value
February 28, 2022
  Dividend
Income

Investments in Affiliated Money Market Funds:

                           

Invesco Government & Agency Portfolio, Institutional Class

    $ -     $ 791,989     $ (710,449 )     $ -     $ -     $ 81,540     $ 10

 

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

 

 

  102  

 

 

 

 

 

 

 


 

Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)–(continued)

February 28, 2022

(Unaudited)

 

    Value
August 31, 2021
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
(Depreciation)
  Realized
Gain
(Loss)
  Value
February 28, 2022
  Dividend
Income

Investments Purchased with Cash Collateral from Securities on Loan:

                           

Invesco Private Government Fund

    $ -     $ 278,116     $ (189,734 )     $ -     $ -     $ 88,382     $ 4 *

Invesco Private Prime Fund

      -       453,309       (247,066 )       (6 )       (11 )       206,226       23 *
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total

    $ -     $ 1,523,414     $ (1,147,249 )     $ (6 )     $ (11 )     $ 376,148     $ 37
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

 

*

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 February 28, 2022.

(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.

 Portfolio Composition

 Sector Breakdown (% of the Fund’s Net Assets)

 as of February 28, 2022

     

Consumer Discretionary

     19.04    

Communication Services

     13.94    

Industrials

     12.21    

Health Care

     10.26    

Materials

     8.03    

Financials

     7.77    

Information Technology

     7.69    

Energy

     7.36    

Consumer Staples

     4.91    

Real Estate

     4.58    

Utilities

     1.96    

Money Market Funds Plus Other Assets Less Liabilities

     2.25    

        

 

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

 

 

  103  

 

 

 

 

 

 

 


 

Invesco BulletShares 2022 Municipal Bond ETF (BSMM)

February 28, 2022

(Unaudited)

 

Schedule of Investments

 

    

Interest
Rate

  

  Maturity  
Date

   Principal
Amount
(000)
         Value        

Municipal Obligations-98.60%

           

Alabama-0.78%

           

Homewood (City of), AL Educational Building Authority (Samford University), Series 2013 A,
RB(a)(b)

   5.00%    12/01/2022    $ 500      $ 515,363  
           

 

 

 

Arizona-0.83%

           

Arizona (State of) Department of Transportation State Highway Fund Revenue, Series 2013 A,
RB(a)(b)

   5.00%    07/01/2022      360        365,205  

Arizona (State of) Water Infrastructure Finance Authority (Water Quality), Series 2012 A, Ref. RB(a)(b)

   5.00%    10/01/2022      30        30,747  

Salt River Project Agricultural Improvement & Power District, Series 2012 A, Ref. RB

   5.00%    12/01/2030      35        35,367  

Salt River Project Agricultural Improvement & Power District, Series 2012 A, Ref. RB

   5.00%    12/01/2031      115        116,204  
           

 

 

 
              547,523  
           

 

 

 

Arkansas-0.31%

           

Springdale School District No. 50, Series 2017, Ref. GO Bonds

   4.00%    07/01/2023      200        201,390  
           

 

 

 

California-19.49%

           

Bay Area Toll Authority (San Francisco Bay Area), Series 2012 F-1, RB(a)(b)

   5.00%    04/01/2022      75        75,274  

California (State of), Series 2011, Ref. GO Bonds

   5.25%    09/01/2022      570        582,784  

California (State of), Series 2012, GO Bonds

   5.00%    04/01/2042      100        100,319  

California (State of), Series 2013, Ref. GO Bonds

   5.00%    11/01/2022      50        51,387  

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

   5.00%    11/01/2022      100        102,774  

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

   5.00%    04/01/2022      145        145,522  

California (State of), Series 2021, GO Bonds

   4.00%    09/01/2022      650        660,553  

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

   5.00%    12/01/2022      200        206,191  

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

   5.00%    08/01/2022      65        66,158  

California (State of) Department of Water Resources, Series 2013 AM, RB

   5.00%    12/01/2022      160        165,075  

California (State of) Department of Water Resources, Series 2015 O, Ref. RB(a)

   5.00%    05/01/2022      400        402,948  

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

   5.00%    12/01/2022      500        515,860  

California (State of) Health Facilities Financing Authority (Lucile Salter Packard Children’s Hospital at Stanford), Series 2012, RB(a)

   5.00%    08/15/2051      300        305,873  

California (State of) Public Works Board (Department of Corrections & Rehabilitation), Series 2012, Ref. RB(a)

   5.00%    06/01/2027      100        101,090  

California (State of) Public Works Board (Various Capital), Series 2012 A, RB(a)(b)

   5.00%    04/01/2022      50        50,183  

California (State of) Public Works Board (Various Capital), Series 2012 A, RB(a)(b)

   5.00%    04/01/2022      155        155,567  

California (State of) Public Works Board (Various Capital), Series 2012 G, Ref. RB(a)

   5.00%    11/01/2030      135        138,810  

California (State of) Public Works Board (Various Capital), Series 2012 G, Ref. RB(a)

   5.00%    11/01/2037      155        159,374  

California (State of) Statewide Communities Development Authority (Episcopal Communities and Services), Series 2012, Ref. RB

   5.00%    05/15/2047      100        100,728  

California State University, Series 2012 A, RB(a)(b)

   5.00%    11/01/2022      350        359,877  

Centinela Valley Union High School District (Election of 2010), Series 2012 B, GO Bonds(c)

   5.00%    08/01/2050      60        61,076  

Coachella Valley Unified School District (2005 Election), Series 2012 D, GO Bonds(a)(b)

   5.00%    08/01/2022      245        249,436  

Long Beach Unified School District (Election of 2016), Series 2019 B, GO Bonds

   5.00%    08/01/2022      30        30,547  

Los Angeles (City of), CA, Series 2012 B, Ref. RB

   5.00%    06/01/2030      610        616,478  

Los Angeles (City of), CA, Series 2012 B, Ref. RB

   5.00%    06/01/2031      145        146,533  

Los Angeles (City of), CA, Series 2012 C, Ref. RB

   5.00%    06/01/2025      135        136,468  

Los Angeles (City of), CA Department of Water & Power, Series 2012 A, RB

   5.00%    07/01/2043      200        202,588  

Los Angeles (City of), CA Department of Water & Power, Series 2013 A, RB

   5.00%    07/01/2022      100        101,439  

Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2017 B, Ref. RB

   5.00%    07/01/2022      30        30,440  

Los Angeles Community College District, Series 2015 A, Ref. GO Bonds

   5.00%    08/01/2022      150        152,767  

Los Angeles Community College District, Series 2015 C, Ref. GO Bonds

   5.00%    08/01/2022      45        45,830  

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

   5.00%    07/01/2022      55        55,808  

Los Angeles Unified School District, Series 2019 A, Ref. GO Bonds

   5.00%    07/01/2022      205        208,012  

Metropolitan Water District of Southern California, Series 2012 G, Ref. RB

   5.00%    07/01/2028      40        40,538  

Metropolitan Water District of Southern California, Series 2017 B, Ref. RB

   5.00%    08/01/2022      135        136,943  

Mount Diablo Unified School District (Election of 2010), Series 2012 E, GO Bonds(a)

   5.00%    06/01/2037      300        305,406  

M-S-R Public Power Agency, Series 2018 R, Ref. RB

   5.00%    07/01/2022      75        76,072  

San Buenaventura (City of), CA Public Facilities Financing Authority, Series 2012 B, RB(a)(b)

   5.00%    07/01/2022      40        40,584  

 

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

 

 

  104  

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

    

Interest
Rate

  

  Maturity  
Date

   Principal
Amount
(000)
         Value        

California-(continued)

           

San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2012 A, RB(a)(b)

   5.00%    04/15/2022    $ 1,000      $ 1,005,422  

San Diego (County of), CA Regional Transportation Commission, Series 2012 A, RB(a)(b)

   5.00%    04/01/2022      100        100,366  

San Diego (County of), CA Regional Transportation Commission, Series 2021 A, Ref. RB

   5.00%    10/01/2022      20        20,490  

San Diego (County of), CA Water Authority, Series 2013, Ref. RB(a)(b)

   5.00%    11/01/2022      2,745        2,822,462  

San Diego Unified School District (Measure YY), Series 2020 D-2, GO Bonds

   5.00%    07/01/2022      150        152,144  

San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Second Series 2012, Ref. RB(a)(b)

   5.00%    05/02/2022      115        115,852  

San Francisco (City of), CA Public Utilities Commission, Series 2012, RB(a)(b)

   5.00%    05/01/2022      1,000        1,007,370  

San Jose (City of), CA Redevelopment Agency Successor Agency, Series 2017 B, Ref. RB

   5.00%    08/01/2022      100        101,748  

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

   5.00%    07/01/2022      155        157,267  

University of California, Series 2012 G, RB(a)(b)

   5.00%    05/15/2022      10        10,090  

University of California, Series 2012 G, RB(a)(b)

   5.00%    05/15/2022      5        5,045  

University of California, Series 2012, RB(a)(b)

   5.00%    05/15/2022      165        166,491  

Ventura (County of), CA Public Financing Authority, Series 2013 A, RB(a)(b)

   4.00%    11/01/2022      60        61,297  
           

 

 

 
              12,809,356  
           

 

 

 

Colorado-1.23%

           

Colorado (State of), Series 2020 A, COP

   5.00%    12/15/2022      100        103,323  

Colorado (State of) Health Facilities Authority (Covenant Retirement Communities), Series 2012 A, Ref. RB(a)(b)

   5.00%    12/01/2022      110        113,464  

Denver City & County School District No. 1, Series 2021, GO Bonds

   5.00%    12/01/2022      500        516,052  

Regional Transportation District (Fastracks), Series 2012 A, RB(a)(b)

   5.00%    11/01/2022      25        25,705  

University of Colorado, Series 2012 A-1, Ref. RB(a)(b)

   5.00%    06/01/2022      50        50,551  
           

 

 

 
              809,095  
           

 

 

 

Connecticut-0.54%

           

Connecticut (State of) Health & Educational Facilities Authority (Yale University), Series 2017 A-1, Ref. RB(b)

   5.00%    07/01/2022      200        202,925  

South Central Connecticut Regional Water Authority, Twenty Seventh Series 2012, Ref. RB(a)(b)

   5.00%    08/01/2022      150        152,716  
           

 

 

 
              355,641  
           

 

 

 

District of Columbia-0.69%

           

District of Columbia, Series 2012 C, RB

   5.00%    12/01/2026      115        118,490  

District of Columbia, Series 2012 C, RB

   5.00%    12/01/2029      150        154,460  

Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement), Series 2014 A, Ref. RB(a)(b)

   5.00%    04/01/2022      180        180,651  
           

 

 

 
              453,601  
           

 

 

 

Florida-6.54%

           

Florida (State of) (Capital Outlay), Series 2012 C, Ref. GO Bonds(a)(b)

   4.00%    06/01/2022      700        705,991  

Florida (State of) (Capital Outlay), Series 2012 C, Ref. GO Bonds(a)(b)

   4.00%    06/01/2022      100        100,856  

Florida (State of) (Capital Outlay), Series 2013 B, Ref. GO Bonds(a)(b)

   4.00%    06/01/2022      360        363,036  

Florida (State of) Municipal Power Agency (St. Lucie), Series 2012 A, RB(a)

   5.00%    10/01/2026      175        179,284  

JEA Electric System, Series 2013 A, RB

   5.00%    10/01/2022      100        102,473  

JEA Water & Sewer System, Series 2017 A, Ref. RB

   3.25%    10/01/2036      100        100,884  

Miami-Dade (County of), FL, Series 2012 A, Ref. RB(a)(b)

   5.00%    10/01/2022      500        512,455  

Miami-Dade (County of), FL, Series 2012 B, Ref. RB(a)(b)

   5.00%    10/01/2022      100        102,491  

Miami-Dade (County of), FL Expressway Authority, Series 2013 A, RB

   5.00%    07/01/2029      1,000        1,013,447  

Miami-Dade (County of), FL Transit System, Series 2012, RB(a)(b)

   5.00%    07/01/2022      1,000        1,014,594  

Volusia County School Board, Series 2019, COP

   5.00%    08/01/2022      100        101,798  
           

 

 

 
              4,297,309  
           

 

 

 

Georgia-0.52%

           

Albany-Dougherty (County of), GA Hospital Authority, Series 2012, RB

   4.00%    12/01/2042      25        25,409  

Georgia (State of), Series 2012 A, GO Bonds

   5.00%    07/01/2024      80        81,116  

Georgia (State of) Road & Tollway Authority (Garvee), Series 2020, RB

   5.00%    06/01/2022      50        50,548  

Metropolitan Atlanta Rapid Transit Authority, Series 2012 A, Ref. RB(a)(b)

   4.00%    07/01/2022      180        182,003  
           

 

 

 
              339,076  
           

 

 

 

 

 

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

 

 

  105  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

    

Interest
Rate

  

  Maturity  
Date

   Principal
Amount
(000)
         Value        

Guam-2.39%

           

Guam (Territory of) Power Authority, Series 2012 A, Ref. RB, (INS - AGM)(d)

   5.00%    10/01/2027    $ 535      $ 546,173  

Guam (Territory of) Power Authority, Series 2012 A, Ref. RB, (INS - AGM)(d)

   5.00%    10/01/2030      1,000        1,021,074  
           

 

 

 
              1,567,247  
           

 

 

 

Hawaii-1.54%

           

Honolulu (City & County of), HI, Series 2012 A, RB(a)(b)

   5.00%    07/01/2022      1,000        1,014,594  
           

 

 

 

Illinois-3.27%

           

Chicago (City of), IL, Series 2012, RB

   5.00%    11/01/2042      200        204,778  

Cook (County of), IL, Series 2012 C, Ref. GO Bonds

   5.00%    11/15/2024      15        15,417  

Cook (County of), IL, Series 2012 C, Ref. GO Bonds

   5.00%    11/15/2029      70        71,856  

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

   5.00%    11/15/2022      100        102,888  

Cook (County of), IL Forest Preserve District, Series 2012 C, GO Bonds

   5.00%    12/15/2037      50        50,562  

Illinois (State of), Series 2012, Ref. GO Bonds

   5.00%    08/01/2024      20        20,347  

Illinois (State of), Series 2012, Ref. GO Bonds

   4.00%    08/01/2025      25        25,323  

Illinois (State of), Series 2013, RB

   5.00%    06/15/2022      100        101,220  

Illinois (State of), Series 2016 C, Ref. RB

   5.00%    06/15/2022      105        106,270  

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

   5.00%    11/01/2022      75        76,991  

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

   5.00%    03/01/2022      100        100,000  

Illinois (State of) Finance Authority (Centegra Health System), Series 2012, RB(a)(b)

   5.00%    09/01/2022      1,000        1,021,038  

Metropolitan Water Reclamation District of Greater Chicago, Series 2015 D, Ref. GO Bonds

   5.00%    12/01/2022      80        82,532  

Springfield (City of), IL, Series 2012, Ref. RB(a)(b)

   5.00%    03/01/2022      170        170,000  
           

 

 

 
              2,149,222  
           

 

 

 

Indiana-0.48%

           

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

   5.00%    12/01/2022      110        113,489  

Indianapolis (City of), IN Department of Public Utilities, Series 2020 A, Ref. RB

   5.00%    08/15/2022      200        203,953  
           

 

 

 
              317,442  
           

 

 

 

Louisiana-0.55%

           

Louisiana (State of), Series 2012 A, GO Bonds(a)(b)

   5.00%    08/01/2022      80        81,448  

Louisiana (State of), Series 2012 C, Ref. GO Bonds

   5.00%    07/15/2022      175        177,842  

Louisiana State Citizens Property Insurance Corp., Series 2015, Ref. RB, (INS - AGM)(d)

   5.00%    06/01/2022      100        101,095  
           

 

 

 
              360,385  
           

 

 

 

Maryland-1.10%

           

Maryland (State of), Second Series 2014 B, GO Bonds(a)(b)

   5.00%    08/01/2022      100        101,811  

Maryland (State of), Second Series 2018 B, GO Bonds

   5.00%    08/01/2022      120        122,188  

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

   5.00%    10/01/2022      315        322,865  

Montgomery (County of), MD, Series 2014 A, GO Bonds

   5.00%    11/01/2022      90        92,558  

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

   5.00%    12/01/2022      80        82,538  
           

 

 

 
              721,960  
           

 

 

 

Massachusetts-2.52%

           

Massachusetts (Commonwealth of), Series 2013 A, RB(a)(b)

   5.00%    06/15/2022      25        25,319  

Massachusetts (Commonwealth of), Series 2014 C, GO Bonds

   5.00%    07/01/2022      100        101,469  

Massachusetts (Commonwealth of), Series 2014 C, GO Bonds(a)(b)

   5.00%    07/01/2022      20        20,292  

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

   5.00%    12/01/2022      180        185,682  

Massachusetts (Commonwealth of) (Green Bonds), Series 2014 E, GO Bonds

   5.00%    09/01/2031      240        245,061  

Massachusetts (State of) Bay Transportation Authority, Series 2020, RB

   5.00%    07/01/2022      500        507,280  

Massachusetts (State of) Development Finance Agency (Partners Healthcare System), Series 2017, Ref. RB

   5.00%    07/01/2022      200        202,912  

Massachusetts (State of) School Building Authority, Series 2012 A, Ref. RB(a)(b)

   5.00%    08/15/2022      5        5,097  

Massachusetts (State of) School Building Authority, Series 2012 A, Ref. RB(a)(b)

   5.00%    08/15/2022      70        71,387  

Massachusetts (State of) School Building Authority, Series 2012 A, Ref. RB

   5.00%    08/15/2024      245        249,740  

Massachusetts Clean Water Trust (The), Series 2014, Ref. RB

   5.00%    08/01/2022      40        40,729  
           

 

 

 
              1,654,968  
           

 

 

 

Michigan-3.43%

           

Detroit (City of), MI Water and Sewerage Department, Series 2012 A, Ref. RB(a)(b)

   5.25%    07/01/2022      500        507,709  

Michigan (State of) Finance Authority (Trinity Health Corp.), Series 2015 A, Ref. RB(a)(b)

   5.00%    06/01/2022      210        212,315  

 

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

 

 

  106  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

     Interest
Rate
    Maturity  
Date
   Principal
Amount
(000)
           Value        

Michigan-(continued)

          

Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017 A, Ref. RB(a)(b)

   5.00%   12/01/2022    $ 1,000      $ 1,031,109  

Michigan (State of) Hospital Finance Authority (Trinity Health Credit Group), Series 2009 B, RB(a)(b)

   5.00%   06/01/2022      500        505,449  
          

 

 

 
             2,256,582  
          

 

 

 

Minnesota-1.95%

          

Minnesota (State of), Series 2013 F, Ref. GO Bonds

   5.00%   10/01/2022      1,000        1,025,088  

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

   5.00%   08/01/2022      250        254,558  
          

 

 

 
             1,279,646  
          

 

 

 

Missouri-0.25%

          

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

   5.00%   08/01/2022      160        162,850  
          

 

 

 

Nebraska-0.37%

          

Central Plains Energy Project (No. 3), Series 2012, RB(c)

   5.00%   09/01/2042      240        244,709  
          

 

 

 

Nevada-2.35%

          

Clark (County of), NV, Series 2012, Ref. GO Bonds

   4.00%   06/01/2030      200        201,566  

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

   5.00%   06/15/2022      325        329,012  

Las Vegas Valley Water District, Series 2012 B, GO Bonds(a)(b)

   5.00%   06/01/2022      1,000        1,010,897  
          

 

 

 
             1,541,475  
          

 

 

 

New Jersey-2.99%

          

Essex (County of), NJ Improvement Authority, Series 2007, Ref. RB, (INS - AMBAC)(d)

   5.25%   12/15/2022      115        119,055  

New Jersey (State of) Economic Development Authority, Series 2012, Ref. RB(a)

   5.00%   06/15/2022      110        111,387  

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

   5.00%   06/15/2022      220        222,645  

New Jersey (State of) Health Care Facilities Financing Authority (Barnabas Health), Series 2012 A, Ref. RB(a)(b)

   5.00%   07/01/2022      100        101,442  

New Jersey (State of) Transportation Trust Fund Authority, Series 2006 A, RB

   5.25%   12/15/2022      135        139,402  

New Jersey (State of) Transportation Trust Fund Authority, Series 2006 A, RB

   5.50%   12/15/2022      200        206,912  

New Jersey (State of) Transportation Trust Fund Authority, Series 2012 A, RB(a)

   5.00%   06/15/2042      100        101,247  

New Jersey (State of) Transportation Trust Fund Authority, Series 2012 AA, RB(a)

   4.00%   06/15/2030      55        55,521  

New Jersey (State of) Transportation Trust Fund Authority, Series 2012 AA, RB(a)

   4.00%   06/15/2031      25        25,237  

New Jersey (State of) Transportation Trust Fund Authority, Series 2012 AA, RB(a)

   5.00%   06/15/2038      265        268,265  

New Jersey (State of) Turnpike Authority, Series 2013 A, RB(a)(b)

   5.00%   07/01/2022      100        101,459  

New Jersey (State of) Turnpike Authority, Series 2013 A, RB(a)(b)

   5.00%   07/01/2022      195        197,846  

New Jersey (State of) Turnpike Authority, Series 2013 A, RB(a)(b)

   5.00%   07/01/2022      210        213,065  

North Hudson Sewerage Authority, Series 2012 A, COP(a)(b)

   5.00%   06/01/2022      100        101,090  
          

 

 

 
             1,964,573  
          

 

 

 

New York-15.92%

          

Long Island (City of), NY Power Authority, Series 2012 A, RB(a)(b)

   5.00%   09/01/2022      135        137,895  

Long Island (City of), NY Power Authority, Series 2012 A, RB(a)(b)

   5.00%   09/01/2022      105        107,251  

Long Island (City of), NY Power Authority, Series 2012 A, RB

   5.00%   09/01/2037      160        163,212  

Metropolitan Transportation Authority, Series 2012 A, Ref. RB

   5.00%   11/15/2027      200        205,884  

Metropolitan Transportation Authority, Series 2012 A, Ref. RB

   5.00%   11/15/2031      250        257,283  

Metropolitan Transportation Authority, Series 2012 D, Ref. RB

   5.00%   11/15/2025      200        205,315  

Metropolitan Transportation Authority, Series 2012 E, RB

   4.00%   11/15/2038      185        188,231  

Metropolitan Transportation Authority, Series 2012 F, Ref. RB

   5.00%   11/15/2025      250        256,643  

Metropolitan Transportation Authority, Series 2014 A-2, RB

   5.00%   11/15/2022      25        25,702  

Metropolitan Transportation Authority, Subseries 2015 A-1, RB

   5.00%   11/15/2022      100        102,806  

New York & New Jersey (States of) Port Authority, One Hundred Seventy Fifth Series 2012, RB

   4.00%   12/01/2026      500        511,497  

New York (City of), NY, Series 2012 B, GO Bonds

   5.00%   08/01/2024      25        25,436  

New York (City of), NY, Series 2012 F, Ref. GO Bonds

   5.00%   08/01/2027      100        100,352  

New York (City of), NY, Series 2014 A, Ref. GO Bonds

   5.00%   08/01/2022      100        101,802  

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

   5.00%   08/01/2022      100        101,802  

New York (City of), NY, Series 2016 B-1, GO Bonds

   5.00%   12/01/2022      20        20,627  

New York (City of), NY, Series 2016 C, Ref. GO Bonds

   5.00%   08/01/2022      1,100        1,119,824  

New York (City of), NY, Subseries 2012 A-1, GO Bonds(a)(b)

   5.00%   10/01/2022      100        102,491  

New York (City of), NY, Subseries 2012 A-1, GO Bonds

   4.00%   10/01/2029      25        25,460  

New York (City of), NY, Subseries 2012 G-1, GO Bonds(a)(b)

   5.00%   04/01/2022      300        301,097  

New York (City of), NY Municipal Water Finance Authority, Series 2012 EE, RB

   4.00%   06/15/2039      245        247,198  

 

 

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

 

 

  107  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

    

Interest
Rate

  

  Maturity  
Date

   Principal
Amount
(000)
         Value        

New York-(continued)

           

New York (City of), NY Transitional Finance Authority, Series 2003-21A, RB

   5.00%    11/01/2022    $ 1,000      $ 1,027,880  

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

   5.00%    11/01/2022      500        513,940  

New York (City of), NY Transitional Finance Authority, Subseries 2012 C-1, RB

   5.00%    11/01/2025      100        102,788  

New York (City of), NY Transitional Finance Authority, Subseries 2012 F-1, RB

   5.00%    05/01/2034      100        100,724  

New York (State of) Dormitory Authority, Series 2005 A, RB, (INS - AMBAC)(d)

   5.50%    05/15/2022      600        606,068  

New York (State of) Dormitory Authority, Series 2014 A, RB

   5.00%    03/15/2022      100        100,165  

New York (State of) Dormitory Authority, Series 2019 A, RB

   5.00%    10/01/2022      130        133,215  

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

   5.00%    10/01/2022      1,000        1,024,496  

New York (State of) Dormitory Authority, Series 2020 A, Ref. RB

   5.00%    09/15/2022      1,000        1,023,280  

New York (State of) Power Authority, Series 2011 A, RB(a)

   5.00%    11/15/2022      100        102,987  

New York State Environmental Facilities Corp. (NYC Municipal Water Fund), Series 2012 D, RB

   5.00%    06/15/2024      200        202,627  

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

   5.00%    12/01/2022      100        102,646  

Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB(a)

   5.00%    10/15/2022      600        615,944  

Triborough Bridge & Tunnel Authority, Series 2013 A, Ref. RB

   5.00%    11/15/2022      250        257,400  

Utility Debt Securitization Authority, Series 2016 B, Ref. RB

   5.00%    06/15/2024      135        136,655  

Utility Debt Securitization Authority, Series 2016 B, Ref. RB

   5.00%    12/15/2024      100        103,178  
           

 

 

 
              10,461,801  
           

 

 

 

North Carolina-2.37%

           

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

   5.00%    03/01/2022      100        100,000  

North Carolina (State of) Capital Facilities Finance Agency (Duke University), Series 2007 C, Ref. RB(a)(b)

   5.00%    04/01/2022      400        401,463  

North Carolina (State of) Medical Care Commission (Duke University Health System), Series 2012 A, RB(a)(b)

   5.00%    06/01/2022      775        783,543  

North Carolina (State of) Medical Care Commission (Novant Health), Series 2013, Ref. RB

   4.00%    11/01/2046      100        101,711  

North Carolina (State of) Medical Care Commission (Wakemed), Series 2012 A, Ref. RB(a)(b)

   4.13%    10/01/2022      165        168,129  
           

 

 

 
              1,554,846  
           

 

 

 

Ohio-2.57%

           

Allen (County of), OH (Catholic Health Partners), Series 2012 A, Ref. RB(a)(b)

   5.00%    05/01/2022      100        100,737  

Columbus (City of), OH, Series 2012 A, GO Bonds(a)(b)

   5.00%    08/15/2022      110        112,179  

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

   5.00%    04/01/2022      100        100,368  

Hamilton (County of), OH (Christ Hospital), Series 2012, RB(a)(b)

   5.00%    06/01/2022      1,000        1,010,898  

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

   5.00%    06/15/2022      65        65,829  

Ohio (State of) (Garvee), Series 2012 1, RB(a)(b)

   5.00%    06/15/2022      295        298,721  
           

 

 

 
              1,688,732  
           

 

 

 

Oregon-0.61%

           

Hillsboro School District No. 1J, Series 2012, Ref. GO Bonds(a)(b)

   4.00%    06/15/2022      200        201,981  

Oregon (State of) Department of Transportation, Series 2012 A, Ref. RB(a)(b)

   5.00%    11/15/2022      195        200,824  
           

 

 

 
              402,805  
           

 

 

 

Pennsylvania-3.27%

           

Lehigh (County of), PA (Lehigh Valley Health Network), Series 2012, RB

   3.25%    07/01/2032      200        200,747  

Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (La Salle University), Series 2012, RB

   5.00%    05/01/2037      400        403,937  

Pennsylvania (Commonwealth of) Turnpike Commission, Series 2012 B, RB(a)(b)

   5.00%    12/01/2022      105        108,307  

Philadelphia (City of), PA, Series 2012, Ref. RB(a)(b)

   5.00%    11/01/2022      400        411,152  

Pittsburgh (City of), PA, Series 2012 B, GO Bonds(a)(b)

   5.00%    09/01/2022      1,000        1,021,544  
           

 

 

 
              2,145,687  
           

 

 

 

Rhode Island-0.66%

           

Rhode Island Health and Educational Building Corp. (Brown University), Series 2012, RB

   5.00%    09/01/2022      425        434,221  
           

 

 

 

Tennessee-2.41%

           

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

   5.00%    07/01/2022      400        405,811  

Nashville & Davidson (Counties of), TN Metropolitan Government, Series 2021 A, Ref. GO Bonds

   5.00%    07/01/2022      50        50,726  

 

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

 

 

  108  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

    

Interest
Rate

  

  Maturity  
Date

   Principal
Amount
(000)
         Value        

Tennessee-(continued)

           

Tennessee State School Bond Authority, Series 2013 A, RB(a)(b)

   5.00%    11/01/2022    $ 1,000      $ 1,027,880  

Wilson (County of), TN, Series 2012, Ref. GO Bonds

   5.00%    04/01/2022      100        100,370  
           

 

 

 
              1,584,787  
           

 

 

 

Texas-5.80%

           

Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2013 B, RB

   5.00%    11/01/2044      200        205,048  

Dallas (City of), TX, Series 2012 A, Ref. RB(a)(b)

   5.00%    10/01/2022      200        204,982  

Dallas (City of), TX Independent School District, Series 2012, Ref. GO Bonds(a)(b)

   4.00%    08/15/2022      500        507,647  

Harris (County of), TX, Series 2012 A, Ref. GO Bonds

   5.00%    10/01/2024      360        368,989  

Houston (City of), TX, Series 2012 D, Ref. RB(a)(b)

   4.00%    11/15/2022      170        173,828  

Houston (City of), TX, Series 2012 D, Ref. RB(a)(b)

   4.00%    11/15/2022      130        132,927  

Lower Colorado River Authority, Series 2012 A, Ref. RB(a)

   5.00%    05/15/2039      500        504,455  

Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2020, Ref. RB

   5.00%    05/15/2022      200        201,829  

Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, Ref. RB

   5.00%    05/15/2022      200        201,829  

North Central Texas Health Facility Development Corp. (Children’s Medical Center Dallas), Series 2012, RB(a)(b)

   5.00%    08/15/2022      100        101,958  

San Antonio Public Facilities Corp., Series 2012, Ref. RB

   4.00%    09/15/2042      500        506,290  

Texas (State of), Series 2014 A, Ref. GO Bonds

   5.00%    10/01/2022      100        102,491  

Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2012 A, Ref. RB(a)(b)

   5.00%    08/15/2022      250        254,894  

Texas Municipal Gas Acquisition & Supply Corp. III, Series 2021, Ref. RB

   5.00%    12/15/2022      100        102,754  

University of Texas Pernanent Fund (Permanent University Fund Boards), Series 2007 B, Ref. RB

   5.25%    07/01/2022      240        243,724  
           

 

 

 
              3,813,645  
           

 

 

 

Utah-0.15%

           

Utah (State of), Series 2020, GO Bonds

   5.00%    07/01/2022      100        101,473  
           

 

 

 

Virginia-3.59%

           

Fairfax (County of), VA Economic Development Authority (Public Uses Complex), Series 2014, Ref. RB .

   5.00%    05/15/2022      200        201,829  

Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2012, RB

   5.00%    05/15/2040      100        100,894  

Hampton Roads Transportation Accountability Commission, Series 2019 A, RB

   5.00%    07/01/2022      500        507,364  

University of Virginia, Series 2013, RB(a)(b)

   5.00%    12/01/2022      1,500        1,547,237  
           

 

 

 
              2,357,324  
           

 

 

 

Washington-5.41%

           

Energy Northwest (No. 1), Series 2017 A, Ref. RB

   5.00%    07/01/2026      160        162,286  

Seattle (Port of), WA, Series 2012 A, Ref. RB

   5.00%    08/01/2031      1,000        1,016,631  

Washington (State of), Series 2012 C, Ref. GO Bonds

   5.00%    07/01/2024      320        324,638  

Washington (State of), Series 2012 R, Ref. GO Bonds

   5.00%    07/01/2022      200        202,966  

Washington (State of), Series 2012, Ref. GO Bonds

   3.00%    07/01/2028      40        40,271  

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

   5.00%    08/01/2022      1,000        1,018,401  

Washington (State of) (Senior 520 Corridor Program), Series 2012 F, RB

   5.00%    09/01/2022      150        153,201  

Washington (State of) (Senior 520 Corridor Program), Series 2012 F, RB

   5.00%    09/01/2024      500        510,468  

Washington (State of) Health Care Facilities Authority (Providence Health & Services), Series 2012 A, RB

   4.00%    10/01/2034      125        126,863  
           

 

 

 
              3,555,725  
           

 

 

 

Wisconsin-1.72%

           

Wisconsin (State of), Series 2013 1, Ref. GO Bonds

   5.00%    05/01/2022      100        100,729  

Wisconsin (State of), Series 2014 3, Ref. GO Bonds(a)(b)

   5.00%    11/01/2022      900        925,397  

Wisconsin (State of) Department of Transportation, Series 2012 1, RB

   5.00%    07/01/2022      100        101,473  
           

 

 

 
              1,127,599  
           

 

 

 

TOTAL INVESTMENTS IN SECURITIES(e)-98.60%
(Cost $64,906,326)

              64,792,652  

OTHER ASSETS LESS LIABILITIES-1.40%

              920,857  
           

 

 

 

NET ASSETS-100.00%

            $ 65,713,509  
           

 

 

 

 

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

 

 

  109  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

 

 

Investment Abbreviations:
AGM    -Assured Guaranty Municipal Corp.
AMBAC    -American Municipal Bond Assurance Corp.
COP    -Certificates of Participation
GO    -General Obligation
INS    -Insurer
RB    -Revenue Bonds
Ref.    -Refunding

Notes to Schedule of Investments:

(a)

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

(b)

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

(c)

Security subject to crossover refunding.

(d)

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

(e)

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.

 Portfolio Composition

 Revenue Type Breakdown (% of the Fund’s Net Assets)

 as of February 28, 2022

 

     

Ad Valorem Property Tax

     19.98                      

Water Revenue

     9.94     

Health, Hospital, Nursing Home Revenue

     8.85     

College & University Revenue

     8.10     

Miscellaneous Revenue

     8.07     

Sales Tax Revenue

     7.27     

Electric Power Revenue

     5.94     

Lease Revenue

     5.82     

Income Tax Revenue

     4.63     

Sewer Revenue

     4.62     

Appropriations

     4.13     

Highway Tolls Revenue

     3.27     

Revenue Types Each Less Than 3%

     7.98     

Other Assets Less Liabilities

     1.40     

 

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

 

 

  110  

 

 

 

 

 

 

 


 

Invesco BulletShares 2023 Municipal Bond ETF (BSMN)

February 28, 2022

(Unaudited)

 

Schedule of Investments

 

    

Interest
Rate

  

  Maturity  
Date

   Principal
Amount
(000)
         Value        

Municipal Obligations-98.52%

           

Alabama-0.67%

           

Jefferson (County of), AL, Series 2013 A, Revenue Wts., (INS - AGM)(a)

   5.50%    10/01/2053    $ 185      $ 200,612  

Jefferson (County of), AL, Series 2018 A, Ref. GO Wts

   5.00%    04/01/2023      85        88,683  
           

 

 

 
              289,295  
           

 

 

 

Alaska-0.06%

           

Alaska (State of), Series 2013 B, GO Bonds

   5.00%    08/01/2024      25        25,932  
           

 

 

 

Arizona-0.91%

           

Arizona (State of) Transportation Board, Series 2014, Ref. RB

   5.00%    07/01/2023      130        136,870  

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

   5.00%    01/01/2023      120        124,091  

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

   5.00%    07/01/2023      100        105,367  

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

   5.00%    07/01/2023      25        26,335  
           

 

 

 
              392,663  
           

 

 

 

Arkansas-0.10%

           

Russellville (City of), AR, Series 2015, Ref. RB(b)(c)

   4.00%    07/01/2023      40        41,549  
           

 

 

 

California-17.25%

           

Alameda (County of), CA Joint Powers Authority (Multiple Capital Project), Series 2013 A, RB

   5.25%    12/01/2025      65        69,405  

Anaheim (City of), CA Housing & Public Improvements Authority, Series 2017 B, Ref. RB

   5.00%    10/01/2027      95        98,990  

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

   5.00%    04/01/2023      35        36,536  

California (State of), Series 2003, GO Bonds

   5.25%    02/01/2023      30        31,183  

California (State of), Series 2013, Ref. GO Bonds

   3.00%    02/01/2025      100        101,563  

California (State of), Series 2013, Ref. GO Bonds

   5.00%    11/01/2027      90        95,821  

California (State of), Series 2013, Ref. GO Bonds

   5.00%    09/01/2031      100        105,761  

California (State of), Series 2013, Ref. GO Bonds

   5.00%    02/01/2032      100        103,680  

California (State of), Series 2014, GO Bonds

   4.00%    05/01/2023      155        160,397  

California (State of), Series 2014, Ref. GO Bonds

   5.00%    10/01/2023      80        84,870  

California (State of), Series 2014, Ref. GO Bonds

   5.00%    12/01/2025      100        106,799  

California (State of), Series 2014, Ref. GO Bonds

   5.00%    12/01/2027      150        160,117  

California (State of), Series 2014, Ref. GO Bonds

   5.00%    12/01/2030      50        53,318  

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

   5.00%    08/01/2023      100        105,521  

California (State of), Series 2016, GO Bonds

   5.00%    09/01/2023      105        111,098  

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

   5.00%    10/01/2029      135        140,909  

California (State of), Series 2020, Ref. GO Bonds

   5.00%    11/01/2023      110        117,001  

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

   5.00%    12/01/2023      500        533,993  

California (State of) Educational Facilities Authority (Occidental College), Series 2013 A, RB(b)(c)

   5.00%    10/01/2023      35        37,119  

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

   5.00%    11/15/2023      385        410,867  

California (State of) Health Facilities Financing Authority (St. Joseph Health System), Series 2013 A, RB(b)

   5.00%    07/01/2026      50        52,642  

California (State of) Health Facilities Financing Authority (Sutter Health), Series 2018 A, RB

   5.00%    11/15/2023      170        181,123  

California (State of) Infrastructure & Economic Development Bank (Academy Motion Picture Arts & Sciences Obligated Group), Series 2015 A, Ref. RB

   5.00%    11/01/2041      50        53,114  

California (State of) Infrastructure & Economic Development Bank (Segerstrom Center Arts), Series 2016 B, Ref. RB

   5.00%    07/01/2023      45        47,261  

California (State of) Public Works Board (University of California - Davidson Library), Series 2013 C, RB(b)(c)

   5.00%    03/01/2023      100        104,107  

California (State of) Public Works Board (Various Capital), Series 2013 I, RB

   5.25%    11/01/2027      65        69,449  

California (State of) Public Works Board (Various State Universities), Series 2013 H, RB(b)(c)

   5.00%    09/01/2023      100        105,931  

California State University, Series 2013 A, RB(b)(c)

   5.00%    11/01/2023      60        63,901  

California State University, Series 2016 A, Ref. RB

   5.00%    11/01/2023      105        111,863  

Coast Community College District, Series 2013 A, Ref. GO Bonds

   5.00%    08/01/2023      35        36,953  

Desert Community College District (Riverside & Imperial), Series 2018, GO Bonds(b)(c)

   5.00%    08/01/2023      100        105,637  

East Side Union High School District (Election of 2016), Series 2021 C, GO Bonds

   3.00%    08/01/2023      275        282,563  

 

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

 

 

  111  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

    

Interest
Rate

  

  Maturity  
Date

   Principal
Amount
(000)
         Value        

California-(continued)

           

Grossmont-Cuyamaca Community College District, Series 2018, Ref. GO Bonds

   5.00%    08/01/2023    $ 125      $ 131,992  

Los Angeles (City of), CA Department of Water & Power, Series 2013 A, RB

   5.00%    07/01/2027      30        31,020  

Los Angeles (City of), CA Department of Water & Power, Series 2013 B, RB

   5.00%    07/01/2029      565        594,317  

Los Angeles Community College District (Election of 2008), Series 2013 F, GO Bonds(b)(c)

   4.00%    08/01/2023      50        52,118  

Los Angeles Unified School District, Series 2014 B, Ref. GO Bonds

   5.00%    07/01/2023      100        105,367  

Los Angeles Unified School District, Series 2020 RYQ, GO Bonds

   5.00%    07/01/2023      185        194,928  

Los Angeles Unified School District (Election of 2008), Series 2016 A, GO Bonds

   4.00%    07/01/2023      125        130,060  

Metropolitan Water District of Southern California, Series 2017 A, Ref. RB

   2.00%    07/01/2023      225        228,022  

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

   5.00%    11/01/2023      30        31,971  

San Bernardino Community College District, Series 2013 A, Ref. GO Bonds(b)(c)

   4.00%    08/01/2023      100        104,236  

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

   5.00%    11/15/2023      100        102,944  

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

   5.00%    08/01/2023      30        31,696  

San Diego (County of), CA Water Authority, Series 2015 A, Ref. RB

   5.00%    05/01/2023      100        104,863  

San Diego Community College District (Election of 2006), Series 2013, GO Bonds(b)(c)

   5.00%    08/01/2023      80        84,510  

San Diego Unified School District, Series 2014 R-3, Ref. GO Bonds

   5.00%    07/01/2023      100        105,312  

San Diego Unified School District (Election of 1998), Series 2004 D-1, Ref. GO Bonds, (INS -
NATL)(a)

   5.50%    07/01/2023      165        174,853  

San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2016 D, Ref. RB(b)

   5.00%    05/01/2023      45        47,102  

San Francisco (City of), CA Public Utilities Commission, Series 2015, Ref. RB

   5.00%    11/01/2023      45        47,918  

San Francisco Community College District, Series 2015, Ref. GO Bonds

   5.00%    06/15/2023      100        105,204  

San Jose (City of), CA Financing Authority (Civic Center), Series 2013 A, Ref. RB(b)(c)

   5.00%    06/01/2023      100        104,973  

San Jose (City of), CA Financing Authority (Civic Center), Series 2013 A, Ref. RB(b)(c)

   5.00%    06/01/2023      500        524,867  

Tuolumne Wind Project Authority, Series 2016 A, Ref. RB

   5.00%    01/01/2023      110        113,863  

University of California, Series 2013 AF, RB

   5.00%    05/15/2025      90        94,309  

University of California, Series 2013 AF, RB

   5.00%    05/15/2026      80        83,820  

University of California, Series 2013 AI, RB

   5.00%    05/15/2038      25        26,132  

University of California (Limited), Series 2015 I, Ref. RB

   5.00%    05/15/2023      175        183,573  
           

 

 

 
              7,419,462  
           

 

 

 

Colorado-2.49%

           

Adams 12 Five Star Schools, Series 2012, Ref. GO Bonds

   4.00%    12/15/2023      185        189,240  

Board of Governors of Colorado State University System, Series 2013 E, RB(b)(c)

   5.00%    03/01/2023      35        36,398  

Colorado (State of), Series 2021 A, COP

   5.00%    12/15/2023      575        614,619  

Colorado (State of) Health Facilities Authority (Catholic Health Initiatives), Series 2013 A, RB(b)(c)

   5.25%    01/01/2023      85        88,016  

Colorado (State of) Health Facilities Authority (Catholic Health Initiatives), Series 2013 A, RB(b)(c)

   5.25%    01/01/2023      95        98,411  

Denver (City & County of), CO Airport System Revenue, Series 2013 B, RB

   5.25%    11/15/2032      5        5,298  

Regional Transportation District, Series 2013 A, Ref. COP

   5.00%    06/01/2025      35        36,642  
           

 

 

 
              1,068,624  
           

 

 

 

Connecticut-2.38%

           

Connecticut (State of), Series 2012 A, RB

   5.00%    01/01/2027      25        25,801  

Connecticut (State of), Series 2012 C, Ref. GO Bonds

   5.00%    06/01/2023      150        151,510  

Connecticut (State of), Series 2013 A, GO Bonds

   5.00%    10/15/2027      100        106,250  

Connecticut (State of), Series 2013 A, RB

   5.00%    10/01/2026      500        530,196  

Connecticut (State of), Series 2014 A, RB

   5.00%    09/01/2023      20        21,180  

Connecticut (State of), Series 2014 E, GO Bonds

   5.00%    09/01/2023      25        26,475  

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

   5.00%    03/15/2023      10        10,423  

Connecticut (State of), Series 2018 F, Ref. GO Bonds

   5.00%    09/15/2023      25        26,508  

Connecticut (State of), Series 2020 A, GO Bonds

   5.00%    01/15/2023      95        98,427  

Connecticut (State of) Municipal Electric Energy Cooperative, Series 2013 A, RB(b)

   5.00%    01/01/2038      25        25,766  
           

 

 

 
              1,022,536  
           

 

 

 

District of Columbia-0.67%

           

District of Columbia, Series 2013 A, GO Bonds

   5.00%    06/01/2026      50        52,454  

District of Columbia, Series 2013 A, GO Bonds

   5.00%    06/01/2027      105        110,155  

District of Columbia, Series 2013 A, GO Bonds

   5.00%    06/01/2028      20        20,982  

District of Columbia Water & Sewer Authority, Series 2013 A, RB(b)(c)

   5.00%    10/01/2023      100        106,202  
           

 

 

 
              289,793  
           

 

 

 

 

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

 

 

  112  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

    

Interest
Rate

  

  Maturity  
Date

   Principal
Amount
(000)
         Value        

Florida-3.10%

           

Florida (State of), Series 2019 A, Ref. GO Bonds

   5.00%    07/01/2023    $ 195      $ 205,492  

Hillsborough (County of), FL Industrial Development Authority (Tampa General Hospital), Series 2013, Ref. RB

   4.00%    10/01/2043      380        388,051  

JEA Water & Sewer System, Series 2017 A, Ref. RB

   5.00%    10/01/2023      500        531,254  

Miami (City of) & Dade (County of), FL School Board, Series 2013 A, COP(b)(c)

   5.00%    05/01/2023      100        104,541  

Miami-Dade (County of), FL, Series 2013 B, Ref. RB(b)(c)

   4.13%    10/01/2023      45        47,175  

Orange (County of), FL Convention Center, Series 2010, Ref. RB

   5.00%    10/01/2023      30        31,792  

Reedy Creek Improvement District, Series 2013 A, GO Bonds(b)(c)

   5.25%    06/01/2023      25        26,333  
           

 

 

 
              1,334,638  
           

 

 

 

Georgia-2.54%

           

Atlanta (City of), GA, Series 2015, Ref. RB

   5.00%    11/01/2023      65        69,226  

Clayton (County of), GA Water Authority, Series 2012, Ref. RB

   5.00%    05/01/2023      25        25,167  

Forsyth (County of), GA, Series 2019, GO Bonds

   5.00%    09/01/2023      35        37,092  

Forsyth County School District, Series 2013, Ref. GO Bonds

   5.00%    02/01/2023      20        20,766  

Georgia (State of), Series 2012 C, Ref. GO Bonds

   5.00%    09/01/2023      120        122,503  

Georgia (State of), Series 2013 C, Ref. GO Bonds

   4.00%    10/01/2023      85        86,545  

Georgia (State of), Series 2013 D, GO Bonds

   5.00%    02/01/2026      90        93,195  

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

   5.00%    07/01/2023      50        52,724  

Gwinnett (County of), GA Development Authority (Public Schools), Series 2006, COP, (INS - NATL)(a)

   5.25%    01/01/2023      50        51,851  

Gwinnett County School District, Series 2010, Ref. GO Bonds

   5.00%    02/01/2023      20        20,764  

Private Colleges & Universities Authority (Emory University), Series 2013 A, RB

   5.00%    10/01/2043      485        513,188  
           

 

 

 
              1,093,021  
           

 

 

 

Guam-0.27%

           

Guam (Government of) Waterworks Authority, Series 2013, RB(b)(c)

   5.50%    07/01/2023      110        116,282  
           

 

 

 

Hawaii-0.99%

           

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

   5.00%    10/01/2023      400        424,677  
           

 

 

 

Illinois-4.96%

           

Chicago (City of), IL (Midway Airport), Series 2013 B, Ref. RB

   5.00%    01/01/2025      35        36,090  

Chicago (City of), IL (O’Hare International Airport), Series 2013 B, Ref. RB

   5.00%    01/01/2025      40        41,279  

Chicago (City of), IL (O’Hare International Airport), Series 2013 B, Ref. RB

   5.25%    01/01/2029      75        77,457  

Chicago (City of), IL (O’Hare International Airport), Series 2013 D, RB

   5.00%    01/01/2044      35        36,004  

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

   5.00%    01/01/2023      45        46,485  

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

   5.00%    01/01/2023      90        92,969  

Illinois (State of), Series 2013, GO Bonds

   5.25%    07/01/2028      250        263,153  

Illinois (State of), Series 2013, GO Bonds

   5.25%    07/01/2029      100        105,277  

Illinois (State of), Series 2013, RB

   5.00%    06/15/2025      145        151,475  

Illinois (State of), Series 2014, GO Bonds

   5.00%    05/01/2023      80        83,538  

Illinois (State of), Series 2016, GO Bonds

   5.00%    06/01/2023      30        31,412  

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

   5.00%    11/01/2023      175        185,585  

Illinois (State of) Finance Authority, Series 2014 A, RB(b)(c)

   5.25%    07/01/2023      500        526,907  

Illinois (State of) Finance Authority (Clean Water Initiative), Series 2016, RB

   4.00%    01/01/2023      110        112,898  

Illinois (State of) Finance Authority (State Clean Water), Series 2017, RB

   5.00%    07/01/2023      10        10,531  

Illinois (State of) Finance Authority (The University of Chicago), Series 2014 A, Ref. RB

   5.00%    10/01/2023      125        132,630  

Illinois (State of) Toll Highway Authority, Series 2013 A, RB

   5.00%    01/01/2029      25        25,791  

Illinois (State of) Toll Highway Authority, Series 2013 A, RB

   5.00%    01/01/2038      15        15,463  

McLean & Woodford Counties Community Unit School District No. 5, Series 2017 A, Ref. GO Bonds

   4.00%    12/01/2023      55        57,506  

Metropolitan Water Reclamation District of Greater Chicago, Series 2016 A, Ref. GO Bonds

   5.00%    12/01/2023      50        53,372  

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

   5.00%    03/01/2023      45        46,720  
           

 

 

 
              2,132,542  
           

 

 

 

Indiana-1.42%

           

Indiana (State of) Finance Authority (University Health), Series 2019, Ref. RB

   5.00%    12/01/2023      150        160,063  

Lake Central Multi-District School Building Corp., Series 2012 B, RB(b)(c)

   5.00%    01/15/2023      35        36,265  

St. Joseph (County of), IN Hospital Authority (Beacon Health System Obligated Group), Series 2013 C, Ref. RB

   4.00%    08/15/2044      400        414,216  
           

 

 

 
              610,544  
           

 

 

 

 

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

 

 

  113  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

    

Interest
Rate

  

  Maturity  
Date

   Principal
Amount
(000)
         Value        

Iowa-0.34%

           

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

   5.00%    06/01/2023    $ 30      $ 31,499  

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

   5.00%    08/01/2023      110        116,185  
           

 

 

 
              147,684  
           

 

 

 

Kansas-0.17%

           

Kansas (State of) Development Finance Authority, Series 2015 A, Ref. RB

   5.00%    05/01/2025      40        41,797  

Kansas (State of) Development Finance Authority, Series 2015 A, Ref. RB

   5.00%    05/01/2026      30        31,337  
           

 

 

 
              73,134  
           

 

 

 

Kentucky-0.69%

           

Kentucky (State of) Asset Liability Commission, Series 2013 A, RB

   5.25%    09/01/2023      40        42,440  

Kentucky (State of) Asset Liability Commission, Series 2014 A, Ref. RB

   5.00%    09/01/2023      40        42,292  

Kentucky (State of) Property & Building Commission (No. 108), Series 2015 B, Ref. RB

   5.00%    08/01/2023      130        137,026  

Louisville (City of) & Jefferson (County of), KY Sewer District, Series 2013 A, RB

   4.00%    05/15/2035      55        56,709  

Louisville (City of) & Jefferson (County of), KY Sewer District, Series 2013 C, RB(b)(c)

   4.50%    05/15/2023      15        15,642  
           

 

 

 
              294,109  
           

 

 

 

Louisiana-0.81%

           

Louisiana (State of), Series 2012 A-1, Ref. RB

   5.00%    05/01/2023      40        40,267  

Louisiana (State of), Series 2013 A, GO Bonds(b)(c)

   4.00%    05/15/2023      25        25,921  

Louisiana (State of) Local Government Environmental Facilities & Community Development Authority, Series 2013 A, RB(b)(c)

   5.00%    02/01/2023      100        103,783  

Louisiana (State of) University & Agricultural & Mechanical College, Series 2013, RB(b)(c)

   5.00%    07/01/2023      5        5,263  

Terrebonne Levee & Conservation District, Series 2013, RB(b)(c)

   5.00%    07/01/2023      165        173,674  
           

 

 

 
              348,908  
           

 

 

 

Maine-0.49%

           

Maine (State of) Health & Higher Educational Facilities Authority (Eastern Maine Medical Center Obligated Group), Series 2013, RB(b)(c)

   5.00%    07/01/2023      200        210,514  
           

 

 

 

Maryland-2.53%

           

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

   4.00%    08/01/2023      500        521,327  

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

   5.00%    02/15/2023      100        103,938  

Maryland (State of) Department of Transportation, Series 2017, RB

   5.00%    05/01/2023      150        157,097  

Maryland (State of) Department of Transportation (Third Issue), Series 2015, RB

   5.00%    12/15/2023      140        149,672  

Montgomery (County of), MD, Series 2019 A, GO Bonds

   5.00%    11/01/2023      145        154,477  
           

 

 

 
              1,086,511  
           

 

 

 

Massachusetts-2.70%

           

Massachusetts (Commonwealth of), Series 2013 A, RB

   5.00%    06/15/2023      30        30,349  

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

   5.00%    05/01/2023      300        314,231  

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

   5.00%    07/01/2023      130        136,959  

Massachusetts (Commonwealth of), Series 2018 C, GO Bonds

   5.00%    05/01/2029      50        52,324  

Massachusetts (Commonwealth of), Series 2018 C, GO Bonds

   5.00%    05/01/2032      100        104,588  

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

   5.00%    07/01/2023      25        26,338  

Massachusetts (State of) Bay Transportation Authority, Series 2005 A, RB

   5.00%    07/01/2023      85        89,550  

Massachusetts (State of) Clean Water Trust (The), Series 2014, Ref. RB

   5.00%    08/01/2023      35        36,983  

Massachusetts (State of) Development Finance Agency (Olin College), Series 2013 E, RB

   5.00%    11/01/2038      200        212,776  

Massachusetts (State of) School Building Authority, Series 2012 A, Ref. RB

   5.00%    08/15/2023      100        101,817  

Massachusetts (State of) Transportation Trust Fund, Series 2019 A, Ref. RB

   5.00%    01/01/2023      55        56,922  
           

 

 

 
              1,162,837  
           

 

 

 

Michigan-1.57%

           

Livonia Public Schools, Series 2013 I, GO Bonds(b)(c)

   5.00%    05/01/2023      105        109,956  

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

   5.00%    03/15/2023      175        182,203  

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

   5.00%    04/15/2023      100        104,577  

Michigan (State of) Finance Authority, Series 2016 C-3, Ref. RB

   5.00%    04/01/2023      40        41,711  

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

   5.00%    08/01/2023      200        211,332  

Western Michigan University, Series 2013, Ref. RB(b)(c)

   5.25%    11/15/2023      25        26,764  
           

 

 

 
              676,543  
           

 

 

 

 

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

 

 

  114  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

    

Interest
Rate

  

  Maturity  
Date

   Principal
Amount
(000)
         Value        

Minnesota-0.49%

           

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

   5.00%    01/01/2023    $ 10      $ 10,333  

Minnesota (State of), Series 2013, Ref. GO Bonds

   5.00%    10/01/2023      40        42,500  

Minnesota (State of), Series 2014 A, GO Bonds

   5.00%    08/01/2023      100        105,666  

Minnesota (State of), Series 2020 A, GO Bonds

   5.00%    08/01/2023      50        52,833  
           

 

 

 
              211,332  
           

 

 

 

Missouri-0.38%

           

Jackson (County of), MO (Truman Sports Complex), Series 2014, Ref. RB

   5.00%    12/01/2023      35        37,072  

Metropolitan St. Louis Sewer District, Series 2013 B, RB(b)(c)

   5.00%    05/01/2023      25        26,180  

Missouri (State of) Board of Public Buildings, Series 2020 B, Ref. RB

   5.00%    10/01/2023      20        21,247  

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

   5.00%    08/01/2023      75        79,140  
           

 

 

 
              163,639  
           

 

 

 

Nebraska-0.06%

           

Omaha (City of), NE Public Power District, Series 2016 A, Ref. RB

   5.00%    02/01/2023      25        25,939  
           

 

 

 

Nevada-0.59%

           

Clark County School District, Series 2016 A, Ref. GO Bonds

   5.00%    06/15/2023      50        52,503  

Clark County School District, Series 2016 B, Ref. GO Bonds

   5.00%    06/15/2023      60        63,004  

Las Vegas Valley Water District, Series 2016 A, Ref. GO Bonds

   5.00%    06/01/2023      75        78,797  

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

   5.00%    06/01/2023      30        31,519  

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

   5.00%    04/01/2023      25        26,100  
           

 

 

 
              251,923  
           

 

 

 

New Jersey-4.74%

           

Essex (County of), NJ Improvement Authority, Series 2017, Ref. RB

   2.00%    12/15/2023      35        35,579  

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

   4.00%    06/01/2023      265        274,701  

New Jersey (State of) Economic Development Authority, Series 2013 NN, Ref. RB

   5.00%    03/01/2023      100        103,802  

New Jersey (State of) Economic Development Authority, Series 2013 NN, Ref. RB(b)(c)

   5.00%    03/01/2023      70        72,868  

New Jersey (State of) Economic Development Authority, Series 2013 NN, Ref. RB(b)(c)

   5.00%    03/01/2023      260        270,652  

New Jersey (State of) Economic Development Authority, Series 2013, Ref. RB(b)(c)

   5.00%    03/01/2023      225        234,218  

New Jersey (State of) Economic Development Authority (Rutgers University), Series 2013,
RB(b)(c)

   5.00%    06/15/2023      150        157,672  

New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2016 B, Ref. RB

   5.00%    07/01/2023      180        189,660  

New Jersey (State of) Transportation Trust Fund Authority, Series 2005 B, RB, (INS - AMBAC)(a)

   5.25%    12/15/2023      55        58,738  

New Jersey (State of) Transportation Trust Fund Authority, Series 2006 A, RB

   5.50%    12/15/2023      150        160,854  

New Jersey (State of) Transportation Trust Fund Authority, Series 2013 AA, RB

   5.00%    06/15/2029      100        104,221  

Rutgers The State University of New Jersey, Series 2013 J, Ref. RB(b)(c)

   4.00%    05/01/2023      50        51,782  

Rutgers The State University of New Jersey, Series 2013 J, Ref. RB(b)(c)

   5.00%    05/01/2023      150        157,079  

Rutgers The State University of New Jersey, Series 2013 J, Ref. RB(b)(c)

   5.00%    05/01/2023      30        31,416  

Rutgers The State University of New Jersey, Series 2013 L, Ref. RB(b)(c)

   5.00%    05/01/2023      30        31,416  

Rutgers The State University of New Jersey, Series 2018 N, RB

   4.00%    05/01/2023      100        103,470  
           

 

 

 
              2,038,128  
           

 

 

 

New Mexico-0.32%

           

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

   5.00%    07/01/2023      25        26,325  

New Mexico (State of), Series 2015 A, RB

   5.00%    07/01/2023      55        57,914  

New Mexico (State of), Series 2016 B, Ref. RB

   4.00%    07/01/2023      50        51,990  
           

 

 

 
              136,229  
           

 

 

 

New York-17.90%

           

Battery Park (City of), NY Authority, Series 2013 A, RB

   5.00%    11/01/2025      400        426,143  

Erie (County of), NY Industrial Development Agency (The) (City of Buffalo School District), Series 2013 A, RB

   5.00%    05/01/2027      60        62,746  

Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB

   5.00%    02/15/2023      25        25,982  

Metropolitan Transportation Authority, Series 2012 A, Ref. RB

   5.00%    11/15/2023      200        205,921  

Metropolitan Transportation Authority, Series 2013 E, RB(b)(c)

   5.00%    11/15/2023      150        159,952  

Metropolitan Transportation Authority, Series 2016 B, Ref. RB

   5.00%    11/15/2023      100        106,377  

Monroe County Industrial Development Corp. (University of Rochester), Series 2013 A, RB(b)(c)

   5.00%    07/01/2023      20        21,065  

Nassau (County of), NY, Series 2017 C, Ref. GO Bonds

   5.00%    10/01/2023      40        42,357  

New York & New Jersey (States of) Port Authority, Series 2013 179, RB

   5.00%    12/01/2025      145        154,753  

 

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

 

 

  115  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

    

Interest
Rate

  

  Maturity  
Date

   Principal
Amount
(000)
         Value        

New York-(continued)

           

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

   5.00%    05/01/2023    $ 50      $ 52,318  

New York (City of), NY, Series 2012 I, GO Bonds

   5.00%    08/01/2023      100        101,653  

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

   5.00%    08/01/2023      225        237,585  

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

   5.00%    08/01/2023      50        52,797  

New York (City of), NY, Series 2016 C, Ref. GO Bonds

   5.00%    08/01/2023      445        469,891  

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

   4.00%    08/01/2023      70        72,935  

New York (City of), NY Municipal Water Finance Authority, Series 2017 CC-2, Ref. RB

   5.00%    06/15/2025      200        213,817  

New York (City of), NY Municipal Water Finance Authority, Series 2018 AA, Ref. RB(b)

   5.00%    06/15/2023      125        131,476  

New York (City of), NY Municipal Water Finance Authority, Series 2019 BB-2, RB

   5.00%    06/15/2025      100        106,909  

New York (City of), NY Municipal Water Finance Authority, Series 2019 DD, RB

   5.00%    06/15/2025      100        106,909  

New York (City of), NY Transitional Finance Authority, Series 2013 A-1, RB

   4.25%    11/01/2033      75        78,594  

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

   5.00%    11/01/2023      275        292,785  

New York (City of), NY Transitional Finance Authority, Series 2018 A-1, RB

   5.00%    08/01/2023      200        211,216  

New York (City of), NY Transitional Finance Authority, Subseries 2012 E-1, RB

   5.00%    02/01/2023      200        200,666  

New York (City of), NY Transitional Finance Authority, Subseries 2013 F-1, RB

   5.00%    02/01/2026      200        207,267  

New York (City of), NY Transitional Finance Authority, Subseries 2014 B1, RB

   5.00%    11/01/2023      150        159,701  

New York (City of), NY Transitional Finance Authority, Subseries 2018 A-1, RB

   5.00%    08/01/2023      105        110,888  

New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB

   5.00%    07/15/2023      100        105,408  

New York (State of) Dormitory Authority, Series 2012, RB

   5.00%    05/15/2023      100        100,830  

New York (State of) Dormitory Authority, Series 2013 A, RB(b)(c)

   5.00%    02/15/2023      250        259,859  

New York (State of) Dormitory Authority, Series 2013 A, RB(b)(c)

   5.00%    07/01/2023      5        5,266  

New York (State of) Dormitory Authority, Series 2014 A, RB

   5.00%    03/15/2023      200        208,550  

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

   5.00%    03/15/2023      35        36,490  

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

   5.00%    03/15/2023      65        67,779  

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

   5.00%    07/01/2023      125        131,623  

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

   5.00%    03/15/2023      130        135,532  

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

   4.00%    10/01/2023      25        25,983  

New York (State of) Dormitory Authority, Series 2017 A, RB

   5.00%    03/15/2023      55        57,351  

New York (State of) Dormitory Authority, Series 2017 B, Ref. RB

   5.00%    07/01/2023      45        47,384  

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

   5.00%    10/01/2023      60        63,624  

New York State Environmental Facilities Corp. (NYC Municipal Water Fund), Series 2013 A, RB

   5.00%    06/15/2026      50        52,589  

New York State Environmental Facilities Corp. (NYC Municipal Water Fund), Series 2013 A, RB

   5.00%    06/15/2027      100        105,178  

New York State Urban Development Corp., Series 2013 A-1, RB

   5.00%    03/15/2026      25        26,034  

New York State Urban Development Corp., Series 2013 A-1, RB

   5.00%    03/15/2029      45        46,862  

New York State Urban Development Corp., Series 2013 C, RB

   5.00%    03/15/2026      200        208,274  

New York State Urban Development Corp., Series 2013 C, RB

   5.00%    03/15/2029      50        52,069  

New York State Urban Development Corp., Series 2013 C, RB

   5.00%    03/15/2031      40        41,655  

New York State Urban Development Corp., Series 2013 E, RB

   5.00%    03/15/2031      200        208,275  

New York State Urban Development Corp., Series 2016 A, Ref. RB

   5.00%    03/15/2023      35        36,496  

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

   5.00%    03/15/2023      100        104,275  

Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB(b)

   4.00%    10/15/2023      125        130,939  

Suffolk (County of), NY Water Authority, Series 2013, Ref. RB

   3.00%    06/01/2028      10        10,189  

Triborough Bridge & Tunnel Authority, Series 2013 A, Ref. RB

   5.00%    11/15/2023      105        109,853  

Triborough Bridge & Tunnel Authority, Series 2013 A, Ref. RB

   5.00%    11/15/2024      525        549,877  

Triborough Bridge & Tunnel Authority, Series 2013 A, Ref. RB

   5.00%    11/15/2025      170        177,909  

Trust for Cultural Resources of The City of New York (The), Series 2016, Ref. RB(b)

   4.00%    02/01/2023      60        61,725  

Trust for Cultural Resources of The City of New York (The), Series 2016, Ref. RB

   4.00%    02/01/2023      130        133,773  

Utility Debt Securitization Authority, Series 2013 TE, RB

   5.00%    12/15/2027      105        112,041  

Utility Debt Securitization Authority, Series 2013 TE, RB

   5.00%    12/15/2029      50        53,325  

Utility Debt Securitization Authority, Series 2013 TE, RB

   5.00%    12/15/2030      75        79,961  

Utility Debt Securitization Authority, Series 2013 TE, RB

   5.00%    12/15/2033      30        31,973  

Utility Debt Securitization Authority, Series 2013, RB

   5.00%    12/15/2028      100        106,651  
           

 

 

 
              7,698,305  
           

 

 

 

North Carolina-0.78%

           

Mecklenburg County Public Facilities Corp., Series 2017, Ref. RB

   5.00%    02/01/2023      15        15,573  

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

   5.00%    05/01/2023      25        26,183  

North Carolina (State of), Series 2016 A, Ref. GO Bonds

   5.00%    06/01/2023      100        105,076  

 

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

 

 

  116  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

    

Interest
Rate

  

  Maturity  
Date

   Principal
Amount
(000)
         Value        

North Carolina-(continued)

           

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

   5.00%    03/01/2023    $ 90      $ 93,660  

North Carolina State University at Raleigh, Series 2013 A, RB(b)(c)

   5.00%    10/01/2023      90        95,581  
           

 

 

 
              336,073  
           

 

 

 

Ohio-5.44%

           

Cincinnati City School District, Series 2006, Ref. GO Bonds, (INS - NATL)(a)

   5.25%    12/01/2023      10        10,714  

Cleveland (City of), OH, Series 2015, RB(b)(c)

   5.00%    10/01/2023      15        15,930  

Columbus (City of), OH, Series 2013 1, Ref. GO Bonds(b)(c)

   5.00%    07/01/2023      20        21,065  

Columbus (City of), OH, Series 2013 1, Ref. GO Bonds(b)(c)

   5.00%    07/01/2023      25        26,332  

Columbus (City of), OH, Series 2017-1, Ref. GO Bonds

   4.00%    04/01/2023      125        129,213  

Hamilton (County of), OH, Series 2016 A, Ref. RB

   5.00%    12/01/2023      10        10,673  

Montgomery (County of), OH (Catholic Health Initiatives), Series 2009, RB(b)(c)

   5.25%    11/13/2023      400        425,329  

Northeast Ohio Regional Sewer District, Series 2013, RB(b)(c)

   5.00%    05/15/2023      50        52,407  

Ohio (State of), Series 2012 C, Ref. GO Bonds

   5.00%    08/01/2023      10        10,567  

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

   5.00%    09/01/2023      25        26,490  

Ohio (State of), Series 2016 A, Ref. GO Bonds

   5.00%    09/01/2023      185        196,029  

Ohio (State of), Series 2016-1, RB

   5.00%    12/15/2023      50        53,399  

Ohio (State of), Series 2020 B, Ref. GO Bonds

   5.00%    09/15/2023      900        954,862  

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

   5.00%    12/15/2023      115        122,818  

Ohio (State of) Higher Educational Facility Commission (Case Western Reserve University), Series 2016, Ref. RB

   5.00%    12/01/2023      100        106,745  

Ohio (State of) Turnpike & Infrastructure Commission, Series 2017 A, Ref. RB

   5.00%    02/15/2023      150        155,936  

Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2016, RB

   5.00%    12/01/2023      20        21,374  
           

 

 

 
              2,339,883  
           

 

 

 

Oklahoma-0.36%

           

Cleveland (County of), OK Educational Facilities Authority (Moore Public Schools), Series 2016, RB

   5.00%    06/01/2023      40        42,000  

Oklahoma (State of) Municipal Power Authority, Series 2019 A, Ref. RB

   5.00%    01/01/2023      40        41,360  

Oklahoma (State of) Turnpike Authority, Series 2017 D, Ref. RB

   4.00%    01/01/2023      45        46,174  

Oklahoma County Independent School District No. 89 Oklahoma City, Series 2020 A, GO Bonds

   2.50%    07/01/2023      25        25,504  
           

 

 

 
              155,038  
           

 

 

 

Oregon-0.17%

           

Oregon (State of) Department of Transportation, Series 2013 A, RB(b)(c)

   5.00%    11/15/2023      25        26,659  

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

   5.00%    11/15/2023      20        21,326  

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

   5.00%    04/01/2023      25        26,111  
           

 

 

 
              74,096  
           

 

 

 

Pennsylvania-2.32%

           

Northampton (County of), PA General Purpose Authority (LaFayette College), Series 2013 A, Ref. RB(b)(c)

   5.00%    11/01/2023      60        63,891  

Pennsylvania (Commonwealth of), First Series 2013, GO Bonds(b)(c)

   5.00%    04/01/2023      125        130,513  

Pennsylvania (Commonwealth of), First Series 2013, GO Bonds(b)(c)

   5.00%    04/01/2023      65        67,867  

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

   5.00%    03/15/2023      100        104,211  

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

   5.00%    08/15/2023      150        158,571  

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

   5.00%    09/15/2023      235        249,102  

Pennsylvania (Commonwealth of), First Series 2017, Ref. GO Bonds

   5.00%    01/01/2023      25        25,861  

Pennsylvania (Commonwealth of), Second Series 2013, GO Bonds

   5.00%    10/15/2023      30        31,850  

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

   5.00%    01/15/2023      100        103,589  

Westmoreland (County of), PA Municipal Authority, Series 2013, RB(b)(c)

   5.00%    08/15/2023      10        10,570  

Westmoreland (County of), PA Municipal Authority, Series 2013, RB(b)(c)

   5.00%    08/15/2023      50        52,851  
           

 

 

 
              998,876  
           

 

 

 

South Carolina-1.39%

           

Charleston County School District, Series 2011 A, Ref. GO Bonds

   5.00%    02/01/2023      125        129,775  

Charleston Educational Excellence Finance Corp., Series 2013, Ref. RB

   4.00%    12/01/2028      25        26,197  

Horry County School District, Series 2016, GO Bonds

   5.00%    03/01/2023      70        72,861  

South Carolina (State of) Public Service Authority, Series 2013 E, RB

   5.00%    12/01/2048      180        191,330  

South Carolina (State of) Public Service Authority (Santee Cooper), Series 2013 A, RB

   5.00%    12/01/2038      100        106,471  

South Carolina (State of) Public Service Authority (Santee Cooper), Series 2013 B, Ref. RB

   5.13%    12/01/2043      30        31,974  

 

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

 

 

  117  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

    

Interest
Rate

  

  Maturity  
Date

   Principal
Amount
(000)
         Value        

South Carolina-(continued)

           

South Carolina (State of) Public Service Authority (Santee Cooper), Series 2013 E, RB

   5.50%    12/01/2053    $ 20      $ 21,409  

South Carolina (State of) Transportation Infrastructure Bank, Series 2015 A, Ref. RB

   5.00%    10/01/2023      15        15,938  
           

 

 

 
              595,955  
           

 

 

 

South Dakota-0.09%

           

South Dakota (State of) Building Authority, Series 2013 B, RB(b)(c)

   5.00%    06/01/2023      35        36,759  
           

 

 

 

Tennessee-0.97%

           

Chattanooga (City of), TN Health Educational & Housing Facility Board (Catholic Health Initiatives), Series 2013 A, RB(b)(c)

   5.25%    01/01/2023      25        25,887  

Greeneville (City of), TN Health & Educational Facilities Board (Ballad Health Obligated Group), Series 2018 A, Ref. RB

   5.00%    07/01/2033      100        104,794  

Memphis (City of), TN, Series 2014 A, Ref. GO Bonds

   5.00%    11/01/2023      25        26,634  

Nashville & Davidson (Counties of), TN Metropolitan Government, Series 2013 A, GO
Bonds(b)(c)

   5.00%    01/01/2023      35        36,199  

Nashville & Davidson (Counties of), TN Metropolitan Government, Series 2013, Ref. GO Bonds(b)(c)

   5.00%    07/01/2023      25        26,332  

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

   5.00%    07/01/2023      100        105,298  

Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2013 A, GO Bonds(b)(c)

   5.00%    01/01/2023      15        15,514  

Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2013 A, GO Bonds(b)(c)

   5.00%    01/01/2023      60        62,056  

Tennessee State School Bond Authority, Series 2014, Ref. RB, (CEP - Colorado Higher Education Intercept Program)

   5.00%    11/01/2023      15        15,993  
           

 

 

 
              418,707  
           

 

 

 

Texas-9.72%

           

Bexar (County of), TX, Series 2013 A, GO Bonds(b)(c)

   4.00%    06/15/2023      25        25,976  

Bexar (County of), TX, Series 2013 B, GO Bonds(b)(c)

   5.00%    06/15/2023      400        420,722  

Board of Regents of the University of Texas System, Series 2016 D, RB

   5.00%    08/15/2023      200        211,608  

Board of Regents of the University of Texas System, Series 2016 J, RB

   5.00%    08/15/2023      25        26,451  

Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2013 F, Ref. RB

   5.25%    11/01/2033      270        286,675  

Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 A, Ref. RB

   5.00%    11/01/2023      65        69,081  

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

   5.00%    02/15/2023      20        20,792  

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

   5.00%    10/01/2023      125        132,793  

Dallas (City of), TX Independent School District, Series 2014 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)

   5.00%    08/15/2023      25        26,421  

Grand Parkway Transportation Corp., Series 2013 B, RB(b)(c)

   5.00%    10/01/2023      280        297,137  

Hidalgo (County of), TX Regional Mobility Authority, Series 2013, Ref. RB(b)(c)

   5.00%    12/01/2023      75        79,937  

Houston (City of), TX, Series 2013 A, Ref. GO Bonds(b)(c)

   5.00%    03/01/2023      55        57,225  

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

   5.00%    03/01/2023      25        26,035  

Houston (City of), TX, Series 2017 A, Ref. GO Bonds

   5.00%    03/01/2023      185        192,655  

Houston Community College System, Series 2013, GO Bonds(b)(c)

   5.00%    02/15/2023      65        67,563  

Houston Community College System, Series 2013, GO Bonds(b)(c)

   5.00%    02/15/2023      135        140,324  

Lower Colorado River Authority, Series 2019, Ref. RB

   5.00%    05/15/2023      605        634,265  

Lower Colorado River Authority, Series 2021, Ref. RB

   5.00%    05/15/2023      130        136,288  

North Texas Tollway Authority, Series 2017 A, Ref. RB

   5.00%    01/01/2026      70        72,268  

North Texas Tollway Authority, Series 2017 B, Ref. RB

   5.00%    01/01/2023      345        356,499  

North Texas Tollway Authority, Series 2017 B, Ref. RB

   5.00%    01/01/2025      50        51,624  

Permanent University Fund - University of Texas System, Series 2007 B, Ref. RB

   5.25%    07/01/2023      150        158,545  

Red River Education Finance Corp. (Texas Christian University), Series 2013, RB(b)(c)

   5.00%    03/15/2023      100        104,256  

San Marcos Consolidated Independent School District, Series 2013, GO Bonds(b)(c)

   5.00%    08/01/2023      90        94,995  

Tarrant County Cultural Education Facilities Finance Corp. (Baylor Health Care System), Series 2013 A, RB(b)(c)

   4.00%    05/15/2023      25        25,905  

Tarrant County Cultural Education Facilities Finance Corp. (Scott & White Healthcare), Series 2013, RB(b)(c)

   4.00%    08/15/2023      130        135,543  

Tarrant County Cultural Education Facilities Finance Corp. (Scott & White Healthcare), Series 2013, RB(b)(c)

   5.00%    08/15/2023      35        36,996  

Texas (State of), Series 2018 A, Ref. GO Bonds

   5.00%    10/01/2023      135        143,461  

Texas (State of) (Water Financial Assistance), Subseries 2018 B3, Ref. GO Bonds

   5.00%    08/01/2023      75        79,228  

Texas (State of) Water Development Board, Series 2017 A, RB

   5.00%    04/15/2023      30        31,377  

 

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

 

 

  118  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

    

Interest
Rate

  

  Maturity  
Date

   Principal
Amount
(000)
         Value        

Texas-(continued)

           

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

   5.00%    03/15/2023    $ 25      $ 26,066  

University of Houston, Series 2017 A, Ref. RB

   5.00%    02/15/2023      10        10,396  
           

 

 

 
              4,179,107  
           

 

 

 

Utah-0.11%

           

Utah (County of), UT (IHC Health Services, Inc.), Series 2016, Ref. RB

   5.00%    05/15/2023      45        47,177  
           

 

 

 

Virginia-1.29%

           

Chesapeake Bay Bridge & Tunnel District, Series 2019, RAN

   5.00%    11/01/2023      100        106,022  

Richmond (City of), VA, Series 2017 B, Ref. GO Bonds

   5.00%    07/15/2023      35        36,927  

Virginia (State of) College Building Authority, Series 2012 A, Ref. RB(b)(c)

   5.00%    09/01/2022      100        102,154  

Virginia (State of) Public School Authority, Series 2012, Ref. RB(b)(c)

   5.00%    08/01/2022      155        157,774  

Virginia (State of) Public School Authority, Series 2012, Ref. RB

   5.00%    08/01/2023      5        5,083  

Virginia (State of) Public School Authority, Series 2015, Ref. RB

   5.00%    08/01/2023      140        147,892  
           

 

 

 
              555,852  
           

 

 

 

Washington-3.17%

           

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

   5.00%    07/01/2023      300        316,141  

Energy Northwest (Columbia Generating Station), Series 2021, Ref. RB

   5.00%    07/01/2023      400        421,522  

King (County of), WA, Series 2016 B, Ref. RB(b)(c)

   5.00%    07/01/2023      15        15,799  

Seattle (City of), WA, Series 2015, Ref. RB

   5.00%    05/01/2023      90        94,269  

Washington (State of), Series 2012 R, Ref. GO Bonds

   5.00%    07/01/2023      125        126,774  

Washington (State of), Series 2012 R, Ref. GO Bonds

   5.00%    07/01/2023      85        86,206  

Washington (State of), Series 2013 A, GO Bonds

   5.00%    08/01/2027      25        26,377  

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

   5.00%    07/01/2023      60        63,236  

Washington (State of) (Senior 520 Corridor Program), Series 2013 C, RB

   5.00%    09/01/2023      200        211,707  
           

 

 

 
              1,362,031  
           

 

 

 

West Virginia-0.12%

           

West Virginia (State of) Commissioner of Highways (Surface Transportation), Series 2017 A, RB

   5.00%    09/01/2023      50        52,981  
           

 

 

 

Wisconsin-1.00%

           

Milwaukee (City of), WI, Series 2018 N1, GO Bonds

   5.00%    02/01/2023      375        389,046  

Wisconsin (State of), Series 2016 B, GO Bonds

   4.00%    05/01/2023      40        41,407  
           

 

 

 
              430,453  
           

 

 

 

TOTAL INVESTMENTS IN SECURITIES(d) -98.52%
(Cost $42,634,299)

              42,370,281  

OTHER ASSETS LESS LIABILITIES-1.48%

              637,036  
           

 

 

 

NET ASSETS-100.00%

            $ 43,007,317  
           

 

 

 

 

Investment Abbreviations:
AGM   -Assured Guaranty Municipal Corp.
AMBAC   -American Municipal Bond Assurance Corp.
CEP   -Credit Enhancement Provider
COP   -Certificates of Participation
GO   -General Obligation
INS   -Insurer
NATL   -National Public Finance Guarantee Corp.
RAN   -Revenue Anticipation Notes
RB   -Revenue Bonds
Ref.   -Refunding
Wts.   -Warrants

Notes to Schedule of Investments:

(a)

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

(b)

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

(c)

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

(d)

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

 

 

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

 

  119  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

 

 Portfolio Composition

 Revenue Type Breakdown (% of the Fund’s Net Assets)

 as of February 28, 2022

     

Ad Valorem Property Tax

     22.17     

Miscellaneous Revenue

     10.41     

Lease Revenue

     9.08     

Health, Hospital, Nursing Home Revenue

     8.79     

Water Revenue

     7.16     

College & University Revenue

     6.71     

Sales Tax Revenue

     5.82     

Income Tax Revenue

     5.66     

Highway Tolls Revenue

     5.09     

Appropriations

     3.67     

Electric Power Revenue

     3.62     

General Fund

     3.58     

Revenue Types Each Less Than 3%

     6.76     

Other Assets Less Liabilities

     1.48     

 

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

 

 

  120  

 

 

 

 

 

 

 


 

Invesco BulletShares 2024 Municipal Bond ETF (BSMO)

February 28, 2022

(Unaudited)

 

Schedule of Investments

 

    

Interest
Rate

  

  Maturity  
Date

   Principal
Amount
(000)
         Value        

Municipal Obligations-98.85%

           

Alabama-0.84%

           

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

   5.00%    09/01/2024    $ 100      $ 109,316  

Alabama (State of) Public School & College Authority, Series 2014 B, Ref. RB

   5.00%    01/01/2026      100        108,452  

Alabama (State of) Public School & College Authority, Series 2014 B, Ref. RB

   5.00%    01/01/2027      30        32,536  

Jefferson (County of), AL, Series 2018 A, Ref. GO Wts

   5.00%    04/01/2024      100        107,504  
           

 

 

 
              357,808  
           

 

 

 

Arizona-2.84%

           

Arizona (State of) Department of Transportation State Highway Fund Revenue, Series 2015, Ref. RB

   5.00%    07/01/2032      170        184,042  

Arizona (State of) Health Facilities Authority (Scottsdale Lincoln Hospital), Series 2014, Ref. RB

   5.00%    12/01/2029      500        547,810  

Chandler (City of), AZ, Series 2014, Ref. GO Bonds

   5.00%    07/01/2024      150        163,040  

Mesa (City of), AZ, Series 2014, Ref. RB

   3.00%    07/01/2028      20        20,660  

Mesa (City of), AZ, Series 2014, Ref. RB

   3.25%    07/01/2029      145        150,722  

Phoenix Civic Improvement Corp., Series 2014 B, Ref. RB

   5.00%    07/01/2027      40        43,400  

Phoenix Civic Improvement Corp., Series 2018 B, Ref. RB

   5.00%    07/01/2024      100        108,693  
           

 

 

 
              1,218,367  
           

 

 

 

California-17.61%

           

Anaheim (City of), CA Public Financing Authority, Series 2014 A, Ref. RB(a)(b)

   5.00%    05/01/2024      100        108,072  

Bay Area Toll Authority, Series 2014 F, Ref. RB(a)(b)

   5.00%    04/01/2024      50        53,935  

Bay Area Toll Authority (San Francisco Bay Area), Series 2014 S-6, RB(a)(b)

   5.00%    10/01/2024      50        54,799  

California (State of), Series 2014, GO Bonds

   5.00%    10/01/2024      100        109,492  

California (State of), Series 2014, GO Bonds

   5.00%    12/01/2024      225        240,338  

California (State of), Series 2014, Ref. GO Bonds

   5.00%    12/01/2024      100        106,817  

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

   5.00%    09/01/2024      125        136,516  

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

   5.00%    03/01/2024      100        107,432  

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

   5.00%    11/01/2024      40        43,908  

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

   5.00%    10/01/2024      100        109,492  

California (State of), Series 2019, GO Bonds

   4.00%    10/01/2024      125        133,700  

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

   5.00%    04/01/2024      35        37,724  

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

   5.00%    04/01/2033      235        251,882  

California (State of), Series 2020, Ref. GO Bonds

   5.00%    03/01/2024      25        26,858  

California (State of), Series 2021, GO Bonds

   5.00%    10/01/2024      610        667,900  

California (State of) (Green Bonds), Series 2014, GO Bonds

   5.00%    10/01/2028      100        109,278  

California (State of) Department of Water Resources, Series 2014 AS, RB(a)(b)

   5.00%    12/01/2024      100        110,189  

California (State of) Department of Water Resources, Series 2014, RB(a)(b)

   5.00%    12/01/2024      50        55,094  

California (State of) Educational Facilities Authority (Pepperdine University), Series 2014,
Ref. RB(a)(b)

   5.00%    12/01/2024      40        44,018  

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

   5.00%    11/15/2024      30        32,961  

California (State of) Health Facilities Financing Authority (Providence Health & Services), Series 2014 A, RB

   5.00%    10/01/2038      25        27,133  

California (State of) Health Facilities Financing Authority (Sutter Health), Series 2018 A, RB

   5.00%    11/15/2024      85        93,199  

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

   5.00%    10/01/2024      100        109,572  

California (State of) Public Works Board, Series 2014 B, RB

   5.00%    10/01/2039      70        75,992  

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

   5.00%    10/01/2024      75        81,958  

California (State of) Public Works Board (Coalinga State Health), Series 2013 E, RB

   5.00%    06/01/2024      125        131,169  

California (State of) Public Works Board (Various Correctional Facilities), Series 2014 A, RB

   5.00%    09/01/2026      100        108,954  

California (State of) Public Works Board (Various Correctional Facilities), Series 2014 A, RB

   5.00%    09/01/2033      100        108,568  

California (State of) Public Works Board (Various Correctional Facilities), Series 2014 A, RB

   4.50%    09/01/2035      100        106,965  

California (State of) Public Works Board (Various Correctional Facilities), Series 2014 A, RB

   5.00%    09/01/2039      100        108,311  

California (State of) Statewide Communities Development Authority, Series 2014, Ref. RB(a)(b)

   5.00%    11/15/2024      340        374,170  

California (State of) Statewide Communities Development Authority (Huntington Memorial Hospital),

           

Series 2014 B, Ref. RB(a)(b)

   4.00%    07/01/2024      100        106,236  

California State University, Series 2014 A, Ref. RB(a)(b)

   5.00%    11/01/2024      200        219,816  

 

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

 

 

  121  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

    

Interest
Rate

  

  Maturity  
Date

   Principal
Amount
(000)
         Value        

California-(continued)

           

Foothill-Eastern Transportation Corridor Agency, Series 2014 A, Ref. RB(a)(b)

   6.00%    01/15/2024    $ 50      $ 54,437  

Foothill-Eastern Transportation Corridor Agency, Series 2014 A, Ref. RB(a)(b)

   6.00%    01/15/2024      40        43,549  

Fremont Union High School District, Series 2015, Ref. GO Bonds(a)(b)

   5.00%    08/01/2024      135        147,224  

Inland Valley Development Agency, Series 2014 A, Ref. RB, (INS - AGM)(c)

   5.00%    09/01/2044      100        107,260  

Los Angeles (City of), CA Department of Water & Power, Series 2013 B, RB

   5.00%    07/01/2024      30        31,561  

Los Angeles (City of), CA Department of Water & Power, Series 2014 A, RB

   5.00%    07/01/2044      235        254,410  

Los Angeles (City of), CA Department of Water & Power, Series 2014 D, RB

   5.00%    07/01/2033      200        216,856  

Los Angeles (City of), CA Department of Water & Power, Series 2015 E, RB

   5.00%    07/01/2044      200        216,327  

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

   5.00%    06/01/2024      5        5,420  

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

   5.00%    07/01/2024      40        43,477  

Los Angeles (County of), CA Public Works Financing Authority, Series 2015 A, RB

   5.00%    12/01/2039      200        218,614  

Los Angeles Community College District, Series 2015 A, Ref. GO Bonds(a)(b)

   4.00%    08/01/2024      25        26,640  

Los Angeles Community College District, Series 2015 A, Ref. GO Bonds

   5.00%    08/01/2024      20        21,806  

Los Angeles Community College District, Series 2015 A, Ref. GO Bonds(a)(b)

   5.00%    08/01/2024      50        54,465  

Los Angeles Community College District, Series 2015 A, Ref. GO Bonds(a)(b)

   5.00%    08/01/2024      40        43,572  

Los Angeles Community College District, Series 2015 A, Ref. GO Bonds(a)(b)

   5.00%    08/01/2024      105        114,376  

Los Angeles Community College District, Series 2015 A, Ref. GO Bonds(a)(b)

   5.00%    08/01/2024      165        179,733  

Los Angeles Community College District, Series 2015 A, Ref. GO Bonds(a)(b)

   5.00%    08/01/2024      125        136,162  

Los Angeles Community College District, Series 2015 A, Ref. GO Bonds(a)(b)

   5.00%    08/01/2024      200        217,859  

Los Angeles Community College District, Series 2015 C, Ref. GO Bonds

   5.00%    08/01/2024      5        5,451  

Los Angeles Unified School District, Series 2014 D, Ref. GO Bonds

   5.00%    07/01/2024      25        27,191  

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

   5.00%    07/01/2024      200        217,531  

Metropolitan Water District of Southern California, Series 2017 B, Ref. RB

   5.00%    08/01/2024      70        76,035  

Metropolitan Water District of Southern California, Series 2019 A, Ref. RB

   5.00%    07/01/2024      100        108,645  

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

   5.00%    05/15/2024      15        16,221  

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

   5.00%    08/01/2024      10        10,893  

San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2016 D, Ref. RB

   5.00%    05/01/2024      25        26,968  

San Francisco (City of), CA Public Utilities Commission, Series 2015, Ref. RB

   5.00%    11/01/2024      30        32,964  

San Joaquin Delta Community College District (Election of 2004), Series 2014 C, GO
Bonds(a)(b)

   5.00%    08/01/2024      20        21,786  

San Marcos Unified School District (Election of 2010), Series 2014 C, GO Bonds(a)(b)

   5.00%    02/15/2024      25        26,868  

Southern California Public Power Authority (Apex Power), Series 2014 A, RB

   5.00%    07/01/2037      200        216,231  

Southern California Public Power Authority (Green Bonds), Series 2020, Ref. RB

   5.00%    04/01/2024      255        272,847  

Twin Rivers Unified School District, Series 2014 A, GO Bonds(a)(b)

   5.00%    02/01/2024      5        5,353  

University of California, Series 2013 AF, RB

   5.00%    05/15/2024      110        115,267  

University of California, Series 2014 AM, RB

   5.00%    05/15/2027      35        37,848  
           

 

 

 
              7,544,295  
           

 

 

 

Colorado-0.64%

           

Colorado (State of), Series 2018 A, COP

   5.00%    12/15/2024      40        44,023  

Denver (City & County of), CO Airport System Revenue, Series 2016 A, Ref. RB

   5.00%    11/15/2024      25        27,411  

Denver City & County School District No. 1, Series 2014 B, Ref. GO Bonds

   5.00%    12/01/2027      25        27,462  

Douglas County School District No. Re-1 Douglas & Elbert Counties, Series 2019, GO Bonds

   5.00%    12/15/2024      20        22,064  

Regional Transportation District, Series 2013 A, Ref. COP

   5.00%    06/01/2024      110        115,218  

University of Colorado, Series 2017 A-2, Ref. RB

   3.25%    06/01/2037      35        36,059  
           

 

 

 
              272,237  
           

 

 

 

Connecticut-1.43%

           

Connecticut (State of), Series 2014 A, GO Bonds

   5.00%    03/01/2027      100        107,226  

Connecticut (State of), Series 2014 A, RB

   5.00%    09/01/2026      75        81,754  

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

   5.00%    04/15/2024      90        97,146  

Connecticut (State of) (Green Bonds), Series 2014 G, GO Bonds

   5.00%    11/15/2028      100        109,562  

Connecticut (State of) Health & Educational Facilities Authority (Yale New Haven Health), Series 2014 E, RB

   5.00%    07/01/2024      200        217,290  
           

 

 

 
              612,978  
           

 

 

 

District of Columbia-1.00%

           

District of Columbia, Series 2014 A, Ref. RB

   5.00%    12/01/2024      35        38,556  

District of Columbia, Series 2014 C, GO Bonds

   5.00%    06/01/2031      20        21,639  

 

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

 

 

  122  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

    

Interest
Rate

  

  Maturity  
Date

   Principal
Amount
(000)
         Value        

District of Columbia-(continued)

           

District of Columbia, Series 2014 C, GO Bonds

   5.00%    06/01/2032    $ 35      $ 37,844  

District of Columbia, Series 2018 B, Ref. GO Bonds

   5.00%    06/01/2024      225        244,018  

District of Columbia, Series 2019 A, GO Bonds

   5.00%    10/15/2024      40        43,892  

District of Columbia, Series 2019 C, Ref. RB

   5.00%    10/01/2024      25        27,400  

District of Columbia (Georgetown University), Series 2017, Ref. RB(a)

   5.00%    04/01/2024      15        16,132  
           

 

 

 
              429,481  
           

 

 

 

Florida-3.39%

           

Alachua (County of), FL Health Facilities Authority (Shands Teaching Hospital & Clinics), Series 2014 A, RB

   4.00%    12/01/2044      145        151,692  

Florida (State of), Series 2017 A, Ref. RB

   5.00%    07/01/2024      100        108,814  

Florida (State of) (Capital Outlay), Series 2015 A, Ref. GO Bonds

   5.00%    06/01/2026      165        178,869  

Florida (State of) Department of Environmental Protection (FL Forever), Series 2016 A, Ref. RB

   5.00%    07/01/2024      65        70,651  

Hillsborough (County of), FL Aviation Authority (Tampa International Airport), Series 2015 A, RB

   5.00%    10/01/2044      100        107,716  

Jacksonville (City of), FL (Brooks Rehabilitation), Series 2015, RB

   4.00%    11/01/2040      155        162,224  

Miami (City of) & Dade (County of), FL School Board, Series 2014 D, Ref. COP

   5.00%    11/01/2028      25        27,270  

Miami (City of) & Dade (County of), FL School Board, Series 2014 D, Ref. COP

   5.00%    11/01/2030      30        32,659  

Miami (City of) & Dade (County of), FL School Board, Series 2015 B, Ref. COP

   5.00%    05/01/2024      100        107,759  

Miami Beach (City of), FL Redevelopment Agency (City Center), Series 2015, Ref. RB, (INS - AGM)(c)

   5.00%    02/01/2040      100        106,246  

Miami-Dade (County of), FL, Series 2015 B, Ref. GO Bonds

   5.00%    07/01/2028      90        97,585  

Miami-Dade (County of), FL, Series 2015 B, Ref. GO Bonds

   5.00%    07/01/2029      110        119,271  

Miami-Dade (County of), FL, Series 2015 B, Ref. GO Bonds

   3.00%    07/01/2030      25        25,792  

Miami-Dade (County of), FL, Series 2015 B, Ref. GO Bonds

   4.00%    07/01/2034      25        26,435  

Orlando (City of), FL Utilities Commission, Series 2013 A, Ref. RB

   5.00%    10/01/2024      120        131,454  
           

 

 

 
              1,454,437  
           

 

 

 

Georgia-1.98%

           

Atlanta (City of), GA, Series 2014 A, Ref. RB

   5.00%    01/01/2028      50        53,311  

Atlanta (City of), GA, Series 2014 A, Ref. RB

   5.00%    01/01/2030      100        106,622  

Atlanta (City of), GA, Series 2015, GO Bonds(a)(b)

   4.75%    12/01/2024      270        295,231  

Atlanta (City of), GA, Series 2015, GO Bonds(a)(b)

   5.00%    12/01/2024      50        55,009  

Atlanta (City of), GA, Series 2015, Ref. RB

   5.00%    11/01/2024      100        109,825  

Forsyth (County of), GA, Series 2019, GO Bonds

   5.00%    09/01/2024      20        21,884  

Georgia (State of), Series 2014 A-2, GO Bonds

   5.00%    02/01/2027      20        21,468  

Georgia (State of), Series 2016 A-1, GO Bonds

   5.00%    02/01/2024      10        10,748  

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

   5.00%    01/01/2024      25        26,802  

Georgia (State of), Series 2016 F, Ref. GO Bonds

   5.00%    01/01/2024      25        26,802  

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

   5.00%    07/01/2024      100        108,742  

Georgia (State of), Series 2020 A, GO Bonds

   5.00%    08/01/2024      10        10,910  
           

 

 

 
              847,354  
           

 

 

 

Hawaii-0.41%

           

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

   5.00%    10/01/2024      100        109,545  

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

   5.00%    10/01/2024      10        10,954  

Hawaii (State of), Series 2016, GO Bonds

   5.00%    10/01/2024      50        54,773  
           

 

 

 
              175,272  
           

 

 

 

Illinois-5.06%

           

Chicago (City of), IL, Series 2014 A, Ref. GO Bonds

   5.00%    01/01/2034      100        105,775  

Chicago (City of), IL, Series 2016 C, Ref. GO Bonds

   5.00%    01/01/2024      25        26,516  

Chicago (City of), IL Midway International Airport, Series 2014 B, Ref. RB

   5.00%    01/01/2027      150        158,950  

Chicago (City of), IL Park District, Series 2013 A, GO Bonds(a)(b)

   5.75%    01/01/2024      100        108,297  

Chicago O’Hare International Airport, Series 2015 B, Ref. RB

   5.00%    01/01/2024      150        159,989  

Chicago O’Hare International Airport, Series 2017 E, RB

   5.00%    01/01/2024      60        63,996  

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

   4.00%    12/30/2024      85        91,338  

Illinois (State of), Series 2013, RB

   5.00%    06/15/2024      145        151,718  

Illinois (State of), Series 2014, GO Bonds

   5.00%    02/01/2024      200        213,600  

Illinois (State of), Series 2014, GO Bonds

   5.00%    05/01/2024      50        53,795  

Illinois (State of), Series 2014, GO Bonds

   5.00%    05/01/2027      10        10,714  

 

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

 

 

  123  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

    

Interest
Rate

  

  Maturity  
Date

   Principal
Amount
(000)
         Value        

Illinois-(continued)

           

Illinois (State of), Series 2014, GO Bonds

   5.00%    05/01/2028    $ 10      $ 10,700  

Illinois (State of), Series 2014, GO Bonds

   5.25%    02/01/2029      210        224,302  

Illinois (State of), Series 2014, GO Bonds

   5.25%    02/01/2030      100        106,630  

Illinois (State of), Series 2014, GO Bonds, (INS - AGM)(c)

   4.25%    05/01/2034      20        21,057  

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

   5.00%    02/01/2024      20        21,360  

Illinois (State of) Finance Authority (Advocate Health Care Network), Series 2014, Ref. RB(a)(b)

   5.00%    08/01/2024      25        27,164  

Illinois (State of) Finance Authority (Advocate Health Care Network), Series 2014, Ref. RB(a)(b)

   5.00%    08/01/2024      30        32,596  

Illinois (State of) Finance Authority (Clean Water Initiative), Series 2016, RB

   5.00%    07/01/2024      10        10,855  

Illinois (State of) Finance Authority (The University of Chicago), Series 2014 A, Ref. RB

   5.00%    10/01/2024      80        87,422  

Illinois (State of) Finance Authority (The University of Chicago), Series 2014 A, Ref. RB

   5.00%    10/01/2026      35        38,219  

Illinois (State of) Finance Authority (University of Chicago), Series 2014 A, Ref. RB

   5.00%    10/01/2029      40        43,626  

Illinois (State of) Toll Highway Authority, Series 2014 D, Ref. RB

   5.00%    01/01/2024      200        213,658  

Metropolitan Water Reclamation District of Greater Chicago (Green Bonds), Series 2015 C, GO Bonds

   5.00%    12/01/2027      30        33,040  

Sales Tax Securitization Corp., Series 2018 C, Ref. RB

   5.00%    01/01/2024      60        64,086  

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

   5.00%    03/01/2024      60        64,114  

Winnebago & Boone Counties School District No. 205 Rockford, Series 2015 B, GO Bonds

   4.00%    02/01/2035      25        26,097  
           

 

 

 
              2,169,614  
           

 

 

 

Indiana-0.58%

           

Indiana (State of) Finance Authority, Series 2016 C, Ref. RB

   5.00%    12/01/2024      10        11,010  

Indiana (State of) Finance Authority (CWA Authority), Series 2014 A, RB

   5.00%    10/01/2039      25        27,186  

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

   5.00%    02/01/2024      20        21,469  

Indiana (State of) Finance Authority (Green Bonds), Series 2021 B, Ref. RB

   5.00%    02/01/2024      100        107,347  

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

   5.00%    12/01/2024      25        27,490  

Indiana (State of) Finance Authority (Indianapolis Power & Light Co.), Series 2016 A, Ref. RB

   3.13%    12/01/2024      50        51,908  
           

 

 

 
              246,410  
           

 

 

 

Iowa-0.14%

           

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

   5.00%    06/01/2024      55        59,610  
           

 

 

 

Kansas-0.20%

           

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

   3.00%    09/01/2024      25        26,090  

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

   5.00%    09/01/2024      55        60,095  
           

 

 

 
              86,185  
           

 

 

 

Kentucky-0.38%

           

Louisville (City of) & Jefferson (County of), KY Sewer District, Series 2017 B, Ref. RB

   5.00%    05/15/2024      150        162,446  
           

 

 

 

Louisiana-0.68%

           

Louisiana (State of) Local Government Environmental Facilities & Community Development Authority, Series 2014, RB(a)(b)

   5.00%    02/01/2024      70        75,115  

Louisiana (State of) Public Facilities Authority (Hurricane Recovery Program), Series 2014, Ref. RB

   5.00%    06/01/2024      5        5,409  

New Orleans (City of), LA, Series 2014, Ref. RB(a)(b)

   5.00%    06/01/2024      150        162,330  

New Orleans (City of), LA, Series 2014, Ref. RB(a)(b)

   5.00%    12/01/2024      15        16,481  

New Orleans (City of), LA, Series 2014, Ref. RB(a)(b)

   5.00%    12/01/2024      30        32,962  
           

 

 

 
              292,297  
           

 

 

 

Maine-0.56%

           

Maine (State of) Health & Higher Educational Facilities Authority (Mainhealth), Series 2015, RB

   4.00%    07/01/2044      210        218,608  

Maine (State of) Municipal Bond Bank, Series 2015 A, Ref. RB

   5.00%    09/01/2024      20        21,853  
           

 

 

 
              240,461  
           

 

 

 

Maryland-2.39%

           

Baltimore (City of), MD (Wastewater), Series 2013 C, RB(a)(b)

   5.00%    01/01/2024      80        85,629  

Baltimore (City of), MD (Water), Series 2013 A, RB(a)(b)

   5.00%    01/01/2024      45        48,167  

Howard (County of), MD, Series 2017 B, Ref. GO Bonds

   5.00%    02/15/2024      100        107,491  

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

   4.00%    06/01/2027      120        127,463  

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

   4.00%    06/01/2030      25        26,488  

Maryland (State of), Second Series 2018 B, GO Bonds

   5.00%    08/01/2024      30        32,716  

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

   5.00%    03/15/2024      20        21,555  

 

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

 

 

  124  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

 

    

Interest
Rate

  

  Maturity  
Date

   Principal
Amount
(000)
         Value        

Maryland-(continued)

           

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

   5.00%    08/01/2024    $ 10      $ 10,905  

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

   5.00%    08/01/2024      50        54,527  

Maryland (State of), Series 2017 C, Ref. GO Bonds

   5.00%    08/01/2024      65        70,885  

Maryland (State of), Series 2018 A, GO Bonds

   5.00%    03/15/2024      35        37,722  

Maryland (State of), Series 2020 C, Ref. GO Bonds

   5.00%    08/01/2024      50        54,527  

Maryland (State of) Department of Transportation, Series 2016, RB

   4.00%    11/01/2027      25        26,754  

Maryland (State of) Department of Transportation, Series 2016, RB

   4.00%    11/01/2029      100        106,910  

Maryland (State of) Department of Transportation, Series 2017, RB

   5.00%    09/01/2024      45        49,169  

Maryland (State of) Health & Higher Educational Facilities Authority (Loyola University), Series 2014, Ref. RB

   5.00%    10/01/2045      100        108,763  

Montgomery (County of), MD, Series 2014 A, GO Bonds(a)(b)

   5.00%    11/01/2024      40        43,952  

Montgomery (County of), MD, Series 2014 B, Ref. GO Bonds

   5.00%    11/01/2024      10        10,991  
           

 

 

 
              1,024,614  
           

 

 

 

Massachusetts-4.11%

           

Massachusetts (Commonwealth of), Series 2014 C, Ref. GO Bonds

   5.00%    08/01/2024      200        218,059  

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

   4.00%    03/01/2041      30        31,366  

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

   5.00%    07/01/2024      45        48,934  

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

   5.00%    11/01/2024      175        192,291  

Massachusetts (Commonwealth of), Series 2021 B, Ref. GO Bonds

   5.00%    11/01/2024      500        549,401  

Massachusetts (Commonwealth of) Federal Highway (Garvee), Series 2014 A, RB

   5.00%    06/15/2024      25        27,159  

Massachusetts (State of) Bay Transportation Authority, Series 2005 A, RB

   5.00%    07/01/2024      10        10,869  

Massachusetts (State of) College Building Authority (Green Bonds), Series 2014 B, RB(a)(b)

   5.00%    05/01/2024      285        308,260  

Massachusetts (State of) Development Finance Agency (Children’s Hospital), Series 2014 P, RB(a)(b)

   5.00%    10/01/2024      20        21,866  

Massachusetts (State of) School Building Authority, Series 2018 A, RB(a)(b)

   5.00%    02/15/2024      200        214,828  

Massachusetts (State of) Water Resources Authority (Green Bonds), Series 2017 C, Ref. RB

   5.00%    08/01/2024      25        27,232  

Massachusetts Clean Water Trust (The), Series 2006, Ref. RB

   5.00%    08/01/2024      100        109,105  
           

 

 

 
              1,759,370  
           

 

 

 

Michigan-2.10%

           

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

   5.00%    04/15/2024      225        242,519  

Michigan (State of) Finance Authority, Series 2016 C-3, Ref. RB

   5.00%    04/01/2024      160        171,699  

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

   5.00%    08/01/2028      35        37,777  

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

   5.00%    08/01/2031      85        91,556  

Michigan (State of) Finance Authority (Clean Water Revolving Fund), Series 2016 B, Ref. RB

   5.00%    10/01/2024      150        164,479  

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

   5.00%    07/01/2030      20        21,710  

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

   5.00%    07/01/2032      20        21,652  

Michigan (State of) Finance Authority (Detroit Water & Sewerage Department), Series 2014 D-4, Ref. RB

   5.00%    07/01/2031      30        32,471  

Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB

   5.00%    11/15/2024      20        21,963  

University of Michigan, Series 2017 A, Ref. RB

   5.00%    04/01/2024      85        91,707  
           

 

 

 
              897,533  
           

 

 

 

Minnesota-1.18%

           

Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2014 A, Ref. RB

   5.00%    01/01/2029      100        106,434  

Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2014 A, Ref. RB

   5.00%    01/01/2030      275        292,436  

Western Minnesota Municipal Power Agency, Series 2014 A, RB(a)(b)

   5.00%    01/01/2024      100        106,943  
           

 

 

 
              505,813  
           

 

 

 

Mississippi-0.04%

           

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

   5.00%    10/01/2024      15        16,432  
           

 

 

 

Missouri-1.74%

           

Curators of the University of Missouri (The), Series 2014 A, Ref. RB

   5.00%    11/01/2024      15        16,478  

Jackson (County of), MO (Truman Sports Complex), Series 2014, Ref. RB

   5.00%    12/01/2024      30        32,438  

Missouri (State of) Health & Educational Facilities Authority (SSM Health Care), Series 2014 A, Ref. RB

   5.00%    06/01/2026      10        10,801  

Missouri (State of) Health & Educational Facilities Authority (SSM Health Care), Series 2014 A, Ref. RB

   5.00%    06/01/2027      25        26,991  

Missouri (State of) Health & Educational Facilities Authority (SSM Health Care), Series 2014 A, Ref. RB

   4.00%    06/01/2033      190        199,776  

 

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

 

 

  125  

 
 
 


 

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

February 28, 2022

(Unaudited)

 

    

Interest
Rate

  

  Maturity  
Date

   Principal
Amount
(000)
         Value        

Missouri-(continued)

           

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

   5.00%    05/01/2024    $ 90      $ 97,507  

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

   5.00%    08/01/2024      25        27,214  

St Louis (City of), MO, Series 2017 A, Ref. RB, (INS - AGM)(c)

   5.00%    07/01/2024      310        335,456  
           

 

 

 
              746,661  
           

 

 

 

Nebraska-0.05%

           

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

   4.00%    02/01/2039      10        10,516  

Omaha (City of), NE Public Power District, Series 2016 A, Ref. RB

   5.00%    02/01/2024      10        10,723  
           

 

 

 
              21,239  
           

 

 

 

Nevada-0.84%

           

Clark (County of), NV, Series 2016, Ref. RB

   5.00%    07/01/2024      70        76,001  

Clark (County of), NV Department of Aviation, Series 2014 A-2, Ref. RB

   5.00%    07/01/2029      100        108,212  

Clark County School District, Series 2016 A, Ref. GO Bonds

   5.00%    06/15/2024      30        32,455  

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

   5.00%    06/15/2024      75        81,139  

Las Vegas Valley Water District, Series 2015, Ref. GO Bonds

   5.00%    06/01/2033      30        32,843  

Las Vegas Valley Water District, Series 2015, Ref. GO Bonds

   5.00%    06/01/2039      25        27,284  
           

 

 

 
              357,934  
           

 

 

 

New Jersey-4.27%

           

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

   5.00%    06/01/2024      100        107,826  

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

   5.00%    06/01/2024      180        194,087  

New Jersey (State of) Economic Development Authority, Series 2013 NN, Ref. RB

   5.00%    03/01/2024      125        129,324  

New Jersey (State of) Economic Development Authority, Series 2014 PP, Ref. RB(a)(b)

   5.00%    06/15/2024      185        200,904  

New Jersey (State of) Economic Development Authority, Series 2014 UU, RB

   5.00%    06/15/2026      75        80,788  

New Jersey (State of) Economic Development Authority, Series 2014, RB

   5.00%    06/15/2040      150        160,879  

New Jersey (State of) Transportation Trust Fund Authority, Series 2009 D, RB

   5.00%    06/15/2032      130        141,569  

New Jersey (State of) Transportation Trust Fund Authority, Series 2010 D, RB

   5.00%    12/15/2024      25        27,309  

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

   5.00%    06/15/2026      100        107,717  

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

   5.00%    06/15/2038      200        214,651  

New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB

   5.00%    12/15/2024      25        27,309  

New Jersey (State of) Turnpike Authority, Series 2014 A, RB(a)(b)

   5.00%    07/01/2024      100        108,742  

New Jersey (State of) Turnpike Authority, Series 2014 A, RB

   5.00%    01/01/2027      100        108,260  

New Jersey (State of) Turnpike Authority, Series 2014 A, RB

   5.00%    01/01/2030      125        135,175  

New Jersey (State of) Turnpike Authority, Series 2014 A, RB

   5.00%    01/01/2033      35        37,807  

New Jersey (State of) Turnpike Authority, Series 2014 A, RB

   5.00%    01/01/2034      45        48,598  
           

 

 

 
              1,830,945  
           

 

 

 

New Mexico-0.23%

           

New Mexico (State of) Finance Authority, Series 2014 B1, Ref. RB

   5.00%    06/15/2027      15        16,249  

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

   5.00%    07/01/2024      25        27,143  

New Mexico (State of) Severance Tax Permanent Fund, Series 2016 B, Ref. RB

   4.00%    07/01/2024      50        53,142  
           

 

 

 
              96,534  
           

 

 

 

New York-16.42%

           

Erie (County of), NY Industrial Development Agency (The) (City of Buffalo School District), Series 2016 A, Ref. RB

   5.00%    05/01/2024      5        5,400  

Erie (County of), NY Industrial Development Agency (The) (City of Buffalo School District), Series 2021, Ref. RB

   5.00%    05/01/2024      200        216,010  

Metropolitan Transportation Authority, Series 2005 B, RB, (INS - AMBAC)(c)

   5.25%    11/15/2024      200        220,454  

Metropolitan Transportation Authority, Series 2014 C, RB

   5.00%    11/15/2024      100        109,773  

Metropolitan Transportation Authority, Subseries 2014 D-1, RB

   5.25%    11/15/2044      100        108,179  

Metropolitan Transportation Authority (Green Bonds), Series 2017 B-2, RB

   5.00%    11/15/2024      15        16,512  

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

   5.00%    10/15/2024      125        137,060  

New York & New Jersey (States of) Port Authority, Series 2014, RB

   5.00%    09/01/2028      25        27,239  

New York & New Jersey (States of) Port Authority, Series 2014, RB

   5.00%    09/01/2033      100        108,799  

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

   5.00%    05/01/2024      130        140,523  

New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB

   5.00%    07/15/2024      20        21,760  

New York (City of), NY, Series 2013 G, GO Bonds

   5.00%    08/01/2024      125        134,035  

New York (City of), NY, Series 2013 G, GO Bonds

   5.00%    08/01/2025      50        53,515  

 

 

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

 

 

  126  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

    

Interest
Rate

  

  Maturity  
Date

   Principal
Amount
(000)
         Value        

New York-(continued)

           

New York (City of), NY, Series 2013 I, GO Bonds

   5.00%    08/01/2024    $ 25      $ 26,373  

New York (City of), NY, Series 2014 DD, Ref. RB

   3.25%    06/15/2028      10        10,450  

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

   5.00%    08/01/2024      25        27,226  

New York (City of), NY, Series 2016 C, Ref. GO Bonds

   5.00%    08/01/2024      5        5,445  

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

   5.00%    08/01/2024      10        10,890  

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

   5.00%    08/01/2024      10        10,890  

New York (City of), NY, Series 2018 AA, Ref. RB

   5.00%    06/15/2024      190        206,000  

New York (City of), NY, Series 2019 BB-2, RB

   5.00%    06/15/2026      200        219,885  

New York (City of), NY, Series 2020 GG, RB

   5.00%    06/15/2026      75        82,457  

New York (City of), NY, Subseries 2014 I-1, GO Bonds

   5.00%    03/01/2027      200        214,575  

New York (City of), NY, Subseries 2014 I-1, GO Bonds

   5.00%    03/01/2036      15        16,047  

New York (City of), NY Municipal Water Finance Authority, Series 2014 DD, Ref. RB

   5.00%    06/15/2028      200        216,606  

New York (City of), NY Municipal Water Finance Authority, Series 2014 DD, Ref. RB

   5.00%    06/15/2036      65        70,244  

New York (City of), NY Municipal Water Finance Authority, Series 2014, Ref. RB

   5.00%    06/15/2045      10        10,739  

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

   5.00%    06/15/2036      100        108,067  

New York (City of), NY Transitional Finance Authority, Series 2013, RB

   5.00%    05/01/2024      25        26,162  

New York (City of), NY Transitional Finance Authority, Series 2014 B-1, RB

   5.00%    08/01/2029      10        10,860  

New York (City of), NY Transitional Finance Authority, Series 2014 B-1, RB

   5.00%    08/01/2032      15        16,287  

New York (City of), NY Transitional Finance Authority, Series 2014 D1, RB

   5.00%    02/01/2031      15        16,046  

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

   5.00%    11/01/2024      80        87,949  

New York (City of), NY Transitional Finance Authority, Series 2019 A-1, RB

   5.00%    05/01/2024      35        37,872  

New York (City of), NY Transitional Finance Authority, Subseries 2014 B-1, RB

   5.00%    11/01/2024      200        216,368  

New York (City of), NY Transitional Finance Authority, Subseries 2014 B-1, RB

   5.00%    11/01/2029      100        107,782  

New York (City of), NY Transitional Finance Authority, Subseries 2018 A-1, RB

   5.00%    08/01/2024      50        54,540  

New York (State of) Dormitory Authority, Series 2014 A, RB

   5.00%    03/15/2024      25        26,918  

New York (State of) Dormitory Authority, Series 2014 A, RB

   5.00%    02/15/2028      15        16,081  

New York (State of) Dormitory Authority, Series 2014 A, RB

   5.00%    03/15/2028      55        59,000  

New York (State of) Dormitory Authority, Series 2014 A, RB

   5.00%    03/15/2032      210        225,140  

New York (State of) Dormitory Authority, Series 2014 A, RB

   5.00%    03/15/2033      100        107,168  

New York (State of) Dormitory Authority, Series 2014 C, RB

   5.00%    03/15/2030      50        53,730  

New York (State of) Dormitory Authority, Series 2014 C, RB

   5.00%    03/15/2032      15        16,119  

New York (State of) Dormitory Authority, Series 2014 C, RB

   5.00%    03/15/2033      225        241,692  

New York (State of) Dormitory Authority, Series 2017 A, RB

   5.00%    03/15/2024      10        10,767  

New York (State of) Dormitory Authority, Series 2017 A, Ref. RB(a)

   5.00%    02/15/2024      25        26,864  

New York (State of) Dormitory Authority, Series 2017 A, Ref. RB

   5.00%    07/01/2024      20        21,724  

New York (State of) Dormitory Authority, Series 2017 F, Ref. RB

   5.00%    10/01/2024      55        59,781  

New York (State of) Dormitory Authority, Series 2017 G, Ref. RB

   5.00%    10/01/2024      490        533,503  

New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 C, Ref. RB

   5.00%    03/15/2024      150        161,506  

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

   5.00%    07/01/2024      10        10,852  

New York (State of) Dormitory Authority (New York University), Series 2016 A, RB

   5.00%    07/01/2024      100        108,524  

New York (State of) Thruway Authority, Series 2014 J, RB

   5.00%    01/01/2036      300        319,190  

New York State Environmental Facilities Corp., Series 2014, Ref. RB

   5.00%    06/15/2024      25        27,147  

New York State Environmental Facilities Corp., Series 2017, Ref. RB

   5.00%    06/15/2024      100        108,587  

New York State Environmental Facilities Corp. (NYC Municipal Water Fund), Series 2013 A, RB

   5.00%    06/15/2024      130        136,748  

New York State Urban Development Corp., Series 2014, Ref. RB

   5.00%    03/15/2029      150        160,846  

New York State Urban Development Corp., Series 2014, Ref. RB

   5.00%    03/15/2030      200        214,419  

New York State Urban Development Corp., Series 2014, Ref. RB

   5.00%    03/15/2031      200        214,377  

New York State Urban Development Corp., Series 2016 A, Ref. RB

   5.00%    03/15/2024      275        296,095  

Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB(a)(b)

   3.00%    10/15/2024      10        10,452  

Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB(a)(b)

   4.00%    10/15/2024      20        21,434  

Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB(a)

   5.00%    10/15/2024      330        362,145  

Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB(a)(b)

   5.00%    10/15/2024      20        21,948  

Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB(a)(b)

   5.00%    10/15/2024      120        131,689  

Suffolk (County of), NY, Series 2017 A, Ref. GO Bonds, (INS - AGM)(c)

   4.00%    02/01/2024      200        210,409  

Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB

   5.00%    11/15/2024      10        10,987  
           

 

 

 
              7,034,861  
           

 

 

 

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

 

 

 

  127  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

    

Interest
Rate

  

  Maturity  
Date

   Principal
Amount
(000)
         Value        

North Carolina-1.28%

           

Mecklenburg (County of), NC, Series 2010, Ref. GO Bonds

   4.00%    02/01/2024    $ 155      $ 163,490  

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

   5.00%    12/01/2024      105        115,788  

Mecklenburg County Public Facilities Corp., Series 2017, Ref. RB

   5.00%    02/01/2024      50        53,634  

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

   5.00%    05/01/2024      10        10,812  

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

   5.00%    05/01/2024      25        27,029  

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

   5.00%    06/01/2024      10        10,850  

North Carolina (State of), Series 2020 A, GO Bonds

   5.00%    06/01/2024      100        108,499  

North Carolina (State of) Medical Care Commission (Presbyterian Homes), Series 2016 C, Ref. RB

   5.00%    10/01/2031      45        49,281  

Wake (County of), NC, Series 2010 C, Ref. GO Bonds

   5.00%    03/01/2024      10        10,764  
           

 

 

 
              550,147  
           

 

 

 

Ohio-2.30%

           

American Municipal Power, Inc. (Prairie State Energy Campus), Series 2019, Ref. RB

   5.00%    02/15/2024      185        198,560  

Columbus (City of), OH, Series 2017-1, Ref. GO Bonds

   5.00%    04/01/2024      100        107,870  

Cuyahoga (County of), OH, Series 2020 D, Ref. RB

   4.00%    12/01/2024      30        32,139  

Franklin (County of), OH Convention Facilities Authority, Series 2014, Ref. RB(a)(b)

   5.00%    12/01/2024      195        214,812  

Hamilton (County of), OH, Series 2016 A, Ref. RB

   5.00%    12/01/2024      100        109,989  

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

   5.00%    09/01/2024      10        10,929  

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

   5.00%    03/15/2030      40        43,010  

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

   5.00%    03/15/2033      205        220,037  

Ohio (State of), Series 2020 B, Ref. GO Bonds

   5.00%    09/15/2024      20        21,884  

Ohio (State of) (Garvee), Series 2016 I, RB

   5.00%    12/15/2024      5        5,516  

Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2014, RB

   5.00%    12/01/2024      10        11,010  

Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2016 A, RB

   5.00%    06/01/2024      10        10,841  
           

 

 

 
              986,597  
           

 

 

 

Oklahoma-0.20%

           

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

   4.00%    09/01/2024      15        15,987  

Oklahoma (State of) Capitol Improvement Authority, Series 2014 A, Ref. RB

   5.00%    07/01/2026      55        59,662  

Oklahoma (State of) Capitol Improvement Authority, Series 2014 A, Ref. RB

   5.00%    07/01/2027      10        10,843  
           

 

 

 
              86,492  
           

 

 

 

Oregon-0.57%

           

Clackamas County School District No. 12 North Clackamas, Series 2014, Ref. GO Bonds(a)(b)

   5.00%    06/15/2024      10        10,860  

Clackamas County School District No. 12 North Clackamas, Series 2014, Ref. GO Bonds(a)(b)

   5.00%    06/15/2024      15        16,289  

Multnomah County School District No. 1, Series 2020, GO Bonds, (CEP - Oregon School Bond Guaranty)

   5.00%    06/15/2024      30        32,562  

Oregon (State of) Department of Transportation, Series 2014 A, Ref. RB

   5.00%    11/15/2024      25        27,488  

Oregon (State of) Department of Transportation, Series 2014 A, Ref. RB(a)(b)

   5.00%    11/15/2024      25        27,505  

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

   4.00%    11/15/2024      20        21,474  

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

   5.00%    11/15/2024      35        38,508  

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

   5.00%    11/15/2024      30        33,007  

Washington & Multnomah Counties School District No. 48J Beaverton, Series 2014, GO Bonds(a)(b)

   5.00%    06/15/2024      35        38,009  
           

 

 

 
              245,702  
           

 

 

 

Pennsylvania-5.70%

           

Commonwealth Financing Authority, Series 2015 B-1, Ref. RB, (INS - AGM)(c)

   5.00%    06/01/2024      60        64,960  

Erie (City & County of), PA City Water Authority, Series 2014, Ref. RB(a)(b)

   5.00%    12/01/2024      125        137,522  

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

   5.00%    03/15/2024      150        161,475  

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

   5.00%    08/15/2024      700        763,607  

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

   5.00%    09/15/2024      100        109,368  

Pennsylvania (Commonwealth of), Second Series 2013, GO Bonds

   5.00%    10/15/2024      90        95,715  

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

   5.00%    09/15/2024      175        191,395  

Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2016 C, Ref. RB

   5.00%    08/15/2024      65        70,824  

Pennsylvania (Commonwealth of) Turnpike Commission, Series 2014 B, RB

   5.25%    12/01/2039      325        358,721  

Philadelphia (City of), PA, Series 2015 A, RB(a)(b)

   5.00%    07/01/2024      200        217,242  

 

 

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

 

 

  128  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

    

Interest
Rate

  

  Maturity  
Date

   Principal
Amount
(000)
         Value        

Pennsylvania-(continued)

           

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

   5.00%    10/01/2024    $ 150      $ 164,398  

Philadelphia (City of), PA, Series 2019 A, Ref. GO Bonds

   5.00%    08/01/2024      100        108,505  
           

 

 

 
              2,443,732  
           

 

 

 

Rhode Island-0.19%

           

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

   5.00%    08/01/2024      75        81,810  
           

 

 

 

South Carolina-0.92%

           

Horry County School District, Series 2016, GO Bonds

   5.00%    03/01/2024      50        53,767  

South Carolina (State of) Public Service Authority, Series 2014 C, Ref. RB

   5.00%    12/01/2024      50        54,824  

South Carolina (State of) Public Service Authority, Series 2014 C, Ref. RB

   5.00%    12/01/2026      130        142,301  

South Carolina (State of) Public Service Authority, Series 2014 C, Ref. RB

   5.00%    12/01/2028      30        32,831  

South Carolina (State of) Public Service Authority, Series 2014 C, Ref. RB

   5.00%    12/01/2030      100        109,437  
           

 

 

 
              393,160  
           

 

 

 

South Dakota-0.01%

           

South Dakota (State of) Health & Educational Facilities Authority (Avera Health), Series 2014, RB

   4.13%    07/01/2041      5        5,269  
           

 

 

 

Tennessee-0.45%

           

Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2013, Ref. GO Bonds

   5.00%    07/01/2024      25        26,325  

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

   4.00%    07/01/2024      50        53,213  

Tennessee (State of) School Bond Authority, Series 2014, Ref. RB, (CEP - Colorado Higher Education Intercept Program)

   5.00%    11/01/2024      50        54,871  

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

   5.00%    11/01/2024      55        60,358  
           

 

 

 
              194,767  
           

 

 

 

Texas-9.94%

           

Arlington Higher Education Finance Corp. (Lifeschool Dallas), Series 2014 A, RB(a)(b)

   5.00%    08/15/2024      250        272,298  

Austin (City of), TX, Series 2015, Ref. GO Bonds

   5.00%    09/01/2024      35        38,261  

Austin (City of), TX, Series 2017, Ref. RB

   5.00%    11/15/2024      5        5,496  

Bexar (County of), TX, Series 2014, Ref. GO Bonds(a)(b)

   5.00%    06/15/2024      85        92,307  

Board of Regents of The University of Texas System, Series 2010 B, Ref. RB

   5.00%    08/15/2024      10        10,911  

Board of Regents of The University of Texas System, Series 2016 I, Ref. RB

   5.00%    08/15/2024      35        38,189  

Board of Regents of The University of Texas System, Series 2017 C, Ref. RB

   5.00%    08/15/2024      35        38,189  

Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 A, Ref. RB

   5.00%    11/01/2024      500        547,605  

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

   5.00%    02/15/2024      100        107,491  

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

   5.00%    02/15/2026      140        150,149  

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

   5.00%    02/15/2027      125        133,936  

Dallas (City of), TX Area Rapid Transit, Series 2014 A, Ref. RB(a)(b)

   5.00%    12/01/2024      30        33,005  

Dallas (City of), TX Area Rapid Transit, Series 2019, Ref. RB

   5.00%    12/01/2024      120        131,987  

Dallas (City of), TX Independent School District, Series 2014 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)

   5.00%    08/15/2024      40        43,624  

Dallas (City of), TX Independent School District, Series 2014 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)

   4.00%    08/15/2033      35        37,049  

Dallas Area Rapid Transit, Series 2014 A, Ref. RB(a)(b)

   5.00%    12/01/2024      45        49,508  

Dallas Area Rapid Transit, Series 2014 A, Ref. RB(a)(b)

   5.00%    12/01/2024      65        71,511  

Goose Creek Consolidated Independent School District, Series 2014 C, Ref. GO Bonds(a)(b)

   5.00%    02/15/2024      30        32,188  

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

   5.00%    08/15/2024      20        21,838  

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

   5.00%    11/15/2024      35        38,484  

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

   5.00%    11/15/2028      55        60,213  

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

   4.00%    02/15/2033      10        10,469  

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

   5.00%    02/15/2024      105        112,739  

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

   5.00%    02/15/2024      50        53,655  

Mansfield Independent School District, Series 2014, GO Bonds(a)(b)

   4.00%    02/15/2024      10        10,547  

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

   5.00%    01/01/2024      125        133,607  

North Texas Tollway Authority, Series 2019 B, Ref. RB

   5.00%    01/01/2024      30        32,020  

 

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

 

 

  129  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

    

Interest
Rate

  

  Maturity  
Date

   Principal
Amount
(000)
         Value        

Texas-(continued)

           

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

   5.00%    07/01/2024    $ 15      $ 16,308  

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

   4.00%    07/01/2032      150        159,211  

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

   5.00%    02/15/2024      135        145,004  

San Antonio (City of), TX, Series 2015, Ref. RB

   5.00%    02/01/2024      70        75,018  

Texas (State of), Series 2014 A, Ref. GO Bonds(a)(b)

   5.00%    10/01/2024      100        109,599  

Texas (State of), Series 2014, GO Bonds(a)(b)

   5.00%    04/01/2024      285        307,428  

Texas (State of), Series 2014, GO Bonds(a)(b)

   5.00%    04/01/2024      100        107,869  

Texas (State of), Series 2014, GO Bonds(a)(b)

   5.00%    04/01/2024      65        70,115  

Texas (State of), Series 2014, GO Bonds

   5.00%    04/01/2026      20        21,514  

Texas (State of), Series 2014, Ref. GO Bonds(a)(b)

   4.00%    04/01/2024      50        52,910  

Texas (State of), Series 2014, Ref. GO Bonds(a)(b)

   5.00%    04/01/2024      65        70,115  

Texas (State of), Series 2014, Ref. GO Bonds(a)(b)

   5.00%    04/01/2024      75        80,902  

Texas (State of), Series 2018 A, Ref. GO Bonds

   5.00%    10/01/2024      10        10,960  

Texas (State of) (Water Financial Assistance), Subseries 2018 B3, Ref. GO Bonds

   5.00%    08/01/2024      30        32,701  

Texas (State of) Transportation Commission State Highway Fund, Series 2015, Ref. RB

   5.00%    10/01/2024      75        82,139  

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

   5.00%    10/01/2024      20        21,904  

Texas (State of) Water Development Board, Series 2017 A, RB

   5.00%    04/15/2024      35        37,771  

Texas (State of) Water Development Board, Series 2018 B, RB

   5.00%    10/15/2024      30        32,886  

United Independent School District, Series 2014, GO Bonds(a)(b)

   5.00%    08/15/2024      50        54,587  

University of Houston, Series 2017 A, Ref. RB

   5.00%    02/15/2024      275        295,268  

White Settlement Independent School District, Series 2014, Ref. GO Bonds(a)(b)

   5.00%    08/15/2024      45        49,071  

White Settlement Independent School District, Series 2014, Ref. GO Bonds(a)(b)

   5.00%    08/15/2024      110        119,951  
           

 

 

 
              4,260,507  
           

 

 

 

Utah-0.41%

           

Utah (County of), UT (IHC Health Services, Inc.), Series 2016 B, RB

   4.00%    05/15/2047      110        115,243  

Utah (State of), Series 2018, GO Bonds

   5.00%    07/01/2024      15        16,322  

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

   5.00%    06/15/2024      40        43,416  
           

 

 

 
              174,981  
           

 

 

 

Virginia-1.93%

           

Fairfax (County of), VA, Series 2014 B, Ref. GO Bonds

   5.00%    10/01/2024      10        10,973  

Virginia (Commonwealth of), Series 2013 B, GO Bonds

   4.00%    06/01/2024      100        103,813  

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

   5.00%    03/15/2024      35        37,678  

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

   5.00%    09/15/2024      10        10,924  

Virginia (State of) College Building Authority, Series 2015 D, RB, (CEP - Colorado Higher Education Intercept Program)

   5.00%    02/01/2024      65        69,685  

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

   3.00%    09/01/2024      25        26,071  

Virginia (State of) College Building Authority (21st Century College), Series 2020, RB

   5.00%    02/01/2024      10        10,721  

Virginia (State of) Public Building Authority, Series 2014 C, Ref. RB

   5.00%    08/01/2024      475        517,890  

Virginia Commonwealth Transportation Board, Series 2017 A, Ref. RB

   5.00%    05/15/2024      35        37,840  
           

 

 

 
              825,595  
           

 

 

 

Washington-2.58%

           

Energy Northwest (No. 1), Series 2014 C, Ref. RB

   5.00%    07/01/2027      150        162,498  

Seattle (City of), WA, Series 2015, Ref. RB

   5.00%    05/01/2024      150        162,074  

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

   5.00%    12/01/2024      200        220,206  

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

   5.00%    02/01/2028      200        214,101  

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

   4.00%    07/01/2026      45        47,699  

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

   5.00%    07/01/2024      20        21,758  

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

   5.00%    08/01/2024      75        81,810  

Washington (State of) Health Care Facilities Authority (Providence Health & Services), Series 2014 D, Ref. RB

   5.00%    10/01/2038      155        167,286  

Washington (State of) Health Care Facilities Authority (Providence Health), Series 2014 D, Ref. RB

   5.00%    10/01/2041      25        26,922  
           

 

 

 
              1,104,354  
           

 

 

 

 

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

 

 

  130  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

    

Interest
Rate

  

  Maturity  
Date

   Principal
Amount
(000)
   Value  

West Virginia-0.03%

           

West Virginia (State of) Commissioner of Highways (Surface Transportation), Series 2017 A, RB

   5.00%    09/01/2024    $ 10      $ 10,908  
           

 

 

 

Wisconsin-1.23%

           

Wisconsin (State of), Series 2013, Ref. GO Bonds

   5.00%    05/01/2024      30        31,427  

Wisconsin (State of), Series 2016 2, Ref. GO Bonds

   5.00%    11/01/2024      25        27,456  

Wisconsin (State of), Series 2016 D, GO Bonds

   4.00%    05/01/2026      20        21,189  

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

   5.00%    11/01/2024      20        21,965  

Wisconsin (State of), Series 2018 A, GO Bonds

   5.00%    05/01/2024      100        104,756  

Wisconsin (State of) Department of Transportation, Series 2014 A2, Ref. RB

   5.00%    07/01/2027      25        27,197  

Wisconsin (State of) Department of Transportation, Series 2015 A, RB

   5.00%    07/01/2031      200        216,856  

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

   5.00%    07/01/2024      70        76,085  
           

 

 

 
              526,931  
           

 

 

 

TOTAL INVESTMENTS IN SECURITIES(d)-98.85%
(Cost $42,959,014)

              42,352,140  

OTHER ASSETS LESS LIABILITIES-1.15%

              491,101  
           

 

 

 

NET ASSETS-100.00%

            $ 42,843,241  
           

 

 

 

 

Investment Abbreviations:
AGM    -Assured Guaranty Municipal Corp.
AMBAC    -American Municipal Bond Assurance Corp.
CEP    -Credit Enhancement Provider
COP    -Certificates of Participation
GO    -General Obligation
INS    -Insurer
RB    -Revenue Bonds
Ref.    -Refunding
Wts.    -Warrants

Notes to Schedule of Investments:

(a)

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

(b)

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

(c)

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

(d)

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

 

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

 

 

  131  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

 Portfolio Composition

 Revenue Type Breakdown (% of the Fund’s Net Assets)

 as of February 28, 2022

     

Ad Valorem Property Tax

    24.83    

Miscellaneous Revenue

    11.62    

Water Revenue

    7.51    

Sales Tax Revenue

    7.43                                      

Lease Revenue

    6.93    

Health, Hospital, Nursing Home Revenue

    6.37    

Port, Airport & Marina Revenue

    6.00    

General Fund

    5.48    

Income Tax Revenue

    4.39    

Electric Power Revenue

    4.10    

College & University Revenue

    4.02    

Highway Tolls Revenue

    3.84    

Revenue Types Each Less Than 3%

    6.33    

Other Assets Less Liabilities

    1.15    

 

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

 

 

  132  

 

 

 

 

 

 

 


 

Invesco BulletShares 2025 Municipal Bond ETF (BSMP)

February 28, 2022

(Unaudited)

 

Schedule of Investments

 

    

Interest
Rate

  

  Maturity  
Date

   Principal
Amount
(000)
         Value        

Municipal Obligations-98.80%

           

Alabama-1.05%

           

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

   5.00%    11/01/2025    $ 200      $ 226,029  

Auburn (City of), AL, Series 2015, GO Bonds

   4.00%    05/01/2045      50        53,585  

Birmingham (City of), AL, Series 2015 A-1, GO Bonds(a)(b)

   5.00%    09/01/2025      200        225,252  
           

 

 

 
              504,866  
           

 

 

 

Alaska-0.23%

           

Matanuska-Susitna (Borough of), AK, Series 2015, Ref. RB

   5.00%    09/01/2032      100        109,532  
           

 

 

 

Arizona-2.12%

           

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

   5.00%    07/01/2025      200        224,358  

Arizona State University, Series 2015 D, RB

   5.00%    07/01/2041      25        27,837  

Arizona State University, Series 2015 D, RB

   5.00%    07/01/2046      125        138,796  

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

   5.00%    07/01/2025      65        72,375  

Salt River Project Agricultural Improvement & Power District, Series 2015 A, Ref. RB

   5.00%    12/01/2045      500        551,588  
           

 

 

 
              1,014,954  
           

 

 

 

California-17.06%

           

Beaumont (City of), CA Public Improvement Authority, Series 2018 A, RB, (INS - AGM)(c)

   5.00%    09/01/2049      100        113,780  

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

   5.00%    09/01/2028      200        224,012  

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

   5.00%    09/01/2030      60        67,160  

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

   5.00%    08/01/2031      100        110,051  

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

   5.00%    09/01/2032      75        83,868  

California (State of), Series 2015, GO Bonds

   5.00%    03/01/2027      100        110,464  

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

   5.00%    03/01/2027      100        110,464  

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

   5.00%    08/01/2027      100        111,781  

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

   5.00%    08/01/2029      100        111,711  

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

   5.00%    08/01/2034      500        557,490  

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

   5.00%    08/01/2035      150        167,141  

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

   5.00%    09/01/2025      50        56,203  

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

   5.00%    08/01/2025      155        173,812  

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

   5.00%    10/01/2025      50        56,336  

California (State of), Series 2020, GO Bonds

   4.00%    11/01/2050      30        32,255  

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

   5.00%    12/01/2025      200        226,405  

California (State of) Educational Facilities Authority (University of Southern California), Series 2015 A, Ref. RB(a)

   5.00%    10/01/2025      100        112,972  

California (State of) Health Facilities Financing Authority (Sutter Health), Series 2015 A, Ref. RB(a)(b)

   5.00%    08/15/2025      100        112,200  

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

   3.25%    11/15/2025      40        42,635  

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

   5.00%    11/15/2025      20        22,599  

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

   5.00%    11/15/2025      230        259,887  

California (State of) Municipal Finance Authority (Community Medical Centers), Series 2015 A, Ref. RB(a)(b)

   5.00%    02/01/2025      200        221,190  

California (State of) Municipal Finance Authority (Community Medical Centers), Series 2015 A, Ref. RB(a)(b)

   5.00%    02/01/2025      60        66,357  

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

   5.00%    05/01/2027      150        166,539  

California (State of) Statewide Communities Development Authority (Beverly Community Hospital Association), Series 2015, RB

   5.00%    02/01/2045      200        205,457  

California State University, Series 2015 A, Ref. RB

   5.00%    11/01/2027      100        112,862  

California State University, Series 2015 A, Ref. RB

   5.00%    11/01/2031      150        168,663  

California State University, Series 2015 A, Ref. RB

   5.00%    11/01/2043      160        179,117  

California State University, Series 2015 A, Ref. RB

   5.00%    11/01/2047      50        55,898  

Chino Basin Regional Financing Authority, Series 2020 B, RN

   4.00%    11/01/2025      200        217,065  

Los Angeles (City of), CA Department of Water & Power, Series 2015 A, Ref. RB

   5.00%    07/01/2028      65        71,709  

Los Angeles (City of), CA Department of Water & Power, Series 2015 A, Ref. RB

   5.00%    07/01/2029      45        49,631  

Los Angeles (City of), CA Department of Water & Power, Series 2015 A, Ref. RB

   5.00%    07/01/2035      40        44,046  

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

   5.00%    06/01/2025      200        223,325  

 

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

 

 

  133  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

    

Interest
Rate

  

  Maturity  
Date

   Principal
Amount
(000)
         Value        

California-(continued)

           

Los Angeles (County of), CA Public Works Financing Authority, Series 2016 D, RB

   5.00%    12/01/2045    $ 200      $ 222,297  

Los Angeles (County of), CA Sanitation Districts Financing Authority (Capital), Series 2015 A, Ref. RB

   5.00%    10/01/2034      400        447,415  

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

   5.00%    07/01/2025      40        44,719  

Metropolitan Water District of Southern California, Series 2015 A, RB

   4.00%    07/01/2045      200        215,070  

Metropolitan Water District of Southern California, Series 2019 A, Ref. RB

   5.00%    07/01/2025      100        111,970  

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

   5.00%    11/01/2025      100        112,938  

Orange (County of), CA Local Transportation Authority, Series 2019, RB

   5.00%    02/15/2025      40        44,350  

Pasadena (City of), CA, Series 2015 A, Ref. COP

   4.00%    02/01/2038      200        210,895  

Peralta Community College District, Series 2016 A, Ref. GO Bonds

   4.00%    08/01/2039      20        21,341  

Riverside (County of), CA Public Financing Authority (Capital Facilities), Series 2015, RB(a)(b)

   4.13%    11/01/2025      105        115,313  

San Diego (County of), CA Water Authority, Series 2015, Ref. RB

   5.00%    05/01/2029      100        111,454  

San Diego Unified School District, Series 2015 R-4, Ref. GO Bonds

   5.00%    07/01/2025      120        134,198  

San Diego Unified School District, Series 2015 R-4, Ref. GO Bonds

   5.00%    07/01/2028      65        72,600  

San Diego Unified School District (Election of 2012), Series 2016 F, GO Bonds

   5.00%    07/01/2045      75        83,097  

San Francisco (City & County of), CA (Moscone Convention Center Expansion), Series 2017, COP

   3.00%    04/01/2031      65        68,115  

San Francisco (City of), CA Public Utilities Commission, Series 2015, Ref. RB

   5.00%    11/01/2027      250        278,141  

San Francisco (City of), CA Public Utilities Commission, Series 2015, Ref. RB

   5.00%    11/01/2036      155        171,735  

San Francisco Bay Area Rapid Transit District, Series 2015 A, Ref. RB

   5.00%    07/01/2025      100        111,831  

San Francisco Bay Area Rapid Transit District, Series 2015 A, Ref. RB

   5.00%    07/01/2028      115        128,327  

San Francisco Bay Area Rapid Transit District (Election of 2004), Series 2015 D, Ref. GO Bonds

   5.00%    08/01/2029      65        72,750  

San Jose (City of), CA Redevelopment Agency Successor Agency, Series 2017 B, Ref. RB

   5.00%    08/01/2025      100        111,852  

South San Francisco Unified School District (Measure J), Series 2016 C, GO Bonds

   4.00%    09/01/2037      25        27,134  

University of California (Limited), Series 2015 I, Ref. RB

   5.00%    05/15/2025      30        33,435  

University of California (Limited), Series 2015 I, Ref. RB

   5.00%    05/15/2030      95        105,214  

University of California (Limited), Series 2015 I, Ref. RB

   5.00%    05/15/2040      65        71,816  

Upper Santa Clara Valley Joint Powers Authority, Series 2020 A, Ref. RB

   4.00%    08/01/2045      200        214,229  

Ventura County Community College District, Series 2015, Ref. GO Bonds

   3.13%    08/01/2031      150        156,819  

West Contra Costa Unified School District (Election of 2012), Series 2015 B, GO Bonds

   5.00%    08/01/2045      25        27,910  
           

 

 

 
              8,172,050  
           

 

 

 

Colorado-1.27%

           

Adams & Weld Counties School District No. 27J Brighton, Series 2015, GO Bonds

   5.00%    12/01/2040      10        11,192  

Adams 12 Five Star Schools, Series 2014, Ref. GO Bonds

   5.00%    12/15/2025      25        28,381  

Arapahoe County School District No. 5 Cherry Creek, Series 2017, GO Bonds

   5.00%    12/15/2031      50        56,288  

Arapahoe County School District No. 6 Littleton, Series 2019 A, GO Bonds

   5.00%    12/01/2025      25        28,300  

Colorado (State of), Series 2021 A, COP

   5.00%    12/15/2025      80        90,502  

Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB

   5.00%    01/01/2025      165        181,303  

University of Colorado, Series 2017 A-2, Ref. RB

   5.00%    06/01/2025      190        212,287  
           

 

 

 
              608,253  
           

 

 

 

Connecticut-2.03%

           

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

   5.00%    03/15/2027      200        221,679  

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

   5.00%    03/15/2028      210        232,564  

Connecticut (State of), Series 2015 A, RB

   5.00%    08/01/2029      80        89,255  

Connecticut (State of), Series 2015 A, RB

   5.00%    08/01/2033      95        105,755  

Connecticut (State of), Series 2015 A, RB

   5.00%    08/01/2035      40        44,486  

Connecticut (State of) Health & Educational Facilities Authority (Yale University), Series 2018 A, Ref. RB

   5.00%    07/01/2025      250        280,187  
           

 

 

 
              973,926  
           

 

 

 

Delaware-0.46%

           

Delaware (State of), Series 2017 A, Ref. GO Bonds

   5.00%    01/01/2025      200        221,055  
           

 

 

 

District of Columbia-0.45%

           

District of Columbia, Series 2015 A, GO Bonds

   5.00%    06/01/2034      50        55,511  

District of Columbia Water & Sewer Authority, Series 2015 B, RB

   5.00%    10/01/2037      145        162,188  
           

 

 

 
              217,699  
           

 

 

 

Florida-3.75%

           

Central Florida Expressway Authority, Series 2016 B, Ref. RB

   5.00%    07/01/2025      25        27,871  

 

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

 

 

  134  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

    

Interest
Rate

  

  Maturity  
Date

   Principal
Amount
(000)
         Value        

Florida-(continued)

           

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

   5.00%    07/01/2025    $ 45      $ 50,465  

Florida (State of), Series 2017 A, Ref. RB

   5.00%    07/01/2025      75        84,108  

Florida (State of) Department of Environmental Protection (FL Forever), Series 2016 A, Ref. RB

   5.00%    07/01/2025      65        72,758  

Gainesville (City of), FL, Series 2017 A, RB(a)

   5.00%    10/01/2025      10        11,234  

Gainesville (City of), FL, Series 2017 A, RB

   5.00%    10/01/2025      40        45,039  

Hillsborough (County of), FL, Series 2015, Ref. RB

   5.00%    11/01/2025      130        146,224  

Jacksonville (City of), FL, Series 2015, Ref. RB

   5.00%    10/01/2027      75        84,393  

Jacksonville (City of), FL, Series 2015, Ref. RB

   5.00%    10/01/2029      30        33,679  

Jacksonville (City of), FL, Series 2015, Ref. RB

   3.00%    10/01/2030      50        51,681  

Jacksonville (City of), FL, Series 2015, Ref. RB

   3.25%    10/01/2032      100        104,002  

Miami (City of) & Dade (County of), FL School Board, Series 2015 A, Ref. COP

   5.00%    05/01/2028      200        220,809  

Miami (City of) & Dade (County of), FL School Board, Series 2015 A, Ref. COP

   5.00%    05/01/2030      25        27,544  

Miami Beach (City of), FL, Series 2015, RB

   5.00%    09/01/2045      210        230,836  

Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2015 A, Ref. RB

   5.00%    04/01/2040      15        16,422  

Miami-Dade (County of), FL Water & Sewer System, Series 2017 A, RB

   5.00%    10/01/2032      10        11,185  

Miami-Dade (County of), FL Water & Sewer System, Series 2017 A, RB

   5.00%    10/01/2034      10        11,182  

Palm Beach (County of), FL Solid Waste Authority, Series 2015, Ref. RB

   5.00%    10/01/2028      100        110,985  

Palm Beach County School District, Series 2015 D, Ref. COP

   5.00%    08/01/2027      40        44,684  

Palm Beach County School District, Series 2015 D, Ref. COP

   5.00%    08/01/2030      220        245,062  

School District of Broward County, Series 2015 B, Ref. COP

   5.00%    07/01/2030      70        77,725  

Tampa Bay (City of), FL, Series 2016 C, Ref. RB

   5.00%    10/01/2025      65        73,310  

Volusia (County of), FL Educational Facility Authority, Series 2015 B, RB(a)(b)

   5.00%    04/15/2025      15        16,634  
           

 

 

 
              1,797,832  
           

 

 

 

Georgia-2.83%

           

Atlanta (City of), GA, Series 2015, Ref. RB

   5.00%    11/01/2040      205        227,476  

Forsyth (County of), GA, Series 2019, GO Bonds

   5.00%    09/01/2025      60        67,685  

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        111,241  

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        111,962  

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

   5.00%    02/01/2027      20        22,169  

Georgia (State of), Series 2018 A, GO Bonds

   5.00%    07/01/2025      50        56,107  

Georgia (State of) Municipal Electric Authority of Georgia (Plant Vogtle Units 3 & 4), Series 2015 A, RB

   5.00%    07/01/2060      175        191,820  

Georgia (State of) Road & Tollway Authority (Garvee), Series 2020, RB

   5.00%    06/01/2025      50        55,797  

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

   5.00%    02/01/2031      55        61,577  

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

   5.00%    02/01/2035      30        33,481  

Metropolitan Atlanta Rapid Transit Authority, Series 2015 A, RB(a)(b)

   5.00%    07/01/2025      200        223,455  

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

   5.00%    09/01/2025      170        190,781  
           

 

 

 
              1,353,551  
           

 

 

 

Hawaii-1.54%

           

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

   5.00%    10/01/2025      150        169,066  

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

   5.00%    10/01/2025      130        146,718  

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

   5.00%    10/01/2027      250        281,215  

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

   5.00%    03/01/2025      125        138,663  
           

 

 

 
              735,662  
           

 

 

 

Illinois-4.80%

           

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

   5.50%    01/01/2040      105        115,099  

Chicago (City of), IL, Series 2015 A, GO Bonds

   5.50%    01/01/2033      100        109,861  

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

   5.00%    01/01/2029      25        27,266  

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

   5.00%    01/01/2030      25        27,237  

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

   5.00%    01/01/2031      300        326,411  

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

   5.00%    01/01/2032      235        255,349  

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

   5.00%    01/01/2033      135        146,690  

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

   5.00%    11/15/2025      50        56,203  

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

   5.00%    11/01/2025      75        83,309  

 

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

 

 

  135  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

    

Interest
Rate

  

  Maturity  
Date

   Principal
Amount
(000)
         Value        

Illinois-(continued)

           

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

   5.00%    10/01/2025    $ 25      $ 27,733  

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

   5.00%    10/01/2025      45        49,919  

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

   5.00%    03/01/2025      100        109,776  

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

   5.00%    02/15/2025      475        523,740  

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

   4.13%    11/15/2037      40        42,635  

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

   5.00%    11/15/2028      20        21,999  

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

   5.00%    10/01/2035      15        16,756  

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

   5.00%    10/01/2040      100        111,299  

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

   5.00%    01/01/2039      10        10,898  

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

   5.00%    01/01/2037      15        16,624  

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

   5.00%    01/01/2025      20        21,888  

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

   5.00%    01/01/2025      45        49,512  

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

   5.00%    03/01/2028      20        21,957  

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

   5.00%    03/01/2029      65        71,279  

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

   5.00%    03/01/2031      20        21,926  

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

   5.00%    03/01/2040      30        32,778  
           

 

 

 
              2,298,144  
           

 

 

 

Indiana-1.08%

           

Indiana (State of) Finance Authority (Franciscan Alliance, Inc.), Series 2016 A, RB

   4.00%    11/01/2051      125        133,436  

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

   5.00%    02/01/2025      300        332,057  

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

   5.00%    10/01/2025      45        50,753  
           

 

 

 
              516,246  
           

 

 

 

Kansas-0.63%

           

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

   5.00%    09/01/2033      200        223,939  

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

   4.00%    10/01/2025      20        21,853  

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

   5.00%    09/01/2045      50        55,479  
           

 

 

 
              301,271  
           

 

 

 

Kentucky-0.68%

           

Kentucky (State of) Asset Liability Commission, Series 2014, Ref. RB

   5.00%    09/01/2025      100        108,980  

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

   4.00%    09/01/2039      100        105,627  

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

   3.00%    05/15/2047      110        110,928  
           

 

 

 
              325,535  
           

 

 

 

Louisiana-1.07%

           

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

   5.00%    02/01/2025      100        110,534  

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

   4.00%    05/01/2025      10        10,827  

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

   5.00%    05/01/2025      150        167,033  

Louisiana (State of) Public Facilities Authority (Lafayette General Health System), Series 2016 A, Ref. RB(a)(b)

   5.00%    11/01/2025      200        226,336  
           

 

 

 
              514,730  
           

 

 

 

Maryland-1.75%

           

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

   5.00%    03/15/2025      130        144,502  

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

   5.00%    08/01/2025      100        112,422  

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

   5.00%    10/01/2025      100        112,860  

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

   4.00%    05/15/2040      75        79,784  

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

   5.00%    07/01/2040      100        109,882  

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

   5.00%    07/01/2025      100        112,040  

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

   5.00%    12/01/2025      150        165,001  
           

 

 

 
              836,491  
           

 

 

 

Massachusetts-4.02%

           

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

   5.00%    07/01/2029      35        39,171  

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

   5.00%    07/01/2030      40        44,741  

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

   4.50%    07/01/2034      85        92,823  

 

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

 

 

  136  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

    

Interest
Rate

  

  Maturity  
Date

   Principal
Amount
(000)
         Value        

Massachusetts-(continued)

           

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

   5.00%    07/01/2025    $ 50      $ 55,985  

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

   3.00%    04/01/2044      295        295,724  

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

   4.00%    04/01/2046      150        159,144  

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

   5.00%    01/01/2025      50        55,160  

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

   5.00%    11/01/2025      250        282,633  

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

   5.00%    06/01/2040      100        110,842  

Massachusetts (State of) Bay Transportation Authority, Series 2015 B, Ref. RB

   5.00%    07/01/2029      40        44,573  

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

   5.00%    07/01/2045      100        110,764  

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

   5.00%    08/15/2025      70        78,692  

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

   5.00%    08/15/2029      200        223,415  

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

   5.00%    08/15/2037      200        222,627  

University of Massachusetts Building Authority, Series 2015 1, RB

   5.00%    11/01/2040      100        111,664  
           

 

 

 
              1,927,958  
           

 

 

 

Michigan-2.10%

           

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

   5.00%    04/15/2030      10        11,227  

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

   5.00%    04/15/2032      375        420,866  

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

   5.00%    04/15/2038      30        33,456  

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

   5.00%    08/01/2025      300        324,473  

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

   5.00%    11/01/2044      100        110,893  

Michigan (State of) Finance Authority (Great Lakes Water), Series 2014 C-3, RB, (INS - AGM)(c)

   5.00%    07/01/2025      60        65,288  

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

   5.00%    12/01/2025      35        39,011  
           

 

 

 
              1,005,214  
           

 

 

 

Minnesota-0.69%

           

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

   5.00%    07/01/2028      300        332,182  
           

 

 

 

Mississippi-0.24%

           

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

   5.00%    10/01/2025      100        112,860  
           

 

 

 

Missouri-0.96%

           

Missouri (State of) Health & Educational Facilities Authority (BJC Health System), Series 2015 A, RB

   4.00%    01/01/2045      10        10,572  

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

   4.00%    02/01/2040      40        42,545  

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

   4.00%    05/15/2042      25        26,829  

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

   5.00%    05/01/2025      250        270,460  

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

   5.00%    12/01/2030      100        110,685  
           

 

 

 
              461,091  
           

 

 

 

Nebraska-0.17%

           

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

   5.00%    01/01/2028      75        82,213  
           

 

 

 

Nevada-1.15%

           

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

   5.00%    07/01/2040      210        231,952  

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

   5.00%    06/15/2025      170        189,344  

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

   5.00%    11/01/2025      115        128,058  
           

 

 

 
              549,354  
           

 

 

 

New Jersey-3.57%

           

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

   5.00%    06/01/2025      200        222,919  

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

   5.00%    06/01/2025      180        199,536  

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

   5.50%    09/01/2025      40        45,300  

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

   5.00%    06/15/2025      370        408,858  

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        223,732  

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

   5.00%    06/15/2025      270        290,710  

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

   5.25%    06/15/2031      100        111,252  

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

   5.00%    01/01/2025      70        76,978  

 

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

 

 

  137  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

    

Interest
Rate

  

  Maturity  
Date

   Principal
Amount
(000)
         Value        

New Jersey-(continued)

           

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

   5.00%    01/01/2045    $ 115      $ 124,759  

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

   5.00%    01/01/2025      5        5,498  
           

 

 

 
              1,709,542  
           

 

 

 

New York-16.91%

           

Metropolitan Transportation Authority, Series 2016 B, Ref. RB

   5.00%    11/15/2025      200        223,659  

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

   5.00%    11/15/2029      265        294,269  

Metropolitan Transportation Authority (Green Bonds), Series 2017 A2, Ref. RB

   5.00%    11/15/2025      200        223,659  

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

   5.00%    10/15/2030      100        112,006  

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

   5.00%    05/01/2027      75        83,097  

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

   5.00%    05/01/2030      70        77,443  

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

   5.00%    05/01/2045      35        38,222  

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

   5.00%    08/01/2028      200        220,403  

New York (City of), NY, Series 2015 FF, Ref. RB

   5.00%    06/15/2029      90        100,456  

New York (City of), NY, Series 2015 FF, Ref. RB

   5.00%    06/15/2039      200        221,805  

New York (City of), NY, Series 2015, Ref. RB

   5.00%    06/15/2046      25        27,590  

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

   5.00%    08/01/2025      200        224,202  

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

   5.00%    08/01/2025      110        123,311  

New York (City of), NY Transitional Finance Authority, Series 2015 A1, RB

   5.00%    08/01/2037      85        94,473  

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

   5.00%    08/01/2031      300        334,707  

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

   5.00%    07/15/2027      150        167,778  

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

   5.00%    07/15/2034      35        38,952  

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

   5.00%    07/15/2035      25        27,426  

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

   5.00%    07/15/2040      200        221,333  

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

   5.00%    07/15/2040      75        81,925  

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

   5.00%    02/01/2032      185        203,483  

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

   5.00%    11/01/2025      100        113,053  

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

   5.00%    11/01/2025      50        56,527  

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

   5.00%    11/01/2032      180        202,121  

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

   5.00%    11/01/2035      150        168,149  

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

   5.00%    11/01/2038      75        83,819  

New York (State of) Dormitory Authority, Series 2014 A, RB

   5.00%    02/15/2025      100        107,350  

New York (State of) Dormitory Authority, Series 2014 E, Ref. RB

   5.00%    02/15/2044      200        217,853  

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

   5.00%    03/15/2025      200        221,742  

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

   5.00%    03/15/2030      100        110,336  

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

   5.00%    03/15/2032      85        93,759  

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

   5.00%    02/15/2025      105        116,206  

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

   5.00%    02/15/2027      40        44,043  

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

   5.00%    03/15/2031      200        224,618  

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

   5.00%    03/15/2033      175        196,348  

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

   5.00%    03/15/2042      40        44,499  

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

   5.00%    02/15/2044      90        98,034  

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

   4.00%    03/15/2027      150        163,200  

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

   5.00%    02/15/2025      100        110,673  

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

   5.00%    10/01/2025      100        111,817  

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

   5.00%    10/01/2025      200        224,823  

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

   5.00%    03/15/2025      100        110,871  

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

   5.00%    07/01/2043      200        220,515  

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

   5.00%    07/01/2040      45        49,508  

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

   5.00%    01/01/2025      110        121,095  

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

   5.00%    01/01/2028      200        219,762  

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

   5.00%    11/15/2033      95        106,166  

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

   4.00%    11/15/2045      210        221,450  

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

   5.00%    03/15/2027      20        22,432  

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

   5.00%    03/15/2028      15        16,819  

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

   5.00%    03/15/2033      150        167,803  

 

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

 

 

  138  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

    

Interest
Rate

  

  Maturity  
Date

   Principal
Amount
(000)
         Value        

New York-(continued)

           

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

   5.00%    12/01/2025    $ 100      $ 110,385  

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

   5.00%    11/15/2034      405        454,308  

Utility Debt Securitization Authority, Series 2015, Ref. RB

   5.00%    06/15/2027      260        290,207  

Utility Debt Securitization Authority, Series 2015, Ref. RB

   5.00%    12/15/2036      75        84,461  

Utility Debt Securitization Authority, Series 2015, Ref. RB

   4.00%    12/15/2037      50        54,054  
           

 

 

 
              8,099,005  
           

 

 

 

North Carolina-1.31%

           

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

   5.00%    07/01/2025      110        123,436  

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

   5.00%    05/01/2025      100        111,487  

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

   5.00%    03/01/2027      150        165,719  

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

   5.00%    10/01/2025      200        225,795  
           

 

 

 
              626,437  
           

 

 

 

Ohio-1.77%

           

Bowling Green State University, Series 2016 A, RB

   5.00%    06/01/2042      100        111,571  

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

   5.00%    06/01/2025      25        27,512  

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

   5.00%    07/01/2025      150        167,903  

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

   5.00%    04/01/2025      100        111,113  

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

   5.00%    05/01/2032      150        166,047  

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

   5.00%    12/15/2025      85        96,495  

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

   5.00%    12/01/2025      150        169,863  
           

 

 

 
              850,504  
           

 

 

 

Oklahoma-0.23%

           

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

   5.00%    06/01/2025      100        111,425  
           

 

 

 

Oregon-0.02%

           

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

   5.00%    11/15/2025      10        10,995  
           

 

 

 

Pennsylvania-3.74%

           

Monroeville Finance Authority, Series 2012, RB

   5.00%    02/15/2025      105        115,646  

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

   5.00%    03/15/2025      95        105,417  

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

   5.00%    03/15/2028      500        553,881  

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

   5.00%    03/15/2033      100        109,680  

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

   5.00%    09/15/2025      120        135,125  

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

   5.00%    09/01/2045      35        38,284  

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

   5.00%    09/01/2039      100        109,383  

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

   5.00%    08/15/2040      100        110,833  

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

   5.00%    06/01/2027      200        225,467  

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

   5.00%    06/01/2030      150        167,472  

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

   5.00%    08/15/2038      110        122,033  
           

 

 

 
              1,793,221  
           

 

 

 

South Carolina-0.95%

           

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

   5.00%    01/01/2025      200        220,819  

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

   5.00%    12/01/2050      210        232,981  
           

 

 

 
              453,800  
           

 

 

 

Tennessee-0.41%

           

Jackson (City of), TN (Jackson-Madison), Series 2015, Ref. RB

   4.00%    04/01/2041      25        26,297  

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

   5.00%    07/01/2025      40        44,760  

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

   5.00%    01/01/2025      10        11,032  

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

   5.00%    07/01/2025      5        5,599  

 

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

 

 

  139  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

    

Interest
Rate

  

  Maturity  
Date

   Principal
Amount
(000)
         Value        

Tennessee-(continued)

           

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

   5.00%    11/01/2025    $ 10      $ 11,286  

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

   5.00%    11/01/2025      85        96,062  
           

 

 

 
              195,036  
           

 

 

 

Texas-10.18%

           

Austin (City of), TX, Series 2015, Ref. GO Bonds

   2.95%    09/01/2027      180        189,761  

Austin Community College District, Series 2015, GO Bonds

   5.00%    08/01/2035      150        166,876  

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

   4.00%    06/15/2025      250        271,821  

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

   5.00%    07/15/2040      100        110,805  

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

   5.00%    02/15/2025      75        80,558  

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

   5.00%    12/01/2025      150        170,157  

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

   5.00%    12/01/2025      50        56,719  

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

   5.00%    02/15/2025      200        221,196  

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

   5.00%    10/01/2027      70        78,845  

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

   5.00%    10/01/2029      155        174,469  

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

   5.00%    11/15/2025      200        225,967  

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

   5.00%    08/15/2028      115        128,771  

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

   5.00%    11/01/2025      130        147,069  

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

   5.00%    09/01/2029      200        224,230  

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

   5.00%    01/01/2032      100        109,065  

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

   5.00%    01/01/2033      200        218,013  

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

   5.00%    01/01/2035      115        125,257  

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

   5.00%    07/01/2025      145        157,605  

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

   5.00%    02/15/2025      175        193,881  

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

   5.50%    08/01/2025      100        112,267  

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

   5.00%    03/01/2029      150        165,463  

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

   5.00%    02/15/2025      50        55,268  

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

   5.00%    10/01/2027      150        169,402  

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

   5.00%    10/01/2028      100        113,085  

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

   5.00%    10/01/2035      200        224,898  

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

   5.00%    10/15/2030      305        343,914  

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

   5.00%    10/15/2040      115        128,979  

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

   5.00%    10/15/2045      100        111,744  

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

   5.00%    05/15/2025      125        139,395  

Texas Municipal Gas Acquisition & Supply Corp. III, Series 2021, Ref. RB

   5.00%    12/15/2025      100        110,747  

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

   5.00%    03/15/2025      135        149,676  
           

 

 

 
              4,875,903  
           

 

 

 

Utah-0.70%

           

Utah (State of), Series 2018, GO Bonds

   5.00%    07/01/2025      100        112,214  

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

   5.00%    06/15/2025      140        156,231  

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

   5.00%    06/15/2025      60        67,059  
           

 

 

 
              335,504  
           

 

 

 

Vermont-0.05%

           

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

   5.00%    10/01/2045      20        22,216  
           

 

 

 

Virginia-2.03%

           

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

   4.00%    10/01/2025      75        82,196  

University of Virginia, Series 2015 A-1, RB

   4.00%    04/01/2045      150        159,950  

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

   5.00%    02/01/2025      40        44,274  

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

   5.00%    02/01/2025      215        237,518  

Virginia (State of) College Building Authority (21st Century College), Series 2020, RB

   5.00%    02/01/2025      130        143,734  

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

   5.00%    05/15/2025      120        133,699  

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

   5.00%    08/01/2025      65        72,981  

Virginia (State of) Public School Authority, Series 2014, Ref. RB

   4.00%    08/01/2025      90        96,014  
           

 

 

 
              970,366  
           

 

 

 

 

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

 

 

  140  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

    

Interest
Rate

  

  Maturity  
Date

   Principal
Amount
(000)
         Value        

Washington-3.84%

           

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

   5.00%    11/01/2025    $ 30      $ 33,893  

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

   5.00%    11/01/2025      75        84,732  

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

   5.00%    11/01/2025      75        84,732  

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

   5.00%    11/01/2025      150        169,465  

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

   5.00%    07/01/2029      100        111,381  

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

   5.00%    07/01/2032      75        83,381  

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

   5.00%    01/01/2025      115        126,971  

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

   5.00%    01/01/2025      40        44,164  

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

   5.00%    01/01/2025      55        60,725  

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

   5.00%    12/01/2045      20        22,299  

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

   5.00%    12/01/2027      10        11,304  

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

   5.00%    07/01/2028      45        49,433  

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

   5.00%    07/01/2029      10        10,976  

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

   5.00%    08/01/2031      200        223,350  

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

   5.00%    07/01/2026      15        16,500  

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

   5.00%    07/01/2029      115        126,228  

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

   5.00%    07/01/2033      200        219,177  

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

   5.00%    08/01/2025      250        280,698  

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

   5.00%    08/15/2030      35        38,916  

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

   5.00%    03/01/2038      40        43,631  
           

 

 

 
              1,841,956  
           

 

 

 

Wisconsin-0.96%

           

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

   5.00%    05/01/2027      165        183,410  

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

   5.00%    05/01/2027      250        277,894  
           

 

 

 
              461,304  
           

 

 

 

TOTAL INVESTMENTS IN SECURITIES(d)-98.80%
(Cost $48,284,262)

              47,329,883  

OTHER ASSETS LESS LIABILITIES-1.20%

              575,881  
           

 

 

 

NET ASSETS-100.00%

            $ 47,905,764  
           

 

 

 

 

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.

 

 

  141  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

 Portfolio Composition

 Revenue Type Breakdown (% of the Fund’s Net Assets)

 as of February 28, 2022

     

Ad Valorem Property Tax

   23.92                                 

Sales Tax Revenue

   10.73   

Lease Revenue

   8.50   

Health, Hospital, Nursing Home Revenue

   7.73   

Water Revenue

   7.05   

Miscellaneous Revenue

   6.96   

College & University Revenue

   6.14   

Appropriations

   5.39   

Income Tax Revenue

   5.07   

Electric Power Revenue

   3.38   

Highway Tolls Revenue

   3.27   

Port, Airport & Marina Revenue

   3.00   

Revenue Types Each Less Than 3%

   7.66   

Other Assets Less Liabilities

   1.20   

 

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

 

 

  142  

 

 

 

 

 

 

 


 

Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)

February 28, 2022

(Unaudited)

 

Schedule of Investments

 

     Interest
Rate
      Maturity  
Date
     Principal
Amount
(000)
           Value        

Municipal Obligations-98.47%

          

Alabama-1.70%

          

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

     5.00     09/01/2026      $ 20      $ 23,167  

Mobile (City of), AL Infirmary Health System Special Care Facilities Financing Authority, Series 2016 A, RB

     4.00     02/01/2046        200        210,093  

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

     5.00     08/01/2026        60        69,344  

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

     3.63     09/01/2041        20        21,283  

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

     5.00     09/01/2041        125        142,566  
          

 

 

 
             466,453  
          

 

 

 

Arizona-0.83%

          

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

     5.00     07/01/2042        200        227,901  
          

 

 

 

California-18.96%

          

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

     4.00     10/01/2037        100        108,425  

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

     4.00     12/01/2034        25        27,775  

Anaheim City School District, Series 2016, GO Bonds

     3.00     08/01/2046        100        100,819  

California (State of), Series 2016, GO Bonds

     5.00     09/01/2029        25        28,806  

California (State of), Series 2016, GO Bonds

     3.00     09/01/2046        5        5,008  

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

     5.00     09/01/2032        420        483,344  

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

     5.00     09/01/2033        100        115,035  

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

     5.00     11/01/2026        130        150,690  

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

     5.00     08/01/2036        100        114,510  

California (State of), Series 2018, GO Bonds

     5.00     10/01/2026        15        17,132  

California (State of), Series 2018, GO Bonds

     5.00     10/01/2026        60        69,398  

California (State of), Series 2020, GO Bonds

     3.00     03/01/2026        100        106,120  

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

     5.00     08/01/2026        50        57,578  

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

     5.00     04/01/2026        20        22,833  

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

     4.00     03/01/2039        55        58,813  

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

     3.00     03/01/2039        270        272,854  

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

     5.00     11/15/2026        10        11,294  

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

     4.00     08/15/2039        70        76,012  

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

     3.00     10/01/2047        250        250,017  

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

     4.00     10/01/2047        25        27,106  

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

     5.00     11/15/2026        40        46,437  

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

     5.00     11/15/2046        60        68,416  

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

     5.00     10/15/2047        200        224,577  

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

     5.00     05/01/2026        35        38,882  

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

     5.00     10/01/2026        30        34,642  

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

     4.00     11/01/2032        220        242,204  

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

     5.00     11/01/2026        25        28,930  

California State University, Series 2016 A, Ref. RB

     5.00     11/01/2041        100        113,213  

California State University, Series 2016 A, Ref. RB

     5.00     11/01/2045        100        113,041  

Central Unified School District (Election of 2016), Series 2018 B, GO Bonds

     4.00     08/01/2048        200        215,645  

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

     6.00     08/01/2026        25        27,372  

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

     3.00     08/01/2045        5        5,047  

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

     3.50     08/01/2037        45        47,220  

Imperial Irrigation District, Series 2016 C, Ref. RB

     5.00     11/01/2036        250        282,711  

Imperial Irrigation District, Series 2016 C, Ref. RB

     5.00     11/01/2038        25        28,239  

Irvine Ranch Water District, Series 2016, RB

     5.25     02/01/2046        30        34,533  

 

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

 

 

  143  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

     Interest
Rate
      Maturity  
Date
     Principal
Amount
(000)
           Value        

California-(continued)

          

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

     5.00     05/15/2026      $ 120      $ 137,141  

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

     5.00     07/01/2041        50        56,215  

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

     5.00     07/01/2046        100        111,995  

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

     5.00     07/01/2026        5        5,681  

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

     5.00     07/01/2026        250        287,272  

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

     2.00     07/01/2029        45        45,430  

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

     3.00     07/01/2032        170        179,185  

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

     5.00     07/01/2026        150        172,689  

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

     5.00     08/01/2041        100        114,510  

Palomar Health, Series 2016 B, Ref. GO Bonds

     4.00     08/01/2035        20        21,625  

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

     5.00     07/01/2041        30        33,898  

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

     4.00     05/15/2026        20        21,691  

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

     5.00     08/01/2037        60        68,568  

San Diego (County of), CA Regional Transportation Commission, Series 2016 A, RB

     5.00     04/01/2041        15        16,953  

San Diego Unified School District, Series 2016 1, Ref. GO Bonds

     4.00     07/01/2032        20        21,958  

San Diego Unified School District, Series 2016 R-5, Ref. GO Bonds

     5.00     07/01/2029        30        34,442  

San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019 D, Ref. RB

     5.00     05/01/2026        35        39,852  

San Francisco (City of), CA Public Utilities Commission, Series 2016, Ref. RB

     5.00     11/01/2032        40        46,249  

Sweetwater Union High School District (Election of 2006), Series 2016 B, GO Bonds, (INS - AGM)(c)

     3.38     08/01/2040        80        82,166  

University of California, Series 2016 AR, Ref. RB

     5.00     05/15/2046        25        28,276  

Victor Valley Union High School District, Series 2016 A, Ref. GO Bonds, (INS - BAM)(c)

     3.00     08/01/2034        20        20,902  
          

 

 

 
             5,201,376  
          

 

 

 

Colorado-1.58%

          

Colorado (State of) Higher Education, Series 2014 A, Ref. COP

     5.00     11/01/2026        30        34,599  

Denver (City & County of), CO (Convention Center Expansion), Series 2018 A, COP

     5.38     06/01/2043        215        245,022  

Denver (City & County of), CO Airport System Revenue, Series 2016 A, Ref. RB

     5.00     11/15/2032        10        11,507  

Denver City & County School District No. 1, Series 2016, Ref. GO Bonds

     4.00     12/01/2026        25        27,419  

Denver City & County School District No. 1, Series 2017, GO Bonds

     5.00     12/01/2031        10        11,547  

Denver City & County School District No. 1, Series 2017, GO Bonds

     5.00     12/01/2038        90        103,302  
          

 

 

 
             433,396  
          

 

 

 

Connecticut-1.15%

          

Connecticut (State of), Series 2015 F, GO Bonds

     5.00     11/15/2026        25        28,246  

Connecticut (State of), Series 2016 A, RB

     5.00     09/01/2026        100        115,364  

Connecticut (State of), Series 2018 E, GO Bonds

     5.00     09/15/2026        130        150,126  

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

     5.00     04/15/2026        20        22,840  
          

 

 

 
             316,576  
          

 

 

 

District of Columbia-2.30%

          

District of Columbia, Series 2016 A, GO Bonds

     5.00     06/01/2030        50        57,143  

District of Columbia, Series 2016 A, GO Bonds

     5.00     06/01/2032        175        199,536  

District of Columbia, Series 2016 D, GO Bonds

     5.00     06/01/2041        15        17,306  

District of Columbia, Series 2016 E, Ref. GO Bonds

     5.00     06/01/2031        35        40,554  

District of Columbia Water & Sewer Authority, Series 2016 A, Ref. RB

     5.00     10/01/2030        15        17,036  

District of Columbia Water & Sewer Authority, Series 2016 A, Ref. RB

     5.00     10/01/2031        15        17,010  

District of Columbia Water & Sewer Authority, Series 2016 A, Ref. RB

     5.00     10/01/2036        250        282,658  
          

 

 

 
             631,243  
          

 

 

 

Florida-4.11%

          

Central Florida Expressway Authority, Series 2016 B, Ref. RB

     5.00     07/01/2034        100        113,771  

Central Florida Expressway Authority, Series 2016 B, Ref. RB

     4.00     07/01/2035        100        109,043  

Florida (State of) Municipal Power Agency, Series 2016 A, Ref. RB

     5.00     10/01/2028        75        86,209  

Florida (State of) Municipal Power Agency, Series 2016 A, Ref. RB

     5.00     10/01/2029        40        45,921  

Miami (City of) & Dade (County of), FL School Board, Series 2015 D, Ref. COP

     5.00     02/01/2028        25        28,157  

Miami-Dade (County of), FL, Series 2015, Ref. RB

     5.00     10/01/2026        100        112,710  

Miami-Dade (County of), FL, Series 2016 A, Ref. GO Bonds

     5.00     07/01/2029        30        34,442  

 

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

 

 

  144  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

     Interest
Rate
      Maturity  
Date
     Principal
Amount
(000)
           Value        

Florida-(continued)

          

Miami-Dade (County of), FL, Series 2016 A, Ref. GO Bonds

     5.00     07/01/2031      $ 65      $ 74,537  

Miami-Dade (County of), FL, Series 2016 A, Ref. RB

     5.00     10/01/2041        100        113,620  

Miami-Dade (County of), FL Expressway Authority, Series 2016 A, Ref. RB

     5.00     07/01/2029        125        142,213  

Miami-Dade (County of), FL Transit System, Series 2015, Ref. RB

     5.00     07/01/2026        10        11,194  

Orange (County of), FL School Board, Series 2016 C, Ref. COP

     5.00     08/01/2033        10        11,410  

Orange (County of), FL School Board, Series 2016 C, Ref. COP

     5.00     08/01/2034        10        11,387  

Orange (County of), FL School Board, Series 2017, Ref. COP

     5.00     08/01/2026        50        57,485  

Port St. Lucie (City of), FL, Series 2016, Ref. RB

     5.00     09/01/2029        20        23,026  

School District of Broward County, Series 2015 A, Ref. COP

     5.00     07/01/2026        55        61,374  

South Florida Water Management District, Series 2016, Ref. COP

     5.00     10/01/2026        10        11,383  

South Florida Water Management District, Series 2016, Ref. COP

     5.00     10/01/2027        25        28,425  

South Florida Water Management District, Series 2016, Ref. COP

     5.00     10/01/2028        25        28,361  

South Florida Water Management District, Series 2016, Ref. COP

     5.00     10/01/2032        20        22,570  
          

 

 

 
             1,127,238  
          

 

 

 

Georgia-1.51%

          

DeKalb (County of), GA, Series 2006 B, Ref. RB, (INS - AGM)(c)

     5.25     10/01/2032        70        81,632  

Main Street Natural Gas, Inc., Series 2007 A, RB

     5.50     09/15/2026        170        196,074  

Metropolitan Atlanta Rapid Transit Authority, Series 2016 B, Ref. RB

     5.00     07/01/2030        35        40,120  

Metropolitan Atlanta Rapid Transit Authority, Series 2016 B, Ref. RB

     5.00     07/01/2033        50        57,301  

Sandy Springs (City of), GA Public Facilities Authority (City Center), Series 2015, RB(a)(b)

     5.00     05/01/2026        35        40,095  
          

 

 

 
             415,222  
          

 

 

 

Hawaii-0.78%

          

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

     5.00     10/01/2026        85        98,642  

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

     5.00     10/01/2026        100        116,049  
          

 

 

 
             214,691  
          

 

 

 

Illinois-7.16%

          

Chicago (City of), IL, Series 2016 C, Ref. GO Bonds

     5.00     01/01/2038        100        109,958  

Chicago (City of), IL Midway International Airport, Series 2016 B, Ref. RB

     5.00     01/01/2046        250        277,995  

Chicago O’Hare International Airport, Series 2015 B, Ref. RB

     5.00     01/01/2026        90        98,420  

Chicago O’Hare International Airport, Series 2016 C, Ref. RB

     5.00     01/01/2029        10        11,216  

Chicago O’Hare International Airport, Series 2016 C, Ref. RB

     5.00     01/01/2034        220        246,803  

Chicago O’Hare International Airport, Series 2016 C, Ref. RB

     5.00     01/01/2038        100        111,816  

Chicago O’Hare International Airport, Series 2017 E, RB

     5.00     01/01/2026        30        33,800  

Cook (County of), IL, Series 2016 A, Ref. GO Bonds

     5.00     11/15/2026        100        115,196  

Illinois (State of), Series 2016, GO Bonds

     4.00     01/01/2031        85        91,154  

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

     5.00     11/01/2026        400        452,312  

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

     5.00     02/15/2026        215        243,535  

Illinois (State of) Finance Authority (Clean Water Initiative), Series 2016, RB

     4.00     07/01/2026        15        16,439  

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

     5.00     01/01/2036        55        61,402  

Illinois (State of) Toll Highway Authority, Series 2016 A, Ref. RB

     5.00     12/01/2031        60        67,410  

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

     5.00     01/01/2026        25        28,068  
          

 

 

 
             1,965,524  
          

 

 

 

Indiana-0.29%

          

Indiana University, Series 2016 A, Ref. RB

     5.00     06/01/2028        25        28,594  

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

     5.00     10/01/2026        45        52,179  
          

 

 

 
             80,773  
          

 

 

 

Iowa-0.57%

          

Iowa (State of) Finance Authority (Green Bonds), Series 2017, Ref. RB

     5.00     08/01/2026        45        51,883  

Iowa (State of) Higher Education Loan Authority (Grinnell College), Series 2017, RB

     5.00     12/01/2041        90        103,257  
          

 

 

 
             155,140  
          

 

 

 

Kentucky-0.58%

          

Kentucky (State of) Turnpike Authority, Series 2016 A, Ref. RB

     5.00     07/01/2028        20        22,880  

 

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

 

 

  145  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

     Interest
Rate
      Maturity  
Date
     Principal
Amount
(000)
           Value        

Kentucky-(continued)

          

Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.), Series 2016, Ref. RB

     5.00     10/01/2029      $ 20      $ 22,894  

Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.), Series 2016, Ref. RB

     5.00     10/01/2030        100        114,327  
          

 

 

 
             160,101  
          

 

 

 

Louisiana-0.62%

          

Louisiana State Citizens Property Insurance Corp., Series 2016 A, Ref. RB

     5.00     06/01/2026        150        169,448  
          

 

 

 

Maryland-1.88%

          

Maryland (State of), Second Series 2018 B, GO Bonds

     5.00     08/01/2026        25        28,917  

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

     4.00     08/01/2026        100        111,257  

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

     5.00     08/01/2026        40        46,266  

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

     5.00     08/01/2026        65        75,183  

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

     5.00     10/01/2028        75        86,328  

Montgomery (County of), MD, Series 2017 C, Ref. GO Bonds

     5.00     10/01/2026        100        116,194  

Montgomery (County of), MD, Series 2018 A, GO Bonds

     5.00     11/01/2026        25        29,114  

Washington (State of) Suburban Sanitary Commission, Series 2017, Ref. RB

     3.00     06/01/2026        20        21,320  
          

 

 

 
             514,579  
          

 

 

 

Massachusetts-4.84%

          

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

     5.00     07/01/2034        60        68,398  

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

     3.00     09/01/2046        400        400,483  

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

     5.00     07/01/2026        25        28,782  

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

     5.00     11/01/2026        90        104,545  

Massachusetts (Commonwealth of), Series 2018 B, Ref. GO Bonds

     5.00     07/01/2026        20        23,025  

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

     5.00     05/01/2026        200        229,204  

Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2019 A, Ref. RB

     5.00     01/01/2026        70        79,035  

Massachusetts (State of) Development Finance Agency (Harvard University), Series 2020 A, Ref. RB

     5.00     10/15/2026        300        348,509  

Massachusetts (State of) School Building Authority, Series 2016 B, RB

     5.00     11/15/2046        40        45,822  
          

 

 

 
             1,327,803  
          

 

 

 

Michigan-2.09%

          

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

     5.00     03/15/2026        115        131,181  

Michigan (State of) Building Authority, Series 2016 I, Ref. RB

     5.00     10/15/2032        20        22,906  

Michigan (State of) Building Authority, Series 2016 I, Ref. RB

     5.00     10/15/2033        40        45,773  

Michigan (State of) Building Authority, Series 2016 I, Ref. RB

     5.00     04/15/2035        35        39,951  

Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB

     4.00     11/15/2046        165        176,748  

Michigan (State of) Hospital Finance Authority (Ascension Senior Credit Group), Series 2010, Ref. RB

     5.00     11/15/2047        45        51,225  

Port Huron Area School District, Series 2016, GO Bonds, (INS - AGM)(c)

     4.00     05/01/2045        20        21,139  

University of Michigan, Series 2017 A, Ref. RB

     5.00     04/01/2026        75        85,882  
          

 

 

 
             574,805  
          

 

 

 

Minnesota-0.21%

          

University of Minnesota, Series 2016 A, RB

     5.00     04/01/2041        50        56,511  
          

 

 

 

Missouri-0.28%

          

Hazelwood School District, Series 2017 A, Ref. GO Bonds

     3.00     03/01/2029        35        36,394  

St. Louis County Reorganized School District No. R-6, Series 2018, GO Bonds

     5.00     02/01/2026        35        39,848  
          

 

 

 
             76,242  
          

 

 

 

Nebraska-1.16%

          

Sarpy (County of), NE Hospital Authority No. 1 (NE Medicine), Series 2016, Ref. RB

     3.00     05/15/2046        310        317,874  
          

 

 

 

Nevada-0.91%

          

Clark (County of), NV, Series 2016 B, Ref. GO Bonds

     5.00     11/01/2026        10        11,582  

Clark County School District, Series 2015 C, Ref. GO Bonds

     5.00     06/15/2026        25        28,232  

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

     5.00     06/15/2026        95        108,725  

Las Vegas Valley Water District, Series 2016 A, Ref. GO Bonds

     5.00     06/01/2041        40        45,309  

Nevada (State of), Series 2016, Ref. RB

     5.00     12/01/2026        20        22,946  

Nevada (State of), Series 2016, Ref. RB

     5.00     12/01/2028        30        34,246  
          

 

 

 
             251,040  
          

 

 

 

 

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

 

 

  146  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

     Interest
Rate
      Maturity  
Date
     Principal
Amount
(000)
           Value        

New Jersey-2.97%

          

New Jersey (State of) Economic Development Authority, Series 2017 B, Ref. RB

     5.00     11/01/2026      $ 200      $ 228,118  

New Jersey (State of) Health Care Facilities Financing Authority (Barnabas Health Obligated Group), Series 2016 A, Ref. RB

     5.00     07/01/2043        280        318,307  

New Jersey (State of) Turnpike Authority, Series 2016 A, Ref. RB

     5.00     01/01/2034        240        268,692  
          

 

 

 
             815,117  
          

 

 

 

New Mexico-1.00%

          

New Mexico (State of) (Capital), Series 2017 A, GO Bonds

     5.00     03/01/2026        240        274,081  
          

 

 

 

New York-15.49%

          

Erie (County of), NY Industrial Development Agency (The) (City of Buffalo School District), Series 2015 A, Ref. RB

     5.00     05/01/2026        10        11,301  

Erie (County of), NY Industrial Development Agency (The) (City of Buffalo School District), Series 2016 A, Ref. RB

     5.00     05/01/2030        20        23,095  

Metropolitan Transportation Authority, Series 2006 B, RB, (INS - AGM)(c)

     5.25     11/15/2026        350        408,065  

Metropolitan Transportation Authority, Series 2016 B, Ref. RB

     5.00     11/15/2037        100        112,008  

Metropolitan Transportation Authority, Series 2016 C-1, RB

     4.00     11/15/2041        250        264,181  

Metropolitan Transportation Authority, Series 2016 C-1, RB

     5.00     11/15/2056        125        139,307  

Metropolitan Transportation Authority, Series 2016 D, Ref. RB

     5.00     11/15/2030        75        84,258  

Metropolitan Transportation Authority (Green Bonds), Series 2016 A-2, Ref. RB

     5.00     11/15/2026        160        182,776  

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

     5.00     05/01/2026        65        72,060  

New York & New Jersey (States of) Port Authority, Series 2016 198, Ref. RB

     5.25     11/15/2056        100        115,050  

New York & New Jersey (States of) Port Authority, Series 2016, Ref. RB

     5.00     11/15/2046        25        28,302  

New York (City of), NY, Series 2016 C, Ref. GO Bonds

     5.00     08/01/2026        240        273,047  

New York (City of), NY, Series 2016 C, Ref. GO Bonds

     5.00     08/01/2029        55        62,147  

New York (City of), NY, Series 2016 C, Ref. GO Bonds

     5.00     08/01/2031        25        28,188  

New York (City of), NY, Series 2016 E, Ref. GO Bonds

     5.00     08/01/2026        70        80,577  

New York (City of), NY, Subseries 2016 A-1, GO Bonds

     4.00     08/01/2035        25        27,286  

New York (City of), NY, Subseries 2016 CC1, Ref. RB

     5.00     06/15/2038        100        114,538  

New York (City of), NY, Subseries 2016, Ref. RB

     5.00     06/15/2037        415        476,153  

New York (City of), NY Municipal Water Finance Authority, Series 2016 CC, Ref. RB

     4.00     06/15/2046        100        107,508  

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

     5.00     05/01/2040        35        39,384  

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

     5.00     07/15/2028        10        11,335  

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

     5.00     07/15/2030        15        16,960  

New York (City of), NY Transitional Finance Authority, Series 2016, RB

     4.00     05/01/2030        15        16,477  

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

     5.00     11/01/2026        30        34,833  

New York (City of), NY Transitional Finance Authority, Subseries 2016 E-1, RB

     5.00     02/01/2030        90        101,658  

New York (City of), NY Transitional Finance Authority, Subseries 2016 E-1, RB

     5.00     02/01/2037        35        39,236  

New York (City of), NY Transitional Finance Authority, Subseries 2016 E-1, RB

     5.00     02/01/2039        250        279,757  

New York (State of) Dormitory Authority, Series 2016 A, RB

     5.00     02/15/2033        40        45,720  

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

     5.00     02/15/2026        35        39,804  

New York (State of) Dormitory Authority, Series 2017 A, Ref. RB

     5.00     02/15/2026        100        113,725  

New York (State of) Dormitory Authority, Series 2017 A, Ref. RB

     5.00     07/01/2026        10        11,481  

New York (State of) Dormitory Authority, Series 2017 B, Ref. RB

     5.00     02/15/2026        50        56,863  

New York (State of) Dormitory Authority, Series 2018 1, Ref. RB

     5.00     01/15/2026        45        50,933  

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

     5.00     03/15/2026        15        17,104  

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

     5.00     10/01/2026        60        68,767  

New York (State of) Dormitory Authority, Series 2018 E, Ref. RB

     5.00     03/15/2026        35        39,910  

New York (State of) Dormitory Authority, Series 2019 A, RB

     5.00     10/01/2026        125        143,265  

New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 C, Ref. RB

     5.00     03/15/2026        5        5,701  

New York (State of) Dormitory Authority (New York University), Series 2019 A, RB

     5.00     07/01/2026        20        23,016  

New York (State of) Thruway Authority, Series 2016 A, RB

     5.00     01/01/2046        165        184,336  

New York State Environmental Facilities Corp., Series 2016, Ref. RB

     5.00     06/15/2029        25        28,668  

New York State Urban Development Corp., Series 2016 A, Ref. RB

     5.00     03/15/2028        25        28,454  

New York State Urban Development Corp., Series 2016 A, Ref. RB

     4.00     03/15/2036        40        43,375  

Utility Debt Securitization Authority, Series 2016 A, Ref. RB

     5.00     12/15/2032        25        28,511  

Utility Debt Securitization Authority, Series 2016 A, Ref. RB

     5.00     12/15/2034        150        170,600  
          

 

 

 
             4,249,720  
          

 

 

 

 

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

 

 

  147  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

     Interest
Rate
      Maturity  
Date
     Principal
Amount
(000)
           Value        

North Carolina-0.94%

          

North Carolina (State of), Series 2016 A, Ref. GO Bonds

     5.00     06/01/2026      $ 85      $ 97,863  

North Carolina (State of), Series 2018 A, GO Bonds

     5.00     06/01/2026        25        28,783  

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

     5.00     05/01/2026        20        22,929  

North Carolina (State of) Capital Facilities Finance Agency (Duke University), Series 2016 B, Ref. RB

     5.00     10/01/2026        15        17,328  

North Carolina (State of) Capital Facilities Finance Agency (Duke University), Series 2016 B, Ref. RB

     5.00     10/01/2044        55        62,646  

North Carolina (State of) Eastern Municipal Power Agency, Series 1993 B, Ref. RB(a)

     6.00     01/01/2026        25        29,265  
          

 

 

 
             258,814  
          

 

 

 

Ohio-1.85%

          

Columbus (City of), OH, Series 2015, Ref. RB

     5.00     06/01/2030        25        28,572  

Hamilton (County of), OH, Series 2016 A, Ref. RB

     5.00     12/01/2026        35        40,623  

Hamilton (County of), OH, Series 2016 A, Ref. RB

     5.00     12/01/2029        30        34,760  

Miami University, Series 2017, Ref. RB

     5.00     09/01/2041        50        57,166  

Ohio (State of), Series 2016 S, GO Bonds

     5.00     05/01/2031        70        79,703  

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

     5.00     08/01/2026        5        5,770  

Ohio (State of), Series 2018 A, GO Bonds

     5.00     02/01/2031        85        96,080  

Ohio (State of), Series 2018 A, GO Bonds

     5.00     02/01/2033        50        56,436  

Ohio (State of), Series 2018 A, GO Bonds

     5.00     06/15/2034        40        45,275  

Ohio (State of) Water Development Authority, Series 2019 A, RB

     5.00     06/01/2026        40        45,999  

Ohio (State of) Water Development Authority, Series 2019 A, RB

     5.00     12/01/2026        15        17,485  
          

 

 

 
             507,869  
          

 

 

 

Oklahoma-0.42%

          

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

     5.00     09/01/2026        50        57,659  

Grand River Dam Authority, Series 2016 A, Ref. RB

     5.00     06/01/2026        10        11,469  

Grand River Dam Authority, Series 2016 A, Ref. RB

     5.00     06/01/2029        15        17,387  

Tulsa (County of), OK Industrial Authority (Jenks Public Schools), Series 2015, RB

     5.00     09/01/2026        25        27,992  
          

 

 

 
             114,507  
          

 

 

 

Oregon-0.66%

          

Oregon Health & Science University, Series 2016 B, Ref. RB

     5.00     07/01/2036        160        182,033  
          

 

 

 

Pennsylvania-3.28%

          

Lycoming (County of), PA Authority (Pennsylvania College of Technology), Series 2016 A, Ref. RB

     3.00     10/01/2037        100        101,813  

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

     5.00     03/15/2026        35        38,816  

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

     5.00     02/01/2029        300        337,644  

Pennsylvania (Commonwealth of), First Series 2020, GO Bonds

     5.00     05/01/2026        30        34,310  

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

     5.00     09/15/2028        150        172,226  

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

     4.00     09/15/2030        65        71,529  

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

     5.00     12/01/2032        80        92,614  

Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A-1, RB

     5.00     12/01/2036        45        51,131  
          

 

 

 
             900,083  
          

 

 

 

Rhode Island-0.37%

          

Rhode Island (State of) Turnpike & Bridge Authority, Series 2016 A, Ref. RB

     5.00     10/01/2040        40        45,040  

Rhode Island Commerce Corp. (Garvee), Series 2016 B, RB

     5.00     06/15/2026        50        57,425  
          

 

 

 
             102,465  
          

 

 

 

South Carolina-0.70%

          

South Carolina (State of) Public Service Authority, Series 2016 A, Ref. RB

     5.00     12/01/2031        150        170,938  

South Carolina (State of) Public Service Authority, Series 2016 B, Ref. RB

     4.00     12/01/2056        20        21,177  
          

 

 

 
             192,115  
          

 

 

 

Tennessee-0.90%

          

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

     5.00     01/01/2026        50        56,733  

Nashville & Davidson (Counties of), TN Metropolitan Government, Series 2016, Ref. GO Bonds(a)(b)

     5.00     07/01/2026        100        115,081  

Tennessee (State of) School Bond Authority, Series 2017 B, Ref. RB, (CEP - Colorado Higher Education Intercept Program)

     5.00     11/01/2026        35        40,639  

Tennessee Energy Acquisition Corp., Series 2006 A, RB

     5.25     09/01/2026        30        33,941  
          

 

 

 
             246,394  
          

 

 

 

 

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

 

 

  148  

 

 

 

 

 

 

 


 

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

February 28, 2022

(Unaudited)

 

     Interest
Rate
      Maturity  
Date
     Principal
Amount
(000)
           Value        

Texas-8.92%

          

Bexar (County of), TX, Series 2017, Ref. GO Bonds(a)(b)

     5.00     06/15/2026      $ 60      $ 69,106  

Bexar (County of), TX, Series 2017, Ref. GO Bonds(a)(b)

     5.00     06/15/2026        220        253,389  

Board of Regents of The University of Texas System, Series 2016 D, RB

     5.00     08/15/2026        135        156,000  

Board of Regents of The University of Texas System (Green Bonds), Series 2016 B, RB

     5.00     08/15/2026        35        40,444  

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

     5.00     10/01/2026        160        180,157  

Dallas (County of), TX Utility & Reclamation District, Series 2016, Ref. GO Bonds

     5.00     02/15/2026        30        33,760  

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

     5.00     02/15/2026        5        5,703  

Houston (City of), TX, Series 2017 B, Ref. RB

     5.00     11/15/2026        25        28,983  

Houston (City of), TX, Series 2018 B, Ref. RB

     5.00     07/01/2026        60        68,424  

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

     5.00     02/15/2028        20        22,704  

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

     5.00     02/15/2029        70        79,290  

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

     5.00     02/15/2031        45        50,843  

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

     5.00     02/15/2026        50        57,028  

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

     4.00     02/15/2026        25        26,898  

New Hope Cultural Education Facilities Finance Corp. (Cardinal Bay, Inc.), Series 2016, RB(d)

     5.00     07/01/2046        100        76,000  

New Hope Cultural Education Facilities Finance Corp. (Cardinal Bay, Inc.), Series 2016, RB(d)

     5.00     07/01/2051        200        152,000  

North East Independent School District, Series 2007, Ref. GO Bonds, (CEP - Texas Permanent School Fund)

     5.25     02/01/2026        30        34,453  

Permanent University Fund - University of Texas System, Series 2007 B, Ref. RB

     5.25     07/01/2026        35        40,645  

San Antonio (City of), TX, Series 2016, Ref. RB

     5.00     02/01/2026        165        187,450  

San Antonio (City of), TX Water System, Series 2016 A, Ref. RB

     5.00     05/15/2031        15        17,070  

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

     5.00     04/01/2026        200        228,592  

Texas (State of), Series 2016, GO Bonds

     5.00     04/01/2037        30        34,123  

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

     5.00     10/01/2026        35        40,499  

Texas A&M University, Series 2016 C, Ref. RB

     4.00     05/15/2029        30        32,823  

University of Houston, Series 2017 A, Ref. RB

     5.00     02/15/2030        75        84,985  

University of Houston, Series 2017 A, Ref. RB

     5.00     02/15/2036        395        445,642  
          

 

 

 
             2,447,011  
          

 

 

 

Utah-0.45%

          

Utah (County of), UT (IHC Health Services, Inc.), Series 2016 B, RB

     3.00     05/15/2047        95        96,889  

Utah (State of) Transit Authority, Series 2016, Ref. RB

     3.00     12/15/2028        25        26,354  
          

 

 

 
             123,243  
          

 

 

 

Virginia-2.04%

          

Hampton Roads Transportation Accountability Commission, Series 2021 A, RB

     5.00     07/01/2026        200        229,254  

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

     5.00     01/15/2026        20        22,775  

Virginia (Commonwealth of), Series 2015 B, Ref. GO Bonds

     5.00     06/01/2026        25        27,966  

Virginia (State of) College Building Authority, Series 2016 A, RB

     4.00     02/01/2030        10        10,889  

Virginia (State of) College Building Authority (21st Century College), Series 2019 C, Ref. RB

     5.00     02/01/2026        35        39,805  

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

     5.00     03/15/2026        200        227,888  
          

 

 

 
             558,577  
          

 

 

 

Washington-2.37%

          

Energy Northwest (Bonneville Power Administration), Series 2016 A, Ref. RB

     5.00     07/01/2028        50        57,268  

King County School District No. 405 Bellevue, Series 2016, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)

     5.00     12/01/2029        15        17,403  

King County School District No. 405 Bellevue, Series 2016, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)

     5.00     12/01/2030        50        57,859  

King County School District No. 411 Issaquah, Series 2016, GO Bonds, (CEP - Oregon School Bond Guaranty)

     3.00     12/01/2030        10        10,572  

University of Washington, Series 2016 A, Ref. RB

     5.25     12/01/2046        200        232,819  

Washington (State of), Series 2016 B, Ref. GO Bonds

     5.00     07/01/2030        10        11,279  

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

 

  149  

 

 

 

 

 

 

 


 

Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)–(continued)

February 28, 2022

(Unaudited)

 

     Interest
Rate
      Maturity  
Date
     Principal
Amount
(000)
           Value        

Washington-(continued)

          

Washington (State of), Series 2016 B, Ref. GO Bonds

     5.00     08/01/2030      $ 40      $ 45,859  

Washington (State of), Series 2016 B, Ref. GO Bonds

     5.00     08/01/2032        10        11,456  

Washington (State of), Series 2016 R, Ref. GO Bonds

     5.00     08/01/2028        35        40,240  

Washington (State of), Series 2016 R, Ref. GO Bonds

     5.00     08/01/2030        25        28,662  

Washington (State of), Series 2016 R, Ref. GO Bonds

     5.00     07/01/2032        30        33,669  

Washington (State of), Series 2020 C, GO Bonds

     5.00     02/01/2026        90        102,503  
          

 

 

 
             649,589  
          

 

 

 

Wisconsin-2.60%

          

Wisconsin (State of), Series 2018 A, RB

     5.00     06/01/2026        200        229,550  

Wisconsin (State of), Series 2019 A, Ref. RB

     5.00     05/01/2026        60        68,395  

Wisconsin (State of) Department of Transportation, Series 2017 2, Ref. RB

     5.00     07/01/2026        20        23,007  

Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016 A, Ref. RB(a)(b)

     3.13     05/15/2026        25        26,681  

Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016 A, Ref. RB

     4.50     11/15/2039        100        110,021  

Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health), Series 2016 A, Ref. RB

     4.00     11/15/2046        235        255,024  
          

 

 

 
             712,678  
          

 

 

 

TOTAL INVESTMENTS IN SECURITIES(e)-98.47%
(Cost $27,574,978)

             27,018,232  

OTHER ASSETS LESS LIABILITIES-1.53%

             420,202  
          

 

 

 

NET ASSETS-100.00%

           $ 27,438,434  
          

 

 

 

Investment Abbreviations:

AGM

-Assured Guaranty Municipal Corp.

BAM

-Build America Mutual Assurance Co.

CEP

-Credit Enhancement Provider

COP

-Certificates of Participation

GO

-General Obligation

INS

-Insurer

NATL

-National Public Finance Guarantee Corp.

RB

-Revenue Bonds

Ref.

-Refunding

Wts.

-Warrants

Notes to Schedule of Investments:

(a) 

Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

(b) 

Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

(c) 

Principal and/or interest payments are secured by the bond insurance company listed.

(d) 

Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at February 28, 2022 was $228,000, which represented less than 1% of the Fund’s Net Assets.

(e) 

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.

 

 

  150  

 

 

 

 

 

 

 


 

Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)–(continued)

February 28, 2022

(Unaudited)

 

 

 Portfolio Composition

 Revenue Type Breakdown (% of the Fund’s Net Assets)

 as of February 28, 2022

     

Ad Valorem Property Tax

     15.63                                      

Health, Hospital, Nursing Home Revenue

     15.32     

Miscellaneous Revenue

     9.98     

Water Revenue

     7.92     

College & University Revenue

     7.02     

Lease Revenue

     6.81     

General Fund

     5.30     

Port, Airport & Marina Revenue

     5.02     

Transit Revenue

     4.73     

Sales Tax Revenue

     4.37     

Electric Power Revenue

     4.30     

Highway Tolls Revenue

     4.28     

Income Tax Revenue

     3.18     

Revenue Types Each Less Than 3%

     4.61     

Other Assets Less Liabilities

     1.53     

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

 

  151  

 

 

 

 

 

 

 


 

Invesco BulletShares 2027 Municipal Bond ETF (BSMR)

February 28, 2022

(Unaudited)

 

Schedule of Investments

 

    

Interest
Rate

  

  Maturity  
Date

   Principal
Amount
(000)
         Value        

Municipal Obligations-98.93%

           

Alabama-1.41%

           

Tuscaloosa (County of), AL Board of Education, Series 2017, Revenue Wts.

   4.00%    02/01/2047    $ 260      $ 281,453  
           

 

 

 

Arizona-1.77%

           

Arizona (State of), Series 2019 A, Ref. COP(a)

   5.00%    10/01/2027      100        118,764  

Salt River Project Agricultural Improvement & Power District, Series 2016 A, Ref. RB

   5.00%    01/01/2027      200        233,851  
           

 

 

 
              352,615  
           

 

 

 

California-18.95%

           

Bay Area Toll Authority (San Francisco Bay Area), Series 2017 F-1, RB

   4.00%    04/01/2056      10        10,904  

Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB

   5.00%    04/01/2027      25        29,341  

Beverly Hills Unified School District, Series 2019 A, GO Bonds

   3.00%    08/01/2044      150        152,283  

California (State of), Series 2017, Ref. GO Bonds

   5.00%    08/01/2027      15        17,259  

California (State of), Series 2017, Ref. GO Bonds

   5.00%    11/01/2030      50        59,108  

California (State of), Series 2019, Ref. GO Bonds

   5.00%    04/01/2027      200        234,297  

California (State of), Series 2019, Ref. GO Bonds

   5.00%    10/01/2027      100        118,528  

California (State of), Series 2020, GO Bonds

   3.00%    03/01/2027      370        397,060  

California (State of), Series 2020, GO Bonds

   5.00%    11/01/2027      75        89,064  

California (State of) Health Facilities Financing Authority (Kaiser Permanente), Subseries 2017 A-1, RB

   5.00%    11/01/2027      135        160,558  

California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. RB

   4.00%    11/15/2040      50        55,068  

California (State of) Health Facilities Financing Authority (Sutter Health), Series 2017 A, Ref. RB

   5.00%    11/15/2038      250        292,518  

California (State of) Health Facilities Financing Authority (Sutter Health), Series 2017 A, Ref. RB

   5.00%    11/15/2048      200        232,837  

East Bay Municipal Utility District Water System Revenue, Series 2017 B, Ref. RB

   5.00%    06/01/2031      25        29,362  

Etiwanda School District (Election of 2016), Series 2017 A, GO Bonds

   5.00%    08/01/2046      180        208,609  

Jurupa Unified School District, Series 2017 B, GO Bonds

   4.00%    08/01/2041      55        60,379  

Los Angeles (City of), CA Department of Airports, Series 2020 B, Ref. RB

   5.00%    05/15/2027      30        35,165  

Los Angeles (City of), CA Department of Water & Power, Series 2017 A, Ref. RB

   5.00%    07/01/2044      300        344,414  

Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB

   4.00%    07/01/2027      45        50,857  

Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2017 A, RB

   5.00%    07/01/2042      200        233,233  

Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB

   5.00%    07/01/2027      10        11,829  

Los Angeles Unified School District, Series 2019 A, Ref. GO Bonds

   5.00%    07/01/2027      10        11,790  

Marin (County of), CA Healthcare District (Election of 2013), Series 2017 A, GO Bonds

   4.00%    08/01/2047      45        49,552  

Norman Y Mineta San Jose International Airport SJC, Series 2017 B, Ref. RB

   5.00%    03/01/2042      10        11,446  

Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB

   5.00%    06/01/2038      200        237,103  

San Diego (City of), CA Association of Governments (Mid Coast Corridor; Green Bonds), Series 2019, RB

   1.80%    11/15/2027      250        252,436  

San Francisco Bay Area Rapid Transit District (Election of 2016) (Green Bonds), Series 2017 A, GO Bonds

   5.00%    08/01/2047      90        104,337  

San Jose Unified School District (Election of 2012), Series 2018 E, GO Bonds

   4.00%    08/01/2042      100        110,103  

Santa Monica (City of), CA Public Financing Authority (Green Bonds), Series 2017, RB

   4.00%    07/01/2047      20        21,977  

Turlock (City of), CA Irrigation District, Series 2016, Ref. RB

   5.00%    01/01/2046      130        149,052  
           

 

 

 
              3,770,469  
           

 

 

 

Colorado-0.82%

           

Arapahoe County School District No. 6 Littleton, Series 2019 A, GO Bonds

   5.50%    12/01/2027      85        103,353  

Colorado (State of), Series 2020 A, COP

   5.00%    12/15/2027      10        11,889  

Regional Transportation District (Fastracks), Series 2013 A, Ref. RB

   5.00%    11/01/2027      40        47,573  
           

 

 

 
              162,815  
           

 

 

 

Connecticut-0.98%

           

Connecticut (State of), Series 2016 A, RB

   5.00%    09/01/2027      25        28,759  

Connecticut (State of), Series 2016 B, Ref. GO Bonds

   5.00%    05/15/2027      25        28,549  

Connecticut (State of), Series 2020 A, RB

   5.00%    05/01/2027      20        23,465  

University of Connecticut, Series 2017 A, RB

   5.00%    01/15/2033      100        114,963  
           

 

 

 
              195,736  
           

 

 

 

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

 

  152  

 

 

 

 

 

 

 


 

Invesco BulletShares 2027 Municipal Bond ETF (BSMR)–(continued)

February 28, 2022

(Unaudited)

 

    

Interest
Rate

  

  Maturity  
Date

   Principal
Amount
(000)
         Value        

District of Columbia-3.51%

           

Washington Metropolitan Area Transit Authority, Series 2017 B, RB

   5.00%    07/01/2035    $ 600      $ 697,706  
           

 

 

 

Florida-3.40%

           

Florida (State of), Series 2016 A, Ref. GO Bonds

   5.00%    07/01/2027      40        46,032  

Florida (State of), Series 2016 A, Ref. RB

   5.00%    07/01/2027      45        51,766  

Miami (City of) & Dade (County of), FL School Board, Series 2016 B, Ref. COP

   5.00%    08/01/2027      20        22,902  

Miami (City of), FL Health Facilities Authority (Miami Jewish Health), Series 2017, Ref. RB

   5.13%    07/01/2046      100        98,828  

Miami-Dade (County of), FL, Series 2017 A, RB

   3.38%    10/01/2047      40        41,668  

Miami-Dade (County of), FL Water & Sewer System, Series 2017 B, Ref. RB

   5.00%    10/01/2027      45        53,338  

Orange (County of), FL School Board, Series 2016 B, Ref. COP

   5.00%    08/01/2027      10        11,566  

Tampa (City of) & Hillsborough (County of), FL Expressway Authority, Series 2017, RB

   5.00%    07/01/2047      305        350,647  
           

 

 

 
              676,747  
           

 

 

 

Georgia-4.73%

           

Atlanta (City of), GA, Series 2018, Ref. RB

   5.00%    11/01/2041      55        64,720  

Georgia (State of), Series 2016 E, Ref. GO Bonds

   5.00%    12/01/2027      200        233,281  

Georgia (State of), Series 2016 F, Ref. GO Bonds

   5.00%    01/01/2027      540        632,227  

Georgia (State of), Series 2016 F, Ref. GO Bonds

   5.00%    07/01/2027      10        11,689  
           

 

 

 
              941,917  
           

 

 

 

Hawaii-0.95%

           

Hawaii (State of), Series 2016 FB, GO Bonds

   5.00%    04/01/2027      10        11,417  

Hawaii (State of), Series 2017 FK, GO Bonds

   5.00%    05/01/2027      35        41,236  

Hawaii (State of), Series 2017 FN, Ref. GO Bonds

   5.00%    10/01/2027      50        59,500  

Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2020 B, Ref. GO Bonds

   5.00%    03/01/2027      65        76,165  
           

 

 

 
              188,318  
           

 

 

 

Idaho-0.41%

           

Idaho (State of) Housing & Finance Association, Series 2017 A, Ref. RB

   5.00%    07/15/2027      70        82,368  
           

 

 

 

Illinois-7.12%

           

Chicago (City of), IL, Series 2017 A, Ref. GO Bonds

   6.00%    01/01/2038      200        231,980  

Chicago O’Hare International Airport, Series 2017 C, Ref. RB

   5.00%    01/01/2041      100        114,280  

Illinois (State of), Series 2016, Ref. GO Bonds

   5.00%    02/01/2027      100        113,559  

Illinois (State of), Series 2017 C, GO Bonds

   5.00%    11/01/2029      100        114,316  

Illinois (State of), Series 2017 D, GO Bonds

   5.00%    11/01/2027      450        517,535  

Illinois (State of) Finance Authority (Clean Water Initiative), Series 2017, RB

   5.00%    01/01/2027      95        110,548  

Illinois (State of) Finance Authority (Clean Water Initiative), Series 2017, RB

   5.00%    07/01/2030      25        28,902  

Illinois (State of) Finance Authority (The University of Chicago), Series 2018 A, RB

   5.00%    10/01/2048      25        28,967  

Illinois (State of) Toll Highway Authority, Series 2019, Ref. RB

   5.00%    01/01/2027      135        156,683  
           

 

 

 
              1,416,770  
           

 

 

 

Indiana-0.47%

           

Indiana (State of) Finance Authority, Series 2016 C, Ref. RB

   5.00%    06/01/2027      40        46,566  

Indianapolis (City of), IN Department of Public Utilities, Series 2016 B, Ref. RB

   5.00%    10/01/2027      40        46,420  
           

 

 

 
              92,986  
           

 

 

 

Kansas-1.49%

           

Johnson (County of), KS Public Building Commission, Series 2018 A, RB

   4.00%    09/01/2027      10        11,098  

University of Kansas Hospital Authority, Series 2017, Ref. RB

   5.00%    03/01/2047      250        285,928  
           

 

 

 
              297,026  
           

 

 

 

Louisiana-1.02%

           

Jefferson (Parish of), LA Sales Tax District, Series 2019 B, RB, (INS - AGM)(b)

   5.00%    12/01/2042      50        58,885  

Louisiana (State of), Series 2016 B, Ref. GO Bonds

   5.00%    08/01/2027      100        115,294  

Louisiana (State of) (Garvee), Series 2019 A, RB

   5.00%    09/01/2027      25        29,475  
           

 

 

 
              203,654  
           

 

 

 

Maryland-2.55%

           

Maryland (State of), Series 2017 A, GO Bonds

   5.00%    03/15/2027      15        17,641  

Maryland (State of), Series 2017 A, GO Bonds

   5.00%    08/01/2027      25        29,676  

Maryland (State of), Series 2017 A, GO Bonds

   5.00%    08/01/2029      15        17,699  

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

 

  153  

 

 

 

 

 

 

 


 

Invesco BulletShares 2027 Municipal Bond ETF (BSMR)–(continued)

February 28, 2022

(Unaudited)

 

    

Interest
Rate

  

  Maturity  
Date

   Principal
Amount
(000)
         Value        

Maryland-(continued)

           

Maryland (State of) (Bid Group 1), Second Series 2019 A, GO Bonds

   5.00%    08/01/2027    $ 245      $ 290,825  

Maryland (State of) Department of Transportation, Series 2017, RB

   5.00%    09/01/2030      20        23,464  

Maryland (State of) Health & Higher Educational Facilities Authority (MedStar Health), Series 2017 A, RB

   5.00%    05/15/2045      110        127,742  
           

 

 

 
              507,047  
           

 

 

 

Massachusetts-3.23%

           

Massachusetts (Commonwealth of), Series 2005, Ref. RB, (INS - NATL)(b)

   5.50%    01/01/2027      50        58,428  

Massachusetts (Commonwealth of), Series 2017 C, Ref. GO Bonds

   5.00%    10/01/2027      15        17,824  

Massachusetts (Commonwealth of), Series 2018 B, Ref. GO Bonds

   5.00%    07/01/2027      30        35,438  

Massachusetts (State of) Development Finance Agency (Caregroup), Series 2016 I, Ref. RB

   5.00%    07/01/2027      465        530,915  
           

 

 

 
              642,605  
           

 

 

 

Michigan-0.73%

           

Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017 A, Ref. RB

   5.00%    12/01/2037      125        145,280  
           

 

 

 

Minnesota-1.72%

           

Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 A, Ref. RB

   5.00%    01/01/2027      30        34,592  

Minnesota (State of), Series 2017 D, Ref. GO Bonds

   5.00%    10/01/2027      10        11,894  

Minnesota (State of), Series 2019 A, GO Bonds

   5.00%    08/01/2027      250        296,186  
           

 

 

 
              342,672  
           

 

 

 

Mississippi-0.06%

           

Mississippi (State of), Series 2017 A, Ref. GO Bonds

   5.00%    10/01/2027      10        11,900  
           

 

 

 

Missouri-1.53%

           

Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2018 A, Ref. RB

   5.00%    06/01/2027      200        233,247  

St. Louis (City of), MO, Series 2005, RB, (INS - NATL)(b)

   5.50%    07/01/2027      60        71,492  
           

 

 

 
              304,739  
           

 

 

 

Nebraska-0.14%

           

Omaha (City of), NE Public Power District, Series 2016 A, Ref. RB

   5.00%    02/01/2027      25        28,442  
           

 

 

 

New Jersey-2.18%

           

New Jersey (State of) Economic Development Authority, Series 2017 A, RB

   4.00%    11/01/2027      75        82,979  

New Jersey (State of) Economic Development Authority, Series 2017 A, RB

   5.00%    11/01/2027      100        115,968  

New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 B, Ref. RB

   5.00%    07/01/2029      100        118,035  

New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB

   5.00%    07/01/2030      25        29,497  

New Jersey (State of) Health Care Facilities Financing Authority (AHS Hospital Corp.), Series 2016, Ref. RB

   4.00%    07/01/2041      25        27,126  

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        21,776  

New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health), Series 2017 A, Ref. RB

   4.00%    07/01/2047      35        38,182  
           

 

 

 
              433,563  
           

 

 

 

New Mexico-0.55%

           

New Mexico (State of) Hospital Equipment Loan Council (Presbyterian Healthcare), Series 2017, Ref. RB

   4.00%    08/01/2039      100        109,363  
           

 

 

 

New York-16.86%

           

Albany (County of), NY, Series 2018, GO Bonds

   5.00%    04/01/2027      45        51,318  

Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB

   5.00%    02/15/2039      200        229,947  

Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB

   5.00%    02/15/2042      450        516,002  

Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB

   5.00%    11/15/2047      100        114,584  

Metropolitan Transportation Authority (Green Bonds), Series 2017 B, Ref. RB

   5.00%    11/15/2027      205        238,543  

Metropolitan Transportation Authority (Green Bonds), Series 2017 B-1, RB

   5.00%    11/15/2042      250        290,811  

Metropolitan Transportation Authority (Green Bonds), Series 2017 C1, Ref. RB

   5.00%    11/15/2027      50        58,191  

New York & New Jersey (States of) Port Authority, Two Hundred Fifth Series 2017, Ref. RB

   5.25%    11/15/2057      100        118,652  

New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB

   5.00%    07/15/2027      70        82,725  

New York (City of), NY, Series 2008 J9, GO Bonds

   5.00%    08/01/2027      35        40,224  

New York (City of), NY, Series 2017 B-1, GO Bonds

   3.00%    10/01/2034      45        47,262  

New York (City of), NY, Series 2017, Ref. RB

   5.00%    06/15/2037      140        163,027  

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

 

  154  

 

 

 

 

 

 

 


 

Invesco BulletShares 2027 Municipal Bond ETF (BSMR)–(continued)

February 28, 2022

(Unaudited)

 

    

Interest
Rate

  

  Maturity  
Date

   Principal
Amount
(000)
         Value        

New York-(continued)

           

New York (City of), NY, Series 2018 DD, Ref. RB

   5.00%    06/15/2032    $ 15      $ 17,752  

New York (City of), NY Transitional Finance Authority, Series 2017 A, RB

   3.50%    02/01/2038      45        47,380  

New York (City of), NY Transitional Finance Authority, Series 2017 A-2, RB

   5.00%    08/01/2037      25        29,066  

New York (City of), NY Transitional Finance Authority, Series 2017 C, Ref. RB

   5.00%    11/01/2027      35        41,122  

New York (City of), NY Transitional Finance Authority, Series 2017 C, Ref. RB

   5.00%    11/01/2031      35        40,686  

New York (City of), NY Transitional Finance Authority, Series 2017 F-1, RB

   5.00%    05/01/2036      100        115,763  

New York (City of), NY Trust for Cultural Resources (Museum of Modern Arts (The)), Series 2016, Ref. RB

   4.00%    04/01/2027      35        39,052  

New York (State of) Dormitory Authority, Series 2016 A, RB

   5.00%    03/15/2027      60        69,346  

New York (State of) Dormitory Authority, Series 2017 A, Ref. RB

   5.00%    02/15/2032      140        161,825  

New York (State of) Dormitory Authority, Series 2018 1, Ref. RB

   5.00%    01/15/2027      35        40,626  

New York (State of) Dormitory Authority, Series 2019 A, Ref. RB

   5.00%    03/15/2027      195        228,091  

New York (State of) Dormitory Authority (Bidding Group 3), Series 2017 B, Ref. RB

   5.00%    02/15/2041      150        174,031  

New York (State of) Dormitory Authority (Montefiore Obligated Group), Series 2018 A, Ref. RB

   5.00%    08/01/2027      35        39,975  

New York (State of) Dormitory Authority (New School (The)), Series 2016 A, Ref. RB

   5.00%    07/01/2046      100        113,543  

New York (State of) Dormitory Authority (New York University), Series 2019 A, RB

   5.00%    07/01/2027      30        35,438  

New York State Urban Development Corp., Series 2016 A, Ref. RB

   5.00%    03/15/2027      40        45,628  

New York State Urban Development Corp., Series 2017 A, Ref. RB

   5.00%    03/15/2033      20        23,415  

Triborough Bridge & Tunnel Authority, Series 2017 A, RB

   5.00%    11/15/2027      10        11,733  

Triborough Bridge & Tunnel Authority, Series 2017 A, RB

   5.00%    11/15/2047      10        11,559  

Utility Debt Securitization Authority, Series 2017, RB

   5.00%    12/15/2039      100        117,563  
           

 

 

 
              3,354,880  
           

 

 

 

North Carolina-0.52%

           

Mecklenburg (County of), NC, Series 2017 A, GO Bonds

   4.00%    04/01/2029      40        44,865  

North Carolina (State of), Series 2017 B, Ref. RB

   5.00%    05/01/2027      20        23,509  

North Carolina (State of), Series 2017 B, Ref. RB

   5.00%    05/01/2029      30        35,150  
           

 

 

 
              103,524  
           

 

 

 

Ohio-2.83%

           

Franklin (County of), OH (Trinity Health Credit Group), Series 2017 A, RB

   5.00%    12/01/2047      210        241,607  

Franklin (County of), OH (Trinity Health Credit), Series 2017, RB

   4.00%    12/01/2046      145        156,394  

Hamilton (County of), OH, Series 2016 A, Ref. RB

   5.00%    12/01/2027      20        23,771  

Ohio (State of), Series 2017 B, Ref. GO Bonds

   5.00%    09/15/2027      10        11,870  

Ohio (State of), Series 2017 U, Ref. GO Bonds

   5.00%    05/01/2027      10        11,782  

Ohio (State of) Water Development Authority, Series 2019 A, RB

   5.00%    12/01/2027      50        59,639  

Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2017 A, RB

   5.00%    12/01/2029      20        23,512  

Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2017 A, RB

   5.00%    12/01/2031      30        35,069  
           

 

 

 
              563,644  
           

 

 

 

Oklahoma-0.56%

           

Tulsa (County of), OK Industrial Authority (Broken Arrow Public Schools), Series 2019 A, RB

   5.00%    09/01/2027      95        111,949  
           

 

 

 

Oregon-1.01%

           

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        82,639  

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        117,331  
           

 

 

 
              199,970  
           

 

 

 

Pennsylvania-3.85%

           

Geisinger Authority (Geisinger Health System), Series 2017 A-1, Ref. RB

   5.00%    02/15/2045      100        114,922  

Pennsylvania (Commonwealth of), First Series 2016, Ref. GO Bonds

   5.00%    09/15/2027      40        46,079  

Pennsylvania (Commonwealth of), First Series 2017, Ref. GO Bonds

   5.00%    01/01/2027      195        226,658  

Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds

   5.00%    09/15/2027      100        115,196  

Pennsylvania (Commonwealth of), Series 2019, Ref. GO Bonds

   5.00%    07/15/2027      35        41,211  

Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 B, Ref. RB

   5.00%    06/01/2027      15        17,024  

Philadelphia (City of), PA, Series 2017 A, RB

   5.25%    10/01/2052      50        58,817  

Philadelphia (City of), PA Authority for Industrial Development (Children’s Hospital of Philadelphia), Series 2017, Ref. RB

   4.00%    07/01/2035      50        55,503  

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

 

  155  

 

 

 

 

 

 

 


 

Invesco BulletShares 2027 Municipal Bond ETF (BSMR)–(continued)

February 28, 2022

(Unaudited)

 

    

Interest
Rate

  

  Maturity  
Date

   Principal
Amount
(000)
         Value        

Pennsylvania-(continued)

           

Philadelphia (City of), PA Industrial Development Authority (Thomas Jefferson University), Series 2017 A, Ref. RB

   5.00%    09/01/2047    $ 50      $ 56,879  

Philadelphia Gas Works Co. (1998 General Ordinance), Series 2017, Ref. RB

   5.00%    08/01/2042      30        34,446  
           

 

 

 
              766,735  
           

 

 

 

Rhode Island-0.14%

           

Rhode Island Health and Educational Building Corp. (Brown University), Series 2017 A, Ref. RB

   4.00%    09/01/2037      25        27,649  
           

 

 

 

South Carolina-0.35%

           

Lexington County Health Services District, Inc. (Lexmed Obligated Group), Series 2017, Ref. RB

   4.00%    11/01/2031      10        10,987  

South Carolina (State of) Transportation Infrastructure Bank, Series 2017 A, Ref. RB

   5.00%    10/01/2039      50        58,809  
           

 

 

 
              69,796  
           

 

 

 

South Dakota-0.16%

           

South Dakota (State of) Health & Educational Facilities Authority (Avera Health), Series 2017, Ref. RB

   4.00%    07/01/2042      30        32,413  
           

 

 

 

Tennessee-0.14%

           

Tennessee Energy Acquisition Corp., Series 2006 C, RB

   5.00%    02/01/2027      25        28,341  
           

 

 

 

Texas-7.54%

           

Bexar (County of), TX Hospital District, Series 2018, GO Bonds

   5.00%    02/15/2048      75        85,467  

Fort Bend Independent School District, Series 2018, Ref. GO Bonds, (CEP - Texas Permanent School Fund)

   5.00%    08/15/2029      45        53,181  

Fort Bend Independent School District, Series 2018, Ref. GO Bonds, (CEP - Texas Permanent School Fund)

   5.00%    08/15/2030      40        47,135  

Houston (City of), TX, Series 2017 B, Ref. RB

   5.00%    11/15/2027      50        59,337  

Metropolitan Transit Authority of Harris County, Series 2016 A, Ref. RB

   5.00%    11/01/2027      175        203,712  

North Texas Tollway Authority, Series 2017 B, Ref. RB

   5.00%    01/01/2048      30        34,188  

Round Rock Independent School District, Series 2019 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)

   5.00%    08/01/2027      30        35,491  

San Antonio (City of), TX, Series 2017, RB

   5.00%    02/01/2047      140        161,445  

San Antonio (City of), TX, Series 2017, Ref. RB

   5.00%    02/01/2042      250        286,425  

San Antonio (City of), TX, Series 2018, Ref. RB

   5.00%    02/01/2027      150        174,844  

Texas (State of), Series 2017, Ref. GO Bonds

   5.00%    10/01/2032      65        76,814  

Texas (State of), Series 2017, Ref. GO Bonds

   5.00%    10/01/2033      175        206,808  

Texas (State of) Water Development Board, Series 2016, RB

   5.00%    04/15/2027      25        29,018  

Texas (State of) Water Development Board, Series 2017 A, RB

   4.00%    10/15/2032      15        16,818  

Texas A&M University, Series 2017 E, Ref. RB

   5.00%    05/15/2027      25        29,441  
           

 

 

 
              1,500,124  
           

 

 

 

Virginia-1.31%

           

University of Virginia, Series 2017 A, Ref. RB

   5.00%    04/01/2039      160        186,533  

Virginia (State of) College Building Authority, Series 2016 A, RB

   5.00%    02/01/2027      50        56,885  

Virginia (State of) College Building Authority, Series 2019 A, RB

   5.00%    02/01/2027      5        5,831  

Virginia (State of) Commonwealth Transportation Board (Garvee), Series 2017, Ref. RB

   5.00%    03/15/2027      10        11,697  
           

 

 

 
              260,946  
           

 

 

 

Washington-2.38%

           

Energy Northwest (No. 3), Series 2018, Ref. RB

   5.00%    07/01/2027      35        41,305  

King County School District No. 405 Bellevue, Series 2016, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)

   5.00%    12/01/2027      100        116,416  

Puyallup School District No. 3 (Washing State School District Credit Enhancement Program), Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)

   5.00%    12/01/2035      25        29,170  

Washington (State of), Series 2017 A, GO Bonds

   5.00%    08/01/2033      10        11,677  

Washington (State of), Series 2017 C, Ref. GO Bonds

   5.00%    08/01/2027      20        23,683  

Washington (State of), Series 2017 C, Ref. GO Bonds

   5.00%    08/01/2029      35        41,386  

Washington (State of), Series 2017 D, GO Bonds

   5.00%    02/01/2040      80        91,858  

Washington (State of), Series 2017 F, Ref. GO Bonds

   5.00%    08/01/2030      30        35,371  

Washington (State of), Series 2017 R, Ref. GO Bonds

   5.00%    08/01/2027      10        11,842  

Washington (State of), Series 2017 R, Ref. GO Bonds

   5.00%    08/01/2032      60        70,198  
           

 

 

 
              472,906  
           

 

 

 

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

 

  156  

 

 

 

 

 

 

 


 

Invesco BulletShares 2027 Municipal Bond ETF (BSMR)–(continued)

February 28, 2022

(Unaudited)

 

    

Interest
Rate

  

  Maturity  
Date

   Principal
Amount
(000)
         Value        

Wisconsin-1.56%

           

Wisconsin (State of), Series 2017 2, Ref. GO Bonds

   5.00%    11/01/2027    $ 20      $ 23,465  

Wisconsin (State of), Series 2017 3, Ref. GO Bonds

   5.00%    11/01/2032      10        11,689  

Wisconsin (State of), Series 2017, Ref. GO Bonds

   5.00%    11/01/2027      235        275,719  
           

 

 

 
              310,873  
           

 

 

 

TOTAL INVESTMENTS IN SECURITIES(c)-98.93%
(Cost $20,164,761)

              19,689,941  

OTHER ASSETS LESS LIABILITIES-1.07%

              212,176  
           

 

 

 

NET ASSETS-100.00%

            $ 19,902,117  
           

 

 

 

 

Investment Abbreviations:

AGM

  -Assured Guaranty Municipal Corp.

CEP

  -Credit Enhancement Provider

COP

  -Certificates of Participation

GO

  -General Obligation

INS

  -Insurer

NATL

 

-National Public Finance Guarantee Corp.

RB

  -Revenue Bonds

Ref.

  -Refunding

Wts.

  - Warrants

Notes to Schedule of Investments:

(a) 

Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

(b) 

Principal and/or interest payments are secured by the bond insurance company listed.

(c) 

Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. No concentration of any single entity was greater than 5% each.

 Portfolio Composition

 Revenue Type Breakdown (% of the Fund’s Net Assets)

 as of February 28, 2022

     

Miscellaneous Revenue

    17.41                                                  

Health, Hospital, Nursing Home Revenue

    15.42    

Ad Valorem Property Tax

    14.26    

Sales Tax Revenue

    7.01    

General Fund

    6.88    

Water Revenue

    6.05    

Electric Power Revenue

    5.96    

Transit Revenue

    5.00    

Income Tax Revenue

    4.56    

Lease Revenue

    3.82    

College & University Revenue

    3.29    

Highway Tolls Revenue

    3.13    

Revenue Types Each Less Than 3%

    6.14    

Other Assets Less Liabilities

    1.07    

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

 

  157  

 

 

 

 

 

 

 


 

Invesco BulletShares 2028 Municipal Bond ETF (BSMS)

February 28, 2022

(Unaudited)

 

Schedule of Investments

 

    

Interest
Rate

  

  Maturity  
Date

   Principal
Amount
(000)
         Value        

Municipal Obligations-99.00%

           

Arizona-1.33%

           

Maricopa (County of), AZ Special Health Care District, Series 2021 D, GO Bonds

   5.00%    07/01/2028    $ 50      $ 60,023  

Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB

   5.00%    01/01/2037      175        207,271  
           

 

 

 
              267,294  
           

 

 

 

Arkansas-0.18%

           

Fort Smith (City of), AR, Series 2018, Ref. RB

   5.00%    10/01/2034      30        36,010  
           

 

 

 

California-13.88%

           

California (State of), Series 2017, Ref. GO Bonds

   5.00%    08/01/2028      105        123,739  

California (State of), Series 2019, Ref. GO Bonds

   5.00%    11/01/2037      200        240,748  

California (State of), Series 2020, Ref. GO Bonds

   5.00%    11/01/2028      100        121,370  

California (State of) Statewide Communities Development Authority (Adventist Health System), Series 2018, Ref. RB

   4.00%    03/01/2048      120        131,495  

California State University, Series 2018 A, Ref. RB

   5.00%    11/01/2043      195        233,994  

Chaffey Community College District, Series 2019 A, GO Bonds

   3.00%    06/01/2046      185        187,091  

Los Angeles (City of), CA Department of Water & Power, Series 2018 B, Ref. RB

   5.00%    07/01/2043      200        238,104  

Los Angeles (City of), CA Department of Water & Power, Series 2018 D, Ref. RB

   5.00%    07/01/2048      140        165,476  

Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB

   5.00%    07/01/2031      55        66,382  

Los Angeles County Facilities, Inc. (Vermont Corridor County Administration Building), Series 2018 A, RB

   5.00%    12/01/2043      150        180,453  

Orange County Sanitation District, Series 2017 A, Ref. RB

   5.00%    02/01/2028      100        117,184  

San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2018 A, RB

   4.00%    10/01/2043      200        222,409  

San Francisco (City of), CA Public Utilities Commission (Green Bonds), Series 2017 D, Ref. RB

   5.00%    11/01/2028      85        101,092  

San Leandro Unified School District, Series 2020 A, GO Bonds, (INS - BAM)(a)

   4.00%    08/01/2043      150        168,149  

Santa Ana Unified School District, Series 2021 B, GO Bonds, (INS - AGM)(a)

   2.13%    08/01/2050      100        82,396  

Santa Barbara Unified School District (Election of 2016), Series 2019 B, GO Bonds

   4.00%    08/01/2044      50        56,037  

University of California (Limited), Series 2018 O, Ref. RB

   5.00%    05/15/2038      125        149,154  

University of California (Limited), Series 2018 O, Ref. RB

   5.00%    05/15/2048      175        207,250  
           

 

 

 
              2,792,523  
           

 

 

 

Colorado-2.91%

           

Arapahoe County School District No. 6 Littleton, Series 2019 A, GO Bonds

   5.50%    12/01/2028      50        62,491  

Arapahoe County School District No. 6 Littleton, Series 2019 A, GO Bonds

   5.50%    12/01/2043      30        36,975  

Colorado (State of) Health Facilities Authority (Adventist Health System/Sunbelt Obligated Group), Series 2018, RB

   4.00%    11/15/2048      25        27,395  

Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB

   5.00%    01/01/2028      10        11,840  

Jefferson County School District R-1, Series 2018, GO Bonds

   5.00%    12/15/2033      75        91,227  

Larimer County School District No. R-1 Poudre, Series 2018, GO Bonds

   5.00%    12/15/2034      25        30,399  

University of Colorado, Series 2017 A-2, Ref. RB(b)(c)

   4.00%    06/01/2028      15        17,194  

University of Colorado, Series 2017 A-2, Ref. RB

   5.00%    06/01/2031      40        47,970  

University of Colorado, Series 2017 A-2, Ref. RB

   4.00%    06/01/2038      230        259,425  
           

 

 

 
              584,916  
           

 

 

 

Connecticut-1.89%

           

Connecticut (State of), Series 2019 B, Ref. GO Bonds

   5.00%    02/15/2028      100        119,267  

Connecticut (State of), Series 2021 A, GO Bonds

   4.00%    01/15/2028      230        260,702  
           

 

 

 
              379,969  
           

 

 

 

District of Columbia-1.49%

           

District of Columbia, Series 2018 B, Ref. GO Bonds

   5.00%    06/01/2030      30        35,974  

District of Columbia, Series 2020 A, RB

   5.00%    03/01/2028      25        29,973  

District of Columbia Water & Sewer Authority, Series 2018 B, RB

   5.00%    10/01/2049      200        234,912  
           

 

 

 
              300,859  
           

 

 

 

Florida-2.72%

           

Central Florida Expressway Authority, Series 2018, RB

   5.00%    07/01/2048      20        23,405  

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

 

  158  

 

 

 

 

 

 

 


 

Invesco BulletShares 2028 Municipal Bond ETF (BSMS)–(continued)

February 28, 2022

(Unaudited)

 

    

Interest
Rate

  

  Maturity  
Date

   Principal
Amount
(000)
         Value        

Florida-(continued)

           

Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGM)(a)

   5.00%    07/01/2028    $ 20      $ 24,130  

Gainesville (City of), FL, Series 2017 A, RB

   5.00%    10/01/2028      85        100,749  

Hillsborough (County of), FL School Board (Master Lease Program), Series 2017, Ref. COP

   5.00%    07/01/2028      35        40,855  

JEA Water & Sewer System, Series 2017 A, Ref. RB

   5.00%    10/01/2028      25        29,809  

Lee Memorial Health System, Series 2019 A-1, Ref. RB

   5.00%    04/01/2028      15        17,768  

Miami-Dade (County of), FL Transit System, Series 2018, RB

   4.00%    07/01/2045      175        193,585  

Miami-Dade (County of), FL Water & Sewer System, Series 2017 B, Ref. RB

   5.00%    10/01/2028      40        47,553  

Sarasota (County of), FL Public Hospital District (Sarasota Memorial Hospital), Series 1998 B, Ref. RB, (INS - NATL)(a)

   5.50%    07/01/2028      40        46,996  

South Broward Hospital District (South Broward Hospital District Obligated Group), Series 2018, RB

   4.00%    05/01/2048      20        21,689  
           

 

 

 
              546,539  
           

 

 

 

Georgia-2.52%

           

Georgia (State of), Series 2018 A, GO Bonds

   3.25%    07/01/2037      200        216,061  

Georgia (State of) Road & Tollway Authority (Garvee), Series 2020, RB

   5.00%    06/01/2028      50        60,016  

Municipal Electric Authority of Georgia (Plant Vogtle Units 3&4), Series 2019, RB

   5.00%    01/01/2056      200        232,129  
           

 

 

 
              508,206  
           

 

 

 

Hawaii-0.80%

           

Hawaii (State of), Series 2018 FT, GO Bonds

   3.25%    01/01/2035      10        10,693  

Hawaii (State of), Series 2019 FW, GO Bonds

   5.00%    01/01/2028      60        71,814  

Honolulu (City & County of), HI, Series 2018 A, RB

   3.25%    07/01/2047      75        78,999  
           

 

 

 
              161,506  
           

 

 

 

Illinois-4.04%

           

Cook (County of), IL, Series 2021 A, Ref. GO Bonds

   5.00%    11/15/2028      50        59,542  

Illinois (State of), Series 2017 D, GO Bonds

   5.00%    11/01/2028      100        114,578  

Illinois (State of), Series 2018 A, GO Bonds

   4.63%    05/01/2037      90        98,622  

Illinois (State of), Series 2018 B, Ref. GO Bonds

   5.00%    10/01/2033      120        137,188  

Illinois (State of) Toll Highway Authority, Series 2017 A, RB

   5.00%    01/01/2039      250        290,939  

Regional Transportation Authority, Series 2017 A, Ref. RB

   5.00%    07/01/2028      75        88,679  

Sales Tax Securitization Corp., Series 2018 A, Ref. RB

   5.00%    01/01/2040      5        5,764  

Sales Tax Securitization Corp., Series 2018 A, Ref. RB

   5.00%    01/01/2048      15        17,169  
           

 

 

 
              812,481  
           

 

 

 

Indiana-1.04%

           

Indiana (State of) Finance Authority (Green Bonds), Series 2018 A, RB

   5.00%    02/01/2033      175        209,551  
           

 

 

 

Louisiana-0.14%

           

Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Bossier City), Series 2018, RB

   4.00%    12/01/2043      25        28,021  
           

 

 

 

Maryland-2.24%

           

Maryland (State of), Second Series 2018, GO Bonds

   5.00%    08/01/2031      125        151,000  

Maryland (State of), Second Series 2018, GO Bonds

   4.00%    08/01/2032      200        228,472  

Maryland (State of), Series 2020 A, GO Bonds

   5.00%    03/15/2028      60        72,266  
           

 

 

 
              451,738  
           

 

 

 

Massachusetts-4.43%

           

Massachusetts (Commonwealth of), Series 2019 C, Ref. GO Bonds

   5.00%    05/01/2028      55        66,222  

Massachusetts (Commonwealth of), Series 2019 F, GO Bonds

   5.00%    05/01/2028      210        252,847  

Massachusetts (Commonwealth of), Series 2020 E, GO Bonds

   5.00%    11/01/2028      200        243,445  

Massachusetts (State of) Health & Educational Facilities Authority (Institute of Technology), Series 1998 I, RB

   5.20%    01/01/2028      90        108,611  

Massachusetts (State of) School Building Authority, Series 2018 A, RB

   4.00%    02/15/2043      200        221,493  
           

 

 

 
              892,618  
           

 

 

 

Michigan-0.56%

           

Great Lakes Water Authority, Series 2018 A, Ref. RB

   5.00%    07/01/2028      95        113,729  
           

 

 

 

Minnesota-2.12%

           

Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 A, Ref. RB

   5.00%    01/01/2028      40        46,148  

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

 

  159  

 

 

 

 

 

 

 


 

Invesco BulletShares 2028 Municipal Bond ETF (BSMS)–(continued)

February 28, 2022

(Unaudited)

 

    

Interest
Rate

  

  Maturity  
Date

   Principal
Amount
(000)
         Value        

Minnesota-(continued)

           

Minnesota (State of), Series 2018 A, GO Bonds

   5.00%    08/01/2028    $ 25      $ 30,301  

Minnesota (State of), Series 2018 A, GO Bonds

   5.00%    08/01/2034      10        12,045  

Minnesota (State of), Series 2018 A, GO Bonds

   5.00%    08/01/2037      25        30,064  

Minnesota (State of), Series 2019 A, GO Bonds

   5.00%    08/01/2028      100        121,206  

Minnesota (State of), Series 2020 A, GO Bonds

   5.00%    08/01/2028      125        151,508  

North St. Paul-Maplewood-Oakdale Independent School District No. 622, Series 2019 A, GO Bonds

   3.00%    02/01/2041      35        36,127  
           

 

 

 
              427,399  
           

 

 

 

Mississippi-0.48%

           

West Rankin Utility Authority, Series 2018, RB(b)(c)

   5.00%    01/01/2028      80        95,801  
           

 

 

 

Missouri-0.14%

           

Springfield School District No. R-12, Series 2017, Ref. GO Bonds

   4.00%    03/01/2030      25        28,464  
           

 

 

 

Nevada-1.48%

           

Clark (County of), NV, Series 2018 B, GO Bonds

   5.00%    12/01/2033      50        60,406  

Clark (County of), NV (Las Vegas-McCarran International Airport), Series 2019, Ref. RB

   5.00%    07/01/2028      100        119,847  

Las Vegas (City of), NV Convention & Visitors Authority, Series 2018 B, RB

   5.00%    07/01/2043      100        116,642  
           

 

 

 
              296,895  
           

 

 

 

New Jersey-6.52%

           

New Jersey (State of), Series 2020 A, GO Bonds

   5.00%    06/01/2028      195        231,766  

New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB

   3.25%    06/15/2039      220        221,471  

New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB

   3.50%    06/15/2046      150        151,516  

New Jersey (State of) Transportation Trust Fund Authority, Series 2019, RB

   5.25%    06/15/2043      200        231,691  

New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB

   5.00%    01/01/2033      100        117,892  

New Jersey (State of) Turnpike Authority, Series 2017 E, Ref. RB

   5.00%    01/01/2030      60        71,128  

New Jersey (State of) Turnpike Authority, Series 2017 G, Ref. RB

   5.00%    01/01/2036      135        158,814  

South Jersey Port Corp., Series 2017 A, RB

   5.00%    01/01/2049      115        128,077  
           

 

 

 
              1,312,355  
           

 

 

 

New York-19.80%

           

Metropolitan Transportation Authority, Series 2017 D, Ref. RB

   5.00%    11/15/2032      200        229,849  

Metropolitan Transportation Authority, Series 2017 D, Ref. RB

   5.00%    11/15/2035      70        80,433  

Metropolitan Transportation Authority, Series 2017 D, Ref. RB

   4.00%    11/15/2046      145        153,448  

Metropolitan Transportation Authority (Green Bonds), Series 2017 C-1, Ref. RB

   4.00%    11/15/2035      150        161,385  

New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB

   5.00%    07/15/2030      150        180,558  

New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB

   5.00%    07/15/2036      100        119,924  

New York (City of), NY, Series 2019 DD-1, RB

   4.00%    06/15/2049      200        218,659  

New York (City of), NY, Series 2020 B-1, Ref. GO Bonds

   5.00%    11/01/2028      200        241,896  

New York (City of), NY, Subseries 2018 F-1, GO Bonds

   5.00%    04/01/2033      90        106,682  

New York (City of), NY, Subseries 2018 F-1, GO Bonds

   5.00%    04/01/2043      100        116,772  

New York (City of), NY Transitional Finance Authority, Series 2018 C-2, RB

   5.00%    05/01/2036      75        88,538  

New York (City of), NY Transitional Finance Authority, Series 2018 S-2A, Ref. RB

   5.00%    07/15/2035      150        179,326  

New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB

   5.00%    11/01/2028      175        212,150  

New York (City of), NY Transitional Finance Authority, Subseries 2018, RB

   5.00%    08/01/2036      160        189,943  

New York (State of) Dormitory Authority, Series 2018 A, RB

   5.00%    07/01/2039      120        143,676  

New York (State of) Dormitory Authority, Series 2018 A, RB

   5.00%    03/15/2045      100        117,265  

New York (State of) Dormitory Authority, Series 2018 E, Ref. RB

   5.00%    03/15/2039      275        328,113  

New York (State of) Dormitory Authority, Series 2019 A, Ref. RB

   5.00%    03/15/2028      25        29,887  

New York (State of) Dormitory Authority (Bid Group 2), Series 2018 A, RB

   5.00%    03/15/2033      105        124,331  

New York (State of) Dormitory Authority (Bid Group 3), Series 2018 A, RB

   5.00%    03/15/2038      150        177,116  

New York (State of) Dormitory Authority (Bid Group 4), Series 2018 C, Ref. RB

   5.00%    03/15/2038      250        295,193  

New York (State of) Dormitory Authority (Columbia University), Series 2018 B, Ref. RB

   5.00%    10/01/2038      235        280,162  

New York State Urban Development Corp., Series 2019 A, RB

   5.00%    03/15/2035      125        149,482  

Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB

   5.00%    11/15/2028      50        60,592  
           

 

 

 
              3,985,380  
           

 

 

 

North Carolina-1.20%

           

North Carolina (State of) (Build North Carolina Programs), Series 2020 B, RB

   5.00%    05/01/2028      200        240,546  
           

 

 

 

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

 

  160  

 

 

 

 

 

 

 


 

Invesco BulletShares 2028 Municipal Bond ETF (BSMS)–(continued)

February 28, 2022

(Unaudited)

 

    

Interest
Rate

  

  Maturity  
Date

   Principal
Amount
(000)
         Value        

Ohio-2.97%

           

Columbus (City of), OH, Series 2016 3, Ref. GO Bonds

   5.00%    02/15/2028    $ 15      $ 17,525  

Columbus (City of), OH, Series 2018 A, GO Bonds

   5.00%    04/01/2030      25        30,437  

Columbus (City of), OH, Series 2018 A, GO Bonds

   5.00%    04/01/2034      25        30,334  

Miami Valley Career Technology Center, Series 2018, GO Bonds

   3.75%    12/01/2047      35        38,004  

Northeast Ohio Regional Sewer District, Series 2017, Ref. RB

   3.25%    11/15/2040      30        31,885  

Ohio (State of), Series 2016 A, Ref. GO Bonds

   5.00%    09/01/2028      65        78,884  

Ohio (State of) (Cleveland Clinic Health System), Series 2017, Ref. RB

   5.00%    01/01/2033      45        53,271  

Ohio (State of) (Cleveland Clinic Health System), Series 2017, Ref. RB

   4.00%    01/01/2036      125        139,062  

Ohio (State of) Turnpike & Infrastructure Commission, Series 2018 A, RB

   5.00%    02/15/2030      150        177,836  
           

 

 

 
              597,238  
           

 

 

 

Oklahoma-0.68%

           

Oklahoma (State of) Turnpike Authority, Series 2017 D, Ref. RB

   5.00%    01/01/2028      115        137,076  
           

 

 

 

Oregon-0.62%

           

University of Oregon, Series 2018 A, RB

   5.00%    04/01/2048      105        123,991  
           

 

 

 

Pennsylvania-4.82%

           

Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue), Series 2018 A, Ref. RB

   4.00%    04/01/2037      20        21,993  

Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue), Series 2018 A, Ref. RB

   4.00%    04/01/2044      55        59,640  

Bucks (County of), PA Industrial Development Authority (St. Luke’s University Health Network), Series 2019, RB

   3.00%    08/15/2050      180        174,891  

Montgomery (County of), PA Higher Education and Health Authority (Thomas Jefferson University), Series 2018, Ref. RB

   4.00%    09/01/2049      5        5,403  

Pennsylvania (Commonwealth of), First Series 2020, GO Bonds

   5.00%    05/01/2028      200        239,669  

Pennsylvania (Commonwealth of), Second Series 2016, Ref. GO Bonds

   5.00%    01/15/2028      200        231,841  

Pennsylvania (Commonwealth of) Turnpike Commission, Series 2018 A, RB

   5.00%    12/01/2048      200        235,727  
           

 

 

 
              969,164  
           

 

 

 

South Carolina-0.51%

           

Spartanburg (City of), SC Regional Health Services District, Series 2017 A, Ref. RB

   3.63%    04/15/2039      25        26,268  

Spartanburg (City of), SC Regional Health Services District, Series 2017 A, Ref. RB

   4.00%    04/15/2043      70        75,874  
           

 

 

 
              102,142  
           

 

 

 

Tennessee-1.36%

           

Memphis (City of), TN, Series 2020, Ref. GO Bonds

   4.00%    05/01/2045      150        166,635  

Nashville & Davidson (Counties of), TN Metropolitan Government, Series 2017, GO Bonds

   4.00%    07/01/2028      95        106,855  
           

 

 

 
              273,490  
           

 

 

 

Texas-9.79%

           

Dallas (City of), TX, Series 2018 C, RB

   4.00%    10/01/2043      150        170,874  

Dallas (County of), TX Utility & Reclamation District, Series 2016, Ref. GO Bonds

   5.00%    02/15/2028      20        23,542  

Grand Parkway Transportation Corp., Series 2018 A, RB

   5.00%    10/01/2033      60        71,059  

Harris (County of), TX Toll Road Authority (The), Series 2018 A, Ref. RB

   4.00%    08/15/2038      155        174,226  

Houston (City of), TX, Series 2017 A, Ref. GO Bonds

   5.00%    03/01/2028      110        128,086  

Houston (City of), TX, Series 2018 B, Ref. RB

   5.00%    07/01/2028      50        59,526  

Hurst-Euless-Bedford Independent School District, Series 2017 A, Ref. GO Bonds

   5.00%    08/15/2028      150        177,876  

San Antonio (City of), TX, Series 2019, Ref. GO Bonds

   5.00%    08/01/2028      160        192,520  

Texas (State of) Water Development Board, Series 2018 A, RB

   5.00%    10/15/2028      20        23,984  

Texas (State of) Water Development Board, Series 2018 A, RB

   5.00%    10/15/2031      75        90,080  

Texas (State of) Water Development Board, Series 2018 A, RB

   4.00%    04/15/2048      130        145,047  

Texas (State of) Water Development Board, Series 2018 B, RB

   5.00%    04/15/2030      200        243,851  

Texas (State of) Water Development Board, Series 2018 B, RB

   5.00%    04/15/2049      150        178,052  

Texas Municipal Gas Acquisition & Supply Corp. III, Series 2021, Ref. RB

   5.00%    12/15/2028      250        292,618  
           

 

 

 
              1,971,341  
           

 

 

 

Utah-0.11%

           

Salt Lake (City of), UT (Salt Lake City International Airport), Series 2018 B, RB

   5.00%    07/01/2048      20        23,060  
           

 

 

 

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

 

  161  

 

 

 

 

 

 

 


 

Invesco BulletShares 2028 Municipal Bond ETF (BSMS)–(continued)

February 28, 2022

(Unaudited)

 

    

Interest
Rate

  

  Maturity  
Date

   Principal
Amount
(000)
         Value        

Virginia-1.12%

           

Virginia (State of) Commonwealth Transportation Board (Garvee), Series 2017, Ref. RB

   5.00%    03/15/2028    $ 190      $ 226,086  
           

 

 

 

Washington-2.93%

           

Energy Northwest (No. 1), Series 2017 A, Ref. RB

   5.00%    07/01/2028      100        117,732  

Snohomish County School District No. 201 Snohomish, Series 2020, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)

   5.00%    12/01/2028      200        243,874  

Washington (State of), Series 2017 R, Ref. GO Bonds

   5.00%    08/01/2028      45        53,210  

Washington (State of), Series 2018 C, GO Bonds

   5.00%    02/01/2041      40        47,120  

Whatcom (County of), WA Bellingham School District No. 501, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)

   5.00%    12/01/2036      105        127,195  
           

 

 

 
              589,131  
           

 

 

 

West Virginia-1.82%

           

West Virginia (State of) (Bid Group 2), Series 2018 B, GO Bonds

   5.00%    06/01/2037      125        150,024  

West Virginia (State of) Hospital Finance Authority (University Health System), Series 2018 A, RB

   4.00%    06/01/2051      200        216,504  
           

 

 

 
              366,528  
           

 

 

 

Wisconsin-0.36%

           

University of Wisconsin Hospitals & Clinics, Series 2018 A, Ref. RB

   5.00%    04/01/2043      25        29,481  

Wisconsin (State of), Series 2021-2, Ref. GO Bonds

   5.00%    05/01/2028      10        12,021  

Wisconsin (State of) Health & Educational Facilities Authority (Ascension Senior Credit Group), Series 2019, Ref. RB

   5.00%    11/15/2028      25        30,349  
           

 

 

 
              71,851  
           

 

 

 

TOTAL INVESTMENTS IN SECURITIES(d)-99.00%
(Cost $20,426,487)

              19,923,898  

OTHER ASSETS LESS LIABILITIES-1.00%

              202,108  
           

 

 

 

NET ASSETS-100.00%

            $ 20,126,006  
           

 

 

 

 

Investment Abbreviations:

AGM

  -Assured Guaranty Municipal Corp.

BAM

  -Build America Mutual Assurance Co.

CEP

  -Credit Enhancement Provider

COP

  -Certificates of Participation

GO

  -General Obligation

INS

  -Insurer

NATL

 

-National Public Finance Guarantee Corp.

RB

  -Revenue Bonds

Ref.

  -Refunding

Notes to Schedule of Investments:

(a) 

Principal and/or interest payments are secured by the bond insurance company listed.

(b) 

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.

 

 

  162  

 

 

 

 

 

 

 


 

Invesco BulletShares 2028 Municipal Bond ETF (BSMS)–(continued)

February 28, 2022

(Unaudited)

 

 Portfolio Composition

 Revenue Type Breakdown (% of the Fund’s Net Assets)

 as of February 28, 2022

 

     

Ad Valorem Property Tax

    19.66                                                  

Sales Tax Revenue

    13.01    

Water Revenue

    10.25    

College & University Revenue

    7.81    

General Fund

    7.40    

Miscellaneous Revenue

    6.10    

Highway Tolls Revenue

    5.61    

Health, Hospital, Nursing Home Revenue

    5.42    

Income Tax Revenue

    4.37    

Transit Revenue

    4.21    

Port, Airport & Marina Revenue

    3.37    

Appropriations

    3.10    

Revenue Types Each Less Than 3%

    8.69    

Other Assets Less Liabilities

    1.00    

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

 

  163  

 

 

 

 

 

 

 


 

Invesco BulletShares 2029 Municipal Bond ETF (BSMT)

February 28, 2022

(Unaudited)

 

Schedule of Investments

 

    

Interest
Rate

  

  Maturity  
Date

   Principal
Amount
(000)
         Value        

Municipal Obligations-98.77%

           

Alabama-0.86%

           

Madison (City of), AL Water & Wastewater Board, Series 2020, Ref. RB

   3.00%    12/01/2050    $ 100      $ 100,260  

University of Alabama (The), Series 2019 A, Ref. RB

   4.00%    07/01/2034      45        51,147  
           

 

 

 
              151,407  
           

 

 

 

Arizona-1.21%

           

Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016, Ref. RB

   5.00%    01/01/2029      30        36,213  

Maricopa (County of), AZ Special Health Care District, Series 2018 C, GO Bonds

   5.00%    07/01/2029      125        149,908  

Phoenix Civic Improvement Corp., Series 2019 A, RB

   3.00%    07/01/2049      25        25,012  
           

 

 

 
              211,133  
           

 

 

 

California-17.12%

           

California (State of), Series 2019, GO Bonds

   5.00%    04/01/2032      65        79,171  

California (State of), Series 2019, GO Bonds

   4.00%    10/01/2044      175        197,068  

California (State of), Series 2019, Ref. GO Bonds

   5.00%    10/01/2029      75        92,743  

California (State of), Series 2019, Ref. GO Bonds

   5.00%    04/01/2032      25        30,450  

California (State of), Series 2019, Ref. GO Bonds

   5.00%    10/01/2032      50        61,593  

California (State of), Series 2020, GO Bonds

   5.00%    03/01/2029      130        158,867  

California (State of) Department of Veterans Affairs (Veteran’s Farm & Home Purchase), Series 2020 A, RB

   2.45%    12/01/2045      50        47,618  

California (State of) Department of Water Resources, Series 2019 BA, RB

   5.00%    12/01/2029      20        24,658  

California (State of) Department of Water Resources, Series 2019 BA, RB

   5.00%    12/01/2032      10        12,251  

California (State of) Department of Water Resources, Series 2019 BA, RB

   5.00%    12/01/2033      35        42,844  

California (State of) Department of Water Resources (Central Valley), Series 2018, Ref. RB

   5.00%    12/01/2029      75        91,379  

California (State of) Health Facilities Financing Authority (Sutter Health), Series 2019, RB

   4.00%    11/15/2045      100        111,982  

California (State of) Public Works Board (Various Capital), Series 2019 C, RB

   5.00%    11/01/2032      15        18,391  

California (State of) Public Works Board (Various Capital), Series 2019 C, RB

   5.00%    11/01/2033      50        61,251  

California State University, Series 2019 A, RB

   5.00%    11/01/2049      100        120,961  

East Bay Municipal Utility District Water System Revenue (Green Bonds), Series 2019 A, RB

   5.00%    06/01/2049      200        241,603  

Glendale Community College District, Series 2020 B, GO Bonds

   4.00%    08/01/2050      50        55,756  

Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2020 A, Ref. RB

   5.00%    05/15/2036      100        122,157  

Los Angeles (City of), CA Department of Water & Power, Series 2019 A, RB

   5.00%    07/01/2045      100        119,106  

Los Angeles (City of), CA Department of Water & Power, Series 2019 A, RB

   5.00%    07/01/2049      100        118,486  

Los Angeles (City of), CA Department of Water & Power, Series 2019 A, RB

   5.25%    07/01/2049      70        84,296  

Los Angeles (City of), CA Department of Water & Power, Series 2019 B, Ref. RB

   5.00%    07/01/2032      20        24,253  

Los Angeles (City of), CA Department of Water & Power, Series 2019 D, Ref. RB

   5.00%    07/01/2044      35        42,216  

Los Angeles (County of), CA Public Works Financing Authority, Series 2019 E-1, RB

   5.00%    12/01/2049      75        91,419  

Los Angeles Unified School District, Series 2019 A, Ref. GO Bonds

   5.00%    07/01/2029      60        73,871  

Los Angeles Unified School District, Series 2019 A, Ref. GO Bonds

   5.00%    07/01/2032      50        61,325  

Metropolitan Water District of Southern California, Series 2019 A, Ref. RB

   5.00%    07/01/2029      65        80,280  

Metropolitan Water District of Southern California, Series 2019 A, Ref. RB

   5.00%    07/01/2037      40        48,428  

Metropolitan Water District of Southern California, Series 2020 A, RB

   5.00%    10/01/2045      160        194,311  

Mount San Antonio Community College District (Election of 2018), Series 2019 A, GO Bonds

   4.00%    08/01/2049      125        140,566  

Orange (County of), CA Local Transportation Authority, Series 2019, RB

   5.00%    02/15/2039      50        60,743  

Perris Union High School District, Series 2019 A, GO Bonds, (INS - AGM)(a)

   4.00%    09/01/2043      50        56,701  

Rancho Santiago Community College District, Series 2005, GO Bonds, (INS - AGM)(a)

   5.13%    09/01/2029      35        43,853  

Riverside (City of), CA, Series 2019 A, Ref. RB

   5.00%    10/01/2036      55        66,974  

San Diego Unified School District (Election of 2012), Series 2019 L, GO Bonds

   4.00%    07/01/2049      35        39,313  

San Jose (City of), CA, Series 2019 C, Ref. GO Bonds

   5.00%    09/01/2029      25        30,755  

San Jose (City of), CA, Series 2019 C, Ref. GO Bonds

   5.00%    09/01/2030      20        24,593  

San Mateo & Foster (Cities of), CA Public Financing Authority (Clean Water Program), Series 2019, RB

   4.00%    08/01/2044      25        28,290  
           

 

 

 
              3,000,522  
           

 

 

 

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

 

  164  

 

 

 

 

 

 

 


 

Invesco BulletShares 2029 Municipal Bond ETF (BSMT)–(continued)

February 28, 2022

(Unaudited)

 

    

Interest
Rate

  

  Maturity  
Date

   Principal
Amount
(000)
         Value        

Colorado-1.58%

           

Adams & Arapahoe Joint School District No. 28J Aurora, Series 2021 A, GO Bonds

   5.00%    12/01/2029    $ 25      $ 31,077  

Colorado (State of), Series 2018 A, COP

   5.00%    12/15/2029      30        36,431  

Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group), Series 2019, Ref. RB

   4.00%    11/15/2038      30        33,685  

Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group), Series 2019, Ref. RB

   4.00%    11/15/2043      5        5,559  

Colorado (State of) Health Facilities Authority (Commonspirit Health), Series 2019 A, Ref. RB

   3.25%    08/01/2049      100        95,919  

Colorado Springs (City of), CO, Series 2019 A, Ref. RB

   5.00%    11/15/2029      15        18,629  

Denver (City & County of), CO, Series 2020 B, Ref. GO Bonds

   5.00%    08/01/2029      20        24,839  

Pueblo City Schools, Series 2020, GO Bonds

   5.00%    12/15/2039      25        30,748  
           

 

 

 
              276,887  
           

 

 

 

Connecticut-1.13%

           

Connecticut (State of), Series 2018 E, GO Bonds

   5.00%    09/15/2029      35        42,158  

Connecticut (State of), Series 2019 A, GO Bonds

   5.00%    04/15/2039      125        150,234  

Connecticut (State of), Series 2019 B, Ref. GO Bonds

   5.00%    02/15/2029      5        6,075  
           

 

 

 
              198,467  
           

 

 

 

Delaware-0.95%

           

Delaware (State of), Series 2020 A, GO Bonds

   5.00%    01/01/2029      10        12,273  

Delaware (State of) River & Bay Authority, Series 2019, Ref. RB

   4.00%    01/01/2044      50        55,895  

Delaware (State of) Transportation Authority, Series 2020, Ref. RB

   5.00%    07/01/2029      80        99,056  
           

 

 

 
              167,224  
           

 

 

 

District of Columbia-3.98%

           

District of Columbia, Series 2019 A, GO Bonds

   5.00%    10/15/2031      100        121,935  

District of Columbia, Series 2019 A, RB

   5.00%    03/01/2029      30        36,684  

District of Columbia, Series 2019 C, Ref. RB

   3.00%    10/01/2029      30        32,707  

District of Columbia, Series 2019 C, Ref. RB

   5.00%    10/01/2034      50        61,441  

District of Columbia, Series 2020 A, RB

   5.00%    03/01/2029      90        110,051  

Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement), Series 2019 B, Ref. RB

   4.00%    10/01/2049      150        162,192  

Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement), Series 2019 B, Ref. RB, (INS - AGM)(a)

   3.00%    10/01/2050      175        172,292  
           

 

 

 
              697,302  
           

 

 

 

Florida-4.40%

           

Alachua (County of), FL Health Facilities Authority (Shands Teaching Hospital & Clinics), Series 2019, RB

   3.00%    12/01/2046      5        4,812  

Broward (County of), FL, Series 2019 A, RB

   5.00%    10/01/2040      100        121,852  

Central Florida Expressway Authority, Series 2019 A, RB

   5.00%    07/01/2044      10        11,972  

Central Florida Expressway Authority, Series 2019 B, RB

   5.00%    07/01/2038      70        84,126  

Florida (State of) Department of Transportation, Series 2019 B, RB

   3.00%    07/01/2049      15        15,305  

Florida (State of) Higher Educational Facilities Financial Authority (St. Leo Univeristy), Series 2019, Ref. RB

   5.00%    03/01/2039      100        111,875  

Gainesville (City of), FL, Series 2019 A, RB

   5.00%    10/01/2047      100        119,542  

Orange (County of), FL Convention Center, Series 2017, Ref. RB

   5.00%    10/01/2029      100        121,907  

Palm Beach County School District, Series 2018 C, Ref. COP

   5.00%    08/01/2029      150        179,405  
           

 

 

 
              770,796  
           

 

 

 

Georgia-3.18%

           

Brookhaven (City of), GA Development Authority (Children’s Healthcare of Atlanta), Series 2019 A, RB

   3.00%    07/01/2046      50        50,654  

Fulton (County of), GA Development Authority (Georgia Institute of Technology), Series 2019, RB

   4.00%    06/15/2049      100        110,972  

Georgia (State of), Series 2018 A, GO Bonds

   5.00%    07/01/2029      100        121,062  

Gwinnett County School District, Series 2019, GO Bonds

   5.00%    02/01/2041      45        54,282  

Savannah (City of), GA Hospital Authority (St. Josephs Candler Health System), Series 2019 A, Ref. RB

   4.00%    07/01/2043      200        220,940  
           

 

 

 
              557,910  
           

 

 

 

Hawaii-0.76%

           

Hawaii (State of), Series 2019 FW, GO Bonds

   5.00%    01/01/2029      25        30,592  

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

 

  165  

 

 

 

 

 

 

 


 

Invesco BulletShares 2029 Municipal Bond ETF (BSMT)–(continued)

February 28, 2022

(Unaudited)

 

    

Interest
Rate

  

Maturity
Date

   Principal
Amount
(000)
        Value       

Hawaii-(continued)

           

Hawaii (State of), Series 2019 FW, GO Bonds

   5.00%    01/01/2034    $ 60      $ 72,628  

Honolulu (City & County of), HI, Series 2019 A, RB

   5.00%    07/01/2044      25        30,192  
           

 

 

 
              133,412  
           

 

 

 

Illinois-5.31%

           

Chicago (City of), IL, Series 2019 A, GO Bonds

   5.50%    01/01/2035      100        117,512  

Illinois (State of) (Rebuild Illinois Program), Series 2019 B, GO Bonds

   4.00%    11/01/2035      100        107,542  

Illinois (State of) (Rebuild Illinois Program), Series 2019 B, GO Bonds

   4.00%    11/01/2037      75        80,444  

Illinois (State of) Finance Authority (Green Bonds), Series 2019, RB

   5.00%    07/01/2037      170        206,321  

Illinois (State of) Toll Highway Authority, Series 2019 A, RB

   5.00%    01/01/2044      300        358,689  

Illinois (State of) Toll Highway Authority, Series 2019, Ref. RB

   5.00%    01/01/2029      50        60,570  
           

 

 

 
              931,078  
           

 

 

 

Indiana-1.33%

           

Indiana (State of) Finance Authority, Series 2016 C, Ref. RB

   5.00%    06/01/2029      50        61,648  

Indiana (State of) Finance Authority (Green Bonds), Series 2019 A, RB

   5.00%    02/01/2039      45        54,552  

Indianapolis Local Public Improvement Bond Bank (Courthouse and Jail), Series 2019 A, RB

   5.00%    02/01/2054      100        117,294  
           

 

 

 
              233,494  
           

 

 

 

Iowa-0.25%

           

Iowa (State of), Series 2019 A, Ref. RB

   5.00%    06/01/2029      35        43,045  
           

 

 

 

Kansas-0.67%

           

University of Kansas Hospital Authority, Series 2019 A, RB

   5.00%    09/01/2048      100        117,983  
           

 

 

 

Louisiana-1.64%

           

East Baton Rouge Sewerage Commission, Series 2019 A, Ref. RB

   4.00%    02/01/2045      100        110,379  

Louisiana (State of), Series 2019 A, GO Bonds

   5.00%    03/01/2036      110        133,519  

Louisiana (State of) (Garvee), Series 2019 A, RB

   5.00%    09/01/2029      35        42,581  
           

 

 

 
              286,479  
           

 

 

 

Maryland-2.49%

           

Baltimore (City of), MD (Wastewater), Series 2019 A, RB

   4.00%    07/01/2044      100        112,586  

Baltimore (City of), MD (Wastewater), Series 2019 A, RB

   5.00%    07/01/2049      10        11,966  

Maryland (State of), First Series 2019, GO Bonds

   5.00%    03/15/2031      80        97,940  

Maryland (State of), First Series 2019, Ref. GO Bonds

   5.00%    03/15/2032      10        12,220  

Maryland (State of), Series 2018 A, GO Bonds

   5.00%    03/15/2029      15        17,988  

Maryland (State of), Series 2020 A, GO Bonds

   5.00%    03/15/2029      30        36,915  

Montgomery (County of), MD, Series 2018 A, GO Bonds

   5.00%    11/01/2029      100        121,620  

Prince George’s (County of), MD, Series 2020 B, Ref. GO Bonds

   5.00%    09/15/2029      20        24,870  
           

 

 

 
              436,105  
           

 

 

 

Massachusetts-3.16%

           

Massachusetts (Commonwealth of), Series 2018 B, GO Bonds

   5.00%    01/01/2029      40        47,621  

Massachusetts (Commonwealth of), Series 2018 B, Ref. GO Bonds

   5.00%    07/01/2029      45        55,474  

Massachusetts (Commonwealth of), Series 2019 A, GO Bonds

   5.00%    01/01/2031      70        84,759  

Massachusetts (Commonwealth of), Series 2019 A, GO Bonds

   5.00%    01/01/2036      60        72,291  

Massachusetts (Commonwealth of), Series 2019 C, Ref. GO Bonds

   5.00%    05/01/2029      15        18,428  

Massachusetts (Commonwealth of), Series 2019 G, GO Bonds

   5.00%    09/01/2029      10        12,369  

Massachusetts (Commonwealth of), Series 2020 A, GO Bonds

   5.00%    03/01/2029      15        18,364  

Massachusetts (Commonwealth of), Series 2020, GO Bonds

   5.00%    07/01/2029      10        12,327  

Massachusetts (Commonwealth of) (Rail Enhancement & Accelerated Bridge Program), Series 2019 A, RB

   5.00%    06/01/2049      30        35,593  

Massachusetts (State of) Development Finance Agency (Atrius Health), Series 2019 A, Ref. RB

   4.00%    06/01/2049      100        110,287  

Massachusetts (State of) Port Authority, Series 2019 B, RB

   5.00%    07/01/2044      25        30,250  

Massachusetts (State of) Water Resources Authority, Series 2007 B, Ref. RB, (INS - AGM)(a)

   5.25%    08/01/2029      25        31,385  

University of Massachusetts Building Authority, Series 2020 1, RB

   5.00%    11/01/2034      20        24,686  
           

 

 

 
              553,834  
           

 

 

 

Michigan-2.53%

           

Detroit City School District, Series 2005 A, Ref. GO Bonds, (INS - AGM)(a)

   5.25%    05/01/2029      55        68,454  

Great Lakes Water Authority, Series 2018 B, Ref. RB

   5.00%    07/01/2029      50        61,250  

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

 

  166  

 

 

 

 

 

 

 


 

Invesco BulletShares 2029 Municipal Bond ETF (BSMT)–(continued)

February 28, 2022

(Unaudited)

 

    

Interest
Rate

  

  Maturity  
Date

   Principal
Amount
(000)
         Value        

Michigan-(continued)

           

Lansing (City of), MI Board of Water & Light, Series 2019 A, RB

   5.00%    07/01/2048    $ 80      $ 95,373  

Michigan (State of) Building Authority (Facilities Program), Series 2019, Ref. RB

   5.00%    04/15/2036      100        122,821  

Michigan State University, Series 2019 C, Ref. RB

   4.00%    02/15/2044      85        95,615  
           

 

 

 
              443,513  
           

 

 

 

Minnesota-0.70%

           

Minnesota (State of), Series 2019 A, GO Bonds

   5.00%    08/01/2033      65        79,956  

Minnesota (State of), Series 2019 A, GO Bonds

   5.00%    08/01/2039      35        42,770  
           

 

 

 
              122,726  
           

 

 

 

Mississippi-0.16%

           

Mississippi (State of), Series 2019 B, GO Bonds

   4.00%    10/01/2037      25        28,562  
           

 

 

 

Missouri-0.33%

           

Springfield School District No. R-12, Series 2017, Ref. GO Bonds

   4.00%    03/01/2029      50        57,023  
           

 

 

 

Nebraska-0.17%

           

Omaha (City of), NE Public Power District, Series 2018 A, RB

   5.00%    02/01/2029      15        17,910  

Omaha (City of), NE Public Power District, Series 2019 A, RB

   5.00%    02/01/2033      10        12,145  
           

 

 

 
              30,055  
           

 

 

 

Nevada-0.31%

           

Clark (County of), NV Department of Aviation, Series 2019 B, Ref. RB

   5.00%    07/01/2031      25        30,385  

Clark (County of), NV Department of Aviation, Series 2019 B, Ref. RB

   5.00%    07/01/2032      20        24,223  
           

 

 

 
              54,608  
           

 

 

 

New Jersey-2.01%

           

New Jersey (State of), Series 2020 A, GO Bonds

   5.00%    06/01/2029      125        151,261  

New Jersey (State of) Health Care Facilities Financing Authority (Valley Health System Obligated Group), Series 2019, RB

   3.00%    07/01/2049      25        24,351  

New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB

   5.00%    12/15/2029      150        175,702  
           

 

 

 
              351,314  
           

 

 

 

New Mexico-0.28%

           

New Mexico (State of) Severance Tax Permanent Fund, Series 2021 A, RB

   5.00%    07/01/2029      40        49,279  
           

 

 

 

New York-14.90%

           

Battery Park (City of), NY Authority, Series 2019 B, Ref. RB

   5.00%    11/01/2038      100        123,507  

Metropolitan Transportation Authority (Green Bonds), Series 2019 C, RB, (INS - BAM)(a)

   5.00%    11/15/2044      100        117,874  

New York & New Jersey (States of) Port Authority, Series 2019 217, RB

   4.00%    11/01/2039      20        22,288  

New York & New Jersey (States of) Port Authority, Series 2019, Ref. RB

   4.00%    09/01/2039      35        38,925  

New York (City of), NY, Series 2019 E, Ref. GO Bonds

   5.00%    08/01/2029      30        36,421  

New York (City of), NY, Series 2019, Ref. RB

   5.00%    06/15/2040      35        42,445  

New York (City of), NY, Series 2020 B-1, GO Bonds

   5.00%    10/01/2036      30        36,370  

New York (City of), NY, Series 2020 B-1, GO Bonds

   3.00%    10/01/2044      50        51,002  

New York (City of), NY, Subseries 2019 A-1, GO Bonds

   5.00%    08/01/2039      100        120,047  

New York (City of), NY, Subseries 2019 FF-2, Ref. RB

   5.00%    06/15/2038      50        60,259  

New York (City of), NY, Subseries 2019, Ref. RB

   5.00%    06/15/2040      95        114,004  

New York (City of), NY Transitional Finance Authority, Series 2019 A-3, RB

   4.00%    05/01/2041      40        44,405  

New York (City of), NY Transitional Finance Authority, Series 2019 A-3, RB

   4.00%    05/01/2042      95        105,279  

New York (City of), NY Transitional Finance Authority, Series 2019 B-1, RB

   4.00%    11/01/2045      95        105,344  

New York (City of), NY Transitional Finance Authority, Series 2019 C-1, RB

   5.00%    11/01/2035      15        18,171  

New York (City of), NY Transitional Finance Authority, Series 2019, RB

   4.00%    11/01/2040      30        33,346  

New York (City of), NY Transitional Finance Authority, Subseries 2019 A-2, RB

   5.00%    05/01/2037      285        344,172  

New York (State of) Dormitory Authority, Series 2019 A, Ref. RB

   5.00%    03/15/2035      100        121,581  

New York (State of) Dormitory Authority, Series 2019 A, Ref. RB

   5.00%    03/15/2037      35        42,480  

New York (State of) Dormitory Authority, Series 2019 A, Ref. RB

   5.00%    03/15/2038      100        121,106  

New York (State of) Dormitory Authority, Series 2019, RB

   5.00%    07/01/2039      325        392,170  

New York (State of) Dormitory Authority, Series 2021 A, Ref. RB

   5.00%    03/15/2029      50        60,966  

New York (State of) Dormitory Authority (New York University), Series 2019 A, RB

   5.00%    07/01/2029      25        30,838  

New York State Environmental Facilities Corp., Series 2019 B, Ref. RB

   5.00%    06/15/2044      35        42,202  

New York State Urban Development Corp., Series 2019 A, Ref. RB

   5.00%    03/15/2040      110        132,706  

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

 

  167  

 

 

 

 

 

 

 


 

Invesco BulletShares 2029 Municipal Bond ETF (BSMT)–(continued)

February 28, 2022

(Unaudited)

 

    

Interest
Rate

  

  Maturity  
Date

   Principal
Amount
(000)
         Value        

New York-(continued)

           

New York State Urban Development Corp., Series 2020 E, Ref. RB

   5.00%    03/15/2029    $ 40      $ 48,773  

Onondaga (County of), NY Trust for Cultural Resources (Syracuse University), Series 2019, Ref. RB

   4.00%    12/01/2049      50        55,206  

Triborough Bridge & Tunnel Authority, Series 2018 B, Ref. RB

   5.00%    11/15/2029      25        30,947  

Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2019 A, RB

   5.00%    11/15/2049      100        118,904  
           

 

 

 
              2,611,738  
           

 

 

 

North Carolina-2.11%

           

North Carolina (State of), Series 2019 A, RB

   5.00%    05/01/2029      50        61,312  

North Carolina (State of), Series 2019 A, RB

   5.00%    05/01/2032      15        18,328  

North Carolina (State of), Series 2019 A, RB

   4.00%    05/01/2034      100        113,675  

North Carolina (State of) Turnpike Authority, Series 2018, Ref. RB, (INS - AGM)(a)

   4.00%    01/01/2041      160        176,437  
           

 

 

 
              369,752  
           

 

 

 

Ohio-3.14%

           

Columbus (City of), OH, Series 2018 A, GO Bonds

   5.00%    04/01/2029      50        60,911  

Ohio (State of), Series 2019 A, GO Bonds

   5.00%    06/15/2031      20        24,623  

Ohio (State of), Series 2019 A, GO Bonds

   5.00%    06/15/2037      55        66,809  

Ohio (State of), Series 2019 A, GO Bonds

   5.00%    06/15/2038      150        181,910  

Ohio (State of), Series 2019, RB

   5.00%    12/15/2029      50        62,159  

Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 B, RB

   5.00%    12/01/2037      85        105,157  

Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 B, RB

   5.00%    12/01/2044      40        48,907  
           

 

 

 
              550,476  
           

 

 

 

Oregon-1.23%

           

Multnomah (County of), OR, Series 2021 A, GO Bonds

   5.00%    06/15/2029      15        18,474  

Oregon (State of) (Article XI-Q State), Series 2019 A, GO Bonds

   5.00%    05/01/2033      60        73,246  

Portland (City of), OR, Series 2019 A, Ref. RB

   5.00%    03/01/2034      100        123,353  
           

 

 

 
              215,073  
           

 

 

 

Pennsylvania-5.34%

           

Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2019 A, Ref. RB

   4.00%    07/15/2038      100        111,436  

Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2019 A, Ref. RB

   4.00%    07/15/2039      85        94,443  

Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2019, Ref. RB

   4.00%    07/15/2036      100        111,984  

Pennsylvania (Commonwealth of), Series 2019, Ref. GO Bonds

   5.00%    07/15/2029      90        110,484  

Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019, Ref. RB

   5.00%    12/01/2029      35        42,320  

Philadelphia (City of), PA, Series 2019 B, GO Bonds

   5.00%    02/01/2031      35        42,904  

Philadelphia (City of), PA, Series 2019 B, GO Bonds

   5.00%    02/01/2037      100        120,900  

Philadelphia (City of), PA, Series 2019 B, RB

   5.00%    11/01/2044      110        132,249  

Wilkes-Barre Area School District, Series 2019, GO Bonds, (INS - BAM)(a)

   5.00%    04/15/2059      145        169,828  
           

 

 

 
              936,548  
           

 

 

 

Rhode Island-0.70%

           

Rhode Island Health & Educational Building Corp. (Brown University), Series 2019 A, Ref. RB

   5.00%    09/01/2029      100        123,217  
           

 

 

 

Texas-9.95%

           

Board of Regents of the University of Texas System, Series 2019 A, Ref. RB

   5.00%    08/15/2033      100        123,751  

Collin County Community College District, Series 2020 A, GO Bonds

   5.00%    08/15/2031      100        124,206  

Cypress-Fairbanks Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund)

   5.00%    02/15/2032      60        72,825  

Dallas (City of), TX Independent School District, Series 2019 B, GO Bonds, (CEP - Texas Permanent School Fund)

   4.00%    02/15/2031      25        28,805  

Dallas (County of), TX Hospital District, Series 2019, Ref. GO Bonds

   5.00%    08/15/2029      75        90,896  

Frisco Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund)

   5.00%    08/15/2036      75        91,888  

Houston (City of), TX, Series 2018 D, Ref. RB

   5.00%    07/01/2029      35        41,673  

Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2019, Ref. RB

   5.00%    05/15/2032      20        24,127  

North Texas Tollway Authority, Series 2019 A, Ref. RB

   5.00%    01/01/2038      125        150,033  

North Texas Tollway Authority, Series 2019 A, Ref. RB

   4.00%    01/01/2039      75        84,229  

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

 

  168  

 

 

 

 

 

 

 


 

Invesco BulletShares 2029 Municipal Bond ETF (BSMT)–(continued)

February 28, 2022

(Unaudited)

 

    

Interest
Rate

  

Maturity
Date

   Principal
Amount
(000)
   Value  

Texas-(continued)

           

Round Rock Independent School District, Series 2019 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)

   4.00%    08/01/2032    $ 50      $ 57,897  

Tarrant County Cultural Education Facilities Finance Corp. (Christus Health), Series 2018 B, RB

   5.00%    07/01/2032      25        29,924  

Tarrant County Cultural Education Facilities Finance Corp. (Cook Children’s Medical Center), Series 2020, Ref. RB

   3.00%    12/01/2050      125        126,277  

Texas (State of) Water Development Board, Series 2019 A, RB

   4.00%    10/15/2049      100        112,995  

Texas (State of) Water Development Board, Series 2019, RB

   5.00%    04/15/2032      135        167,284  

Texas (State of) Water Development Board, Series 2019, RB

   4.00%    10/15/2036      125        145,062  

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        107,315  

Travis (County of), TX, Series 2019 A, GO Bonds

   5.00%    03/01/2032      100        122,753  

Trinity River Authority, Series 2020, Ref. RB

   5.00%    08/01/2029      20        24,571  

Webb (County of), TX, Series 2020, GO Bonds

   4.00%    02/15/2045      15        16,738  
           

 

 

 
              1,743,249  
           

 

 

 

Utah-0.52%

           

Utah (State of), Series 2020, GO Bonds

   5.00%    07/01/2029      75        91,601  
           

 

 

 

Vermont-1.27%

           

Vermont (State of) Educational & Health Buildings Financing Agency (Middlebury College), Series 2020, Ref. RB

   4.00%    11/01/2050      200        222,841  
           

 

 

 

Virginia-0.96%

           

Richmond (City of), VA, Series 2017 D, Ref. GO Bonds

   5.00%    03/01/2029      10        12,280  

Virginia (State of) College Building Authority (21st Century College), Series 2017 E, Ref. RB

   5.00%    02/01/2029      100        119,401  

Virginia (State of) College Building Authority (21st Century College), Series 2019 C, Ref. RB

   5.00%    02/01/2029      30        36,599  
           

 

 

 
              168,280  
           

 

 

 

Washington-1.93%

           

Snohomish County School District No. 201 Snohomish, Series 2020, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)

   5.00%    12/01/2029      35        43,565  

Washington (State of), Series 2019 A, GO Bonds

   5.00%    08/01/2029      35        43,247  

Washington (State of), Series 2019 A, GO Bonds

   5.00%    08/01/2031      50        61,693  

Washington (State of), Series 2019 A, GO Bonds

   5.00%    08/01/2035      35        42,920  

Washington (State of), Series 2019 A, GO Bonds

   5.00%    08/01/2039      60        73,227  

Washington (State of), Series 2019 C, GO Bonds

   5.00%    02/01/2035      60        72,744  
           

 

 

 
              337,396  
           

 

 

 

Wisconsin-0.21%

           

Wisconsin (State of), Series 2021-2, Ref. GO Bonds

   5.00%    05/01/2029      30        36,833  
           

 

 

 

TOTAL INVESTMENTS IN SECURITIES(b)-98.77%
(Cost $17,853,540)

              17,311,162  

OTHER ASSETS LESS LIABILITIES-1.23%

              216,156  
           

 

 

 

NET ASSETS-100.00%

            $ 17,527,318  
           

 

 

 

 

Investment Abbreviations:

AGM

  -Assured Guaranty Municipal Corp.

BAM

  -Build America Mutual Assurance Co.

CEP

  -Credit Enhancement Provider

COP

  -Certificates of Participation

GO

  -General Obligation

INS

  -Insurer

RB

  -Revenue Bonds

Ref.

  -Refunding

Notes to Schedule of Investments:

(a) 

Principal and/or interest payments are secured by the bond insurance company listed.

(b)

Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. No concentration of any single entity was greater than 5% each.

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

 

  169  

 

 

 

 

 

 

 


 

Invesco BulletShares 2029 Municipal Bond ETF (BSMT)–(continued)

February 28, 2022

(Unaudited)

 

 

Portfolio Composition

Revenue Type Breakdown (% of the Fund’s Net Assets)

as of February 28, 2022

     

Ad Valorem Property Tax

  

17.72

  

                                     

Water Revenue

  

12.19

  

General Fund

  

8.86

  

Highway Tolls Revenue

  

8.69

  

Income Tax Revenue

  

7.66

  

Health, Hospital, Nursing Home Revenue

  

7.34

  

Miscellaneous Revenue

  

7.29

  

Lease Revenue

  

6.63

  

College & University Revenue

  

6.11

  

Electric Power Revenue

  

4.67

  

Appropriations

  

3.70

  

Revenue Types Each Less Than 3%

  

7.91

  

Other Assets Less Liabilities

  

1.23

  

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

 

  170  

 

 

 

 

 

 

 


 

Invesco BulletShares 2030 Municipal Bond ETF (BSMU)

February 28, 2022

(Unaudited)

 

Schedule of Investments

 

    

Interest
Rate

  

  Maturity  
Date

   Principal
Amount
(000)
        Value        

Municipal Obligations-98.87%

          

Alabama-0.95%

          

Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB

   4.00%    11/01/2036    $  100      $  115,731  
          

 

 

 

Arizona-1.00%

          

Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2019 E, RB

   3.00%    01/01/2049      125       121,570  
          

 

 

 

California-16.92%

          

Antelope Valley Community College District, Series 2020 B, GO Bonds

   3.00%    08/01/2050      45       45,160  

California (State of), Series 2019, Ref. GO Bonds

   5.00%    04/01/2030      90       112,451  

California (State of), Series 2020, GO Bonds

   5.00%    03/01/2030      25       31,186  

California (State of), Series 2020, GO Bonds

   5.00%    03/01/2034      200       247,928  

California (State of), Series 2020, Ref. GO Bonds

   4.00%    11/01/2030      40       47,324  

California (State of), Series 2020, Ref. GO Bonds

   5.00%    11/01/2030      60       75,797  

California (State of), Series 2020, Ref. GO Bonds

   4.00%    03/01/2036      100       114,465  

California (State of), Series 2020, Ref. GO Bonds

   4.00%    03/01/2038      175       199,726  

California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2020 A, Ref. RB

   4.00%    08/15/2050      100       111,916  

California (State of) Public Works Board (Various Capital), Series 2019 C, RB

   5.00%    11/01/2030      60       73,801  

Long Beach (City of), CA Bond Finance Authority, Series 2007 A, RB

   5.50%    11/15/2030      50       62,069  

Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2020 B, Ref. RB

   5.00%    05/15/2034      200       246,777  

Los Angeles (City of), CA Department of Water & Power, Series 2020 A, Ref. RB

   5.00%    07/01/2050      200       242,887  

Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB

   4.00%    07/01/2030      75       88,675  

Los Angeles Unified School District, Series 2020 RYQ, GO Bonds

   5.00%    07/01/2033      130       162,682  

Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2019 G, RB

   5.00%    08/15/2030      60       74,350  

University of California, Series 2020 BE, Ref. RB

   5.00%    05/15/2043      100       121,984  
          

 

 

 
             2,059,178  
          

 

 

 

Colorado-1.71%

          

Colorado (State of), Series 2020 A, COP

   5.00%    12/15/2033      25       31,358  

Colorado (State of), Series 2020 A, COP

   4.00%    12/15/2038      100       113,933  

Denver (City & County of), CO, Series 2020 B, Ref. GO Bonds

   5.00%    08/01/2030      50       63,410  
          

 

 

 
             208,701  
          

 

 

 

Connecticut-1.00%

          

Connecticut (State of), Series 2019 A, GO Bonds

   5.00%    04/15/2030      100       121,686  
          

 

 

 

Delaware-0.96%

          

Delaware (State of), Series 2020 A, GO Bonds

   4.00%    01/01/2032      100       117,032  
          

 

 

 

District of Columbia-2.06%

          

Washington Metropolitan Area Transit Authority, Series 2020 A, RB

   5.00%    07/15/2045      205       250,165  
          

 

 

 

Florida-1.76%

          

Miami-Dade (County of), FL, Series 2020 A, Ref. RB

   4.00%    10/01/2041      75       83,809  

Miami-Dade (County of), FL, Series 2021, RB

   5.00%    10/01/2030      35       44,116  

Palm Beach County School District, Series 2020 A, COP

   5.00%    08/01/2034      50       61,827  

School District of Broward County, Series 2020 A, COP

   5.00%    07/01/2033      20       24,627  
          

 

 

 
             214,379  
          

 

 

 

Georgia-0.33%

          

Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB

   4.00%    09/01/2035      35       40,224  
          

 

 

 

Illinois-5.64%

          

Cook (County of), IL, Series 2021 A, Ref. GO Bonds

   5.00%    11/15/2033      200       243,791  

Illinois (State of), Series 2020 C, GO Bonds

   4.00%    10/01/2040      185       198,683  

Illinois (State of) Finance Authority (Northshore University Health), Series 2020, Ref. RB

   4.00%    08/15/2040      100       113,798  

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

 

  171  

 

 

 

 

 

 

 


 

Invesco BulletShares 2030 Municipal Bond ETF (BSMU)–(continued)

February 28, 2022

(Unaudited)

 

    

Interest
Rate

  

  Maturity  
Date

   Principal
Amount
(000)
        Value        

Illinois-(continued)

          

Illinois (State of) Toll Highway Authority, Series 2019 B, Ref. RB

   5.00%    01/01/2030    $ 15      $ 18,553  

Sales Tax Securitization Corp., Series 2020 A, Ref. RB

   4.00%    01/01/2039      100       111,440  
          

 

 

 
             686,265  
          

 

 

 

Louisiana-1.53%

          

Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation), Series 2020, Ref. RB

   3.00%    05/15/2047      190       186,099  
          

 

 

 

Maryland-2.30%

          

Montgomery (County of), MD, Series 2020 B, Ref. GO Bonds

   4.00%    11/01/2030      100       118,842  

Prince George’s (County of), MD, Series 2019 A, GO Bonds

   5.00%    07/15/2030      130       160,501  
          

 

 

 
             279,343  
          

 

 

 

Massachusetts-2.51%

          

Massachusetts (Commonwealth of), Series 2019 A, GO Bonds

   5.00%    01/01/2030      25       30,424  

Massachusetts (Commonwealth of), Series 2020 C, GO Bonds

   3.00%    03/01/2049      160       158,764  

Massachusetts (Commonwealth of), Series 2020 C, GO Bonds

   2.75%    03/01/2050      15       14,044  

Massachusetts (State of) Development Finance Agency (Wellforce, Inc.), Series 2020 C, Ref. RB, (INS - AGM)(a)

   3.00%    10/01/2045      100       102,718  
          

 

 

 
             305,950  
          

 

 

 

Michigan-0.94%

          

University of Michigan, Series 2020 A, Ref. RB

   4.00%    04/01/2045      75       84,921  

Walled Lake Consolidated School District, Series 2020, GO Bonds

   5.00%    05/01/2050      25       29,994  
          

 

 

 
             114,915  
          

 

 

 

Missouri-0.79%

          

Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2020, RB

   3.00%    06/01/2053      100       96,610  
          

 

 

 

Nevada-0.51%

          

Clark (County of), NV, Series 2020 C, Ref. RB

   5.00%    07/01/2030      50       62,420  
          

 

 

 

New Jersey-4.53%

          

Gloucester County Improvement Authority (The) (Rowan University), Series 2021, RB, (INS - BAM)(a)

   4.00%    07/01/2051      100       110,489  

New Jersey (State of) Economic Development Authority (Social Bonds), Series 2021, RB

   4.00%    06/15/2046      115       123,504  

New Jersey (State of) Economic Development Authority (Social Bonds), Series 2021, RB

   4.00%    06/15/2050      100       106,997  

New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB

   4.00%    06/15/2045      195       209,840  
          

 

 

 
             550,830  
          

 

 

 

New York-28.24%

          

Monroe County Industrial Development Corp. (University of Rochester), Series 2020 A, RB

   4.00%    07/01/2050      100       110,725  

New York & New Jersey (States of) Port Authority, Series 2019, Ref. RB

   5.00%    09/01/2030      100       123,714  

New York & New Jersey (States of) Port Authority, Series 2020-222, Ref. RB

   4.00%    07/15/2040      200       224,259  

New York (City of), NY, Series 2020 AA-1, Ref. RB

   4.00%    06/15/2050      170       189,689  

New York (City of), NY, Series 2020 D-1, GO Bonds

   4.00%    03/01/2041      125       139,261  

New York (City of), NY, Series 2020 D-1, GO Bonds

   5.00%    03/01/2043      100       120,174  

New York (City of), NY, Series 2020 EE, Ref. RB

   5.00%    06/15/2030      70       87,683  

New York (City of), NY, Series 2020 GG-1, RB

   4.00%    06/15/2050      200       221,977  

New York (City of), NY, Subseries 2019 L-6, GO Bonds

   5.00%    04/01/2030      20       24,333  

New York (City of), NY Transitional Finance Authority, Series 2020, RB

   5.00%    05/01/2034      200       248,307  

New York (City of), NY Transitional Finance Authority, Series 2020, RB

   5.00%    05/01/2041      50       61,154  

New York (City of), NY Transitional Finance Authority, Series 2020, RB

   3.00%    05/01/2046      100       98,791  

New York (State of) Dormitory Authority, Series 2020 D, Ref. RB

   5.00%    02/15/2033      115       141,204  

New York (State of) Dormitory Authority, Series 2020 D, Ref. RB

   4.00%    02/15/2037      200       224,929  

New York (State of) Dormitory Authority, Series 2020 D, Ref. RB

   5.00%    02/15/2041      90       108,861  

New York (State of) Dormitory Authority, Series 2020 D, Ref. RB

   4.00%    02/15/2047      100       110,316  

New York (State of) Dormitory Authority (General Purpose), Series 2020 D, Ref. RB

   5.00%    02/15/2048      15       17,926  

New York (State of) Power Authority (Green Bonds), Series 2020 A, Ref. RB

   4.00%    11/15/2045      200       223,003  

New York (State of) Power Authority (Green Bonds), Series 2020 A, Ref. RB

   4.00%    11/15/2055      100       110,578  

New York (State of) Thruway Authority, Series 2019 B, RB

   4.00%    01/01/2038      200       220,857  

New York (State of) Thruway Authority, Series 2019 B, RB

   4.00%    01/01/2045      180       195,965  

New York State Urban Development Corp., Series 2020 A, RB

   4.00%    03/15/2049      40       44,287  

New York State Urban Development Corp., Series 2020, Ref. RB

   4.00%    03/15/2042      200       224,405  

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

 

  172  

 

 

 

 

 

 

 


 

Invesco BulletShares 2030 Municipal Bond ETF (BSMU)–(continued)

February 28, 2022

(Unaudited)

 

     Interest
Rate
    Maturity  
Date
   Principal
Amount
(000)
          Value        

New York-(continued)

         

New York State Urban Development Corp., Series 2020, Ref. RB

   5.00%   03/15/2044    $  115      $  139,678  

Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2020 A, RB

   5.00%   11/15/2054      20       24,111  
         

 

 

 
            3,436,187  
         

 

 

 

North Carolina-2.16%

         

Brunswick (County of), NC, Series 2020, RB

   3.00%   04/01/2050      100       99,965  

North Carolina (State of), Series 2019 B, GO Bonds

   5.00%   06/01/2030      25       30,825  

North Carolina (State of) Turnpike Authority (Triangle Expressway), Series 2019, RB, (INS - AGM)(a)

   5.00%   01/01/2049      110       131,672  
         

 

 

 
            262,462  
         

 

 

 

Ohio-3.39%

         

Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 A, RB

   5.00%   12/01/2040      200       247,254  

Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 A, RB

   5.00%   12/01/2050      135       164,709  
         

 

 

 
            411,963  
         

 

 

 

Oregon-0.51%

         

Portland (City of), OR, Series 2019 A, Ref. RB

   5.00%   03/01/2030      50       62,124  
         

 

 

 

Pennsylvania-1.88%

         

Allegheny (County of), PA Higher Education Building Authority (Carnegie Mellon University), Series 2020, RB

   5.00%   02/01/2030      25       30,969  

Chester (County of), PA Health & Education Facilities Authority (Main Line Health System), Series 2020 A, RB

   3.00%   09/01/2046      85       87,243  

Pennsylvania (Commonwealth of) Economic Development Financing Authority, Series 2020 A-1, RB

   4.00%   04/15/2045      100       110,775  
         

 

 

 
            228,987  
         

 

 

 

Tennessee-0.97%

         

Metropolitan Nashville Airport Authority (The), Series 2019 A, RB

   5.00%   07/01/2054      100       117,856  
         

 

 

 

Texas-11.38%

         

Cypress-Fairbanks Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund)

   5.00%   02/15/2030      25       30,557  

Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020, Ref. RB

   4.00%   11/01/2045      100       111,422  

Dallas (City of), TX, Series 2020 C, Ref. RB

   4.00%   10/01/2049      200       228,643  

Harris (County of), TX Port Authority of Houston, Series 2020 A-2, Ref. GO Bonds

   4.00%   10/01/2037      160       185,970  

Houston (City of), TX, Series 2020 C, Ref. RB

   4.00%   11/15/2036      40       46,454  

Lamar Consolidated Independent School District, Series 2020, Ref. GO Bonds, (CEP - Texas Permanent School Fund)

   4.00%   02/15/2043      40       46,232  

Matagorda (County of), TX Navigation District No. 1 (AEP TEX), Series 2005 A, Ref. RB, (INS - AMBAC)(a)

   4.40%   05/01/2030      125       142,543  

San Antonio (City of), TX, Series 2019, Ref. RB

   5.00%   02/01/2036      20       24,420  

Texas (State of) Water Development Board, Series 2020, RB

   5.00%   08/01/2030      125       157,068  

Texas (State of) Water Development Board, Series 2020, RB

   3.00%   10/15/2035      170       182,053  

Texas (State of) Water Development Board, Series 2020, RB

   4.00%   10/15/2045      200       229,242  
         

 

 

 
            1,384,604  
         

 

 

 

Virginia-1.70%

         

Fairfax (County of), VA, Series 2020 A, Ref. GO Bonds

   5.00%   10/01/2030      65       81,623  

Fairfax (County of), VA, Series 2020 A, Ref. GO Bonds

   5.00%   10/01/2031      100       125,223  
         

 

 

 
            206,846  
         

 

 

 

Washington-2.30%

         

Washington (State of), Series 2020 A, GO Bonds

   5.00%   08/01/2043      25       30,626  

Washington (State of), Series 2020 C, GO Notes

   5.00%   02/01/2034      50       61,662  

Washington (State of) (Bid Group 1), Series 2020 A, GO Bonds

   5.00%   08/01/2033      55       68,755  

Washington (State of) Health Care Facilities Authority (Seattle Cancer Care Alliance), Series 2020, Ref. RB

   5.00%   09/01/2050      100       119,439  
         

 

 

 
            280,482  
         

 

 

 

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

 

  173  

 

 

 

 

 

 

 


 

Invesco BulletShares 2030 Municipal Bond ETF (BSMU)–(continued)

February 28, 2022

(Unaudited)

 

     Interest
Rate
    Maturity  
Date
   Principal
Amount
(000)
           Value        

Wisconsin-0.90%

          

Wisconsin (State of) Public Finance Authority (Blue Ridge Healthcare), Series 2020, Ref. RB

   4.00%   01/01/2045    $  100      $ 109,312  
          

 

 

 

TOTAL INVESTMENTS IN SECURITIES(b)-98.87%
(Cost $12,438,023)

             12,031,921  

OTHER ASSETS LESS LIABILITIES-1.13%

             137,930  
          

 

 

 

NET ASSETS-100.00%

           $ 12,169,851  
          

 

 

 

 

Investment Abbreviations:
AGM   -Assured Guaranty Municipal Corp.
AMBAC   -American Municipal Bond Assurance Corp.
BAM   -Build America Mutual Assurance Co.
CEP   -Credit Enhancement Provider
COP   -Certificates of Participation
GO   -General Obligation
INS   -Insurer
RB   -Revenue Bonds
Ref.   -Refunding

Notes to Schedule of Investments:

(a) 

Principal and/or interest payments are secured by the bond insurance company listed.

(b) 

Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. No concentration of any single entity was greater than 5% each.

 Portfolio Composition

 Revenue Type Breakdown (% of the Fund’s Net Assets)

 as of February 28, 2022

 

     

Water Revenue

    18.33    

Ad Valorem Property Tax

    13.47    

Income Tax Revenue

    11.67    

General Fund

    10.40    

Health, Hospital, Nursing Home Revenue

    9.53    

Port, Airport & Marina Revenue

    7.46    

College & University Revenue

    4.86    

Highway Tolls Revenue

    4.86                                                  

Miscellaneous Revenue

    4.05    

Sales Tax Revenue

    3.97    

Electric Power Revenue

    3.55    

Revenue Types Each Less Than 3%

    6.72    

Other Assets Less Liabilities

    1.13    

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

 

  174  

 

 

 

 

 

 

 


 

Invesco BulletShares 2031 Municipal Bond ETF (BSMV)

February 28, 2022

(Unaudited)

 

Schedule of Investments

 

    

Interest
Rate

  

  Maturity  
Date

   Principal
Amount
(000)
        Value        

Municipal Obligations-98.93%

          

Alabama-0.13%

          

Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB

   5.00%    11/01/2031    $ 10      $ 12,634  
          

 

 

 

Arizona-0.52%

          

Maricopa (County of), AZ Industrial Development Authority (Honorhealth), Series 2021 A, RB

   3.00%    09/01/2051      50       48,739  
          

 

 

 

Arkansas-0.13%

          

University of Arkansas, Series 2021 A, RB

   5.00%    12/01/2045      10       12,337  
          

 

 

 

California-18.74%

          

California (State of), Series 2019, Ref. GO Bonds

   5.00%    04/01/2031      10       12,740  

California (State of), Series 2020, Ref. GO Bonds

   5.00%    11/01/2031      15       18,924  

California (State of), Series 2021, GO Bonds

   4.00%    10/01/2039      250       286,872  

California (State of), Series 2021, Ref. GO Bonds

   4.00%    10/01/2041      50       57,184  

California (State of) Department of Water Resources, Series 2020 BB, Ref. RB

   5.00%    12/01/2031      10       12,692  

California (State of) Department of Water Resources (Central Valley), Series 2021, RB

   5.00%    12/01/2033      5       6,362  

California (State of) Health Facilities Financing Authority (Cedars Sinai Health System), Series 2021, Ref. RB

   3.00%    08/15/2051      250       247,022  

California (State of) Public Works Board (Various Capital), Series 2021 B, RB

   5.00%    05/01/2035      25       31,344  

Contra Costa (County of), CA Water District, Series 2021 W, Ref. RB

   5.00%    10/01/2051      50       62,074  

Foothill-De Anza Community College District, Series 2021 A, Ref. GO Bonds

   3.00%    08/01/2039      30       31,330  

Los Angeles (City of), CA Department of Airports, Series 2021 B, Ref. RB

   5.00%    05/15/2045      20       24,504  

Los Angeles (City of), CA Department of Airports, Series 2021 B, Ref. RB

   5.00%    05/15/2048      45       54,808  

Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB

   4.00%    06/01/2039      10       11,636  

Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB

   5.00%    07/01/2046      60       75,128  

Los Angeles Unified School District, Series 2021 A, Ref. GO Bonds

   5.00%    07/01/2031      10       12,691  

Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2021, Ref. RB

   3.00%    12/01/2034      30       32,493  

San Diego (County of), CA Regional Airport Authority, Series 2021 A, RB

   5.00%    07/01/2051      250       303,304  

San Diego (County of), CA Regional Transportation Commission, Series 2021 B, Ref. RB

   5.00%    04/01/2045      25       30,910  

San Diego (County of), CA Water Authority (Green Bonds), Series 2021 B, Ref. RB

   4.00%    05/01/2038      10       11,627  

University of California, Series 2021 BH, Ref. RB

   4.00%    05/15/2046      140       158,257  

University of California (Limited), Series 2021 Q, Ref. RB

   5.00%    05/15/2033      5       6,360  

University of California (Limited), Series 2021 Q, Ref. RB

   4.00%    05/15/2040      250       285,688  
          

 

 

 
             1,773,950  
          

 

 

 

Colorado-4.34%

          

Colorado (State of), Series 2021 A, COP

   5.00%    12/15/2033      10       12,787  

Colorado (State of), Series 2021 A, COP

   5.00%    12/15/2034      10       12,771  

Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group), Series 2021 A, Ref. RB

   3.00%    11/15/2051      250       243,661  

Colorado (State of) Regional Transportation District (Denver Transit Partners Eagle P3), Series 2020 A, Ref. RB

   4.00%    07/15/2034      5       5,611  

Colorado (State of) Regional Transportation District (Denver Transit Partners Eagle P3), Series 2020 A, Ref. RB

   4.00%    07/15/2036      10       11,180  

Denver (City & County of), CO, Series 2021 A, RB

   4.00%    08/01/2051      100       112,407  

Denver City & County School District No. 1, Series 2021, GO Bonds

   5.00%    12/01/2031      10       12,655  
          

 

 

 
             411,072  
          

 

 

 

Connecticut-1.82%

          

Connecticut (State of), Series 2021 A, GO Bonds

   3.00%    01/15/2034      140       147,347  

Connecticut (State of), Series 2021 A, RB

   5.00%    05/01/2034      20       25,181  
          

 

 

 
             172,528  
          

 

 

 

District of Columbia-1.68%

          

Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB

   5.00%    07/15/2031      10       12,831  

Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB

   4.00%    07/15/2034      15       17,581  

Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB

   3.00%    07/15/2043      125       128,381  
          

 

 

 
             158,793  
          

 

 

 

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

 

  175  

 

 

 

 

 

 

 


 

Invesco BulletShares 2031 Municipal Bond ETF (BSMV)–(continued)

February 28, 2022

(Unaudited)

 

    

Interest
Rate

  

  Maturity  
Date

   Principal
Amount
(000)
        Value        

Florida-11.27%

          

Central Florida Expressway Authority, Series 2021 D, RB

   5.00%    07/01/2031    $ 15      $ 19,055  

Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGM)(a)

   4.00%    07/01/2035      5       5,827  

Florida (State of), Series 2021 A, Ref. GO Bonds

   5.00%    06/01/2031      10       12,811  

Florida (State of), Series 2021 A, Ref. GO Bonds

   5.00%    07/01/2031      30       38,704  

Florida (State of) Department of Transportation, Series 2021 C, RB

   3.00%    07/01/2051      250       250,568  

Florida Development Finance Corp. (Lakeland Regional Health System), Series 2021, Ref. RB

   4.00%    11/15/2033      40       46,112  

Florida Development Finance Corp. (Lakeland Regional Health System), Series 2021, Ref. RB

   4.00%    11/15/2034      20       22,990  

Hillsborough (County of), FL Industrial Development Authority (Tampa General Hospital), Series 2020, RB

   4.00%    08/01/2045      25       26,996  

Hillsborough (County of), FL Industrial Development Authority (Tampa General Hospital), Series 2020, RB

   4.00%    08/01/2055      25       26,797  

Miami-Dade (County of), FL, Series 2021, RB

   4.00%    10/01/2051      250       277,903  

Miami-Dade (County of), FL Water & Sewer System, Series 2021, RB

   3.00%    10/01/2036      5       5,218  

Miami-Dade (County of), FL Water & Sewer System, Series 2021, RB

   4.00%    10/01/2051      25       28,069  

Orlando (City of), FL Utilities Commission, Series 2021 A, RB

   4.00%    10/01/2039      250       286,429  

Pasco County School Board, Series 2021 A, Ref. COP

   5.00%    08/01/2031      15       18,789  
          

 

 

 
             1,066,268  
          

 

 

 

Illinois-5.71%

          

Cook (County of), IL, Series 2021 A, Ref. GO Bonds

   5.00%    11/15/2031      255       312,249  

Illinois (State of), Series 2021 A, GO Bonds

   5.00%    03/01/2046      50       57,843  

Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB

   4.00%    08/15/2040      150       169,891  
          

 

 

 
             539,983  
          

 

 

 

Indiana-1.01%

          

Indiana (State of) Finance Authority (CWA Authority), Series 2021 1, Ref. RB

   5.00%    10/01/2031      30       38,467  

Indianapolis (City of), IN Local Public Improvement Bond Bank, Series 2021 A, Ref. RB, (INS - AGM)(a)

   4.00%    06/01/2036      50       57,423  
          

 

 

 
             95,890  
          

 

 

 

Maryland-1.57%

          

Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB

   5.00%    07/01/2046      120       148,758  
          

 

 

 

Massachusetts-5.03%

          

Massachusetts (Commonwealth of), Series 2021 A, GO Bonds

   3.00%    03/01/2036      75       77,813  

Massachusetts (Commonwealth of) Transportation Fund, Series 2021 A, Ref. RB

   5.00%    06/01/2042      250       310,645  

Massachusetts (State of) Development Finance Agency (Suffolk University), Series 2021, RB

   4.00%    07/01/2051      65       69,643  

Massachusetts (State of) Port Authority, Series 2021 D, RB

   5.00%    07/01/2051      15       18,423  
          

 

 

 
             476,524  
          

 

 

 

Michigan-0.75%

          

Michigan (State of), Series 2021, RB

   4.00%    11/15/2037      60       70,549  
          

 

 

 

Minnesota-0.47%

          

Minnesota (State of), Series 2020 A, GO Bonds

   5.00%    08/01/2031      35       44,059  
          

 

 

 

New Jersey-4.48%

          

Atlantic (County of), NJ Improvement Authority (The) (Stockton University), Series 2021, RB,

          

(INS - AGM)(a)

   4.00%    07/01/2053      35       38,877  

New Jersey (State of), Series 2020 A, GO Bonds

   4.00%    06/01/2031      255       295,012  

New Jersey (State of) Turnpike Authority, Series 2021 A, RB

   4.00%    01/01/2042      80       89,928  
          

 

 

 
             423,817  
          

 

 

 

New York-22.18%

          

New York & New Jersey (States of) Port Authority, Series 2021 224, Ref. RB

   4.00%    07/15/2035      20       22,935  

New York & New Jersey (States of) Port Authority, Series 2021 224, Ref. RB

   4.00%    07/15/2037      15       17,141  

New York & New Jersey (States of) Port Authority, Series 2021 224, Ref. RB

   4.00%    07/15/2038      5       5,698  

New York (City of), NY, Series 2021 AA-1, RB

   3.00%    06/15/2051      250       245,128  

New York (City of), NY, Series 2021 F-1, GO Bonds

   5.00%    03/01/2042      165       201,175  

New York (City of), NY, Series 2021 F-1, GO Bonds

   4.00%    03/01/2047      10       11,127  

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       61,697  

New York (City of), NY Municipal Water Finance Authority, Series 2021 CC-1, RB

   4.00%    06/15/2051      100       111,993  

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

 

  176  

 

 

 

 

 

 

 


 

Invesco BulletShares 2031 Municipal Bond ETF (BSMV)–(continued)

February 28, 2022

(Unaudited)

 

    

Interest
Rate

  

  Maturity  
Date

   Principal
Amount
(000)
        Value        

New York-(continued)

          

New York (City of), NY Municipal Water Finance Authority, Series 2021 CC-1, RB

   5.00%    06/15/2051    $ 55      $ 67,394  

New York (City of), NY Municipal Water Finance Authority, Series 2021 DD, Ref. RB

   4.00%    06/15/2036      10       11,499  

New York (City of), NY Transitional Finance Authority, Series 2021 B-1, RB

   4.00%    08/01/2048      250       279,457  

New York (City of), NY Transitional Finance Authority, Series 2021, Ref. RB

   5.00%    11/01/2031      15       18,915  

New York (City of), NY Transitional Finance Authority, Series 2021, Ref. RB

   5.00%    11/01/2034      150       187,599  

New York (City of), NY Transitional Finance Authority, Subseries 2021 S-1, Ref. RB

   5.00%    07/15/2031      10       12,732  

New York (State of) Bridge Authority, Series 2021 A, RB

   4.00%    01/01/2046      20       22,581  

New York (State of) Dormitory Authority, Series 2021 A, Ref. RB

   5.00%    03/15/2033      150       187,728  

New York (State of) Dormitory Authority, Series 2021 A, Ref. RB

   5.00%    03/15/2036      15       18,644  

New York (State of) Dormitory Authority, Series 2021 A, Ref. RB

   4.00%    03/15/2040      30       33,899  

New York (State of) Dormitory Authority (New York University), Series 2021 A, Ref. RB

   5.00%    07/01/2051      75       91,974  

New York (State of) Thruway Authority, Series 2021 A-1, Ref. RB

   4.00%    03/15/2038      145       164,456  

New York Liberty Development Corp. (Green Bonds), Series 2021 A, Ref. RB

   3.00%    11/15/2051      250       239,914  

Triborough Bridge & Tunnel Authority, Series 2021 A-1, Ref. RB

   5.00%    05/15/2051      25       30,426  

Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 A, RB

   4.00%    11/15/2056      50       55,171  
          

 

 

 
             2,099,283  
          

 

 

 

North Carolina-1.19%

          

North Carolina (State of) (Build North Carolina Programs), Series 2020 B, RB

   5.00%    05/01/2031      20       24,943  

Union (County of), NC, Series 2021, RB

   3.00%    06/01/2051      70       70,214  

Wake (County of), NC, Series 2021, RB

   4.00%    03/01/2033      15       17,499  
          

 

 

 
             112,656  
          

 

 

 

Ohio-1.20%

          

Montgomery (County of), OH (Kettering Health Network Obligated Group), Series 2021, Ref. RB

   4.00%    08/01/2051      10       11,131  

Ohio (State of), Series 2021 A, GO Bonds

   4.00%    05/01/2038      35       41,014  

Ohio (State of) Turnpike & Infrastructure Commission, Series 2021 A, RB

   5.00%    02/15/2051      50       61,222  
          

 

 

 
             113,367  
          

 

 

 

Pennsylvania-1.11%

          

Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 B, RB

   4.00%    12/01/2046      45       50,019  

Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 B, RB

   4.00%    12/01/2051      50       55,393  
          

 

 

 
             105,412  
          

 

 

 

Tennessee-0.44%

          

Clarksville (City of), TN, Series 2021 A, RB

   5.00%    02/01/2045      25       30,811  

Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 C, GO Bonds

   3.00%    01/01/2033      10       10,674  
          

 

 

 
             41,485  
          

 

 

 

Texas-5.18%

          

Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020, Ref. RB

   5.00%    11/01/2031      60       74,278  

Greater Texas Cultural Education Facilities Finance Corp. (Epicenter Multipurpose Facilities), Series 2021, RB

   4.00%    03/01/2050      100       110,645  

Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, RB

   5.00%    05/15/2046      100       121,066  

North Texas Tollway Authority, Series 2021 B, RB

   4.00%    01/01/2035      75       86,130  

San Antonio (City of), TX, Series 2021 A, RB

   5.00%    02/01/2039      10       12,374  

San Antonio (City of), TX, Series 2021 A, RB

   5.00%    02/01/2041      30       37,005  

Texas (State of) Water Development Board, Series 2020, RB

   5.00%    08/01/2031      30       37,711  

Trinity River Authority Central Regional Wastewater System, Series 2020, Ref. RB

   3.00%    08/01/2031      10       10,757  
          

 

 

 
             489,966  
          

 

 

 

Utah-0.07%

          

Granite School District Board of Education, Series 2021, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)

   5.00%    06/01/2031      5       6,435  
          

 

 

 

Virginia-0.73%

          

Virginia (State of) Commonwealth Transportation Board (I-81 Regional Corridor), Series 2021, RB

   5.00%    05/15/2057      20       24,545  

Virginia (State of) Public Building Authority, Series 2021 A-1, RB

   5.00%    08/01/2031      5       6,396  

Virginia (State of) Public Building Authority, Series 2021 A-1, RB

   5.00%    08/01/2033      30       38,263  
          

 

 

 
             69,204  
          

 

 

 

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

 

  177  

 

 

 

 

 

 

 


 

Invesco BulletShares 2031 Municipal Bond ETF (BSMV)–(continued)

February 28, 2022

(Unaudited)

 

    

Interest
Rate

  

  Maturity  
Date

   Principal
Amount
(000)
         Value        

Washington-9.05%

           

Snohomish (County of), WA Public Utility District No. 1, Series 2021 A, RB

   5.00%    12/01/2046    $  250      $ 312,319  

Washington (State of), Series 2021 R, Ref. GO Bonds

   4.00%    08/01/2036      10        11,795  

Washington (State of) (Bid Group 1), Series 2021 C, GO Bonds

   5.00%    02/01/2035      10        12,542  

Washington (State of) (Bid Group 1), Series 2021 C, GO Bonds

   5.00%    02/01/2037      250        312,864  

Washington (State of) (Bid Group 2), Series 2021 A, GO Bonds

   5.00%    08/01/2040      165        207,410  
           

 

 

 
              856,930  
           

 

 

 

Wisconsin-0.13%

           

Wisconsin (State of), Series 2021 1, Ref. GO Bonds

   5.00%    05/01/2031      10        12,471  
           

 

 

 

TOTAL INVESTMENTS IN SECURITIES(b)-98.93%
(Cost $9,783,778)

              9,363,110  

OTHER ASSETS LESS LIABILITIES-1.07%

              101,356  
           

 

 

 

NET ASSETS-100.00%

            $ 9,464,466  
           

 

 

 

Investment Abbreviations:

AGM-Assured

Guaranty Municipal Corp.

CEP

-Credit Enhancement Provider

COP

-Certificates of Participation

GO

-General Obligation

INS

-Insurer

RB

-Revenue Bonds

Ref.

-Refunding

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.

 Portfolio Composition

 Revenue Type Breakdown (% of the Fund’s Net Assets)

 as of February 28, 2022

 

     

Ad Valorem Property Tax

    13.28    

Water Revenue

    10.34    

Sales Tax Revenue

    9.24    

Health, Hospital, Nursing Home Revenue

    9.04    

Lease Revenue

    8.78    

Highway Tolls Revenue

    8.28    

General Fund

    7.41    

Electric Power Revenue

    6.85    

Income Tax Revenue

    5.96                                                  

Port, Airport & Marina Revenue

    5.51    

College & University Revenue

    5.33    

Miscellaneous Revenue

    4.21    

Revenue Types Each Less Than 3%

    4.70    

Other Assets Less Liabilities

    1.07    

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

 

  178  

 

 

 

 

 

 

 


 

Invesco BulletShares 2022 USD Emerging Markets Debt ETF (BSBE)

February 28, 2022

(Unaudited)

 

Schedule of Investments

 

     Principal
    Amount    
           Value        

U.S. Dollar Denominated Bonds & Notes-80.91%

 

Australia-0.81%

     

North Queensland Export Terminal Pty. Ltd., 4.45%, 12/15/2022(a)

   $ 400,000      $ 358,873  
     

 

 

 

Brazil-7.35%

     

Banco Bradesco S.A.

     

5.75%, 03/01/2022(a)

     200,000        200,000  

5.75%, 03/01/2022(a)

     200,000        200,000  

Banco BTG Pactual S.A., 5.75%, 09/28/2022(a)

     200,000        204,832  

Banco do Brasil S.A., 3.88%, 10/10/2022

     450,000        456,750  

Caixa Economica Federal

     

3.50%, 11/07/2022(a)

     150,000        151,261  

3.50%, 11/07/2022(a)

     200,000        201,681  

Cielo USA, Inc., 3.75%, 11/16/2022(a)

     92,571        93,140  

CSN Resources S.A., 7.63%, 04/17/2026(a)

     200,000        208,867  

Embraer S.A., 5.15%, 06/15/2022

     100,000        101,034  

Itau Unibanco Holding S.A.

     

5.65%, 03/19/2022(a)

     200,000        200,250  

5.65%, 03/19/2022(a)

     200,000        200,250  

5.50%, 08/06/2022(a)

     200,000        202,732  

5.50%, 08/06/2022(a)

     400,000        405,464  

NBM US Holdings, Inc.

     

7.00%, 05/14/2026(a)

     200,000        206,949  

7.00%, 05/14/2026(a)

     200,000        206,949  
     

 

 

 
        3,240,159  
     

 

 

 

Chile-0.34%

     

Chile Government International Bond, 2.25%, 10/30/2022

     150,000        151,174  
     

 

 

 

China-8.21%

     

Baidu, Inc., 2.88%, 07/06/2022

     200,000        200,666  

Beijing Gas Singapore Capital Corp., 2.75%, 05/31/2022(a)

     200,000        200,407  

China Construction Bank Corp., 3.00%, 12/04/2022(a)

     200,000        201,839  

China Southern Power Grid International Finance BVI Co. Ltd.

     

2.75%, 05/08/2022(a)

     200,000        200,424  

2.75%, 05/08/2022(a)

     200,000        200,424  

China State Construction Finance Cayman II Ltd., 3.38%, 11/29/2022(a)

     200,000        201,641  

CITIC Securities Finance MTN Co. Ltd., 3.25%, 04/20/2022(a)

     200,000        200,300  

CNPC General Capital Ltd., 3.95%, 04/19/2022(a)

     200,000        200,642  

COSCO Finance 2011 Ltd., 4.00%, 12/03/2022(a)

     200,000        202,917  

Hongkong International Qingdao Co. Ltd., 4.25%, 12/04/2022(a)

     200,000        201,913  

Industrial & Commercial Bank of China Ltd.

     

2.88%, 10/12/2022(a)

     200,000        201,268  

2.96%, 11/08/2022

     200,000        201,558  

Sinopec Group Overseas Development (2012) Ltd., 3.90%, 05/17/2022(a)

     200,000        200,982  

 

     Principal
    Amount    
           Value        

China-(continued)

     

Sinopec Group Overseas Development (2017) Ltd.

     

3.00%, 04/12/2022(a)

   $ 200,000      $ 200,325  

2.50%, 09/13/2022(a)

     200,000        200,546  

Sinopec Group Overseas Development 2017 Ltd., 2.50%, 09/13/2022(a)

     200,000        200,546  

State Grid Overseas Investment BVI Ltd., 2.75%, 05/04/2022(a)

     200,000        200,410  

Zoomlion HK SPV Co. Ltd., 6.13%, 12/20/2022(a)

     200,000        202,506  
     

 

 

 
        3,619,314  
     

 

 

 

Colombia-3.31%

     

Banco Davivienda S.A.

     

5.88%, 07/09/2022(a)

     200,000        201,751  

5.88%, 07/09/2022(a)

     200,000        201,751  

Bancolombia S.A., 5.13%, 09/11/2022

     200,000        202,750  

Grupo Aval Ltd.

     

4.75%, 09/26/2022(a)

     400,000        402,444  

4.75%, 09/26/2022(a)

     450,000        452,750  
     

 

 

 
        1,461,446  
     

 

 

 

India-5.50%

     

Axis Bank Ltd.

     

3.00%, 08/08/2022(a)

     200,000        200,720  

3.00%, 08/08/2022(a)

     200,000        200,720  

Bank of Baroda, 3.50%, 04/04/2022(a)

     200,000        200,232  

Bharat Petroleum Corp. Ltd., 4.63%, 10/25/2022(a)

     200,000        203,282  

Canara Bank, 3.25%, 08/10/2022(a)

     200,000        200,835  

Greenko Solar Mauritius Ltd.

     

5.95%, 07/29/2026(a)

     200,000        207,750  

5.95%, 07/29/2026(a)

     200,000        207,750  

ICICI Bank Ltd., 3.25%, 09/09/2022(a)

     200,000        201,033  

IndusInd Bank Ltd., 3.88%, 04/15/2022(a)

     200,000        199,970  

JSW Steel Ltd., 5.25%, 04/13/2022(a)

     200,000        200,380  

Shriram Transport Finance Co. Ltd.

     

5.95%, 10/24/2022(a)

     200,000        201,407  

5.95%, 10/24/2022(a)

     200,000        201,407  
     

 

 

 
        2,425,486  
     

 

 

 

Indonesia-8.21%

     

Indonesia Government International Bond

     

3.75%, 04/25/2022(a)

     500,000        501,750  

3.75%, 04/25/2022(a)

     600,000        602,100  

Perusahaan Penerbit SBSN Indonesia III

     

3.40%, 03/29/2022(a)

     500,000        500,570  

3.40%, 03/29/2022(a)

     400,000        400,456  

3.30%, 11/21/2022(a)

     400,000        404,884  

3.30%, 11/21/2022(a)

     400,000        404,884  

PT Pertamina (Persero)

     

4.88%, 05/03/2022(a)

     400,000        401,966  

4.88%, 05/03/2022(a)

     400,000        401,966  
     

 

 

 
        3,618,576  
     

 

 

 

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

 

  179  

 

 

 

 

 

 

 


 

Invesco BulletShares 2022 USD Emerging Markets Debt ETF (BSBE)–(continued)

February 28, 2022

(Unaudited)

 

       Principal  
Amount
           Value        

Ireland-0.69%

     

Park Aerospace Holdings Ltd.

     

5.25%, 08/15/2022(a)

   $ 200,000      $ 202,511  

5.25%, 08/15/2022(a)

     100,000        101,255  
     

 

 

 
        303,766  
     

 

 

 

Malaysia-4.57%

     

CIMB Bank Bhd., 3.26%, 03/15/2022(a)

     200,000        200,109  

IOI Investment L Bhd., 4.38%, 06/27/2022(a)

     200,000        201,190  

Petronas Capital Ltd.

     

3.13%, 03/18/2022(a)

     400,000        400,312  

3.13%, 03/18/2022(a)

     200,000        200,156  

7.88%, 05/22/2022(a)

     600,000        608,490  

7.88%, 05/22/2022(a)

     200,000        202,830  

SSG Resources Ltd., 4.25%, 10/04/2022(a)

     200,000        202,150  
     

 

 

 
        2,015,237  
     

 

 

 

Mexico-2.62%

     

Banco Santander (Mexico) S.A., Institucion de Banca Multiple, Grupo Financiero Santander

     

4.13%, 11/09/2022(a)

     300,000        304,533  

4.13%, 11/09/2022(a)

     400,000        406,044  

Mexico Government International Bond, 8.00%, 09/24/2022

     300,000        312,753  

Petroleos Mexicanos, 5.38%, 03/13/2022

     130,000        130,081  
     

 

 

 
        1,153,411  
     

 

 

 

Peru-1.15%

     

Banco BBVA Peru S.A.

     

5.00%, 08/26/2022(a)

     200,000        202,817  

5.00%, 08/26/2022(a)

     200,000        202,817  

Southern Copper Corp., 3.50%, 11/08/2022

     100,000        101,181  
     

 

 

 
        506,815  
     

 

 

 

Philippines-0.46%

     

Union Bank of the Philippines, 3.37%, 11/29/2022(a)

     200,000        201,828  
     

 

 

 

Poland-3.89%

     

Powszechna Kasa Oszczednosci Bank Polski S.A. Via PKO Finance AB

     

4.63%, 09/26/2022(a)

     200,000        203,545  

4.63%, 09/26/2022(a)

     400,000        407,091  

Republic of Poland Government International Bond, 5.00%, 03/23/2022

     1,100,000        1,102,836  
     

 

 

 
        1,713,472  
     

 

 

 

Russia-5.01%

     

Gazprom Neft OAO Via GPN Capital S.A.

     

4.38%, 09/19/2022(a)

     200,000        149,000  

4.38%, 09/19/2022(a)

     200,000        149,000  

Gazprom OAO Via Gaz Capital S.A., 4.95%, 07/19/2022(a)

     200,000        114,543  

Gazprom PJSC Via Gaz Capital S.A.

     

6.51%, 03/07/2022(a)

     200,000        139,600  

4.95%, 07/19/2022(a)

     200,000        114,543  

Rosneft Oil Co. Via Rosneft International Finance DAC

     

4.20%, 03/06/2022(a)

     200,000        170,332  

4.20%, 03/06/2022(a)

     200,000        170,332  
       Principal  
Amount
           Value        

Russia-(continued)

     

Russian Foreign Bond - Eurobond

     

4.50%, 04/04/2022(a)

   $ 600,000      $ 330,000  

4.50%, 04/04/2022(a)

     200,000        110,000  

Sberbank of Russia Via SB Capital S.A.

     

5.13%, 10/29/2022(a)

     200,000        55,000  

5.13%, 10/29/2022(a)

     200,000        55,000  

Severstal OAO Via Steel Capital S.A.

     

5.90%, 10/17/2022(a)

     200,000        155,000  

5.90%, 10/17/2022(a)

     200,000        155,000  

Vnesheconombank Via VEB Finance PLC

     

6.03%, 07/05/2022(a)

     200,000        70,000  

6.03%, 07/05/2022(a)

     200,000        70,000  

VTB Bank OJSC Via VTB Capital S.A. 6.95%, 10/17/2022(a)

     200,000        101,000  

6.95%, 10/17/2022(a)

     200,000        101,000  
     

 

 

 
        2,209,350  
     

 

 

 

South Africa-3.65%

     

Republic of South Africa Government International Bond, 5.88%, 05/30/2022

     600,000        606,345  

Sasol Financing International Ltd., 4.50%, 11/14/2022

     400,000        402,810  

Transnet SOC Ltd.

     

4.00%, 07/26/2022(a)

     200,000        199,323  

4.00%, 07/26/2022(a)

     400,000        398,645  
     

 

 

 
        1,607,123  
     

 

 

 

Supranational-3.41%

     

Asian Development Bank

     

0.63%, 04/07/2022

     550,000        550,161  

1.88%, 07/19/2022

     450,000        452,011  

1.88%, 08/10/2022

     100,000        100,502  

1.75%, 09/13/2022

     400,000        401,845  
     

 

 

 
        1,504,519  
     

 

 

 

Thailand-3.44%

     

Bangkok Bank PCL

     

3.88%, 09/27/2022(a)

     400,000        404,731  

3.88%, 09/27/2022(a)

     200,000        202,365  

Kasikornbank PCL, 2.38%, 04/06/2022(a)

     200,000        200,082  

PTT Global Chemical PCL, 4.25%, 09/19/2022(a)

     500,000        506,351  

Siam Commercial Bank PCL (The), 3.20%, 07/26/2022(a)

     200,000        201,132  
     

 

 

 
        1,514,661  
     

 

 

 

Turkey-8.21%

     

QNB Finansbank A.S.

     

4.88%, 05/19/2022(a)

     200,000        200,617  

4.88%, 05/19/2022(a)

     200,000        200,617  

T.C. Ziraat Bankasi A.S.

     

5.13%, 05/03/2022(a)

     200,000        200,452  

5.13%, 05/03/2022(a)

     200,000        200,452  

Turkey Government International Bond

     

5.13%, 03/25/2022

     200,000        200,400  

6.25%, 09/26/2022

     800,000        810,352  

Turkiye Garanti Bankasi A.S.

     

5.25%, 09/13/2022(a)

     200,000        201,992  

5.25%, 09/13/2022(a)

     200,000        201,992  

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

 

  180  

 

 

 

 

 

 

 


 

Invesco BulletShares 2022 USD Emerging Markets Debt ETF (BSBE)–(continued)

February 28, 2022

(Unaudited)

 

       Principal  
Amount
           Value        

Turkey-(continued)

     

Turkiye Ihracat Kredi Bankasi A.S., 4.25%, 09/18/2022(a)

   $ 200,000      $ 200,124  

Turkiye Is Bankasi A.S.

     

5.50%, 04/21/2022(a)

     200,000        200,511  

5.50%, 04/21/2022(a)

     200,000        200,511  

6.00%, 10/24/2022(a)

     200,000        200,819  

6.00%, 10/24/2022(a)

     200,000        200,819  

Turkiye Vakiflar Bankasi T.A.O., 5.63%, 05/30/2022(a)

     200,000        200,801  

Yapi ve Kredi Bankasi A.S., 5.50%, 12/06/2022(a)

     200,000        200,070  
     

 

 

 
        3,620,529  
     

 

 

 

United Arab Emirates-7.76%

     

Abu Dhabi Government International Bond

     

2.50%, 10/11/2022(a)

     1,000,000        1,009,246  

2.50%, 10/11/2022(a)

     1,000,000        1,009,246  

BOS Funding Ltd., 4.23%, 03/07/2022(a)

     200,000        200,150  

Emirates NBD Bank PJSC, 3.25%, 11/14/2022(a)

     200,000        202,509  

First Abu Dhabi Bank PJSC, 3.00%, 03/30/2022(a)

     200,000        200,319  

MDGH GMTN (RSC) Ltd.

     

5.50%, 03/01/2022(a)

     200,000        200,000  

5.50%, 03/01/2022(a)

     600,000        600,000  
     

 

 

 
        3,421,470  
     

 

 

 

United Kingdom-0.48%

     

Jaguar Land Rover Automotive PLC, 7.75%, 10/15/2025(a)

     200,000        211,000  
     

 

 

 
       Principal  
Amount
           Value        

United States-0.93%

     

Pilgrim’s Pride Corp.

     

5.88%, 09/30/2027(a)

   $ 100,000      $ 102,899  

5.88%, 09/30/2027(a)

     300,000        308,695  
     

 

 

 
        411,594  
     

 

 

 

Vietnam-0.46%

     

Vietnam Prosperity JSC Bank, 6.25%, 07/17/2022(a)

     200,000        201,100  
     

 

 

 

Virgin Islands (British)-0.45%

     

Zhaojin Mining International Finance Ltd., 5.50%, 03/01/2022(a)

     200,000        200,000  
     

 

 

 

Total U.S. Dollar Denominated Bonds & Notes
(Cost $37,386,224)

 

     35,670,903  
     

 

 

 
       Shares           

Money Market Funds-15.58%

 

Invesco Government & Agency Portfolio, Institutional Class, 0.03%(b)(c)
(Cost $6,867,046)

     6,867,046        6,867,046  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-96.49%
(Cost $44,253,270)

 

     42,537,949  

OTHER ASSETS LESS LIABILITIES-3.51%

 

     1,546,653  
     

 

 

 

NET ASSETS-100.00%

      $ 44,084,602  
  

 

 

 

 

Notes to Schedule of Investments:

(a)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2022 was $29,185,694, which represented 66.20% of the Fund’s Net Assets.

(b)

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2022.

 

     Value
August 31, 2021
   Purchases
at Cost
   Proceeds
from Sales
  Change in
Unrealized
Appreciation
   Realized
Gain
(Loss)
  Value
February 28, 2022
   Dividend
Income

Investments in Affiliated Money Market Funds:

                                

Invesco Government & Agency Portfolio, Institutional Class

     $ 701,175      $ 11,069,550      $ (4,903,679 )     $ -      $ -     $ 6,867,046      $ 158

Investments Purchased with Cash Collateral from Securities on Loan:

                                

Invesco Private Government Fund

       400        804,290        (804,690 )       -        -       -        11 *

Invesco Private Prime Fund

       -        1,877,347        (1,877,326 )       -        (21 )       -        141 *
    

 

 

      

 

 

      

 

 

     

 

 

      

 

 

     

 

 

      

 

 

 

Total

     $ 701,575      $   13,751,187      $ (7,585,695 )     $ -      $ (21 )     $ 6,867,046      $ 310
    

 

 

      

 

 

      

 

 

     

 

 

      

 

 

     

 

 

      

 

 

 

 

*

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.

 

(c) 

The rate shown is the 7-day SEC standardized yield as of February 28, 2022.

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

 

  181  

 

 

 

 

 

 

 


 

Invesco BulletShares 2022 USD Emerging Markets Debt ETF (BSBE)–(continued)

February 28, 2022

(Unaudited)

 

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)

as of February 28, 2022

 

Financials

     37.20                                                   

Sovereign Debt

     19.65     

Energy

     11.28     

Industrials

     4.23     

Materials

     3.00     

Sector Types Each Less Than 3%

     5.55     

Money Market Funds Plus Other Assets

Less Liabilities

     19.09     

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

 

  182  

 

 

 

 

 

 

 


 

Invesco BulletShares 2023 USD Emerging Markets Debt ETF (BSCE)

February 28, 2022

(Unaudited)

 

Schedule of Investments

 

       Principal  
Amount
           Value        

U.S. Dollar Denominated Bonds & Notes-99.12%

 

Brazil-9.28%

     

Banco Bradesco S.A., 2.85%, 01/27/2023(a)

   $ 200,000      $ 200,978  

Banco BTG Pactual S.A., 5.50%, 01/31/2023(a)

     200,000        204,999  

Banco do Brasil S.A.

     

5.88%, 01/19/2023(a)

     200,000        206,149  

5.88%, 01/19/2023(a)

     200,000        206,149  

4.88%, 04/19/2023(a)

     200,000        206,456  

Banco Nacional de Desenvolvimento Economico e Social

     

5.75%, 09/26/2023(a)

     200,000        210,986  

5.75%, 09/26/2023(a)

     200,000        210,986  

Brazilian Government International Bond, 2.63%, 01/05/2023

     400,000        404,024  

Embraer Overseas Ltd.

     

5.70%, 09/16/2023(a)

     61,000        63,634  

5.70%, 09/16/2023(a)

     100,000        104,318  

Gerdau Trade, Inc., 4.75%, 04/15/2023(a)

     200,000        206,316  

Itau Unibanco Holding S.A.

     

2.90%, 01/24/2023(a)

     200,000        201,231  

5.13%, 05/13/2023(a)

     200,000        207,385  

5.13%, 05/13/2023(a)

     500,000        518,463  
     

 

 

 
        3,152,074  
     

 

 

 

Chile-2.56%

     

Banco de Credito e Inversiones S.A., 4.00%, 02/11/2023(a)

     200,000        203,743  

Inversiones CMPC S.A.

     

4.38%, 05/15/2023(a)

     200,000        203,745  

4.38%, 05/15/2023(a)

     250,000        254,681  

Transelec S.A., 4.63%, 07/26/2023(a)

     200,000        206,230  
     

 

 

 
        868,399  
     

 

 

 

China-8.79%

     

China Government International Bond

     

3.25%, 10/19/2023(a)

     290,000        297,795  

0.40%, 10/21/2023(a)

     250,000        245,412  

China Great Wall International Holdings III Ltd., 4.38%, 05/25/2023(a)

     200,000        204,051  

China Overseas Finance Cayman VII Ltd., 4.25%, 04/26/2023(a)

     200,000        203,704  

CNOOC Finance (2013) Ltd., 3.00%, 05/09/2023

     200,000        202,551  

CNPC General Capital Ltd.

     

3.40%, 04/16/2023(a)

     200,000        203,536  

3.40%, 04/16/2023(a)

     200,000        203,536  

Industrial & Commercial Bank of China Ltd.

     

1.00%, 07/20/2023(a)

     200,000        197,924  

1.00%, 09/09/2023(a)

     200,000        197,653  

Sinopec Group Overseas Development (2013) Ltd.

     

4.38%, 10/17/2023(a)

     200,000        207,570  

4.38%, 10/17/2023(a)

     200,000        207,570  

State Grid Overseas Investment (2013) Ltd., 3.13%, 05/22/2023(a)

     200,000        203,455  

 

       Principal  
Amount
           Value        

China-(continued)

     

State Grid Overseas Investment BVI Ltd.

     

3.75%, 05/02/2023(a)

   $ 200,000      $ 204,769  

3.75%, 05/02/2023(a)

     200,000        204,769  
     

 

 

 
        2,984,295  
     

 

 

 

Colombia-1.78%

     

Banco de Bogota S.A., 5.38%, 02/19/2023(a)

     200,000        204,380  

Colombia Government International Bond, 2.63%, 03/15/2023

     400,000        401,092  
     

 

 

 
        605,472  
     

 

 

 

Egypt-2.38%

     

Egypt Government International Bond

     

5.58%, 02/21/2023(a)

     200,000        202,359  

5.58%, 02/21/2023(a)(b)

     300,000        303,539  

4.55%, 11/20/2023(a)

     300,000        300,817  
     

 

 

 
        806,715  
     

 

 

 

Hong Kong-0.58%

     

BOSCI BVI Ltd., 1.25%, 09/10/2023(a)

     200,000        196,847  
     

 

 

 

Hungary-2.46%

     

Hungary Government International Bond

     

5.38%, 02/21/2023

     500,000        516,416  

5.75%, 11/22/2023

     300,000        317,471  
     

 

 

 
        833,887  
     

 

 

 

India-5.94%

     

Bharti Airtel International Netherlands B.V., 5.13%, 03/11/2023(a)

     200,000        205,918  

Export-Import Bank of India, 4.00%, 01/14/2023(a)

     200,000        203,304  

IIFL Finance Ltd., 5.88%, 04/20/2023(a)

     400,000        389,080  

Indian Oil Corp. Ltd., 5.75%, 08/01/2023(a)

     400,000        419,084  

Shriram Transport Finance Co. Ltd.

     

5.10%, 07/16/2023(a)

     200,000        201,607  

5.10%, 07/16/2023(a)

     200,000        201,607  

Yes Bank Ifsc Banking Unit Branch, 3.75%, 02/06/2023(a)

     400,000        397,900  
     

 

 

 
        2,018,500  
     

 

 

 

Indonesia-9.35%

     

Indonesia Government International Bond

     

2.95%, 01/11/2023

     500,000        505,518  

3.38%, 04/15/2023(a)

     400,000        407,800  

3.38%, 04/15/2023(a)

     400,000        407,800  

5.38%, 10/17/2023(a)

     200,000        211,568  

5.38%, 10/17/2023(a)

     200,000        211,568  

Perusahaan Penerbit SBSN Indonesia III

     

3.75%, 03/01/2023(a)

     500,000        509,737  

3.75%, 03/01/2023(a)

     200,000        203,895  

PT Pertamina (Persero)

     

4.30%, 05/20/2023(a)

     200,000        204,603  

4.30%, 05/20/2023(a)

     300,000        306,905  

PT Tower Bersama Infrastructure Tbk, 4.25%, 01/21/2025(a)

     200,000        206,717  
     

 

 

 
        3,176,111  
     

 

 

 

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

 

  183  

 

 

 

 

 

 

 


 

Invesco BulletShares 2023 USD Emerging Markets Debt ETF (BSCE)–(continued)

February 28, 2022

(Unaudited)

 

       Principal  
Amount
           Value        

Ireland-0.61%

     

Avolon Holdings Funding Ltd., 5.13%, 10/01/2023(a)

   $ 100,000      $ 103,630  

Park Aerospace Holdings Ltd., 4.50%, 03/15/2023(a)

     100,000        102,126  
     

 

 

 
        205,756  
     

 

 

 

Mexico-3.66%

     

Alpek S.A.B. de C.V., 5.38%, 08/08/2023(a)

     200,000        207,713  

Alsea S.A.B. de C.V., 7.75%, 12/14/2026(a)

     200,000        206,457  

Fresnillo PLC, 5.50%, 11/13/2023(a)

     200,000        209,770  

Petroleos Mexicanos

     

3.50%, 01/30/2023

     200,000        200,984  

4.63%, 09/21/2023

     100,000        102,322  

Unifin Financiera S.A.B. de C.V., 7.25%, 09/27/2023(a)

     200,000        139,817  

Unifin Financiera S.A.B. de C.V., SOFOM, E.N.R., 7.25%,
09/27/2023(a)(b)

     250,000        174,771  
     

 

 

 
        1,241,834  
     

 

 

 

Peru-3.14%

     

Banco de Credito del Peru

     

4.25%, 04/01/2023(a)

     200,000        204,239  

4.25%, 04/01/2023(a)

     100,000        102,119  

Banco Internacional del Peru SAA Interbank

     

3.38%, 01/18/2023(a)

     200,000        201,683  

3.38%, 01/18/2023(a)

     100,000        100,842  

Fondo MIVIVIENDA S.A., 3.50%, 01/31/2023(a)

     200,000        201,993  

Gas Natural de Lima y Callao S.A., 4.38%, 04/01/2023(a)

     250,000        254,964  
     

 

 

 
        1,065,840  
     

 

 

 

Philippines-1.78%

     

BDO Unibank, Inc., 2.95%, 03/06/2023(a)

     400,000        401,300  

Rizal Commercial Banking Corp., 4.13%, 03/16/2023(a)

     200,000        202,500  
     

 

 

 
        603,800  
     

 

 

 

Poland-1.25%

     

Republic of Poland Government International Bond, 3.00%, 03/17/2023

     420,000        424,688  
     

 

 

 

Qatar-7.84%

     

AKCB Finance Ltd., 4.75%, 10/09/2023(a)

     200,000        207,481  

Ooredoo International Finance Ltd.

     

3.25%, 02/21/2023(a)

     400,000        405,508  

3.25%, 02/21/2023(a)

     200,000        202,754  

Qatar Government International Bond

     

3.88%, 04/23/2023(a)

     1,200,000        1,233,044  

3.88%, 04/23/2023(a)

     200,000        205,507  

SoQ Sukuk A QSC, 3.24%, 01/18/2023(a)

     400,000        407,041  
     

 

 

 
        2,661,335  
     

 

 

 

Russia-5.27%

     

Gazprom Neft OAO Via GPN Capital S.A.

     

6.00%, 11/27/2023(a)

     500,000        318,572  

6.00%, 11/27/2023(a)

     400,000        254,858  

Lukoil International Finance B.V.

     

4.56%, 04/24/2023(a)

     200,000        105,998  

4.56%, 04/24/2023(a)

     500,000        264,996  
       Principal  
Amount
           Value        

Russia-(continued)

     

Mobile Telesystems OJSC Via MTS International Funding DAC, 5.00%, 05/30/2023(a)

   $ 200,000      $ 164,514  

Russian Foreign Bond - Eurobond

     

4.88%, 09/16/2023(a)

     400,000        206,688  

4.88%, 09/16/2023(a)

     600,000        310,031  

Vnesheconombank Via VEB Finance PLC, 5.94%, 11/21/2023(a)

     650,000        162,500  
     

 

 

 
        1,788,157  
     

 

 

 

South Africa-1.71%

     

Eskom Holdings SOC Ltd., 6.75%, 08/06/2023(a)

     200,000        199,750  

Growthpoint Properties International Pty. Ltd., 5.87%, 05/02/2023(a)

     375,000        380,839  
     

 

 

 
        580,589  
     

 

 

 

Supranational-6.41%

     

Asian Development Bank

     

1.63%, 01/24/2023

     500,000        502,610  

2.75%, 03/17/2023

     400,000        406,616  

0.25%, 07/14/2023

     435,000        428,899  

0.25%, 10/06/2023

     400,000        393,042  

Asian Infrastructure Investment Bank (The), 0.25%, 09/29/2023

     250,000        245,788  

New Development Bank (The), 0.63%, 06/23/2023(a)

     200,000        197,772  
     

 

 

 
        2,174,727  
     

 

 

 

Switzerland-0.60%

     

Syngenta Finance N.V., 4.44%, 04/24/2023(a) .

     200,000        204,385  
     

 

 

 

Thailand-1.21%

     

Bangkok Bank PCL, 5.00%, 10/03/2023(a)

     200,000        209,645  

Siam Commercial Bank PCL (The), 2.75%, 05/16/2023(a)

     200,000        201,938  
     

 

 

 
        411,583  
     

 

 

 

Turkey-10.36%

     

Arcelik A.S., 5.00%, 04/03/2023(a)

     200,000        199,947  

Hazine Mustesarligi Varlik Kiralama A.S.

     

5.00%, 04/06/2023(a)

     200,000        200,626  

5.00%, 04/06/2023(a)

     500,000        501,565  

KOC Holding A.S.

     

5.25%, 03/15/2023(a)

     200,000        200,547  

5.25%, 03/15/2023(a)

     200,000        200,547  

Petkim Petrokimya Holding A.S., 5.88%, 01/26/2023(a)

     200,000        198,790  

Roenesans Gayrimenkul Yatirim A.S., 7.25%, 04/26/2023(a)

     200,000        195,688  

Turkey Government International Bond

     

3.25%, 03/23/2023

     400,000        394,476  

7.25%, 12/23/2023

     500,000        510,998  

Turkiye Garanti Bankasi A.S., 5.88%, 03/16/2023(a)

     200,000        202,958  

Turkiye Vakiflar Bankasi T.A.O., 5.75%, 01/30/2023(a)

     200,000        202,150  

Yapi ve Kredi Bankasi A.S.

     

6.10%, 03/16/2023(a)

     100,000        101,691  

6.10%, 03/16/2023(a)

     400,000        406,766  
     

 

 

 
        3,516,749  
     

 

 

 

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

 

  184  

 

 

 

 

 

 

 


 

Invesco BulletShares 2023 USD Emerging Markets Debt ETF (BSCE)–(continued)

February 28, 2022

(Unaudited)

 

       Principal  
Amount
           Value        

United Arab Emirates-10.63%

     

Abu Dhabi Government International Bond

     

0.75%, 09/02/2023(a)

   $ 600,000      $ 592,306  

0.75%, 09/02/2023(a)

     575,000        567,627  

Abu Dhabi National Energy Co. PJSC

     

3.63%, 01/12/2023(a)

     200,000        203,592  

3.63%, 01/12/2023(a)

     200,000        203,592  

ADCB Finance Cayman Ltd.

     

4.50%, 03/06/2023(a)

     200,000        204,879  

4.00%, 03/29/2023(a)

     200,000        204,320  

AHB Sukuk Co. Ltd., 4.38%, 09/19/2023(a)

     200,000        206,114  

Alpha Star Holding V Ltd., 6.63%, 04/18/2023(a)

     200,000        203,782  

DP World Crescent Ltd.

     

3.91%, 05/31/2023(a)

     200,000        204,333  

3.91%, 05/31/2023(a)

     400,000        408,666  

Fab Sukuk Co. Ltd., 3.63%, 03/05/2023(a)

     200,000        203,665  

MDGH GMTN (RSC) Ltd., 2.75%, 05/11/2023(a)

     200,000        202,377  

SIB Sukuk Co. III Ltd., 4.23%, 04/18/2023(a)

     200,000        204,982  
     

 

 

 
        3,610,235  
     

 

 

 

United Kingdom-0.60%

     

Avon Products, Inc., 6.50%, 03/15/2023(b)

     200,000        203,487  
     

 

 

 

United States-0.93%

     

JBS USA LUX S.A./JBS USA Finance, Inc.

     

6.75%, 02/15/2028(a)

     200,000        210,906  

6.75%, 02/15/2028(a)

     100,000        105,453  
     

 

 

 
        316,359  
     

 

 

 

Total U.S. Dollar Denominated Bonds & Notes
(Cost $35,737,594)

 

     33,651,824  
     

 

 

 
        Shares               Value        

Money Market Funds-0.85%

 

Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c)(d)
(Cost $287,935)

     287,935      $ 287,935  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.97%
(Cost $36,025,529)

        33,939,759  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-2.16%

 

Invesco Private Government Fund,
0.12%(c)(d)(e)

     219,508        219,508  

Invesco Private Prime Fund, 0.08%(c)(d)(e)

     512,138        512,189  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $731,699)

 

     731,697  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-102.13%
(Cost $36,757,228)

 

     34,671,456  

OTHER ASSETS LESS LIABILITIES-(2.13)%

 

     (721,743
     

 

 

 

NET ASSETS-100.00%

      $ 33,949,713  
     

 

 

 

 

Notes to Schedule of Investments:

(a) 

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2022 was $27,490,842, which represented 80.98% of the Fund’s Net Assets.

(b) 

All or a portion of this security was out on loan at February 28, 2022.

(c) 

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2022.

 

     Value
August 31, 2021
   Purchases
at Cost
   Proceeds
from Sales
  Change in
Unrealized
Appreciation
(Depreciation)
  Realized
Gain
(Loss)
  Value
February 28, 2022
   Dividend
Income

Investments in Affiliated Money Market Funds:

                               

Invesco Government & Agency Portfolio, Institutional Class

     $ 43,213      $   1,184,044      $   (939,322 )     $   -     $   -     $   287,935      $   17

Investments Purchased with Cash Collateral from Securities on Loan:

                               

Invesco Private Government Fund

       347,484        2,359,809        (2,487,785 )       -       -       219,508        60 *

Invesco Private Prime Fund

       810,795        4,870,386        (5,168,664 )       (2 )       (326 )       512,189        585 *
    

 

 

      

 

 

      

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 

Total

     $ 1,201,492      $ 8,414,239      $ (8,595,771 )     $ (2 )     $ (326 )     $ 1,019,632      $ 662
    

 

 

      

 

 

      

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 

 

*

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.

 

 

  185  

 

 

 

 

 

 

 


 

Invesco BulletShares 2023 USD Emerging Markets Debt ETF (BSCE)–(continued)

February 28, 2022

(Unaudited)

 

 

(d) 

The rate shown is the 7-day SEC standardized yield as of February 28, 2022.

(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.

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)

as of February 28, 2022

 

Financials

    34.78                                                  

Sovereign Debt

    32.99    

Energy

    9.42    

Utilities

    4.95    

Materials

    4.38    

Communication Services

    3.49    

Industrials

    3.48    

Sector Types Each Less Than 3%

    5.63    

Money Market Funds Plus Other Assets

Less Liabilities

    0.88    

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

 

  186  

 

 

 

 

 

 

 


 

Invesco BulletShares 2024 USD Emerging Markets Debt ETF (BSDE)

February 28, 2022

(Unaudited)

 

Schedule of Investments

 

    

Principal

  Amount  

           Value        

U.S. Dollar Denominated Bonds & Notes-98.23%

 

Brazil-10.14%

     

Banco Daycoval S.A., 4.25%, 12/13/2024(a)

     $150,000      $ 150,862  

Banco do Brasil S.A., 4.75%, 03/20/2024(a)

     200,000        206,857  

Banco Nacional de Desenvolvimento Economico e Social, 4.75%, 05/09/2024(a)

     200,000        210,200  

Banco Votorantim S.A., 4.50%, 09/24/2024(a)

     200,000        205,227  

Brazilian Government International Bond, 8.88%, 04/15/2024

     400,000        458,604  

Cemig Geracao e Transmissao S.A., 9.25%, 12/05/2024(a)

     200,000        219,058  

Cosan S.A., 5.50%, 09/20/2029(a)

     200,000        199,612  

CSN Inova Ventures

     

6.75%, 01/28/2028(a)(b)

     200,000        207,220  

6.75%, 01/28/2028(a)

     200,000        207,220  

Petrobras Global Finance B.V., 6.25%, 03/17/2024

     290,000        307,374  

Rio Oil Finance Trust

     

Series 2014-1, 9.25%, 07/06/2024(a)

     89,035        94,191  

Series 2014-1, 9.25%, 07/06/2024(a)

     89,035        94,191  
     

 

 

 
        2,560,616  
     

 

 

 

Cayman Islands-1.32%

 

Global Aircraft Leasing Co. Ltd.

     

6.50%, 7.25% PIK Rate, 6.50% Cash

Rate, 09/15/2024(a)(c)

     200,000        190,335  

6.50%, 7.25% PIK Rate, 6.50%

Cash Rate, 09/15/2024(a)(c)

     150,000        142,751  
     

 

 

 
        333,086  
     

 

 

 

Chile-1.64%

 

Empresa Nacional del Petroleo, 4.38%, 10/30/2024(a)

     400,000        414,520  
     

 

 

 

China-7.25%

 

AAC Technologies Holdings, Inc., 3.00%, 11/27/2024(a)

     200,000        195,427  

Alibaba Group Holding Ltd., 3.60%, 11/28/2024 .

     200,000        205,535  

China Construction Bank Corp., 0.86%, 04/22/2024(a)

     200,000        195,497  

China Development Bank, 0.63%, 09/09/2024(a)

     200,000        194,323  

Export-Import Bank of China (The)

     

3.63%, 07/31/2024(a)

     200,000        209,148  

3.63%, 07/31/2024(a)

     200,000        209,148  

State Grid Overseas Investment (2014) Ltd.

     

4.13%, 05/07/2024(a)

     200,000        209,264  

4.13%, 05/07/2024(a)

     200,000        209,264  

Tencent Holdings Ltd., 3.28%, 04/11/2024(a)

     200,000        204,479  
     

 

 

 
        1,832,085  
     

 

 

 

Colombia-2.50%

 

Colombia Government International Bond

     

4.00%, 02/26/2024

     200,000        203,431  

8.13%, 05/21/2024(b)

     200,000        221,303  

SURA Asset Management S.A., 4.88%, 04/17/2024(a)

     200,000        205,726  
     

 

 

 
        630,460  
     

 

 

 

 

    

Principal

  Amount  

           Value        

Egypt-3.98%

 

Egypt Government International Bond

     

6.20%, 03/01/2024(a)

     $800,000      $ 805,656  

5.75%, 05/29/2024(a)

     200,000        198,926  
     

 

 

 
        1,004,582  
     

 

 

 

Hong Kong-0.85%

 

King Power Capital Ltd., 5.63%, 11/03/2024(a)

     200,000        216,154  
     

 

 

 

Hungary-1.26%

 

Hungary Government International Bond, 5.38%, 03/25/2024

     300,000        318,345  
     

 

 

 

India-8.31%

 

ABJA Investment Co. Pte. Ltd., 5.95%, 07/31/2024(a)

     600,000        636,852  

Bharti Airtel International Netherlands B.V.

     

5.35%, 05/20/2024(a)

     200,000        210,912  

5.35%, 05/20/2024(a)

     200,000        210,912  

Export-Import Bank of India, 3.88%, 03/12/2024(a)

     200,000        205,272  

Indian Oil Corp. Ltd., 4.75%, 01/16/2024(a)

     200,000        207,885  

JSW Steel Ltd., 5.95%, 04/18/2024(a)

     200,000        206,570  

Oil India Ltd., 5.38%, 04/17/2024(a)

     200,000        210,903  

ONGC Videsh Ltd., 4.63%, 07/15/2024(a)

     200,000        208,965  
     

 

 

 
        2,098,271  
     

 

 

 

Indonesia-9.92%

 

Indonesia Government International Bond

     

5.88%, 01/15/2024(a)

     200,000        214,170  

5.88%, 01/15/2024(a)

     200,000        214,170  

4.45%, 02/11/2024

     200,000        209,814  

Perusahaan Penerbit SBSN Indonesia III

     

3.90%, 08/20/2024(a)

     200,000        208,385  

3.90%, 08/20/2024(a)

     200,000        208,385  

4.35%, 09/10/2024(a)

     400,000        420,132  

4.35%, 09/10/2024(a)

     200,000        210,066  

PT Pelabuhan Indonesia III (Persero), 4.88%, 10/01/2024(a)

     200,000        208,274  

PT Perusahaan Gas Negara Tbk

     

5.13%, 05/16/2024(a)

     200,000        208,321  

5.13%, 05/16/2024(a)

     200,000        208,321  

PT Saka Energi Indonesia, 4.45%, 05/05/2024(a)

     200,000        194,318  
     

 

 

 
        2,504,356  
     

 

 

 

Ireland-1.24%

 

Park Aerospace Holdings Ltd.

     

5.50%, 02/15/2024(a)

     200,000        209,685  

5.50%, 02/15/2024(a)

     100,000        104,842  
     

 

 

 
        314,527  
     

 

 

 

Mexico-8.93%

 

Alfa S.A.B. de C.V., 5.25%, 03/25/2024(a)

     200,000        206,226  

Banco Inbursa S.A., Institucion De Banca Multiple Grupo, Financiero Inbursa

     

4.13%, 06/06/2024(a)

     150,000        153,783  

4.13%, 06/06/2024(a)

     150,000        153,783  

Cemex S.A.B. de C.V.

     

5.45%, 11/19/2029(a)

     200,000        198,820  

5.45%, 11/19/2029(a)

     200,000        198,820  

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

 

  187  

 

 

 

 

 

 

 


 

Invesco BulletShares 2024 USD Emerging Markets Debt ETF (BSDE)–(continued)

February 28, 2022

(Unaudited)

 

    

Principal

  Amount  

           Value        

Mexico-(continued)

 

Comision Federal de Electricidad

     

4.88%, 01/15/2024(a)

     $200,000      $ 206,966  

4.88%, 01/15/2024(a)

     400,000        413,932  

Grupo Bimbo S.A.B. de C.V.

     

3.88%, 06/27/2024(a)(b)

     200,000        206,871  

3.88%, 06/27/2024(a)

     200,000        206,871  

Petroleos Mexicanos, 4.88%, 01/18/2024

     300,000        308,317  
     

 

 

 
        2,254,389  
     

 

 

 

Philippines-4.33%

 

Philippine Government International Bond

     

4.20%, 01/21/2024(b)

     300,000        309,780  

7.50%, 09/25/2024

     200,000        216,047  

Philippine National Bank, 3.28%, 09/27/2024(a)

     200,000        200,948  

Power Sector Assets and Liabilities Management Corp.

     

7.39%, 12/02/2024(a)

     200,000        226,416  

7.39%, 12/02/2024(a)

     125,000        141,510  
     

 

 

 
        1,094,701  
     

 

 

 

Poland-1.64%

 

Republic of Poland Government International Bond, 4.00%, 01/22/2024

     400,000        413,634  
     

 

 

 

Qatar-3.66%

 

Qatar Government International Bond, 3.38%, 03/14/2024(a)

     500,000        514,409  

QNB Finance Ltd., 3.50%, 03/28/2024(a)

     400,000        408,960  
     

 

 

 
        923,369  
     

 

 

 

Singapore-0.78%

 

BOC Aviation USA Corp., 1.63%, 04/29/2024(a)

     200,000        196,780  
     

 

 

 

South Africa-3.22%

 

MTN (Mauritius) Investments Ltd.

     

4.76%, 11/11/2024(a)

     200,000        201,524  

4.76%, 11/11/2024(a)

     200,000        201,524  

Republic of South Africa Government International Bond, 4.67%, 01/17/2024

     200,000        205,637  

Sasol Financing USA LLC, 5.88%, 03/27/2024

     200,000        203,748  
     

 

 

 
        812,433  
     

 

 

 

Supranational-6.57%

 

Asian Development Bank

     

2.63%, 01/30/2024

     550,000        562,348  

0.38%, 06/11/2024

     200,000        194,727  

1.50%, 10/18/2024

     500,000        498,744  

Asian Infrastructure Investment Bank (The), 2.25%, 05/16/2024

     200,000        202,536  

Black Sea Trade & Development Bank, 3.50%, 06/25/2024(a)

     200,000        202,000  
     

 

 

 
        1,660,355  
     

 

 

 

Turkey-10.20%

 

Coca-Cola Icecek A.S., 4.22%, 09/19/2024(a)

     200,000        201,625  

Hazine Mustesarligi Varlik Kiralama A.S., 4.49%, 11/25/2024(a)

     200,000        193,500  

Turk Telekomunikasyon A.S.

     

4.88%, 06/19/2024(a)

     200,000        193,866  

4.88%, 06/19/2024(a)

     200,000        193,866  

Turkey Government International Bond 5.75%, 03/22/2024

     200,000        197,750  
    

Principal

  Amount  

           Value        

Turkey-(continued)

 

6.35%, 08/10/2024

     $400,000      $ 398,450  

5.60%, 11/14/2024

     400,000        389,760  

Turkiye Is Bankasi A.S., 6.13%, 04/25/2024(a)

     600,000        601,278  

Turkiye Vakiflar Bankasi T.A.O., 8.13%, 03/28/2024(a)

     200,000        206,685  
     

 

 

 
        2,576,780  
     

 

 

 

United Arab Emirates-8.84%

 

Abu Dhabi Government International Bond

     

2.13%, 09/30/2024(a)

     200,000        200,756  

2.13%, 09/30/2024(a)

     400,000        401,512  

Abu Dhabi National Energy Co. PJSC, 3.88%, 05/06/2024(a)

     200,000        206,885  

DAE Funding LLC, 1.55%, 08/01/2024(a)

     200,000        192,196  

EMG Sukuk Ltd., 4.56%, 06/18/2024(a)

     200,000        206,036  

Emirates Telecommunications Group Co. PJSC, 3.50%, 06/18/2024(a)

     200,000        205,582  

MAF Global Securities Ltd., 4.75%, 05/07/2024(a)

     200,000        207,162  

MDGH GMTN (RSC) Ltd.

     

3.00%, 04/19/2024(a)

     200,000        203,412  

2.50%, 11/07/2024(a)

     200,000        201,375  

Sharjah Sukuk Ltd., 3.76%, 09/17/2024(a)

     200,000        207,458  
     

 

 

 
        2,232,374  
     

 

 

 

Vietnam-1.65%

 

Vietnam Government International Bond

     

4.80%, 11/19/2024(a)

     200,000        208,521  

4.80%, 11/19/2024(a)

     200,000        208,521  
     

 

 

 
        417,042  
     

 

 

 

Total U.S. Dollar Denominated Bonds & Notes
(Cost $24,915,940)

 

     24,808,859  
     

 

 

 
     Shares         

Money Market Funds-0.53%

 

Invesco Government & Agency Portfolio, Institutional Class,
0.03%(d)(e)
(Cost $133,271)

     133,271        133,271  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-98.76%
(Cost $25,049,211)

 

     24,942,130  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-3.82%

     

Invesco Private Government Fund,
0.12%(d)(e)(f)

     289,236        289,236  

Invesco Private Prime Fund,
0.08%(d)(e)(f)

     674,817        674,884  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $964,136)

 

     964,120  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-102.58%
(Cost $26,013,347)

 

     25,906,250  

OTHER ASSETS LESS LIABILITIES-(2.58)%

 

     (651,101
     

 

 

 

NET ASSETS-100.00%

      $ 25,255,149  
     

 

 

 

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

 

  188  

 

 

 

 

 

 

 


 

Invesco BulletShares 2024 USD Emerging Markets Debt ETF (BSDE)–(continued)

February 28, 2022

(Unaudited)

 

Investment Abbreviations:

PIK-Pay-in-Kind

Notes to Schedule of Investments:

(a) 

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2022 was $18,782,975, which represented 74.37% of the Fund’s Net Assets.

(b) 

All or a portion of this security was out on loan at February 28, 2022.

(c) 

All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.

(d) 

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2022.

 

     Value
August 31, 2021
   Purchases
at Cost
   Proceeds
from Sales
  Change in
Unrealized
Appreciation
(Depreciation)
  Realized
Gain
(Loss)
  Value
February 28, 2022
   Dividend
Income

Investments in Affiliated Money Market Funds:

                               

Invesco Government & Agency Portfolio, Institutional Class

     $ 294,311      $ 775,949      $ (936,989 )     $ -     $ -     $ 133,271      $ 17

Investments Purchased with Cash Collateral from Securities on Loan:

                               

Invesco Private Government Fund

       171,432        1,499,880        (1,382,076 )       -       -       289,236        42 *

Invesco Private Prime Fund

       400,008        2,941,496        (2,666,325 )       (16 )       (279 )       674,884        366 *
    

 

 

      

 

 

      

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 

Total

     $ 865,751      $ 5,217,325      $ (4,985,390 )     $ (16 )     $ (279 )     $ 1,097,391      $ 425
    

 

 

      

 

 

      

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 

 

*

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 February 28, 2022.

(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.

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)

as of February 28, 2022

     

Sovereign Debt

   32.29   

Financials

   28.48   

Energy

   8.12   

Utilities

   7.45   

Materials

   7.37   

Communication Services

   6.42   

Sector Types Each Less Than 3%

   8.10   

Money Market Funds Plus Other Assets Less Liabilities

   1.77   

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

 

  189  

 

 

 

 

 

 

 


 

Statements of Assets and Liabilities

February 28, 2022

(Unaudited)

 

     Invesco
BulletShares
2022 Corporate
Bond ETF
(BSCM)
     Invesco
BulletShares
2023 Corporate
Bond ETF
(BSCN)
    Invesco
BulletShares
2024 Corporate
Bond ETF
(BSCO)
    Invesco
BulletShares
2025 Corporate
Bond ETF
(BSCP)
 

Assets:

         

Unaffiliated investments in securities, at value(a)

   $ 2,159,985,356      $ 2,259,409,495     $ 2,036,189,635     $ 1,166,955,331  

Affiliated investments in securities, at value

     157,429,122        72,412,563       77,176,179       74,664,700  

Cash

     3,499,412        970       2,390       1,650  

Deposits with brokers:

         

Cash segregated as collateral

     -        -       726,292       154,590  

Receivable for:

         

Dividends and interest

     17,585,297        16,092,932       16,682,661       9,825,104  

Securities lending

     6        5,591       5,079       5,842  

Investments sold

     1,083,086        9,726,519       -       -  

Fund shares sold

     -        -       6,643,723       95,753  
  

 

 

    

 

 

   

 

 

   

 

 

 

Total assets

     2,339,582,279        2,357,648,070       2,137,425,959       1,251,702,970  
  

 

 

    

 

 

   

 

 

   

 

 

 

Liabilities:

         

Due to custodian

     -        -       -       -  

Payable for:

         

Investments purchased

     32,023,789        -       6,719,772       95,754  

Collateral upon return of securities loaned

     -        67,311,867       67,423,484       67,038,775  

Collateral upon receipt of securities in-kind

     -        -       726,292       154,590  

Fund shares repurchased

     44,741,625        9,542,536       -       -  

Accrued unitary management fees

     178,700        177,227       151,840       89,630  

Other payables

     -        70,872       -       -  
  

 

 

    

 

 

   

 

 

   

 

 

 

Total liabilities

     76,944,114        77,102,502       75,021,388       67,378,749  
  

 

 

    

 

 

   

 

 

   

 

 

 

Net Assets

   $ 2,262,638,165      $ 2,280,545,568     $ 2,062,404,571     $ 1,184,324,221  
  

 

 

    

 

 

   

 

 

   

 

 

 

Net assets consist of:

         

Shares of beneficial interest

   $ 2,262,044,956      $ 2,285,843,693     $ 2,076,534,218     $ 1,203,947,978  

Distributable earnings (loss)

     593,209        (5,298,125     (14,129,647     (19,623,757
  

 

 

    

 

 

   

 

 

   

 

 

 

Net Assets

   $ 2,262,638,165      $ 2,280,545,568     $ 2,062,404,571     $ 1,184,324,221  
  

 

 

    

 

 

   

 

 

   

 

 

 

Shares outstanding (unlimited amount authorized, $0.01 par value)

     106,200,000        107,400,000       96,450,000       55,500,000  

Net asset value

   $ 21.31      $ 21.23     $ 21.38     $ 21.34  
  

 

 

    

 

 

   

 

 

   

 

 

 

Market price

   $ 21.31      $ 21.23     $ 21.39     $ 21.35  
  

 

 

    

 

 

   

 

 

   

 

 

 

Unaffiliated investments in securities, at cost

   $ 2,158,022,283      $ 2,266,319,441     $ 2,051,122,106     $ 1,186,673,886  
  

 

 

    

 

 

   

 

 

   

 

 

 

Affiliated investments in securities, at cost

   $ 157,429,122      $ 72,420,657     $ 77,181,543     $ 74,670,037  
  

 

 

    

 

 

   

 

 

   

 

 

 

(a) Includes securities on loan with an aggregate value of:

   $ -      $ 65,363,899     $ 65,598,745     $ 65,315,371  
  

 

 

    

 

 

   

 

 

   

 

 

 

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

 

  190  

 

 

 

 

 

 

 


 

    

    

    

 

Invesco
BulletShares
2026  Corporate
Bond ETF
(BSCQ)
    Invesco
BulletShares
2027 Corporate
Bond ETF
(BSCR)
    Invesco
BulletShares
2028 Corporate
Bond ETF
(BSCS)
    Invesco
BulletShares
2029 Corporate
Bond ETF
(BSCT)
    Invesco
BulletShares
2030 Corporate
Bond ETF
(BSCU)
    Invesco
BulletShares
2031 Corporate
Bond ETF
(BSCV)
    Invesco
BulletShares
2022 High  Yield
Corporate
Bond ETF
(BSJM)
 
                    
$ 845,133,069     $ 401,930,735     $ 241,178,852     $ 142,627,759     $ 79,312,984     $ 19,179,220     $ 804,317,202  
  70,424,892       67,701,188       31,512,238       9,584,542       9,194,945       487,301       14,859,969  
  -       -       668       -       450       650       -  
           
  3,713,255       -       -       -       -       -       -  
           
  6,678,365       3,359,911       2,353,155       1,460,429       571,231       147,008       12,477,904  
  5,841       9,917       2,184       1,010       675       142       2,195  
  -       -       1,094,936       -       76,909       53,006       -  
  2,709,771       -       -       -       -       -       -  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  928,665,193       473,001,751       276,142,033       153,673,740       89,157,194       19,867,327       831,657,270  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
                    
  -       -       -       -       -       -       14,423  
           
  2,709,770       -       -       -       -       -       -  
  67,332,531       66,826,543       30,713,032       9,269,591       9,046,703       401,622       746,520  
  3,713,255       -       -       -       -       -       -  
  -       -       -       -       -       -       -  
  56,314       31,046       18,833       11,042       6,156       1,487       268,102  
  -       -       -       -       -       -       -  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  73,811,870       66,857,589       30,731,865       9,280,633       9,052,859       403,109       1,029,045  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
$ 854,853,323     $ 406,144,162     $ 245,410,168     $ 144,393,107     $ 80,104,335     $ 19,464,218     $ 830,628,225  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           
$ 870,560,821     $ 414,387,418     $ 255,977,373     $ 152,004,355     $ 84,016,772     $ 20,593,635     $ 877,544,772  
  (15,707,498     (8,243,256     (10,567,205     (7,611,248     (3,912,437     (1,129,417     (46,916,547

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
$ 854,853,323     $ 406,144,162     $ 245,410,168     $ 144,393,107     $ 80,104,335     $ 19,464,218     $ 830,628,225  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  41,700,000       19,500,000       11,250,001       7,200,001       4,350,001       1,050,001       36,100,000  
$ 20.50     $ 20.83     $ 21.81     $ 20.05     $ 18.41     $ 18.54     $ 23.01  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
$ 20.53     $ 20.84     $ 21.81     $ 20.08     $ 18.44     $ 18.58     $ 23.01  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
$ 860,945,686     $ 410,444,171     $ 251,717,262     $ 150,302,397     $ 83,195,440     $ 20,305,524     $ 809,105,167  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
$ 70,431,309     $ 67,705,797     $ 31,513,990     $ 9,584,815     $ 9,195,455     $ 487,303     $ 14,860,073  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
$ 65,740,830     $ 65,336,534     $ 30,021,097     $ 9,058,975     $ 8,852,551     $ 394,661     $ 718,378  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

 

  191  

 

 

 

 

 

 

 


 

Statements of Assets and Liabilities–(continued)

February 28, 2022

(Unaudited)

 

     Invesco
BulletShares
2023 High  Yield
Corporate
Bond ETF
(BSJN)
    Invesco
BulletShares
2024 High  Yield
Corporate
Bond ETF
(BSJO)
    Invesco
BulletShares
2025 High  Yield
Corporate
Bond ETF
(BSJP)
    Invesco
BulletShares
2026 High  Yield
Corporate
Bond ETF
(BSJQ)
 

Assets:

        

Unaffiliated investments in securities, at value(a)

   $ 740,486,846     $ 442,471,551     $ 343,113,935     $ 178,262,153  

Affiliated investments in securities, at value

     147,294,067       113,554,186       85,392,003       41,744,996  

Cash

     196,159       31,543       -       102,516  

Deposits with brokers:

        

Cash segregated as collateral

     -       310,834       -       -  

Receivable for:

        

Dividends and interest

     10,676,150       6,927,959       5,832,691       2,782,854  

Securities lending

     21,341       28,592       22,493       6,888  

Investments sold

     -       -       -       2,615,580  

Fund shares sold

     -       305,868       -       -  

Other assets

     -       -       -       -  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total assets

     898,674,563       563,630,533       434,361,122       225,514,987  
  

 

 

   

 

 

   

 

 

   

 

 

 

Liabilities:

        

Due to custodian

     -       -       -       -  

Payable for:

        

Investments purchased

     203,334       3,588,892       -       99,720  

Collateral upon return of securities loaned

     141,492,247       101,691,586       82,694,849       40,099,503  

Collateral upon receipt of securities in-kind

     -       310,834       -       -  

Accrued unitary management fees

     243,313       146,946       111,754       57,900  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total liabilities

     141,938,894       105,738,258       82,806,603       40,257,123  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Assets

   $ 756,735,669     $ 457,892,275     $ 351,554,519     $ 185,257,864  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net assets consist of:

        

Shares of beneficial interest

   $ 790,032,737     $ 475,115,823     $ 358,350,720     $ 192,583,031  

Distributable earnings (loss)

     (33,297,068     (17,223,548     (6,796,201     (7,325,167
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Assets

   $ 756,735,669     $ 457,892,275     $ 351,554,519     $ 185,257,864  
  

 

 

   

 

 

   

 

 

   

 

 

 

Shares outstanding (unlimited amount authorized, $0.01 par value)

     30,700,000       19,000,000       14,700,000       7,500,001  

Net asset value

   $ 24.65     $ 24.10     $ 23.92     $ 24.70  
  

 

 

   

 

 

   

 

 

   

 

 

 

Market price

   $ 24.67     $ 24.15     $ 23.95     $ 24.74  
  

 

 

   

 

 

   

 

 

   

 

 

 

Unaffiliated investments in securities, at cost

   $ 754,265,215     $ 452,554,572     $ 347,773,299     $ 183,552,044  
  

 

 

   

 

 

   

 

 

   

 

 

 

Affiliated investments in securities, at cost

   $ 147,303,110     $ 113,560,370     $ 85,399,227     $ 41,747,589  
  

 

 

   

 

 

   

 

 

   

 

 

 

(a) Includes securities on loan with an aggregate value of:

   $ 136,635,158     $ 97,686,877     $ 79,691,893     $ 38,693,536  
  

 

 

   

 

 

   

 

 

   

 

 

 

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

 

  192  

 

 

 

 

 

 

 


 

    

    

    

 

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
2022 Municipal
Bond ETF
(BSMM)
    Invesco
BulletShares
2023 Municipal
Bond ETF
(BSMN)
    Invesco
BulletShares
2024 Municipal
Bond ETF
(BSMO)
     Invesco
BulletShares
2025 Municipal
Bond ETF
(BSMP)
 
                     
$ 48,002,144     $ 18,835,965     $ 9,065,525     $ 64,792,652     $ 42,370,281     $ 42,352,140      $ 47,329,883  
  14,913,233       3,218,467       376,148       -       -       -        -  
  -       -       -       54,338       129,482       3,871        49,543  
            
  -       -       -       -       -       -        -  
            
  719,490       253,138       129,473       875,559       513,263       493,156        532,619  
  1,752       762       163       -       -       -        -  
  -       -       -       -       -       -        -  
  -       -       -       -       -       -        -  
  -       -       -       -       236       -        63  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 
  63,636,619       22,308,332       9,571,309       65,722,549       43,013,262       42,849,167        47,912,108  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 
            
  39,178       -       -       -       -       -        -  
            
  -       -       -       -       -       -        -  
  14,914,212       3,107,931       294,614       -       -       -        -  
  -       -       -       -       -       -        -  
  15,715       5,593       2,783       9,040       5,945       5,926        6,344  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 
  14,969,105       3,113,524       297,397       9,040       5,945       5,926        6,344  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 
$ 48,667,514     $ 19,194,808     $ 9,273,912     $ 65,713,509     $ 43,007,317     $ 42,843,241      $ 47,905,764  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 
            
$ 50,585,371     $ 20,041,836     $ 9,804,747     $ 65,827,285     $ 43,270,726     $ 43,450,045      $ 48,859,598  
  (1,917,857     (847,028     (530,835     (113,776     (263,409     (606,804      (953,834

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 
$ 48,667,514     $ 19,194,808     $ 9,273,912     $ 65,713,509     $ 43,007,317     $ 42,843,241      $ 47,905,764  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 
  2,000,001       800,001       400,001       2,600,001       1,700,001       1,700,001        1,900,001  
$ 24.33     $ 23.99     $ 23.18     $ 25.27     $ 25.30     $ 25.20      $ 25.21  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 
$ 24.38     $ 24.06     $ 23.26     $ 25.34     $ 25.38     $ 25.27      $ 25.29  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 
$ 49,885,004     $ 19,734,128     $ 9,577,826     $ 64,906,326     $ 42,634,299     $ 42,959,014      $ 48,284,262  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 
$ 14,914,212     $ 3,218,612     $ 376,154     $ -     $ -     $ -      $ -  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 
$ 14,373,094     $ 2,985,222     $ 282,604     $ -     $ -     $ -      $ -  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 

 

 

  193  

 

 

 

 

 

 

 


 

Statements of Assets and Liabilities–(continued)

February 28, 2022

(Unaudited)

 

     Invesco
BulletShares
2026 Municipal
Bond ETF
(BSMQ)
    Invesco
BulletShares
2027 Municipal
Bond ETF
(BSMR)
    Invesco
BulletShares
2028 Municipal
Bond ETF
(BSMS)
    Invesco
BulletShares
2029 Municipal
Bond ETF
(BSMT)
 

Assets:

        

Unaffiliated investments in securities, at value(a)

   $ 27,018,232     $ 19,689,941     $ 19,923,898     $ 17,311,162  

Affiliated investments in securities, at value

     -       -       -       -  

Cash

     130,171       29,839       2,562       40,966  

Deposits with brokers:

        

Cash segregated as collateral

     -       -       -       -  

Receivable for:

        

Dividends and interest

     293,831       185,094       202,336       177,617  

Securities lending

     -       -       -       -  

Investments sold

     -       -       -       -  

Fund shares sold

     -       -       -       -  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total assets

     27,442,234       19,904,874       20,128,796       17,529,745  
  

 

 

   

 

 

   

 

 

   

 

 

 

Liabilities:

        

Payable for:

        

Investments purchased

     -       -       -       -  

Collateral upon return of securities loaned

     -       -       -       -  

Collateral upon receipt of securities in-kind

     -       -       -       -  

Accrued unitary management fees

     3,800       2,757       2,790       2,427  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total liabilities

     3,800       2,757       2,790       2,427  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Assets

   $ 27,438,434     $ 19,902,117     $ 20,126,006     $ 17,527,318  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net assets consist of:

        

Shares of beneficial interest

   $ 27,994,585     $ 20,377,494     $ 20,630,175     $ 18,069,699  

Distributable earnings (loss)

     (556,151     (475,377     (504,169     (542,381
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Assets

   $ 27,438,434     $ 19,902,117     $ 20,126,006     $ 17,527,318  
  

 

 

   

 

 

   

 

 

   

 

 

 

Shares outstanding (unlimited amount authorized, $0.01 par value)

     1,100,001       800,001       800,001       700,001  

Net asset value

   $ 24.94     $ 24.88     $ 25.16     $ 25.04  
  

 

 

   

 

 

   

 

 

   

 

 

 

Market price

   $ 25.01     $ 24.92     $ 25.22     $ 25.12  
  

 

 

   

 

 

   

 

 

   

 

 

 

Unaffiliated investments in securities, at cost

   $ 27,574,978     $ 20,164,761     $ 20,426,487     $ 17,853,540  
  

 

 

   

 

 

   

 

 

   

 

 

 

Affiliated investments in securities, at cost

   $ -     $ -     $ -     $ -  
  

 

 

   

 

 

   

 

 

   

 

 

 

(a) Includes securities on loan with an aggregate value of:

   $ -     $ -     $ -     $ -  
  

 

 

   

 

 

   

 

 

   

 

 

 

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

 

  194  

 

 

 

 

 

 

 


 

    

    

    

 

Invesco
BulletShares
2030  Municipal
Bond ETF
(BSMU)
    Invesco
BulletShares
2031 Municipal
Bond ETF
(BSMV)
    Invesco
BulletShares
2022 USD
Emerging Markets
Debt ETF
(BSBE)
    Invesco
BulletShares
2023 USD
Emerging Markets
Debt ETF
(BSCE)
    Invesco
BulletShares
2024 USD
Emerging Markets
Debt ETF
(BSDE)
 
                
$ 12,031,921     $ 9,363,110     $ 35,670,903     $ 33,651,824     $ 24,808,859  
  -       -       6,867,046       1,019,632       1,097,391  
  17,121       13,813       -       -       -  
       
  -       -       645,297       207,801       427,778  
       
  122,496       88,856       550,825       428,649       318,545  
  -       -       -       1,066       147  
  -       -       1,005,524       200,739       -  
  -       -       615,139       197,908       407,480  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  12,171,538       9,465,779       45,354,734       35,707,619       27,060,200  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
       
       
  -       -       615,139       810,467       2,316  
  -       -       -       731,699       964,136  
  -       -       645,297       207,801       427,778  
  1,687       1,313       9,696       7,939       410,821  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  1,687       1,313       1,270,132       1,757,906       1,805,051  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
$ 12,169,851     $ 9,464,466     $ 44,084,602     $ 33,949,713     $ 25,255,149  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
       
$ 12,574,018     $ 9,881,637     $ 46,094,135     $ 36,167,070     $ 25,963,802  
  (404,167     (417,171     (2,009,533     (2,217,357     (708,653

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
$ 12,169,851     $ 9,464,466     $ 44,084,602     $ 33,949,713     $ 25,255,149  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  500,001       400,001       1,800,001       1,400,001       1,000,001  
$ 24.34     $ 23.66     $ 24.49     $ 24.25     $ 25.26  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
$ 24.42     $ 23.74     $ 24.68     $ 24.52     $ 25.33  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
$ 12,438,023     $ 9,783,778     $ 37,386,224     $ 35,737,594     $ 24,915,940  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
$ -     $ -     $ 6,867,046     $ 1,019,634     $ 1,097,407  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
$ -     $ -     $ -     $ 674,979     $ 935,722  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

 

  195  

 

 

 

 

 

 

 


 

Statements of Operations

For the six months ended February 28, 2022

(Unaudited)

 

     Invesco
BulletShares
2022 Corporate
Bond ETF
(BSCM)
  Invesco
BulletShares
2023 Corporate
Bond ETF
(BSCN)
  Invesco
BulletShares
2024 Corporate
Bond ETF
(BSCO)
  Invesco
BulletShares
2025 Corporate
Bond ETF
(BSCP)

Investment income:

                

Unaffiliated interest income

     $ 17,802,370     $ 15,889,889     $ 15,227,309     $ 9,644,136

Affiliated dividend income

       11,139       2,668       1,269       1,107

Securities lending income

       27,376       32,561       32,914       36,288
    

 

 

     

 

 

     

 

 

     

 

 

 

Total investment income

       17,840,885       15,925,118       15,261,492       9,681,531
    

 

 

     

 

 

     

 

 

     

 

 

 

Expenses:

                

Unitary management fees

       1,183,787       1,105,742       867,987       552,473
    

 

 

     

 

 

     

 

 

     

 

 

 

Net expenses

       1,183,787       1,105,742       867,987       552,473
    

 

 

     

 

 

     

 

 

     

 

 

 

Net investment income

       16,657,098       14,819,376       14,393,505       9,129,058
    

 

 

     

 

 

     

 

 

     

 

 

 

Realized and unrealized gain (loss) from:

                

Net realized gain (loss) from:

                

Unaffiliated investment securities

       767,031       2,582,502       1,301,351       599,927

Affiliated investment securities

       (8,647 )       (5,805 )       (8,272 )       (8,625 )

In-kind redemptions

       117,061       476,005       -       -
    

 

 

     

 

 

     

 

 

     

 

 

 

Net realized gain (loss)

       875,445       3,052,702       1,293,079       591,302
    

 

 

     

 

 

     

 

 

     

 

 

 

Change in net unrealized appreciation (depreciation) of:

                

Unaffiliated investment securities

       (22,365,021 )       (45,042,899 )       (61,997,325 )       (47,951,537 )

Affiliated investment securities

       -       (8,094 )       (5,365 )       (5,337 )
    

 

 

     

 

 

     

 

 

     

 

 

 

Change in net unrealized appreciation (depreciation)

       (22,365,021 )       (45,050,993 )       (62,002,690 )       (47,956,874 )
    

 

 

     

 

 

     

 

 

     

 

 

 

Net realized and unrealized gain (loss)

       (21,489,576 )       (41,998,291 )       (60,709,611 )       (47,365,572 )
    

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) in net assets resulting from operations

     $ (4,832,478 )     $ (27,178,915 )     $ (46,316,106 )     $ (38,236,514 )
    

 

 

     

 

 

     

 

 

     

 

 

 

 

(a) 

For the period September 13, 2021 (commencement of investment operations) through February 28, 2022.

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

 

  196  

 

 

 

 

 

 

 


 

    

  

    

 

Invesco
BulletShares
2026 Corporate
Bond ETF
(BSCQ)
  Invesco
BulletShares
2027 Corporate
Bond ETF
(BSCR)
  Invesco
BulletShares
2028 Corporate
Bond ETF
(BSCS)
  Invesco
BulletShares
2029 Corporate
Bond ETF
(BSCT)
  Invesco
BulletShares
2030 Corporate
Bond ETF
(BSCU)
  Invesco
BulletShares
2031 Corporate
Bond  ETF
(BSCV)(a)
   Invesco
BulletShares
2022 High Yield
Corporate
Bond ETF
(BSJM)
                                   
  $ 6,117,456       $ 3,929,617     $ 2,419,811     $ 1,315,946     $ 470,492     $ 124,464      $ 14,013,058
    305         248       121       81       20       9        4,000
    37,547         49,580       12,606       5,087       1,999       346        128,752
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 
    6,155,308         3,979,445       2,432,538       1,321,114       472,511       124,819        14,145,810
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 
                          
                          
    321,247         185,313       116,432       62,620       20,618       5,307        1,860,613
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 
    321,247         185,313       116,432       62,620       20,618       5,307        1,860,613
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 
    5,834,061         3,794,132       2,316,106       1,258,494       451,893       119,512        12,285,197
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 
                          
                          
                          
    111,465         393,417       12,466       53,222       5,094       (4,402 )        (317,686 )
    (7,584 )       (8,384 )       (3,710 )       (1,290 )       (681 )       (19 )        (14,796 )
    -         -       -       -       -       -        1,071,180
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 
    103,881         385,033       8,756       51,932       4,413       (4,421 )        738,698
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 
                          
    (32,861,911 )       (21,318,620 )       (14,319,491 )       (8,464,833 )       (3,743,108 )       (1,126,304 )        (12,181,307 )
    (6,418 )       (4,609 )       (1,752 )       (273 )       (510 )       (2 )        (104 )
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 
    (32,868,329 )       (21,323,229 )       (14,321,243 )       (8,465,106 )       (3,743,618 )       (1,126,306 )        (12,181,411 )
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 
    (32,764,448 )       (20,938,196 )       (14,312,487 )       (8,413,174 )       (3,739,205 )       (1,130,727 )        (11,442,713 )
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 
  $ (26,930,387 )     $ (17,144,064 )     $ (11,996,381 )     $ (7,154,680 )     $ (3,287,312 )     $ (1,011,215 )      $ 842,484
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 

 

 

 

  197  

 

 

 

 

 

 

 


 

Statements of Operations–(continued)

For the six months ended February 28, 2022

(Unaudited)

 

     Invesco
BulletShares
2023 High Yield
Corporate
Bond ETF
(BSJN)
  Invesco
BulletShares
2024 High Yield
Corporate
Bond ETF
(BSJO)
  Invesco
BulletShares
2025 High Yield
Corporate
Bond ETF
(BSJP)
  Invesco
BulletShares
2026 High Yield
Corporate
Bond ETF
(BSJQ)

Investment income:

                

Unaffiliated interest income

     $ 13,004,243     $ 8,683,025     $ 7,162,923     $ 3,520,458

Affiliated dividend income

       2,477       1,338       707       363

Securities lending income

       129,796       163,817       107,710       32,756
    

 

 

     

 

 

     

 

 

     

 

 

 

Total investment income

       13,136,516       8,848,180       7,271,340       3,553,577
    

 

 

     

 

 

     

 

 

     

 

 

 

Expenses:

                

Unitary management fees

       1,485,546       866,768       652,713       307,623
    

 

 

     

 

 

     

 

 

     

 

 

 

Net expenses

       1,485,546       866,768       652,713       307,623
    

 

 

     

 

 

     

 

 

     

 

 

 

Net investment income

       11,650,970       7,981,412       6,618,627       3,245,954
    

 

 

     

 

 

     

 

 

     

 

 

 

Realized and unrealized gain (loss) from:

                

Net realized gain (loss) from:

                

Unaffiliated investment securities

       826,656       (2,376,675 )       403,999       (137,945 )

Affiliated investment securities

       (17,063 )       (16,758 )       (8,467 )       (4,551 )

In-kind redemptions

       221,640       -       -       -
    

 

 

     

 

 

     

 

 

     

 

 

 

Net realized gain (loss)

       1,031,233       (2,393,433 )       395,532       (142,496 )
    

 

 

     

 

 

     

 

 

     

 

 

 

Change in net unrealized appreciation (depreciation) of:

                

Unaffiliated investment securities

       (22,711,127 )       (15,432,237 )       (9,887,152 )       (6,613,970 )

Affiliated investment securities

       (9,043 )       (6,185 )       (7,225 )       (2,593 )
    

 

 

     

 

 

     

 

 

     

 

 

 

Change in net unrealized appreciation (depreciation)

       (22,720,170 )       (15,438,422 )       (9,894,377 )       (6,616,563 )
    

 

 

     

 

 

     

 

 

     

 

 

 

Net realized and unrealized gain (loss)

       (21,688,937 )       (17,831,855 )       (9,498,845 )       (6,759,059 )
    

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) in net assets resulting from operations

     $ (10,037,967 )     $ (9,850,443 )     $ (2,880,218 )     $ (3,513,105 )
    

 

 

     

 

 

     

 

 

     

 

 

 

 

(a)

For the period September 13, 2021 (commencement of investment operations) through February 28, 2022.

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

 

  198  

 

 

 

 

 

 

 


 

    

  

  

 

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)(a)
  Invesco
BulletShares
2022 Municipal
Bond ETF
(BSMM)
  Invesco
BulletShares
2023 Municipal
Bond ETF
(BSMN)
  Invesco
BulletShares
2024 Municipal
Bond ETF
(BSMO)
   Invesco
BulletShares
2025 Municipal
Bond ETF
(BSMP)
                                   
  $ 1,026,679       $ 381,866     $ 129,972     $ 143,400     $ 114,686     $ 133,676      $ 180,045
    51         15       10       -       -       -        -
    14,119         4,126       462       -       -       -        -
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 
    1,040,849         386,007       130,444       143,400       114,686       133,676        180,045
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 
                          
                          
    96,479         34,033       11,579       52,060       33,997       34,997        38,075
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 
    96,479         34,033       11,579       52,060       33,997       34,997        38,075
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 
    944,370         351,974       118,865       91,340       80,689       98,679        141,970
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 
                          
                          
                          
    (74,241 )       27,830       (18,821 )       -       280       117        (194 )
    (1,625 )       (250 )       (11 )       -       -       -        -
    56,390         25,008       -       -       -       -        -
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 
    (19,476 )       52,588       (18,832 )       -       280       117        (194 )
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 
                          
    (2,200,382 )       (1,044,358 )       (512,301 )       (261,242 )       (523,734 )       (981,659 )        (1,439,314 )
    (979 )       (145 )       (6 )       -       -       -        -
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 
    (2,201,361 )       (1,044,503 )       (512,307 )       (261,242 )       (523,734 )       (981,659 )        (1,439,314 )
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 
    (2,220,837 )       (991,915 )       (531,139 )       (261,242 )       (523,454 )       (981,542 )        (1,439,508 )
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 
  $ (1,276,467 )     $ (639,941 )     $ (412,274 )     $ (169,902 )     $ (442,765 )     $ (882,863 )      $ (1,297,538 )
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 

 

 

 

  199  

 

 

 

 

 

 

 


 

Statements of Operations–(continued)

For the six months ended February 28, 2022

(Unaudited)

 

     Invesco
BulletShares
2026 Municipal
Bond ETF
(BSMQ)
  Invesco
BulletShares
2027 Municipal
Bond ETF
(BSMR)
  Invesco
BulletShares
2028 Municipal
Bond ETF
(BSMS)
  Invesco
BulletShares
2029 Municipal
Bond ETF
(BSMT)

Investment income:

                

Unaffiliated interest income

     $ 164,745     $ 109,446     $ 134,319     $ 120,582

Affiliated dividend income

       -       -       -       -

Securities lending income

       -       -       -       -
    

 

 

     

 

 

     

 

 

     

 

 

 

Total investment income

       164,745       109,446       134,319       120,582
    

 

 

     

 

 

     

 

 

     

 

 

 

Expenses:

                

Unitary management fees

       23,201       16,506       16,793       14,508
    

 

 

     

 

 

     

 

 

     

 

 

 

Net expenses

       23,201       16,506       16,793       14,508
    

 

 

     

 

 

     

 

 

     

 

 

 

Net investment income

       141,544       92,940       117,526       106,074
    

 

 

     

 

 

     

 

 

     

 

 

 

Realized and unrealized gain (loss) from:

                

Net realized gain (loss) from:

                

Unaffiliated investment securities

       (631 )       -       -       -

Affiliated investment securities

       -       -       -       -
    

 

 

     

 

 

     

 

 

     

 

 

 

Net realized gain (loss)

       (631 )       -       -       -
    

 

 

     

 

 

     

 

 

     

 

 

 

Change in net unrealized appreciation (depreciation) of:

                

Unaffiliated investment securities

       (1,125,701 )       (798,562 )       (864,838 )       (797,334 )

Affiliated investment securities

       -       -       -       -
    

 

 

     

 

 

     

 

 

     

 

 

 

Change in net unrealized appreciation (depreciation)

       (1,125,701 )       (798,562 )       (864,838 )       (797,334 )
    

 

 

     

 

 

     

 

 

     

 

 

 

Net realized and unrealized gain (loss)

       (1,126,332 )       (798,562 )       (864,838 )       (797,334 )
    

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) in net assets resulting from operations

     $ (984,788 )     $ (705,622 )     $ (747,312 )     $ (691,260 )
    

 

 

     

 

 

     

 

 

     

 

 

 

 

(a)

For the period September 13, 2021 (commencement of investment operations) through February 28, 2022.

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

 

  200  

 

 

 

 

 

 

 


 

    

    

    

 

Invesco
BulletShares
2030 Municipal
Bond ETF
(BSMU)
  Invesco
BulletShares
2031 Municipal
Bond ETF
(BSMV)(a)
  Invesco
BulletShares
2022 USD
Emerging Markets
Debt ETF
(BSBE)
  Invesco
BulletShares
2023 USD
Emerging Markets

Debt ETF
(BSCE)
  Invesco
BulletShares
2024 USD
Emerging Markets

Debt ETF
(BSDE)
                 
  $ 83,256       $ 44,571     $ 446,665     $ 400,035     $ 363,603
    -         -       158       17       17
    -         -       737       7,929       583
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
    83,256         44,571       447,560       407,981       364,203
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
                 
    8,652         4,846       60,592       48,437       34,019
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
    8,652         4,846       60,592       48,437       34,019
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
    74,604         39,725       386,968       359,544       330,184
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
                 
                 
    -         -       (136,774 )       (48,723 )       15,247
    -         -       (21 )       (326 )       (279 )
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
    -         -       (136,795 )       (49,049 )       14,968
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
                 
    (538,817 )       (420,668 )       (1,968,073 )       (2,603,162 )       (960,151 )
    -       -       -       (2 )       (16 )
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
    (538,817 )       (420,668 )       (1,968,073 )       (2,603,164 )       (960,167 )
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
    (538,817 )       (420,668 )       (2,104,868 )       (2,652,213 )       (945,199 )
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
  $ (464,213 )     $ (380,943 )     $ (1,717,900 )     $ (2,292,669 )     $ (615,015 )
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

 

 

 201 

 

 

 

 

 

 

 


 

Statements of Changes in Net Assets

For the six months ended February 28, 2022 and the year ended August 31, 2021

(Unaudited)

 

     Invesco BulletShares 2022
Corporate Bond ETF (BSCM)
  Invesco BulletShares 2023
Corporate Bond ETF (BSCN)
     Six Months Ended
February 28,

2022
  Year Ended
August 31,
2021
  Six Months Ended
February 28,

2022
  Year Ended
August 31,
2021

Operations:

                

Net investment income

     $ 16,657,098     $ 38,953,720     $ 14,819,376     $ 29,895,942

Net realized gain

       875,445       8,444,584       3,052,702       6,175,781

Change in net unrealized appreciation (depreciation)

       (22,365,021 )       (32,655,200 )       (45,050,993 )       (19,730,169 )
    

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) in net assets resulting from operations

       (4,832,478 )       14,743,104       (27,178,915 )       16,341,554
    

 

 

     

 

 

     

 

 

     

 

 

 

Distributions to Shareholders from:

                

Distributable earnings

       (23,052,212 )       (46,268,999 )       (21,048,021 )       (30,085,257 )
    

 

 

     

 

 

     

 

 

     

 

 

 

Shareholder Transactions:

                

Proceeds from shares sold

       54,662,335       423,707,708       271,458,380       777,896,291

Value of shares repurchased

       (156,857,111 )       (39,024,348 )       (47,916,221 )       -
    

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) in net assets resulting from share transactions

       (102,194,776 )       384,683,360       223,542,159       777,896,291
    

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) in net assets

       (130,079,466 )       353,157,465       175,315,223       764,152,588
    

 

 

     

 

 

     

 

 

     

 

 

 

Net assets:

                

Beginning of period

       2,392,717,631       2,039,560,166       2,105,230,345       1,341,077,757
    

 

 

     

 

 

     

 

 

     

 

 

 

End of period

     $ 2,262,638,165     $ 2,392,717,631     $ 2,280,545,568     $ 2,105,230,345
    

 

 

     

 

 

     

 

 

     

 

 

 

Changes in Shares Outstanding:

                

Shares sold

       2,550,000       19,500,000       12,600,000       35,700,000

Shares repurchased

       (7,350,000 )       (1,800,000 )       (2,250,000 )       -

Shares outstanding, beginning of period

       111,000,000       93,300,000       97,050,000       61,350,000
    

 

 

     

 

 

     

 

 

     

 

 

 

Shares outstanding, end of period

       106,200,000       111,000,000       107,400,000       97,050,000
    

 

 

     

 

 

     

 

 

     

 

 

 

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

 

  202  

 

 

 

 

 

 

 


 

    

    

    

 

     Invesco BulletShares 2024
Corporate Bond ETF (BSCO)
    Invesco BulletShares 2025
Corporate Bond ETF (BSCP)
    Invesco BulletShares 2026
Corporate Bond ETF (BSCQ)
    Invesco BulletShares 2027
Corporate Bond ETF (BSCR)
 
   Six Months Ended
February 28,

2022
    Year Ended
August 31,
2021
    Six Months Ended
February 28,

2022
    Year Ended
August 31,
2021
    Six Months Ended
February 28,

2022
    Year Ended
August 31,
2021
    Six Months Ended
February 28,

2022
    Year Ended
August 31,
2021
 
                
   $ 14,393,505     $ 26,533,077     $ 9,129,058     $ 16,415,085     $ 5,834,061     $ 8,332,446     $ 3,794,132     $ 6,307,547  
     1,293,079       4,950,786       591,302       3,075,661       103,881       407,071       385,033       1,038,573  
     (62,002,690     (11,912,019     (47,956,874     (9,762,540     (32,868,329     (3,582,823     (21,323,229     (1,788,979
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
     (46,316,106     19,571,844       (38,236,514     9,728,206       (26,930,387     5,156,694       (17,144,064     5,557,141  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
                         
     (17,190,610     (26,664,545     (11,246,143     (16,430,389     (5,847,435     (8,346,892     (3,876,523     (6,317,457
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
                         
     493,873,469       560,546,865       176,942,154       444,128,487       308,746,028       288,393,196       73,866,790       129,091,514  
     -       (6,667,299     -       (13,395,279     -       -       -       (6,649,169
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
     493,873,469       553,879,566       176,942,154       430,733,208       308,746,028       288,393,196       73,866,790      

    

122,442,345

 

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
     430,366,753       546,786,865       127,459,497       424,031,025       275,968,206       285,202,998       52,846,203       121,682,029  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
                
                
     1,632,037,818       1,085,250,953       1,056,864,724       632,833,699       578,885,117       293,682,119       353,297,959       231,615,930  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
   $ 2,062,404,571     $ 1,632,037,818     $ 1,184,324,221     $ 1,056,864,724     $ 854,853,323     $ 578,885,117     $ 406,144,162     $ 353,297,959  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
                         
     22,800,000       25,200,000       8,100,000       19,800,000       14,850,000       13,350,000       3,450,000       5,850,000  
     -       (300,000     -       (600,000     -       -       -       (300,000
     73,650,000       48,750,000       47,400,000       28,200,000       26,850,000       13,500,000       16,050,000       10,500,000  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
     96,450,000       73,650,000       55,500,000       47,400,000       41,700,000       26,850,000       19,500,000       16,050,000  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

 

  203  

 

 

 

 

 

 

 


 

Statements of Changes in Net Assets–(continued)

For the six months ended February 28, 2022 and the year ended August 31, 2021

(Unaudited)

 

     Invesco BulletShares 2028
Corporate Bond ETF (BSCS)
  Invesco BulletShares 2029
Corporate Bond ETF (BSCT)
     Six Months Ended
February 28,

2022
  Year Ended
August 31,
2021
  Six Months Ended
February 28,

2022
  Year Ended
August 31,
2021

Operations:

                

Net investment income

     $ 2,316,106     $ 4,417,880     $ 1,258,494     $ 1,573,095

Net realized gain (loss)

       8,756       5,384,649       51,932       256,863

Change in net unrealized appreciation (depreciation)

       (14,321,243 )       (4,510,779 )       (8,465,106 )       (527,945 )
    

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) in net assets resulting from operations

       (11,996,381 )       5,291,750       (7,154,680 )       1,302,013
    

 

 

     

 

 

     

 

 

     

 

 

 

Distributions to Shareholders from:

                

Distributable earnings

       (2,381,828 )       (4,423,119 )       (1,272,086 )       (1,573,383 )
    

 

 

     

 

 

     

 

 

     

 

 

 

Shareholder Transactions:

                

Proceeds from shares sold

       33,863,080       179,514,747       40,610,853       92,949,080

Value of shares repurchased

       -       (83,476,574 )       -       (6,283,657 )
    

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) in net assets resulting from share transactions

       33,863,080       96,038,173       40,610,853       86,665,423
    

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) in net assets

       19,484,871       96,906,804       32,184,087       86,394,053
    

 

 

     

 

 

     

 

 

     

 

 

 

Net assets:

                

Beginning of period

       225,925,297       129,018,493       112,209,020       25,814,967
    

 

 

     

 

 

     

 

 

     

 

 

 

End of period

     $ 245,410,168     $ 225,925,297     $ 144,393,107     $ 112,209,020
    

 

 

     

 

 

     

 

 

     

 

 

 

Changes in Shares Outstanding:

                

Shares sold

       1,500,000       7,800,000       1,950,000       4,350,000

Shares repurchased

       -       (3,600,000 )       -       (300,000 )

Shares outstanding, beginning of period

       9,750,001       5,550,001       5,250,001       1,200,001
    

 

 

     

 

 

     

 

 

     

 

 

 

Shares outstanding, end of period

       11,250,001       9,750,001       7,200,001       5,250,001
    

 

 

     

 

 

     

 

 

     

 

 

 

 

(a) 

For the period September 14, 2020 (commencement of investment operations) through August 31, 2021.

(b) 

For the period September 13, 2021 (commencement of investment operations) through February 28, 2022.

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

 

  204  

 

 

 

 

 

 

 


 

    

    

    

 

Invesco BulletShares 2030
Corporate Bond ETF (BSCU)
           Invesco BulletShares 2031
CorporateBond ETF (BSCV)
           Invesco
BulletShares
2022 High Yield
Corporate Bond ETF (BSJM)
           Invesco
BulletShares
2023 High Yield
Corporate Bond ETF (BSJN)
 
Six Months Ended     Period Ended            Period Ended            Six Months Ended     Year Ended            Six Months Ended     Year Ended  
February 28,     August 31,            February 28,            February 28,     August 31,            February 28,     August 31,  
2022     2021(a)            2022(b)            2022     2021            2022     2021  
                    
$ 451,893     $ 321,944        $ 119,512        $ 12,285,197     $ 28,793,745        $ 11,650,970     $ 21,002,580  
  4,413       (32,289        (4,421        738,698       6,498,926          1,031,233       4,767,388  
  (3,743,618     (139,348                 (1,126,306                 (12,181,411     3,725,149                   (22,720,170     5,272,950  

 

 

   

 

 

      

 

 

      

 

 

   

 

 

      

 

 

   

 

 

 
  (3,287,312     150,307          (1,011,215        842,484       39,017,820          (10,037,967     31,042,918  

 

 

   

 

 

      

 

 

      

 

 

   

 

 

      

 

 

   

 

 

 
                    
  (478,359     (321,891        (118,202        (12,174,283     (28,853,162        (11,573,253     (20,999,182

 

 

   

 

 

      

 

 

      

 

 

   

 

 

      

 

 

   

 

 

 
                    
  57,178,680       29,758,141          20,593,635          85,865,183       370,106,748          156,234,974       356,384,219  
  -       (2,895,231        -          (155,193,109     (146,596,765        (55,656,397     (78,566,520

 

 

   

 

 

      

 

 

      

 

 

   

 

 

      

 

 

   

 

 

 
  57,178,680       26,862,910          20,593,635          (69,327,926     223,509,983          100,578,577       277,817,699  

 

 

   

 

 

      

 

 

      

 

 

   

 

 

      

 

 

   

 

 

 
  53,413,009       26,691,326          19,464,218          (80,659,725     233,674,641          78,967,357       287,861,435  

 

 

   

 

 

      

 

 

      

 

 

   

 

 

      

 

 

   

 

 

 
                    
  26,691,326       -          -          911,287,950       677,613,309          677,768,312       389,906,877  

 

 

   

 

 

      

 

 

      

 

 

   

 

 

      

 

 

   

 

 

 
$ 80,104,335     $ 26,691,326        $ 19,464,218        $ 830,628,225     $ 911,287,950        $ 756,735,669     $ 677,768,312  

 

 

   

 

 

      

 

 

      

 

 

   

 

 

      

 

 

   

 

 

 
                    
  3,000,000       1,500,001          1,050,001          3,700,000       15,900,000          6,200,000       14,100,000  
  -       (150,000        -          (6,700,000     (6,300,000        (2,200,000     (3,100,000
  1,350,001       -          -          39,100,000       29,500,000          26,700,000       15,700,000  

 

 

   

 

 

      

 

 

      

 

 

   

 

 

      

 

 

   

 

 

 
  4,350,001       1,350,001          1,050,001          36,100,000       39,100,000          30,700,000       26,700,000  

 

 

   

 

 

      

 

 

      

 

 

   

 

 

      

 

 

   

 

 

 

 

 

 205 

 

 

 

 

 

 

 


 

Statements of Changes in Net Assets–(continued)

For the six months ended February 28, 2022 and the year ended August 31, 2021

(Unaudited)

 

     Invesco
BulletShares
2024 High Yield
Corporate Bond ETF (BSJO)
  Invesco
BulletShares
2025 High Yield
Corporate Bond ETF (BSJP)
     Six Months Ended
February 28,

2022
  Year Ended
August 31,
2021
  Six Months Ended
February 28,

2022
  Year Ended
August 31,
2021

Operations:

                

Net investment income

     $ 7,981,412     $ 10,984,565     $ 6,618,627     $ 9,589,274

Net realized gain (loss)

       (2,393,433 )       2,008,658       395,532       1,607,424

Change in net unrealized appreciation (depreciation)

       (15,438,422 )       4,818,813       (9,894,377 )       4,250,844
    

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) in net assets resulting from operations

       (9,850,443 )       17,812,036       (2,880,218 )       15,447,542
    

 

 

     

 

 

     

 

 

     

 

 

 

Distributions to Shareholders from:

                

Distributable earnings

       (7,987,845 )       (10,965,021 )       (6,551,007 )       (9,582,533 )
    

 

 

     

 

 

     

 

 

     

 

 

 

Shareholder Transactions:

                

Proceeds from shares sold

       111,876,021       216,734,030       68,090,589       168,529,604

Value of shares repurchased

       -       (34,967,274 )       -       (12,252,198 )
    

 

 

     

 

 

     

 

 

     

 

 

 

Net increase in net assets resulting from share transactions

       111,876,021       181,766,756       68,090,589       156,277,406
    

 

 

     

 

 

     

 

 

     

 

 

 

Net increase in net assets

       94,037,733       188,613,771       58,659,364       162,142,415
    

 

 

     

 

 

     

 

 

     

 

 

 

Net assets:

                

Beginning of period

       363,854,542       175,240,771       292,895,155       130,752,740
    

 

 

     

 

 

     

 

 

     

 

 

 

End of period

     $ 457,892,275     $ 363,854,542     $ 351,554,519     $ 292,895,155
    

 

 

     

 

 

     

 

 

     

 

 

 

Changes in Shares Outstanding:

                

Shares sold

       4,500,000       8,700,000       2,800,000       6,900,000

Shares repurchased

       -       (1,400,000 )       -       (500,000 )

Shares outstanding, beginning of period

       14,500,000       7,200,000       11,900,000       5,500,000
    

 

 

     

 

 

     

 

 

     

 

 

 

Shares outstanding, end of period

       19,000,000       14,500,000       14,700,000       11,900,000
    

 

 

     

 

 

     

 

 

     

 

 

 

 

(a) 

For the period September 14, 2020 (commencement of investment operations) through August 31, 2021.

(b) 

For the period September 13, 2021 (commencement of investment operations) through February 28, 2022.

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

 

  206  

 

 

 

 

 

 

 


 

    

    

    

 

Invesco
BulletShares
2026 High Yield
Corporate Bond ETF (BSJQ)
           Invesco
BulletShares
2027 High Yield
Corporate Bond ETF (BSJR)
           Invesco
BulletShares
2028 High Yield
Corporate Bond ETF (BSJS)
           Invesco
BulletShares
2029 High Yield
Corporate Bond ETF (BSJT)
 
Six Months Ended     Year Ended            Six Months Ended     Year Ended            Six Months Ended     Period Ended            Period Ended  
February 28,     August 31,            February 28,     August 31,            February 28,     August 31,            February 28,  
2022     2021            2022     2021            2022     2021(a)            2022(b)  
                    
$ 3,245,954     $ 3,376,063        $ 944,370     $ 1,110,809        $ 351,974     $ 409,309        $ 118,865  
  (142,496     1,588,562          (19,476     842,316          52,588       69,625          (18,832
  (6,616,563     424,868                   (2,201,361     (299,086        (1,044,503     146,195          (512,307

 

 

   

 

 

      

 

 

   

 

 

      

 

 

   

 

 

      

 

 

 
  (3,513,105     5,389,493          (1,276,467     1,654,039          (639,941     625,129          (412,274

 

 

   

 

 

      

 

 

   

 

 

      

 

 

   

 

 

      

 

 

 
                    
  (3,219,202     (3,368,135        (1,124,908     (1,108,627        (432,303     (401,200                 (118,561

 

 

   

 

 

      

 

 

   

 

 

      

 

 

   

 

 

      

 

 

 
                    
  76,222,368       79,461,306          12,630,412       43,271,940          7,442,045       15,123,178          12,254,111  
  -       (40,495,105        (5,070,023     (20,234,276        (2,522,100     -          (2,449,364

 

 

   

 

 

      

 

 

   

 

 

      

 

 

   

 

 

      

 

 

 
  76,222,368       38,966,201          7,560,389       23,037,664                   4,919,945       15,123,178          9,804,747  

 

 

   

 

 

      

 

 

   

 

 

      

 

 

   

 

 

      

 

 

 
  69,490,061       40,987,559          5,159,014       23,583,076          3,847,701       15,347,107          9,273,912  

 

 

   

 

 

      

 

 

   

 

 

      

 

 

   

 

 

      

 

 

 
                    
  115,767,803       74,780,244          43,508,500       19,925,424          15,347,107       -          -  

 

 

   

 

 

      

 

 

   

 

 

      

 

 

   

 

 

      

 

 

 
$ 185,257,864     $ 115,767,803        $ 48,667,514     $ 43,508,500        $ 19,194,808     $ 15,347,107        $ 9,273,912  

 

 

   

 

 

      

 

 

   

 

 

      

 

 

   

 

 

      

 

 

 
                    
  3,000,000       3,100,000          500,000       1,700,000          300,000       600,001          500,001  
  -       (1,600,000        (200,000     (800,000        (100,000     -          (100,000
  4,500,001       3,000,001          1,700,001       800,001          600,001       -          -  

 

 

   

 

 

      

 

 

   

 

 

      

 

 

   

 

 

      

 

 

 
  7,500,001       4,500,001          2,000,001       1,700,001          800,001       600,001          400,001  

 

 

   

 

 

      

 

 

   

 

 

      

 

 

   

 

 

      

 

 

 

 

 

 207 

 

 

 

 

 

 

 


 

Statements of Changes in Net Assets–(continued)

For the six months ended February 28, 2022 and the year ended August 31, 2021

(Unaudited)

 

     Invesco
BulletShares
2022 Municipal
Bond ETF (BSMM)
  Invesco
BulletShares
2023 Municipal
Bond ETF (BSMN)
     Six Months Ended
February 28,

2022
  Year Ended
August 31,
2021
  Six Months Ended
February 28,

2022
  Year Ended
August 31,
2021

Operations:

                

Net investment income

     $ 91,340     $ 182,621     $ 80,689     $ 144,921

Net realized gain (loss)

       -       1,488       280       -

Change in net unrealized appreciation (depreciation)

       (261,242 )       16,790       (523,734 )       81,231
    

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) in net assets resulting from operations

       (169,902 )       200,899       (442,765 )       226,152
    

 

 

     

 

 

     

 

 

     

 

 

 

Distributions to Shareholders from:

                

Distributable earnings

       (92,812 )       (182,980 )       (80,365 )       (145,216 )
    

 

 

     

 

 

     

 

 

     

 

 

 

Shareholder Transactions:

                

Proceeds from shares sold

       12,666,483       25,352,296       7,651,230       20,443,722

Transaction fees

       31,666       63,381       19,128       51,109
    

 

 

     

 

 

     

 

 

     

 

 

 

Net increase in net assets resulting from share transactions

       12,698,149       25,415,677       7,670,358       20,494,831
    

 

 

     

 

 

     

 

 

     

 

 

 

Net increase in net assets

       12,435,435       25,433,596       7,147,228       20,575,767
    

 

 

     

 

 

     

 

 

     

 

 

 

Net assets:

                

Beginning of period

       53,278,074       27,844,478       35,860,089       15,284,322
    

 

 

     

 

 

     

 

 

     

 

 

 

End of period

     $ 65,713,509     $ 53,278,074     $ 43,007,317     $ 35,860,089
    

 

 

     

 

 

     

 

 

     

 

 

 

Changes in Shares Outstanding:

                

Shares sold

       500,000       1,000,000       300,000       800,000

Shares outstanding, beginning of period

       2,100,001       1,100,001       1,400,001       600,001
    

 

 

     

 

 

     

 

 

     

 

 

 

Shares outstanding, end of period

       2,600,001       2,100,001       1,700,001       1,400,001
    

 

 

     

 

 

     

 

 

     

 

 

 

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

 

  208  

 

 

 

 

 

 

 


 

    

    

    

 

Invesco
BulletShares
2024 Municipal
Bond ETF (BSMO)
    Invesco
BulletShares
2025 Municipal
Bond ETF (BSMP)
    Invesco
BulletShares
2026 Municipal
Bond ETF (BSMQ)
    Invesco
BulletShares
2027 Municipal
Bond ETF (BSMR)
 
Six Months Ended     Year Ended     Six Months Ended     Year Ended     Six Months Ended     Year Ended     Six Months Ended     Year Ended  
February 28,     August 31,     February 28,     August 31,     February 28,     August 31,     February 28,     August 31,  
2022     2021     2022     2021     2022     2021     2022     2021  
             
$ 98,679     $ 168,040     $ 141,970     $ 212,132     $ 141,544     $ 246,028     $ 92,940     $ 177,229  
  117       -       (194     -       (631     -       -       -  
  (981,659     159,288       (1,439,314     203,443       (1,125,701     393,082       (798,562     358,743  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  (882,863     327,328       (1,297,538     415,575       (984,788     639,110       (705,622     535,972  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
             
  (98,897     (167,869     (141,231     (213,149     (140,318     (246,078     (93,682     (177,044

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
             
  7,699,574       23,126,510       10,286,800       28,476,221       5,159,437       10,232,808       2,555,519       2,569,911  
  19,249       57,816       25,717       71,191       12,899       25,582       6,389       6,425  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  7,718,823       23,184,326       10,312,517       28,547,412       5,172,336       10,258,390       2,561,908       2,576,336  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  6,737,063       23,343,785       8,873,748       28,749,838       4,047,230       10,651,422       1,762,604       2,935,264  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
             
  36,106,178       12,762,393       39,032,016       10,282,178       23,391,204       12,739,782       18,139,513       15,204,249  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
$ 42,843,241     $ 36,106,178     $ 47,905,764     $ 39,032,016     $ 27,438,434     $ 23,391,204     $ 19,902,117     $ 18,139,513  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
             
  300,000       900,000       400,000       1,100,000       200,000       400,000       100,000       100,000  
  1,400,001       500,001       1,500,001       400,001       900,001       500,001       700,001       600,001  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  1,700,001       1,400,001       1,900,001       1,500,001       1,100,001       900,001       800,001       700,001  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

 

  209  

 

 

 

 

 

 

 


 

Statements of Changes in Net Assets–(continued)

For the six months ended February 28, 2022 and the year ended August 31, 2021

(Unaudited)

 

     Invesco
BulletShares
2028 Municipal
Bond ETF (BSMS)
  Invesco
BulletShares
2029 Municipal
Bond ETF (BSMT)
     Six Months Ended
February 28,

2022
  Year Ended
August 31,
2021
  Six Months Ended
February 28,

2022
  Year Ended
August 31,
2021

Operations:

                

Net investment income

     $ 117,526     $ 145,595     $ 106,074     $ 131,231

Net realized gain (loss)

       -       22,293       -       -

Change in net unrealized appreciation (depreciation)

       (864,838 )       221,968       (797,334 )       121,793
    

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) in net assets resulting from operations

       (747,312 )       389,856       (691,260 )       253,024
    

 

 

     

 

 

     

 

 

     

 

 

 

Distributions to Shareholders from:

                

Distributable earnings

       (141,484 )       (145,891 )       (106,681 )       (130,877 )
    

 

 

     

 

 

     

 

 

     

 

 

 

Shareholder Transactions:

                

Proceeds from shares sold

       2,589,009       13,002,285       2,607,726       10,429,342

Transaction fees

       6,473       32,506       6,519       26,073
    

 

 

     

 

 

     

 

 

     

 

 

 

Net increase in net assets resulting from share transactions

       2,595,482       13,034,791       2,614,245       10,455,415
    

 

 

     

 

 

     

 

 

     

 

 

 

Net increase in net assets

       1,706,686       13,278,756       1,816,304       10,577,562
    

 

 

     

 

 

     

 

 

     

 

 

 

Net assets:

                

Beginning of period

       18,419,320       5,140,564       15,711,014       5,133,452
    

 

 

     

 

 

     

 

 

     

 

 

 

End of period

     $ 20,126,006     $ 18,419,320     $ 17,527,318     $ 15,711,014
    

 

 

     

 

 

     

 

 

     

 

 

 

Changes in Shares Outstanding:

                

Shares sold

       100,000       500,000       100,000       400,000

Shares outstanding, beginning of period

       700,001       200,001       600,001       200,001
    

 

 

     

 

 

     

 

 

     

 

 

 

Shares outstanding, end of period

       800,001       700,001       700,001       600,001
    

 

 

     

 

 

     

 

 

     

 

 

 

 

(a) 

For the period September 14, 2020 (commencement of investment operations) through August 31, 2021.

(b) 

For the period September 13, 2021 (commencement of investment operations) through February 28, 2022.

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

 

  210  

 

 

 

 

 

 

 


 

    

    

    

 

Invesco
BulletShares
2030 Municipal
Bond ETF (BSMU)
           Invesco
BulletShares
2031 Municipal
Bond ETF (BSMV)
           Invesco BulletShares
2022 USD Emerging
Markets Debt ETF
(BSBE)
           Invesco BulletShares
2023 USD Emerging
Markets Debt ETF
(BSCE)
 
Six Months Ended     Period Ended            Period Ended            Six Months Ended     Year Ended            Six Months Ended     Year Ended  
February 28,     August 31,            February 28,            February 28,     August 31,            February 28,     August 31,  
2022     2021(a)            2022(b)            2022     2021            2022     2021  
                    
$ 74,604     $ 85,147        $ 39,725        $ 386,968     $ 578,148        $ 359,544     $ 546,845  
  -       -          -          (136,795     (98,742        (49,049     26,338  
  (538,817     132,715          (420,668        (1,968,073     (129,853        (2,603,164     (14,530

 

 

   

 

 

      

 

 

      

 

 

   

 

 

      

 

 

   

 

 

 
  (464,213     217,862          (380,943        (1,717,900     349,553          (2,292,669     558,653  

 

 

   

 

 

      

 

 

      

 

 

   

 

 

      

 

 

   

 

 

 
                    
  (73,725     (84,091        (36,228        (397,726     (579,190        (365,489     (544,840

 

 

   

 

 

      

 

 

      

 

 

   

 

 

      

 

 

   

 

 

 
                    
  5,010,992       7,550,499          9,869,463          7,662,744       28,433,558                   5,182,977       20,985,133  
  12,527       -          12,174                   -       -          -       -  

 

 

   

 

 

      

 

 

      

 

 

   

 

 

      

 

 

   

 

 

 
  5,023,519       7,550,499                   9,881,637          7,662,744       28,433,558          5,182,977       20,985,133  

 

 

   

 

 

      

 

 

      

 

 

   

 

 

      

 

 

   

 

 

 
  4,485,581       7,684,270          9,464,466          5,547,118       28,203,921          2,524,819       20,998,946  

 

 

   

 

 

      

 

 

      

 

 

   

 

 

      

 

 

   

 

 

 
                    
  7,684,270       -          -          38,537,484       10,333,563          31,424,894       10,425,948  

 

 

   

 

 

      

 

 

      

 

 

   

 

 

      

 

 

   

 

 

 
$ 12,169,851     $ 7,684,270        $ 9,464,466        $ 44,084,602     $ 38,537,484        $ 33,949,713     $ 31,424,894  

 

 

   

 

 

      

 

 

      

 

 

   

 

 

      

 

 

   

 

 

 
                    
  200,000       300,001          400,001          300,000       1,100,000          200,000       800,000  
  300,001       -          -          1,500,001       400,001          1,200,001       400,001  

 

 

   

 

 

      

 

 

      

 

 

   

 

 

      

 

 

   

 

 

 
  500,001       300,001          400,001          1,800,001       1,500,001          1,400,001       1,200,001  

 

 

   

 

 

      

 

 

      

 

 

   

 

 

      

 

 

   

 

 

 

 

 

  211  

 

 

 

 

 

 

 


 

Statements of Changes in Net Assets–(continued)

For the six months ended February 28, 2022 and the year ended August 31, 2021

(Unaudited)

 

     Invesco BulletShares  
     2024 USD Emerging  
     Markets Debt ETF  
     (BSDE)  
     Six Months Ended     Year Ended  
     February 28,     August 31,  
     2022     2021  

Operations:

    

Net investment income

   $ 330,184     $ 575,304  

Net realized gain (loss)

     14,968       (74,727

Change in net unrealized appreciation (depreciation)

     (960,167     243,021  
  

 

 

   

 

 

 

Net increase (decrease) in net assets resulting from operations

     (615,015     743,598  
  

 

 

   

 

 

 

Distributions to Shareholders from:

    

Distributable earnings

     (329,328     (576,659
  

 

 

   

 

 

 

Shareholder Transactions:

    

Proceeds from shares sold

     2,555,968       7,884,663  
  

 

 

   

 

 

 

Net increase in net assets resulting from share transactions

     2,555,968       7,884,663  
  

 

 

   

 

 

 

Net increase in net assets

     1,611,625       8,051,602  
  

 

 

   

 

 

 

Net assets:

    

Beginning of period

     23,643,524       15,591,922  
  

 

 

   

 

 

 

End of period

   $ 25,255,149     $ 23,643,524  
  

 

 

   

 

 

 

Changes in Shares Outstanding:

    

Shares sold

     100,000       300,000  

Shares outstanding, beginning of period

     900,001       600,001  
  

 

 

   

 

 

 

Shares outstanding, end of period

     1,000,001       900,001  
  

 

 

   

 

 

 

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

 

  212  

 

 

 

 

 

 

 


 

Financial Highlights

 

 

Invesco BulletShares 2022 Corporate Bond ETF (BSCM)

 

   

Six Months Ended
February 28,

2022

  Years Ended August 31,  

Three Months Ended

August 31,

  Years Ended May 31,
    (Unaudited)   2021   2020   2019   2018   2018   2017

Per Share Operating Performance:

                           

Net asset value at beginning of period

    $ 21.56     $ 21.86     $ 21.47     $ 20.69     $ 20.69     $ 21.33     $ 21.08
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net investment income(a)

      0.15       0.37       0.54       0.61       0.15       0.54       0.55

Net realized and unrealized gain (loss) on investments

      (0.19 )       (0.22 )       0.41       0.79       0.01       (0.64 )       0.25
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total from investment operations

      (0.04 )       0.15       0.95       1.40       0.16       (0.10 )       0.80
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Distributions to shareholders from:

                           

Net investment income

      (0.16 )       (0.38 )       (0.55 )       (0.62 )       (0.16 )       (0.53 )       (0.54 )

Net realized gains

      (0.05 )       (0.07 )       (0.01 )       -       -       (0.01 )       (0.01 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total distributions

      (0.21 )       (0.45 )       (0.56 )       (0.62 )       (0.16 )       (0.54 )       (0.55 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value at end of period

    $ 21.31     $ 21.56     $ 21.86     $ 21.47     $ 20.69     $ 20.69     $ 21.33
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Market price at end of period

    $ 21.31 (b)       $ 21.57 (b)       $ 21.85 (b)       $ 21.53 (b)       $ 20.74 (b)       $ 20.74 (b)      $ 21.37
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net Asset Value Total Return(c)

      (0.20 )%       0.69 %       4.51 %       6.89 %       0.78 %       (0.50 )%       3.82 %

Market Price Total Return(c)

      (0.25 )%       0.78 %       4.18 %       6.93 %       0.77 %       (0.45 )%    

Ratios/Supplemental Data:

                           

Net assets at end of period (000’s omitted)

    $ 2,262,638     $ 2,392,718     $ 2,039,560     $ 1,368,988     $ 825,429     $ 760,420     $ 518,404

Ratio to average net assets of:

                           

Expenses, after Waivers

      0.10 %(d)       0.10 %       0.10 %       0.10 %       0.10 %(d)       0.22 %       0.24 %

Expenses, prior to Waivers

      0.10 %(d)       0.10 %       0.10 %       0.10 %       0.10 %(d)       0.22 %    

Net investment income

      1.41 %(d)       1.73 %       2.49 %       2.91 %       2.80 %(d)       2.58 %       2.63 %

Portfolio turnover rate(e)

      4 %       16 %       19 %       4 %       0 %(f)       8 %       10 %

 

(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) 

Annualized.

(e) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

(f) 

Amount represents less than 0.5%.

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

 

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Financial Highlights–(continued)

 

 

Invesco BulletShares 2023 Corporate Bond ETF (BSCN)

 

   

Six Months Ended
February 28,

2022

  Years Ended August 31,  

Three Months Ended

August 31,

  Years Ended May 31,
    (Unaudited)   2021   2020   2019   2018   2018   2017

Per Share Operating Performance:

                           

Net asset value at beginning of period

    $ 21.69     $ 21.86     $ 21.30     $ 20.27     $ 20.27     $ 20.97     $ 20.82
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net investment income(a)

      0.14       0.38       0.56       0.64       0.15       0.58       0.61

Net realized and unrealized gain (loss) on investments

      (0.40 )       (0.16 )       0.57       1.03       0.02       (0.68 )       0.19
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total from investment operations

      (0.26 )       0.22       1.13       1.67       0.17       (0.10 )       0.80
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Distributions to shareholders from:

                           

Net investment income

      (0.14 )       (0.39 )       (0.57 )       (0.64 )       (0.17 )       (0.56 )       (0.60 )

Net realized gains

      (0.06 )       (0.00 )(b)       (0.00 )(c)       (0.00 )(c)       -       (0.04 )       (0.05 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total distributions

      (0.20 )       (0.39 )       (0.57 )       (0.64 )       (0.17 )       (0.60 )       (0.65 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value at end of period

    $ 21.23     $ 21.69     $ 21.86     $ 21.30     $ 20.27     $ 20.27     $ 20.97
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Market price at end of period

    $ 21.23 (d)       $ 21.71 (d)       $ 21.88 (d)      $ 21.35 (d)      $ 20.31 (d)       $ 20.30 (d)      $ 21.03
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net Asset Value Total Return(b)

      (1.20 )%       1.01 %       5.43 %       8.44 %       0.84 %       (0.50 )%       3.92 %

Market Price Total Return(b)

      (1.29 )%       1.02 %       5.28 %       8.47 %       0.88 %       (0.65 )%    

Ratios/Supplemental Data:

                           

Net assets at end of period (000’s omitted)

    $ 2,280,546     $ 2,105,230     $ 1,341,078     $ 824,159     $ 383,069     $ 349,603     $ 188,736

Ratio to average net assets of:

                           

Expenses, after Waivers

      0.10 %(e)       0.10 %       0.10 %       0.10 %       0.10 %(e)       0.21 %       0.24 %

Expenses, prior to Waivers

      0.10 %(e)       0.10 %       0.10 %       0.10 %       0.10 %(e)       0.22 %       0.24 %

Net investment income

      1.34 %(e)       1.75 %       2.63 %       3.11 %       3.00 %(e)       2.80 %       2.92 %

Portfolio turnover rate(f)

      12 %       12 %       9 %       6 %       0 %(g)       7 %       15 %

 

(a) 

Based on average shares outstanding.

(b) 

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.

(c) 

Amount represents less than $0.005.

(d) 

The mean between the last bid and ask prices.

(e) 

Annualized.

(f) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

(g) 

Amount represents less than 0.5%.

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

 

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Financial Highlights–(continued)

 

 

Invesco BulletShares 2024 Corporate Bond ETF (BSCO)

 

   

Six Months Ended
February 28,

2022

  Years Ended August 31,  

Three Months Ended

August 31,

  Years Ended May 31,
    (Unaudited)   2021   2020   2019   2018   2018   2017

Per Share Operating Performance:

                           

Net asset value at beginning of period

    $ 22.16     $ 22.26     $ 21.44     $ 20.15     $ 20.13     $ 20.88     $ 20.74
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net investment income(a)

      0.18       0.44       0.58       0.68       0.17       0.64       0.64

Net realized and unrealized gain (loss) on investments

      (0.74 )       (0.09 )       0.83       1.30       0.03       (0.76 )       0.15
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total from investment operations

      (0.56 )       0.35       1.41       1.98       0.20       (0.12 )       0.79
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Distributions to shareholders from:

                           

Net investment income

      (0.18 )       (0.45 )       (0.59 )       (0.69 )       (0.18 )       (0.63 )       (0.62 )

Net realized gains

      (0.04 )       -       -       -       -       -       (0.03 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total distributions

      (0.22 )       (0.45 )       (0.59 )       (0.69 )       (0.18 )       (0.63 )       (0.65 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value at end of period

    $ 21.38     $ 22.16     $ 22.26     $ 21.44     $ 20.15     $ 20.13     $ 20.88
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Market price at end of period

    $ 21.39 (b)       $ 22.18 (b)       $ 22.28 (b)       $ 21.50 (b)       $ 20.20 (b)       $ 20.18 (b)      $ 20.92
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net Asset Value Total Return(c)

      (2.57 )%       1.59 %       6.72 %       10.08 %       1.01 %       (0.62 )%       3.88 %

Market Price Total Return(c)

      (2.61 )%       1.59 %       6.51 %       10.11 %       1.01 %       (0.58 )%    

Ratios/Supplemental Data:

                           

Net assets at end of period (000’s omitted)

    $ 2,062,405     $ 1,632,038     $ 1,085,251     $ 575,698     $ 311,363     $ 292,963     $ 162,864

Ratio to average net assets of:

                           

Expenses, after Waivers

      0.10 %(d)       0.10 %       0.10 %       0.10 %       0.10 %(d)       0.21 %       0.24 %

Expenses, prior to Waivers

      0.10 %(d)       0.10 %       0.10 %       0.10 %       0.10 %(d)       0.22 %       0.24 %

Net investment income

      1.66 %(d)       2.00 %       2.70 %       3.29 %       3.29 %(d)       3.10 %       3.12 %

Portfolio turnover rate(e)

      7 %       7 %       6 %       5 %       2 %       5 %       18 %

 

(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) 

Annualized.

(e) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

 

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Financial Highlights–(continued)

 

 

Invesco BulletShares 2025 Corporate Bond ETF (BSCP)

 

   

Six Months Ended
February 28,

2022

  Years Ended August 31,  

Three Months Ended

August 31,

  Years Ended May 31,
    (Unaudited)   2021   2020   2019   2018   2018   2017

Per Share Operating Performance:

                           

Net asset value at beginning of period

    $ 22.30     $ 22.44     $ 21.41     $ 19.89     $ 19.84     $ 20.67     $ 20.65
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net investment income(a)

      0.18       0.41       0.60       0.70       0.17       0.64       0.62

Net realized and unrealized gain (loss) on investments

      (0.92 )       (0.13 )       1.05       1.51       0.07       (0.85 )       0.05
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total from investment operations

      (0.74 )       0.28       1.65       2.21       0.24       (0.21 )       0.67
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Distributions to shareholders from:

                           

Net investment income

      (0.18 )       (0.42 )       (0.62 )       (0.69 )       (0.19 )       (0.62 )       (0.59 )

Net realized gains

      (0.04 )       -       -       -       -       -       (0.06 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total distributions

      (0.22 )       (0.42 )       (0.62 )       (0.69 )       (0.19 )       (0.62 )       (0.65 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value at end of period

    $ 21.34     $ 22.30     $ 22.44     $ 21.41     $ 19.89     $ 19.84     $ 20.67
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Market price at end of period

    $ 21.35 (b)       $ 22.31 (b)       $ 22.45 (b)       $ 21.44 (b)       $ 19.96 (b)       $ 19.85 (b)      $ 20.71
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net Asset Value Total Return(c)

      (3.34 )%       1.25 %       7.86 %       11.39 %       1.19 %       (1.04 )%       3.29 %

Market Price Total Return(c)

      (3.34 )%       1.25 %       7.75 %       11.14 %       1.50 %       (1.19 )%    

Ratios/Supplemental Data:

                           

Net assets at end of period (000’s omitted)

    $ 1,184,324     $ 1,056,865     $ 632,834     $ 311,561     $ 116,344     $ 104,181     $ 68,198

Ratio to average net assets of:

                           

Expenses, after Waivers

      0.10 %(d)       0.10 %       0.10 %       0.10 %       0.10 %(d)       0.22 %       0.24 %

Expenses, prior to Waivers

      0.10 %(d)       0.10 %       0.10 %       0.10 %       0.10 %(d)       0.22 %    

Net investment income

      1.65 %(d)       1.85 %       2.77 %       3.42 %       3.38 %(d)       3.14 %       3.04 %

Portfolio turnover rate(e)

      6 %       8 %       9 %       3 %       1 %       14 %       18 %

 

(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) 

Annualized.

(e) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

 

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Financial Highlights–(continued)

 

 

Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)

 

   

Six Months Ended

February 28,

2022

  Years Ended August 31,  

Three Months Ended

August 31,

  Year Ended May 31,  

For the Period

September 14, 2016(a) 

Through

May 31,

    (Unaudited)   2021   2020   2019   2018   2018   2017

Per Share Operating Performance:

                           

Net asset value at beginning of period

    $ 21.56     $ 21.75     $ 20.57     $ 18.84     $ 18.82     $ 19.66     $ 19.88
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net investment income(b)

      0.19       0.43       0.57       0.66       0.16       0.61       0.41

Net realized and unrealized gain (loss) on investments

      (1.06 )       (0.18 )       1.20       1.71       0.04       (0.89 )       (0.32 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total from investment operations

      (0.87 )       0.25       1.77       2.37       0.20       (0.28 )       0.09
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Distributions to shareholders from:

                           

Net investment income

      (0.19 )       (0.44 )       (0.58 )       (0.66 )       (0.18 )       (0.59 )       (0.31 )

Net realized gains

      (0.00 )(c)       -       (0.02 )       (0.00 )(c)       -       (0.00 )(c)       -
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total distributions

      (0.19 )       (0.44 )       (0.60 )       (0.66 )       (0.18 )       (0.59 )       (0.31 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Transaction fees(b)

      -       -       0.01       0.02       -       0.03       -
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value at end of period

    $ 20.50     $ 21.56     $ 21.75     $ 20.57     $ 18.84     $ 18.82     $ 19.66
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Market price at end of period

    $ 20.53 (d)       $ 21.58 (d)      $ 21.78 (d)      $ 20.62 (d)       $ 18.88 (d)      $ 18.81 (d)      $ 19.69
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net Asset Value Total Return(e)

      (4.06 )%       1.16 %       8.85 %       13.05 %       1.07 %       (1.28 )%       0.49 %

Market Price Total Return(e)

      (4.01 )%       1.11 %       8.73 %       13.07 %       1.34 %       (1.50 )%    

Ratios/Supplemental Data:

                           

Net assets at end of period (000’s omitted)

    $ 854,853     $ 578,885     $ 293,682     $ 132,679     $ 53,693     $ 53,638     $ 26,538

Ratio to average net assets of:

                           

Expenses, after Waivers

      0.10 %(f)       0.10 %       0.10 %       0.10 %       0.10 %(f)       0.21 %       0.24 %(f)

Expenses, prior to Waivers

      0.10 %(f)       0.10 %       0.10 %       0.10 %       0.10 %(f)       0.22 %    

Net investment income

      1.82 %(f)       2.01 %       2.76 %       3.42 %       3.41 %(f)       3.16 %       3.00 %(f)

Portfolio turnover rate(g)

      2 %       2 %       7 %       4 %       0 %       0 %(h)       4 %

 

(a) 

Commencement of investment operations.

(b) 

Based on average shares outstanding.

(c) 

Amount represents less than $0.005.

(d) 

The mean between the last bid and ask prices.

(e) 

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) 

Annualized.

(g) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

(h) 

Amount represents less than 0.5%.

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

 

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Financial Highlights–(continued)

 

 

Invesco BulletShares 2027 Corporate Bond ETF (BSCR)

 

    

Six Months Ended

February 28,

2022

  Years Ended August 31,   Three Months Ended
August 31,
 

For the Period
September 27, 2017(a)

Through

May 31,

     (Unaudited)   2021   2020   2019   2018   2018

Per Share Operating Performance:

                        

Net asset value at beginning of period

     $ 22.01     $ 22.06     $ 20.99     $ 19.13     $ 19.10     $ 19.99
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net investment income(b)

       0.22       0.47       0.60       0.71       0.17       0.44

Net realized and unrealized gain (loss) on investments

       (1.17 )       (0.05 )       1.08       1.84       0.04       (1.03 )
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total from investment operations

       (0.95 )       0.42       1.68       2.55       0.21       (0.59 )
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Distributions to shareholders from:

                        

Net investment income

       (0.22 )       (0.47 )       (0.61 )       (0.72 )       (0.19 )       (0.34 )

Net realized gains

       (0.01 )       -       (0.01 )       -       -       -
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total distributions

       (0.23 )       (0.47 )       (0.62 )       (0.72 )       (0.19 )       (0.34 )
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Transaction fees(b)

       -       -       0.01       0.03       0.01       0.04
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value at end of period

     $ 20.83     $ 22.01     $ 22.06     $ 20.99     $ 19.13     $ 19.10
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Market price at end of period(c)

     $ 20.84     $ 22.04     $ 22.07     $ 21.05     $ 19.16     $ 19.09
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net Asset Value Total Return(d)

       (4.38 )%       1.94 %       8.25 %       13.87 %       1.16 %       (2.77 )%

Market Price Total Return(d)

       (4.46 )%       2.04 %       7.98 %       14.01 %       1.37 %       (2.82 )%

Ratios/Supplemental Data:

                        

Net assets at end of period (000’s omitted)

     $ 406,144     $ 353,298     $ 231,616     $ 72,410     $ 25,822     $ 22,924

Ratio to average net assets of:

                        

Expenses, after Waivers

       0.10 %(e)       0.10 %       0.10 %      
0.11
%(f)
     
0.10
%(e)
     
0.19
%(e)

Expenses, prior to Waivers

       0.10 %(e)       0.10 %       0.10 %      
0.11
%(f)
     
0.10
%(e)
     
0.20
%(e)

Net investment income

       2.05 %(e)       2.15 %       2.83 %      
3.64
%(f)
     
3.60
%(e)
     
3.35
%(e)

Portfolio turnover rate(g)

       4 %       2 %       7 %       3 %       0 %       0 %

 

(a) 

Commencement of investment operations.

(b) 

Based on average shares outstanding.

(c) 

The mean between the last bid and ask prices.

(d) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

Annualized.

(f) 

Ratios include non-recurring costs associated with a proxy statement of 0.01%.

(g) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

 

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Financial Highlights–(continued)

 

 

Invesco BulletShares 2028 Corporate Bond ETF (BSCS)

 

                     For the Period
August 7, 2018(a)
Through
August
31, 2018
     Six Months Ended
February  28,
2022
(Unaudited)
           
    Years Ended August 31,
    2021   2020   2019

Per Share Operating Performance:

                    

Net asset value at beginning of period

     $ 23.17     $ 23.25     $ 22.11     $ 20.06     $ 20.00
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net investment income(b)

       0.22       0.52       0.64       0.77       0.05

Net realized and unrealized gain (loss) on investments

       (1.35 )       (0.09 )(c)       1.12       1.97       0.01
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total from investment operations

       (1.13 )       0.43       1.76       2.74       0.06
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Distributions to shareholders from:

                    

Net investment income

       (0.22 )       (0.51 )       (0.65 )       (0.76 )       -

Net realized gains

       (0.01 )       -       (0.00 )(d)       -       -
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total distributions

       (0.23 )       (0.51 )       (0.65 )       (0.76 )       -
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Transaction fees(b)

       -       -       0.03       0.07       -
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value at end of period

     $ 21.81     $ 23.17     $ 23.25     $ 22.11     $ 20.06
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Market price at end of period(e)

     $ 21.81     $ 23.18     $ 23.25     $ 22.17     $ 20.09
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net Asset Value Total Return(f)

       (4.91 )%       1.90 %       8.33 %       14.38 %       0.30 %(g)

Market Price Total Return(f)

       (4.95 )%       1.95 %       8.03 %       14.51 %       0.45 %(g)

Ratios/Supplemental Data:

                    

Net assets at end of period (000’s omitted)

     $ 245,410     $ 225,925     $ 129,018     $ 36,483     $ 6,018

Ratio to average net assets of:

                    

Expenses

       0.10 %(h)       0.10 %       0.10 %       0.12 %(i)       0.10 %(h)

Net investment income

       1.99 %(h)       2.24 %       2.89 %       3.74 %(i)       3.91 %(h)

Portfolio turnover rate(j)

       4 %       2 %       3 %       1 %       0 %

 

(a) 

Commencement of investment operations.

(b) 

Based on average shares outstanding.

(c) 

Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments.

(d) 

Amount represents less than $0.005.

(e) 

The mean between the last bid and ask prices.

(f) 

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.

(g) 

The net asset value total return from Fund Inception (August 9, 2018, the first day of trading on the Exchange) to August 31, 2018 was 0.30%. The market price total return from Fund Inception to August 31, 2018 was 0.30%.

(h) 

Annualized.

(i) 

Ratios include non-recurring costs associated with a proxy statement of 0.02%.

(j) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

 

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Financial Highlights–(continued)

 

 

Invesco BulletShares 2029 Corporate Bond ETF (BSCT)

 

             For the Period
     Six Months Ended       September 10, 2019(a) 
     February 28,       Through
     2022   Year Ended August 31,   August 31,
     (Unaudited)   2021   2020

Per Share Operating Performance:

            

Net asset value at beginning of period

     $ 21.37     $ 21.51     $ 20.00
    

 

 

     

 

 

     

 

 

 

Net investment income(b)

       0.21       0.42       0.51

Net realized and unrealized gain (loss) on investments

       (1.33 )       (0.14 )       1.47
    

 

 

     

 

 

     

 

 

 

Total from investment operations

       (1.12 )       0.28       1.98
    

 

 

     

 

 

     

 

 

 

Distributions to shareholders from:

            

Net investment income

       (0.20 )       (0.42 )       (0.51 )

Net realized gains

       (0.00 )(c)       -       -
    

 

 

     

 

 

     

 

 

 

Total distributions

       (0.20 )       (0.42 )       (0.51 )
    

 

 

     

 

 

     

 

 

 

Transaction fees(b)

       -       -       0.04
    

 

 

     

 

 

     

 

 

 

Net asset value at end of period

     $ 20.05     $ 21.37     $ 21.51
    

 

 

     

 

 

     

 

 

 

Market price at end of period(d)

     $ 20.08     $ 21.39     $ 21.51
    

 

 

     

 

 

     

 

 

 

Net Asset Value Total Return(e)

       (5.23 )%       1.31 %       10.29 %(f)

Market Price Total Return(e)

       (5.18 )%       1.41 %       10.28 %(f)

Ratios/Supplemental Data:

            

Net assets at end of period (000’s omitted)

     $ 144,393     $ 112,209     $ 25,815

Ratio to average net assets of:

            

Expenses

       0.10 %(g)       0.10 %       0.10 %(g)

Net investment income

       2.01 %(g)       1.98 %       2.55 %(g)

Portfolio turnover rate(h)

       4 %       0 %(i)       1 %

 

(a) 

Commencement of investment operations.

(b) 

Based on average shares outstanding.

(c) 

Amount is 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.

 

 

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Financial Highlights–(continued)

 

 

Invesco BulletShares 2030 Corporate Bond ETF (BSCU)

 

         For the Period
     Six Months Ended   September 14, 2020(a)
     February 28,   Through
     2022   August 31,
     (Unaudited)   2021

Per Share Operating Performance:

        

Net asset value at beginning of period

     $ 19.77     $ 20.00
    

 

 

     

 

 

 

Net investment income(b)

       0.20       0.36

Net realized and unrealized gain (loss) on investments

       (1.37 )       (0.27 )
    

 

 

     

 

 

 

Total from investment operations

       (1.17 )       0.09
    

 

 

     

 

 

 

Distributions to shareholders from:

        

Net investment income

       (0.19 )       (0.32 )
    

 

 

     

 

 

 

Net asset value at end of period

     $ 18.41     $ 19.77
    

 

 

     

 

 

 

Market price at end of period(c)

     $ 18.44     $ 19.79
    

 

 

     

 

 

 

Net Asset Value Total Return(d)

       (5.89 )%       0.45 %(e)

Market Price Total Return(d)

       (5.88 )%       0.55 %(e)

Ratios/Supplemental Data:

        

Net assets at end of period (000’s omitted)

     $ 80,104     $ 26,691

Ratio to average net assets of:

        

Expenses

       0.10 %(f)       0.10 %(f)

Net investment income

       2.19 %(f)       1.89 %(f)

Portfolio turnover rate(g)

       0 %       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)

 

     For the Period
     September 13, 2021(a)
     Through
     February 28,
     2022
     (Unaudited)

Per Share Operating Performance:

    

Net asset value at beginning of period

     $ 20.00
    

 

 

 

Net investment income(b)

       0.20

Net realized and unrealized gain (loss) on investments

       (1.48 )
    

 

 

 

Total from investment operations

       (1.28 )
    

 

 

 

Distributions to shareholders from:

    

Net investment income

       (0.18 )
    

 

 

 

Net asset value at end of period

     $ 18.54
    

 

 

 

Market price at end of period(c)

     $ 18.58
    

 

 

 

Net Asset Value Total Return(d)

       (6.43 )%(e)

Market Price Total Return(d)

       (6.40 )%(e)

Ratios/Supplemental Data:

    

Net assets at end of period (000’s omitted)

     $ 19,464

Ratio to average net assets of:

    

Expenses

       0.10 %(f)

Net investment income

       2.25 %(f)

Portfolio turnover rate(g)

       0 %(h)

 

(a) 

Commencement of investment operations.

(b) 

Based on average shares outstanding.

(c) 

The mean between the last bid and ask prices.

(d) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

The net asset value total return from Fund Inception (September 15, 2021, the first day of trading on the exchange) to February 28, 2022 was (6.52)%. The market price total return from Fund Inception to February 28, 2022 was (6.36)%.

(f) 

Annualized.

(g) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

(h) 

Amount represents less than 0.5%.

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

 

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Financial Highlights–(continued)

 

 

Invesco BulletShares 2022 High Yield Corporate Bond ETF (BSJM)

 

    

Six Months Ended

February 28,

2022

  Years Ended August 31,  

Three Months Ended

August 31,

  Years Ended May 31,
   (Unaudited)   2021   2020   2019   2018   2018   2017

Per Share Operating Performance:

                            

Net asset value at beginning of period

     $ 23.31     $ 22.97     $ 24.37     $ 24.56     $ 24.54     $ 25.46     $ 23.97
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net investment income(a)

       0.32       0.84       1.07       1.32       0.33       1.36       1.36

Net realized and unrealized gain (loss) on investments

       (0.30 )       0.35       (1.40 )       (0.17 )       0.06       (0.91 )       1.39
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total from investment operations

       0.02       1.19       (0.33 )       1.15       0.39       0.45       2.75
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Distributions to shareholders from:

                            

Net investment income

       (0.32 )       (0.85 )       (1.07 )       (1.34 )       (0.37 )       (1.37 )       (1.26 )
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value at end of period

     $ 23.01     $ 23.31     $ 22.97     $ 24.37     $ 24.56     $ 24.54     $ 25.46
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Market price at end of period

     $ 23.01 (b)       $ 23.29 (b)      $ 22.97 (b)       $ 24.43 (b)       $ 24.61 (b)       $ 24.49 (b)      $ 25.52
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net Asset Value Total Return(c)

       0.11 %       5.28 %       (1.28 )%       4.90 %       1.59 %       1.79 %       11.74 %

Market Price Total Return(c)

       0.16 %       5.19 %       (1.50 )%       4.94 %       2.00 %       1.35 %    

Ratios/Supplemental Data:

                            

Net assets at end of period (000’s omitted)

     $ 830,628     $ 911,288     $ 677,613     $ 511,741     $ 243,192     $ 208,598     $ 129,836

Ratio to average net assets of:

                            

Expenses, after Waivers

       0.42 %(d)       0.42 %(e)       0.41 %       0.42 %       0.42 %(d)       0.43 %       0.44 %

Expenses, prior to Waivers

       0.42 %(d)       0.42 %(e)       0.42 %       0.42 %            

Net investment income

       2.77 %(d)       3.63 %       4.59 %       5.45 %       5.34 %(d)       5.47 %       5.50 %

Portfolio turnover rate(f)

       23 %       42 %       63 %       27 %       17 %       29 %       17 %

 

(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) 

Annualized.

(e) 

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.

(f) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

 

  223  

 

 

 

 

 

 

 


 

Financial Highlights–(continued)

 

 

Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN)

 

    

Six Months Ended

February 28,

2022

  Years Ended August 31,  

Three Months Ended

August 31,

  Years Ended May 31,
   (Unaudited)   2021   2020   2019   2018   2018   2017

Per Share Operating Performance:

                            

Net asset value at beginning of period

     $ 25.38     $ 24.83     $ 25.92     $ 26.14     $ 25.98     $ 26.95     $ 25.58
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net investment income(a)

       0.41       1.00       1.26       1.45       0.35       1.43       1.43

Net realized and unrealized gain (loss) on investments

       (0.73 )       0.57       (1.09 )       (0.22 )       0.20       (0.93 )       1.27
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total from investment operations

       (0.32 )       1.57       0.17       1.23       0.55       0.50       2.70
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Distributions to shareholders from:

                            

Net investment income

       (0.41 )       (1.02 )       (1.27 )       (1.47 )       (0.39 )       (1.43 )       (1.33 )

Net realized gains

       -       -       -       (0.02 )       -       (0.04 )       -
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total distributions

       (0.41 )       (1.02 )       (1.27 )       (1.49 )       (0.39 )       (1.47 )       (1.33 )
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Transaction fees(a)

       -       -       0.01       0.04       -       -       -
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value at end of period

     $ 24.65     $ 25.38     $ 24.83     $ 25.92     $ 26.14     $ 25.98     $ 26.95
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Market price at end of period

     $ 24.67 (b)       $ 25.38 (b)      $ 24.81 (b)       $ 25.98 (b)       $ 26.22 (b)       $ 25.93 (b)      $ 27.03
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net Asset Value Total Return(c)

       (1.29 )%       6.43 %       0.84 %       5.06 %       2.14 %       1.90 %       10.80 %

Market Price Total Return(c)

       (1.21 )%       6.51 %       0.54 %       4.97 %       2.65 %       1.40 %    

Ratios/Supplemental Data:

                            

Net assets at end of period (000’s omitted)

     $ 756,736     $ 677,768     $ 389,907     $ 243,691     $ 112,421     $ 101,314     $ 37,725

Ratio to average net assets of:

                            

Expenses, after Waivers

       0.42 %(d)       0.42 %(e)       0.41 %       0.42 %       0.42 %(d)       0.43 %       0.44 %

Expenses, prior to Waivers

       0.42 %(d)       0.42 %(e)       0.42 %                

Net investment income

       3.29 %(d)       3.97 %       5.10 %       5.64 %       5.39 %(d)       5.45 %       5.45 %

Portfolio turnover rate(f)

       32 %       39 %       47 %       19 %       6 %       18 %       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) 

Annualized.

(e) 

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.

(f)

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

 

  224  

 

 

 

 

 

 

 


 

Financial Highlights–(continued)

 

 

Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)

 

   

Six Months Ended

February 28,

2022

  Years Ended August 31,   Three Months Ended
August 31,
  Year Ended May 31,  

For the Period

September 14, 2016(a)

Through

May 31,

    (Unaudited)   2021   2020   2019   2018   2018   2017
Per Share Operating Performance:                            

Net asset value at beginning of period .

    $ 25.09     $ 24.34     $ 25.20     $ 24.85     $ 24.67     $ 25.67     $ 24.98
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net investment income(b)

      0.47       1.06       1.17       1.34       0.33       1.30       0.91

Net realized and unrealized gain (loss) on investments

      (0.99 )       0.75       (0.87 )       0.39       0.21       (1.02 )       0.48
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total from investment operations

      (0.52 )       1.81       0.30       1.73       0.54       0.28       1.39
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Distributions to shareholders from:

                           

Net investment income

      (0.47 )       (1.06 )       (1.18 )       (1.37 )       (0.36 )       (1.27 )       (0.70 )

Net realized gains

      -       -       -       (0.05 )       -       (0.05 )       -
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total distributions

      (0.47 )       (1.06 )       (1.18 )       (1.42 )       (0.36 )       (1.32 )       (0.70 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Transaction fees(b)

      -       -       0.02       0.04       -       0.04       -
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value at end of period

    $ 24.10     $ 25.09     $ 24.34     $ 25.20     $ 24.85     $ 24.67     $ 25.67
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Market price at end of period

    $ 24.15 (c)       $ 25.10 (c)      $ 24.34 (c)      $ 25.22 (c)      $ 24.92 (c)      $ 24.71 (c)      $ 25.65
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net Asset Value Total Return(d)

      (2.09 )%       7.60 %       1.45 %       7.44 %       2.22 %       1.21 %       5.67 %

Market Price Total Return(d)

      (1.93 )%       7.64 %       1.38 %       7.22 %       2.34 %       1.44 %    

Ratios/Supplemental Data:

                           

Net assets at end of period (000’s omitted)

    $ 457,892     $ 363,855     $ 175,241     $ 98,261     $ 47,210     $ 41,936     $ 23,103

Ratio to average net assets of:

                           

Expenses, after Waivers

      0.42 %(e)       0.42 %       0.42 %      
0.42
%(f)
     
0.42
%(e)
      0.44 %      
0.42
%(e)

Expenses, prior to Waivers

      0.42 %(e)       0.42 %       0.42 %      
0.43
%(f)
           

Net investment income

      3.87 %(e)       4.26 %       4.84 %      
5.43
%(f)
     
5.30
%(e)
      5.14 %      
5.10
%(e)

Portfolio turnover rate(g)

      31 %       52 %       34 %       22 %       8 %       24 %       7 %

 

(a) 

Commencement of investment operations.

(b) 

Based on average shares outstanding.

(c) 

The mean between the last bid and ask prices.

(d) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

Annualized.

(f)

Ratios include non-recurring costs associated with a proxy statement of 0.01%.

(g)

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

 

  225  

 

 

 

 

 

 

 


 

Financial Highlights–(continued)

 

 

Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)

 

     Six Months Ended
February 28,
              Three Months Ended   For the Period
September 27, 2017(a)
Through
     2022   Years Ended August 31,   August 31,   May 31,
     (Unaudited)   2021   2020   2019   2018   2018

Per Share Operating Performance:

                        

Net asset value at beginning of period

     $ 24.61     $ 23.77     $ 24.48     $ 24.28     $ 23.96     $ 25.01
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net investment income(b)

       0.51       1.10       1.27       1.43       0.38       0.90

Net realized and unrealized gain (loss) on investments

       (0.69 )       0.85       (0.71 )       0.15       0.31       (1.29 )
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total from investment operations

       (0.18 )       1.95       0.56       1.58       0.69       (0.39 )
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Distributions to shareholders from:

                        

Net investment income

       (0.51 )       (1.11 )       (1.29 )       (1.43 )       (0.38 )       (0.73 )
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Transaction fees(b)

       -       -       0.02       0.05       0.01       0.07
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value at end of period

     $ 23.92     $ 24.61     $ 23.77     $ 24.48     $ 24.28     $ 23.96
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Market price at end of period(c)

     $ 23.95     $ 24.63     $ 23.74     $ 24.53     $ 24.31     $ 24.03
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net Asset Value Total Return(d)

       (0.77 )%       8.37 %       2.58 %       7.06 %       2.94 %       (1.31 )%

Market Price Total Return(d)

       (0.72 )%       8.60 %       2.26 %       7.15 %       2.76 %       (1.03 )%

Ratios/Supplemental Data:

                        

Net assets at end of period (000’s omitted)

     $ 351,555     $ 292,895     $ 130,753     $ 75,879     $ 21,856     $ 14,374

Ratio to average net assets of:

                        

Expenses, after Waivers

       0.42 %(e)       0.42 %       0.42 %       0.42 %(f)       0.42 %(e)       0.42 %(e)

Expenses, prior to Waivers

       0.42 %(e)       0.42 %       0.42 %       0.43 %(f)        

Net investment income

       4.26 %(e)       4.52 %       5.42 %       5.98 %(f)       6.33 %(e)       5.50 %(e)

Portfolio turnover rate(g)

       21 %       57 %       26 %       14 %       9 %       5 %

 

(a) 

Commencement of investment operations.

(b) 

Based on average shares outstanding.

(c) 

The mean between the last bid and ask prices.

(d) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

Annualized.

(f) 

Ratios include non-recurring costs associated with a proxy statement of 0.01%.

(g) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

 

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Financial Highlights—(continued)

 

 

Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)

 

     Six Months Ended
February 28,
              For the Period
August 7, 2018(a)
Through
     2022   Years Ended August 31,   August 31,
     (Unaudited)   2021   2020   2019   2018

Per Share Operating Performance:

                    

Net asset value at beginning of period

     $ 25.73     $ 24.93     $ 25.70     $ 25.14     $ 25.00
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net investment income(b)

       0.56       1.12       1.24       1.45       0.09

Net realized and unrealized gain (loss) on investments

       (1.04 )       0.80       (0.74 )       0.51       0.05
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total from investment operations

       (0.48 )       1.92       0.50       1.96       0.14
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Distributions to shareholders from:

                    

Net investment income

       (0.55 )       (1.12 )       (1.28 )       (1.51 )       -
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net realized gains

       -       -       (0.02 )       -       -
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total distributions

       (0.55 )       (1.12 )       (1.30 )       (1.51 )       -
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Transaction fees(b)

       -       -       0.03       0.11       -
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value at end of period

     $ 24.70     $ 25.73     $ 24.93     $ 25.70     $ 25.14
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Market price at end of period(c)

     $ 24.74     $ 25.74     $ 24.88     $ 25.75     $ 25.15
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net Asset Value Total Return(d)

       (1.92 )%       7.86 %       2.31 %       8.62 %       0.56 %(e)

Market Price Total Return(d)

       (1.80 )%       8.12 %       1.91 %       8.80 %       0.60 %(e)

Ratios/Supplemental Data:

                    

Net assets at end of period (000’s omitted)

     $ 185,258     $ 115,768     $ 74,780     $ 25,702     $ 5,029

Ratio to average net assets of:

                    

Expenses, after Waivers

       0.42 %(f)       0.42 %       0.42 %       0.44 %(g)       0.42 %(f)

Expenses, prior to Waivers

       0.42 %(f)       0.42 %       0.42 %       0.45 %(g)    

Net investment income

       4.43 %(f)       4.41 %       5.07 %       5.79 %(g)       5.54 %(f)

Portfolio turnover rate(h)

       23 %       37 %       35 %       48 %       0 %

 

(a) 

Commencement of investment operations.

(b) 

Based on average shares outstanding.

(c) 

The mean between the last bid and ask prices.

(d) 

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 (August 9, 2018, the first day of trading on the Exchange) to August 31, 2018 was 0.48%. The market price total return from Fund Inception to August 31, 2018 was 0.56%.

(f) 

Annualized.

(g) 

Ratios include non-recurring costs associated with a proxy statement of 0.03%.

(h) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

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Financial Highlights–(continued)

 

 

Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)

 

    

Six Months Ended
February 28,

2022

  Year Ended August 31,  

For the Period
September 10, 2019(a)
Through

August 31,

     (Unaudited)       2021       2020

Per Share Operating Performance:

            

Net asset value at beginning of period

     $ 25.59     $ 24.91     $ 25.00
    

 

 

     

 

 

     

 

 

 

Net investment income(b)

       0.51       1.08       1.15

Net realized and unrealized gain (loss) on investments

       (1.14 )       0.70       (0.27 )
    

 

 

     

 

 

     

 

 

 

Total from investment operations

       (0.63 )       1.78       0.88
    

 

 

     

 

 

     

 

 

 

Distributions to shareholders from:

            

Net investment income

       (0.52 )       (1.10 )       (1.06 )

Net realized gains

       (0.11 )       -       -
    

 

 

     

 

 

     

 

 

 

Total distributions

       (0.63 )       (1.10 )       (1.06 )
    

 

 

     

 

 

     

 

 

 

Transaction fees(b)

       -       -       0.09
    

 

 

     

 

 

     

 

 

 

Net asset value at end of period

     $ 24.33     $ 25.59     $ 24.91
    

 

 

     

 

 

     

 

 

 

Market price at end of period(c)

     $ 24.38     $ 25.61     $ 24.84
    

 

 

     

 

 

     

 

 

 

Net Asset Value Total Return(d)

       (2.52 )%       7.29 %       4.12 %(e)

Market Price Total Return(d)

       (2.40 )%       7.68 %       3.84 %(e)

Ratios/Supplemental Data:

            

Net assets at end of period (000’s omitted)

     $ 48,668     $ 43,509     $ 19,925

Ratio to average net assets of:

            

Expenses, after Waivers

       0.42 %(f)       0.42 %       0.41 %(f)

Expenses, prior to Waivers

       0.42 %(f)       0.42 %       0.42 %(f)

Net investment income

       4.11 %(f)       4.25 %       4.90 %(f)

Portfolio turnover rate(g)

       12 %       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)

 

     Six Months Ended
February  28,

2022
(Unaudited)
  For the Period
September 14, 2020(a)
Through

August 31,
2021

Per Share Operating Performance:

        

Net asset value at beginning of period

     $ 25.58     $ 25.00
    

 

 

     

 

 

 

Net investment income(b)

       0.54       1.03

Net realized and unrealized gain (loss) on investments

       (1.49 )       0.51
    

 

 

     

 

 

 

Total from investment operations

       (0.95 )       1.54
    

 

 

     

 

 

 

Distributions to shareholders from:

        

Net investment income

       (0.54 )       (0.96 )

Net realized gains

       (0.10 )       -
    

 

 

     

 

 

 

Total distributions

       (0.64 )       (0.96 )
    

 

 

     

 

 

 

Net asset value at end of period

     $ 23.99     $ 25.58
    

 

 

     

 

 

 

Market price at end of period(c)

     $ 24.06     $ 25.61
    

 

 

     

 

 

 

Net Asset Value Total Return(d)

       (3.77 )%       6.25 %(e)

Market Price Total Return(d)

       (3.60 )%       6.37 %(e)

Ratios/Supplemental Data:

        

Net assets at end of period (000’s omitted)

     $ 19,195     $ 15,347

Ratio to average net assets of:

        

Expenses

       0.42 %(f)       0.43 %(f)

Net investment income

       4.34 %(f)       4.21 %(f)

Portfolio turnover rate(g)

       15 %       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)

 

    For the Period
September 13, 2021(a)
Through
February 28,
2022
(Unaudited)

Per Share Operating Performance:

   

Net asset value at beginning of period

    $ 25.00
   

 

 

 

Net investment income(b)

      0.48

Net realized and unrealized gain (loss) on investments

      (1.83 )
   

 

 

 

Total from investment operations

      (1.35 )
   

 

 

 

Distributions to shareholders from:

   

Net investment income

      (0.47 )
   

 

 

 

Net asset value at end of period

    $ 23.18
   

 

 

 

Market price at end of period(c)

    $ 23.26
   

 

 

 

Net Asset Value Total Return(d)

      (5.46 )%(e)

Market Price Total Return(d)

      (5.14 )%(e)

Ratios/Supplemental Data:

   

Net assets at end of period (000’s omitted)

    $ 9,274

Ratio to average net assets of:

   

Expenses

      0.42 %(f)

Net investment income

      4.31 %(f)

Portfolio turnover rate(g)

      9 %

 

(a) 

Commencement of investment operations.

(b) 

Based on average shares outstanding.

(c) 

The mean between the last bid and ask prices.

(d) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption 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 February 28, 2022 was (5.54)%. The market price total return from Fund Inception to February 28, 2022 was (5.48)%.

(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 2022 Municipal Bond ETF (BSMM)

 

    Six Months Ended
February  28,
2022
(Unaudited)
      Year Ended August 31,
2021
      For the Period
September 23, 2019(a)
Through
August 31,
2020

Per Share Operating Performance:

                   

Net asset value at beginning of period

    $ 25.37         $ 25.31         $ 25.00
   

 

 

         

 

 

         

 

 

 

Net investment income(b)

      0.04           0.10           0.24

Net realized and unrealized gain (loss) on investments

      (0.11 )           0.03           0.24
   

 

 

         

 

 

         

 

 

 

Total from investment operations

      (0.07 )           0.13           0.48
   

 

 

         

 

 

         

 

 

 

Distributions to shareholders from:

                   

Net investment income

      (0.04 )           (0.11 )           (0.26 )

Net realized gains

      (0.00 )(c)           -           -
   

 

 

         

 

 

         

 

 

 

Total distributions

      (0.04 )           (0.11 )           (0.26 )
   

 

 

         

 

 

         

 

 

 

Transaction fees(b)

      0.01           0.04           0.09
   

 

 

         

 

 

         

 

 

 

Net asset value at end of period

    $ 25.27         $ 25.37         $ 25.31
   

 

 

         

 

 

         

 

 

 

Market price at end of period(d)

    $ 25.34         $ 25.44         $ 25.40
   

 

 

         

 

 

         

 

 

 

Net Asset Value Total Return(e)

      (0.23 )%           0.66 %           2.30 %(f)

Market Price Total Return(e)

      (0.23 )%           0.58 %           2.65 %(f)

Ratios/Supplemental Data:

                   

Net assets at end of period (000’s omitted)

    $ 65,714         $ 53,278         $ 27,844

Ratio to average net assets of:

                   

Expenses

      0.18 %(g)           0.18 %           0.18 %(g)

Net investment income

      0.32 %(g)           0.41 %           1.02 %(g)

Portfolio turnover rate(h)

      9 %           1 %           5 %

 

(a) 

Commencement of investment operations.

(b) 

Based on average shares outstanding.

(c) 

Amount represents less than $0.005.

(d) 

The mean between the last bid and ask prices.

(e) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption 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 25, 2019, the first day of trading on the exchange) to August 31, 2020 was 2.38%. The market price total return from Fund Inception to August 31, 2020 was 2.65%.

(g) 

Annualized.

(h) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

 

 231 

 

 

 

 

 

 

 


 

Financial Highlights–(continued)

Invesco BulletShares 2023 Municipal Bond ETF (BSMN)

 

    Six Months Ended
February  28,
2022
(Unaudited)
      Year Ended August 31,
2021
      For the Period
September 23, 2019(a)
Through
August 31,
2020

Per Share Operating Performance:

                   

Net asset value at beginning of period

    $ 25.61         $ 25.47         $ 25.00
   

 

 

         

 

 

         

 

 

 

Net investment income(b)

      0.05           0.14           0.26

Net realized and unrealized gain (loss) on investments

      (0.32 )           0.09           0.47
   

 

 

         

 

 

         

 

 

 

Total from investment operations

      (0.27 )           0.23           0.73
   

 

 

         

 

 

         

 

 

 

Distributions to shareholders from:

                   

Net investment income

      (0.05 )           (0.14 )           (0.26 )
   

 

 

         

 

 

         

 

 

 

Transaction fees(b)

      0.01           0.05           -
   

 

 

         

 

 

         

 

 

 

Net asset value at end of period

    $ 25.30         $ 25.61         $ 25.47
   

 

 

         

 

 

         

 

 

 

Market price at end of period(c)

    $ 25.38         $ 25.69         $ 25.53
   

 

 

         

 

 

         

 

 

 

Net Asset Value Total Return(d)

      (1.00 )%           1.12 %           2.94 %(e)

Market Price Total Return(d)

      (1.00 )%           1.19 %           3.18 %(e)

Ratios/Supplemental Data:

                   

Net assets at end of period (000’s omitted)

    $ 43,007         $ 35,860         $ 15,284

Ratio to average net assets of:

                   

Expenses

      0.18 %(f)           0.18 %           0.18 %(f)

Net investment income

      0.43 %(f)           0.55 %           1.08 %(f)

Portfolio turnover rate(g)

      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 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)

 

    Six Months Ended
February  28,
2022
(Unaudited)
      Year Ended August 31,
2021
      For the Period
September 23, 2019(a)
Through
August 31,
2020

Per Share Operating Performance:

                   

Net asset value at beginning of period

    $ 25.79         $ 25.52         $ 25.00
   

 

 

         

 

 

         

 

 

 

Net investment income(b)

      0.06           0.17           0.30

Net realized and unrealized gain (loss) on investments

      (0.60 )           0.22           0.52
   

 

 

         

 

 

         

 

 

 

Total from investment operations

      (0.54 )           0.39           0.82
   

 

 

         

 

 

         

 

 

 

Distributions to shareholders from:

                   

Net investment income

      (0.06 )           (0.18 )           (0.30 )
   

 

 

         

 

 

         

 

 

 

Transaction fees(b)

      0.01           0.06           -
   

 

 

         

 

 

         

 

 

 

Net asset value at end of period

    $ 25.20         $ 25.79         $ 25.52
   

 

 

         

 

 

         

 

 

 

Market price at end of period(c)

    $ 25.27         $ 25.87         $ 25.62
   

 

 

         

 

 

         

 

 

 

Net Asset Value Total Return(d)

      (2.04 )%           1.77 %           3.30 %(e)

Market Price Total Return(d)

      (2.07 )%           1.69 %           3.71 %(e)

Ratios/Supplemental Data:

                   

Net assets at end of period (000’s omitted)

    $ 42,843         $ 36,106         $ 12,762

Ratio to average net assets of:

                   

Expenses

      0.18 %(f)           0.18 %           0.18 %(f)

Net investment income

      0.51 %(f)           0.67 %           1.26 %(f)

Portfolio turnover rate(g)

      0 %(h)           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.

(h) 

Amount represents less than 0.5%.

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

 

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Financial Highlights–(continued)

Invesco BulletShares 2025 Municipal Bond ETF (BSMP)

 

    Six Months Ended
February  28,
2022
(Unaudited)
      Year Ended August 31,
2021
      For the Period
September 23, 2019(a)
Through
August 31,
2020

Per Share Operating Performance:

                   

Net asset value at beginning of period

    $ 26.02         $ 25.71         $ 25.00
   

 

 

         

 

 

         

 

 

 

Net investment income(b)

      0.09           0.22           0.33

Net realized and unrealized gain (loss) on investments

      (0.83 )           0.25           0.71
   

 

 

         

 

 

         

 

 

 

Total from investment operations

      (0.74 )           0.47           1.04
   

 

 

         

 

 

         

 

 

 

Distributions to shareholders from:

                   

Net investment income

      (0.09 )           (0.23 )           (0.33 )
   

 

 

         

 

 

         

 

 

 

Transaction fees(b)

      0.02           0.07           -
   

 

 

         

 

 

         

 

 

 

Net asset value at end of period

    $ 25.21         $ 26.02         $ 25.71
   

 

 

         

 

 

         

 

 

 

Market price at end of period(c)

    $ 25.29         $ 26.08         $ 25.78
   

 

 

         

 

 

         

 

 

 

Net Asset Value Total Return(d)

      (2.79 )%           2.12 %           4.19 %(e)

Market Price Total Return(d)

      (2.70 )%           2.08 %           4.48 %(e)

Ratios/Supplemental Data:

                   

Net assets at end of period (000’s omitted)

    $ 47,906         $ 39,032         $ 10,282

Ratio to average net assets of:

                   

Expenses

      0.18 %(f)           0.18 %           0.18 %(f)

Net investment income

      0.67 %(f)           0.84 %           1.39 %(f)

Portfolio turnover rate(g)

      0 %(h)           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.

(h) 

Amount represents less than 0.5%.

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

 

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Financial Highlights–(continued)

Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)

 

    Six Months Ended
February  28,
2022
(Unaudited)
      Year Ended August 31,
2021
      For the Period
September 23, 2019(a)
Through
August 31,
2020

Per Share Operating Performance:

                   

Net asset value at beginning of period

    $ 25.99         $ 25.48         $ 25.00
   

 

 

         

 

 

         

 

 

 

Net investment income(b)

      0.14           0.31           0.40

Net realized and unrealized gain (loss) on investments

      (1.06 )           0.49           0.48
   

 

 

         

 

 

         

 

 

 

Total from investment operations

      (0.92 )           0.80           0.88
   

 

 

         

 

 

         

 

 

 

Distributions to shareholders from:

                   

Net investment income

      (0.14 )           (0.32 )           (0.40 )
   

 

 

         

 

 

         

 

 

 

Transaction fees(b)

      0.01           0.03           -
   

 

 

         

 

 

         

 

 

 

Net asset value at end of period

    $ 24.94         $ 25.99         $ 25.48
   

 

 

         

 

 

         

 

 

 

Market price at end of period(c)

    $ 25.01         $ 26.07         $ 25.54
   

 

 

         

 

 

         

 

 

 

Net Asset Value Total Return(d)

      (3.52 )%           3.27 %           3.58 %(e)

Market Price Total Return(d)

      (3.54 )%           3.34 %           3.83 %(e)

Ratios/Supplemental Data:

                   

Net assets at end of period (000’s omitted)

    $ 27,438         $ 23,391         $ 12,740

Ratio to average net assets of:

                   

Expenses

      0.18 %(f)           0.18 %           0.18 %(f)

Net investment income

      1.10 %(f)           1.22 %           1.70 %(f)

Portfolio turnover rate(g)

      0 %(h)           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.

(h) 

Amount represents less than 0.5%.

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

 

 235 

 

 

 

 

 

 

 


 

Financial Highlights–(continued)

Invesco BulletShares 2027 Municipal Bond ETF (BSMR)

 

    Six Months Ended
February  28,
2022
(Unaudited)
      Year Ended August 31,
2021
      For the Period
September 23, 2019(a)
Through
August 31,
2020

Per Share Operating Performance:

                   

Net asset value at beginning of period

    $ 25.91         $ 25.34         $ 25.00
   

 

 

         

 

 

         

 

 

 

Net investment income(b)

      0.13           0.26           0.37

Net realized and unrealized gain (loss) on investments

      (1.04 )           0.57           0.26
   

 

 

         

 

 

         

 

 

 

Total from investment operations

      (0.91 )           0.83           0.63
   

 

 

         

 

 

         

 

 

 

Distributions to shareholders from:

                   

Net investment income

      (0.13 )           (0.27 )           (0.36 )

Return of capital

      -           -           (0.04 )
   

 

 

         

 

 

         

 

 

 

Total distributions

      (0.13 )           (0.27 )           (0.40 )
   

 

 

         

 

 

         

 

 

 

Transaction fees(b)

      0.01           0.01           0.11
   

 

 

         

 

 

         

 

 

 

Net asset value at end of period

    $ 24.88         $ 25.91         $ 25.34
   

 

 

         

 

 

         

 

 

 

Market price at end of period(c)

    $ 24.92         $ 25.95         $ 25.42
   

 

 

         

 

 

         

 

 

 

Net Asset Value Total Return(d)

      (3.50 )%           3.32 %           3.02 %(e)

Market Price Total Return(d)

      (3.49 )%           3.15 %           3.34 %(e)

Ratios/Supplemental Data:

                   

Net assets at end of period (000’s omitted)

    $ 19,902         $ 18,140         $ 15,204

Ratio to average net assets of:

                   

Expenses

      0.18 %(f)           0.18 %           0.18 %(f)

Net investment income

      1.01 %(f)           1.03 %           1.58 %(f)

Portfolio turnover rate(g)

      0 %           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.

 

 

 236 

 

 

 

 

 

 

 


 

Financial Highlights–(continued)

Invesco BulletShares 2028 Municipal Bond ETF (BSMS)

 

    Six Months Ended
February  28,
2022
(Unaudited)
      Year Ended August 31,
2021
      For the Period
September 23, 2019(a)
Through
August 31,
2020

Per Share Operating Performance:

                   

Net asset value at beginning of period

    $ 26.31         $ 25.70         $ 25.00
   

 

 

         

 

 

         

 

 

 

Net investment income(b)

      0.16           0.38           0.43

Net realized and unrealized gain (loss) on investments

      (1.13 )           0.55           0.69
   

 

 

         

 

 

         

 

 

 

Total from investment operations

      (0.97 )           0.93           1.12
   

 

 

         

 

 

         

 

 

 

Distributions to shareholders from:

                   

Net investment income

      (0.16 )           (0.40 )           (0.42 )

Net realized gains

      (0.03 )           -           -
   

 

 

         

 

 

         

 

 

 

Total distributions

      (0.19 )           (0.40 )           (0.42 )
   

 

 

         

 

 

         

 

 

 

Transaction fees(b)

      0.01           0.08           -
   

 

 

         

 

 

         

 

 

 

Net asset value at end of period

    $ 25.16         $ 26.31         $ 25.70
   

 

 

         

 

 

         

 

 

 

Market price at end of period(c)

    $ 25.22         $ 26.36         $ 25.76
   

 

 

         

 

 

         

 

 

 

Net Asset Value Total Return(d)

      (3.65 )%           3.95 %           4.56 %(e)

Market Price Total Return(d)

      (3.61 )%           3.91 %           4.80 %(e)

Ratios/Supplemental Data:

                   

Net assets at end of period (000’s omitted)

    $ 20,126         $ 18,419         $ 5,141

Ratio to average net assets of:

                   

Expenses

      0.18 %(f)           0.18 %           0.18 %(f)

Net investment income

      1.26 %(f)           1.45 %           1.80 %(f)

Portfolio turnover rate(g)

      0 %           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.

 

 

 237 

 

 

 

 

 

 

 


 

Financial Highlights–(continued)

Invesco BulletShares 2029 Municipal Bond ETF (BSMT)

 

    Six Months Ended
February  28,
2022
(Unaudited)
      Year Ended August 31,
2021
      For the Period
September 23, 2019(a)
Through
August 31,
2020

Per Share Operating Performance:

                   

Net asset value at beginning of period

    $ 26.18         $ 25.67         $ 25.00
   

 

 

         

 

 

         

 

 

 

Net investment income(b)

      0.17           0.36           0.44

Net realized and unrealized gain (loss) on investments

      (1.15 )           0.47           0.67
   

 

 

         

 

 

         

 

 

 

Total from investment operations

      (0.98 )           0.83           1.11
   

 

 

         

 

 

         

 

 

 

Distributions to shareholders from:

                   

Net investment income

      (0.17 )           (0.39 )           (0.44 )
   

 

 

         

 

 

         

 

 

 

Transaction fees(b)

      0.01           0.07           -
   

 

 

         

 

 

         

 

 

 

Net asset value at end of period

    $ 25.04         $ 26.18         $ 25.67
   

 

 

         

 

 

         

 

 

 

Market price at end of period(c)

    $ 25.12         $ 26.24         $ 25.70
   

 

 

         

 

 

         

 

 

 

Net Asset Value Total Return(d)

      (3.73 )%           3.52 %           4.52 %(e)

Market Price Total Return(d)

      (3.64 )%           3.63 %           4.64 %(e)

Ratios/Supplemental Data:

                   

Net assets at end of period (000’s omitted)

    $ 17,527         $ 15,711         $ 5,133

Ratio to average net assets of:

                   

Expenses

      0.18 %(f)           0.18 %           0.18 %(f)

Net investment income

      1.32 %(f)           1.40 %           1.88 %(f)

Portfolio turnover rate(g)

      0 %           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.

 

 

 238 

 

 

 

 

 

 

 


 

Financial Highlights–(continued)

Invesco BulletShares 2030 Municipal Bond ETF (BSMU)

 

    Six Months Ended
February  28,
2022
(Unaudited)
      For the Period
September 14, 2020(a)
Through
August 31,
2021

Per Share Operating Performance:

           

Net asset value at beginning of period

    $ 25.61         $ 25.00
   

 

 

         

 

 

 

Net investment income(b)

      0.19           0.37

Net realized and unrealized gain (loss) on investments

      (1.30 )           0.59
   

 

 

         

 

 

 

Total from investment operations

      (1.11 )           0.96
   

 

 

         

 

 

 

Distributions to shareholders from:

           

Net investment income

      (0.19 )           (0.35 )
   

 

 

         

 

 

 

Transaction fees(b)

      0.03           -
   

 

 

         

 

 

 

Net asset value at end of period

    $ 24.34         $ 25.61
   

 

 

         

 

 

 

Market price at end of period(c)

    $ 24.42         $ 25.69
   

 

 

         

 

 

 

Net Asset Value Total Return(d)

      (4.23 )%           3.87 %(e)

Market Price Total Return(d)

      (4.21 )%           4.19 %(e)

Ratios/Supplemental Data:

           

Net assets at end of period (000’s omitted)

    $ 12,170         $ 7,684

Ratio to average net assets of:

           

Expenses

      0.18 %(f)           0.18 %(f)

Net investment income

      1.55 %(f)           1.52 %(f)

Portfolio turnover rate(g)

      0 %           0 %

 

(a) 

Commencement of investment operations.

(b) 

Based on average shares outstanding.

(c) 

The mean between the last bid and ask prices.

(d) 

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.

 

 

 239 

 

 

 

 

 

 

 


 

Financial Highlights–(continued)

Invesco BulletShares 2031 Municipal Bond ETF (BSMV)

 

    For the Period
September 13, 2021(a)
Through
February 28,
2022
(Unaudited)

Per Share Operating Performance:

   

Net asset value at beginning of period

    $ 25.00
   

 

 

 

Net investment income(b)

      0.17

Net realized and unrealized gain (loss) on investments

      (1.41 )
   

 

 

 

Total from investment operations

      (1.24 )
   

 

 

 

Distributions to shareholders from:

   

Net investment income

      (0.15 )
   

 

 

 

Transaction fees(b)

      0.05
   

 

 

 

Net asset value at end of period

    $ 23.66
   

 

 

 

Market price at end of period(c)

    $ 23.74
   

 

 

 

Net Asset Value Total Return(d)

      (4.78 )%(e)

Market Price Total Return(d)

      (4.45 )%(e)

Ratios/Supplemental Data:

   

Net assets at end of period (000’s omitted)

    $ 9,464

Ratio to average net assets of:

   

Expenses

      0.18 %(f)

Net investment income

      1.48 %(f)

Portfolio turnover rate(g)

      0 %

 

(a) 

Commencement of investment operations.

(b) 

Based on average shares outstanding.

(c) 

The mean between the last bid and ask prices.

(d) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

The net asset value total return from Fund Inception (September 15, 2021, the first day of trading on the exchange) to February 28, 2022 was (4.55)%. The market price total return from Fund Inception to February 28, 2022 was (4.53)%.

(f) 

Annualized.

(g) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

 

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Financial Highlights–(continued)

Invesco BulletShares 2022 USD Emerging Markets Debt ETF (BSBE)

 

    

Six Months Ended
February 28,

2022

       Years Ended August 31,       

For the Period
October 2, 2018(a)
Through

August 31,

     (Unaudited)        2021        2020        2019

Per Share Operating Performance:

                               

Net asset value at beginning of period

     $ 25.69          $ 25.83          $ 25.91          $ 25.00
    

 

 

          

 

 

                   

 

 

 

Net investment income(b)

       0.23            0.63            1.04            0.95

Net realized and unrealized gain (loss) on investments

       (1.19 )            (0.03 )            (0.03 )            0.92
    

 

 

          

 

 

                   

 

 

 

Total from investment operations

       (0.96 )            0.60            1.01            1.87
    

 

 

          

 

 

                   

 

 

 

Distributions to shareholders from:

                               

Net investment income

       (0.24 )            (0.74 )            (1.04 )            (0.96 )

Net realized gains

       -            -            (0.05 )            -
    

 

 

          

 

 

                   

 

 

 

Total distributions

       (0.24 )            (0.74 )            (1.09 )            (0.96 )
    

 

 

          

 

 

                   

 

 

 

Net asset value at end of period

     $ 24.49          $ 25.69          $ 25.83          $ 25.91
    

 

 

          

 

 

                   

 

 

 

Market price at end of period(c)

     $ 24.68          $ 25.71          $ 25.90          $ 25.95
    

 

 

          

 

 

                   

 

 

 

Net Asset Value Total Return(d)

       (3.77 )%            2.35 %            4.01 %            7.63 %(e)

Market Price Total Return(d)

       (3.10 )%            2.14 %            4.14 %            7.79 %(e)

Ratios/Supplemental Data:

                               

Net assets at end of period (000’s omitted)

     $ 44,085          $ 38,537          $ 10,334          $ 10,365

Ratio to average net assets of:

                               

Expenses

       0.29 %(f)            0.29 %            0.29 %            0.32 %(g)

Net investment income

       1.85 %(f)            2.44 %            4.03 %            4.11 %(g)

Portfolio turnover rate(h)

       5 %            27 %            7 %            15 %

 

(a) 

Commencement of investment operations.

(b) 

Based on average shares outstanding.

(c) 

The mean between the last bid and ask prices.

(d) 

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 (October 4, 2018, the first day of trading on the Exchange) to August 31, 2019 was 8.41%. The market price total return from Fund Inception to August 31, 2019 was 8.45%.

(f)

Annualized.

(g) 

Ratios are annualized except for non-recurring costs associated with a proxy statement of 0.03%.

(h) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

 

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Financial Highlights–(continued)

Invesco BulletShares 2023 USD Emerging Markets Debt ETF (BSCE)

 

 

    

Six Months Ended
February 28,

2022

       Years Ended August 31,       

For the Period
October 2, 2018(a)
Through

August 31,

     (Unaudited)        2021        2020        2019

Per Share Operating Performance:

                               

Net asset value at beginning of period

     $ 26.19          $ 26.06          $ 26.17          $ 25.00
    

 

 

          

 

 

                   

 

 

 

Net investment income(b)

       0.28            0.68            1.03            0.98

Net realized and unrealized gain (loss) on investments

       (1.94 )            0.23            (0.01 )            1.17
    

 

 

          

 

 

                   

 

 

 

Total from investment operations

       (1.66 )            0.91            1.02            2.15
    

 

 

          

 

 

                   

 

 

 

Distributions to shareholders from:

                               

Net investment income

       (0.28 )            (0.78 )            (1.03 )            (0.98 )

Net realized gains

       -            -            (0.10 )            -
    

 

 

          

 

 

                   

 

 

 

Total distributions

       (0.28 )            (0.78 )            (1.13 )            (0.98 )
    

 

 

          

 

 

                   

 

 

 

Net asset value at end of period

     $ 24.25          $ 26.19          $ 26.06          $ 26.17
    

 

 

          

 

 

                   

 

 

 

Market price at end of period(c)

     $ 24.52          $ 26.23          $ 26.13          $ 26.19
    

 

 

          

 

 

                   

 

 

 

Net Asset Value Total Return(d)

       (6.41 )%            3.55 %            4.05 %            8.79 %(e)

Market Price Total Return(d)

       (5.51 )%            3.42 %            4.25 %            8.87 %(e)

Ratios/Supplemental Data:

                               

Net assets at end of period (000’s omitted)

     $ 33,950          $ 31,425          $ 10,426          $ 10,466

Ratio to average net assets of:

                               

Expenses

       0.29 %(f)            0.29 %            0.29 %            0.32 %(g)

Net investment income

       2.15 %(f)            2.60 %            3.97 %            4.24 %(g)

Portfolio turnover rate(h)

       4 %            19 %            11 %            16 %

 

(a) 

Commencement of investment operations.

(b) 

Based on average shares outstanding.

(c) 

The mean between the last bid and ask prices.

(d) 

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 (October 4, 2018, the first day of trading on the Exchange) to August 31, 2019 was 9.68%. The market price total return from Fund Inception to August 31, 2019 was 9.57%.

(f)

Annualized.

(g) 

Ratios are annualized except for non-recurring costs associated with a proxy statement of 0.03%.

(h) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

 

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Financial Highlights–(continued)

Invesco BulletShares 2024 USD Emerging Markets Debt ETF (BSDE)

 

    

Six Months Ended
February 28,

2022

       Years Ended August 31,       

For the Period
October 2, 2018(a)

Through

August 31,

     (Unaudited)        2021        2020        2019

Per Share Operating Performance:

                               

Net asset value at beginning of period

     $ 26.27          $ 25.99          $ 26.44          $ 25.00
    

 

 

          

 

 

          

 

 

          

 

 

 

Net investment income(b)

       0.36            0.81            1.01            1.05

Net realized and unrealized gain (loss) on investments

       (1.01 )            0.29            (0.41 )            1.46
    

 

 

          

 

 

          

 

 

          

 

 

 

Total from investment operations

       (0.65 )            1.10            0.60            2.51
    

 

 

          

 

 

          

 

 

          

 

 

 

Distributions to shareholders from:

                               

Net investment income

       (0.36 )            (0.82 )            (1.02 )            (1.07 )

Net realized gains

       -            -            (0.10 )            -
    

 

 

          

 

 

          

 

 

          

 

 

 

Total distributions

       (0.36 )            (0.82 )            (1.12 )            (1.07 )
    

 

 

          

 

 

          

 

 

          

 

 

 

Transaction fees(b)

       -            -            0.07            -
    

 

 

          

 

 

          

 

 

          

 

 

 

Net asset value at end of period

     $ 25.26          $ 26.27          $ 25.99          $ 26.44
    

 

 

          

 

 

          

 

 

          

 

 

 

Market price at end of period(c)

     $ 25.33          $ 26.28          $ 26.05          $ 26.53
    

 

 

          

 

 

          

 

 

          

 

 

 

Net Asset Value Total Return(d)

       (2.49 )%            4.31 %            2.65 %            10.29 %(e)

Market Price Total Return(d)

       (2.26 )%            4.11 %            2.57 %            10.66 %(e)

Ratios/Supplemental Data:

                               

Net assets at end of period (000’s omitted)

     $ 25,255          $ 23,644          $ 15,592          $ 10,575

Ratio to average net assets of:

                               

Expenses

       0.29 %(f)            0.29 %            0.29 %            0.32 %(g)

Net investment income

       2.81 %(f)            3.11 %            3.91 %            4.52 %(g)

Portfolio turnover rate(h)

       2 %            22 %            39 %            10 %

 

(a) 

Commencement of investment operations.

(b) 

Based on average shares outstanding.

(c) 

The mean between the last bid and ask prices.

(d) 

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 (October 4, 2018, the first day of trading on the Exchange) to August 31, 2019 was 11.26%. The market price total return from Fund Inception to August 31, 2019 was 11.46%.

(f) 

Annualized.

(g) 

Ratios are annualized except for non-recurring costs associated with a proxy statement of 0.03%.

(h) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

 

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Notes to Financial Statements

Invesco Exchange-Traded Self-Indexed Fund Trust

February 28, 2022

(Unaudited)

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 2022 Corporate Bond ETF (BSCM)

     “BulletShares 2022 Corporate Bond ETF”

Invesco BulletShares 2023 Corporate Bond ETF (BSCN)

     “BulletShares 2023 Corporate Bond ETF”

Invesco BulletShares 2024 Corporate Bond ETF (BSCO)

     “BulletShares 2024 Corporate Bond ETF”

Invesco BulletShares 2025 Corporate Bond ETF (BSCP)

     “BulletShares 2025 Corporate Bond ETF”

Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)

     “BulletShares 2026 Corporate Bond ETF”

Invesco BulletShares 2027 Corporate Bond ETF (BSCR)

     “BulletShares 2027 Corporate Bond ETF”

Invesco BulletShares 2028 Corporate Bond ETF (BSCS)

     “BulletShares 2028 Corporate Bond ETF”

Invesco BulletShares 2029 Corporate Bond ETF (BSCT)

     “BulletShares 2029 Corporate Bond ETF”

Invesco BulletShares 2030 Corporate Bond ETF (BSCU)

     “BulletShares 2030 Corporate Bond ETF”

Invesco BulletShares 2031 Corporate Bond ETF (BSCV)

     “BulletShares 2031 Corporate Bond ETF”

Invesco BulletShares 2022 High Yield Corporate Bond ETF (BSJM)

     “BulletShares 2022 High Yield Corporate Bond ETF”

Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN)

     “BulletShares 2023 High Yield Corporate Bond ETF”

Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)

     “BulletShares 2024 High Yield Corporate Bond ETF”

Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)

     “BulletShares 2025 High Yield Corporate Bond ETF”

Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)

     “BulletShares 2026 High Yield Corporate Bond ETF”

Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)

     “BulletShares 2027 High Yield Corporate Bond ETF”

Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)

     “BulletShares 2028 High Yield Corporate Bond ETF”

Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)

     “BulletShares 2029 High Yield Corporate Bond ETF”

Invesco BulletShares 2022 Municipal Bond ETF (BSMM)

     “BulletShares 2022 Municipal Bond ETF”

Invesco BulletShares 2023 Municipal Bond ETF (BSMN)

     “BulletShares 2023 Municipal Bond ETF”

Invesco BulletShares 2024 Municipal Bond ETF (BSMO)

     “BulletShares 2024 Municipal Bond ETF”

Invesco BulletShares 2025 Municipal Bond ETF (BSMP)

     “BulletShares 2025 Municipal Bond ETF”

Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)

     “BulletShares 2026 Municipal Bond ETF”

Invesco BulletShares 2027 Municipal Bond ETF (BSMR)

     “BulletShares 2027 Municipal Bond ETF”

Invesco BulletShares 2028 Municipal Bond ETF (BSMS)

     “BulletShares 2028 Municipal Bond ETF”

Invesco BulletShares 2029 Municipal Bond ETF (BSMT)

     “BulletShares 2029 Municipal Bond ETF”

Invesco BulletShares 2030 Municipal Bond ETF (BSMU)

     “BulletShares 2030 Municipal Bond ETF”

Invesco BulletShares 2031 Municipal Bond ETF (BSMV)

     “BulletShares 2031 Municipal Bond ETF”

Invesco BulletShares 2022 USD Emerging Markets Debt ETF (BSBE)

     “BulletShares 2022 USD Emerging Markets Debt ETF”

Invesco BulletShares 2023 USD Emerging Markets Debt ETF (BSCE)

     “BulletShares 2023 USD Emerging Markets Debt ETF”

Invesco BulletShares 2024 USD Emerging Markets Debt ETF (BSDE)

     “BulletShares 2024 USD Emerging Markets Debt ETF”

Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on The Nasdaq Stock Market.

The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units of each Fund (except for BulletShares 2022 Municipal Bond ETF, BulletShares 2023 Municipal Bond ETF, BulletShares 2024 Municipal Bond ETF, BulletShares 2025 Municipal Bond ETF, BulletShares 2026 Municipal Bond ETF, BulletShares 2027 Municipal Bond ETF, BulletShares 2028 Municipal Bond ETF, BulletShares 2029 Municipal Bond ETF, BulletShares 2030 Municipal Bond ETF and BulletShares 2031 Municipal Bond ETF) are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). Creation Units of BulletShares 2022 Municipal Bond ETF, BulletShares 2023 Municipal Bond ETF, BulletShares 2024 Municipal Bond ETF, BulletShares 2025 Municipal Bond ETF, BulletShares 2026 Municipal Bond ETF, BulletShares 2027 Municipal Bond ETF, BulletShares 2028 Municipal Bond ETF, BulletShares 2029 Municipal Bond ETF, BulletShares 2030 Municipal Bond ETF and BulletShares 2031 Municipal Bond ETF are

 

 

 244 

 

 

 

 

 

 

 


    

 

 

issued and redeemed principally in exchange for the deposit or delivery of cash. Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the Funds.

The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):

 

  Fund     

Underlying Index

BulletShares 2022 Corporate Bond ETF

     Nasdaq BulletShares® USD Corporate Bond 2022 Index

BulletShares 2023 Corporate Bond ETF

     Nasdaq BulletShares® USD Corporate Bond 2023 Index

BulletShares 2024 Corporate Bond ETF

     Nasdaq BulletShares® USD Corporate Bond 2024 Index

BulletShares 2025 Corporate Bond ETF

     Nasdaq BulletShares® USD Corporate Bond 2025 Index

BulletShares 2026 Corporate Bond ETF

     Nasdaq BulletShares® USD Corporate Bond 2026 Index

BulletShares 2027 Corporate Bond ETF

     Nasdaq BulletShares® USD Corporate Bond 2027 Index

BulletShares 2028 Corporate Bond ETF

     Nasdaq BulletShares® USD Corporate Bond 2028 Index

BulletShares 2029 Corporate Bond ETF

     Nasdaq BulletShares® USD Corporate Bond 2029 Index

BulletShares 2030 Corporate Bond ETF

     Nasdaq BulletShares® USD Corporate Bond 2030 Index

BulletShares 2031 Corporate Bond ETF

     Nasdaq BulletShares® USD Corporate Bond 2031 Index

BulletShares 2022 High Yield Corporate Bond ETF

     Nasdaq BulletShares® USD High Yield Corporate Bond 2022 Index

BulletShares 2023 High Yield Corporate Bond ETF

     Nasdaq BulletShares® USD High Yield Corporate Bond 2023 Index

BulletShares 2024 High Yield Corporate Bond ETF

     Nasdaq BulletShares® USD High Yield Corporate Bond 2024 Index

BulletShares 2025 High Yield Corporate Bond ETF

     Nasdaq BulletShares® USD High Yield Corporate Bond 2025 Index

BulletShares 2026 High Yield Corporate Bond ETF

     Nasdaq BulletShares® USD High Yield Corporate Bond 2026 Index

BulletShares 2027 High Yield Corporate Bond ETF

     Nasdaq BulletShares® USD High Yield Corporate Bond 2027 Index

BulletShares 2028 High Yield Corporate Bond ETF

     Nasdaq BulletShares® USD High Yield Corporate Bond 2028 Index

BulletShares 2029 High Yield Corporate Bond ETF

     Nasdaq BulletShares® USD High Yield Corporate Bond 2029 Index

BulletShares 2022 Municipal Bond ETF

     Invesco BulletShares® Municipal Bond 2022 Index

BulletShares 2023 Municipal Bond ETF

     Invesco BulletShares® Municipal Bond 2023 Index

BulletShares 2024 Municipal Bond ETF

     Invesco BulletShares® Municipal Bond 2024 Index

BulletShares 2025 Municipal Bond ETF

     Invesco BulletShares® Municipal Bond 2025 Index

BulletShares 2026 Municipal Bond ETF

     Invesco BulletShares® Municipal Bond 2026 Index

BulletShares 2027 Municipal Bond ETF

     Invesco BulletShares® Municipal Bond 2027 Index

BulletShares 2028 Municipal Bond ETF

     Invesco BulletShares® Municipal Bond 2028 Index

BulletShares 2029 Municipal Bond ETF

     Invesco BulletShares® Municipal Bond 2029 Index

BulletShares 2030 Municipal Bond ETF

     Invesco BulletShares® Municipal Bond 2030 Index

BulletShares 2031 Municipal Bond ETF

     Invesco BulletShares® Municipal Bond 2031 Index

BulletShares 2022 USD Emerging Markets Debt ETF

     Nasdaq BulletShares® USD Emerging Markets Debt 2022 Index

BulletShares 2023 USD Emerging Markets Debt ETF

     Nasdaq BulletShares® USD Emerging Markets Debt 2023 Index

BulletShares 2024 USD Emerging Markets Debt ETF

     Nasdaq BulletShares® USD Emerging Markets Debt 2024 Index

NOTE 2–Significant Accounting Policies

The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services–Investment Companies.

A.

Security Valuation - Securities, including restricted securities, are valued according to the following policies:

A security listed or traded on an exchange (except convertible securities) is generally valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded or, lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded, or at the final settlement price set by such exchange. Swaps and options not listed on an exchange are valued by an independent source. For purposes of determining NAV per Share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Variable rate senior loan interests are fair valued using quotes provided by an independent pricing service. Quotes provided

 

 

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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.

Investment companies are valued using such company’s NAV per share, unless the shares are exchange-traded, in which case they are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that Invesco Capital Management LLC (the “Adviser”) determines are significant and make the closing price unreliable, a Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value exchange-traded equity securities. The mean between the last bid and asked prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Board of Trustees. Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B.

Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are

 

 

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  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 each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s NAV and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.

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 and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

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 (iii) any other matters that directly benefit the Adviser).

Expenses of the Trust that are excluded from a Fund’s unitary management fee and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from a Fund’s unitary management fee and are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.

To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.

 

 

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G.

Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the 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 (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.

On September 14, 2021, the Board of Trustees appointed Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, to serve as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also continues to serve as a lending agent. Prior to September 14, 2021, BNYM served as the sole securities lending agent for each Fund under the securities lending program. 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 period September 14, 2021 through February 28, 2022, there were no affiliated 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

Authorized Participant Concentration Risk. Only authorized participants (“APs”) may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes, may increase this risk.

Call Risk. If interest rates fall, it is possible that issuers of callable securities with high interest coupons will “call” (or prepay) their bonds before their maturity date. If an issuer exercises such a call during a period of declining interest rates, a Fund may have to replace such called security with a lower yielding security. If that were to happen, such Fund’s net investment income could fall.

Cash Transaction Risk. Most exchange-traded funds (“ETFs”) generally make in-kind redemptions to avoid being taxed at the fund level on gains on the distributed portfolio securities. However, unlike most ETFs, certain Funds currently intend to effect creations and redemptions principally for cash, rather than principally in-kind, because of the nature of the Fund’s investments. As such, each Fund may be required to sell portfolio securities to obtain the cash needed to distribute redemption proceeds. Therefore, a Fund may recognize a capital gain on these sales that might not have been incurred if the Fund had made a redemption in-kind. This may decrease the tax efficiency of each Fund compared to ETFs that utilize an in-kind redemption process and there may be a substantial difference in the after-tax rate of return between each Fund and conventional ETFs.

Changing Global Fixed-Income Market Conditions Risk. The historically low interest rate environment observed over the past several years was created in part by the Federal Reserve Board (“FRB”) and certain foreign central banks keeping the federal funds and equivalent foreign rates at, near or below zero. In recent years, the FRB and certain foreign central banks began “tapering” their quantitative easing programs, leading to fluctuations in the Federal Funds Rate and equivalent foreign rates. However, in response to the impact of the COVID-19 pandemic, in March 2020 the FRB announced cuts to the Federal Funds Rate and a new round of quantitative easing. Because there is little precedent for this situation, it is difficult to predict the impact of these rate changes and any future rate changes on various markets. Any additional changes to the monetary policy by the FRB and foreign central banks or other regulatory actions may affect interest rates and/or reduce liquidity for fixed-income investments, particularly those with longer maturities. In addition, decreases in fixed-income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed-income markets. As a result, the value of a Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase 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

 

 

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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 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. Additionally, from time to time, uncertainty regarding the status of negotiations in the U.S. Government to increase the statutory debt limit, commonly called the “debt ceiling”, could increase the risk that the U.S. Government may default on payments on certain U.S. Government securities, cause the credit rating of the U.S. Government to be downgraded, increase volatility in the stock and bond markets, result in higher interest rates, reduce prices of U.S. Treasury securities, and/or increase the costs of various kinds of 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.

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 including, among others, greater market volatility, the availability of less reliable financial information, higher transactional costs, taxation by foreign governments, decreased market liquidity and political instability. Foreign issuers are often subject to less stringent requirements regarding accounting, auditing, financial reporting and record keeping than are U.S. securities, and therefore, not all material information regarding these issuers will be available. Securities exchanges or foreign governments may adopt rules or regulations that may negatively impact a Fund’s ability to invest in foreign securities or may prevent the Fund from repatriating its investments.

Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule.

Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.

Market Risk. Securities in the Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in the Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or other events could result in increased premiums or discounts to each Fund’s NAV.

Municipal Securities Risk. Certain Funds invest in municipal securities. Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions or the bankruptcy of the issuer could have a significant effect on 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

 

 

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market. In addition, changes in the financial condition of an individual municipal issuer can affect the overall municipal market. If the Internal Revenue Service (“IRS”) determines that an issuer of a municipal security has not complied with applicable tax requirements, interest from the security could become taxable and the security could decline significantly in value.

Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. Because certain Funds issue and redeem Creation Units principally for cash, such Funds will incur higher costs in buying and selling securities than if they issued and redeemed Creation Units in-kind. Additionally, a Fund’s use of a representative sampling approach may cause the Fund not to be as well-correlated with the return of its corresponding Underlying Index as would be the case if the Fund purchased all of the securities in its corresponding Underlying Index in the proportions represented in the Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.

Non-Diversified Fund Risk. Because each Fund (except BulletShares 2022 Corporate Bond ETF, BulletShares 2023 Corporate Bond ETF, BulletShares 2024 Corporate Bond ETF, BulletShares 2025 Corporate Bond ETF, BulletShares 2026 Corporate Bond ETF, BulletShares 2027 Corporate Bond ETF, BulletShares 2028 Corporate Bond ETF, BulletShares 2022 High Yield Corporate Bond ETF, BulletShares 2023 High Yield Corporate Bond ETF, BulletShares 2024 High Yield Corporate Bond ETF, BulletShares 2025 High Yield Corporate Bond ETF and BulletShares 2026 High Yield Corporate Bond ETF) is non-diversified and can invest a greater portion of their respective assets in securities of individual issuers than a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.

Non-Investment Grade Securities Risk. Non-investment grade securities and unrated securities of comparable credit quality are considered speculative and are subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments, interest rate sensitivity, negative perceptions of the non-investment grade securities markets generally, real or perceived adverse economic and competitive industry conditions and less secondary market liquidity. If the issuer of non-investment grade securities defaults, a Fund may incur additional expenses to seek recovery.

Sampling Risk. Certain Funds’ use of a representative sampling approach may result in the Fund holding a smaller number of securities than are in its respective Underlying Index. As a result, an adverse development with respect to an issuer of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in its Underlying Index. To the extent the assets in the Fund are smaller, these risks will be greater.

U.S. Treasury Obligations Risk. Certain Funds will invest in obligations issued or guaranteed by the U.S. Treasury.

U.S. Treasury securities are backed by the “full faith and credit” of the United States; however, the U.S. Government does not guarantee the market value of their securities, and consequently, the value of such securities may fluctuate. Because U.S. Treasury securities trade actively outside the United States, their prices may rise and fall as changes in global economic conditions affect the demand for these securities. Although the Fund may hold securities that carry U.S. Government guarantees, these guarantees do not extend to Shares of the Fund.

COVID-19 Risk. The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty.

The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Funds’ performance.

NOTE 3–Investment Advisory Agreement and Other Agreements

The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services.

Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the

 

 

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election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:

 

     Unitary Management Fees
(as a % of average daily net assets)

BulletShares 2022 Corporate Bond ETF

   0.10%

BulletShares 2023 Corporate Bond ETF

   0.10%

BulletShares 2024 Corporate Bond ETF

   0.10%

BulletShares 2025 Corporate Bond ETF

   0.10%

BulletShares 2026 Corporate Bond ETF

   0.10%

BulletShares 2027 Corporate Bond ETF

   0.10%

BulletShares 2028 Corporate Bond ETF

   0.10%

BulletShares 2029 Corporate Bond ETF

   0.10%

BulletShares 2030 Corporate Bond ETF

   0.10%

BulletShares 2031 Corporate Bond ETF

   0.10%

BulletShares 2022 High Yield Corporate Bond ETF

   0.42%

BulletShares 2023 High Yield Corporate Bond ETF

   0.42%

BulletShares 2024 High Yield Corporate Bond ETF

   0.42%

BulletShares 2025 High Yield Corporate Bond ETF

   0.42%

BulletShares 2026 High Yield Corporate Bond ETF

   0.42%

BulletShares 2027 High Yield Corporate Bond ETF

   0.42%

BulletShares 2028 High Yield Corporate Bond ETF

   0.42%

BulletShares 2029 High Yield Corporate Bond ETF

   0.42%

BulletShares 2022 Municipal Bond ETF

   0.18%

BulletShares 2023 Municipal Bond ETF

   0.18%

BulletShares 2024 Municipal Bond ETF

   0.18%

BulletShares 2025 Municipal Bond ETF

   0.18%

BulletShares 2026 Municipal Bond ETF

   0.18%

BulletShares 2027 Municipal Bond ETF

   0.18%

BulletShares 2028 Municipal Bond ETF

   0.18%

BulletShares 2029 Municipal Bond ETF

   0.18%

BulletShares 2030 Municipal Bond ETF

   0.18%

BulletShares 2031 Municipal Bond ETF

   0.18%

BulletShares 2022 USD Emerging Markets Debt ETF

   0.29%

BulletShares 2023 USD Emerging Markets Debt ETF

   0.29%

BulletShares 2024 USD Emerging Markets Debt ETF

   0.29%

Further, through at least August 31, 2023, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. These waivers do not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the six months ended February 28, 2022, no fees were waived.

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.

 

 

 252 

 

 

 

 

 

 

 


    

 

 

NOTE 4–Security Transactions with Affiliated Funds

Each Fund is permitted to purchase or sell securities from or to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price.

For the six months ended February 28, 2022, the following Funds engaged in transactions with affiliates as listed below:

 

     Securities Purchases    Securities Sales    Net Realized Gains (Losses)*

BulletShares 2022 Corporate Bond ETF

     $ 16,113,763      $ 89,672,219      $ (650,814 )

BulletShares 2023 Corporate Bond ETF

       40,550,643        17,472,133        (193,493 )

BulletShares 2024 Corporate Bond ETF

       80,305,137        925,011        (42,731 )

BulletShares 2025 Corporate Bond ETF

       11,878,308        -        -

BulletShares 2026 Corporate Bond ETF

       17,436,887        -        -

BulletShares 2028 Corporate Bond ETF

       280,946        -        -

BulletShares 2029 Corporate Bond ETF

       962,548        -        -

BulletShares 2022 High Yield Corporate Bond ETF

       40,034,858        19,466,116        (28,006 )

BulletShares 2023 High Yield Corporate Bond ETF

       10,972,062        36,978,653        190,753

BulletShares 2024 High Yield Corporate Bond ETF

       779,671        8,481,189        34,153

BulletShares 2025 High Yield Corporate Bond ETF

       4,164,902        31,226,792        259,518

BulletShares 2026 High Yield Corporate Bond ETF

       3,043,261        13,794,155        137,458

BulletShares 2027 High Yield Corporate Bond ETF

       2,877,381        3,898,123        22,272

BulletShares 2028 High Yield Corporate Bond ETF

       1,586,698        1,906,721        29,776

BulletShares 2029 High Yield Corporate Bond ETF**

       470,826        165,910        716

 

*

Net realized gains (losses) from securities sold to affiliates are included in net realized gain (loss) from investment securities in the Statements of Operations.

**

For the period September 13, 2021 (commencement of investment operations) through February 28, 2022.

NOTE 5–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 –    Prices are determined using quoted prices in an active market for identical assets.
Level 2 –    Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 –    Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of February 28, 2022, for each Fund (except for BulletShares 2027 High Yield Corporate Bond ETF, BulletShares 2022 Municipal Bond ETF, BulletShares 2023 Municipal Bond ETF, BulletShares 2024 Municipal Bond ETF, BulletShares 2025 Municipal Bond ETF, BulletShares 2026 Municipal Bond ETF, BulletShares 2027 Municipal Bond ETF, BulletShares 2028 Municipal Bond ETF, BulletShares 2029 Municipal Bond ETF, BulletShares 2030 Municipal Bond ETF and BulletShares 2031 Municipal Bond ETF). As of February 28, 2022, all of the securities in BulletShares 2027 High Yield Corporate Bond ETF, BulletShares 2022 Municipal Bond ETF, BulletShares 2023 Municipal Bond ETF, BulletShares 2024 Municipal Bond ETF, BulletShares 2025 Municipal Bond ETF, BulletShares 2026 Municipal Bond ETF, BulletShares 2027 Municipal Bond ETF, BulletShares 2028 Municipal Bond ETF, BulletShares 2029 Municipal Bond ETF, BulletShares 2030 Municipal Bond ETF and BulletShares 2031 Municipal Bond ETF were valued based on Level 2 inputs (see the Schedules of Investments for security categories). The level assigned to the securities valuations may not be an indication of the

 

 

 253 

 

 

 

 

 

 

 


    

 

 

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 2022 Corporate Bond ETF

           

Investments in Securities

           

U.S. Dollar Denominated Bonds & Notes

   $ -      $ 2,159,985,356      $ -      $ 2,159,985,356  

Money Market Funds

     157,429,122        -                    -        157,429,122  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments

   $ 157,429,122      $ 2,159,985,356      $ -      $ 2,317,414,478  
  

 

 

    

 

 

    

 

 

    

 

 

 

BulletShares 2023 Corporate Bond ETF

           

Investments in Securities

           

U.S. Dollar Denominated Bonds & Notes

   $ -      $ 2,259,409,495      $ -      $ 2,259,409,495  

Money Market Funds

     5,108,790        67,303,773        -        72,412,563  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments

   $  5,108,790      $ 2,326,713,268      $ -      $ 2,331,822,058  
  

 

 

    

 

 

    

 

 

    

 

 

 

BulletShares 2024 Corporate Bond ETF

           

Investments in Securities

           

U.S. Dollar Denominated Bonds & Notes

   $ -      $ 2,036,189,635      $ -      $ 2,036,189,635  

Money Market Funds

     9,758,059        67,418,120        -        77,176,179  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments

   $  9,758,059      $ 2,103,607,755      $ -      $ 2,113,365,814  
  

 

 

    

 

 

    

 

 

    

 

 

 

BulletShares 2025 Corporate Bond ETF

           

Investments in Securities

           

U.S. Dollar Denominated Bonds & Notes

   $ -      $ 1,166,955,331      $ -      $ 1,166,955,331  

Money Market Funds

     7,631,262        67,033,438        -        74,664,700  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments

   $  7,631,262      $ 1,233,988,769      $ -      $ 1,241,620,031  
  

 

 

    

 

 

    

 

 

    

 

 

 

BulletShares 2026 Corporate Bond ETF

           

Investments in Securities

           

U.S. Dollar Denominated Bonds & Notes

   $ -      $  845,133,069      $ -      $  845,133,069  

Money Market Funds

     3,098,778        67,326,114        -        70,424,892  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments

   $  3,098,778      $  912,459,183      $ -      $  915,557,961  
  

 

 

    

 

 

    

 

 

    

 

 

 

BulletShares 2027 Corporate Bond ETF

           

Investments in Securities

           

U.S. Dollar Denominated Bonds & Notes

   $ -      $  401,930,735      $ -      $  401,930,735  

Money Market Funds

     879,254        66,821,934        -        67,701,188  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments

   $  879,254      $  468,752,669      $ -      $  469,631,923  
  

 

 

    

 

 

    

 

 

    

 

 

 

BulletShares 2028 Corporate Bond ETF

           

Investments in Securities

           

U.S. Dollar Denominated Bonds & Notes

   $ -      $  241,178,852      $ -      $  241,178,852  

Money Market Funds

     800,958        30,711,280        -        31,512,238  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments

   $  800,958      $  271,890,132      $ -      $  272,691,090  
  

 

 

    

 

 

    

 

 

    

 

 

 

BulletShares 2029 Corporate Bond ETF

           

Investments in Securities

           

U.S. Dollar Denominated Bonds & Notes

   $ -      $  142,627,759      $ -      $  142,627,759  

Money Market Funds

     315,224        9,269,318        -        9,584,542  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments

   $  315,224      $  151,897,077      $ -      $  152,212,301  
  

 

 

    

 

 

    

 

 

    

 

 

 

BulletShares 2030 Corporate Bond ETF

           

Investments in Securities

           

U.S. Dollar Denominated Bonds & Notes

   $ -      $  79,312,984      $ -      $  79,312,984  

Money Market Funds

     148,752        9,046,193        -        9,194,945  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments

   $  148,752      $  88,359,177      $ -      $  88,507,929  
  

 

 

    

 

 

    

 

 

    

 

 

 

BulletShares 2031 Corporate Bond ETF

           

Investments in Securities

           

U.S. Dollar Denominated Bonds & Notes

   $ -      $  19,179,220      $ -      $  19,179,220  

Money Market Funds

     85,681        401,620        -        487,301  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments

   $ 85,681      $  19,580,840      $ -      $  19,666,521  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

 

 254 

 

 

 

 

 

 

 


    

 

 

     Level 1      Level 2      Level 3      Total  

BulletShares 2022 High Yield Corporate Bond ETF

           

Investments in Securities

           

U.S. Dollar Denominated Bonds & Notes

   $ -      $  740,840,624      $ -      $  740,840,624  

U.S. Treasury Securities

     -        63,476,578        -        63,476,578  

Money Market Funds

     14,113,553        746,416        -        14,859,969  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments

   $  14,113,553      $  805,063,618      $ -      $  819,177,171  
  

 

 

    

 

 

    

 

 

    

 

 

 

BulletShares 2023 High Yield Corporate Bond ETF

           

Investments in Securities

           

U.S. Dollar Denominated Bonds & Notes

   $ -      $  740,486,846      $ -      $  740,486,846  

Money Market Funds

     5,810,863        141,483,204        -        147,294,067  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments

   $  5,810,863      $  881,970,050      $ -      $  887,780,913  
  

 

 

    

 

 

    

 

 

    

 

 

 

BulletShares 2024 High Yield Corporate Bond ETF

           

Investments in Securities

           

U.S. Dollar Denominated Bonds & Notes

   $ -      $  442,471,551      $ -      $  442,471,551  

Money Market Funds

     11,868,784        101,685,402        -        113,554,186  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments

   $  11,868,784      $  544,156,953      $ -      $  556,025,737  
  

 

 

    

 

 

    

 

 

    

 

 

 

BulletShares 2025 High Yield Corporate Bond ETF

           

Investments in Securities

           

U.S. Dollar Denominated Bonds & Notes

   $ -      $  343,113,935      $ -      $  343,113,935  

Money Market Funds

     2,704,378        82,687,625        -        85,392,003  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments

   $  2,704,378      $  425,801,560      $ -      $  428,505,938  
  

 

 

    

 

 

    

 

 

    

 

 

 

BulletShares 2026 High Yield Corporate Bond ETF

           

Investments in Securities

           

U.S. Dollar Denominated Bonds & Notes

   $ -      $  178,235,620      $ -      $  178,235,620  

Variable Rate Senior Loan Interests

     -        -        26,533        26,533  

Money Market Funds

     1,648,086        40,096,910        -        41,744,996  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments

   $  1,648,086      $  218,332,530      $ 26,533      $  220,007,149  
  

 

 

    

 

 

    

 

 

    

 

 

 

BulletShares 2028 High Yield Corporate Bond ETF

           

Investments in Securities

           

U.S. Dollar Denominated Bonds & Notes

   $ -      $  18,835,965      $ -      $  18,835,965  

Money Market Funds

     110,681        3,107,786        -        3,218,467  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments

   $ 110,681      $  21,943,751      $ -      $  22,054,432  
  

 

 

    

 

 

    

 

 

    

 

 

 

BulletShares 2029 High Yield Corporate Bond ETF

           

Investments in Securities

           

U.S. Dollar Denominated Bonds & Notes

   $ -      $  9,065,525      $ -      $  9,065,525  

Money Market Funds

     81,540        294,608        -        376,148  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments

   $ 81,540      $ 9,360,133      $ -      $ 9,441,673  
  

 

 

    

 

 

    

 

 

    

 

 

 

BulletShares 2022 USD Emerging Markets Debt ETF

           

Investments in Securities

           

U.S. Dollar Denominated Bonds & Notes

   $ -      $  35,670,903      $ -      $  35,670,903  

Money Market Funds

     6,867,046        -        -        6,867,046  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments

   $  6,867,046      $  35,670,903      $ -      $  42,537,949  
  

 

 

    

 

 

    

 

 

    

 

 

 

BulletShares 2023 USD Emerging Markets Debt ETF

           

Investments in Securities

           

U.S. Dollar Denominated Bonds & Notes

   $ -      $  33,651,824      $ -      $  33,651,824  

Money Market Funds

     287,935        731,697        -        1,019,632  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments

   $  287,935      $  34,383,521      $ -      $  34,671,456  
  

 

 

    

 

 

    

 

 

    

 

 

 

BulletShares 2024 USD Emerging Markets Debt ETF

           

Investments in Securities

           

U.S. Dollar Denominated Bonds & Notes

   $ -      $  24,808,859      $ -      $  24,808,859  

Money Market Funds

     133,271        964,120        -        1,097,391  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments

   $  133,271      $  25,772,979      $ -      $  25,906,250  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

 

 255 

 

 

 

 

 

 

 


    

 

 

NOTE 6–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds’ capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds’ fiscal year-end.

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 had capital loss carryforwards as of August 31, 2021, as follows:

 

     No expiration         
     Short-Term      Long-Term      Total*  

BulletShares 2022 Corporate Bond ETF

   $ -      $ -      $ -  

BulletShares 2023 Corporate Bond ETF

     -        -        -  

BulletShares 2024 Corporate Bond ETF

     -        -        -  

BulletShares 2025 Corporate Bond ETF

     -        -        -  

BulletShares 2026 Corporate Bond ETF

     -        -        -  

BulletShares 2027 Corporate Bond ETF

     21,129        -        21,129  

BulletShares 2028 Corporate Bond ETF

     -        -        -  

BulletShares 2029 Corporate Bond ETF

     -        -        -  

BulletShares 2030 Corporate Bond ETF

     7,613        -        7,613  

BulletShares 2022 High Yield Corporate Bond ETF

     22,000,041        20,819,639        42,819,680  

BulletShares 2023 High Yield Corporate Bond ETF

     11,933,268        8,605,194        20,538,462  

BulletShares 2024 High Yield Corporate Bond ETF

     3,112,307        1,616,137        4,728,444  

BulletShares 2025 High Yield Corporate Bond ETF

     1,770,446        813,187        2,583,633  

BulletShares 2026 High Yield Corporate Bond ETF

     1,663,345        260,730        1,924,075  

BulletShares 2027 High Yield Corporate Bond ETF

     -        -        -  

BulletShares 2028 High Yield Corporate Bond ETF

     -        -        -  

BulletShares 2022 Municipal Bond ETF

     -        -        -  

BulletShares 2023 Municipal Bond ETF

     -        -        -  

BulletShares 2024 Municipal Bond ETF

     -        -        -  

BulletShares 2025 Municipal Bond ETF

     -        -        -  

BulletShares 2026 Municipal Bond ETF

     -        -        -  

BulletShares 2027 Municipal Bond ETF

     -        -        -  

BulletShares 2028 Municipal Bond ETF

     -        -        -  

BulletShares 2029 Municipal Bond ETF

     -        -        -  

BulletShares 2030 Municipal Bond ETF

     -        -        -  

BulletShares 2022 USD Emerging Markets Debt ETF

     146,659        -        146,659  

BulletShares 2023 USD Emerging Markets Debt ETF

     29,532        49,064        78,596  

BulletShares 2024 USD Emerging Markets Debt ETF

     478,714        138,666        617,380  

 

*

Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 7–Investment Transactions

For the six months ended February 28, 2022, 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 2022 Corporate Bond ETF

   $ 92,679,350      $ 725,529,792  

BulletShares 2023 Corporate Bond ETF

     270,719,271        271,528,918  

BulletShares 2024 Corporate Bond ETF

     144,745,614        114,240,552  

BulletShares 2025 Corporate Bond ETF

     60,890,849        61,713,587  

BulletShares 2026 Corporate Bond ETF

     21,295,521        12,758,068  

BulletShares 2027 Corporate Bond ETF

     16,282,441        15,108,202  

BulletShares 2028 Corporate Bond ETF

     9,604,029        9,556,042  

 

 

 256 

 

 

 

 

 

 

 


    

 

 

     Purchases      Sales  

BulletShares 2029 Corporate Bond ETF

   $ 6,757,270      $ 4,955,425  

BulletShares 2030 Corporate Bond ETF

     -        283,175  

BulletShares 2031 Corporate Bond ETF*

     5,903,455        53,000  

BulletShares 2022 High Yield Corporate Bond ETF

     189,544,502        263,687,053  

BulletShares 2023 High Yield Corporate Bond ETF

     219,453,575        217,961,839  

BulletShares 2024 High Yield Corporate Bond ETF

     123,971,854        122,117,875  

BulletShares 2025 High Yield Corporate Bond ETF

     71,560,634        63,952,627  

BulletShares 2026 High Yield Corporate Bond ETF

     32,752,805        33,227,407  

BulletShares 2027 High Yield Corporate Bond ETF

     6,007,152        5,678,288  

BulletShares 2028 High Yield Corporate Bond ETF

     2,488,079        2,562,412  

BulletShares 2029 High Yield Corporate Bond ETF*

     5,479,433        578,148  

BulletShares 2022 Municipal Bond ETF

     14,004,891        4,730,000  

BulletShares 2023 Municipal Bond ETF

     9,272,389        764,769  

BulletShares 2024 Municipal Bond ETF

     8,544,957        143,211  

BulletShares 2025 Municipal Bond ETF

     11,101,301        135,302  

BulletShares 2026 Municipal Bond ETF

     5,442,240        5,000  

BulletShares 2027 Municipal Bond ETF

     2,820,134        -  

BulletShares 2028 Municipal Bond ETF

     3,178,153        -  

BulletShares 2029 Municipal Bond ETF

     2,768,545        -  

BulletShares 2030 Municipal Bond ETF

     5,081,754        -  

BulletShares 2031 Municipal Bond ETF*

     9,832,802        -  

BulletShares 2022 USD Emerging Markets Debt ETF

     1,715,443        7,925,442  

BulletShares 2023 USD Emerging Markets Debt ETF

     1,729,427        1,372,941  

BulletShares 2024 USD Emerging Markets Debt ETF

     428,090        437,771  

 

* For the period September 13, 2021 (commencement of investment operations) through February 28, 2022.

 

For the six months ended February 28, 2022, in-kind transactions associated with creations and redemptions were as follows:

 

     In-kind      In-kind  
     Purchases      Sales  

BulletShares 2022 Corporate Bond ETF

   $ 8,008,801      $ 9,060,694  

BulletShares 2023 Corporate Bond ETF

     266,912,645        47,786,265  

BulletShares 2024 Corporate Bond ETF

     466,086,130        -  

BulletShares 2025 Corporate Bond ETF

     175,333,186        -  

BulletShares 2026 Corporate Bond ETF

     298,409,685        -  

BulletShares 2027 Corporate Bond ETF

     73,407,940        -  

BulletShares 2028 Corporate Bond ETF

     33,639,928        -  

BulletShares 2029 Corporate Bond ETF

     39,151,274        -  

BulletShares 2030 Corporate Bond ETF

     56,897,017        -  

BulletShares 2031 Corporate Bond ETF*

     14,478,746        -  

BulletShares 2022 High Yield Corporate Bond ETF

     84,825,916        108,031,363  

BulletShares 2023 High Yield Corporate Bond ETF

     153,114,232        54,343,354  

BulletShares 2024 High Yield Corporate Bond ETF

     109,974,574        -  

BulletShares 2025 High Yield Corporate Bond ETF

     67,101,316        -  

BulletShares 2026 High Yield Corporate Bond ETF

     74,796,693        -  

BulletShares 2027 High Yield Corporate Bond ETF

     12,359,705        4,930,794  

BulletShares 2028 High Yield Corporate Bond ETF

     7,311,169        2,457,368  

BulletShares 2029 High Yield Corporate Bond ETF*

     4,701,375        -  

BulletShares 2022 Municipal Bond ETF

     -        -  

BulletShares 2023 Municipal Bond ETF

     -        -  

BulletShares 2024 Municipal Bond ETF

     -        -  

BulletShares 2025 Municipal Bond ETF

     -        -  

BulletShares 2026 Municipal Bond ETF

     -        -  

BulletShares 2027 Municipal Bond ETF

     -        -  

 

 

 257 

 

 

 

 

 

 

 


    

 

 

     In-kind           In-kind       
     Purchases      Sales  

BulletShares 2028 Municipal Bond ETF

   $ -      $ -  

BulletShares 2029 Municipal Bond ETF

     -        -  

BulletShares 2030 Municipal Bond ETF

     -        -  

BulletShares 2031 Municipal Bond ETF*

     -        -  

BulletShares 2022 USD Emerging Markets Debt ETF

     2,574,187        -  

BulletShares 2023 USD Emerging Markets Debt ETF

     5,004,372        -  

BulletShares 2024 USD Emerging Markets Debt ETF

     2,612,024        -  

 

*

For the period September 13, 2021 (commencement of investment operations) through February 28, 2022.

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes. At February 28, 2022, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

 

     Gross
Unrealized
Appreciation
     Gross
Unrealized
(Depreciation)
    Net
Unrealized
Appreciation
(Depreciation)
    Cost  

BulletShares 2022 Corporate Bond ETF

   $ 3,441,024      $ (3,200,169   $ 240,855     $ 2,317,173,623  

BulletShares 2023 Corporate Bond ETF

     2,622,004        (9,541,688     (6,919,684     2,338,741,742  

BulletShares 2024 Corporate Bond ETF

     2,867,872        (17,806,063     (14,938,191     2,128,304,005  

BulletShares 2025 Corporate Bond ETF

     1,185,477        (20,914,910     (19,729,433     1,261,349,464  

BulletShares 2026 Corporate Bond ETF

     386,966        (16,219,000     (15,832,034     931,389,995  

BulletShares 2027 Corporate Bond ETF

     554,646        (9,079,415     (8,524,769     478,156,692  

BulletShares 2028 Corporate Bond ETF

     13,217        (10,555,568     (10,542,351     283,233,441  

BulletShares 2029 Corporate Bond ETF

     12,920        (7,687,831     (7,674,911     159,887,212  

BulletShares 2030 Corporate Bond ETF

     -        (3,882,966     (3,882,966     92,390,895  

BulletShares 2031 Corporate Bond ETF*

     -        (1,126,306     (1,126,306     20,792,827  

BulletShares 2022 High Yield Corporate Bond ETF

     863,686        (5,810,165     (4,946,479     824,123,650  

BulletShares 2023 High Yield Corporate Bond ETF

     723,005        (14,593,959     (13,870,954     901,651,867  

BulletShares 2024 High Yield Corporate Bond ETF

     1,241,064        (11,355,846     (10,114,782     566,140,519  

BulletShares 2025 High Yield Corporate Bond ETF

     1,401,258        (6,083,719     (4,682,461     433,188,399  

BulletShares 2026 High Yield Corporate Bond ETF

     341,002        (5,633,601     (5,292,599     225,299,748  

BulletShares 2027 High Yield Corporate Bond ETF

     102,794        (1,999,687     (1,896,893     64,812,270  

BulletShares 2028 High Yield Corporate Bond ETF

     37,482        (935,790     (898,308     22,952,740  

BulletShares 2029 High Yield Corporate Bond ETF*

     2,101        (514,408     (512,307     9,953,980  

BulletShares 2022 Municipal Bond ETF

     19,495        (133,169     (113,674     64,906,326  

BulletShares 2023 Municipal Bond ETF

     37,004        (301,022     (264,018     42,634,299  

BulletShares 2024 Municipal Bond ETF

     30,853        (637,727     (606,874     42,959,014  

BulletShares 2025 Municipal Bond ETF

     54,581        (1,008,960     (954,379     48,284,262  

BulletShares 2026 Municipal Bond ETF

     88,713        (645,459     (556,746     27,574,978  

BulletShares 2027 Municipal Bond ETF

     59,425        (534,245     (474,820     20,164,761  

BulletShares 2028 Municipal Bond ETF

     45,268        (547,857     (502,589     20,426,487  

BulletShares 2029 Municipal Bond ETF

     32,310        (574,688     (542,378     17,853,540  

BulletShares 2030 Municipal Bond ETF

     1,764        (407,866     (406,102     12,438,023  

BulletShares 2031 Municipal Bond ETF*

     2,015        (422,683     (420,668     9,783,778  

BulletShares 2022 USD Emerging Markets Debt ETF

     29,798        (1,745,119     (1,715,321     44,253,270  

BulletShares 2023 USD Emerging Markets Debt ETF

     153,508        (2,239,280     (2,085,772     36,757,228  

BulletShares 2024 USD Emerging Markets Debt ETF

     276,927        (384,024     (107,097     26,013,347  

 

*

In the Fund’s initial year of operations, the cost of investments for tax purposes will not reflect any tax adjustments until its fiscal year-end reporting period.

NOTE 8–Trustees’ and Officer’s Fees

Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of each Fund’s unitary management fee, pays for such compensation for the Funds. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.

 

 

 258 

 

 

 

 

 

 

 


    

 

 

The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.

NOTE 9–Capital

Shares are issued and redeemed by the Funds only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. For each Fund (except for BulletShares 2022 Municipal Bond ETF, BulletShares 2023 Municipal Bond ETF, BulletShares 2024 Municipal Bond ETF, BulletShares 2025 Municipal Bond ETF, BulletShares 2026 Municipal Bond ETF, BulletShares 2027 Municipal Bond ETF, BulletShares 2028 Municipal Bond ETF, BulletShares 2029 Municipal Bond ETF, BulletShares 2030 Municipal Bond ETF and BulletShares 2031 Municipal Bond ETF), 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 Authorized Participant or as a result of other market circumstances. For BulletShares 2022 Municipal Bond ETF, BulletShares 2023 Municipal Bond ETF, BulletShares 2024 Municipal Bond ETF, BulletShares 2025 Municipal Bond ETF, BulletShares 2026 Municipal Bond ETF, BulletShares 2027 Municipal Bond ETF, BulletShares 2028 Municipal Bond ETF, BulletShares 2029 Municipal Bond ETF, BulletShares 2030 Municipal Bond ETF and BulletShares 2031 Municipal Bond ETF, 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 Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.

Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.

Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.

NOTE 10–Significant Event

In late February 2022, Russian military forces invaded Ukraine, amplifying already existing geopolitical tensions. Following Russia’s actions, various countries, including the U.S., Canada and the United Kingdom, as well as the European Union, issued broad-ranging economic sanctions against Russia. The sanctions consist of, among other things, the prohibition of trading in certain Russian securities and doing business with certain Russian corporate entities, the freezing of Russian assets, a commitment by certain countries and the European Union to remove certain Russian banks from the SWIFT global banking network, and restrictive measures on the Russian Central Bank.

Such actions may result in the decline of the value and liquidity of Russian securities, a weakening of the ruble, and could impair the ability of the Funds to buy, sell, receive, or deliver those securities. This could also adversely affect global financial, energy and other market sectors and thereby negatively affect the value of each Fund’s investments beyond any direct exposure to Russian issuers. The extent of the impact on the performance of each Fund and its investments will depend on future developments, all of which are highly uncertain and cannot be predicted at this time. At February 28, 2022, BulletShares 2022 USD Emerging Markets Debt ETF and BulletShares 2023 USD Emerging Markets Debt ETF were exposed to 5.01% and 5.27% of Russian securities, respectively.

 

 

 259 

 

 

 

 

 

 

 


    

 

 

Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Self-Indexed Fund Trust, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended February 28, 2022.

Actual Expenses

The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs such as sales charges and brokerage commissions. Therefore the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 

     Beginning
Account Value
September 1, 2021
   Ending
Account Value
February 28, 2022
   Annualized
Expense Ratio
Based on the
Six-Month Period
  Expenses Paid
During the
Six-Month Period(1)

Invesco BulletShares 2022 Corporate Bond ETF (BSCM)

 

Actual

     $ 1,000.00          $ 998.00            0.10 %     $ 0.50

Hypothetical (5% return before expenses)

       1,000.00            1,024.30            0.10       0.50

Invesco BulletShares 2023 Corporate Bond ETF (BSCN)

 

Actual

       1,000.00            988.00            0.10       0.49

Hypothetical (5% return before expenses)

       1,000.00            1,024.30            0.10       0.50

Invesco BulletShares 2024 Corporate Bond ETF (BSCO)

 

Actual

       1,000.00            974.30            0.10       0.49

Hypothetical (5% return before expenses)

       1,000.00            1,024.30            0.10       0.50

Invesco BulletShares 2025 Corporate Bond ETF (BSCP)

 

Actual

       1,000.00            966.60            0.10       0.49

Hypothetical (5% return before expenses)

       1,000.00            1,024.30            0.10       0.50

Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)

 

Actual

       1,000.00            959.40            0.10       0.49

Hypothetical (5% return before expenses)

       1,000.00            1,024.30            0.10       0.50

 

 

 260 

 

 

 

 

 

 

 


    

 

 

Calculating your ongoing Fund expenses–(continued)

 

     Beginning
Account Value
September 1, 2021
   Ending
Account Value
February 28, 2022
  Annualized
Expense Ratio
Based on the
Six-Month Period
  Expenses Paid
During the
Six-Month Period(1)

Invesco BulletShares 2027 Corporate Bond ETF (BSCR)

 

Actual

     $ 1,000.00          $ 956.20       0.10 %     $ 0.49

Hypothetical (5% return before expenses)

       1,000.00            1,024.30       0.10       0.50

Invesco BulletShares 2028 Corporate Bond ETF (BSCS)

 

Actual

       1,000.00            950.90       0.10       0.48

Hypothetical (5% return before expenses)

       1,000.00            1,024.30       0.10       0.50

Invesco BulletShares 2029 Corporate Bond ETF (BSCT)

 

Actual

       1,000.00            947.70       0.10       0.48

Hypothetical (5% return before expenses)

       1,000.00            1,024.30       0.10       0.50

Invesco BulletShares 2030 Corporate Bond ETF (BSCU)

 

Actual

       1,000.00            941.10       0.10       0.48

Hypothetical (5% return before expenses)

       1,000.00            1,024.30       0.10       0.50

Invesco BulletShares 2031 Corporate Bond ETF (BSCV)

 

Actual

       1,000.00            935.70 (2)        0.10       0.45 (3) 
         

Hypothetical (5% return before expenses)

       1,000.00            1,024.30 (2)        0.10       0.50 (3) 
         

Invesco BulletShares 2022 High Yield Corporate Bond ETF (BSJM)

 

Actual

       1,000.00            1,001.10       0.42       2.08

Hypothetical (5% return before expenses)

       1,000.00            1,022.71       0.42       2.11

Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN)

 

Actual

       1,000.00            987.10       0.42       2.07

Hypothetical (5% return before expenses)

       1,000.00            1,022.71       0.42       2.11

Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)

 

Actual

       1,000.00            979.10       0.42       2.06

Hypothetical (5% return before expenses)

       1,000.00            1,022.71       0.42       2.11

Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)

 

Actual

       1,000.00            992.30       0.42       2.07

Hypothetical (5% return before expenses)

       1,000.00            1,022.71       0.42       2.11

Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)

 

Actual

       1,000.00            980.80       0.42       2.06

Hypothetical (5% return before expenses)

       1,000.00            1,022.71       0.42       2.11

Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)

 

Actual

       1,000.00            974.80       0.42       2.06

Hypothetical (5% return before expenses)

       1,000.00            1,022.71       0.42       2.11

Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)

 

Actual

       1,000.00            962.30       0.42       2.04

Hypothetical (5% return before expenses)

       1,000.00            1,022.71       0.42       2.11

Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)

 

Actual

       1,000.00            945.40 (2)         0.42       1.89 (3) 
         

Hypothetical (5% return before expenses)

       1,000.00            1,022.71 (2)        0.42       2.11 (3) 
         

Invesco BulletShares 2022 Municipal Bond ETF (BSMM)

 

Actual

       1,000.00            997.70       0.18       0.89

Hypothetical (5% return before expenses)

       1,000.00            1,023.90       0.18       0.90

Invesco BulletShares 2023 Municipal Bond ETF (BSMN)

 

Actual

       1,000.00            990.00       0.18       0.89

Hypothetical (5% return before expenses)

       1,000.00            1,023.90       0.18       0.90

 

 

 261 

 

 

 

 

 

 

 


    

 

 

Calculating your ongoing Fund expenses–(continued)

 

     Beginning
Account Value
September 1, 2021
   Ending
Account Value
February 28, 2022
  Annualized
Expense Ratio
Based on the
Six-Month Period
  Expenses Paid
During the
Six-Month Period(1)

Invesco BulletShares 2024 Municipal Bond ETF (BSMO)

Actual

     $ 1,000.00          $ 979.60       0.18 %     $ 0.88

Hypothetical (5% return before expenses)

       1,000.00            1,023.90       0.18       0.90

Invesco BulletShares 2025 Municipal Bond ETF (BSMP)

 

Actual

       1,000.00            972.10       0.18       0.88

Hypothetical (5% return before expenses)

       1,000.00            1,023.90       0.18       0.90

Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)

 

Actual

       1,000.00            964.80       0.18       0.88

Hypothetical (5% return before expenses)

       1,000.00            1,023.90       0.18       0.90

Invesco BulletShares 2027 Municipal Bond ETF (BSMR)

 

Actual

       1,000.00            965.00       0.18       0.88

Hypothetical (5% return before expenses)

       1,000.00            1,023.90       0.18       0.90

Invesco BulletShares 2028 Municipal Bond ETF (BSMS)

 

Actual

       1,000.00            963.50       0.18       0.88

Hypothetical (5% return before expenses)

       1,000.00            1,023.90       0.18       0.90

Invesco BulletShares 2029 Municipal Bond ETF (BSMT)

 

Actual

       1,000.00            962.70       0.18       0.88

Hypothetical (5% return before expenses)

       1,000.00            1,023.90       0.18       0.90

Invesco BulletShares 2030 Municipal Bond ETF (BSMU)

 

Actual

       1,000.00            957.70       0.18       0.87

Hypothetical (5% return before expenses)

       1,000.00            1,023.90       0.18       0.90

Invesco BulletShares 2031 Municipal Bond ETF (BSMV)

 

Actual

       1,000.00            952.20 (2)         0.18       0.81 (3) 
         

Hypothetical (5% return before expenses)

       1,000.00            1,023.90 (2)        0.18       0.90 (3) 
         

Invesco BulletShares 2022 USD Emerging Markets Debt ETF (BSBE)

 

Actual

       1,000.00            962.30       0.29       1.41

Hypothetical (5% return before expenses)

       1,000.00            1,023.36       0.29       1.45

Invesco BulletShares 2023 USD Emerging Markets Debt ETF (BSCE)

 

Actual

       1,000.00            935.90       0.29       1.39

Hypothetical (5% return before expenses)

       1,000.00            1,023.36       0.29       1.45

Invesco BulletShares 2024 USD Emerging Markets Debt ETF (BSDE)

 

Actual

       1,000.00            975.10       0.29       1.42

Hypothetical (5% return before expenses)

       1,000.00            1,023.36       0.29       1.45

 

(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 February 28, 2022. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365.

(2) 

The actual ending account value is based on the actual total return of the Fund for the period September 13, 2021 (commencement of investment operations) through February 28, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

(3) 

Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the period September 13, 2021 (commencement of investment operations) to February 28, 2022. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 169/365. Hypothetical expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365.

 

 

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Approval of Investment Advisory Contracts

At a meeting held on June 24, 2021, the Board of Trustees of the Invesco Exchange-Traded Self-Indexed Fund Trust (the “Trust”), including the Independent Trustees, approved the Investment Advisory Agreement (the “Agreement”) between Invesco Capital Management LLC (the “Adviser”) and the Trust for Invesco Racial and Gender Diversity ETF, Invesco BulletShares 2029 High Yield Corporate Bond ETF, Invesco BulletShares 2031 Corporate Bond ETF and Invesco BulletShares 2031 Municipal Bond ETF (each, a “Fund” and collectively, the “Funds”).

The Trustees reviewed information provided by the Adviser describing: (i) the nature, extent and quality of services to be provided, (ii) the proposed unitary advisory fee for each Fund and comparisons to amounts paid by other comparable registered investment companies, (iii) the extent to which economies of scale may be realized as a Fund grows and whether the fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (iv) any benefits to be realized by the Adviser or its affiliates from the Adviser’s relationship with each Fund.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions to be performed by the Adviser for each Fund, including the identity of the persons who will be responsible for the day-to-day management of the Funds, and they considered the quality of services provided by the Adviser to other exchange-traded funds (“ETFs”). The Trustees noted that each of the Funds’ portfolio managers also manages other ETFs on behalf of the Adviser that are overseen by the Board and that the Board is familiar with the background and experience of the Funds’ portfolio managers. The Trustees also noted other information the Board received and considered at its March 12, 2021 and April 15, 2021 meetings describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. The Trustees reviewed information related to the Adviser’s portfolio transaction policies and procedures, as well as reports on the correlation and tracking error between the underlying indexes and the performance of other ETFs for which the Adviser serves as investment adviser.

The Trustees considered the services to be provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function for the other ETFs and that was expected to be provided for each Fund.

Based on their review, the Trustees concluded that the nature, extent and quality of the services to be provided by the Adviser to each Fund under the Agreement were expected to be appropriate and reasonable.

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s proposed unitary advisory fee, as compared to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the median net expense ratios of comparable passive ETFs, open-end (non-ETF) index funds, open-end (non-ETF) actively managed funds and Adviser-identified select peer funds, as applicable.

The Trustees noted that the proposed annual advisory fee to be charged to each Fund was a unitary fee, and that the Adviser has agreed to pay all other operating expenses of each Fund except for brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses. The Trustees noted each Fund’s proposed unitary advisory fee as compared to the median net expense ratio of its Lipper peer groups and select peer group as shown below:

 

Fund

   Passive
ETF Peer Group
(Number of Peers)
  Open-End
Index Fund
Peer Group
(Number of Peers)
  Open-End Active
Fund Peer Group
(Number of Peers)
  Select Peer Group
(Number of Peers)

Invesco Racial and Gender Diversity ETF

   Higher than

median (53)

  Higher than
median (17)
  Lower than
median (152)
  Lower than
median (3)

Invesco BulletShares 2029 High Yield Corporate Bond ETF

   Higher than
median (27)
  Lower than
median (1)
  Lower than
median (110)
  Higher than
median (6)

Invesco BulletShares 2031 Corporate Bond ETF

   Same as
median (27)
  Higher than
median (3)
  Lower than
median (56)
  Same as
median (8)

Invesco BulletShares 2031 Municipal Bond ETF

   Same as
median (8)
  N/A (0)   Lower than
median (59)
  Same as
median (8)

 

 

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Approval of Investment Advisory Contracts–(continued)

Based on all of the information provided, the Board concluded that each Fund’s proposed unitary advisory fee was reasonable and appropriate in light of the administrative, operational and management oversight services to be provided by the Adviser and the related costs in providing such services, including the licensing fees payable by the Adviser to Invesco Indexing LLC.

In conjunction with their review of the unitary advisory fee, the Trustees considered that the Adviser did not provide a profitability analysis for the Adviser in managing the Funds because the Funds had not yet commenced operations. However, the Trustees noted other information the Board received and considered at its March 12, 2021 and April 15, 2021 meetings on the Adviser’s overall profitability from its relationship with other ETFs for which it serves as investment adviser.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees considered whether the proposed unitary advisory fee rate for each Fund is reasonable in relation to the proposed services and product strategy of that Fund, and they concluded that the unitary advisory fee was reasonable and appropriate.

Fall-Out Benefits. The Trustees considered that the Adviser identified no additional benefits that it would derive from its relationship with the Funds, and noted that the Adviser does not have any soft-dollar arrangements. The Trustees also considered benefits to be received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees and advisory fees for affiliated money market cash management vehicles. The Trustees considered that an affiliate of the Adviser, Invesco Indexing LLC, would serve as the index provider for each Fund and would be paid a licensing fee. The Board concluded that each Fund’s unitary advisory fee was reasonable, taking into account any ancillary benefits to be received by affiliates of the Adviser.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the Agreement for each Fund. No single factor was determinative in the Board’s analysis.

 

 

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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.


 

 

 

 

 

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