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Invesco Semi-Annual Report to Shareholders

February 28, 2023


		BSCN		Invesco BulletShares 2023 Corporate Bond ETF

		BSCO		Invesco BulletShares 2024 Corporate Bond ETF

		BSCP		Invesco BulletShares 2025 Corporate Bond ETF

		BSCQ		Invesco BulletShares 2026 Corporate Bond ETF

		BSCR		Invesco BulletShares 2027 Corporate Bond ETF

		BSCS		Invesco BulletShares 2028 Corporate Bond ETF

		BSCT		Invesco BulletShares 2029 Corporate Bond ETF

		BSCU		Invesco BulletShares 2030 Corporate Bond ETF

		BSCV		Invesco BulletShares 2031 Corporate Bond ETF

		BSCW		Invesco BulletShares 2032 Corporate Bond ETF

		BSJN		Invesco BulletShares 2023 High Yield Corporate Bond ETF

		BSJO		Invesco BulletShares 2024 High Yield Corporate Bond ETF

		BSJP		Invesco BulletShares 2025 High Yield Corporate Bond ETF

		BSJQ		Invesco BulletShares 2026 High Yield Corporate Bond ETF

		BSJR		Invesco BulletShares 2027 High Yield Corporate Bond ETF

		BSJS		Invesco BulletShares 2028 High Yield Corporate Bond ETF

		BSJT		Invesco BulletShares 2029 High Yield Corporate Bond ETF

		BSJU		Invesco BulletShares 2030 High Yield Corporate Bond ETF

		BSMN		Invesco BulletShares 2023 Municipal Bond ETF

		BSMO		Invesco BulletShares 2024 Municipal Bond ETF

		BSMP		Invesco BulletShares 2025 Municipal Bond ETF

		BSMQ		Invesco BulletShares 2026 Municipal Bond ETF

		BSMR		Invesco BulletShares 2027 Municipal Bond ETF

		BSMS		Invesco BulletShares 2028 Municipal Bond ETF

		BSMT		Invesco BulletShares 2029 Municipal Bond ETF

		BSMU		Invesco BulletShares 2030 Municipal Bond ETF

		BSMV		Invesco BulletShares 2031 Municipal Bond ETF

		BSMW		Invesco BulletShares 2032 Municipal Bond ETF

		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 2023 Corporate Bond ETF (BSCN)			3

Invesco BulletShares 2024 Corporate Bond ETF (BSCO)			9

Invesco BulletShares 2025 Corporate Bond ETF (BSCP)			16

Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)			25

Invesco BulletShares 2027 Corporate Bond ETF (BSCR)			33

Invesco BulletShares 2028 Corporate Bond ETF (BSCS)			41

Invesco BulletShares 2029 Corporate Bond ETF (BSCT)			47

Invesco BulletShares 2030 Corporate Bond ETF (BSCU)			53

Invesco BulletShares 2031 Corporate Bond ETF (BSCV)			59

Invesco BulletShares 2032 Corporate Bond ETF (BSCW)			65

Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN)			70

Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)			73

Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)			76

Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)			81

Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)			86

Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)			91

Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)			97

Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU)			104

Invesco BulletShares 2023 Municipal Bond ETF (BSMN)			107

Invesco BulletShares 2024 Municipal Bond ETF (BSMO)			121

Invesco BulletShares 2025 Municipal Bond ETF (BSMP)			139

Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)			155

Invesco BulletShares 2027 Municipal Bond ETF (BSMR)			174

Invesco BulletShares 2028 Municipal Bond ETF (BSMS)			190

Invesco BulletShares 2029 Municipal Bond ETF (BSMT)			205

Invesco BulletShares 2030 Municipal Bond ETF (BSMU)			217

Invesco BulletShares 2031 Municipal Bond ETF (BSMV)			225

Invesco BulletShares 2032 Municipal Bond ETF (BSMW)			231

Invesco BulletShares 2023 USD Emerging Markets Debt ETF (BSCE)			234

Invesco BulletShares 2024 USD Emerging Markets Debt ETF (BSDE)			237

Statements of Assets and Liabilities			242

Statements of Operations			248

Statements of Changes in Net Assets			254

Financial Highlights			264

Notes to Financial Statements			294

Fund Expenses			311

Approval of Investment Advisory Contracts			314


		2

Invesco BulletShares 2023 Corporate Bond ETF (BSCN)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-90.98%
Aerospace & Defense-1.89%
Boeing Co. (The), 4.51%, 05/01/2023	$	27,040,000	$	27,002,553
General Dynamics Corp.
3.38%, 05/15/2023		7,763,000		7,732,437
1.88%, 08/15/2023		5,116,000		5,039,217
Northrop Grumman Corp., 3.25%, 08/01/2023		11,863,000		11,789,828

				51,564,035

Air Freight & Logistics-0.39%
United Parcel Service, Inc., 2.50%, 04/01/2023		10,779,000		10,754,194

Automobiles-6.34%
American Honda Finance Corp.
1.95%, 05/10/2023		10,460,000		10,393,956
0.88%, 07/07/2023		12,860,000		12,674,963
3.45%, 07/14/2023		4,510,000		4,481,614
0.65%, 09/08/2023		7,772,000		7,589,475
General Motors Co., 4.88%, 10/02/2023		13,520,000		13,532,844
General Motors Financial Co., Inc.
3.70%, 05/09/2023		12,388,000		12,351,324
4.25%, 05/15/2023		7,700,000		7,683,502
4.15%, 06/19/2023		10,340,000		10,301,330
1.70%, 08/18/2023		13,930,000		13,670,109
Stellantis N.V., 5.25%, 04/15/2023		15,390,000		15,366,530
Toyota Motor Corp. (Japan), 3.42%, 07/20/2023		6,883,000		6,838,084
Toyota Motor Credit Corp.
2.90%, 03/30/2023		18,800,000		18,766,700
0.40%, 04/06/2023		11,300,000		11,245,982
0.50%, 08/14/2023		12,800,000		12,539,119
1.35%, 08/25/2023		10,284,000		10,094,118
2.25%, 10/18/2023		5,540,000		5,449,233

				172,978,883

Banks-13.49%
Banco Santander S.A. (Spain), 3.85%, 04/12/2023		12,900,000		12,880,281
Bank of America Corp., 4.10%, 07/24/2023		20,690,000		20,597,514
Bank of Montreal (Canada), 0.45%, 12/08/2023		9,320,000		8,970,877
Bank of Nova Scotia (The) (Canada), 0.40%, 09/15/2023		12,360,000		12,040,451
Canadian Imperial Bank of Commerce (Canada), 3.50%, 09/13/2023		10,351,000		10,244,954
Citigroup, Inc.
3.50%, 05/15/2023		11,361,000		11,322,139
3.88%, 10/25/2023		10,082,000		9,997,543
Comerica, Inc., 3.70%, 07/31/2023		8,788,000		8,721,744
Cooperatieve Rabobank U.A. (Netherlands), 4.63%, 12/01/2023		6,600,000		6,560,197
Fifth Third Bancorp, 1.63%, 05/05/2023		5,172,000		5,139,206
HSBC Holdings PLC (United Kingdom), 3.60%, 05/25/2023		20,790,000		20,711,734
Huntington National Bank (The), 3.55%, 10/06/2023		7,680,000		7,603,293


	Principal Amount		Value
Banks-(continued)
JPMorgan Chase & Co.
3.38%, 05/01/2023	$	20,648,000	$	20,587,903
2.70%, 05/18/2023		18,279,000		18,181,913
KeyBank N.A.
3.38%, 03/07/2023		5,010,000		5,008,317
1.25%, 03/10/2023		7,631,000		7,624,284
M&T Bank Corp., 3.55%, 07/26/2023		5,187,000		5,148,170
Mitsubishi UFJ Financial Group, Inc. (Japan)
3.46%, 03/02/2023		13,961,000		13,961,000
3.76%, 07/26/2023		22,394,000		22,251,516
2.53%, 09/13/2023		4,862,000		4,785,700
Mizuho Financial Group, Inc. (Japan), 3.55%, 03/05/2023		8,317,000		8,315,669
NatWest Group PLC (United Kingdom)
3.88%, 09/12/2023		12,028,000		11,913,036
6.00%, 12/19/2023		6,840,000		6,850,274
PNC Bank N.A.
3.50%, 06/08/2023		7,950,000		7,914,031
3.80%, 07/25/2023		7,710,000		7,668,280
Royal Bank of Canada (Canada), 0.50%, 10/26/2023		13,951,000		13,526,101
Sumitomo Mitsui Banking Corp. (Japan), 3.95%, 07/19/2023		7,270,000		7,236,554
Sumitomo Mitsui Financial Group, Inc. (Japan), 3.75%, 07/19/2023		7,770,000		7,724,470
Toronto-Dominion Bank (The) (Canada), 3.50%, 07/19/2023		16,578,000		16,471,062
Truist Bank
1.25%, 03/09/2023		12,910,000		12,899,679
2.75%, 05/01/2023		5,511,000		5,488,040
U.S. Bank N.A., 3.40%, 07/24/2023		14,117,000		14,017,292
Wells Fargo & Co., 4.13%, 08/15/2023		15,541,000		15,472,501

				367,835,725

Beverages-2.02%
Diageo Capital PLC (United Kingdom)
2.63%, 04/29/2023		14,645,000		14,584,800
3.50%, 09/18/2023		5,173,000		5,123,813
Keurig Dr Pepper, Inc., 3.13%, 12/15/2023		4,507,000		4,439,037
PepsiCo, Inc.
2.75%, 03/01/2023		13,127,000		13,127,000
0.75%, 05/01/2023		10,309,000		10,239,275
0.40%, 10/07/2023		7,763,000		7,541,241

				55,055,166

Biotechnology-1.94%
AbbVie, Inc., 2.85%, 05/14/2023		10,431,000		10,386,123
Amgen, Inc., 2.25%, 08/19/2023		8,760,000		8,641,074
Gilead Sciences, Inc.
2.50%, 09/01/2023		7,723,000		7,613,770
0.75%, 09/29/2023		15,514,000		15,107,329
Shire Acquisitions Investments Ireland DAC, 2.88%, 09/23/2023		11,361,000		11,194,393

				52,942,689

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


		3

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

February 28, 2023

(Unaudited)


	Principal Amount		Value
Capital Markets-5.33%
Ameriprise Financial, Inc., 4.00%, 10/15/2023	$	8,700,000	$	8,634,514
Bank of New York Mellon Corp. (The)
3.50%, 04/28/2023		7,862,000		7,842,184
3.45%, 08/11/2023		8,718,000		8,651,982
2.20%, 08/16/2023		12,908,000		12,730,192
0.35%, 12/07/2023		8,760,000		8,439,125
Credit Suisse AG (Switzerland)
1.00%, 05/05/2023		17,512,000		17,332,748
0.52%, 08/09/2023		12,740,000		12,327,588
Goldman Sachs Group, Inc. (The)
0.52%, 03/08/2023		7,083,000		7,077,182
1.22%, 12/06/2023		19,600,000		19,007,942
Morgan Stanley, 4.10%, 05/22/2023		20,690,000		20,644,873
State Street Corp.
3.10%, 05/15/2023		11,350,000		11,298,695
3.70%, 11/20/2023		11,360,000		11,232,903

				145,219,928

Chemicals-0.89%
Ecolab, Inc., 0.90%, 12/15/2023		5,187,000		5,015,429
LYB International Finance B.V., 4.00%, 07/15/2023		5,037,000		5,013,375
Mosaic Co. (The), 4.25%, 11/15/2023		9,324,000		9,254,967
Nutrien Ltd. (Canada), 1.90%, 05/13/2023		5,139,000		5,101,166

				24,384,937

Commercial Services & Supplies-0.22%
Waste Management, Inc., 2.40%, 05/15/2023		6,118,000		6,080,929

Communications Equipment-0.28%
Cisco Systems, Inc., 2.20%, 09/20/2023		7,760,000		7,640,245

Construction Materials-0.30%
Martin Marietta Materials, Inc., 0.65%, 07/15/2023		8,245,000		8,106,018

Consumer Finance-1.85%
Ally Financial, Inc.
3.05%, 06/05/2023		8,210,000		8,155,071
1.45%, 10/02/2023		13,120,000		12,790,475
American Express Co., 0.75%, 11/03/2023		9,210,000		8,936,760
Capital One Financial Corp.
2.60%, 05/11/2023		11,974,000		11,915,860
3.50%, 06/15/2023		8,661,000		8,620,650

				50,418,816

Diversified Financial Services-2.08%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)
4.50%, 09/15/2023		13,927,000		13,833,812
1.15%, 10/29/2023		18,074,000		17,542,757
Berkshire Hathaway, Inc., 2.75%, 03/15/2023		18,388,000		18,372,039
Jackson Financial, Inc., 1.13%, 11/22/2023		7,128,000		6,909,738

				56,658,346


	Principal Amount		Value
Electric Utilities-3.90%
Duke Energy Carolinas LLC
2.50%, 03/15/2023	$	5,577,000	$	5,571,733
3.05%, 03/15/2023		4,586,000		4,582,263
Entergy Louisiana LLC, 0.62%, 11/17/2023		6,868,000		6,641,648
Florida Power & Light Co., 2.75%, 06/01/2023		5,207,000		5,176,497
Georgia Power Co., Series A, 2.10%, 07/30/2023		7,374,000		7,276,390
NextEra Energy Capital Holdings, Inc., 0.65%, 03/01/2023		20,868,000		20,868,000
OGE Energy Corp., 0.70%, 05/26/2023		5,177,000		5,120,672
Oklahoma Gas and Electric Co., 0.55%, 05/26/2023		4,577,000		4,527,339
Pacific Gas and Electric Co.
4.25%, 08/01/2023		5,176,000		5,149,029
1.70%, 11/15/2023		9,326,000		9,055,334
Southern California Edison Co., Series C, 3.50%, 10/01/2023		6,218,000		6,146,151
Southern Co. (The), 2.95%, 07/01/2023 .		13,322,000		13,212,261
Virginia Electric & Power Co., Series C, 2.75%, 03/15/2023		8,102,000		8,094,568
Xcel Energy, Inc., 0.50%, 10/15/2023		5,147,000		4,996,849

				106,418,734

Electrical Equipment-0.25%
Rockwell Automation, Inc., 0.35%, 08/15/2023		6,854,000		6,704,540

Energy Equipment & Services-0.84%
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 1.23%, 12/15/2023		7,723,000		7,485,162
Schlumberger Investment S.A., 3.65%, 12/01/2023		15,535,000		15,349,494

				22,834,656

Entertainment-0.29%
RELX Capital, Inc. (United Kingdom), 3.50%, 03/16/2023		8,022,000		8,017,640

Equity REITs-0.97%
American Tower Corp., 3.00%, 06/15/2023		7,226,000		7,175,215
Boston Properties L.P., 3.13%, 09/01/2023		4,547,000		4,483,358
Crown Castle, Inc., 3.15%, 07/15/2023		7,760,000		7,699,228
Simon Property Group L.P., 2.75%, 06/01/2023		7,210,000		7,163,421

				26,521,222

Food & Staples Retailing-2.20%
Kroger Co. (The), 3.85%, 08/01/2023		7,233,000		7,215,240
Walgreens Boots Alliance, Inc., 0.95%, 11/17/2023		9,760,000		9,467,617
Walmart, Inc.
2.55%, 04/11/2023		18,100,000		18,046,246
3.40%, 06/26/2023		25,470,000		25,322,776

				60,051,879

Food Products-1.04%
Campbell Soup Co., 3.65%, 03/15/2023		7,361,000		7,357,646

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


		4

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

February 28, 2023

(Unaudited)


	Principal Amount		Value
Food Products-(continued)
Conagra Brands, Inc., 0.50%, 08/11/2023	$	5,187,000	$	5,077,352
General Mills, Inc., 5.24%, 11/18/2025		4,600,000		4,574,419
Hershey Co. (The), 3.38%, 05/15/2023		4,643,000		4,626,148
Kellogg Co., 2.65%, 12/01/2023		6,694,000		6,610,037

				28,245,602

Gas Utilities-0.80%
Atmos Energy Corp., 0.63%, 03/09/2023		12,061,000		12,049,565
CenterPoint Energy Resources Corp., 0.70%, 03/02/2023		6,602,000		6,602,000
National Fuel Gas Co., 3.75%, 03/01/2023		3,095,000		3,095,000

				21,746,565

Health Care Equipment & Supplies-1.00%
Abbott Laboratories, 3.40%, 11/30/2023		10,893,000		10,767,731
Baxter International, Inc., 0.87%, 12/01/2023		9,768,000		9,429,487
Stryker Corp., 0.60%, 12/01/2023		7,206,000		6,958,843

				27,156,061

Health Care Providers & Services-3.23%
Aetna, Inc., 2.80%, 06/15/2023		13,491,000		13,395,606
AmerisourceBergen Corp., 0.74%, 03/15/2023		6,177,000		6,165,873
Cardinal Health, Inc., 3.20%, 03/15/2023		6,233,000		6,228,775
Cigna Group (The)
3.00%, 07/15/2023		8,820,000		8,737,034
3.75%, 07/15/2023		12,291,000		12,207,146
CVS Health Corp., 4.00%, 12/05/2023		4,276,000		4,240,727
Elevance Health, Inc., 0.45%, 03/15/2023		6,677,000		6,665,881
Humana, Inc., 0.65%, 08/03/2023		15,521,000		15,217,652
UnitedHealth Group, Inc.
2.88%, 03/15/2023		6,830,000		6,824,395
3.50%, 06/15/2023		8,460,000		8,424,132

				88,107,221

Hotels, Restaurants & Leisure-1.49%
Booking Holdings, Inc., 2.75%, 03/15/2023		4,569,000		4,564,931
Hyatt Hotels Corp., 1.30%, 10/01/2023		8,000,000		7,819,025
McDonald’s Corp., 3.35%, 04/01/2023		10,340,000		10,321,903
Starbucks Corp.
3.10%, 03/01/2023		10,340,000		10,340,000
3.85%, 10/01/2023		7,710,000		7,650,227

				40,696,086

Household Products-0.41%
Procter & Gamble Co. (The), 3.10%, 08/15/2023		11,319,000		11,220,804

Industrial Conglomerates-0.24%
3M Co., 2.25%, 03/15/2023		6,477,000		6,470,214

Insurance-0.57%
Allstate Corp. (The), 3.15%, 06/15/2023		5,205,000		5,177,580


	Principal Amount		Value
Insurance-(continued)
Lincoln National Corp., 4.00%, 09/01/2023	$	5,170,000	$	5,130,345
Loews Corp., 2.63%, 05/15/2023		5,177,000		5,150,418

				15,458,343

Internet & Direct Marketing Retail-0.75%
Amazon.com, Inc.
0.25%, 05/12/2023		10,304,000		10,208,976
0.40%, 06/03/2023		10,310,000		10,190,459

				20,399,435

IT Services-1.40%
Fidelity National Information Services, Inc., 0.38%, 03/01/2023		7,718,000		7,718,000
Global Payments, Inc.
3.75%, 06/01/2023		4,956,000		4,932,449
4.00%, 06/01/2023		5,726,000		5,699,996
International Business Machines Corp., 3.38%, 08/01/2023		15,521,000		15,407,188
PayPal Holdings, Inc., 1.35%, 06/01/2023		4,355,000		4,311,083

				38,068,716

Life Sciences Tools & Services-0.87%
Illumina, Inc., 0.55%, 03/23/2023		4,577,000		4,563,523
PerkinElmer, Inc., 0.55%, 09/15/2023		4,842,000		4,720,215
Thermo Fisher Scientific, Inc., 0.80%, 10/18/2023		14,965,000		14,546,052

				23,829,790

Machinery-3.14%
Caterpillar Financial Services Corp.
0.25%, 03/01/2023		10,344,000		10,344,000
3.45%, 05/15/2023		5,207,000		5,190,718
0.65%, 07/07/2023		10,524,000		10,366,559
0.45%, 09/14/2023		10,274,000		10,020,594
3.75%, 11/24/2023		4,575,000		4,533,929
CNH Industrial Capital LLC, 1.95%, 07/02/2023		6,227,000		6,153,001
CNH Industrial N.V. (United Kingdom), 4.50%, 08/15/2023		6,222,000		6,190,511
Cummins, Inc., 3.65%, 10/01/2023		5,180,000		5,143,600
John Deere Capital Corp.
2.80%, 03/06/2023		10,344,000		10,341,056
1.20%, 04/06/2023		5,877,000		5,853,203
0.40%, 10/10/2023		4,497,000		4,365,181
Trane Technologies Global Holding Co. Ltd., 4.25%, 06/15/2023		7,267,000		7,245,241

				85,747,593

Media-0.38%
Time Warner Cable Enterprises LLC, 8.38%, 03/15/2023		10,340,000		10,347,957

Metals & Mining-0.38%
Freeport-McMoRan, Inc., 3.88%, 03/15/2023		10,294,000		10,292,353

Multi-Utilities-1.32%
Black Hills Corp., 4.25%, 11/30/2023		5,447,000		5,395,965
Consolidated Edison, Inc., Series A, 0.65%, 12/01/2023		5,943,000		5,741,686

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


		5

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

February 28, 2023

(Unaudited)


	Principal Amount		Value
Multi-Utilities-(continued)
Delmarva Power & Light Co., 3.50%, 11/15/2023	$	5,126,000	$	5,060,920
Public Service Electric & Gas Co., 2.38%, 05/15/2023		5,187,000		5,157,391
Public Service Enterprise Group, Inc., 0.84%, 11/08/2023		6,830,000		6,615,492
WEC Energy Group, Inc., 0.55%, 09/15/2023		8,201,000		7,987,807

				35,959,261

Oil, Gas & Consumable Fuels-7.28%
Chevron Corp., 1.14%, 05/11/2023		12,404,000		12,310,570
Chevron USA, Inc., 0.43%, 08/11/2023		5,210,000		5,106,790
Continental Resources, Inc., 4.50%, 04/15/2023		6,580,000		6,569,450
Enbridge, Inc. (Canada)
4.00%, 10/01/2023		8,258,000		8,188,688
0.55%, 10/04/2023		5,207,000		5,055,494
Energy Transfer L.P., Series 5Y, 4.20%, 09/15/2023		4,568,000		4,537,373
Energy Transfer L.P./Regency Energy Finance Corp., 4.50%, 11/01/2023		6,154,000		6,110,032
Enterprise Products Operating LLC, 3.35%, 03/15/2023		13,127,000		13,117,653
EOG Resources, Inc., 2.63%, 03/15/2023		12,930,000		12,917,853
EQT Corp., 5.68%, 10/01/2025		4,555,000		4,500,341
Exxon Mobil Corp.
2.73%, 03/01/2023		12,930,000		12,930,000
1.57%, 04/15/2023		28,444,000		28,318,241
Kinder Morgan Energy Partners L.P., 3.50%, 09/01/2023		6,408,000		6,353,906
MPLX L.P., 4.50%, 07/15/2023		11,230,000		11,191,064
ONEOK, Inc., 7.50%, 09/01/2023		4,580,000		4,601,558
Pioneer Natural Resources Co., 0.55%, 05/15/2023		7,370,000		7,298,432
Plains All American Pipeline L.P./PAA Finance Corp., 3.85%, 10/15/2023		8,260,000		8,173,650
Shell International Finance B.V. (Netherlands), 0.38%, 09/15/2023		10,044,000		9,809,955
Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 6.50%, 07/15/2027		6,468,000		6,546,489
TotalEnergies Capital Canada Ltd. (France), 2.75%, 07/15/2023		11,344,000		11,241,047
TransCanada PipeLines Ltd. (Canada), 3.75%, 10/16/2023		6,630,000		6,562,611
Williams Cos., Inc. (The), 4.50%, 11/15/2023		7,209,000		7,168,487

				198,609,684

Personal Products-0.38%
Unilever Capital Corp. (United Kingdom)
3.13%, 03/22/2023		5,000,000		4,994,905
0.38%, 09/14/2023		5,587,000		5,445,065

				10,439,970


	Principal Amount		Value
Pharmaceuticals-5.18%
AstraZeneca PLC (United Kingdom)
0.30%, 05/26/2023	$	14,425,000	$	14,269,622
3.50%, 08/17/2023		8,773,000		8,697,514
Bristol-Myers Squibb Co.
3.25%, 11/01/2023		4,575,000		4,517,132
0.54%, 11/13/2023		15,631,000		15,125,102
GlaxoSmithKline Capital PLC (United Kingdom), 0.53%, 10/01/2023		12,947,000		12,593,994
Johnson & Johnson
2.05%, 03/01/2023		4,577,000		4,577,000
3.38%, 12/05/2023		8,291,000		8,226,382
Merck & Co., Inc., 2.80%, 05/18/2023		18,104,000		18,012,025
Mylan, Inc., 4.20%, 11/29/2023		4,507,000		4,466,222
Pfizer, Inc.
3.00%, 06/15/2023		11,274,000		11,205,786
3.20%, 09/15/2023		11,300,000		11,183,785
Royalty Pharma PLC, 0.75%, 09/02/2023		11,343,000		11,066,114
Sanofi, 3.38%, 06/19/2023		11,342,000		11,298,553
Takeda Pharmaceutical Co. Ltd. (Japan), 4.40%, 11/26/2023		6,038,000		5,981,013

				141,220,244

Professional Services-0.23%
Thomson Reuters Corp. (Canada), 4.30%, 11/23/2023		6,256,000		6,205,978

Road & Rail-0.82%
Burlington Northern Santa Fe LLC
3.00%, 03/15/2023		6,402,000		6,397,026
3.85%, 09/01/2023		8,212,000		8,158,047
Union Pacific Corp., 3.50%, 06/08/2023		7,720,000		7,683,762

				22,238,835

Semiconductors & Semiconductor Equipment-1.29%
Microchip Technology, Inc., 2.67%, 09/01/2023		11,344,000		11,172,247
NVIDIA Corp., 0.31%, 06/15/2023		13,927,000		13,765,390
Skyworks Solutions, Inc., 0.90%, 06/01/2023		5,170,000		5,104,250
Texas Instruments, Inc., 2.25%, 05/01/2023		5,208,000		5,181,889

				35,223,776

Software-3.90%
Intuit, Inc., 0.65%, 07/15/2023		5,171,000		5,078,536
Microsoft Corp.
2.38%, 05/01/2023		10,300,000		10,254,367
2.00%, 08/08/2023		15,521,000		15,319,316
3.63%, 12/15/2023		13,520,000		13,372,872
Oracle Corp.
3.63%, 07/15/2023		10,340,000		10,284,395
2.40%, 09/15/2023		25,765,000		25,351,776
Roper Technologies, Inc., 3.65%, 09/15/2023		6,562,000		6,493,477
salesforce.com, inc., 3.25%, 04/11/2023		9,148,000		9,128,697
VMware, Inc., 0.60%, 08/15/2023		11,342,000		11,096,857

				106,380,293

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


		6

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

February 28, 2023

(Unaudited)


	Principal Amount		Value
Specialty Retail-1.52%
AutoZone, Inc., 3.13%, 07/15/2023	$	5,200,000	$	5,156,578
Dell International LLC/EMC Corp., 5.45%, 06/15/2023		10,220,000		10,213,673
Home Depot, Inc. (The), 2.70%, 04/01/2023		10,540,000		10,518,239
Leidos, Inc., 2.95%, 05/15/2023		5,147,000		5,120,432
Lowe’s Cos., Inc., 3.88%, 09/15/2023		5,200,000		5,169,744
TJX Cos., Inc. (The), 2.50%, 05/15/2023		5,200,000		5,174,609

				41,353,275

Technology Hardware, Storage & Peripherals-4.00%
Apple, Inc.
2.40%, 05/03/2023		57,488,000		61,470,987
0.75%, 05/11/2023		22,648,000		22,459,133
Hewlett Packard Enterprise Co.
2.25%, 04/01/2023		11,344,000		11,315,113
4.45%, 10/02/2023		13,927,000		13,839,217

				109,084,450

Textiles, Apparel & Luxury Goods-0.17%
NIKE, Inc., 2.25%, 05/01/2023		4,540,000		4,519,580

Tobacco-1.09%
Philip Morris International, Inc.
2.63%, 03/06/2023		6,204,000		6,202,383
1.13%, 05/01/2023		7,760,000		7,704,649
2.13%, 05/10/2023		5,177,000		5,148,318
3.60%, 11/15/2023		5,147,000		5,096,348
Reynolds American, Inc. (United Kingdom), 4.85%, 09/15/2023		5,686,000		5,667,033

				29,818,731


	Principal Amount		Value
Trading Companies & Distributors-0.47%
Air Lease Corp.
3.88%, 07/03/2023	$	5,207,000	$	5,181,195
3.00%, 09/15/2023		7,760,000		7,661,032

				12,842,227

Wireless Telecommunication Services-2.16%
Rogers Communications, Inc. (Canada)
3.00%, 03/15/2023		4,803,000		4,798,663
4.10%, 10/01/2023		9,810,000		9,742,823
Sprint LLC, 7.88%, 09/15/2023		44,029,000		44,479,816

				59,021,302

Total U.S. Dollar Denominated Bonds & Notes (Cost $2,503,482,260)				2,480,892,928


	Shares
Money Market Funds-10.52%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%^(b)(c) (Cost $286,952,040)		286,952,040		286,952,040

TOTAL INVESTMENTS IN SECURITIES-101.50% (Cost $2,790,434,300)				2,767,844,968
OTHER ASSETS LESS LIABILITIES-(1.50)%				(40,809,724	)

NET ASSETS-100.00%			$	2,727,035,244

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)

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, 2023.


	Value August 31, 2022		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain		Value February 28, 2023		Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$23,958,894		$587,018,669		$(324,025,523)		$ -		$ -		$286,952,040		$1,576,226

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


		7

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

February 28, 2023

(Unaudited)


	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 28, 2023			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	20,560,182		$	64,217,296		$	(84,777,478	)		$	-			$	-		$	-		$	344,638	*

Invesco Private Prime Fund			52,869,041			143,288,561			(196,165,355	)			(3,597	)			11,350			-			926,345	*


Total		$	97,388,117		$	794,524,526		$	(604,968,356	)		$	(3,597	)		$	11,350		$	286,952,040		$	2,847,209

*	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, 2023.


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2023

Financials			23.32

Health Care			12.22

Information Technology			10.87

Consumer Discretionary			10.27

Energy			8.12

Industrials			7.65

Consumer Staples			7.14

Utilities			6.02

Sector Types Each Less Than 3%			5.37

Money Market Funds Plus Other Assets Less Liabilities			9.02

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


		8

Invesco BulletShares 2024 Corporate Bond ETF (BSCO)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-99.04%
Aerospace & Defense-1.68%
Boeing Co. (The)
1.95%, 02/01/2024^(b)	$	12,330,000	$	11,911,163
1.43%, 02/04/2024		36,980,000		35,569,698
General Dynamics Corp., 2.38%, 11/15/2024		6,160,000		5,869,614
Howmet Aerospace, Inc., 5.13%, 10/01/2024		13,180,000		13,046,882

				66,397,357

Air Freight & Logistics-0.15%
United Parcel Service, Inc., 2.80%, 11/15/2024		6,300,000		6,069,250

Airlines-0.27%
Delta Air Lines, Inc., 2.90%, 10/28/2024^(b)		11,200,000		10,666,964

Auto Components-0.23%
Magna International, Inc. (Canada), 3.63%, 06/15/2024		9,242,000		9,027,758

Automobiles-4.75%
American Honda Finance Corp.
2.90%, 02/16/2024		6,165,000		6,019,244
2.40%, 06/27/2024		6,160,000		5,933,299
0.55%, 07/12/2024		11,090,000		10,399,945
0.75%, 08/09/2024		12,327,000		11,563,245
2.15%, 09/10/2024		9,242,000		8,822,489
General Motors Financial Co., Inc.
1.05%, 03/08/2024		10,475,000		10,007,460
3.95%, 04/13/2024		15,410,000		15,117,195
1.20%, 10/15/2024^(b)		10,475,000		9,740,619
3.50%, 11/07/2024^(b)		9,242,000		8,922,629
PACCAR Financial Corp., 3.15%, 06/13/2024		6,190,000		6,032,475
Toyota Motor Corp. (Japan)
0.68%, 03/25/2024^(b)		15,410,000		14,694,332
2.36%, 07/02/2024		6,200,000		5,969,954
Toyota Motor Credit Corp.
0.45%, 01/11/2024		12,659,000		12,149,791
2.50%, 03/22/2024^(b)		14,790,000		14,373,594
2.90%, 04/17/2024		6,160,000		6,002,430
0.50%, 06/18/2024		10,475,000		9,864,127
0.63%, 09/13/2024^(b)		12,401,000		11,582,052
4.40%, 09/20/2024		15,410,000		15,238,891
2.00%, 10/07/2024^(b)		6,115,000		5,817,360

				188,251,131

Banks-18.23%
Banco Santander S.A. (Spain), 3.89%, 05/24/2024		18,518,000		18,132,487
Bank of America Corp.
4.13%, 01/22/2024^(b)		30,816,000		30,508,594
4.00%, 04/01/2024^(b)		28,413,000		27,996,471
4.20%, 08/26/2024		36,978,000		36,277,336
Bank of Montreal (Canada)
2.15%, 03/08/2024^(b)		15,351,000		14,859,040
5.20%, 12/12/2024^(b)		12,330,000		12,299,257
Series H, 4.25%, 09/14/2024		18,484,000		18,166,284


	Principal Amount		Value
Banks-(continued)
Bank of Nova Scotia (The) (Canada)
2.44%, 03/11/2024^(b)	$	11,096,000	$	10,781,461
5.25%, 12/06/2024		12,321,000		12,303,419
Barclays Bank PLC, 3.75%, 05/15/2024		7,280,000		7,129,578
Barclays PLC (United Kingdom), 4.38%, 09/11/2024		15,330,000		14,966,691
BNP Paribas S.A. (France), 4.25%, 10/15/2024		12,360,000		12,074,193
BPCE S.A. (France), 4.00%, 04/15/2024		18,380,000		18,063,915
Canadian Imperial Bank of Commerce (Canada), 1.00%, 10/18/2024^(b)		8,011,000		7,467,110
Citigroup, Inc.
3.75%, 06/16/2024^(b)		7,679,000		7,526,663
4.00%, 08/05/2024^(b)		9,249,000		9,102,867
Cooperatieve Rabobank U.A. (Netherlands)
0.38%, 01/12/2024		9,250,000		8,877,342
3.88%, 08/22/2024^(b)		12,300,000		12,063,009
Fifth Third Bancorp, 4.30%, 01/16/2024		9,242,000		9,139,493
HSBC Holdings PLC (United Kingdom), 4.25%, 03/14/2024		24,740,000		24,375,377
HSBC USA, Inc.
3.75%, 05/24/2024		12,350,000		12,095,215
3.50%, 06/23/2024^(b)		9,200,000		8,972,838
Intesa Sanpaolo S.p.A. (Italy), 5.25%, 01/12/2024		7,934,000		7,894,803
JPMorgan Chase & Co.
3.88%, 02/01/2024		18,493,000		18,205,045
3.63%, 05/13/2024^(b)		24,649,000		24,213,459
3.88%, 09/10/2024^(b)		36,978,000		36,110,202
Lloyds Banking Group PLC (United Kingdom), 4.50%, 11/04/2024^(b)		12,270,000		12,036,588
Mitsubishi UFJ Financial Group, Inc. (Japan), 2.80%, 07/18/2024		12,361,000		11,911,561
National Bank of Canada (Canada), 0.75%, 08/06/2024^(b)		6,100,000		5,715,520
NatWest Group PLC (United Kingdom), 5.13%, 05/28/2024		10,624,000		10,536,115
PNC Bank N.A.
2.50%, 08/27/2024		7,350,000		7,065,672
3.30%, 10/30/2024		6,055,000		5,870,437
PNC Financial Services Group, Inc. (The)
3.90%, 04/29/2024^(b)		9,242,000		9,092,174
2.20%, 11/01/2024^(b)		8,009,000		7,645,431
Royal Bank of Canada (Canada)
3.97%, 07/26/2024		18,484,000		18,130,112
0.65%, 07/29/2024		10,475,000		9,807,194
5.66%, 10/25/2024^(b)		14,170,000		14,273,249
Santander UK PLC (United Kingdom), 4.00%, 03/13/2024^(b)		12,229,000		12,067,014
Sumitomo Mitsui Banking Corp. (Japan)
3.95%, 01/10/2024^(b)		6,202,000		6,124,410
3.40%, 07/11/2024^(b)		6,133,000		5,966,134

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


		9

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

February 28, 2023

(Unaudited)


	Principal Amount		Value
Banks-(continued)
Sumitomo Mitsui Financial Group, Inc. (Japan)
0.51%, 01/12/2024	$	6,240,000	$	5,984,123
2.70%, 07/16/2024		24,740,000		23,821,394
2.45%, 09/27/2024		12,360,000		11,791,455
Toronto-Dominion Bank (The) (Canada)
2.35%, 03/08/2024^(b)		18,484,000		17,928,531
4.29%, 09/13/2024		18,484,000		18,204,859
1.25%, 12/13/2024^(b)		6,109,000		5,687,734
Truist Bank, 2.15%, 12/06/2024		15,440,000		14,649,371
Truist Financial Corp., 2.85%, 10/26/2024		12,329,000		11,914,119
U.S. Bancorp
3.70%, 01/30/2024		9,242,000		9,098,839
3.60%, 09/11/2024^(b)		12,329,000		12,039,163
Wells Fargo & Co.
4.48%, 01/16/2024		8,904,000		8,829,356
3.30%, 09/09/2024^(b)		27,732,000		26,931,606

				722,724,310

Beverages-1.37%
Coca-Cola Co. (The), 1.75%, 09/06/2024^(b)		12,330,000		11,841,803
Constellation Brands, Inc., 3.60%, 05/09/2024^(b)		6,796,000		6,660,298
Diageo Capital PLC (United Kingdom), 2.13%, 10/24/2024^(b)		7,500,000		7,130,033
Keurig Dr Pepper, Inc., 0.75%, 03/15/2024		14,174,000		13,487,955
PepsiCo, Inc., 3.60%, 03/01/2024		15,410,000		15,204,292

				54,324,381

Biotechnology-2.07%
AbbVie, Inc., 2.60%, 11/21/2024		46,085,000		43,960,111
Amgen, Inc., 3.63%, 05/22/2024		17,260,000		16,882,382
Gilead Sciences, Inc., 3.70%, 04/01/2024^(b)		21,571,000		21,199,250

				82,041,743

Capital Markets-9.81%
Ameriprise Financial, Inc., 3.70%, 10/15/2024^(b)		7,000,000		6,836,693
Bank of New York Mellon Corp. (The)
0.50%, 04/26/2024		7,399,000		7,006,069
3.40%, 05/15/2024		6,166,000		6,030,005
3.25%, 09/11/2024^(b)		6,163,000		5,983,770
2.10%, 10/24/2024		12,322,000		11,724,184
Series 12, 3.65%, 02/04/2024		9,242,000		9,104,859
Series J, 0.85%, 10/25/2024^(b)		8,631,000		8,053,530
BlackRock, Inc., 3.50%, 03/18/2024		12,600,000		12,397,797
Brookfield Finance, Inc. (Canada), 4.00%, 04/01/2024^(b)		9,400,000		9,252,352
Charles Schwab Corp. (The), 0.75%, 03/18/2024		18,700,000		17,838,882
Credit Suisse AG (Switzerland)
0.50%, 02/02/2024^(b)		11,400,000		10,750,295
4.75%, 08/09/2024		13,710,000		13,208,473
3.63%, 09/09/2024		35,610,000		33,672,998


	Principal Amount		Value
Capital Markets-(continued)
Deutsche Bank AG (Germany)
3.70%, 05/30/2024	$	9,330,000	$	9,066,308
3.70%, 05/30/2024		9,607,000		9,404,597
FS KKR Capital Corp., 1.65%, 10/12/2024		6,120,000		5,669,016
Goldman Sachs Group, Inc. (The)
4.00%, 03/03/2024^(b)		36,979,000		36,440,551
3.00%, 03/15/2024		28,347,000		27,607,712
3.85%, 07/08/2024		27,736,000		27,151,445
5.70%, 11/01/2024		24,656,000		24,812,420
Moody’s Corp., 4.88%, 02/15/2024^(b)		6,200,000		6,161,450
Morgan Stanley
3.70%, 10/23/2024		36,973,000		36,032,242
Series F, 3.88%, 04/29/2024		36,981,000		36,407,864
State Street Corp., 3.30%, 12/16/2024^(b)		12,329,000		11,942,778
Stifel Financial Corp., 4.25%, 07/18/2024		6,500,000		6,381,088

				388,937,378

Chemicals-1.37%
Celanese US Holdings LLC, 5.90%, 07/05/2024^(b)		24,700,000		24,681,343
LyondellBasell Industries N.V., 5.75%, 04/15/2024		9,500,000		9,499,336
Nutrien Ltd. (Canada), 5.90%, 11/07/2024		6,300,000		6,337,716
Sherwin-Williams Co. (The)
3.13%, 06/01/2024		6,160,000		5,992,716
4.05%, 08/08/2024		7,798,000		7,645,716

				54,156,827

Communications Equipment-0.31%
Cisco Systems, Inc., 3.63%, 03/04/2024		12,400,000		12,218,819

Construction & Engineering-0.14%
Quanta Services, Inc., 0.95%, 10/01/2024		6,120,000		5,666,176

Consumer Finance-2.48%
Ally Financial, Inc., 5.13%, 09/30/2024		8,631,000		8,560,884
American Express Co.
3.38%, 05/03/2024		24,656,000		24,100,038
3.00%, 10/30/2024^(b)		20,340,000		19,607,579
3.63%, 12/05/2024		7,391,000		7,176,295
Capital One Financial Corp., 3.75%, 04/24/2024		9,242,000		9,066,618
Discover Bank, 2.45%, 09/12/2024		9,210,000		8,765,044
Discover Financial Services, 3.95%, 11/06/2024^(b)		6,160,000		5,998,195
Synchrony Financial, 4.25%, 08/15/2024^(b)		15,407,000		15,043,481

				98,318,134

Containers & Packaging-0.23%
Berry Global, Inc., 0.95%, 02/15/2024		9,700,000		9,262,868

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


		10

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

February 28, 2023

(Unaudited)


	Principal Amount		Value
Diversified Financial Services-1.87%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)
3.15%, 02/15/2024	$	11,080,000	$	10,810,179
1.65%, 10/29/2024		40,060,000		37,185,461
Series 3NC1, 1.75%, 10/29/2024^(b)		12,490,000		11,606,451
National Rural Utilities Cooperative Finance Corp., 0.35%, 02/08/2024		6,300,000		6,009,720
ORIX Corp. (Japan), 3.25%, 12/04/2024^(b)		8,800,000		8,472,238

				74,084,049

Diversified Telecommunication Services-1.50%
AT&T, Inc., 0.90%, 03/25/2024		27,800,000		26,517,124
Bell Canada (Canada), Series US-3, 0.75%, 03/17/2024		7,400,000		7,074,481
Verizon Communications, Inc.
0.75%, 03/22/2024		12,320,000		11,742,603
3.50%, 11/01/2024^(b)		14,310,000		13,948,164

				59,282,372

Electric Utilities-3.16%
Avangrid, Inc., 3.15%, 12/01/2024		7,500,000		7,203,723
Duke Energy Corp., 3.75%, 04/15/2024 .		12,280,000		12,055,846
Edison International, 3.55%, 11/15/2024^(b)		6,160,000		5,948,150
Entergy Louisiana LLC, 0.95%, 10/01/2024^(b)		12,330,000		11,506,156
Evergy, Inc., 2.45%, 09/15/2024		10,000,000		9,525,254
Eversource Energy, 4.20%, 06/27/2024^(b)		11,200,000		11,012,860
Florida Power & Light Co., 3.25%, 06/01/2024		6,190,000		6,032,984
Interstate Power and Light Co., 3.25%, 12/01/2024		6,160,000		5,934,484
MidAmerican Energy Co., 3.50%, 10/15/2024^(b)		6,190,000		6,025,247
NextEra Energy Capital Holdings, Inc.
2.94%, 03/21/2024		13,700,000		13,346,044
4.20%, 06/20/2024		9,400,000		9,246,596
Pacific Gas and Electric Co., 3.25%, 02/16/2024		12,500,000		12,226,637
Southern California Edison Co., 1.10%, 04/01/2024		8,560,000		8,156,339
Southern Co. (The), Series 21-A, 0.60%, 02/26/2024		7,400,000		7,048,975

				125,269,295

Electronic Equipment, Instruments & Components-0.72%
Arrow Electronics, Inc., 3.25%, 09/08/2024		6,300,000		6,090,920
CDW LLC/CDW Finance Corp., 5.50%, 12/01/2024		7,030,000		6,978,857
Keysight Technologies, Inc., 4.55%, 10/30/2024		7,500,000		7,389,726
TD SYNNEX Corp., 1.25%, 08/09/2024		8,800,000		8,238,793

				28,698,296


	Principal Amount		Value
Entertainment-0.75%
Take-Two Interactive Software, Inc., 3.30%, 03/28/2024	$	12,400,000	$	12,116,493
Walt Disney Co. (The), 1.75%, 08/30/2024		18,500,000		17,589,285

				29,705,778

Equity REITs-2.12%
American Tower Corp.
0.60%, 01/15/2024		6,160,000		5,901,670
5.00%, 02/15/2024		12,400,000		12,320,010
Boston Properties L.P., 3.80%, 02/01/2024		8,700,000		8,550,118
Brixmor Operating Partnership L.P., 3.65%, 06/15/2024		6,155,000		5,962,061
Crown Castle, Inc., 3.20%, 09/01/2024^(b)		9,300,000		8,986,815
Realty Income Corp., 5.05%, 01/13/2026		6,300,000		6,243,106
Simon Property Group L.P.
3.75%, 02/01/2024		7,400,000		7,285,294
2.00%, 09/13/2024		12,400,000		11,798,344
3.38%, 10/01/2024		11,090,000		10,751,228
W.P. Carey, Inc., 4.60%, 04/01/2024		6,300,000		6,222,370

				84,021,016

Food & Staples Retailing-1.45%
Costco Wholesale Corp., 2.75%, 05/18/2024		12,330,000		11,975,411
Kroger Co. (The), 4.00%, 02/01/2024		6,200,000		6,112,628
Walgreens Boots Alliance, Inc., 3.80%, 11/18/2024		14,260,000		13,863,972
Walmart, Inc.
3.30%, 04/22/2024		18,490,000		18,132,401
2.65%, 12/15/2024^(b)		7,772,000		7,494,366

				57,578,778

Food Products-1.17%
General Mills, Inc., 3.65%, 02/15/2024		6,161,000		6,056,598
Hormel Foods Corp., 0.65%, 06/03/2024		11,708,000		11,058,140
McCormick & Co., Inc., 3.15%, 08/15/2024		8,631,000		8,343,200
Mondelez International, Inc., 2.13%, 03/17/2024^(b)		6,165,000		5,974,760
Tyson Foods, Inc., 3.95%, 08/15/2024		15,410,000		15,104,056

				46,536,754

Gas Utilities-0.49%
Eastern Energy Gas Holdings LLC, Series A, 2.50%, 11/15/2024^(b)		7,368,000		7,034,117
ONE Gas, Inc., 1.10%, 03/11/2024		6,708,000		6,416,551
Southern California Gas Co., 3.15%, 09/15/2024		6,160,000		5,953,969

				19,404,637

Health Care Equipment & Supplies-1.61%
Baxter International, Inc., 1.32%, 11/29/2024		17,070,000		15,905,845
Becton, Dickinson and Co.
3.36%, 06/06/2024		12,404,000		12,090,529
3.73%, 12/15/2024		10,785,000		10,488,110

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


		11

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

February 28, 2023

(Unaudited)


	Principal Amount		Value
Health Care Equipment & Supplies-(continued)
DH Europe Finance II S.a.r.l., 2.20%, 11/15/2024^(b)	$	8,631,000	$	8,216,786
Stryker Corp., 3.38%, 05/15/2024		7,398,000		7,222,545
Zimmer Biomet Holdings, Inc., 1.45%, 11/22/2024^(b)		10,475,000		9,767,044

				63,690,859

Health Care Providers & Services-3.62%
Aetna, Inc., 3.50%, 11/15/2024		9,400,000		9,111,144
AmerisourceBergen Corp., 3.40%, 05/15/2024		6,165,000		6,013,845
Cardinal Health, Inc., 3.08%, 06/15/2024		9,242,000		8,952,740
Cigna Group (The)
0.61%, 03/15/2024		6,165,000		5,871,644
3.50%, 06/15/2024		8,792,000		8,580,759
CommonSpirit Health, 2.76%, 10/01/2024		9,477,000		9,098,531
CVS Health Corp., 3.38%, 08/12/2024		8,399,000		8,159,413
Elevance Health, Inc.
3.50%, 08/15/2024		9,860,000		9,596,411
3.35%, 12/01/2024^(b)		10,480,000		10,140,473
HCA, Inc., 5.00%, 03/15/2024^(b)		24,650,000		24,492,287
Humana, Inc., 3.85%, 10/01/2024		7,398,000		7,223,512
Laboratory Corp. of America Holdings, 3.25%, 09/01/2024		7,398,000		7,159,963
McKesson Corp., 3.80%, 03/15/2024^(b)		11,229,000		11,051,097
UnitedHealth Group, Inc.
0.55%, 05/15/2024		12,330,000		11,648,194
5.00%, 10/15/2024		6,167,000		6,163,645

				143,263,658

Hotels, Restaurants & Leisure-0.37%
Hyatt Hotels Corp., 1.80%, 10/01/2024		9,195,000		8,677,477
McDonald’s Corp., 3.25%, 06/10/2024		6,160,000		6,022,263

				14,699,740

Household Durables-0.35%
D.R. Horton, Inc., 2.50%, 10/15/2024		6,165,000		5,880,149
Lennar Corp., 4.50%, 04/30/2024		8,009,000		7,905,676

				13,785,825

Household Products-0.15%
Colgate-Palmolive Co., 3.25%, 03/15/2024^(b)		6,115,000		5,999,633

Insurance-1.55%
American International Group, Inc., 4.13%, 02/15/2024		5,700,000		5,626,399
Aon Global Ltd., 3.50%, 06/14/2024		7,400,000		7,224,456
Brown & Brown, Inc., 4.20%, 09/15/2024		6,205,000		6,076,303
Chubb INA Holdings, Inc., 3.35%, 05/15/2024^(b)		8,700,000		8,502,952
CNA Financial Corp., 3.95%, 05/15/2024		6,900,000		6,781,775
Marsh & McLennan Cos., Inc., 3.50%, 06/03/2024		7,398,000		7,218,018


	Principal Amount		Value
Insurance-(continued)
MetLife, Inc., 3.60%, 04/10/2024	$	12,230,000	$	11,969,118
Willis North America, Inc., 3.60%, 05/15/2024		8,200,000		7,990,019

				61,389,040

Interactive Media & Services-0.26%
Alphabet, Inc., 3.38%, 02/25/2024		10,600,000		10,416,611

Internet & Direct Marketing Retail-2.79%
Amazon.com, Inc.
2.73%, 04/13/2024^(b)		18,490,000		18,008,152
0.45%, 05/12/2024		30,813,000		29,159,527
2.80%, 08/22/2024		24,649,000		23,860,250
4.70%, 11/29/2024		15,410,000		15,330,182
3.80%, 12/05/2024		15,410,000		15,077,512
eBay, Inc., 3.45%, 08/01/2024		9,210,000		8,987,949

				110,423,572

IT Services-2.27%
Fidelity National Information Services, Inc., 0.60%, 03/01/2024		9,300,000		8,872,676
Fiserv, Inc., 2.75%, 07/01/2024		24,800,000		23,886,991
Global Payments, Inc., 1.50%, 11/15/2024		6,300,000		5,868,001
International Business Machines Corp., 3.63%, 02/12/2024		24,620,000		24,197,857
Mastercard, Inc., 3.38%, 04/01/2024		12,400,000		12,169,070
PayPal Holdings, Inc., 2.40%, 10/01/2024^(b)		15,500,000		14,845,279

				89,839,874

Leisure Products-0.15%
Hasbro, Inc., 3.00%, 11/19/2024^(b)		6,165,000		5,912,666

Life Sciences Tools & Services-0.95%
PerkinElmer, Inc., 0.85%, 09/15/2024		9,453,000		8,799,281
Thermo Fisher Scientific, Inc., 1.22%, 10/18/2024		30,813,000		28,887,332

				37,686,613

Machinery-4.25%
Caterpillar Financial Services Corp.
0.95%, 01/10/2024		14,790,000		14,256,915
0.45%, 05/17/2024		13,560,000		12,812,154
0.60%, 09/13/2024		9,302,000		8,682,417
2.15%, 11/08/2024^(b)		12,330,000		11,760,991
3.25%, 12/01/2024^(b)		7,690,000		7,471,435
Caterpillar, Inc., 3.40%, 05/15/2024		12,330,000		12,085,489
CNH Industrial Capital LLC, 4.20%, 01/15/2024		6,160,000		6,094,270
Illinois Tool Works, Inc., 3.50%, 03/01/2024		8,630,000		8,515,973
John Deere Capital Corp.
0.90%, 01/10/2024		6,161,000		5,937,388
0.45%, 01/17/2024		9,860,000		9,457,942
0.45%, 06/07/2024^(b)		7,400,000		6,970,766
3.35%, 06/12/2024		6,300,000		6,158,226
2.65%, 06/24/2024		7,400,000		7,163,905
0.63%, 09/10/2024^(b)		6,160,000		5,761,103
4.55%, 10/11/2024^(b)		7,393,000		7,341,444

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


		12

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

February 28, 2023

(Unaudited)


	Principal Amount		Value
Machinery-(continued)
Parker-Hannifin Corp.
3.65%, 06/15/2024	$	17,260,000	$	16,878,310
3.30%, 11/21/2024		6,160,000		5,961,503
Trane Technologies Luxembourg Finance
S.A., 3.55%, 11/01/2024		6,300,000		6,119,856
Wabtec Corp., 4.40%, 03/15/2024		8,940,000		8,810,902

				168,240,989

Media-0.80%
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., 4.50%, 02/01/2024		13,600,000		13,434,978
Omnicom Group, Inc./Omnicom Capital, Inc., 3.65%, 11/01/2024		9,300,000		9,028,413
WPP Finance 2010 (United Kingdom), 3.75%, 09/19/2024		9,300,000		9,025,714

				31,489,105

Metals & Mining-0.22%
Freeport-McMoRan, Inc., 4.55%, 11/14/2024		9,001,000		8,842,687

Multiline Retail-0.53%
Dollar General Corp., 4.25%, 09/20/2024		9,242,000		9,083,531
Target Corp., 3.50%, 07/01/2024^(b)		12,329,000		12,058,058

				21,141,589

Multi-Utilities-0.35%
Black Hills Corp., 1.04%, 08/23/2024		7,398,000		6,916,568
WEC Energy Group, Inc., 0.80%, 03/15/2024^(b)		7,398,000		7,049,431

				13,965,999

Oil, Gas & Consumable Fuels-8.07%
Boardwalk Pipelines L.P., 4.95%, 12/15/2024		7,338,000		7,222,315
Canadian Natural Resources Ltd. (Canada), 3.80%, 04/15/2024^(b)		6,155,000		6,034,724
Chevron Corp., 2.90%, 03/03/2024		12,399,000		12,126,246
Chevron USA, Inc., 3.90%, 11/15/2024^(b)		7,709,000		7,565,385
ConocoPhillips Co.
2.13%, 03/08/2024		11,196,000		10,852,322
3.35%, 11/15/2024		5,210,000		5,059,151
Continental Resources, Inc., 3.80%, 06/01/2024^(b)		11,010,000		10,748,665
Enbridge, Inc. (Canada), 3.50%, 06/10/2024^(b)		6,160,000		6,003,696
Energy Transfer L.P.
4.25%, 04/01/2024		6,160,000		6,065,181
3.90%, 05/15/2024		7,390,000		7,222,861
Enterprise Products Operating LLC, 3.90%, 02/15/2024		10,600,000		10,438,390
Equinor ASA (Norway), 3.70%, 03/01/2024^(b)		12,500,000		12,310,699
Exxon Mobil Corp.
3.18%, 03/15/2024		12,330,000		12,082,477
2.02%, 08/16/2024^(b)		12,501,000		11,955,323


	Principal Amount		Value
Oil, Gas & Consumable Fuels-(continued)
Kinder Morgan Energy Partners L.P.
4.15%, 02/01/2024	$	8,010,000	$	7,903,846
4.30%, 05/01/2024		7,498,000		7,393,033
4.25%, 09/01/2024		8,099,000		7,940,464
Marathon Petroleum Corp., 3.63%, 09/15/2024		9,232,000		8,993,080
MPLX L.P., 4.88%, 12/01/2024		14,159,000		13,971,888
Phillips 66, 0.90%, 02/15/2024		10,003,000		9,577,791
Plains All American Pipeline L.P./PAA Finance Corp., 3.60%, 11/01/2024		9,302,000		9,004,212
Sabine Pass Liquefaction LLC, 5.75%, 05/15/2024^(b)		24,626,000		24,624,348
Shell International Finance B.V. (Netherlands), 2.00%, 11/07/2024^(b)		15,405,000		14,646,277
Spectra Energy Partners L.P., 4.75%, 03/15/2024		12,330,000		12,225,083
Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 6.88%, 01/15/2029		8,340,000		8,453,007
TotalEnergies Capital International S.A. (France)
3.70%, 01/15/2024		12,500,000		12,322,791
3.75%, 04/10/2024		15,500,000		15,235,422
TransCanada PipeLines Ltd. (Canada), 1.00%, 10/12/2024		15,497,000		14,390,656
Williams Cos., Inc. (The)
4.30%, 03/04/2024		12,503,000		12,347,564
4.55%, 06/24/2024		15,500,000		15,291,016

				320,007,913

Paper & Forest Products-0.16%
Georgia-Pacific LLC, 8.00%, 01/15/2024		6,160,000		6,292,880

Personal Products-0.95%
Estee Lauder Cos., Inc. (The), 2.00%, 12/01/2024		6,159,000		5,843,223
GSK Consumer Healthcare Capital US LLC, 3.02%, 03/24/2024		8,200,000		7,975,980
Unilever Capital Corp. (United Kingdom)
3.25%, 03/07/2024^(b)		6,130,000		6,011,087
2.60%, 05/05/2024		12,323,000		11,953,721
0.63%, 08/12/2024		6,130,000		5,740,648

				37,524,659

Pharmaceuticals-1.59%
Astrazeneca Finance LLC (United Kingdom), 0.70%, 05/28/2024		19,797,000		18,731,637
Novartis Capital Corp. (Switzerland), 3.40%, 05/06/2024		26,500,000		25,970,181
Pfizer, Inc., 3.40%, 05/15/2024		12,330,000		12,079,285
Wyeth LLC, 6.45%, 02/01/2024		6,165,000		6,220,662

				63,001,765

Professional Services-0.22%
Equifax, Inc., 2.60%, 12/01/2024		9,300,000		8,848,353

Road & Rail-0.97%
Burlington Northern Santa Fe LLC
3.75%, 04/01/2024^(b)		6,180,000		6,080,942
3.40%, 09/01/2024^(b)		8,800,000		8,571,507

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


		13

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

February 28, 2023

(Unaudited)


	Principal Amount		Value
Road & Rail-(continued)
Canadian Pacific Railway Co. (Canada), 1.35%, 12/02/2024^(b)	$	18,500,000	$	17,251,974
CSX Corp., 3.40%, 08/01/2024		6,780,000		6,601,481

				38,505,904

Semiconductors & Semiconductor Equipment-2.18%
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.63%, 01/15/2024		10,300,000		10,148,810
Intel Corp.
2.88%, 05/11/2024^(b)		15,490,000		15,074,067
2.70%, 06/17/2024		590,000		569,960
KLA Corp., 4.65%, 11/01/2024		9,300,000		9,257,704
Microchip Technology, Inc., 0.97%, 02/15/2024		17,300,000		16,537,235
NVIDIA Corp., 0.58%, 06/14/2024^(b)		15,500,000		14,618,828
QUALCOMM, Inc., 2.90%, 05/20/2024^(b)		11,400,000		11,094,649
Xilinx, Inc., 2.95%, 06/01/2024		9,300,000		9,037,191

				86,338,444

Software-2.71%
Microsoft Corp., 2.88%, 02/06/2024		28,000,000		27,398,826
Oracle Corp.
3.40%, 07/08/2024		24,800,000		24,144,744
2.95%, 11/15/2024		24,800,000		23,787,642
Roper Technologies, Inc., 2.35%, 09/15/2024^(b)		6,160,000		5,882,977
salesforce.com, inc., 0.63%, 07/15/2024^(b)		12,400,000		11,658,009
VMware, Inc., 1.00%, 08/15/2024		15,500,000		14,488,260

				107,360,458

Specialty Retail-0.64%
Dell International LLC/EMC Corp., 4.00%, 07/15/2024		12,398,000		12,152,895
Home Depot, Inc. (The), 3.75%, 02/15/2024		13,560,000		13,385,839

				25,538,734

Technology Hardware, Storage & Peripherals-2.36%
Apple, Inc.
3.00%, 02/09/2024		21,698,000		21,264,945
3.45%, 05/06/2024^(b)		31,000,000		30,442,115
2.85%, 05/11/2024^(b)		21,698,000		21,150,481
1.80%, 09/11/2024^(b)		9,300,000		8,864,978
Hewlett Packard Enterprise Co., 1.45%, 04/01/2024		12,400,000		11,866,987

				93,589,506

Tobacco-1.07%
Altria Group, Inc., 4.00%, 01/31/2024		9,567,000		9,452,238
BAT Capital Corp. (United Kingdom), 2.79%, 09/06/2024		12,330,000		11,823,726

Investment Abbreviations:

REIT-Real Estate Investment Trust


	Principal Amount		Value
Tobacco-(continued)
Philip Morris International, Inc.
3.25%, 11/10/2024^(b)	$	9,300,000	$	9,006,329
5.13%, 11/15/2024^(b)		12,330,000		12,298,846

				42,581,139

Trading Companies & Distributors-0.55%
Air Lease Corp.
0.70%, 02/15/2024		9,300,000		8,865,244
0.80%, 08/18/2024		7,496,000		6,964,428
4.25%, 09/15/2024^(b)		6,160,000		6,038,053

				21,867,725

Wireless Telecommunication Services-1.03%
Sprint LLC, 7.13%, 06/15/2024		30,900,000		31,317,150
Vodafone Group PLC (United Kingdom), 3.75%, 01/16/2024		9,700,000		9,567,236

				40,884,386

Total U.S. Dollar Denominated Bonds & Notes (Cost $4,048,372,262)				3,925,774,397

	Shares
Money Market Funds-0.09%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%^(c)(d) (Cost $3,355,467)		3,355,467		3,355,467

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.13% (Cost $4,051,727,729)				3,929,129,864


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-5.75%
Invesco Private Government Fund, 4.58%^(c)(d)(e)		63,822,483		63,822,483
Invesco Private Prime Fund, 4.83%^(c)(d)(e)		164,082,141		164,114,952

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $227,940,974)				227,937,435

TOTAL INVESTMENTS IN SECURITIES-104.88% (Cost $4,279,668,703)				4,157,067,299
OTHER ASSETS LESS LIABILITIES-(4.88)%				(193,295,474	)

NET ASSETS-100.00%			$	3,963,771,825

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


		14

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

February 28, 2023

(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, 2023.

^(c)


	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 28, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	6,400,109		$	77,499,310		$	(80,543,952	)		$	-			$	-		$	3,355,467		$	191,403

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			28,975,256			218,396,087			(183,548,860	)			-				-			63,822,483			1,150,250	*

Invesco Private Prime Fund			75,151,379			507,177,896			(418,242,697	)			(8,242	)			36,616			164,114,952			3,138,089	*


Total		$	110,526,744		$	803,073,293		$	(682,335,509	)		$	(8,242	)		$	36,616		$	231,292,902		$	4,479,742

*	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, 2023.

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


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2023

Financials			33.94

Information Technology			10.55

Health Care			9.84

Consumer Discretionary			9.81

Industrials			8.23

Energy			8.07

Consumer Staples			6.16

Communication Services			4.34

Utilities			4.00

Sector Types Each Less Than 3%			4.10

Money Market Funds Plus Other Assets Less Liabilities			0.96

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


		15

Invesco BulletShares 2025 Corporate Bond ETF (BSCP)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-99.01%
Aerospace & Defense-2.47%
Boeing Co. (The), 4.88%, 05/01/2025	$	20,578,000	$	20,297,365
General Dynamics Corp.
3.25%, 04/01/2025		4,405,000		4,243,726
3.50%, 05/15/2025		4,405,000		4,262,445
Howmet Aerospace, Inc., 6.88%, 05/01/2025^(b)		3,532,000		3,597,201
L3Harris Technologies, Inc., 3.83%, 04/27/2025		3,530,000		3,412,089
Lockheed Martin Corp., 4.95%, 10/15/2025		2,940,000		2,946,015
Northrop Grumman Corp., 2.93%, 01/15/2025		8,816,000		8,443,624
Precision Castparts Corp., 3.25%, 06/15/2025^(b)		4,998,000		4,810,451
Raytheon Technologies Corp., 3.95%, 08/16/2025		8,816,000		8,570,992

				60,583,908

Air Freight & Logistics-0.23%
United Parcel Service, Inc., 3.90%, 04/01/2025^(b)		5,880,000		5,748,610

Airlines-0.31%
Southwest Airlines Co., 5.25%, 05/04/2025^(b)		7,660,000		7,631,996

Auto Components-0.27%
BorgWarner, Inc., 3.38%, 03/15/2025^(b)		2,940,000		2,821,317
Magna International, Inc. (Canada), 4.15%, 10/01/2025		3,818,000		3,703,627

				6,524,944

Automobiles-5.42%
American Honda Finance Corp.
1.50%, 01/13/2025^(b)		6,462,000		6,049,364
1.20%, 07/08/2025		4,405,000		4,017,826
1.00%, 09/10/2025^(b)		4,405,000		3,978,173
General Motors Co.
4.00%, 04/01/2025^(b)		2,943,000		2,851,162
6.13%, 10/01/2025		11,761,000		11,892,108
General Motors Financial Co., Inc.
4.00%, 01/15/2025		5,880,000		5,702,067
2.90%, 02/26/2025		7,350,000		6,964,748
3.80%, 04/07/2025^(b)		6,462,000		6,219,162
4.35%, 04/09/2025		5,881,000		5,713,506
2.75%, 06/20/2025		7,350,000		6,897,805
4.30%, 07/13/2025		4,706,000		4,570,774
6.05%, 10/10/2025^(b)		7,350,000		7,412,121
Honda Motor Co. Ltd. (Japan), 2.27%, 03/10/2025		5,881,000		5,555,220
PACCAR Financial Corp., 3.55%, 08/11/2025		3,530,000		3,416,494


	Principal Amount		Value
Automobiles-(continued)
Toyota Motor Credit Corp.
4.80%, 01/10/2025^(b)	$	7,050,000	$	7,016,060
1.45%, 01/13/2025^(b)		6,760,000		6,330,480
1.80%, 02/13/2025		8,230,000		7,717,809
3.00%, 04/01/2025		7,350,000		7,037,723
3.40%, 04/14/2025		2,940,000		2,836,792
3.95%, 06/30/2025^(b)		7,646,000		7,463,568
3.65%, 08/18/2025^(b)		4,405,000		4,254,279
0.80%, 10/16/2025^(b)		5,880,000		5,275,788
5.40%, 11/10/2025^(b)		3,820,000		3,858,833

				133,031,862

Banks-16.94%
Banco Santander S.A. (Spain)
3.50%, 03/24/2025		7,400,000		7,119,547
2.75%, 05/28/2025		8,800,000		8,249,976
5.15%, 08/18/2025		10,200,000		10,078,709
Bank of America Corp.
4.00%, 01/22/2025		14,701,000		14,329,136
3.88%, 08/01/2025^(b)		10,537,000		10,238,742
Series L, 3.95%, 04/21/2025		14,701,000		14,255,966
Bank of Montreal (Canada)
1.50%, 01/10/2025^(b)		7,933,000		7,395,246
3.70%, 06/07/2025^(b)		7,646,000		7,395,517
Bank of Nova Scotia (The) (Canada)
1.45%, 01/10/2025^(b)		7,933,000		7,387,750
3.45%, 04/11/2025^(b)		10,284,000		9,878,387
Canadian Imperial Bank of Commerce (Canada)
3.30%, 04/07/2025		7,934,000		7,613,059
3.95%, 08/04/2025		7,934,000		7,688,389
Citigroup, Inc.
3.88%, 03/26/2025		5,880,000		5,695,239
3.30%, 04/27/2025		8,820,000		8,445,652
4.40%, 06/10/2025		14,701,000		14,389,993
5.50%, 09/13/2025		8,349,000		8,368,505
Citizens Bank N.A., 2.25%, 04/28/2025^(b)		4,410,000		4,124,010
Cooperatieve Rabobank U.A. (Netherlands)
1.38%, 01/10/2025		5,930,000		5,536,102
5.00%, 01/13/2025		5,880,000		5,865,580
4.38%, 08/04/2025		8,820,000		8,549,485
Fifth Third Bancorp, 2.38%, 01/28/2025		4,405,000		4,161,763
Fifth Third Bank N.A., 3.95%, 07/28/2025		4,450,000		4,333,358
HSBC Holdings PLC (United Kingdom), 4.25%, 08/18/2025^(b)		8,820,000		8,515,969
Huntington Bancshares, Inc., 4.00%, 05/15/2025		2,941,000		2,856,390
JPMorgan Chase & Co.
3.13%, 01/23/2025^(b)		14,701,000		14,170,642
3.90%, 07/15/2025		14,700,000		14,284,718
KeyBank N.A.
3.30%, 06/01/2025^(b)		4,510,000		4,319,407
4.15%, 08/08/2025		7,350,000		7,171,398

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


		16

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

February 28, 2023

(Unaudited)


	Principal Amount		Value
Banks-(continued)
Lloyds Banking Group PLC (United Kingdom), 4.58%, 12/10/2025^(b)	$	7,810,000	$	7,517,696
Manufacturers & Traders Trust Co., 5.40%, 11/21/2025		3,062,000		3,065,730
Mitsubishi UFJ Financial Group, Inc. (Japan)
2.19%, 02/25/2025		15,284,000		14,325,442
3.78%, 03/02/2025^(b)		4,405,000		4,267,005
1.41%, 07/17/2025		10,290,000		9,351,541
National Bank of Canada (Canada), 5.25%, 01/17/2025		4,410,000		4,397,387
PNC Bank N.A., 3.25%, 06/01/2025		5,925,000		5,685,794
Regions Financial Corp., 2.25%, 05/18/2025^(b)		4,410,000		4,123,830
Royal Bank of Canada (Canada)
1.60%, 01/21/2025^(b)		5,881,000		5,515,330
3.38%, 04/14/2025^(b)		8,229,000		7,917,725
Santander Holdings USA, Inc.
3.45%, 06/02/2025		5,880,000		5,594,960
4.50%, 07/17/2025		6,466,000		6,284,446
Sumitomo Mitsui Banking Corp. (Japan), 3.65%, 07/23/2025		2,110,000		2,022,526
Sumitomo Mitsui Financial Group, Inc. (Japan)
2.35%, 01/15/2025^(b)		7,350,000		6,934,484
1.47%, 07/08/2025^(b)		13,820,000		12,580,967
Toronto-Dominion Bank (The) (Canada)
1.45%, 01/10/2025^(b)		4,706,000		4,394,856
3.77%, 06/06/2025		9,700,000		9,368,765
Truist Bank
1.50%, 03/10/2025		7,350,000		6,827,618
3.63%, 09/16/2025		7,350,000		7,062,824
Truist Financial Corp.
4.00%, 05/01/2025		5,000,000		4,874,771
3.70%, 06/05/2025		5,880,000		5,689,262
1.20%, 08/05/2025		4,405,000		4,009,011
U.S. Bancorp, 1.45%, 05/12/2025		8,816,000		8,137,930
U.S. Bank N.A., 2.05%, 01/21/2025		5,880,000		5,552,626
Wells Fargo & Co.
3.00%, 02/19/2025^(b)		14,701,000		14,080,131
3.55%, 09/29/2025		14,700,000		14,076,726

				416,078,018

Beverages-1.12%
Diageo Capital PLC (United Kingdom)
1.38%, 09/29/2025		4,410,000		4,011,284
5.20%, 10/24/2025^(b)		2,850,000		2,873,425
Keurig Dr Pepper, Inc., 3.40%, 11/15/2025		2,940,000		2,801,190
PepsiCo, Inc.
2.25%, 03/19/2025		8,816,000		8,356,050
2.75%, 04/30/2025		5,880,000		5,615,842
3.50%, 07/17/2025^(b)		4,118,000		3,987,111

				27,644,902

Biotechnology-2.20%
AbbVie, Inc., 3.60%, 05/14/2025		22,045,000		21,220,654
Amgen, Inc.
1.90%, 02/21/2025		2,940,000		2,750,143
3.13%, 05/01/2025^(b)		5,880,000		5,615,028


	Principal Amount		Value
Biotechnology-(continued)
Baxalta, Inc., 4.00%, 06/23/2025	$	4,703,000	$	4,562,328
Biogen, Inc., 4.05%, 09/15/2025		10,284,000		9,960,664
Gilead Sciences, Inc., 3.50%, 02/01/2025		10,284,000		9,966,848

				54,075,665

Building Products-0.11%
Fortune Brands Innovations, Inc., 4.00%, 06/15/2025		2,940,000		2,836,973

Capital Markets-8.10%
Ameriprise Financial, Inc., 3.00%, 04/02/2025^(b)		2,940,000		2,813,907
Ares Capital Corp.
4.25%, 03/01/2025		3,524,000		3,384,151
3.25%, 07/15/2025		7,350,000		6,841,681
Bank of New York Mellon Corp. (The)
1.60%, 04/24/2025		7,348,000		6,815,887
3.35%, 04/25/2025^(b)		5,583,000		5,374,373
Series G, 3.00%, 02/24/2025^(b)		4,405,000		4,228,096
Brookfield Corp. (Canada), 4.00%, 01/15/2025		2,980,000		2,911,907
Charles Schwab Corp. (The)
4.20%, 03/24/2025^(b)		3,530,000		3,463,740
3.85%, 05/21/2025^(b)		4,410,000		4,288,799
CME Group, Inc., 3.00%, 03/15/2025		4,410,000		4,243,948
Credit Suisse AG (Switzerland)
7.95%, 01/09/2025		7,350,000		7,426,181
3.70%, 02/21/2025		11,710,000		10,904,653
2.95%, 04/09/2025		7,445,000		6,763,661
Deutsche Bank AG (Germany)
4.50%, 04/01/2025^(b)		8,820,000		8,508,381
4.16%, 05/13/2025		2,990,000		2,915,635
Goldman Sachs Group, Inc. (The)
3.50%, 01/23/2025		14,700,000		14,210,977
3.50%, 04/01/2025		20,580,000		19,830,823
3.75%, 05/22/2025		13,231,000		12,789,445
4.25%, 10/21/2025^(b)		11,762,000		11,398,875
Moody’s Corp., 3.75%, 03/24/2025		4,114,000		3,981,473
Morgan Stanley
4.00%, 07/23/2025		17,641,000		17,198,996
5.00%, 11/24/2025		11,762,000		11,646,367
Nomura Holdings, Inc. (Japan)
5.10%, 07/03/2025		4,710,000		4,672,233
1.85%, 07/16/2025^(b)		8,820,000		8,050,319
Northern Trust Corp., 3.95%, 10/30/2025		4,405,000		4,262,833
Owl Rock Capital Corp., 3.75%, 07/22/2025		2,940,000		2,751,333
State Street Corp., 3.55%, 08/18/2025		7,646,000		7,375,656

				199,054,330

Chemicals-1.18%
Air Products and Chemicals, Inc., 1.50%, 10/15/2025		3,230,000		2,948,232
Celanese US Holdings LLC, 6.05%, 03/15/2025^(b)		10,284,000		10,249,809
Eastman Chemical Co., 3.80%, 03/15/2025		4,118,000		3,987,538
EIDP, Inc., 1.70%, 07/15/2025		2,940,000		2,710,819

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


		17

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

February 28, 2023

(Unaudited)


	Principal Amount		Value
Chemicals-(continued)
Linde, Inc., 4.70%, 12/05/2025^(b)	$	3,530,000	$	3,519,666
LYB International Finance III LLC, 1.25%, 10/01/2025		2,890,000		2,589,205
Nutrien Ltd. (Canada), 5.95%, 11/07/2025^(b)		2,936,000		2,975,178

				28,980,447

Commercial Services & Supplies-0.32%
Republic Services, Inc., 3.20%, 03/15/2025		2,940,000		2,816,344
Waste Management, Inc.
3.13%, 03/01/2025^(b)		2,480,000		2,381,712
0.75%, 11/15/2025^(b)		2,940,000		2,615,915

				7,813,971

Communications Equipment-0.12%
Cisco Systems, Inc., 3.50%, 06/15/2025 .		2,943,000		2,853,627

Consumer Finance-2.73%
Ally Financial, Inc.
4.63%, 03/30/2025		2,940,000		2,878,972
5.80%, 05/01/2025^(b)		4,410,000		4,415,994
5.75%, 11/20/2025^(b)		6,170,000		6,044,698
American Express Co.
2.25%, 03/04/2025		10,284,000		9,675,445
3.95%, 08/01/2025		13,229,000		12,845,133
Capital One Financial Corp.
3.20%, 02/05/2025		5,880,000		5,637,526
4.25%, 04/30/2025		4,410,000		4,296,865
4.20%, 10/29/2025		8,821,000		8,520,673
Discover Financial Services, 3.75%, 03/04/2025		2,940,000		2,828,387
Synchrony Financial
4.88%, 06/13/2025		4,405,000		4,288,497
4.50%, 07/23/2025		5,880,000		5,665,643

				67,097,833

Containers & Packaging-0.25%
Amcor Flexibles North America, Inc., 4.00%, 05/17/2025		2,940,000		2,840,734
WRKCo, Inc., 3.75%, 03/15/2025		3,530,000		3,412,132

				6,252,866

Distributors-0.11%
Genuine Parts Co., 1.75%, 02/01/2025^(b)		2,940,000		2,744,055

Diversified Consumer Services-0.11%
Yale University, Series 2020, 0.87%, 04/15/2025		2,940,000		2,699,568

Diversified Financial Services-1.20%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)
3.50%, 01/15/2025		4,700,000		4,480,729
6.50%, 07/15/2025		7,351,000		7,380,110
4.45%, 10/01/2025		3,523,000		3,386,636
Blackstone Private Credit Fund, 4.70%, 03/24/2025^(b)		5,266,000		5,081,616


	Principal Amount		Value
Diversified Financial Services-(continued)
National Rural Utilities Cooperative Finance Corp.
2.85%, 01/27/2025	$	2,940,000	$	2,813,269
1.88%, 02/07/2025^(b)		3,530,000		3,309,343
5.45%, 10/30/2025		2,940,000		2,952,253

				29,403,956

Diversified Telecommunication Services-0.61%
Verizon Communications, Inc.
3.38%, 02/15/2025^(b)		7,827,000		7,558,141
0.85%, 11/20/2025^(b)		8,251,000		7,366,503

				14,924,644

Electric Utilities-2.70%
Avangrid, Inc., 3.20%, 04/15/2025^(b)		4,410,000		4,192,421
Berkshire Hathaway Energy Co., 4.05%, 04/15/2025		7,320,000		7,162,773
Constellation Energy Generation LLC, 3.25%, 06/01/2025		5,290,000		5,031,595
Duke Energy Corp.
0.90%, 09/15/2025		3,821,000		3,419,006
5.00%, 12/08/2025		2,940,000		2,922,574
Duke Energy Progress LLC, 3.25%, 08/15/2025		2,940,000		2,807,064
Entergy Corp., 0.90%, 09/15/2025		4,700,000		4,182,130
Exelon Corp., 3.95%, 06/15/2025		4,742,000		4,592,695
Florida Power & Light Co.
2.85%, 04/01/2025		6,470,000		6,197,158
3.13%, 12/01/2025^(b)		3,532,000		3,361,817
NextEra Energy Capital Holdings, Inc., 4.45%, 06/20/2025		5,880,000		5,756,322
Pacific Gas and Electric Co., 3.45%, 07/01/2025^(b)		5,140,000		4,832,446
Pinnacle West Capital Corp., 1.30%, 06/15/2025		2,940,000		2,665,870
Southern Co. (The), 5.15%, 10/06/2025		2,940,000		2,929,789
Southern Power Co., 4.15%, 12/01/2025		2,940,000		2,871,498
Xcel Energy, Inc., 3.30%, 06/01/2025		3,530,000		3,371,811

				66,296,969

Electrical Equipment-0.11%
Emerson Electric Co., 3.15%, 06/01/2025		2,940,000		2,818,911

Electronic Equipment, Instruments & Components-0.14%
CDW LLC/CDW Finance Corp., 4.13%, 05/01/2025		3,532,000		3,376,501

Energy Equipment & Services-0.20%
Halliburton Co., 3.80%, 11/15/2025		2,348,000		2,271,935
Schlumberger Finance Canada Ltd., 1.40%, 09/17/2025		2,940,000		2,689,646

				4,961,581

Entertainment-0.91%
Netflix, Inc., 5.88%, 02/15/2025		4,700,000		4,736,307
Take-Two Interactive Software, Inc., 3.55%, 04/14/2025		3,530,000		3,390,216

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


		18

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

February 28, 2023

(Unaudited)


	Principal Amount		Value
Entertainment-(continued)
TWDC Enterprises 18 Corp., 3.15%, 09/17/2025	$	4,413,000	$	4,199,967
Walt Disney Co. (The), 3.35%, 03/24/2025^(b)		10,290,000		9,945,264

				22,271,754

Equity REITs-3.12%
Alexandria Real Estate Equities, Inc., 3.45%, 04/30/2025^(b)		3,524,000		3,381,259
American Tower Corp.
2.40%, 03/15/2025		4,405,000		4,136,668
4.00%, 06/01/2025		4,405,000		4,266,130
1.30%, 09/15/2025^(b)		2,940,000		2,644,648
AvalonBay Communities, Inc., 3.45%, 06/01/2025		3,089,000		2,967,131
Boston Properties L.P., 3.20%, 01/15/2025		4,999,000		4,777,014
Brixmor Operating Partnership L.P., 3.85%, 02/01/2025		4,120,000		3,952,804
Crown Castle, Inc., 1.35%, 07/15/2025		2,940,000		2,671,453
Equinix, Inc., 1.00%, 09/15/2025^(b)		4,118,000		3,678,808
Essex Portfolio L.P., 3.50%, 04/01/2025		2,940,000		2,827,757
GLP Capital L.P./GLP Financing II, Inc., 5.25%, 06/01/2025		5,000,000		4,899,886
Healthpeak Properties Interim, Inc., 4.00%, 06/01/2025		2,660,000		2,582,830
Host Hotels & Resorts L.P., Series E, 4.00%, 06/15/2025		2,943,000		2,865,119
Kimco Realty OP LLC, 3.30%, 02/01/2025		2,940,000		2,819,729
Realty Income Corp.
3.88%, 04/15/2025		2,940,000		2,855,082
4.63%, 11/01/2025		3,200,000		3,146,373
Simon Property Group L.P., 3.50%, 09/01/2025		6,470,000		6,207,678
SITE Centers Corp., 3.63%, 02/01/2025		2,690,000		2,554,387
Ventas Realty L.P., 3.50%, 02/01/2025		3,524,000		3,385,864
VICI Properties L.P., 4.38%, 05/15/2025		2,940,000		2,832,131
Welltower OP LLC, 4.00%, 06/01/2025		7,352,000		7,111,052

				76,563,803

Food & Staples Retailing-0.79%
Sysco Corp., 3.75%, 10/01/2025		4,405,000		4,244,878
Walmart, Inc.
3.55%, 06/26/2025^(b)		5,139,000		5,013,903
3.90%, 09/09/2025^(b)		10,291,000		10,088,649

				19,347,430

Food Products-1.09%
Bunge Ltd. Finance Corp., 1.63%, 08/17/2025		3,524,000		3,213,739
Campbell Soup Co., 3.95%, 03/15/2025		5,000,000		4,870,336
General Mills, Inc., 4.00%, 04/17/2025		4,706,000		4,584,163
JM Smucker Co. (The), 3.50%, 03/15/2025		5,880,000		5,664,957


	Principal Amount		Value
Food Products-(continued)
Mead Johnson Nutrition Co. (United Kingdom), 4.13%, 11/15/2025	$	4,409,000	$	4,284,379
Mondelez International, Inc., 1.50%, 05/04/2025		4,410,000		4,067,120

				26,684,694

Health Care Equipment & Supplies-0.85%
Abbott Laboratories, 2.95%, 03/15/2025		5,880,000		5,649,633
Boston Scientific Corp., 1.90%, 06/01/2025		2,940,000		2,733,583
Stryker Corp.
1.15%, 06/15/2025		3,821,000		3,482,976
3.38%, 11/01/2025		4,410,000		4,215,665
Zimmer Biomet Holdings, Inc., 3.55%, 04/01/2025		5,076,000		4,886,218

				20,968,075

Health Care Providers & Services-4.29%
AmerisourceBergen Corp., 3.25%, 03/01/2025		2,940,000		2,816,224
Cardinal Health, Inc., 3.75%, 09/15/2025^(b)		2,940,000		2,824,557
Cigna Group (The)
3.25%, 04/15/2025		4,450,000		4,276,420
4.13%, 11/15/2025		12,928,000		12,577,954
CVS Health Corp.
4.10%, 03/25/2025^(b)		5,585,000		5,471,695
3.88%, 07/20/2025		16,627,000		16,115,342
Elevance Health, Inc., 2.38%, 01/15/2025		7,348,000		6,959,467
HCA, Inc.
5.38%, 02/01/2025		15,290,000		15,152,608
5.25%, 04/15/2025		8,231,000		8,153,145
Humana, Inc., 4.50%, 04/01/2025		3,530,000		3,470,404
Laboratory Corp. of America Holdings, 3.60%, 02/01/2025		5,880,000		5,673,763
McKesson Corp., 0.90%, 12/03/2025^(b)		2,940,000		2,631,995
Quest Diagnostics, Inc., 3.50%, 03/30/2025		3,529,000		3,398,341
UnitedHealth Group, Inc.
3.75%, 07/15/2025		11,762,000		11,415,882
5.15%, 10/15/2025		4,413,000		4,422,703

				105,360,500

Hotels, Restaurants & Leisure-1.09%
Booking Holdings, Inc., 3.65%, 03/15/2025		2,940,000		2,844,750
Las Vegas Sands Corp., 2.90%, 06/25/2025^(b)		2,940,000		2,726,260
Marriott International, Inc., Series EE, 5.75%, 05/01/2025		3,530,000		3,558,924
McDonald’s Corp.
3.38%, 05/26/2025		4,116,000		3,958,024
3.30%, 07/01/2025^(b)		4,410,000		4,241,879
1.45%, 09/01/2025		2,940,000		2,688,159
Starbucks Corp., 3.80%, 08/15/2025		6,950,000		6,737,854

				26,755,850

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


		19

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

February 28, 2023

(Unaudited)


	Principal Amount		Value
Household Durables-0.34%
DR Horton, Inc., 2.60%, 10/15/2025	$	2,940,000	$	2,729,169
Lennar Corp., 4.75%, 05/30/2025		2,940,000		2,876,416
Newell Brands, Inc., 4.88%, 06/01/2025		2,940,000		2,852,212

				8,457,797

Household Products-0.33%
Colgate-Palmolive Co., 3.10%, 08/15/2025		2,940,000		2,825,230
Procter & Gamble Co. (The), 0.55%, 10/29/2025^(b)		5,880,000		5,272,062

				8,097,292

Industrial Conglomerates-0.68%
3M Co.
2.00%, 02/14/2025^(b)		4,410,000		4,146,849
2.65%, 04/15/2025^(b)		2,940,000		2,786,225
3.00%, 08/07/2025^(b)		3,230,000		3,070,147
Honeywell International, Inc., 1.35%, 06/01/2025^(b)		7,350,000		6,786,859

				16,790,080

Insurance-1.20%
Allstate Corp. (The), 0.75%, 12/15/2025^(b)		3,532,000		3,134,619
American International Group, Inc., 2.50%, 06/30/2025		6,476,000		6,098,832
Aon Global Ltd., 3.88%, 12/15/2025		4,413,000		4,253,712
Chubb INA Holdings, Inc., 3.15%, 03/15/2025		4,701,000		4,518,656
CNO Financial Group, Inc., 5.25%, 05/30/2025		2,943,000		2,903,457
Marsh & McLennan Cos., Inc., 3.50%, 03/10/2025		2,943,000		2,838,107
MetLife, Inc.
3.00%, 03/01/2025		2,940,000		2,820,710
3.60%, 11/13/2025^(b)		2,943,000		2,835,418

				29,403,511

Interactive Media & Services-0.22%
Alphabet, Inc., 0.45%, 08/15/2025^(b)		5,880,000		5,321,380

Internet & Direct Marketing Retail-1.30%
Amazon.com, Inc.
3.00%, 04/13/2025		8,820,000		8,495,555
0.80%, 06/03/2025^(b)		7,350,000		6,711,652
4.60%, 12/01/2025^(b)		7,350,000		7,298,023
5.20%, 12/03/2025^(b)		5,122,000		5,159,693
eBay, Inc., 1.90%, 03/11/2025		4,700,000		4,394,829

				32,059,752

IT Services-2.53%
Automatic Data Processing, Inc., 3.38%, 09/15/2025^(b)		5,880,000		5,665,039
Fidelity National Information Services, Inc., 4.50%, 07/15/2025^(b)		4,405,000		4,307,211
Fiserv, Inc., 3.85%, 06/01/2025^(b)		5,296,000		5,100,796
International Business Machines Corp.
4.00%, 07/27/2025^(b)		5,880,000		5,728,945
7.00%, 10/30/2025		3,531,000		3,698,241
Mastercard, Inc., 2.00%, 03/03/2025		4,410,000		4,159,620


	Principal Amount		Value
IT Services-(continued)
PayPal Holdings, Inc., 1.65%, 06/01/2025^(b)	$	5,881,000	$	5,451,928
VeriSign, Inc., 5.25%, 04/01/2025		2,940,000		2,934,747
Visa, Inc., 3.15%, 12/14/2025		23,520,000		22,466,428
Western Union Co. (The), 2.85%, 01/10/2025		2,780,000		2,641,704

				62,154,659

Life Sciences Tools & Services-0.23%
Danaher Corp., 3.35%, 09/15/2025^(b)		2,940,000		2,817,970
Illumina, Inc., 5.80%, 12/12/2025^(b)		2,940,000		2,966,815

				5,784,785

Machinery-2.81%
Caterpillar Financial Services Corp.
4.90%, 01/17/2025		4,410,000		4,393,004
3.40%, 05/13/2025^(b)		7,350,000		7,099,328
1.45%, 05/15/2025		3,532,000		3,268,984
3.65%, 08/12/2025^(b)		4,706,000		4,557,435
0.80%, 11/13/2025		5,491,000		4,920,681
CNH Industrial Capital LLC, 3.95%, 05/23/2025		2,940,000		2,841,482
Cummins, Inc., 0.75%, 09/01/2025		2,940,000		2,652,936
Deere & Co., 2.75%, 04/15/2025^(b)		4,116,000		3,927,449
John Deere Capital Corp.
2.05%, 01/09/2025		3,236,000		3,065,036
1.25%, 01/10/2025^(b)		4,706,000		4,390,666
3.45%, 03/13/2025		5,296,000		5,134,074
3.40%, 06/06/2025		5,876,000		5,670,424
4.05%, 09/08/2025^(b)		4,410,000		4,320,301
Otis Worldwide Corp., 2.06%, 04/05/2025		7,640,000		7,129,714
Stanley Black & Decker, Inc., 2.30%, 02/24/2025		2,940,000		2,773,941
Wabtec Corp., 3.20%, 06/15/2025		2,940,000		2,769,076

				68,914,531

Media-2.07%
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., 4.91%, 07/23/2025		26,420,000		25,861,526
Comcast Corp.
3.38%, 02/15/2025		5,840,000		5,642,735
3.38%, 08/15/2025		8,820,000		8,469,688
5.25%, 11/07/2025^(b)		4,405,000		4,428,540
Fox Corp., 3.05%, 04/07/2025^(b)		3,532,000		3,372,442
Paramount Global, 4.75%, 05/15/2025		3,263,000		3,198,788

				50,973,719

Metals & Mining-0.23%
Nucor Corp.
3.95%, 05/23/2025		2,940,000		2,860,292
2.00%, 06/01/2025		2,940,000		2,736,630

				5,596,922

Multiline Retail-0.69%
Dollar General Corp., 4.15%, 11/01/2025		2,940,000		2,861,049

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


		20

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

February 28, 2023

(Unaudited)


	Principal Amount		Value
Multiline Retail-(continued)
Dollar Tree, Inc., 4.00%, 05/15/2025	$	5,880,000	$	5,712,892
Target Corp., 2.25%, 04/15/2025^(b)		8,820,000		8,335,834

				16,909,775

Multi-Utilities-1.03%
Dominion Energy, Inc., 3.90%, 10/01/2025^(b)		4,410,000		4,269,043
DTE Energy Co., Series F, 1.05%, 06/01/2025		4,706,000		4,264,634
NiSource, Inc., 0.95%, 08/15/2025^(b)		7,350,000		6,630,516
Public Service Enterprise Group, Inc., 0.80%, 08/15/2025		3,237,000		2,895,508
Sempra Energy, 3.30%, 04/01/2025^(b)		4,410,000		4,222,707
WEC Energy Group, Inc., 5.00%, 09/27/2025		2,940,000		2,915,202

				25,197,610

Oil, Gas & Consumable Fuels-8.06%
Canadian Natural Resources Ltd. (Canada)
3.90%, 02/01/2025		3,524,000		3,412,467
2.05%, 07/15/2025^(b)		3,524,000		3,256,201
Cheniere Corpus Christi Holdings LLC, 5.88%, 03/31/2025		8,770,000		8,802,589
Chevron Corp.
1.55%, 05/11/2025		14,700,000		13,650,375
3.33%, 11/17/2025		4,405,000		4,224,273
Chevron USA, Inc., 0.69%, 08/12/2025^(b)		4,410,000		3,981,077
Columbia Pipeline Group, Inc., 4.50%, 06/01/2025		5,870,000		5,739,553
ConocoPhillips Co., 2.40%, 03/07/2025		5,290,000		5,011,092
DCP Midstream Operating L.P., 5.38%, 07/15/2025		4,850,000		4,795,467
Devon Energy Corp., 5.85%, 12/15/2025		2,850,000		2,870,735
Enbridge Energy Partners L.P., 5.88%, 10/15/2025		2,940,000		2,971,739
Enbridge, Inc. (Canada)
2.50%, 01/15/2025		2,940,000		2,781,246
2.50%, 02/14/2025^(b)		2,940,000		2,776,813
Energy Transfer L.P., 4.05%, 03/15/2025		5,880,000		5,708,512
Enterprise Products Operating LLC, 3.75%, 02/15/2025^(b)		6,759,000		6,561,340
EOG Resources, Inc., 3.15%, 04/01/2025		2,940,000		2,820,105
Equinor ASA (Norway), 2.88%, 04/06/2025^(b)		7,350,000		7,032,907
Exxon Mobil Corp.
2.71%, 03/06/2025		10,290,000		9,834,979
2.99%, 03/19/2025		16,170,000		15,529,892
Kinder Morgan, Inc., 4.30%, 06/01/2025		8,820,000		8,618,234
Marathon Petroleum Corp., 4.70%, 05/01/2025		7,350,000		7,248,766
MPLX L.P.
4.00%, 02/15/2025		2,940,000		2,854,214
4.88%, 06/01/2025		6,994,000		6,889,056


	Principal Amount		Value
Oil, Gas & Consumable Fuels-(continued)
ONEOK Partners L.P., 4.90%, 03/15/2025	$	2,940,000	$	2,900,781
Phillips 66, 3.85%, 04/09/2025		3,821,000		3,710,846
Plains All American Pipeline L.P./PAA Finance Corp., 4.65%, 10/15/2025		5,881,000		5,740,686
Sabine Pass Liquefaction LLC, 5.63%, 03/01/2025		11,761,000		11,751,970
Shell International Finance B.V. (Netherlands), 3.25%, 05/11/2025		16,170,000		15,578,962
Spectra Energy Partners L.P., 3.50%, 03/15/2025		2,940,000		2,829,388
TotalEnergies Capital International S.A. (France), 2.43%, 01/10/2025		5,881,000		5,621,857
Western Midstream Operating L.P., 3.35%, 02/01/2025		4,294,000		4,074,400
Williams Cos., Inc. (The)
3.90%, 01/15/2025		4,405,000		4,277,388
4.00%, 09/15/2025		4,405,000		4,250,916

				198,108,826

Personal Products-0.43%
GSK Consumer Healthcare Capital UK PLC, 3.13%, 03/24/2025		8,220,000		7,818,146
Unilever Capital Corp. (United Kingdom), 3.10%, 07/30/2025^(b)		2,939,000		2,805,014

				10,623,160

Pharmaceuticals-3.48%
AstraZeneca PLC (United Kingdom), 3.38%, 11/16/2025^(b)		11,761,000		11,298,026
Bristol-Myers Squibb Co., 0.75%, 11/13/2025^(b)		5,880,000		5,269,406
Eli Lilly and Co., 2.75%, 06/01/2025		3,295,000		3,132,376
GlaxoSmithKline Capital, Inc. (United Kingdom), 3.63%, 05/15/2025^(b)		5,880,000		5,708,570
Johnson & Johnson
2.63%, 01/15/2025^(b)		4,410,000		4,239,368
0.55%, 09/01/2025		5,880,000		5,308,761
Merck & Co., Inc., 2.75%, 02/10/2025		14,701,000		14,107,220
Novartis Capital Corp. (Switzerland)
1.75%, 02/14/2025^(b)		5,880,000		5,523,955
3.00%, 11/20/2025^(b)		10,284,000		9,789,723
Pfizer, Inc., 0.80%, 05/28/2025^(b)		4,410,000		4,034,561
Royalty Pharma PLC, 1.20%, 09/02/2025		5,881,000		5,267,290
Viatris, Inc., 1.65%, 06/22/2025		4,405,000		4,011,032
Zoetis, Inc.
4.50%, 11/13/2025^(b)		4,405,000		4,325,705
5.40%, 11/14/2025		3,532,000		3,554,748

				85,570,741

Professional Services-0.21%
Verisk Analytics, Inc., 4.00%, 06/15/2025		5,288,000		5,119,863

Road & Rail-0.64%
Burlington Northern Santa Fe LLC, 3.00%, 04/01/2025^(b)		2,940,000		2,816,574
Canadian Pacific Railway Co. (Canada), 2.90%, 02/01/2025		4,120,000		3,931,123
CSX Corp., 3.35%, 11/01/2025^(b)		3,530,000		3,371,934

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


		21

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

February 28, 2023

(Unaudited)


	Principal Amount		Value
Road & Rail-(continued)
Union Pacific Corp.
3.75%, 07/15/2025^(b)	$	2,940,000	$	2,854,446
3.25%, 08/15/2025		2,940,000		2,816,199

				15,790,276

Semiconductors & Semiconductor Equipment-2.00%
Applied Materials, Inc., 3.90%, 10/01/2025		4,114,000		4,006,277
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.13%, 01/15/2025		2,912,000		2,789,880
Intel Corp.
3.40%, 03/25/2025^(b)		8,820,000		8,520,742
3.70%, 07/29/2025		13,231,000		12,802,175
Lam Research Corp., 3.80%, 03/15/2025		2,940,000		2,863,475
Microchip Technology, Inc., 4.25%, 09/01/2025		6,551,000		6,345,811
QUALCOMM, Inc., 3.45%, 05/20/2025^(b)		8,022,000		7,748,986
Texas Instruments, Inc., 1.38%, 03/12/2025^(b)		4,410,000		4,108,556

				49,185,902

Software-3.59%
Adobe, Inc.
1.90%, 02/01/2025^(b)		2,940,000		2,776,530
3.25%, 02/01/2025		5,880,000		5,692,857
Intuit, Inc., 0.95%, 07/15/2025		2,937,000		2,666,262
Microsoft Corp.
2.70%, 02/12/2025^(b)		13,231,000		12,730,608
3.13%, 11/03/2025^(b)		17,641,000		16,911,305
Oracle Corp.
2.50%, 04/01/2025		20,578,000		19,407,432
2.95%, 05/15/2025		14,702,000		13,945,118
5.80%, 11/10/2025^(b)		5,881,000		5,952,459
Roper Technologies, Inc., 1.00%, 09/15/2025		4,114,000		3,708,373
VMware, Inc., 4.50%, 05/15/2025		4,413,000		4,325,081

				88,116,025

Specialty Retail-1.74%
AutoZone, Inc., 3.63%, 04/15/2025		2,940,000		2,837,865
Dell International LLC/EMC Corp., 5.85%, 07/15/2025^(b)		5,863,000		5,900,146
Home Depot, Inc. (The)
2.70%, 04/15/2025^(b)		2,940,000		2,805,361
3.35%, 09/15/2025		5,880,000		5,652,925
4.00%, 09/15/2025^(b)		4,410,000		4,335,707
Leidos, Inc., 3.63%, 05/15/2025		2,940,000		2,828,826
Lowe’s Cos., Inc.
4.00%, 04/15/2025		4,410,000		4,296,401
4.40%, 09/08/2025^(b)		5,880,000		5,780,469
3.38%, 09/15/2025		4,405,000		4,211,078
Ross Stores, Inc., 4.60%, 04/15/2025		4,120,000		4,058,009

				42,706,787


	Principal Amount		Value
Technology Hardware, Storage & Peripherals-2.68%
Apple, Inc.
2.75%, 01/13/2025^(b)	$	8,820,000	$	8,478,177
2.50%, 02/09/2025^(b)		8,820,000		8,437,650
1.13%, 05/11/2025^(b)		13,229,000		12,221,604
3.20%, 05/13/2025^(b)		11,761,000		11,363,074
0.55%, 08/20/2025^(b)		7,351,000		6,630,077
Hewlett Packard Enterprise Co., 4.90%, 10/15/2025		14,656,000		14,538,213
NetApp, Inc., 1.88%, 06/22/2025		4,405,000		4,059,769

				65,728,564

Textiles, Apparel & Luxury Goods-0.40%
NIKE, Inc., 2.40%, 03/27/2025^(b)		5,880,000		5,611,094
VF Corp., 2.40%, 04/23/2025		4,405,000		4,126,046

				9,737,140

Thrifts & Mortgage Finance-0.13%
Radian Group, Inc., 6.63%, 03/15/2025 .		3,090,000		3,091,051

Tobacco-1.27%
Altria Group, Inc., 2.35%, 05/06/2025		4,405,000		4,131,182
Philip Morris International, Inc.
1.50%, 05/01/2025		4,405,000		4,076,778
3.38%, 08/11/2025		4,413,000		4,231,987
5.00%, 11/17/2025		4,405,000		4,380,956
Reynolds American, Inc. (United Kingdom), 4.45%, 06/12/2025		14,700,000		14,310,088

				31,130,991

Trading Companies & Distributors-0.63%
Air Lease Corp.
2.30%, 02/01/2025		4,406,000		4,115,990
3.25%, 03/01/2025		4,120,000		3,911,561
3.38%, 07/01/2025		5,000,000		4,717,780
WW Grainger, Inc., 1.85%, 02/15/2025		2,940,000		2,754,525

				15,499,856

Water Utilities-0.12%
American Water Capital Corp., 3.40%, 03/01/2025		3,090,000		2,978,106

Wireless Telecommunication Services-0.88%
Rogers Communications, Inc. (Canada), 3.63%, 12/15/2025^(b)		4,118,000		3,908,079
Sprint LLC, 7.63%, 02/15/2025		8,820,000		9,042,310
Vodafone Group PLC (United Kingdom), 4.13%, 05/30/2025		8,820,000		8,586,582

				21,536,971

Total U.S. Dollar Denominated Bonds & Notes (Cost $2,536,282,439)				2,431,974,315

	Shares
Money Market Funds-0.07%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%^(c)(d) (Cost $1,757,917)		1,757,917		1,757,917

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.08% (Cost $2,538,040,356)				2,433,732,232

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


		22

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

February 28, 2023

(Unaudited)


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-11.71%
Invesco Private Government Fund, 4.58%^(c)(d)(e)		80,301,290	$	80,301,290
Invesco Private Prime Fund, 4.83%^(c)(d)(e)		207,226,730		207,268,169

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $287,575,443)				287,569,459

TOTAL INVESTMENTS IN SECURITIES-110.79% (Cost $2,825,615,799)				2,721,301,691
OTHER ASSETS LESS LIABILITIES-(10.79)%				(265,017,100	)

NET ASSETS-100.00%			$	2,456,284,591

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, 2023.

^(c)


	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 28, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	6,647,174		$	44,487,542		$	(49,376,799	)		$	-			$	-		$	1,757,917		$	90,708

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			40,188,628			196,966,248			(156,853,586	)			-				-			80,301,290			1,244,325	*

Invesco Private Prime Fund			103,342,189			452,101,574			(348,189,472	)			(11,045	)			24,923			207,268,169			3,384,256	*


Total		$	150,177,991		$	693,555,364		$	(554,419,857	)		$	(11,045	)		$	24,923		$	289,327,376		$	4,719,289

*	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, 2023.

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

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


		23

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

February 28, 2023

(Unaudited)


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2023

Financials			30.30

Consumer Discretionary			11.47

Information Technology			11.06

Health Care			11.05

Industrials			8.52

Energy			8.26

Consumer Staples			5.03

Communication Services			4.69

Utilities			3.85

Real Estate			3.12

Materials			1.66

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.


		24

Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-99.06%
Aerospace & Defense-2.34%
Boeing Co. (The)
2.75%, 02/01/2026^(b)	$	6,190,000	$	5,739,791
2.20%, 02/04/2026		24,500,000		22,260,666
General Dynamics Corp.
1.15%, 06/01/2026^(b)		2,210,000		1,957,276
2.13%, 08/15/2026^(b)		2,170,000		1,980,702
Lockheed Martin Corp., 3.55%, 01/15/2026^(b)		4,440,000		4,292,234
Raytheon Technologies Corp., 2.65%, 11/01/2026^(b)		3,196,000		2,944,816

				39,175,485

Air Freight & Logistics-0.31%
FedEx Corp., 3.25%, 04/01/2026		3,330,000		3,153,430
United Parcel Service, Inc., 2.40%, 11/15/2026		2,170,000		1,997,956

				5,151,386

Airlines-0.23%
Delta Air Lines, Inc., 7.38%, 01/15/2026^(b)		3,800,000		3,913,620

Automobiles-2.23%
American Honda Finance Corp.
4.75%, 01/12/2026^(b)		2,210,000		2,191,466
1.30%, 09/09/2026		3,330,000		2,925,949
2.30%, 09/09/2026^(b)		2,212,000		2,016,942
General Motors Financial Co., Inc.
1.25%, 01/08/2026		6,658,000		5,891,261
5.25%, 03/01/2026		5,600,000		5,540,834
1.50%, 06/10/2026^(b)		5,550,000		4,849,168
4.00%, 10/06/2026		3,330,000		3,158,156
Toyota Motor Corp. (Japan), 1.34%, 03/25/2026^(b)		4,436,000		3,982,296
Toyota Motor Credit Corp.
0.80%, 01/09/2026^(b)		3,100,000		2,763,705
1.13%, 06/18/2026^(b)		4,436,000		3,918,004

				37,237,781

Banks-18.29%
Bank of America Corp.
4.45%, 03/03/2026		8,879,000		8,637,686
3.50%, 04/19/2026^(b)		11,102,000		10,582,578
4.25%, 10/22/2026		8,877,000		8,531,653
Bank of Nova Scotia (The) (Canada)
4.75%, 02/02/2026		1,000,000		984,346
1.05%, 03/02/2026		4,213,000		3,713,936
1.35%, 06/24/2026^(b)		3,327,000		2,930,875
1.30%, 09/15/2026		3,984,000		3,462,589
Barclays PLC (United Kingdom), 5.20%, 05/12/2026		9,130,000		8,896,579
BPCE S.A. (France), 3.38%, 12/02/2026		2,610,000		2,414,884
Citigroup, Inc.
3.70%, 01/12/2026^(b)		8,882,000		8,524,017
4.60%, 03/09/2026		6,654,000		6,482,752
3.40%, 05/01/2026		8,874,000		8,386,885
3.20%, 10/21/2026		13,314,000		12,390,734
4.30%, 11/20/2026		4,443,000		4,263,403


	Principal Amount		Value
Banks-(continued)
Cooperatieve Rabobank U.A. (Netherlands), 3.75%, 07/21/2026	$	6,530,000	$	6,129,222
Fifth Third Bank N.A., 3.85%, 03/15/2026		3,425,000		3,243,224
HSBC Holdings PLC (United Kingdom)
4.30%, 03/08/2026		13,335,000		12,902,365
4.38%, 11/23/2026^(b)		6,567,000		6,308,702
JPMorgan Chase & Co.
3.30%, 04/01/2026		11,096,000		10,503,380
3.20%, 06/15/2026		7,773,000		7,322,855
2.95%, 10/01/2026		13,315,000		12,390,120
7.63%, 10/15/2026		2,223,000		2,400,228
4.13%, 12/15/2026^(b)		8,880,000		8,574,263
KeyBank N.A.
4.70%, 01/26/2026		1,000,000		985,911
3.40%, 05/20/2026^(b)		2,610,000		2,440,187
Lloyds Banking Group PLC (United Kingdom), 4.65%, 03/24/2026		6,660,000		6,422,302
Mitsubishi UFJ Financial Group, Inc. (Japan)
3.85%, 03/01/2026		10,560,000		10,083,915
2.76%, 09/13/2026		4,490,000		4,112,532
Mizuho Financial Group, Inc. (Japan), 2.84%, 09/13/2026^(b)		4,290,000		3,912,230
NatWest Group PLC (United Kingdom), 4.80%, 04/05/2026		6,660,000		6,490,169
PNC Financial Services Group, Inc. (The), 1.15%, 08/13/2026		3,100,000		2,725,383
Royal Bank of Canada (Canada)
4.88%, 01/12/2026		4,440,000		4,401,759
1.15%, 07/14/2026^(b)		3,312,000		2,907,023
Sumitomo Mitsui Financial Group, Inc. (Japan)
0.95%, 01/12/2026		4,490,000		3,957,743
5.46%, 01/13/2026^(b)		6,740,000		6,727,880
3.78%, 03/09/2026^(b)		6,658,000		6,357,004
2.63%, 07/14/2026		9,987,000		9,126,172
1.40%, 09/17/2026^(b)		8,845,000		7,680,093
3.01%, 10/19/2026		6,637,000		6,102,172
SVB Financial Group, 1.80%, 10/28/2026^(b)		2,820,000		2,459,960
Toronto-Dominion Bank (The) (Canada), 5.10%, 01/09/2026^(b)		3,325,000		3,315,841
Truist Bank
3.30%, 05/15/2026		3,420,000		3,206,013
3.80%, 10/30/2026		3,740,000		3,532,835
U.S. Bancorp
Series V, 2.38%, 07/22/2026		5,991,000		5,498,601
Series W, 3.10%, 04/27/2026		4,441,000		4,170,867
Wells Fargo & Co.
3.00%, 04/22/2026		15,537,000		14,510,248
4.10%, 06/03/2026		10,819,000		10,391,696
3.00%, 10/23/2026		15,500,000		14,316,636

				305,812,448

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


		25

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

February 28, 2023

(Unaudited)


	Principal Amount		Value
Beverages-1.19%
Constellation Brands, Inc.
5.00%, 02/02/2026	$	725,000	$	718,869
3.70%, 12/06/2026		2,668,000		2,523,627
Molson Coors Beverage Co., 3.00%, 07/15/2026		8,881,000		8,220,274
PepsiCo, Inc.
4.55%, 02/13/2026		1,170,000		1,163,294
2.85%, 02/24/2026		3,330,000		3,148,552
2.38%, 10/06/2026		4,443,000		4,102,666

				19,877,282

Biotechnology-3.23%
AbbVie, Inc.
3.20%, 05/14/2026^(b)		8,880,000		8,347,405
2.95%, 11/21/2026^(b)		17,778,000		16,410,984
Amgen, Inc., 2.60%, 08/19/2026^(b)		5,550,000		5,101,392
Gilead Sciences, Inc., 3.65%, 03/01/2026		12,263,000		11,715,261
Shire Acquisitions Investments Ireland DAC, 3.20%, 09/23/2026		13,320,000		12,403,438

				53,978,480

Building Products-0.12%
Johnson Controls International PLC, 3.90%, 02/14/2026^(b)		2,110,000		2,033,743

Capital Markets-7.77%
Ameriprise Financial, Inc., 2.88%, 09/15/2026		2,400,000		2,220,769
Ares Capital Corp.
3.88%, 01/15/2026		5,100,000		4,735,729
2.15%, 07/15/2026^(b)		4,443,000		3,830,779
Bank of New York Mellon Corp. (The)
0.75%, 01/28/2026^(b)		3,109,000		2,760,139
2.80%, 05/04/2026		3,327,000		3,107,375
2.45%, 08/17/2026		3,320,000		3,044,229
1.05%, 10/15/2026		2,167,000		1,882,605
Blackstone Secured Lending Fund
3.63%, 01/15/2026		3,530,000		3,238,503
2.75%, 09/16/2026^(b)		3,089,000		2,692,151
Brookfield Finance, Inc. (Canada), 4.25%, 06/02/2026		2,300,000		2,215,995
Charles Schwab Corp. (The)
0.90%, 03/11/2026^(b)		5,600,000		4,938,199
1.15%, 05/13/2026		4,600,000		4,064,278
Credit Suisse AG (Switzerland), 1.25%, 08/07/2026		7,160,000		5,855,198
Deutsche Bank AG (Germany), 1.69%, 03/19/2026		3,600,000		3,232,700
FS KKR Capital Corp., 3.40%, 01/15/2026		4,430,000		4,003,535
Goldman Sachs BDC, Inc., 2.88%, 01/15/2026^(b)		2,220,000		2,045,844
Goldman Sachs Group, Inc. (The)
3.75%, 02/25/2026		7,764,000		7,424,792
3.50%, 11/16/2026^(b)		12,204,000		11,464,190


	Principal Amount		Value
Capital Markets-(continued)
Morgan Stanley
3.88%, 01/27/2026	$	13,321,000	$	12,848,724
3.13%, 07/27/2026		13,318,000		12,398,825
6.25%, 08/09/2026		3,230,000		3,329,534
4.35%, 09/08/2026		9,985,000		9,607,074
Nasdaq, Inc., 3.85%, 06/30/2026^(b)		2,270,000		2,171,491
Nomura Holdings, Inc. (Japan)
5.71%, 01/09/2026		2,900,000		2,894,979
1.65%, 07/14/2026		5,600,000		4,893,891
Owl Rock Capital Corp.
4.25%, 01/15/2026^(b)		2,220,000		2,071,485
3.40%, 07/15/2026		4,440,000		3,954,759
State Street Corp., 2.65%, 05/19/2026^(b)		3,327,000		3,109,718

				130,037,490

Chemicals-0.85%
Ecolab, Inc., 2.70%, 11/01/2026		3,330,000		3,073,397
FMC Corp., 3.20%, 10/01/2026^(b)		2,220,000		2,074,380
Linde, Inc., 3.20%, 01/30/2026		3,220,000		3,100,493
PPG Industries, Inc., 1.20%, 03/15/2026		3,200,000		2,833,231
Westlake Corp., 3.60%, 08/15/2026		3,330,000		3,135,680

				14,217,181

Commercial Services & Supplies-0.12%
Republic Services, Inc., 2.90%, 07/01/2026		2,215,000		2,061,124

Communications Equipment-0.75%
Cisco Systems, Inc.
2.95%, 02/28/2026		3,327,000		3,152,435
2.50%, 09/20/2026^(b)		6,700,000		6,203,755
Hughes Satellite Systems Corp., 5.25%, 08/01/2026		3,330,000		3,192,005

				12,548,195

Consumer Finance-1.01%
American Express Co., 1.65%, 11/04/2026		4,883,000		4,321,075
Capital One Financial Corp., 3.75%, 07/28/2026		6,654,000		6,256,121
Discover Bank, 3.45%, 07/27/2026		4,540,000		4,229,654
Synchrony Financial, 3.70%, 08/04/2026		2,219,000		2,060,079

				16,866,929

Containers & Packaging-0.36%
Berry Global, Inc., 1.57%, 01/15/2026		6,770,000		6,037,910

Diversified Financial Services-2.43%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)
1.75%, 01/30/2026		4,375,000		3,869,340
2.45%, 10/29/2026		16,580,000		14,624,781
Berkshire Hathaway, Inc., 3.13%, 03/15/2026^(b)		11,095,000		10,604,229
Blackstone Private Credit Fund, 2.63%, 12/15/2026^(b)		5,510,000		4,683,848

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


		26

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

February 28, 2023

(Unaudited)


	Principal Amount		Value
Diversified Financial Services-(continued)
National Rural Utilities Cooperative Finance Corp.
4.45%, 03/13/2026	$	2,610,000	$	2,557,030
1.00%, 06/15/2026		2,752,000		2,407,303
Voya Financial, Inc., 3.65%, 06/15/2026^(b)		1,940,000		1,836,058

				40,582,589

Diversified Telecommunication Services-1.63%
AT&T, Inc., 1.70%, 03/25/2026^(b)		13,320,000		11,972,946
Verizon Communications, Inc.
1.45%, 03/20/2026		8,505,000		7,621,239
2.63%, 08/15/2026^(b)		8,300,000		7,626,590

				27,220,775

Electric Utilities-3.25%
Cleco Corporate Holdings LLC, 3.74%, 05/01/2026^(b)		2,373,000		2,228,556
Commonwealth Edison Co., 2.55%, 06/15/2026		2,216,000		2,045,979
Duke Energy Carolinas LLC, 2.95%, 12/01/2026^(b)		2,700,000		2,515,954
Duke Energy Corp., 2.65%, 09/01/2026^(b)		6,660,000		6,086,923
Emera US Finance L.P. (Canada), 3.55%, 06/15/2026		3,320,000		3,119,090
Entergy Arkansas LLC, 3.50%, 04/01/2026		2,659,000		2,535,287
Entergy Corp., 2.95%, 09/01/2026		3,330,000		3,063,572
Exelon Corp., 3.40%, 04/15/2026		3,326,000		3,137,586
Fortis, Inc. (Canada), 3.06%, 10/04/2026^(b)		4,795,000		4,455,744
Pacific Gas and Electric Co., 3.15%, 01/01/2026		8,645,775		8,025,572
PPL Capital Funding, Inc., 3.10%, 05/15/2026		2,889,000		2,704,167
Southern Co. (The), 3.25%, 07/01/2026		7,770,000		7,250,015
Southwestern Electric Power Co., Series N, 1.65%, 03/15/2026		2,215,000		1,982,027
Virginia Electric & Power Co., Series A, 3.15%, 01/15/2026		3,326,000		3,151,100
Xcel Energy, Inc., 3.35%, 12/01/2026		2,208,000		2,063,522

				54,365,094

Electrical Equipment-0.17%
Emerson Electric Co., 0.88%, 10/15/2026		3,330,000		2,880,688

Electronic Equipment, Instruments & Components-0.81%
Avnet, Inc., 4.63%, 04/15/2026^(b)		2,440,000		2,342,889
CDW LLC/CDW Finance Corp., 2.67%, 12/01/2026		4,500,000		4,000,980
Jabil, Inc., 1.70%, 04/15/2026^(b)		2,220,000		1,977,972
TD SYNNEX Corp., 1.75%, 08/09/2026^(b)		3,100,000		2,668,527
Tyco Electronics Group S.A., 4.50%, 02/13/2026		725,000		715,667
Vontier Corp., 1.80%, 04/01/2026		2,168,000		1,892,133

				13,598,168


	Principal Amount		Value
Energy Equipment & Services-0.14%
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 2.06%, 12/15/2026^(b)	$	2,665,000	$	2,383,355

Entertainment-1.32%
Activision Blizzard, Inc., 3.40%, 09/15/2026		3,773,000		3,569,038
Netflix, Inc., 4.38%, 11/15/2026^(b)		4,430,000		4,277,099
TWDC Enterprises 18 Corp.
3.00%, 02/13/2026^(b)		4,440,000		4,194,227
1.85%, 07/30/2026		4,440,000		4,001,684
Walt Disney Co. (The), 1.75%, 01/13/2026^(b)		6,660,000		6,086,298

				22,128,346

Equity REITs-4.79%
American Tower Corp.
4.40%, 02/15/2026^(b)		2,220,000		2,156,602
1.60%, 04/15/2026^(b)		3,106,000		2,765,103
1.45%, 09/15/2026		2,750,000		2,392,127
3.38%, 10/15/2026^(b)		4,440,000		4,129,354
Boston Properties L.P.
3.65%, 02/01/2026		4,440,000		4,209,163
2.75%, 10/01/2026		4,444,000		4,014,689
Brixmor Operating Partnership L.P., 4.13%, 06/15/2026		2,603,000		2,451,951
CBRE Services, Inc., 4.88%, 03/01/2026		2,649,000		2,594,133
Crown Castle, Inc.
4.45%, 02/15/2026		4,000,000		3,890,978
3.70%, 06/15/2026		3,330,000		3,153,869
1.05%, 07/15/2026^(b)		4,500,000		3,897,478
Equinix, Inc., 1.45%, 05/15/2026^(b)		3,110,000		2,745,179
ERP Operating L.P., 2.85%, 11/01/2026		2,210,000		2,038,940
GLP Capital L.P./GLP Financing II, Inc., 5.38%, 04/15/2026		4,325,000		4,222,043
Healthpeak Properties Interim, Inc., 3.25%, 07/15/2026		2,890,000		2,708,205
Kimco Realty OP LLC, 2.80%, 10/01/2026^(b)		2,210,000		2,020,521
LifeStorage L.P., 3.50%, 07/01/2026		2,663,000		2,501,857
MPT Operating Partnership L.P./MPT Finance Corp., 5.25%, 08/01/2026^(b)		2,210,000		1,973,674
Omega Healthcare Investors, Inc., 5.25%, 01/15/2026		2,697,000		2,645,973
Public Storage
0.88%, 02/15/2026		2,210,000		1,959,033
1.50%, 11/09/2026		2,900,000		2,567,276
Realty Income Corp.
4.88%, 06/01/2026		2,640,000		2,617,113
4.13%, 10/15/2026		2,885,000		2,784,123
Sabra Health Care L.P., 5.13%, 08/15/2026		2,215,000		2,097,130
Simon Property Group L.P.
3.30%, 01/15/2026		3,600,000		3,417,964
3.25%, 11/30/2026		3,330,000		3,108,551
Ventas Realty L.P., 4.13%, 01/15/2026		2,218,000		2,136,671
Welltower OP LLC, 4.25%, 04/01/2026		3,095,000		2,988,271

				80,187,971

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


		27

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

February 28, 2023

(Unaudited)


	Principal Amount		Value
Food & Staples Retailing-1.21%
Kroger Co. (The)
3.50%, 02/01/2026^(b)	$	2,221,000	$	2,114,257
2.65%, 10/15/2026^(b)		3,330,000		3,071,804
Sysco Corp., 3.30%, 07/15/2026		4,414,000		4,152,064
Walgreens Boots Alliance, Inc., 3.45%, 06/01/2026		6,420,000		6,029,499
Walmart, Inc., 1.05%, 09/17/2026^(b)		5,545,000		4,872,686

				20,240,310

Food Products-1.44%
Archer-Daniels-Midland Co., 2.50%, 08/11/2026^(b)		4,436,000		4,086,410
Bunge Ltd. Finance Corp., 3.25%, 08/15/2026^(b)		3,111,000		2,898,440
Hershey Co. (The), 2.30%, 08/15/2026		2,303,000		2,123,662
Ingredion, Inc., 3.20%, 10/01/2026^(b)		2,210,000		2,072,069
Kellogg Co., 3.25%, 04/01/2026		3,330,000		3,145,868
Kraft Heinz Foods Co. (The), 3.00%, 06/01/2026^(b)		8,320,000		7,746,066
McCormick & Co., Inc., 0.90%, 02/15/2026		2,220,000		1,951,247

				24,023,762

Gas Utilities-0.26%
National Fuel Gas Co., 5.50%, 01/15/2026		2,171,000		2,163,428
Southern California Gas Co., Series TT, 2.60%, 06/15/2026^(b)		2,400,000		2,218,349

				4,381,777

Health Care Equipment & Supplies-0.87%
Abbott Laboratories, 3.75%, 11/30/2026		7,546,000		7,297,774
Baxter International, Inc., 2.60%, 08/15/2026		3,330,000		3,033,085
Stryker Corp., 3.50%, 03/15/2026		4,437,000		4,243,600

				14,574,459

Health Care Providers & Services-3.43%
Cigna Group (The)
4.50%, 02/25/2026		5,471,000		5,348,981
1.25%, 03/15/2026		3,552,000		3,158,935
CVS Health Corp., 2.88%, 06/01/2026^(b)		7,773,000		7,233,115
Elevance Health, Inc.
4.90%, 02/08/2026		1,000,000		988,155
1.50%, 03/15/2026^(b)		3,330,000		2,979,512
HCA, Inc.
5.88%, 02/15/2026^(b)		6,657,000		6,655,156
5.25%, 06/15/2026		6,660,000		6,559,601
5.38%, 09/01/2026		4,442,000		4,380,323
Laboratory Corp. of America Holdings, 1.55%, 06/01/2026		2,216,000		1,964,660
McKesson Corp.
5.25%, 02/15/2026		1,170,000		1,164,248
1.30%, 08/15/2026^(b)		2,210,000		1,940,514
Quest Diagnostics, Inc., 3.45%, 06/01/2026^(b)		2,206,000		2,086,179


	Principal Amount		Value
Health Care Providers & Services-(continued)
UnitedHealth Group, Inc.
1.25%, 01/15/2026^(b)	$	2,220,000	$	2,006,506
3.10%, 03/15/2026		4,440,000		4,209,921
1.15%, 05/15/2026^(b)		4,436,000		3,934,437
Universal Health Services, Inc., 1.65%, 09/01/2026		3,104,000		2,696,486

				57,306,729

Hotels, Restaurants & Leisure-1.21%
Booking Holdings, Inc., 3.60%, 06/01/2026		4,435,000		4,229,555
Expedia Group, Inc., 5.00%, 02/15/2026		3,330,000		3,286,172
Marriott International, Inc., Series R, 3.13%, 06/15/2026		3,330,000		3,115,614
McDonald’s Corp., 3.70%, 01/30/2026		7,773,000		7,502,792
Starbucks Corp., 2.45%, 06/15/2026		2,223,000		2,051,240

				20,185,373

Household Durables-0.77%
DR Horton, Inc., 1.30%, 10/15/2026		2,665,000		2,299,275
Newell Brands, Inc., 4.45%, 04/01/2026		8,810,000		8,338,973
PulteGroup, Inc., 5.50%, 03/01/2026		2,222,000		2,212,893

				12,851,141

Household Products-0.60%
Procter & Gamble Co. (The)
2.70%, 02/02/2026		2,657,000		2,511,072
1.00%, 04/23/2026		4,437,000		3,952,998
2.45%, 11/03/2026		3,886,000		3,588,045

				10,052,115

Independent Power and Renewable Electricity Producers-0.19%
AES Corp. (The), 1.38%, 01/15/2026		3,600,000		3,187,635

Industrial Conglomerates-0.53%
3M Co., 2.25%, 09/19/2026^(b)		2,883,000		2,615,757
Honeywell International, Inc., 2.50%, 11/01/2026^(b)		6,720,000		6,213,565

				8,829,322

Insurance-1.93%
Allstate Corp. (The), 3.28%, 12/15/2026		2,437,000		2,303,243
American International Group, Inc., 3.90%, 04/01/2026^(b)		3,727,000		3,576,726
Arch Capital Finance LLC, 4.01%, 12/15/2026^(b)		2,217,000		2,140,511
Chubb INA Holdings, Inc., 3.35%, 05/03/2026		6,657,000		6,344,157
CNA Financial Corp., 4.50%, 03/01/2026		2,209,000		2,163,470
Loews Corp., 3.75%, 04/01/2026		2,217,000		2,133,520
Manulife Financial Corp. (Canada), 4.15%, 03/04/2026		4,440,000		4,326,243
Marsh & McLennan Cos., Inc., 3.75%, 03/14/2026^(b)		2,662,000		2,556,885
Old Republic International Corp., 3.88%, 08/26/2026		2,433,000		2,317,134

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


		28

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

February 28, 2023

(Unaudited)


	Principal Amount		Value
Insurance-(continued)
Prudential Financial, Inc., 1.50%, 03/10/2026	$	2,223,000	$	2,004,896
Trinity Acquisition PLC, 4.40%, 03/15/2026^(b)		2,440,000		2,359,172

				32,225,957

Interactive Media & Services-0.49%
Alphabet, Inc., 2.00%, 08/15/2026^(b)		8,881,000		8,130,922

Internet & Direct Marketing Retail-0.82%
Amazon.com, Inc., 1.00%, 05/12/2026^(b)		12,210,000		10,813,846
eBay, Inc., 1.40%, 05/10/2026^(b)		3,330,000		2,960,732

				13,774,578

IT Services-2.78%
Broadridge Financial Solutions, Inc., 3.40%, 06/27/2026^(b)		2,207,000		2,072,419
CGI, Inc. (Canada), 1.45%, 09/14/2026^(b)		2,655,000		2,341,357
DXC Technology Co., 1.80%, 09/15/2026		3,098,000		2,694,772
Fidelity National Information Services, Inc., 1.15%, 03/01/2026^(b)		5,552,000		4,871,793
Fiserv, Inc., 3.20%, 07/01/2026		8,882,000		8,290,922
Global Payments, Inc.
1.20%, 03/01/2026		4,881,000		4,269,110
4.80%, 04/01/2026^(b)		3,328,000		3,242,299
International Business Machines Corp., 3.45%, 02/19/2026		5,990,000		5,712,065
Kyndryl Holdings, Inc., 2.05%, 10/15/2026		2,820,000		2,424,991
Mastercard, Inc., 2.95%, 11/21/2026		3,330,000		3,114,899
PayPal Holdings, Inc., 2.65%, 10/01/2026^(b)		5,550,000		5,124,876
Western Union Co. (The), 1.35%, 03/15/2026		2,662,000		2,343,763

				46,503,266

Leisure Products-0.17%
Hasbro, Inc., 3.55%, 11/19/2026		2,991,000		2,784,112

Machinery-2.35%
Caterpillar Financial Services Corp.
4.80%, 01/06/2026^(b)		3,990,000		3,978,027
0.90%, 03/02/2026		3,330,000		2,958,721
1.15%, 09/14/2026		2,222,000		1,952,826
CNH Industrial Capital LLC
1.88%, 01/15/2026		2,215,000		2,016,752
1.45%, 07/15/2026		2,700,000		2,389,416
Fortive Corp., 3.15%, 06/15/2026		4,000,000		3,735,762
Illinois Tool Works, Inc., 2.65%, 11/15/2026		4,440,000		4,117,302
John Deere Capital Corp.
4.80%, 01/09/2026^(b)		5,330,000		5,309,929
0.70%, 01/15/2026^(b)		4,000,000		3,551,237
2.65%, 06/10/2026^(b)		2,220,000		2,068,273
1.05%, 06/17/2026		2,438,000		2,156,211
Wabtec Corp., 3.45%, 11/15/2026		3,250,000		3,005,876
Xylem, Inc., 3.25%, 11/01/2026^(b)		2,164,000		2,008,837

				39,249,169


	Principal Amount		Value
Media-1.32%
Comcast Corp., 3.15%, 03/01/2026	$	9,830,000	$	9,299,109
Discovery Communications LLC, 4.90%, 03/11/2026^(b)		3,110,000		3,034,166
Omnicom Group, Inc./Omnicom Capital, Inc., 3.60%, 04/15/2026		6,450,000		6,148,079
Paramount Global, 4.00%, 01/15/2026		3,739,000		3,572,674

				22,054,028

Multiline Retail-0.25%
Target Corp., 2.50%, 04/15/2026^(b)		4,440,000		4,158,948

Multi-Utilities-0.68%
CenterPoint Energy, Inc., 1.45%, 06/01/2026		2,216,000		1,963,392
Dominion Energy, Inc., Series A, 1.45%, 04/15/2026		2,499,000		2,220,679
DTE Energy Co., 2.85%, 10/01/2026^(b)		2,600,000		2,388,478
San Diego Gas & Electric Co., 2.50%, 05/15/2026^(b)		2,210,000		2,030,980
WEC Energy Group, Inc., 4.75%, 01/09/2026^(b)		2,880,000		2,840,347

				11,443,876

Oil, Gas & Consumable Fuels-6.76%
Boardwalk Pipelines L.P., 5.95%, 06/01/2026		2,433,000		2,450,032
Chevron Corp., 2.95%, 05/16/2026		9,983,000		9,400,564
Diamondback Energy, Inc., 3.25%, 12/01/2026		3,466,000		3,213,221
Enbridge, Inc. (Canada)
1.60%, 10/04/2026^(b)		2,201,000		1,933,539
4.25%, 12/01/2026		3,330,000		3,195,600
Energy Transfer L.P.
4.75%, 01/15/2026		4,440,000		4,346,870
3.90%, 07/15/2026		2,439,000		2,303,799
Enterprise Products Operating LLC
5.05%, 01/10/2026^(b)		3,320,000		3,314,489
3.70%, 02/15/2026		3,880,000		3,727,666
EOG Resources, Inc., 4.15%, 01/15/2026^(b)		3,330,000		3,252,906
Equinor ASA (Norway), 1.75%, 01/22/2026^(b)		3,500,000		3,196,560
Exxon Mobil Corp.
3.04%, 03/01/2026		11,100,000		10,520,818
2.28%, 08/16/2026		4,436,000		4,074,293
HF Sinclair Corp., 5.88%, 04/01/2026		3,520,000		3,524,022
Kinder Morgan, Inc., 1.75%, 11/15/2026		2,213,000		1,941,712
Magellan Midstream Partners L.P., 5.00%, 03/01/2026		2,884,000		2,847,499
MPLX L.P., 1.75%, 03/01/2026		6,657,000		5,956,601
ONEOK, Inc., 5.85%, 01/15/2026^(b)		2,666,000		2,687,742
Ovintiv Exploration, Inc., 5.38%, 01/01/2026^(b)		2,235,000		2,216,581
Phillips 66, 1.30%, 02/15/2026		2,222,000		1,981,861
Pioneer Natural Resources Co., 1.13%, 01/15/2026		3,332,000		2,968,272
Plains All American Pipeline L.P./PAA
Finance Corp., 4.50%, 12/15/2026		3,330,000		3,198,501

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


		29

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

February 28, 2023

(Unaudited)


	Principal Amount		Value
Oil, Gas & Consumable Fuels-(continued)
Sabine Pass Liquefaction LLC, 5.88%, 06/30/2026	$	6,662,000	$	6,705,203
Shell International Finance B.V. (Netherlands)
2.88%, 05/10/2026		7,769,000		7,278,113
2.50%, 09/12/2026		4,441,000		4,080,828
Spectra Energy Partners L.P., 3.38%, 10/15/2026		2,653,000		2,476,780
TransCanada PipeLines Ltd. (Canada), 4.88%, 01/15/2026^(b)		3,776,000		3,725,678
Transcontinental Gas Pipe Line Co. LLC, 7.85%, 02/01/2026		4,435,000		4,704,153
Valero Energy Corp., 3.40%, 09/15/2026		1,921,000		1,801,380

				113,025,283

Personal Products-0.17%
Unilever Capital Corp. (United Kingdom), 2.00%, 07/28/2026		3,083,000		2,799,986

Pharmaceuticals-2.61%
Astrazeneca Finance LLC (United Kingdom), 1.20%, 05/28/2026^(b)		5,550,000		4,917,906
AstraZeneca PLC (United Kingdom), 0.70%, 04/08/2026		5,319,000		4,666,845
Johnson & Johnson, 2.45%, 03/01/2026^(b)		8,881,000		8,320,953
Merck & Co., Inc., 0.75%, 02/24/2026^(b)		4,444,000		3,934,230
Pfizer, Inc.
2.75%, 06/03/2026		5,545,000		5,210,975
3.00%, 12/15/2026		7,770,000		7,308,704
Utah Acquisition Sub, Inc., 3.95%, 06/15/2026		9,977,000		9,335,628

				43,695,241

Professional Services-0.12%
Thomson Reuters Corp. (Canada), 3.35%, 05/15/2026		2,223,000		2,096,953

Road & Rail-0.84%
Canadian National Railway Co. (Canada), 2.75%, 03/01/2026		2,220,000		2,079,156
Canadian Pacific Railway Co. (Canada), 1.75%, 12/02/2026^(b)		4,500,000		3,986,617
CSX Corp., 2.60%, 11/01/2026		3,110,000		2,855,419
Norfolk Southern Corp., 2.90%, 06/15/2026^(b)		2,660,000		2,472,409
Union Pacific Corp., 2.75%, 03/01/2026		2,890,000		2,710,635

				14,104,236

Semiconductors & Semiconductor Equipment-1.08%
Analog Devices, Inc., 3.50%, 12/05/2026^(b)		3,991,000		3,789,473
Intel Corp., 2.60%, 05/19/2026		4,444,000		4,126,933
Marvell Technology, Inc., 1.65%, 04/15/2026^(b)		2,223,000		1,990,623
NVIDIA Corp., 3.20%, 09/16/2026^(b)		4,440,000		4,213,856


	Principal Amount		Value
Semiconductors & Semiconductor Equipment-(continued)
Skyworks Solutions, Inc., 1.80%, 06/01/2026	$	2,213,000	$	1,949,161
Texas Instruments, Inc., 1.13%, 09/15/2026		2,215,000		1,949,249

				18,019,295

Software-3.01%
Fortinet, Inc., 1.00%, 03/15/2026		2,224,000		1,949,612
Microsoft Corp., 2.40%, 08/08/2026		17,760,000		16,479,701
Oracle Corp.
1.65%, 03/25/2026		12,280,000		10,980,834
2.65%, 07/15/2026		13,385,000		12,236,975
Roper Technologies, Inc., 3.80%, 12/15/2026		3,110,000		2,960,171
VMware, Inc., 1.40%, 08/15/2026		6,730,000		5,814,672

				50,421,965

Specialty Retail-3.04%
Dell International LLC/EMC Corp.
6.02%, 06/15/2026		19,880,000		20,131,469
4.90%, 10/01/2026^(b)		7,767,000		7,599,234
Home Depot, Inc. (The)
3.00%, 04/01/2026^(b)		5,768,000		5,446,194
2.13%, 09/15/2026		4,440,000		4,041,417
Lowe’s Cos., Inc., 2.50%, 04/15/2026		5,994,000		5,545,541
O’Reilly Automotive, Inc., 3.55%, 03/15/2026		2,207,000		2,113,562
Ross Stores, Inc., 0.88%, 04/15/2026		2,215,000		1,940,093
TJX Cos., Inc. (The), 2.25%, 09/15/2026		4,444,000		4,059,722

				50,877,232

Technology Hardware, Storage & Peripherals-3.44%
Apple, Inc.
0.70%, 02/08/2026^(b)		11,095,000		9,848,300
3.25%, 02/23/2026^(b)		14,430,000		13,807,797
2.45%, 08/04/2026		9,987,000		9,249,364
2.05%, 09/11/2026		8,900,000		8,108,322
Hewlett Packard Enterprise Co., 1.75%, 04/01/2026^(b)		3,333,000		2,993,582
HP, Inc., 1.45%, 06/17/2026^(b)		4,400,000		3,864,246
Western Digital Corp., 4.75%, 02/15/2026^(b)		10,210,000		9,649,471

				57,521,082

Textiles, Apparel & Luxury Goods-0.25%
NIKE, Inc., 2.38%, 11/01/2026^(b)		4,500,000		4,146,034

Tobacco-1.20%
Altria Group, Inc., 2.63%, 09/16/2026^(b)		2,222,000		2,037,238
B.A.T Capital Corp. (United Kingdom), 3.22%, 09/06/2026		4,444,000		4,101,533
BAT International Finance PLC (United
Kingdom), 1.67%, 03/25/2026		6,662,000		5,919,904
Philip Morris International, Inc.
4.88%, 02/13/2026		2,000,000		1,978,208
2.75%, 02/25/2026		3,327,000		3,102,733
0.88%, 05/01/2026^(b)		3,329,000		2,913,166

				20,052,782

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


		30

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

February 28, 2023

(Unaudited)


	Principal Amount		Value
Trading Companies & Distributors-0.64%
Air Lease Corp.
2.88%, 01/15/2026^(b)	$	6,500,000	$	5,995,610
1.88%, 08/15/2026		5,330,000		4,655,260

				10,650,870

Wireless Telecommunication Services-1.26%
Rogers Communications, Inc. (Canada), 2.90%, 11/15/2026^(b)		2,220,000		2,028,848
Sprint LLC, 7.63%, 03/01/2026		6,660,000		6,922,411
T-Mobile USA, Inc.
2.25%, 02/15/2026		7,990,000		7,275,368
2.63%, 04/15/2026^(b)		5,330,000		4,888,400

				21,115,027

Total U.S. Dollar Denominated Bonds & Notes (Cost $1,754,823,842)				1,656,779,505

	Shares
Money Market Funds-0.09%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%^(c)(d) (Cost $1,464,022)		1,464,022		1,464,022

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.15% (Cost $1,756,287,864)				1,658,243,527


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-10.30%
Invesco Private Government Fund, 4.58%^(c)(d)(e)		47,892,171	$	47,892,171
Invesco Private Prime Fund, 4.83%^(c)(d)(e)		124,281,218		124,306,070

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $172,200,589)				172,198,241

TOTAL INVESTMENTS IN SECURITIES-109.45% (Cost $1,928,488,453)				1,830,441,768
OTHER ASSETS LESS LIABILITIES-(9.45)%				(158,013,862	)

NET ASSETS-100.00%			$	1,672,427,906

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, 2023.

^(c)


	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 28, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	2,406,597		$	29,017,641		$	(29,960,216	)		$	-			$	-		$	1,464,022		$	52,117

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			24,753,126			153,743,822			(130,604,777	)			-				-			47,892,171			990,267	*

Invesco Private Prime Fund			63,650,897			369,913,197			(309,286,616	)			(5,410	)			34,002			124,306,070			2,698,675	*


Total		$	90,810,620		$	552,674,660		$	(469,851,609	)		$	(5,410	)		$	34,002		$	173,662,263		$	3,741,059

*	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.


		31

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

February 28, 2023

(Unaudited)

^(d)	The rate shown is the 7-day SEC standardized yield as of February 28, 2023.

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


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2023

Financials			31.43

Information Technology			11.87

Health Care			10.14

Consumer Discretionary			8.74

Industrials			7.77

Energy			6.90

Communication Services			6.02

Consumer Staples			5.81

Real Estate			4.79

Utilities			4.38

Materials			1.21

Money Market Funds Plus Other Assets Less Liabilities			0.94

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


		32

Invesco BulletShares 2027 Corporate Bond ETF (BSCR)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-98.82%
Aerospace & Defense-1.95%
Boeing Co. (The), 5.04%, 05/01/2027^(b)	$	4,595,000	$	4,529,068
General Dynamics Corp.
3.50%, 04/01/2027		1,722,000		1,633,557
2.63%, 11/15/2027^(b)		1,141,000		1,035,630
Howmet Aerospace, Inc., 5.90%, 02/01/2027		1,431,000		1,426,196
Huntington Ingalls Industries, Inc., 3.48%, 12/01/2027^(b)		1,369,000		1,252,483
Lockheed Martin Corp., 5.10%, 11/15/2027		1,722,000		1,745,770
Northrop Grumman Corp., 3.20%, 02/01/2027		1,722,000		1,618,406
Raytheon Technologies Corp., 3.13%, 05/04/2027		2,523,000		2,341,525

				15,582,635

Air Freight & Logistics-0.27%
United Parcel Service, Inc., 3.05%, 11/15/2027^(b)		2,300,000		2,135,953

Airlines-0.49%
Southwest Airlines Co., 5.13%, 06/15/2027^(b)		3,940,000		3,886,810

Auto Components-0.43%
BorgWarner, Inc., 2.65%, 07/01/2027^(b)		2,523,000		2,266,479
Lear Corp., 3.80%, 09/15/2027		1,251,000		1,169,654

				3,436,133

Automobiles-3.47%
American Honda Finance Corp., 2.35%, 01/08/2027^(b)		1,145,000		1,044,286
General Motors Co.
4.20%, 10/01/2027^(b)		1,722,000		1,629,475
6.80%, 10/01/2027		2,292,000		2,392,030
General Motors Financial Co., Inc.
4.35%, 01/17/2027^(b)		2,873,000		2,746,349
2.35%, 02/26/2027^(b)		2,292,000		2,026,712
5.00%, 04/09/2027		2,873,000		2,802,895
2.70%, 08/20/2027		2,063,000		1,818,901
Honda Motor Co. Ltd. (Japan), 2.53%, 03/10/2027^(b)		2,292,000		2,104,616
Toyota Motor Credit Corp.
3.20%, 01/11/2027^(b)		1,722,000		1,619,018
1.90%, 01/13/2027		1,712,000		1,530,745
3.05%, 03/22/2027^(b)		3,213,000		2,990,883
1.15%, 08/13/2027		1,371,000		1,168,514
4.55%, 09/20/2027		2,292,000		2,255,994
5.45%, 11/10/2027		1,602,000		1,636,935

				27,767,353

Banks-13.06%
Banco Santander S.A. (Spain)
4.25%, 04/11/2027		2,200,000		2,089,444
5.29%, 08/18/2027		4,000,000		3,921,838
Bank of America Corp.
3.25%, 10/21/2027^(b)		5,736,000		5,286,174
Series L, 4.18%, 11/25/2027		4,595,000		4,384,545


	Principal Amount		Value
Banks-(continued)
Bank of Montreal (Canada)
2.65%, 03/08/2027^(b)	$	2,843,000	$	2,591,592
Series H, 4.70%, 09/14/2027		2,276,000		2,226,783
Bank of Nova Scotia (The) (Canada)
1.95%, 02/02/2027^(b)		1,712,000		1,524,965
2.95%, 03/11/2027^(b)		1,602,000		1,468,808
Canadian Imperial Bank of Commerce (Canada), 3.45%, 04/07/2027^(b)		2,280,000		2,135,101
Citigroup, Inc., 4.45%, 09/29/2027^(b)		8,839,000		8,447,325
Fifth Third Bancorp, 2.55%, 05/05/2027		1,722,000		1,560,619
Fifth Third Bank N.A., 2.25%, 02/01/2027		1,500,000		1,350,693
JPMorgan Chase & Co.
8.00%, 04/29/2027		1,149,000		1,285,853
4.25%, 10/01/2027		3,444,000		3,317,082
3.63%, 12/01/2027		2,523,000		2,356,281
Keybank N.A., 5.85%, 11/15/2027		2,250,000		2,304,244
KeyCorp, 2.25%, 04/06/2027^(b)		1,827,000		1,627,927
Lloyds Banking Group PLC (United Kingdom), 3.75%, 01/11/2027		2,850,000		2,658,987
Manufacturers and Traders Trust Co., 3.40%, 08/17/2027		1,250,000		1,151,243
Mitsubishi UFJ Financial Group, Inc. (Japan)
3.68%, 02/22/2027^(b)		2,287,000		2,181,796
3.29%, 07/25/2027		2,283,000		2,115,466
Mizuho Financial Group, Inc. (Japan)
3.66%, 02/28/2027		1,200,000		1,127,869
3.17%, 09/11/2027		2,620,000		2,402,413
PNC Bank N.A., 3.10%, 10/25/2027^(b)		2,400,000		2,231,480
PNC Financial Services Group, Inc. (The), 3.15%, 05/19/2027^(b)		1,722,000		1,609,415
Royal Bank of Canada (Canada)
2.05%, 01/21/2027		1,146,000		1,028,553
3.63%, 05/04/2027^(b)		2,743,000		2,580,737
4.24%, 08/03/2027		2,873,000		2,760,506
6.00%, 11/01/2027^(b)		3,100,000		3,191,733
Santander Holdings USA, Inc., 4.40%, 07/13/2027		2,399,000		2,281,366
Sumitomo Mitsui Financial Group, Inc. (Japan)
3.45%, 01/11/2027^(b)		2,867,000		2,675,039
2.17%, 01/14/2027		1,200,000		1,065,525
3.36%, 07/12/2027		4,004,000		3,712,126
3.35%, 10/18/2027		1,722,000		1,587,556
Toronto-Dominion Bank (The) (Canada)
1.95%, 01/12/2027		1,725,000		1,531,858
2.80%, 03/10/2027		2,523,000		2,306,947
4.11%, 06/08/2027^(b)		3,444,000		3,302,774
4.69%, 09/15/2027		3,444,000		3,370,339
Truist Financial Corp., 1.13%, 08/03/2027^(b)		1,722,000		1,466,819
U.S. Bancorp, Series X, 3.15%, 04/27/2027		2,983,000		2,783,891
Wells Fargo & Co., 4.30%, 07/22/2027^(b)		5,736,000		5,553,608

				104,557,320

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


		33

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

February 28, 2023

(Unaudited)


	Principal Amount		Value
Beverages-1.84%
Coca-Cola Co. (The)
3.38%, 03/25/2027	$	2,292,000	$	2,188,570
2.90%, 05/25/2027^(b)		1,151,000		1,077,703
1.45%, 06/01/2027^(b)		3,444,000		3,025,984
Constellation Brands, Inc.
3.50%, 05/09/2027		1,151,000		1,082,981
4.35%, 05/09/2027		1,375,000		1,329,591
Diageo Capital PLC (United Kingdom), 5.30%, 10/24/2027		1,730,000		1,756,278
PepsiCo, Inc.
2.63%, 03/19/2027		1,151,000		1,065,690
3.00%, 10/15/2027^(b)		3,444,000		3,207,189

				14,733,986

Biotechnology-1.22%
Amgen, Inc.
2.20%, 02/21/2027^(b)		3,961,000		3,551,504
3.20%, 11/02/2027^(b)		2,292,000		2,117,971
Gilead Sciences, Inc.
2.95%, 03/01/2027		2,873,000		2,662,715
1.20%, 10/01/2027		1,722,000		1,455,562

				9,787,752

Building Products-0.16%
Carlisle Cos., Inc., 3.75%, 12/01/2027		1,371,000		1,282,566

Capital Markets-5.99%
Ares Capital Corp., 2.88%, 06/15/2027^(b)		1,135,000		988,539
Bank of New York Mellon Corp. (The)
2.05%, 01/26/2027		1,950,000		1,751,030
3.25%, 05/16/2027^(b)		1,720,000		1,612,164
BlackRock, Inc., 3.20%, 03/15/2027		1,600,000		1,508,737
Blackstone Secured Lending Fund, 2.13%, 02/15/2027^(b)		1,418,000		1,194,929
Cboe Global Markets, Inc., 3.65%, 01/12/2027^(b)		1,490,000		1,424,964
Charles Schwab Corp. (The)
3.20%, 03/02/2027		1,490,000		1,394,132
2.45%, 03/03/2027		3,440,000		3,122,372
3.30%, 04/01/2027^(b)		1,700,000		1,598,669
Credit Suisse AG (Switzerland), 5.00%, 07/09/2027		2,730,000		2,504,050
FactSet Research Systems, Inc., 2.90%, 03/01/2027^(b)		1,141,000		1,051,998
FS KKR Capital Corp., 3.25%, 07/15/2027		1,145,000		980,979
Goldman Sachs Group, Inc. (The)
5.95%, 01/15/2027		1,852,000		1,887,084
3.85%, 01/26/2027^(b)		6,887,000		6,518,832
Jefferies Financial Group, Inc., 4.85%, 01/15/2027^(b)		1,713,000		1,680,568
Morgan Stanley
3.63%, 01/20/2027		6,887,000		6,515,032
3.95%, 04/23/2027		4,595,000		4,345,481
Nomura Holdings, Inc. (Japan)
2.33%, 01/22/2027		2,800,000		2,476,916
5.39%, 07/06/2027^(b)		1,150,000		1,139,655
Northern Trust Corp., 4.00%, 05/10/2027^(b)		2,293,000		2,222,478


	Principal Amount		Value
Capital Markets-(continued)
Owl Rock Capital Corp., 2.63%, 01/15/2027^(b)	$	1,151,000	$	980,080
S&P Global, Inc., 2.95%, 01/22/2027^(b)		1,151,000		1,078,664

				47,977,353

Chemicals-2.06%
Air Products and Chemicals, Inc., 1.85%, 05/15/2027^(b)		1,492,000		1,327,601
Albemarle Corp., 4.65%, 06/01/2027		1,492,000		1,456,155
Celanese US Holdings LLC, 6.17%, 07/15/2027^(b)		4,594,000		4,563,112
Ecolab, Inc.
1.65%, 02/01/2027		1,141,000		1,008,205
3.25%, 12/01/2027^(b)		1,141,000		1,062,618
LYB International Finance II B.V., 3.50%, 03/02/2027^(b)		1,353,000		1,262,941
Mosaic Co. (The), 4.05%, 11/15/2027^(b)		1,602,000		1,517,967
Olin Corp., 5.13%, 09/15/2027		1,150,000		1,094,346
Sherwin-Williams Co. (The), 3.45%, 06/01/2027^(b)		3,433,000		3,218,975

				16,511,920

Commercial Services & Supplies-0.65%
Cintas Corp. No. 2, 3.70%, 04/01/2027^(b)		2,292,000		2,189,793
Republic Services, Inc., 3.38%, 11/15/2027		1,492,000		1,382,607
Waste Management, Inc., 3.15%, 11/15/2027^(b)		1,722,000		1,594,113

				5,166,513

Communications Equipment-0.13%
Nokia OYJ (Finland), 4.38%, 06/12/2027.		1,151,000		1,078,614

Construction Materials-0.13%
Martin Marietta Materials, Inc., 3.50%, 12/15/2027		1,131,000		1,060,510

Consumer Finance-2.93%
Ally Financial, Inc.
4.75%, 06/09/2027^(b)		1,714,000		1,634,710
7.10%, 11/15/2027^(b)		1,712,000		1,779,235
American Express Co.
2.55%, 03/04/2027		4,014,000		3,635,724
3.30%, 05/03/2027^(b)		3,790,000		3,543,414
5.85%, 11/05/2027^(b)		3,444,000		3,547,363
Capital One Financial Corp.
3.75%, 03/09/2027		3,099,000		2,908,081
3.65%, 05/11/2027^(b)		2,300,000		2,143,887
Discover Financial Services, 4.10%, 02/09/2027^(b)		2,298,000		2,179,161
Synchrony Financial, 3.95%, 12/01/2027^(b)		2,292,000		2,086,441

				23,458,016

Containers & Packaging-0.13%
Packaging Corp. of America, 3.40%, 12/15/2027		1,141,000		1,055,728

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


		34

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

February 28, 2023

(Unaudited)


	Principal Amount		Value
Diversified Financial Services-0.94%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)
3.65%, 07/21/2027	$	2,270,000	$	2,057,891
4.63%, 10/15/2027		1,400,000		1,321,276
Blackstone Private Credit Fund, 3.25%, 03/15/2027		2,281,000		1,965,923
ORIX Corp. (Japan)
3.70%, 07/18/2027		1,110,000		1,049,071
5.00%, 09/13/2027		1,141,000		1,132,034

				7,526,195

Diversified Telecommunication Services-2.85%
AT&T, Inc.
4.25%, 03/01/2027		3,423,000		3,319,982
2.30%, 06/01/2027^(b)		5,738,000		5,115,209
Telefonica Emisiones S.A. (Spain), 4.10%, 03/08/2027		3,420,000		3,242,130
TELUS Corp. (Canada)
2.80%, 02/16/2027		1,371,000		1,258,463
3.70%, 09/15/2027^(b)		1,141,000		1,077,414
Verizon Communications, Inc.
4.13%, 03/16/2027^(b)		7,458,000		7,181,490
3.00%, 03/22/2027		1,722,000		1,592,009

				22,786,697

Electric Utilities-4.29%
Alabama Power Co., 3.75%, 09/01/2027^(b)		1,261,000		1,203,062
American Electric Power Co., Inc.
5.75%, 11/01/2027^(b)		1,140,000		1,166,695
3.20%, 11/13/2027		1,203,000		1,104,287
Duke Energy Corp.
3.15%, 08/15/2027		1,722,000		1,584,869
5.00%, 12/08/2027		1,151,000		1,143,011
Duke Energy Florida LLC, 3.20%, 01/15/2027		1,490,000		1,401,140
Edison International, 5.75%, 06/15/2027^(b)		1,382,000		1,389,413
Eversource Energy
2.90%, 03/01/2027		1,495,000		1,369,467
4.60%, 07/01/2027		1,371,000		1,336,629
Exelon Corp., 2.75%, 03/15/2027		1,480,000		1,342,771
FirstEnergy Corp., Series B, 4.15%, 07/15/2027		3,443,000		3,215,400
ITC Holdings Corp., 3.35%, 11/15/2027^(b)		1,147,000		1,058,132
NextEra Energy Capital Holdings, Inc.
1.88%, 01/15/2027		2,291,000		2,019,706
3.55%, 05/01/2027		3,410,000		3,186,074
4.63%, 07/15/2027		2,873,000		2,794,348
Pacific Gas and Electric Co., 2.10%, 08/01/2027		2,282,000		1,945,434
Southern California Edison Co.
5.85%, 11/01/2027		1,720,000		1,761,639
Series D, 4.70%, 06/01/2027		1,375,000		1,353,315


	Principal Amount		Value
Electric Utilities-(continued)
Virginia Electric & Power Co.
Series A, 3.50%, 03/15/2027	$	1,721,000	$	1,621,556
Series B, 3.75%, 05/15/2027^(b)		1,365,000		1,297,013
Xcel Energy, Inc., 1.75%, 03/15/2027		1,141,000		1,002,133

				34,296,094

Electrical Equipment-0.31%
Eaton Corp., 3.10%, 09/15/2027		1,602,000		1,480,538
Emerson Electric Co., 1.80%, 10/15/2027^(b)		1,145,000		999,574

				2,480,112

Electronic Equipment, Instruments & Components-0.33%
Jabil, Inc., 4.25%, 05/15/2027^(b)		1,141,000		1,085,180
Keysight Technologies, Inc., 4.60%, 04/06/2027		1,602,000		1,572,505

				2,657,685

Energy Equipment & Services-0.36%
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 3.34%, 12/15/2027		3,094,000		2,858,492

Entertainment-0.57%
Take-Two Interactive Software, Inc., 3.70%, 04/14/2027^(b)		1,381,000		1,303,841
TWDC Enterprises 18 Corp., 2.95%, 06/15/2027^(b)		2,300,000		2,130,642
Walt Disney Co. (The), 3.70%, 03/23/2027		1,151,000		1,103,928

				4,538,411

Equity REITs-3.72%
American Tower Corp.
2.75%, 01/15/2027		1,722,000		1,556,724
3.65%, 03/15/2027		1,492,000		1,389,946
3.55%, 07/15/2027		1,722,000		1,592,663
Boston Properties L.P., 6.75%, 12/01/2027^(b)		1,720,000		1,786,995
Crown Castle, Inc.
4.00%, 03/01/2027		1,141,000		1,086,651
2.90%, 03/15/2027		1,722,000		1,565,021
3.65%, 09/01/2027		2,300,000		2,141,112
Digital Realty Trust L.P., 3.70%, 08/15/2027		2,292,000		2,124,839
Healthcare Realty Holdings L.P., 3.75%, 07/01/2027^(b)		1,151,000		1,070,653
Mid-America Apartments L.P., 3.60%, 06/01/2027		1,381,000		1,306,503
MPT Operating Partnership L.P./MPT Finance Corp., 5.00%, 10/15/2027^(b)		3,200,000		2,628,456
Omega Healthcare Investors, Inc., 4.50%, 04/01/2027^(b)		1,603,000		1,515,197
Public Storage, 3.09%, 09/15/2027^(b)		1,149,000		1,064,349
Realty Income Corp.
3.00%, 01/15/2027		1,375,000		1,271,311
3.95%, 08/15/2027		1,359,000		1,295,374
Regency Centers L.P., 3.60%, 02/01/2027		1,111,000		1,047,192

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


		35

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

February 28, 2023

(Unaudited)


	Principal Amount		Value
Equity REITs-(continued)
Simon Property Group L.P.
1.38%, 01/15/2027^(b)	$	1,263,000	$	1,104,340
3.38%, 06/15/2027		1,720,000		1,602,607
3.38%, 12/01/2027		1,722,000		1,592,445
Welltower OP LLC, 2.70%, 02/15/2027		1,151,000		1,039,650

				29,782,028

Food & Staples Retailing-1.22%
Costco Wholesale Corp.
3.00%, 05/18/2027^(b)		2,292,000		2,158,021
1.38%, 06/20/2027		2,873,000		2,511,360
Kroger Co. (The), 3.70%, 08/01/2027^(b)		1,375,000		1,297,993
Sysco Corp., 3.25%, 07/15/2027^(b)		1,722,000		1,591,884
Walmart, Inc., 3.95%, 09/09/2027^(b)		2,292,000		2,233,692

				9,792,950

Food Products-2.02%
Bunge Ltd. Finance Corp., 3.75%, 09/25/2027		1,380,000		1,295,932
Conagra Brands, Inc., 1.38%, 11/01/2027^(b)		2,292,000		1,909,141
General Mills, Inc., 3.20%, 02/10/2027^(b)		1,712,000		1,616,514
JM Smucker Co. (The), 3.38%, 12/15/2027		1,141,000		1,056,480
Kellogg Co., 3.40%, 11/15/2027		1,375,000		1,284,375
Kraft Heinz Foods Co. (The), 3.88%, 05/15/2027		3,102,000		2,950,419
McCormick & Co., Inc., 3.40%, 08/15/2027		1,712,000		1,591,181
Mondelez International, Inc., 2.63%, 03/17/2027^(b)		1,722,000		1,574,133
Tyson Foods, Inc., 3.55%, 06/02/2027		3,103,000		2,904,851

				16,183,026

Gas Utilities-0.32%
Atmos Energy Corp., 3.00%, 06/15/2027		1,141,000		1,061,710
Southern California Gas Co., 2.95%, 04/15/2027		1,610,000		1,491,229

				2,552,939

Health Care Equipment & Supplies-0.83%
Baxter International, Inc., 1.92%, 02/01/2027		3,302,000		2,880,765
Becton, Dickinson and Co., 3.70%, 06/06/2027		3,964,000		3,745,572

				6,626,337

Health Care Providers & Services-4.90%
AmerisourceBergen Corp., 3.45%, 12/15/2027^(b)		1,722,000		1,601,468
Cardinal Health, Inc., 3.41%, 06/15/2027.		2,798,000		2,608,608
Centene Corp., 4.25%, 12/15/2027		5,500,000		5,087,225
Cigna Group (The)
3.40%, 03/01/2027		3,046,000		2,854,036
3.05%, 10/15/2027		1,253,000		1,147,434
CommonSpirit Health, 6.07%, 11/01/2027		1,156,000		1,183,043
CVS Health Corp.
3.63%, 04/01/2027		1,722,000		1,620,486
1.30%, 08/21/2027		5,145,000		4,337,633


	Principal Amount		Value
Health Care Providers & Services-(continued)
Elevance Health, Inc., 3.65%, 12/01/2027	$	3,668,000	$	3,443,080
HCA, Inc., 4.50%, 02/15/2027		2,753,000		2,640,815
Humana, Inc.
1.35%, 02/03/2027		1,722,000		1,483,256
3.95%, 03/15/2027		1,375,000		1,315,314
Kaiser Foundation Hospitals, 3.15%, 05/01/2027		1,311,000		1,230,861
Laboratory Corp. of America Holdings, 3.60%, 09/01/2027^(b)		1,365,000		1,293,697
SSM Health Care Corp., Series A, 3.82%, 06/01/2027		1,141,000		1,078,564
UnitedHealth Group, Inc.
3.45%, 01/15/2027^(b)		1,722,000		1,633,254
3.38%, 04/15/2027		1,431,000		1,349,952
3.70%, 05/15/2027^(b)		1,375,000		1,312,277
2.95%, 10/15/2027		2,182,000		2,004,595

				39,225,598

Hotels, Restaurants & Leisure-1.25%
Darden Restaurants, Inc., 3.85%, 05/01/2027^(b)		1,121,000		1,070,773
Expedia Group, Inc., 4.63%, 08/01/2027		1,710,000		1,633,055
Marriott International, Inc., 5.00%, 10/15/2027^(b)		2,292,000		2,266,540
McDonald’s Corp.
3.50%, 03/01/2027		1,952,000		1,843,528
3.50%, 07/01/2027		2,292,000		2,162,967
Starbucks Corp., 2.00%, 03/12/2027		1,151,000		1,024,856

				10,001,719

Household Durables-0.79%
D.R. Horton, Inc., 1.40%, 10/15/2027^(b)		1,144,000		958,618
Leggett & Platt, Inc., 3.50%, 11/15/2027		1,141,000		1,051,216
Lennar Corp., 4.75%, 11/29/2027^(b)		2,062,000		1,977,071
Newell Brands, Inc., 6.38%, 09/15/2027^(b)		1,150,000		1,145,061
PulteGroup, Inc., 5.00%, 01/15/2027		1,203,000		1,184,635

				6,316,601

Household Products-0.88%
Colgate-Palmolive Co., 3.10%, 08/15/2027		1,141,000		1,076,161
Kimberly-Clark Corp., 1.05%, 09/15/2027		1,381,000		1,173,504
Procter & Gamble Co. (The)
1.90%, 02/01/2027^(b)		2,292,000		2,087,081
2.80%, 03/25/2027		1,151,000		1,073,917
2.85%, 08/11/2027		1,712,000		1,595,268

				7,005,931

Independent Power and Renewable Electricity Producers-0.19%
NSTAR Electric Co., 3.20%, 05/15/2027		1,606,000		1,498,071

Industrial Conglomerates-0.47%
3M Co., 2.88%, 10/15/2027^(b)		1,952,000		1,777,486
Honeywell International, Inc., 1.10%, 03/01/2027^(b)		2,292,000		1,993,918

				3,771,404

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


		36

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

February 28, 2023

(Unaudited)


	Principal Amount		Value
Insurance-1.55%
American Equity Investment Life Holding Co., 5.00%, 06/15/2027	$	1,020,000	$	1,001,958
Aon Corp., 8.21%, 01/01/2027		1,050,000		1,108,742
Aon Corp./Aon Global Holdings PLC, 2.85%, 05/28/2027		1,371,000		1,247,056
Berkshire Hathaway Finance Corp., 2.30%, 03/15/2027^(b)		1,722,000		1,592,727
Brighthouse Financial, Inc., 3.70%, 06/22/2027^(b)		1,739,000		1,627,303
CNA Financial Corp., 3.45%, 08/15/2027		1,141,000		1,056,715
Manulife Financial Corp. (Canada), 2.48%, 05/19/2027		1,141,000		1,035,350
Progressive Corp. (The)
2.45%, 01/15/2027		1,141,000		1,043,346
2.50%, 03/15/2027		1,151,000		1,049,357
Willis North America, Inc., 4.65%, 06/15/2027		1,722,000		1,664,806

				12,427,360

Interactive Media & Services-0.96%
Alphabet, Inc., 0.80%, 08/15/2027		2,292,000		1,955,943
Meta Platforms, Inc., 3.50%, 08/15/2027^(b)		6,100,000		5,735,199

				7,691,142

Internet & Direct Marketing Retail-2.59%
Amazon.com, Inc.
3.30%, 04/13/2027^(b)		4,595,000		4,342,776
1.20%, 06/03/2027^(b)		2,873,000		2,482,623
3.15%, 08/22/2027^(b)		8,038,000		7,509,649
4.55%, 12/01/2027^(b)		4,590,000		4,540,158
eBay, Inc., 3.60%, 06/05/2027^(b)		1,952,000		1,841,559

				20,716,765

IT Services-2.81%
Fidelity National Information Services, Inc., 4.70%, 07/15/2027		1,151,000		1,120,777
Fiserv, Inc., 2.25%, 06/01/2027^(b)		2,292,000		2,034,984
Global Payments, Inc.
2.15%, 01/15/2027		1,722,000		1,510,033
4.95%, 08/15/2027		1,151,000		1,114,142
International Business Machines Corp.
3.30%, 01/27/2027		1,200,000		1,125,898
2.20%, 02/09/2027		1,480,000		1,330,808
1.70%, 05/15/2027		2,860,000		2,508,522
4.15%, 07/27/2027^(b)		1,694,000		1,637,948
Mastercard, Inc., 3.30%, 03/26/2027^(b)		2,292,000		2,169,727
PayPal Holdings, Inc., 3.90%, 06/01/2027^(b)		1,141,000		1,099,474
VeriSign, Inc., 4.75%, 07/15/2027		1,260,000		1,222,395
Visa, Inc.
1.90%, 04/15/2027^(b)		3,444,000		3,092,210
0.75%, 08/15/2027		1,141,000		969,293
2.75%, 09/15/2027		1,712,000		1,584,396

				22,520,607

Leisure Products-0.13%
Hasbro, Inc., 3.50%, 09/15/2027		1,141,000		1,047,309


	Principal Amount		Value
Life Sciences Tools & Services-0.31%
Illumina, Inc., 5.75%, 12/13/2027	$	1,139,000	$	1,147,545
Thermo Fisher Scientific, Inc., 4.80%, 11/21/2027		1,371,000		1,371,182

				2,518,727

Machinery-2.05%
Caterpillar Financial Services Corp.
1.70%, 01/08/2027^(b)		1,151,000		1,037,636
3.60%, 08/12/2027^(b)		1,602,000		1,530,251
1.10%, 09/14/2027^(b)		1,726,000		1,477,026
CNH Industrial N.V. (United Kingdom), 3.85%, 11/15/2027^(b)		1,141,000		1,082,521
John Deere Capital Corp.
1.70%, 01/11/2027^(b)		1,141,000		1,017,428
2.35%, 03/08/2027^(b)		1,151,000		1,047,135
1.75%, 03/09/2027		1,151,000		1,027,125
2.80%, 09/08/2027		1,151,000		1,057,677
4.15%, 09/15/2027		2,062,000		2,005,168
Otis Worldwide Corp., 2.29%, 04/05/2027^(b)		1,141,000		1,025,569
Parker-Hannifin Corp.
3.25%, 03/01/2027		1,602,000		1,490,559
4.25%, 09/15/2027		2,757,000		2,639,635

				16,437,730

Media-1.31%
Comcast Corp.
2.35%, 01/15/2027		3,210,000		2,910,203
3.30%, 02/01/2027		2,873,000		2,698,376
3.30%, 04/01/2027		1,822,000		1,708,351
5.35%, 11/15/2027^(b)		1,722,000		1,747,957
Paramount Global, 2.90%, 01/15/2027		1,602,000		1,452,054

				10,516,941

Metals & Mining-0.49%
ArcelorMittal S.A. (Luxembourg), 6.55%, 11/29/2027^(b)		2,750,000		2,822,034
Nucor Corp., 4.30%, 05/23/2027		1,151,000		1,116,244

				3,938,278

Multiline Retail-0.58%
Dollar General Corp.
3.88%, 04/15/2027		1,375,000		1,309,852
4.63%, 11/01/2027		1,263,000		1,233,652
Target Corp., 1.95%, 01/15/2027^(b)		2,292,000		2,066,325

				4,609,829

Multi-Utilities-0.92%
Ameren Corp., 1.95%, 03/15/2027		1,141,000		1,005,685
NiSource, Inc., 3.49%, 05/15/2027		2,280,000		2,131,899
Public Service Enterprise Group, Inc., 5.85%, 11/15/2027		1,602,000		1,639,588
Sempra Energy, 3.25%, 06/15/2027		1,720,000		1,587,799
WEC Energy Group, Inc., 1.38%, 10/15/2027		1,152,000		976,371

				7,341,342

Oil, Gas & Consumable Fuels-6.08%
Boardwalk Pipelines L.P., 4.45%, 07/15/2027		1,141,000		1,088,995

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


		37

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

February 28, 2023

(Unaudited)


	Principal Amount		Value
Oil, Gas & Consumable Fuels-(continued)
BP Capital Markets America, Inc., 3.54%, 04/06/2027	$	1,147,000	$	1,085,801
BP Capital Markets PLC (United Kingdom), 3.28%, 09/19/2027^(b)		3,443,000		3,210,267
Canadian Natural Resources Ltd. (Canada), 3.85%, 06/01/2027		2,873,000		2,699,838
Cheniere Corpus Christi Holdings LLC, 5.13%, 06/30/2027		2,820,000		2,784,353
Chevron Corp., 2.00%, 05/11/2027^(b)		2,292,000		2,054,016
Chevron USA, Inc., 1.02%, 08/12/2027		1,725,000		1,473,487
Coterra Energy Inc., 3.90%, 05/15/2027		1,570,000		1,472,318
DCP Midstream Operating L.P., 5.63%, 07/15/2027		1,150,000		1,139,820
Enbridge, Inc. (Canada), 3.70%, 07/15/2027		1,610,000		1,508,834
Energy Transfer L.P.
4.40%, 03/15/2027		1,610,000		1,539,233
4.20%, 04/15/2027		1,365,000		1,292,447
4.00%, 10/01/2027		1,722,000		1,606,729
Enterprise Products Operating LLC, 3.95%, 02/15/2027		1,319,000		1,260,368
EQT Corp., 3.90%, 10/01/2027^(b)		2,774,000		2,539,486
Equinor ASA (Norway), 3.00%, 04/06/2027		1,140,000		1,061,551
Exxon Mobil Corp., 3.29%, 03/19/2027^(b)		2,292,000		2,185,143
Hess Corp., 4.30%, 04/01/2027^(b)		2,292,000		2,195,552
Marathon Oil Corp., 4.40%, 07/15/2027^(b)		2,292,000		2,184,959
MPLX L.P., 4.13%, 03/01/2027		2,873,000		2,742,903
ONEOK, Inc., 4.00%, 07/13/2027		1,151,000		1,083,841
Sabine Pass Liquefaction LLC, 5.00%, 03/15/2027		3,443,000		3,363,167
Targa Resources Corp., 5.20%, 07/01/2027		1,722,000		1,694,261
TC PipeLines L.P., 3.90%, 05/25/2027		1,141,000		1,077,003
Valero Energy Corp., 2.15%, 09/15/2027		1,323,000		1,164,953
Williams Cos., Inc. (The), 3.75%, 06/15/2027		3,331,000		3,133,084

				48,642,409

Personal Products-0.40%
Estee Lauder Cos., Inc. (The), 3.15%, 03/15/2027		1,151,000		1,085,294
Unilever Capital Corp. (United Kingdom), 2.90%, 05/05/2027^(b)		2,265,000		2,104,056

				3,189,350

Pharmaceuticals-3.44%
AstraZeneca PLC (United Kingdom), 3.13%, 06/12/2027		1,722,000		1,614,447
Bristol-Myers Squibb Co.
3.25%, 02/27/2027^(b)		1,176,000		1,113,466
1.13%, 11/13/2027		2,292,000		1,947,706
Eli Lilly and Co., 3.10%, 05/15/2027		920,000		861,604
GSK Consumer Healthcare Capital US LLC, 3.38%, 03/24/2027^(b)		4,400,000		4,093,263
Johnson & Johnson
2.95%, 03/03/2027^(b)		2,292,000		2,159,980
0.95%, 09/01/2027		3,444,000		2,949,456


	Principal Amount		Value
Pharmaceuticals-(continued)
Merck & Co., Inc., 1.70%, 06/10/2027	$	3,446,000	$	3,044,800
Novartis Capital Corp. (Switzerland)
2.00%, 02/14/2027		2,873,000		2,601,914
3.10%, 05/17/2027		2,292,000		2,154,913
Royalty Pharma PLC, 1.75%, 09/02/2027^(b)		2,292,000		1,943,071
Viatris, Inc., 2.30%, 06/22/2027		1,720,000		1,486,494
Zoetis, Inc., 3.00%, 09/12/2027		1,722,000		1,589,647

				27,560,761

Professional Services-0.21%
Equifax, Inc., 5.10%, 12/15/2027^(b)		1,722,000		1,706,115

Road & Rail-0.63%
Burlington Northern Santa Fe LLC, 3.25%, 06/15/2027^(b)		1,150,000		1,087,352
CSX Corp., 3.25%, 06/01/2027		1,950,000		1,819,831
Union Pacific Corp.
2.15%, 02/05/2027^(b)		1,150,000		1,040,520
3.00%, 04/15/2027		1,140,000		1,062,048

				5,009,751

Semiconductors & Semiconductor Equipment-2.92%
Applied Materials, Inc., 3.30%, 04/01/2027^(b)		2,753,000		2,603,980
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/2027^(b)		6,708,000		6,330,107
Intel Corp.
3.75%, 03/25/2027^(b)		2,292,000		2,189,208
3.15%, 05/11/2027^(b)		2,292,000		2,133,042
3.75%, 08/05/2027^(b)		2,873,000		2,733,648
Micron Technology, Inc., 4.19%, 02/15/2027^(b)		2,062,000		1,953,087
QUALCOMM, Inc., 3.25%, 05/20/2027		4,590,000		4,319,746
Texas Instruments, Inc., 2.90%, 11/03/2027^(b)		1,151,000		1,065,683

				23,328,501

Software-3.80%
Adobe, Inc., 2.15%, 02/01/2027^(b)		1,952,000		1,774,892
Autodesk, Inc., 3.50%, 06/15/2027^(b)		1,141,000		1,069,817
Intuit, Inc., 1.35%, 07/15/2027^(b)		1,152,000		998,640
Microsoft Corp., 3.30%, 02/06/2027^(b)		9,179,000		8,774,188
Oracle Corp.
2.80%, 04/01/2027		5,165,000		4,687,650
3.25%, 11/15/2027^(b)		6,308,000		5,773,846
Roper Technologies, Inc., 1.40%, 09/15/2027		1,602,000		1,360,047
VMware, Inc.
4.65%, 05/15/2027		1,152,000		1,112,473
3.90%, 08/21/2027		2,873,000		2,684,224
Workday, Inc., 3.50%, 04/01/2027^(b)		2,294,000		2,143,720

				30,379,497

Specialty Retail-1.63%
AutoZone, Inc., 3.75%, 06/01/2027		1,375,000		1,306,249
Home Depot, Inc. (The)
2.50%, 04/15/2027^(b)		1,722,000		1,575,073
2.88%, 04/15/2027^(b)		1,722,000		1,600,624
2.80%, 09/14/2027^(b)		2,292,000		2,110,244

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, 2023

(Unaudited)


	Principal Amount		Value
Specialty Retail-(continued)
Lowe’s Cos., Inc.
3.35%, 04/01/2027	$	1,722,000	$	1,611,782
3.10%, 05/03/2027^(b)		3,443,000		3,198,289
O’Reilly Automotive, Inc., 3.60%, 09/01/2027		1,720,000		1,617,404

				13,019,665

Technology Hardware, Storage & Peripherals-2.50%
Apple, Inc.
3.35%, 02/09/2027^(b)		5,165,000		4,924,860
3.20%, 05/11/2027^(b)		4,594,000		4,343,335
3.00%, 06/20/2027^(b)		2,292,000		2,155,172
2.90%, 09/12/2027^(b)		4,590,000		4,270,077
3.00%, 11/13/2027^(b)		3,444,000		3,210,028
NetApp, Inc., 2.38%, 06/22/2027^(b)		1,252,000		1,125,997

				20,029,469

Textiles, Apparel & Luxury Goods-0.40%
NIKE, Inc., 2.75%, 03/27/2027^(b)		2,292,000		2,126,335
VF Corp., 2.80%, 04/23/2027^(b)		1,151,000		1,045,256

				3,171,591

Tobacco-0.81%
BAT Capital Corp. (United Kingdom), 4.70%, 04/02/2027^(b)		2,062,000		1,994,269
Philip Morris International, Inc.
3.13%, 08/17/2027^(b)		1,151,000		1,067,578
5.13%, 11/17/2027^(b)		3,444,000		3,430,033

				6,491,880

Trading Companies & Distributors-0.85%
Air Lease Corp.
2.20%, 01/15/2027^(b)		1,722,000		1,513,919
3.63%, 04/01/2027		1,141,000		1,049,471
3.63%, 12/01/2027		1,144,000		1,041,046
5.85%, 12/15/2027^(b)		1,600,000		1,593,792
United Rentals (North America), Inc., 3.88%, 11/15/2027^(b)		1,720,000		1,588,248

				6,786,476


	Principal Amount		Value
Water Utilities-0.16%
American Water Capital Corp., 2.95%, 09/01/2027^(b)	$	1,370,000	$	1,256,846

Wireless Telecommunication Services-0.14%
T-Mobile USA, Inc., 5.38%, 04/15/2027		1,146,000		1,147,317

Total U.S. Dollar Denominated Bonds & Notes (Cost $841,685,791)				790,865,110


	Shares
Money Market Funds-0.18%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%^(c)(d) (Cost $1,403,784)		1,403,784		1,403,784

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.00% (Cost $843,089,575)				792,268,894


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-24.47%
Invesco Private Government Fund, 4.58%^(c)(d)(e)		54,830,240		54,830,240
Invesco Private Prime Fund, 4.83%^(c)(d)(e)		140,963,853		140,992,041

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $195,828,060)				195,822,281

TOTAL INVESTMENTS IN SECURITIES-123.47% (Cost $1,038,917,635)				988,091,175
OTHER ASSETS LESS LIABILITIES-(23.47)%				(187,803,042	)

NET ASSETS-100.00%			$	800,288,133

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, 2023.

^(c)


	Value August 31, 2022			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain			Value February 28, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	365,182	$	15,650,891		$ (14,612,289	)		$	-		$	-		$	1,403,784	$	36,619

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, 2023

(Unaudited)


	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 28, 2023			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	27,045,614		$	114,987,821		$	(87,203,195	)		$	-			$	-		$	54,830,240		$	799,419	*

Invesco Private Prime Fund			69,545,867			251,568,877			(180,135,395	)			(10,751	)			23,443			140,992,041			2,174,951	*


Total		$	96,956,663		$	382,207,589		$	(281,950,879	)		$	(10,751	)		$	23,443		$	197,226,065		$	3,010,989

*	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, 2023.

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


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2023

Financials			24.47

Information Technology			12.68

Consumer Discretionary			11.27

Health Care			10.19

Industrials			7.85

Consumer Staples			7.68

Energy			6.44

Utilities			5.88

Communication Services			5.83

Real Estate			3.72

Materials			2.81

Money Market Funds Plus Other Assets Less Liabilities			1.18

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


		40

Invesco BulletShares 2028 Corporate Bond ETF (BSCS)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-98.91%
Aerospace & Defense-3.60%
Boeing Co. (The), 3.25%, 02/01/2028	$	2,576,000	$	2,334,001
General Dynamics Corp., 3.75%, 05/15/2028		2,352,000		2,237,922
Huntington Ingalls Industries, Inc., 2.04%, 08/16/2028		1,365,000		1,122,831
L3Harris Technologies, Inc., 4.40%, 06/15/2028		1,994,000		1,926,372
Northrop Grumman Corp., 3.25%, 01/15/2028^(b)		4,704,000		4,345,994
Raytheon Technologies Corp., 4.13%, 11/16/2028		7,100,000		6,763,682

				18,730,802

Air Freight & Logistics-0.46%
C.H. Robinson Worldwide, Inc., 4.20%, 04/15/2028^(b)		1,395,000		1,323,881
FedEx Corp., 3.40%, 02/15/2028		1,167,000		1,076,970

				2,400,851

Airlines-0.17%
Delta Air Lines, Inc., 4.38%, 04/19/2028^(b)		959,000		876,047

Automobiles-3.40%
American Honda Finance Corp.
4.70%, 01/12/2028^(b)		1,000,000		986,192
3.50%, 02/15/2028^(b)		1,161,000		1,087,325
2.00%, 03/24/2028		1,761,000		1,523,615
General Motors Co., 5.00%, 10/01/2028^(b)		1,761,000		1,707,034
General Motors Financial Co., Inc.
6.00%, 01/09/2028^(b)		2,350,000		2,366,702
2.40%, 04/10/2028		2,350,000		2,003,630
2.40%, 10/15/2028^(b)		2,330,000		1,951,813
Toyota Motor Corp. (Japan), 3.67%, 07/20/2028^(b)		1,170,000		1,113,314
Toyota Motor Credit Corp.
3.05%, 01/11/2028		1,171,000		1,078,132
4.63%, 01/12/2028^(b)		2,350,000		2,320,910
1.90%, 04/06/2028		1,760,000		1,530,195

				17,668,862

Banks-10.06%
Banco Santander S.A. (Spain), 4.38%, 04/12/2028^(b)		3,000,000		2,822,503
Bank of Montreal (Canada), 5.20%, 02/01/2028^(b)		2,800,000		2,789,347
Barclays PLC (United Kingdom), 4.84%, 05/09/2028^(b)		4,690,000		4,397,561
Citigroup, Inc., 4.13%, 07/25/2028		4,918,000		4,605,252
Fifth Third Bancorp, 3.95%, 03/14/2028^(b)		1,527,000		1,449,061
KeyCorp, 4.10%, 04/30/2028^(b)		1,757,000		1,668,647
Lloyds Banking Group PLC (United Kingdom), 4.38%, 03/22/2028^(b)		3,445,000		3,260,094
Mitsubishi UFJ Financial Group, Inc. (Japan)
3.96%, 03/02/2028		3,014,000		2,839,412
4.05%, 09/11/2028		2,324,000		2,228,647
Mizuho Financial Group, Inc. (Japan), 4.02%, 03/05/2028		3,125,000		2,943,311


	Principal Amount		Value
Banks-(continued)
PNC Bank N.A.
3.25%, 01/22/2028	$	1,750,000	$	1,628,545
4.05%, 07/26/2028		2,870,000		2,710,154
Regions Financial Corp., 1.80%, 08/12/2028		1,497,000		1,255,606
Royal Bank of Canada (Canada), 4.90%, 01/12/2028^(b)		1,680,000		1,656,407
Sumitomo Mitsui Financial Group, Inc. (Japan)
5.52%, 01/13/2028^(b)		3,000,000		2,993,646
3.54%, 01/17/2028		1,755,000		1,619,882
3.94%, 07/19/2028		1,764,000		1,651,625
1.90%, 09/17/2028		4,770,000		3,963,557
SVB Financial Group, 2.10%, 05/15/2028^(b)		1,161,000		976,252
Toronto-Dominion Bank (The) (Canada), 5.16%, 01/10/2028		2,930,000		2,917,544
U.S. Bancorp, 3.90%, 04/26/2028^(b)		1,984,000		1,894,576

				52,271,629

Beverages-2.91%
Anheuser-Busch InBev Worldwide, Inc. (Belgium), 4.00%, 04/13/2028^(b)		5,900,000		5,636,586
Coca-Cola Co. (The)
1.50%, 03/05/2028^(b)		1,760,000		1,526,091
1.00%, 03/15/2028^(b)		3,100,000		2,596,171
Constellation Brands, Inc., 3.60%, 02/15/2028^(b)		1,649,000		1,528,853
Diageo Capital PLC (United Kingdom), 3.88%, 05/18/2028^(b)		1,200,000		1,143,977
PepsiCo, Inc.
3.60%, 02/18/2028		1,761,000		1,679,896
4.45%, 05/15/2028		1,000,000		992,668

				15,104,242

Biotechnology-0.46%
Amgen, Inc., 1.65%, 08/15/2028		2,832,000		2,371,073

Building Products-0.22%
Masco Corp., 1.50%, 02/15/2028^(b)		1,406,000		1,163,491

Capital Markets-5.38%
Ares Capital Corp., 2.88%, 06/15/2028^(b)		2,938,000		2,415,529
Bank of New York Mellon Corp. (The)
3.40%, 01/29/2028		1,761,000		1,633,199
3.85%, 04/28/2028		2,117,000		2,010,577
1.65%, 07/14/2028		1,188,000		1,014,417
3.00%, 10/30/2028		1,151,000		1,031,073
Blackstone Secured Lending Fund, 2.85%, 09/30/2028		1,500,000		1,212,483
Brookfield Finance, Inc. (Canada), 3.90%, 01/25/2028		2,444,000		2,278,389
Charles Schwab Corp. (The)
3.20%, 01/25/2028		1,696,000		1,569,757
2.00%, 03/20/2028		2,997,000		2,613,465
CME Group, Inc., 3.75%, 06/15/2028		1,174,000		1,121,711
Credit Suisse AG (Switzerland), 7.50%, 02/15/2028		5,488,000		5,545,499
FS KKR Capital Corp., 3.13%, 10/12/2028^(b)		1,710,000		1,407,688

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


		41

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

February 28, 2023

(Unaudited)


	Principal Amount		Value
Capital Markets-(continued)
Nomura Holdings, Inc. (Japan)
5.84%, 01/18/2028	$	1,000,000	$	1,008,510
2.17%, 07/14/2028		2,400,000		2,003,759
Northern Trust Corp., 3.65%, 08/03/2028^(b)		1,171,000		1,107,239

				27,973,295

Chemicals-0.57%
Ecolab Inc., 5.25%, 01/15/2028		1,200,000		1,212,458
PPG Industries, Inc., 3.75%, 03/15/2028^(b)		1,883,000		1,776,234

				2,988,692

Commercial Services & Supplies-0.53%
Republic Services, Inc., 3.95%, 05/15/2028		1,883,000		1,784,619
Waste Management, Inc., 1.15%, 03/15/2028		1,171,000		969,898

				2,754,517

Communications Equipment-0.32%
Motorola Solutions, Inc., 4.60%, 02/23/2028		1,700,000		1,641,134

Construction & Engineering-0.24%
Fluor Corp., 4.25%, 09/15/2028^(b)		1,400,000		1,264,568

Consumer Finance-1.23%
Ally Financial, Inc., 2.20%, 11/02/2028^(b)		1,742,000		1,420,635
Capital One Financial Corp., 3.80%, 01/31/2028		3,289,000		3,047,572
Discover Bank, 4.65%, 09/13/2028		2,040,000		1,943,757

				6,411,964

Containers & Packaging-0.25%
WRKCo, Inc., 4.00%, 03/15/2028^(b)		1,397,000		1,305,695

Diversified Financial Services-2.36%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)
3.88%, 01/23/2028^(b)		1,371,000		1,242,047
3.00%, 10/29/2028		8,760,000		7,467,409
Block Financial LLC, 2.50%, 07/15/2028		1,178,000		1,004,961
National Rural Utilities Cooperative Finance Corp.
3.40%, 02/07/2028		1,700,000		1,576,701
4.80%, 03/15/2028		1,000,000		985,027

				12,276,145

Diversified Telecommunication Services-2.01%
AT&T, Inc., 1.65%, 02/01/2028		5,400,000		4,590,347
Verizon Communications, Inc., 2.10%, 03/22/2028		6,800,000		5,871,669

				10,462,016

Electric Utilities-4.27%
Berkshire Hathaway Energy Co., 3.25%, 04/15/2028		1,407,000		1,300,525
Commonwealth Edison Co., 3.70%, 08/15/2028^(b)		1,287,000		1,209,842
Duke Energy Corp., 4.30%, 03/15/2028		2,200,000		2,102,577
Duke Energy Florida LLC, 3.80%, 07/15/2028		1,395,000		1,321,176
Duke Energy Progress LLC, 3.70%, 09/01/2028		1,171,000		1,100,170


	Principal Amount		Value
Electric Utilities-(continued)
Edison International, 4.13%, 03/15/2028	$	1,290,000	$	1,203,868
Entergy Corp., 1.90%, 06/15/2028		1,509,000		1,279,923
NextEra Energy Capital Holdings, Inc.
4.90%, 02/28/2028		2,000,000		1,976,943
1.90%, 06/15/2028		3,600,000		3,045,312
Pacific Gas and Electric Co.
3.00%, 06/15/2028^(b)		1,863,000		1,626,922
3.75%, 07/01/2028		2,012,000		1,809,936
Southwestern Electric Power Co., Series M, 4.10%, 09/15/2028		1,350,000		1,278,144
Virginia Electric & Power Co., Series A, 3.80%, 04/01/2028		1,633,000		1,541,664
Xcel Energy, Inc., 4.00%, 06/15/2028		1,478,000		1,399,228

				22,196,230

Electrical Equipment-0.39%
Emerson Electric Co., 2.00%, 12/21/2028^(b)		2,352,000		2,009,815

Electronic Equipment, Instruments & Components-1.39%
Arrow Electronics, Inc., 3.88%, 01/12/2028		1,301,000		1,192,989
CDW LLC/CDW Finance Corp., 3.28%, 12/01/2028^(b)		1,200,000		1,035,986
Jabil, Inc., 3.95%, 01/12/2028		1,171,000		1,086,896
TD SYNNEX Corp., 2.38%, 08/09/2028		1,400,000		1,155,603
Teledyne Technologies, Inc., 2.25%, 04/01/2028^(b)		1,644,000		1,421,871
Trimble, Inc., 4.90%, 06/15/2028^(b)		1,405,000		1,349,317

				7,242,662

Energy Equipment & Services-0.19%
Patterson-UTI Energy, Inc., 3.95%, 02/01/2028^(b)		1,141,000		998,108

Entertainment-1.31%
Netflix, Inc., 5.88%, 11/15/2028		4,500,000		4,567,500
Walt Disney Co. (The), 2.20%, 01/13/2028^(b)		2,502,000		2,222,657

				6,790,157

Equity REITs-6.32%
American Homes 4 Rent L.P., 4.25%, 02/15/2028		1,201,000		1,122,925
American Tower Corp.
3.60%, 01/15/2028		1,800,000		1,648,601
1.50%, 01/31/2028		1,669,000		1,378,058
Crown Castle, Inc.
5.00%, 01/11/2028^(b)		2,400,000		2,364,868
3.80%, 02/15/2028		2,500,000		2,323,223
CubeSmart L.P., 2.25%, 12/15/2028^(b)		1,296,000		1,083,885
Digital Realty Trust L.P.
5.55%, 01/15/2028^(b)		2,110,000		2,102,923
4.45%, 07/15/2028		1,530,000		1,443,547
Equinix, Inc., 1.55%, 03/15/2028		1,512,000		1,258,722
ERP Operating L.P., 3.50%, 03/01/2028		1,167,000		1,077,125
GLP Capital L.P./GLP Financing II, Inc., 5.75%, 06/01/2028		1,201,000		1,175,630
Healthpeak Properties Interim, Inc., 2.13%, 12/01/2028^(b)		1,161,000		982,594
Invitation Homes Operating Partnership L.P., 2.30%, 11/15/2028		1,394,000		1,153,973

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


		42

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

February 28, 2023

(Unaudited)


	Principal Amount		Value
Equity REITs-(continued)
Omega Healthcare Investors, Inc., 4.75%, 01/15/2028^(b)	$	1,310,000	$	1,230,272
Public Storage
1.85%, 05/01/2028^(b)		1,600,000		1,374,657
1.95%, 11/09/2028		1,299,000		1,103,624
Realty Income Corp.
3.40%, 01/15/2028^(b)		1,401,000		1,298,882
3.65%, 01/15/2028		1,261,000		1,182,416
Simon Property Group L.P., 1.75%, 02/01/2028		1,905,000		1,629,923
Ventas Realty L.P., 4.00%, 03/01/2028		1,530,000		1,415,132
VICI Properties L.P., 4.75%, 02/15/2028		3,000,000		2,832,690
Welltower OP LLC, 4.25%, 04/15/2028		1,761,000		1,664,488

				32,848,158

Food & Staples Retailing-1.23%
CVS Pass-Through Trust, 6.04%, 12/10/2028		516,850		520,947
Walmart, Inc.
3.70%, 06/26/2028^(b)		3,500,000		3,348,942
1.50%, 09/22/2028^(b)		3,000,000		2,552,012

				6,421,901

Food Products-1.81%
Campbell Soup Co., 4.15%, 03/15/2028		2,400,000		2,293,042
General Mills, Inc., 4.20%, 04/17/2028^(b)		3,300,000		3,168,106
Hormel Foods Corp., 1.70%, 06/03/2028^(b)		1,751,000		1,499,350
Kellogg Co., 4.30%, 05/15/2028^(b)		1,414,000		1,371,894
Mondelez International, Inc., 4.13%, 05/07/2028		1,099,000		1,064,389

				9,396,781

Health Care Equipment & Supplies-1.24%
Abbott Laboratories, 1.15%, 01/30/2028^(b)		1,517,000		1,285,180
Baxter International, Inc., 2.27%, 12/01/2028		3,000,000		2,514,322
Edwards Lifesciences Corp., 4.30%, 06/15/2028		1,410,000		1,351,815
Stryker Corp., 3.65%, 03/07/2028		1,405,000		1,322,593

				6,473,910

Health Care Providers & Services-7.14%
Centene Corp., 2.45%, 07/15/2028		5,397,000		4,536,934
Cigna Group (The), 4.38%, 10/15/2028		9,000,000		8,647,413
CVS Health Corp., 4.30%, 03/25/2028		11,800,000		11,285,042
Elevance Health, Inc., 4.10%, 03/01/2028		2,942,000		2,809,599
HCA, Inc., 5.63%, 09/01/2028		3,600,000		3,562,765
Humana, Inc., 5.75%, 03/01/2028		1,200,000		1,222,687
UnitedHealth Group, Inc.
5.25%, 02/15/2028^(b)		2,350,000		2,383,158
3.85%, 06/15/2028		2,800,000		2,657,711

				37,105,309

Hotels, Restaurants & Leisure-1.65%
Booking Holdings, Inc., 3.55%, 03/15/2028		1,170,000		1,098,106
Expedia Group, Inc., 3.80%, 02/15/2028^(b)		2,350,000		2,160,708
McDonald’s Corp., 3.80%, 04/01/2028		2,464,000		2,336,959


	Principal Amount		Value
Hotels, Restaurants & Leisure-(continued)
Starbucks Corp.
3.50%, 03/01/2028^(b)	$	1,399,000	$	1,303,734
4.00%, 11/15/2028		1,750,000		1,660,647

				8,560,154

Household Products-0.21%
Clorox Co. (The), 3.90%, 05/15/2028		1,175,000		1,115,051

Industrial Conglomerates-0.50%
3M Co., 3.63%, 09/14/2028^(b)		1,500,000		1,391,843
Honeywell International, Inc., 4.95%, 02/15/2028^(b)		1,173,000		1,184,574

				2,576,417

Insurance-0.47%
Lincoln National Corp., 3.80%, 03/01/2028		1,200,000		1,111,756
Willis North America, Inc., 4.50%, 09/15/2028		1,395,000		1,324,215

				2,435,971

Internet & Direct Marketing Retail-0.88%
Amazon.com, Inc., 1.65%, 05/12/2028		5,300,000		4,552,582

IT Services-1.51%
Automatic Data Processing, Inc., 1.70%, 05/15/2028^(b)		2,354,000		2,035,936
DXC Technology Co., 2.38%, 09/15/2028^(b)		1,530,000		1,282,017
Fidelity National Information Services, Inc., 1.65%, 03/01/2028^(b)		1,753,000		1,469,073
International Business Machines Corp., 4.50%, 02/06/2028		2,000,000		1,947,437
Mastercard, Inc., 3.50%, 02/26/2028		1,172,000		1,111,157

				7,845,620

Life Sciences Tools & Services-0.46%
PerkinElmer, Inc., 1.90%, 09/15/2028^(b)		1,179,000		981,590
Thermo Fisher Scientific, Inc., 1.75%, 10/15/2028		1,649,000		1,391,694

				2,373,284

Machinery-1.66%
John Deere Capital Corp.
4.75%, 01/20/2028^(b)		2,580,000		2,567,750
1.50%, 03/06/2028^(b)		1,171,000		1,001,103
Trane Technologies Global Holding Co. Ltd., 3.75%, 08/21/2028^(b)		1,296,000		1,219,386
Wabtec Corp., 4.95%, 09/15/2028		2,940,000		2,839,657
Xylem, Inc., 1.95%, 01/30/2028		1,174,000		1,009,409

				8,637,305

Marine-0.22%
Kirby Corp., 4.20%, 03/01/2028		1,199,000		1,121,525

Media-3.04%
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp.
3.75%, 02/15/2028		2,500,000		2,254,538
4.20%, 03/15/2028		3,000,000		2,759,176
Comcast Corp.
3.15%, 02/15/2028		4,000,000		3,677,172
3.55%, 05/01/2028		2,500,000		2,330,821

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


		43

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

February 28, 2023

(Unaudited)


	Principal Amount		Value
Media-(continued)
Discovery Communications LLC, 3.95%, 03/20/2028^(b)	$	4,100,000	$	3,746,846
Paramount Global, 3.38%, 02/15/2028^(b)		1,177,000		1,058,625

				15,827,178

Metals & Mining-0.65%
Freeport-McMoRan, Inc.
4.13%, 03/01/2028		1,298,000		1,204,946
4.38%, 08/01/2028		1,129,000		1,049,048
Nucor Corp., 3.95%, 05/01/2028^(b)		1,200,000		1,135,306

				3,389,300

Multiline Retail-0.75%
Dollar General Corp., 4.13%, 05/01/2028		1,171,000		1,116,030
Dollar Tree, Inc., 4.20%, 05/15/2028^(b)		2,933,000		2,790,644

				3,906,674

Multi-Utilities-0.83%
DTE Electric Co., Series A, 1.90%, 04/01/2028		1,355,000		1,167,388
Sempra Energy, 3.40%, 02/01/2028^(b)		2,324,000		2,130,179
WEC Energy Group, Inc., 2.20%, 12/15/2028		1,170,000		993,449

				4,291,016

Oil, Gas & Consumable Fuels-6.35%
BP Capital Markets PLC (United Kingdom), 3.72%, 11/28/2028^(b)		1,882,000		1,773,867
Chevron USA, Inc., 3.85%, 01/15/2028		1,411,000		1,357,792
Continental Resources, Inc., 4.38%, 01/15/2028^(b)		2,331,000		2,161,190
Energy Transfer L.P.
5.55%, 02/15/2028		2,350,000		2,343,138
4.95%, 05/15/2028		1,860,000		1,792,950
4.95%, 06/15/2028		2,345,000		2,267,008
EQT Corp., 5.70%, 04/01/2028^(b)		1,170,000		1,151,144
Equinor ASA (Norway), 3.63%, 09/10/2028^(b)		2,500,000		2,371,337
Kinder Morgan, Inc., 4.30%, 03/01/2028		3,000,000		2,863,786
MPLX L.P., 4.00%, 03/15/2028		3,000,000		2,810,602
ONEOK, Inc., 4.55%, 07/15/2028^(b)		1,879,000		1,786,802
Phillips 66, 3.90%, 03/15/2028		1,881,000		1,778,032
Sabine Pass Liquefaction LLC, 4.20%, 03/15/2028		3,177,000		2,984,918
TransCanada PipeLines Ltd. (Canada), 4.25%, 05/15/2028^(b)		3,291,000		3,114,565
Valero Energy Corp., 4.35%, 06/01/2028		1,421,000		1,362,548
Valero Energy Partners L.P., 4.50%, 03/15/2028		1,110,000		1,073,567

				32,993,246

Personal Products-0.54%
Unilever Capital Corp. (United Kingdom), 3.50%, 03/22/2028		3,010,000		2,821,709

Pharmaceuticals-5.18%
Astrazeneca Finance LLC (United Kingdom), 1.75%, 05/28/2028		3,000,000		2,571,524
Bristol-Myers Squibb Co., 3.90%, 02/20/2028		3,500,000		3,353,802


	Principal Amount		Value
Pharmaceuticals-(continued)
GlaxoSmithKline Capital, Inc. (United Kingdom), 3.88%, 05/15/2028	$	4,200,000	$	4,002,577
Johnson & Johnson, 2.90%, 01/15/2028^(b)		3,600,000		3,347,989
Merck & Co., Inc., 1.90%, 12/10/2028		2,500,000		2,144,750
Pfizer, Inc., 3.60%, 09/15/2028^(b)		2,500,000		2,380,170
Pharmacia LLC, 6.60%, 12/01/2028^(b)		1,585,000		1,730,127
Sanofi, 3.63%, 06/19/2028		2,352,000		2,232,482
Takeda Pharmaceutical Co. Ltd. (Japan), 5.00%, 11/26/2028		4,100,000		4,050,907
Zoetis, Inc., 3.90%, 08/20/2028^(b)		1,200,000		1,137,152

				26,951,480

Road & Rail-1.01%
Canadian Pacific Railway Co. (Canada), 4.00%, 06/01/2028^(b)		1,161,000		1,098,148
CSX Corp., 3.80%, 03/01/2028		1,863,000		1,771,195
Union Pacific Corp., 3.95%, 09/10/2028		2,479,000		2,370,154

				5,239,497

Semiconductors & Semiconductor Equipment-2.15%
Analog Devices, Inc., 1.70%, 10/01/2028		1,760,000		1,484,643
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.50%, 01/15/2028		1,900,000		1,736,992
Intel Corp.
4.88%, 02/10/2028^(b)		800,000		788,589
1.60%, 08/12/2028		2,352,000		1,978,929
Marvell Technology, Inc., 2.45%, 04/15/2028		1,760,000		1,506,566
NVIDIA Corp., 1.55%, 06/15/2028^(b)		2,932,000		2,493,364
Texas Instruments, Inc., 4.60%, 02/15/2028		1,179,000		1,171,456

				11,160,539

Software-2.66%
Oracle Corp.
2.30%, 03/25/2028^(b)		4,704,000		4,084,494
4.50%, 05/06/2028		1,000,000		962,120
Roper Technologies, Inc., 4.20%, 09/15/2028		1,883,000		1,799,479
salesforce.com, inc.
3.70%, 04/11/2028^(b)		3,600,000		3,432,096
1.50%, 07/15/2028^(b)		2,500,000		2,121,712
VMware, Inc., 1.80%, 08/15/2028		1,760,000		1,439,825

				13,839,726

Specialty Retail-1.73%
Home Depot, Inc. (The)
0.90%, 03/15/2028^(b)		1,179,000		976,763
1.50%, 09/15/2028		2,350,000		1,985,336
Lowe’s Cos., Inc.
1.30%, 04/15/2028		2,345,000		1,940,978
1.70%, 09/15/2028		2,350,000		1,963,158
O’Reilly Automotive, Inc., 4.35%, 06/01/2028		1,171,000		1,128,756
TJX Cos., Inc. (The), 1.15%, 05/15/2028^(b)		1,172,000		980,498

				8,975,489

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, 2023

(Unaudited)


	Principal Amount		Value
Technology Hardware, Storage & Peripherals-2.23%
Apple, Inc.
1.20%, 02/08/2028^(b)	$	5,875,000	$	4,982,206
1.40%, 08/05/2028^(b)		5,406,000		4,568,528
HP, Inc., 4.75%, 01/15/2028^(b)		2,108,000		2,029,869

				11,580,603

Thrifts & Mortgage Finance-0.27%
MGIC Investment Corp., 5.25%, 08/15/2028		1,480,000		1,385,635

Tobacco-1.51%
B.A.T Capital Corp. (United Kingdom), 2.26%, 03/25/2028		4,110,000		3,445,882
BAT International Finance PLC (United Kingdom), 4.45%, 03/16/2028		2,500,000		2,338,691
Philip Morris International, Inc.
4.88%, 02/15/2028		1,000,000		979,469
3.13%, 03/02/2028^(b)		1,200,000		1,098,086

				7,862,128

Trading Companies & Distributors-0.47%
Air Lease Corp.
5.30%, 02/01/2028		1,500,000		1,458,664
2.10%, 09/01/2028		1,165,000		963,216

				2,421,880

Water Utilities-0.26%
American Water Capital Corp., 3.75%, 09/01/2028		1,460,000		1,370,095

Wireless Telecommunication Services-2.26%
Sprint Capital Corp., 6.88%, 11/15/2028		5,899,000		6,191,001
T-Mobile USA, Inc.
4.75%, 02/01/2028^(b)		3,700,000		3,586,115
4.95%, 03/15/2028		1,000,000		982,084
Vodafone Group PLC (United Kingdom), 4.38%, 05/30/2028		1,000,000		975,501

				11,734,701

Total U.S. Dollar Denominated Bonds & Notes (Cost $550,804,986)				514,116,859


	Shares		Value
Money Market Funds-0.08%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%^(c)(d) (Cost $408,286)		408,286	$	408,286

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.99% (Cost $551,213,272)				514,525,145


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-18.89%
Invesco Private Government Fund, 4.58%^(c)(d)(e)		27,492,261		27,492,261
Invesco Private Prime Fund, 4.83%^(c)(d)(e)		70,680,250		70,694,384

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $98,190,874)				98,186,645

TOTAL INVESTMENTS IN SECURITIES-117.88% (Cost $649,404,146)				612,711,790
OTHER ASSETS LESS LIABILITIES-(17.88)%				(92,935,988	)

NET ASSETS-100.00%			$	519,775,802

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, 2023.

^(c)


	Value August 31, 2022			Purchases at Cost			Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain			Value February 28, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	390,263		$	13,319,131		$ (13,301,108	)		$	-		$	-		$	408,286		$	43,044

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, 2023

(Unaudited)


	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 28, 2023			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	14,844,006		$	65,264,900		$	(52,616,645	)		$	-			$	-		$	27,492,261		$	351,155	*

Invesco Private Prime Fund			38,170,302			162,443,944			(129,926,441	)			(7,582	)			14,161			70,694,384			958,010	*


Total		$	53,404,571		$	241,027,975		$	(195,844,194	)		$	(7,582	)		$	14,161		$	98,594,931		$	1,352,209

*	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, 2023.

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


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2023

Financials			19.77

Health Care			14.48

Information Technology			10.26

Industrials			9.47

Communication Services			8.62

Consumer Discretionary			8.41

Consumer Staples			8.21

Energy			6.54

Real Estate			6.32

Utilities			5.36

Materials			1.47

Money Market Funds Plus Other Assets Less Liabilities			1.09

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


		46

Invesco BulletShares 2029 Corporate Bond ETF (BSCT)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-98.75%
Aerospace & Defense-1.02%
Boeing Co. (The), 3.20%, 03/01/2029	$	1,232,000	$	1,084,723
Howmet Aerospace, Inc., 3.00%, 01/15/2029		790,000		679,167
Raytheon Technologies Corp., 7.50%, 09/15/2029^(b)		510,000		574,547

				2,338,437

Air Freight & Logistics-0.37%
United Parcel Service, Inc., 3.40%, 03/15/2029^(b)		924,000		854,726

Airlines-0.20%
Delta Air Lines, Inc., 3.75%, 10/28/2029^(b)		535,000		459,394

Automobiles-2.52%
American Honda Finance Corp., 2.25%, 01/12/2029		801,000		687,444
General Motors Co., 5.40%, 10/15/2029^(b)		1,232,000		1,184,149
General Motors Financial Co., Inc.
5.65%, 01/17/2029		616,000		603,217
4.30%, 04/06/2029		1,356,000		1,237,835
Toyota Motor Corp. (Japan), 2.76%, 07/02/2029		587,000		522,027
Toyota Motor Credit Corp.
3.65%, 01/08/2029		596,000		560,670
4.45%, 06/29/2029^(b)		986,000		963,789

				5,759,131

Banks-6.38%
KeyCorp, 2.55%, 10/01/2029		891,000		754,274
Mitsubishi UFJ Financial Group, Inc. (Japan)
3.74%, 03/07/2029		1,782,000		1,632,469
3.20%, 07/18/2029		2,200,000		1,933,537
PNC Bank N.A., 2.70%, 10/22/2029		1,000,000		849,709
PNC Financial Services Group, Inc. (The), 3.45%, 04/23/2029		1,782,000		1,638,135
Sumitomo Mitsui Financial Group, Inc. (Japan)
2.47%, 01/14/2029		600,000		509,996
3.04%, 07/16/2029		3,140,000		2,721,996
2.72%, 09/27/2029		600,000		504,461
Truist Financial Corp., 3.88%, 03/19/2029^(b)		772,000		717,543
Wells Fargo & Co., 4.15%, 01/24/2029		3,100,000		2,905,552
Zions Bancorporation N.A., 3.25%, 10/29/2029		500,000		416,051

				14,583,723

Beverages-3.81%
Anheuser-Busch InBev Worldwide, Inc. (Belgium), 4.75%, 01/23/2029		5,011,000		4,928,973
Coca-Cola Co. (The), 2.13%, 09/06/2029		1,232,000		1,055,584
Diageo Capital PLC (United Kingdom), 2.38%, 10/24/2029^(b)		1,200,000		1,016,312
Keurig Dr Pepper, Inc., 3.95%, 04/15/2029		1,181,000		1,092,474
PepsiCo, Inc., 7.00%, 03/01/2029^(b)		551,000		616,175

				8,709,518


	Principal Amount		Value
Biotechnology-3.56%
AbbVie, Inc., 3.20%, 11/21/2029	$	6,708,000	$	5,935,613
Amgen, Inc.
3.00%, 02/22/2029		924,000		822,580
4.05%, 08/18/2029^(b)		1,478,000		1,378,713

				8,136,906

Building Products-0.32%
Fortune Brands Innovations, Inc., 3.25%, 09/15/2029		863,000		735,974

Capital Markets-3.14%
Bank of New York Mellon Corp. (The), 3.30%, 08/23/2029		924,000		825,394
BlackRock, Inc., 3.25%, 04/30/2029^(b)		1,181,000		1,091,100
Brookfield Finance, Inc. (Canada), 4.85%, 03/29/2029		1,178,000		1,131,612
Charles Schwab Corp. (The)
4.00%, 02/01/2029		709,000		671,008
3.25%, 05/22/2029		709,000		642,442
Lazard Group LLC, 4.38%, 03/11/2029		594,000		557,194
Nomura Holdings, Inc. (Japan)
2.71%, 01/22/2029		600,000		508,970
5.61%, 07/06/2029		710,000		704,379
Northern Trust Corp., 3.15%, 05/03/2029^(b)		597,000		542,516
S&P Global, Inc., 2.50%, 12/01/2029		595,000		510,201

				7,184,816

Chemicals-2.84%
Celanese US Holdings LLC, 6.33%, 07/15/2029^(b)		900,000		883,266
Dow Chemical Co. (The), 7.38%, 11/01/2029		921,000		1,023,558
FMC Corp., 3.45%, 10/01/2029		600,000		531,165
Huntsman International LLC, 4.50%, 05/01/2029		881,000		803,396
Nutrien Ltd. (Canada), 4.20%, 04/01/2029		900,000		849,774
Olin Corp., 5.63%, 08/01/2029^(b)		789,000		752,607
Rohm & Haas Co., 7.85%, 07/15/2029		710,000		787,414
Sherwin-Williams Co. (The), 2.95%, 08/15/2029		1,000,000		867,446

				6,498,626

Commercial Services & Supplies-0.24%
Waste Connections, Inc., 3.50%, 05/01/2029		594,000		536,798

Communications Equipment-0.64%
Juniper Networks, Inc., 3.75%, 08/15/2029		594,000		531,017
Motorola Solutions, Inc., 4.60%, 05/23/2029		986,000		928,840

				1,459,857

Consumer Finance-0.81%
American Express Co., 4.05%, 05/03/2029		1,232,000		1,168,061
Synchrony Financial, 5.15%, 03/19/2029		733,000		690,748

				1,858,809

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


		47

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

February 28, 2023

(Unaudited)


	Principal Amount		Value
Containers & Packaging-0.61%
Packaging Corp. of America, 3.00%, 12/15/2029^(b)	$	588,000	$	506,049
WRKCo, Inc., 4.90%, 03/15/2029^(b)		924,000		887,078

				1,393,127

Diversified Financial Services-0.30%
Blackstone Private Credit Fund, 4.00%, 01/15/2029^(b)		800,000		679,438

Diversified Telecommunication Services-3.97%
AT&T, Inc., 4.35%, 03/01/2029		3,603,000		3,417,639
Verizon Communications, Inc.
3.88%, 02/08/2029^(b)		1,232,000		1,147,474
4.02%, 12/03/2029		4,880,000		4,504,530

				9,069,643

Electric Utilities-4.22%
Avangrid, Inc., 3.80%, 06/01/2029		924,000		837,149
Duke Energy Corp., 3.40%, 06/15/2029		739,000		661,812
Duke Energy Florida LLC, 2.50%, 12/01/2029		863,000		734,913
Duke Energy Progress LLC, 3.45%, 03/15/2029		706,000		645,271
Edison International, 6.95%, 11/15/2029		648,000		680,984
Evergy, Inc., 2.90%, 09/15/2029		950,000		813,959
Eversource Energy, Series O, 4.25%, 04/01/2029		597,000		561,301
MidAmerican Energy Co., 3.65%, 04/15/2029		1,048,000		972,241
Nevada Power Co., Series CC, 3.70%, 05/01/2029		594,000		554,515
NextEra Energy Capital Holdings, Inc.
3.50%, 04/01/2029		597,000		540,218
2.75%, 11/01/2029		1,232,000		1,050,416
Southern California Edison Co., Series A, 4.20%, 03/01/2029		616,000		581,226
Virginia Electric & Power Co., Series A, 2.88%, 07/15/2029		569,000		498,735
Xcel Energy, Inc., 2.60%, 12/01/2029		616,000		521,538

				9,654,278

Electronic Equipment, Instruments & Components-0.78%
Amphenol Corp., 4.35%, 06/01/2029		600,000		583,898
CDW LLC/CDW Finance Corp., 3.25%, 02/15/2029		792,000		668,057
Keysight Technologies, Inc., 3.00%, 10/30/2029		616,000		531,472

				1,783,427

Energy Equipment & Services-0.48%
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 3.14%, 11/07/2029		625,000		550,531
NOV, Inc., 3.60%, 12/01/2029^(b)		616,000		545,964

				1,096,495

Entertainment-1.81%
Netflix, Inc., 6.38%, 05/15/2029		1,001,000		1,041,160
RELX Capital, Inc. (United Kingdom), 4.00%, 03/18/2029		1,129,000		1,046,065
Walt Disney Co. (The), 2.00%, 09/01/2029		2,465,000		2,059,303

				4,146,528


	Principal Amount		Value
Equity REITs-6.73%
American Tower Corp.
3.95%, 03/15/2029	$	739,000	$	674,694
3.80%, 08/15/2029		2,033,000		1,834,332
Boston Properties L.P., 3.40%, 06/21/2029		1,012,000		869,811
Camden Property Trust, 3.15%, 07/01/2029		717,000		637,274
Crown Castle, Inc., 4.30%, 02/15/2029^(b)		739,000		695,263
Digital Realty Trust L.P., 3.60%, 07/01/2029		1,109,000		982,116
ERP Operating L.P., 3.00%, 07/01/2029		739,000		647,439
Essex Portfolio L.P., 4.00%, 03/01/2029		600,000		551,896
GLP Capital L.P./GLP Financing II, Inc., 5.30%, 01/15/2029		892,000		844,577
Healthpeak Properties Interim, Inc., 3.50%, 07/15/2029		801,000		714,439
Hudson Pacific Properties L.P., 4.65%, 04/01/2029		588,000		500,210
Omega Healthcare Investors, Inc., 3.63%, 10/01/2029		616,000		511,635
Public Storage, 3.39%, 05/01/2029		600,000		545,995
Realty Income Corp.
3.25%, 06/15/2029		587,000		525,666
3.10%, 12/15/2029		800,000		703,621
Simon Property Group L.P., 2.45%, 09/13/2029		1,600,000		1,342,014
Ventas Realty L.P., 4.40%, 01/15/2029		924,000		860,940
Welltower OP LLC
2.05%, 01/15/2029		600,000		491,656
4.13%, 03/15/2029		660,000		609,236
Weyerhaeuser Co., 4.00%, 11/15/2029		924,000		842,061

				15,384,875

Food & Staples Retailing-0.95%
Ahold Finance USA LLC (Netherlands), 6.88%, 05/01/2029		616,000		650,112
Kroger Co. (The), 4.50%, 01/15/2029		704,000		678,767
Walmart, Inc., 3.25%, 07/08/2029		903,000		835,672

				2,164,551

Food Products-0.51%
Tyson Foods, Inc., 4.35%, 03/01/2029		1,232,000		1,169,453

Gas Utilities-0.32%
Piedmont Natural Gas Co., Inc., 3.50%, 06/01/2029		800,000		728,882

Health Care Equipment & Supplies-0.37%
DH Europe Finance II S.a.r.l., 2.60%, 11/15/2029^(b)		986,000		851,956

Health Care Providers & Services-5.30%
Centene Corp., 4.63%, 12/15/2029		4,039,000		3,697,878
CommonSpirit Health, 3.35%, 10/01/2029		1,080,000		938,217
Elevance Health, Inc., 2.88%, 09/15/2029		979,000		853,702
HCA, Inc.
5.88%, 02/01/2029		1,232,000		1,232,543
4.13%, 06/15/2029		2,465,000		2,245,743
Humana, Inc., 3.70%, 03/23/2029		924,000		838,761
Laboratory Corp. of America Holdings, 2.95%, 12/01/2029		777,000		666,742

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


		48

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

February 28, 2023

(Unaudited)


	Principal Amount		Value
Health Care Providers & Services-(continued)
Quest Diagnostics, Inc., 4.20%, 06/30/2029	$	616,000	$	580,406
UnitedHealth Group, Inc., 4.00%, 05/15/2029		1,109,000		1,051,993

				12,105,985

Hotels, Restaurants & Leisure-0.49%
Starbucks Corp., 3.55%, 08/15/2029		1,232,000		1,126,528

Household Durables-0.87%
Leggett & Platt, Inc., 4.40%, 03/15/2029		616,000		578,665
Newell Brands, Inc., 6.63%, 09/15/2029^(b)		593,000		588,369
Whirlpool Corp., 4.75%, 02/26/2029^(b)		863,000		826,128

				1,993,162

Household Products-0.59%
Clorox Co. (The), 4.40%, 05/01/2029^(b)		616,000		591,014
Kimberly-Clark Corp., 3.20%, 04/25/2029		827,000		753,491

				1,344,505

Industrial Conglomerates-0.81%
3M Co.
3.38%, 03/01/2029^(b)		948,000		857,897
2.38%, 08/26/2029^(b)		1,184,000		994,773

				1,852,670

Insurance-2.88%
Aon Corp., 3.75%, 05/02/2029		900,000		824,833
CNA Financial Corp., 3.90%, 05/01/2029		543,000		499,000
CNO Financial Group, Inc., 5.25%, 05/30/2029^(b)		597,000		566,455
Hartford Financial Services Group, Inc. (The), 2.80%, 08/19/2029		739,000		637,091
Marsh & McLennan Cos., Inc., 4.38%, 03/15/2029		1,849,000		1,762,324
PartnerRe Finance B LLC, 3.70%, 07/02/2029		591,000		532,570
Principal Financial Group, Inc., 3.70%, 05/15/2029		600,000		558,055
Progressive Corp. (The), 4.00%, 03/01/2029		569,000		537,814
Reinsurance Group of America, Inc., 3.90%, 05/15/2029^(b)		714,000		654,482

				6,572,624

Internet & Direct Marketing Retail-1.52%
Amazon.com, Inc.
3.45%, 04/13/2029^(b)		1,782,000		1,656,185
4.65%, 12/01/2029^(b)		1,849,000		1,824,068

				3,480,253

IT Services-5.00%
Broadridge Financial Solutions, Inc., 2.90%, 12/01/2029		924,000		781,322
Fidelity National Information Services, Inc., 3.75%, 05/21/2029		624,000		568,593
Fiserv, Inc., 3.50%, 07/01/2029		3,697,000		3,308,742
Global Payments, Inc., 5.30%, 08/15/2029		597,000		576,353
International Business Machines Corp., 3.50%, 05/15/2029		3,820,000		3,486,734


	Principal Amount		Value
IT Services-(continued)
Mastercard, Inc., 2.95%, 06/01/2029	$	1,232,000	$	1,109,561
PayPal Holdings, Inc., 2.85%, 10/01/2029^(b)		1,849,000		1,606,379

				11,437,684

Leisure Products-0.41%
Hasbro, Inc., 3.90%, 11/19/2029		1,060,000		935,375

Life Sciences Tools & Services-0.80%
PerkinElmer, Inc., 3.30%, 09/15/2029		1,007,000		871,138
Thermo Fisher Scientific, Inc., 2.60%, 10/01/2029		1,109,000		960,807

				1,831,945

Machinery-2.40%
Caterpillar, Inc., 2.60%, 09/19/2029		600,000		523,348
Deere & Co., 5.38%, 10/16/2029^(b)		592,000		614,221
John Deere Capital Corp.
3.45%, 03/07/2029		676,000		625,613
3.35%, 04/18/2029		739,000		677,971
Parker-Hannifin Corp.
3.25%, 06/14/2029		1,181,000		1,050,008
4.50%, 09/15/2029		1,232,000		1,177,150
Trane Technologies Luxembourg Finance S.A., 3.80%, 03/21/2029		888,000		818,529

				5,486,840

Media-1.77%
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp.
2.25%, 01/15/2029		1,540,000		1,235,184
5.05%, 03/30/2029		1,540,000		1,439,243
Discovery Communications LLC, 4.13%, 05/15/2029^(b)		900,000		806,991
Paramount Global, 4.20%, 06/01/2029^(b)		616,000		554,318

				4,035,736

Metals & Mining-0.25%
ArcelorMittal S.A. (Luxembourg), 4.25%, 07/16/2029^(b)		616,000		571,021

Multiline Retail-0.47%
Target Corp., 3.38%, 04/15/2029		1,175,000		1,084,309

Multi-Utilities-0.47%
DTE Energy Co., Series C, 3.40%, 06/15/2029		563,000		500,576
Sempra Energy, 3.70%, 04/01/2029		616,000		561,001

				1,061,577

Oil, Gas & Consumable Fuels-7.68%
Boardwalk Pipelines L.P., 4.80%, 05/03/2029		616,000		585,004
Cheniere Energy Partners L.P., 4.50%, 10/01/2029		1,782,000		1,619,063
Chevron USA, Inc., 3.25%, 10/15/2029		615,000		559,511
ConocoPhillips Co., 6.95%, 04/15/2029		1,473,000		1,616,803
DCP Midstream Operating L.P., 5.13%, 05/15/2029		739,000		712,024
Diamondback Energy, Inc., 3.50%, 12/01/2029		1,208,000		1,067,635

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, 2023

(Unaudited)


	Principal Amount		Value
Oil, Gas & Consumable Fuels-(continued)
Enbridge, Inc. (Canada), 3.13%, 11/15/2029	$	1,232,000	$	1,074,999
Energy Transfer L.P.
5.25%, 04/15/2029		1,849,000		1,805,255
4.15%, 09/15/2029		674,000		614,693
Enterprise Products Operating LLC, 3.13%, 07/31/2029^(b)		1,540,000		1,359,175
Exxon Mobil Corp., 2.44%, 08/16/2029^(b)		1,478,000		1,303,035
MPLX L.P., 4.80%, 02/15/2029		924,000		888,385
ONEOK, Inc., 4.35%, 03/15/2029		863,000		802,058
Shell International Finance B.V. (Netherlands), 2.38%, 11/07/2029		1,849,000		1,588,659
TotalEnergies Capital International S.A. (France), 3.46%, 02/19/2029		1,540,000		1,424,779
Valero Energy Corp., 4.00%, 04/01/2029		564,000		533,165

				17,554,243

Paper & Forest Products-0.29%
Georgia-Pacific LLC, 7.75%, 11/15/2029		596,000		669,248

Personal Products-0.67%
Estee Lauder Cos., Inc. (The), 2.38%, 12/01/2029		766,000		655,277
Unilever Capital Corp. (United Kingdom), 2.13%, 09/06/2029		1,030,000		867,635

				1,522,912

Pharmaceuticals-3.67%
AstraZeneca PLC (United Kingdom), 4.00%, 01/17/2029		1,232,000		1,181,781
Eli Lilly and Co., 3.38%, 03/15/2029^(b)		1,100,000		1,021,856
GlaxoSmithKline Capital PLC (United Kingdom), 3.38%, 06/01/2029		1,181,000		1,080,252
GSK Consumer Healthcare Capital US LLC, 3.38%, 03/24/2029		1,230,000		1,095,127
Merck & Co., Inc., 3.40%, 03/07/2029^(b)		2,157,000		2,003,261
Pfizer, Inc., 3.45%, 03/15/2029		2,157,000		2,012,057

				8,394,334

Road & Rail-0.85%
CSX Corp., 4.25%, 03/15/2029		1,128,000		1,070,897
Union Pacific Corp., 3.70%, 03/01/2029^(b)		921,000		862,629

				1,933,526

Semiconductors & Semiconductor Equipment-4.10%
Intel Corp.
4.00%, 08/05/2029^(b)		1,048,000		980,117
2.45%, 11/15/2029		2,465,000		2,074,923
KLA Corp., 4.10%, 03/15/2029		986,000		939,838
Lam Research Corp., 4.00%, 03/15/2029		1,187,000		1,126,594
Micron Technology, Inc.
5.33%, 02/06/2029		863,000		843,856
6.75%, 11/01/2029		1,581,000		1,634,928
Qorvo, Inc., 4.38%, 10/15/2029^(b)		1,100,000		982,041
Texas Instruments, Inc., 2.25%, 09/04/2029		924,000		792,015

				9,374,312

Software-1.40%
Oracle Corp., 6.15%, 11/09/2029		1,540,000		1,594,391


	Principal Amount		Value
Software-(continued)
Roper Technologies, Inc., 2.95%, 09/15/2029	$	863,000	$	750,898
Workday, Inc., 3.70%, 04/01/2029		924,000		844,372

				3,189,661

Specialty Retail-2.70%
Dell International LLC/EMC Corp., 5.30%, 10/01/2029		2,065,000		1,996,917
Home Depot, Inc. (The), 2.95%, 06/15/2029		2,157,000		1,927,068
Lowe’s Cos., Inc., 3.65%, 04/05/2029		1,849,000		1,690,249
O’Reilly Automotive, Inc., 3.90%, 06/01/2029		594,000		550,497

				6,164,731

Technology Hardware, Storage & Peripherals-1.99%
Apple, Inc.
3.25%, 08/08/2029^(b)		1,232,000		1,133,833
2.20%, 09/11/2029^(b)		2,157,000		1,854,900
HP, Inc., 4.00%, 04/15/2029^(b)		1,184,000		1,076,940
Western Digital Corp., 2.85%, 02/01/2029		616,000		484,786

				4,550,459

Tobacco-2.18%
Altria Group, Inc., 4.80%, 02/14/2029		2,247,000		2,156,964
BAT Capital Corp. (United Kingdom), 3.46%, 09/06/2029		593,000		508,993
Philip Morris International, Inc.
3.38%, 08/15/2029		924,000		832,024
5.63%, 11/17/2029		1,470,000		1,490,383

				4,988,364

Trading Companies & Distributors-0.23%
GATX Corp., 4.70%, 04/01/2029		557,000		533,049

Water Utilities-0.27%
American Water Capital Corp., 3.45%, 06/01/2029		678,000		615,406

Wireless Telecommunication Services-1.79%
T-Mobile USA, Inc.
2.63%, 02/15/2029		1,184,000		1,008,309
2.40%, 03/15/2029		616,000		520,912
3.38%, 04/15/2029		2,896,000		2,560,267

				4,089,488

Total U.S. Dollar Denominated Bonds & Notes (Cost $250,150,618)				225,739,315


	Shares
Money Market Funds-0.07%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%^(c)(d) (Cost $150,882)		150,882		150,882

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.82% (Cost $250,301,500)				225,890,197

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, 2023

(Unaudited)


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-13.64%
Invesco Private Government Fund, 4.58%^(c)(d)(e)		8,732,076	$	8,732,076
Invesco Private Prime Fund, 4.83%^(c)(d)(e)		22,449,419		22,453,908

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $31,187,963)				31,185,984

TOTAL INVESTMENTS IN SECURITIES-112.46% (Cost $281,489,463)				257,076,181
OTHER ASSETS LESS LIABILITIES-(12.46)%				(28,488,830	)

NET ASSETS-100.00%			$	228,587,351

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, 2023.

^(c)


	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 28, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	226,758		$	4,924,607		$	(5,000,483	)		$	-			$	-		$	150,882		$	12,386

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			3,112,250			20,345,070			(14,725,244	)			-				-			8,732,076			100,466	*

Invesco Private Prime Fund			8,002,930			50,853,264			(36,403,002	)			(2,552	)			3,268			22,453,908			274,466	*


Total		$	11,341,938		$	76,122,941		$	(56,128,729	)		$	(2,552	)		$	3,268		$	31,336,866		$	387,318

*	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, 2023.

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

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


		51

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

February 28, 2023

(Unaudited)


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2023

Information Technology			13.91

Financials			13.51

Health Care			13.22

Communication Services			9.34

Consumer Staples			9.19

Consumer Discretionary			8.98

Energy			8.16

Real Estate			6.73

Industrials			6.44

Utilities			5.28

Materials			3.99

Money Market Funds Plus Other Assets Less Liabilities			1.25

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


		52

Invesco BulletShares 2030 Corporate Bond ETF (BSCU)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-99.16%
Aerospace & Defense-3.28%
Boeing Co. (The), 5.15%, 05/01/2030	$	4,210,000	$	4,076,517
Raytheon Technologies Corp., 2.25%, 07/01/2030		930,000		771,056
Textron, Inc., 3.00%, 06/01/2030		570,000		495,927

				5,343,500

Auto Components-0.36%
Magna International, Inc. (Canada), 2.45%, 06/15/2030		701,000		583,870

Automobiles-0.54%
General Motors Financial Co., Inc., 3.60%, 06/21/2030		1,033,000		888,305

Banks-7.27%
Banco Santander S.A. (Spain), 3.49%, 05/28/2030^(b)		1,000,000		863,370
Bank of Nova Scotia (The) (Canada), 4.85%, 02/01/2030		1,160,000		1,126,157
Citizens Financial Group, Inc., 3.25%, 04/30/2030^(b)		700,000		611,818
Huntington National Bank (The), 5.65%, 01/10/2030		800,000		807,593
Mitsubishi UFJ Financial Group, Inc. (Japan)
2.56%, 02/25/2030		1,000,000		836,914
2.05%, 07/17/2030		1,200,000		957,022
Sumitomo Mitsui Financial Group, Inc. (Japan)
5.71%, 01/13/2030		930,000		937,854
2.75%, 01/15/2030		1,260,000		1,064,763
2.13%, 07/08/2030^(b)		1,430,000		1,142,940
2.14%, 09/23/2030		790,000		622,158
SVB Financial Group, 3.13%, 06/05/2030^(b)		457,000		385,962
Truist Bank, 2.25%, 03/11/2030		1,250,000		1,032,441
Truist Financial Corp., 1.95%, 06/05/2030^(b)		700,000		566,370
U.S. Bancorp, 1.38%, 07/22/2030^(b)		1,167,000		905,302

				11,860,664

Beverages-2.35%
Coca-Cola Co. (The), 1.65%, 06/01/2030		1,403,000		1,138,432
Constellation Brands, Inc., 2.88%, 05/01/2030		600,000		509,967
Diageo Capital PLC (United Kingdom), 2.00%, 04/29/2030		1,000,000		823,547
Keurig Dr Pepper, Inc., 3.20%, 05/01/2030		700,000		609,528
PepsiCo, Inc., 1.63%, 05/01/2030		930,000		756,157

				3,837,631

Biotechnology-2.31%
Amgen, Inc., 2.45%, 02/21/2030		1,170,000		982,790
Biogen, Inc., 2.25%, 05/01/2030		1,400,000		1,134,350
Gilead Sciences, Inc., 1.65%, 10/01/2030		930,000		736,565
Regeneron Pharmaceuticals, Inc., 1.75%, 09/15/2030		1,170,000		911,710

				3,765,415


	Principal Amount		Value
Building Products-0.29%
Johnson Controls International PLC/Tyco Fire & Security Finance S.C.A., 1.75%, 09/15/2030	$	600,000	$	480,261

Capital Markets-2.65%
Brookfield Finance, Inc. (Canada), 4.35%, 04/15/2030		677,000		624,553
Cboe Global Markets, Inc., 1.63%, 12/15/2030		500,000		392,570
CI Financial Corp. (Canada), 3.20%, 12/17/2030^(b)		899,000		682,319
Franklin Resources, Inc., 1.60%, 10/30/2030		790,000		612,299
Nomura Holdings, Inc. (Japan), 2.68%, 07/16/2030		1,000,000		813,224
Northern Trust Corp., 1.95%, 05/01/2030		930,000		761,699
S&P Global, Inc., 1.25%, 08/15/2030^(b)		561,000		433,974

				4,320,638

Chemicals-2.08%
Air Products and Chemicals, Inc., 2.05%, 05/15/2030		840,000		702,523
Dow Chemical Co. (The), 2.10%, 11/15/2030^(b)		790,000		638,404
EIDP, Inc., 2.30%, 07/15/2030^(b)		460,000		386,955
Linde, Inc., 1.10%, 08/10/2030		641,000		495,953
LYB International Finance III LLC, 2.25%, 10/01/2030		467,000		373,741
Nutrien Ltd. (Canada), 2.95%, 05/13/2030		467,000		399,044
Sherwin-Williams Co. (The), 2.30%, 05/15/2030		470,000		386,996

				3,383,616

Commercial Services & Supplies-0.71%
Republic Services, Inc., 2.30%, 03/01/2030		560,000		469,581
Waste Management, Inc., 4.63%, 02/15/2030		700,000		680,551

				1,150,132

Communications Equipment-0.40%
Motorola Solutions, Inc., 2.30%, 11/15/2030		840,000		657,660

Construction & Engineering-0.47%
Quanta Services, Inc., 2.90%, 10/01/2030		930,000		770,521

Construction Materials-0.61%
Martin Marietta Materials, Inc., Series CB, 2.50%, 03/15/2030		450,000		372,416
Vulcan Materials Co., 3.50%, 06/01/2030		700,000		621,708

				994,124

Containers & Packaging-0.77%
Amcor Flexibles North America, Inc., 2.63%, 06/19/2030		470,000		389,974
Avery Dennison Corp., 2.65%, 04/30/2030		464,000		385,488
Sonoco Products Co., 3.13%, 05/01/2030		560,000		482,850

				1,258,312

Distributors-0.22%
Genuine Parts Co., 1.88%, 11/01/2030		468,000		361,621

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


		53

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

February 28, 2023

(Unaudited)


	Principal Amount		Value
Diversified Consumer Services-0.23%
Yale University, Series 2020, 1.48%, 04/15/2030	$	470,000	$	381,790

Diversified Financial Services-0.33%
Block Financial LLC, 3.88%, 08/15/2030		608,000		533,364

Diversified Telecommunication Services-0.95%
Verizon Communications, Inc.
1.50%, 09/18/2030^(b)		930,000		720,473
1.68%, 10/30/2030		1,070,000		828,542

				1,549,015

Electric Utilities-5.77%
AEP Texas, Inc., Series I, 2.10%, 07/01/2030		560,000		451,791
Alabama Power Co., Series 20-A, 1.45%, 09/15/2030		560,000		436,467
Berkshire Hathaway Energy Co., 3.70%, 07/15/2030		1,030,000		947,391
Duke Energy Carolinas LLC, 2.45%, 02/01/2030		460,000		391,546
Duke Energy Corp., 2.45%, 06/01/2030		800,000		657,766
Duke Energy Florida LLC, 1.75%, 06/15/2030		470,000		375,645
Entergy Corp., 2.80%, 06/15/2030		560,000		469,719
Eversource Energy, Series R, 1.65%, 08/15/2030		561,000		433,074
FirstEnergy Corp., 2.65%, 03/01/2030^(b)		560,000		464,918
NextEra Energy Capital Holdings, Inc.
5.00%, 02/28/2030		200,000		194,449
2.25%, 06/01/2030		1,870,000		1,514,173
Pacific Gas and Electric Co., 4.55%, 07/01/2030		2,900,000		2,621,708
PG&E Wildfire Recovery Funding LLC,
Series A-1, 3.59%, 06/01/2030		469,084		442,658

				9,401,305

Electrical Equipment-0.46%
Acuity Brands Lighting, Inc., 2.15%, 12/15/2030		470,000		369,286
Emerson Electric Co., 1.95%, 10/15/2030		470,000		380,160

				749,446

Electronic Equipment, Instruments & Components-0.48%
Jabil, Inc., 3.60%, 01/15/2030		470,000		414,000
Teledyne FLIR LLC, 2.50%, 08/01/2030		450,000		366,517

				780,517

Energy Equipment & Services-1.38%
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 4.49%, 05/01/2030		470,000		446,167
Halliburton Co., 2.92%, 03/01/2030^(b)		930,000		804,438
Schlumberger Investment S.A., 2.65%, 06/26/2030^(b)		1,170,000		1,007,384

				2,257,989

Entertainment-0.60%
Activision Blizzard, Inc., 1.35%, 09/15/2030		470,000		367,282
RELX Capital, Inc. (United Kingdom), 3.00%, 05/22/2030		700,000		603,543

				970,825


	Principal Amount		Value
Equity REITs-4.26%
American Tower Corp.
2.90%, 01/15/2030^(b)	$	700,000	$	593,199
2.10%, 06/15/2030		700,000		554,634
1.88%, 10/15/2030		750,000		577,499
Brixmor Operating Partnership L.P., 4.05%, 07/01/2030		750,000		663,655
Camden Property Trust, 2.80%, 05/15/2030		700,000		602,015
Host Hotels & Resorts L.P., Series I, 3.50%, 09/15/2030		700,000		582,783
Kimco Realty OP LLC, 2.70%, 10/01/2030		470,000		389,112
Prologis L.P., 1.25%, 10/15/2030		700,000		537,537
Realty Income Corp., 4.85%, 03/15/2030		500,000		485,460
Regency Centers L.P., 3.70%, 06/15/2030		560,000		496,094
Simon Property Group L.P., 2.65%, 07/15/2030		700,000		588,808
VICI Properties L.P., 4.95%, 02/15/2030		930,000		869,092

				6,939,888

Food & Staples Retailing-1.30%
Costco Wholesale Corp., 1.60%, 04/20/2030		1,633,000		1,334,900
Kroger Co. (The), 2.20%, 05/01/2030^(b)		470,000		380,762
Walgreens Boots Alliance, Inc., 3.20%, 04/15/2030		468,000		397,290

				2,112,952

Food Products-2.53%
Campbell Soup Co., 2.38%, 04/24/2030^(b)		470,000		391,350
Hormel Foods Corp., 1.80%, 06/11/2030^(b)		933,000		757,785
Ingredion, Inc., 2.90%, 06/01/2030		600,000		510,025
JM Smucker Co. (The), 2.38%, 03/15/2030		500,000		419,189
Kellogg Co., 2.10%, 06/01/2030		470,000		383,076
Kraft Heinz Foods Co. (The), 3.75%, 04/01/2030^(b)		700,000		640,519
McCormick & Co., Inc., 2.50%, 04/15/2030		500,000		417,556
Mondelez International, Inc., 2.75%, 04/13/2030		700,000		602,221

				4,121,721

Gas Utilities-0.54%
CenterPoint Energy Resources Corp., 1.75%, 10/01/2030		470,000		370,019
Southern California Gas Co., Series XX, 2.55%, 02/01/2030		610,000		517,126

				887,145

Health Care Equipment & Supplies-2.53%
Abbott Laboratories, 1.40%, 06/30/2030^(b).		610,000		488,756
Becton, Dickinson and Co., 2.82%, 05/20/2030		700,000		599,324
Boston Scientific Corp., 2.65%, 06/01/2030.		1,123,000		960,746
DENTSPLY SIRONA, Inc., 3.25%, 06/01/2030		702,000		598,625
Smith & Nephew PLC (United Kingdom), 2.03%, 10/14/2030		917,000		719,970
Stryker Corp., 1.95%, 06/15/2030		930,000		756,501

				4,123,922

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, 2023

(Unaudited)


	Principal Amount		Value
Health Care Providers & Services-6.34%
AmerisourceBergen Corp., 2.80%, 05/15/2030	$	500,000	$	426,324
Centene Corp.
3.38%, 02/15/2030		1,860,000		1,571,429
3.00%, 10/15/2030		2,060,000		1,685,070
Cigna Group (The), 2.40%, 03/15/2030		1,400,000		1,170,889
CommonSpirit Health, 2.78%, 10/01/2030		510,000		427,610
CVS Health Corp., 1.75%, 08/21/2030		1,170,000		913,898
Elevance Health, Inc., 2.25%, 05/15/2030		1,030,000		849,858
Sutter Health, Series 20-A, 2.29%, 08/15/2030		650,000		537,812
UnitedHealth Group, Inc.
5.30%, 02/15/2030^(b)		1,170,000		1,187,906
2.00%, 05/15/2030		1,170,000		960,158
Universal Health Services, Inc., 2.65%, 10/15/2030		740,000		603,089

				10,334,043

Hotels, Restaurants & Leisure-2.69%
Booking Holdings, Inc., 4.63%, 04/13/2030		1,400,000		1,360,888
Marriott International, Inc., Series FF, 4.63%, 06/15/2030		930,000		878,564
McDonald’s Corp., 2.13%, 03/01/2030^(b)		700,000		579,971
Starbucks Corp.
2.25%, 03/12/2030		700,000		580,869
2.55%, 11/15/2030		1,170,000		977,698

				4,377,990

Household Durables-0.69%
Mohawk Industries, Inc., 3.63%, 05/15/2030^(b)		470,000		410,634
NVR, Inc., 3.00%, 05/15/2030		833,000		711,728

				1,122,362

Household Products-0.80%
Clorox Co. (The), 1.80%, 05/15/2030^(b)		470,000		375,902
Procter & Gamble Co. (The), 1.20%, 10/29/2030		1,170,000		923,642

				1,299,544

Industrial Conglomerates-0.47%
Honeywell International, Inc., 1.95%, 06/01/2030		930,000		769,592

Insurance-4.41%
Alleghany Corp., 3.63%, 05/15/2030		470,000		436,019
Allstate Corp. (The), 1.45%, 12/15/2030^(b)		560,000		429,904
Aon Corp., 2.80%, 05/15/2030		930,000		794,732
Berkshire Hathaway Finance Corp.
1.85%, 03/12/2030^(b)		468,000		389,355
1.45%, 10/15/2030		701,000		556,945
Brighthouse Financial, Inc., 5.63%, 05/15/2030		570,000		560,101
CNA Financial Corp., 2.05%, 08/15/2030		464,000		367,840
Fidelity National Financial, Inc., 3.40%, 06/15/2030		610,000		525,590
Loews Corp., 3.20%, 05/15/2030		468,000		415,566
Marsh & McLennan Cos., Inc., 2.25%, 11/15/2030^(b)		700,000		568,530
Principal Financial Group, Inc., 2.13%, 06/15/2030		551,000		449,977


	Principal Amount		Value
Insurance-(continued)
Prudential Financial, Inc., 2.10%, 03/10/2030^(b)	$	470,000	$	389,361
Prudential Funding (Asia) PLC (United Kingdom), 3.13%, 04/14/2030		930,000		819,374
Reinsurance Group of America, Inc., 3.15%, 06/15/2030		560,000		479,342

				7,182,636

Interactive Media & Services-1.02%
Alphabet, Inc., 1.10%, 08/15/2030		2,100,000		1,656,503

Internet & Direct Marketing Retail-1.40%
Amazon.com, Inc., 1.50%, 06/03/2030		1,900,000		1,525,161
eBay, Inc., 2.70%, 03/11/2030		890,000		756,930

				2,282,091

IT Services-2.52%
Automatic Data Processing, Inc., 1.25%, 09/01/2030^(b)		930,000		731,658
Fiserv, Inc., 2.65%, 06/01/2030^(b)		930,000		779,683
Global Payments, Inc., 2.90%, 05/15/2030		930,000		766,074
International Business Machines Corp., 1.95%, 05/15/2030		1,310,000		1,056,774
PayPal Holdings, Inc., 2.30%, 06/01/2030^(b)		930,000		767,523

				4,101,712

Life Sciences Tools & Services-0.23%
Agilent Technologies, Inc., 2.10%, 06/04/2030		460,000		373,104

Machinery-1.87%
Cummins, Inc., 1.50%, 09/01/2030		783,000		620,871
Flowserve Corp., 3.50%, 10/01/2030		470,000		397,275
IDEX Corp., 3.00%, 05/01/2030		470,000		407,815
John Deere Capital Corp., 2.45%, 01/09/2030		510,000		439,590
Otis Worldwide Corp., 2.57%, 02/15/2030		1,400,000		1,180,963

				3,046,514

Media-0.79%
Discovery Communications LLC, 3.63%, 05/15/2030^(b)		950,000		813,681
Omnicom Group, Inc., 2.45%, 04/30/2030		560,000		466,611

				1,280,292

Metals & Mining-1.78%
Freeport-McMoRan, Inc.
4.25%, 03/01/2030		468,000		424,359
4.63%, 08/01/2030^(b)		580,000		535,921
Newmont Corp., 2.25%, 10/01/2030		930,000		749,496
Nucor Corp., 2.70%, 06/01/2030		470,000		401,262
Reliance Steel & Aluminum Co., 2.15%, 08/15/2030		468,000		377,274
Teck Resources Ltd. (Canada), 3.90%, 07/15/2030^(b)		468,000		419,334

				2,907,646

Multi-Utilities-1.11%
NiSource, Inc., 3.60%, 05/01/2030		930,000		831,011

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, 2023

(Unaudited)


	Principal Amount		Value
Multi-Utilities-(continued)
Public Service Enterprise Group, Inc., 1.60%, 08/15/2030	$	511,000	$	395,332
San Diego Gas & Electric Co., Series VVV, 1.70%, 10/01/2030		750,000		591,598

				1,817,941

Oil, Gas & Consumable Fuels-8.68%
BP Capital Markets America, Inc., 1.75%, 08/10/2030^(b)		930,000		744,963
Canadian Natural Resources Ltd. (Canada), 2.95%, 07/15/2030		468,000		396,881
Chevron Corp., 2.24%, 05/11/2030^(b)		1,400,000		1,197,394
Devon Energy Corp., 4.50%, 01/15/2030		532,000		495,448
Enterprise Products Operating LLC, 2.80%, 01/31/2030		1,170,000		1,002,944
EOG Resources, Inc., 4.38%, 04/15/2030		700,000		673,644
Equinor ASA (Norway), 2.38%, 05/22/2030		700,000		597,533
Exxon Mobil Corp., 2.61%, 10/15/2030		1,860,000		1,616,063
Magellan Midstream Partners L.P., 3.25%, 06/01/2030		470,000		409,662
MPLX L.P., 2.65%, 08/15/2030		1,400,000		1,149,952
ONEOK, Inc., 3.10%, 03/15/2030		730,000		619,907
Phillips 66, 2.15%, 12/15/2030^(b)		790,000		631,926
Pioneer Natural Resources Co., 1.90%, 08/15/2030		1,030,000		803,356
Plains All American Pipeline L.P./PAA Finance Corp., 3.80%, 09/15/2030		700,000		610,141
Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 5.50%, 03/01/2030		880,000		834,838
Transcontinental Gas Pipe Line Co. LLC, 3.25%, 05/15/2030		650,000		566,404
Western Midstream Operating L.P., 4.30%, 02/01/2030		1,115,000		988,935
Williams Cos., Inc. (The), 3.50%, 11/15/2030		930,000		814,621

				14,154,612

Personal Products-0.59%
Estee Lauder Cos., Inc. (The), 2.60%, 04/15/2030		650,000		563,751
Unilever Capital Corp. (United Kingdom), 1.38%, 09/14/2030		500,000		394,320

				958,071

Pharmaceuticals-5.61%
AstraZeneca PLC (United Kingdom), 1.38%, 08/06/2030		1,220,000		964,016
Bristol-Myers Squibb Co., 1.45%, 11/13/2030		1,170,000		924,494
Johnson & Johnson, 1.30%, 09/01/2030		1,640,000		1,319,067
Merck & Co., Inc., 1.45%, 06/24/2030		1,173,000		940,070
Pfizer, Inc., 1.70%, 05/28/2030		930,000		760,963
Royalty Pharma PLC, 2.20%, 09/02/2030^(b)		929,000		729,198
Takeda Pharmaceutical Co. Ltd. (Japan), 2.05%, 03/31/2030^(b)		2,310,000		1,884,991
Viatris, Inc., 2.70%, 06/22/2030		1,330,000		1,055,137
Zoetis, Inc., 2.00%, 05/15/2030		700,000		574,167

				9,152,103


	Principal Amount		Value
Professional Services-0.29%
Equifax, Inc., 3.10%, 05/15/2030	$	560,000	$	477,433

Road & Rail-0.23%
Canadian Pacific Railway Co. (Canada), 2.05%, 03/05/2030		450,000		370,168

Semiconductors & Semiconductor Equipment-2.69%
Applied Materials, Inc., 1.75%, 06/01/2030^(b)		700,000		570,590
Intel Corp., 5.13%, 02/10/2030		1,160,000		1,146,582
Lam Research Corp., 1.90%, 06/15/2030		700,000		570,451
QUALCOMM, Inc., 2.15%, 05/20/2030^(b)		1,120,000		938,900
Texas Instruments, Inc., 1.75%, 05/04/2030		700,000		573,412
Xilinx, Inc., 2.38%, 06/01/2030		700,000		590,279

				4,390,214

Software-1.28%
Autodesk, Inc., 2.85%, 01/15/2030		470,000		404,016
Intuit, Inc., 1.65%, 07/15/2030		468,000		377,959
Oracle Corp., 4.65%, 05/06/2030		250,000		237,290
ServiceNow, Inc., 1.40%, 09/01/2030		1,403,000		1,069,574

				2,088,839

Specialty Retail-2.23%
AutoNation, Inc., 4.75%, 06/01/2030		458,000		425,846
Best Buy Co., Inc., 1.95%, 10/01/2030		611,000		480,127
Dell International LLC/EMC Corp., 6.20%, 07/15/2030		700,000		711,212
Leidos, Inc., 4.38%, 05/15/2030		700,000		641,818
Lowe’s Cos., Inc., 1.70%, 10/15/2030		1,167,000		910,933
Tractor Supply Co., 1.75%, 11/01/2030		601,000		463,431

				3,633,367

Technology Hardware, Storage & Peripherals-1.74%
Apple, Inc.
1.65%, 05/11/2030^(b)		1,640,000		1,339,785
1.25%, 08/20/2030		1,170,000		920,127
NetApp, Inc., 2.70%, 06/22/2030^(b)		690,000		576,709

				2,836,621

Textiles, Apparel & Luxury Goods-0.73%
Ralph Lauren Corp., 2.95%, 06/15/2030^(b)		700,000		611,393
VF Corp., 2.95%, 04/23/2030^(b)		700,000		578,816

				1,190,209

Tobacco-1.89%
Altria Group, Inc., 3.40%, 05/06/2030^(b)		697,000		601,153
Philip Morris International, Inc.
5.13%, 02/15/2030		1,400,000		1,371,098
2.10%, 05/01/2030		700,000		567,029
1.75%, 11/01/2030		704,000		546,272

				3,085,552

Trading Companies & Distributors-0.92%
Air Lease Corp.
3.00%, 02/01/2030		610,000		506,943
3.13%, 12/01/2030		700,000		576,176
GATX Corp., 4.00%, 06/30/2030		470,000		423,643

				1,506,762

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, 2023

(Unaudited)


	Principal Amount		Value
Water Utilities-0.49%
American Water Capital Corp., 2.80%, 05/01/2030	$	470,000	$	406,839
Essential Utilities, Inc., 2.70%, 04/15/2030		470,000		394,784

				801,623

Total U.S. Dollar Denominated Bonds & Notes (Cost $177,140,306)				161,663,693


	Shares
Money Market Funds-0.04%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%^(c)(d) (Cost $65,687)		65,687		65,687

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.20% (Cost $177,205,993)				161,729,380


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-13.25%
Invesco Private Government Fund, 4.58%^(c)(d)(e)		5,829,401	$	5,829,401
Invesco Private Prime Fund, 4.83%^(c)(d)(e)		15,774,378		15,777,532

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $21,608,431)				21,606,933

TOTAL INVESTMENTS IN SECURITIES-112.45% (Cost $198,814,424)				183,336,313
OTHER ASSETS LESS LIABILITIES-(12.45)%				(20,304,227	)

NET ASSETS-100.00%			$	163,032,086

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, 2023.

^(c)


	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 28, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	163,411		$	2,502,052		$	(2,599,776	)		$	-			$	-		$	65,687		$	7,553

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			1,786,892			18,630,765			(14,588,256	)			-				-			5,829,401			99,388	*

Invesco Private Prime Fund			4,594,865			42,772,908			(31,592,138	)			(1,786	)			3,683			15,777,532			269,618	*


Total		$	6,545,168		$	63,905,725		$	(48,780,170	)		$	(1,786	)		$	3,683		$	21,672,620		$	376,559

*	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, 2023.

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

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


		57

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

February 28, 2023

(Unaudited)


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2023

Health Care			17.02

Financials			14.66

Energy			10.07

Consumer Staples			9.45

Information Technology			9.11

Consumer Discretionary			9.09

Industrials			8.99

Utilities			7.92

Materials			5.24

Real Estate			4.26

Communication Services			3.35

Money Market Funds Plus Other Assets Less Liabilities			0.84

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, 2023

(Unaudited)

Schedule of Investments^(a)


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-99.05%
Aerospace & Defense-1.85%
Boeing Co. (The), 3.63%, 02/01/2031	$	760,000	$	666,908
General Dynamics Corp., 2.25%, 06/01/2031		280,000		233,366
L3Harris Technologies, Inc., 1.80%, 01/15/2031		360,000		280,862
Raytheon Technologies Corp., 1.90%, 09/01/2031		560,000		438,152
Textron, Inc., 2.45%, 03/15/2031		270,000		221,195

				1,840,483

Air Freight & Logistics-0.46%
FedEx Corp., 2.40%, 05/15/2031		560,000		455,496

Automobiles-2.85%
American Honda Finance Corp., 1.80%, 01/13/2031		310,000		248,132
General Motors Financial Co., Inc.
2.35%, 01/08/2031		560,000		430,548
2.70%, 06/10/2031		560,000		438,250
Mercedes-Benz Finance North America LLC (Germany), 8.50%, 01/18/2031		830,000		1,028,350
Toyota Motor Corp. (Japan), 2.36%, 03/25/2031^(b)		250,000		211,561
Toyota Motor Credit Corp.
1.65%, 01/10/2031		310,000		246,584
1.90%, 09/12/2031		280,000		224,735

				2,828,160

Banks-1.98%
Mizuho Financial Group, Inc. (Japan), 2.56%, 09/13/2031		600,000		467,519
Royal Bank of Canada (Canada), 2.30%, 11/03/2031		830,000		666,354
Sumitomo Mitsui Financial Group, Inc. (Japan)
1.71%, 01/12/2031		200,000		152,728
2.22%, 09/17/2031		600,000		468,352
SVB Financial Group, 1.80%, 02/02/2031		280,000		208,114

				1,963,067

Beverages-2.89%
Anheuser-Busch InBev Worldwide, Inc. (Belgium), 4.90%, 01/23/2031^(b)		420,000		420,406
Coca-Cola Co. (The)
2.00%, 03/05/2031		420,000		344,909
1.38%, 03/15/2031		720,000		560,943
Constellation Brands, Inc., 2.25%, 08/01/2031		560,000		441,184
Keurig Dr Pepper, Inc., 2.25%, 03/15/2031		270,000		216,613
PepsiCo, Inc.
1.40%, 02/25/2031		420,000		330,106
1.95%, 10/21/2031		690,000		556,148

				2,870,309

Biotechnology-0.56%
Amgen, Inc., 2.30%, 02/25/2031		690,000		560,109

Building Products-0.84%
Carrier Global Corp., 2.70%, 02/15/2031		420,000		347,118


	Principal Amount		Value
Building Products-(continued)
Johnson Controls International PLC/Tyco Fire & Security Finance S.C.A., 2.00%, 09/16/2031	$	280,000	$	221,240
Masco Corp., 2.00%, 02/15/2031		337,000		261,088

				829,446

Capital Markets-4.33%
Ares Capital Corp., 3.20%, 11/15/2031		390,000		297,841
Bank of New York Mellon Corp. (The)
1.65%, 01/28/2031		220,000		172,992
1.80%, 07/28/2031^(b)		270,000		211,026
BlackRock, Inc., 1.90%, 01/28/2031		690,000		557,194
Brookfield Finance, Inc. (Canada), 2.72%, 04/15/2031		262,000		213,669
Charles Schwab Corp. (The)
1.65%, 03/11/2031		410,000		320,534
2.30%, 05/13/2031		420,000		346,347
1.95%, 12/01/2031		470,000		368,515
Jefferies Financial Group, Inc., 2.63%, 10/15/2031		541,000		423,871
Moody’s Corp., 2.00%, 08/19/2031		330,000		260,406
Nasdaq, Inc., 1.65%, 01/15/2031		360,000		275,553
Nomura Holdings, Inc. (Japan), 2.61%, 07/14/2031		600,000		471,308
State Street Corp., 2.20%, 03/03/2031		470,000		378,482

				4,297,738

Chemicals-0.25%
Ecolab, Inc., 1.30%, 01/30/2031		330,000		252,460

Commercial Services & Supplies-0.69%
Republic Services, Inc., 1.45%, 02/15/2031		350,000		268,535
Waste Management, Inc., 1.50%, 03/15/2031		540,000		416,112

				684,647

Communications Equipment-0.38%
Motorola Solutions, Inc., 2.75%, 05/24/2031		470,000		373,836

Construction Materials-0.73%
Eagle Materials, Inc., 2.50%, 07/01/2031		420,000		329,197
Martin Marietta Materials, Inc., 2.40%, 07/15/2031		500,000		399,186

				728,383

Consumer Finance-1.83%
Ally Financial, Inc.
8.00%, 11/01/2031		1,110,000		1,203,035
8.00%, 11/01/2031		270,000		292,493
Synchrony Financial, 2.88%, 10/28/2031		420,000		316,269

				1,811,797

Containers & Packaging-0.36%
Amcor Flexibles North America, Inc., 2.69%, 05/25/2031		440,000		357,422

Diversified Financial Services-0.17%
ORIX Corp. (Japan), 2.25%, 03/09/2031		210,000		169,925

Diversified Telecommunication Services-5.98%
AT&T, Inc., 2.75%, 06/01/2031		1,670,000		1,380,716
Orange S.A. (France), 9.00%, 03/01/2031		1,370,000		1,678,033

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, 2023

(Unaudited)


	Principal Amount		Value
Diversified Telecommunication Services-(continued)
Verizon Communications, Inc.
1.75%, 01/20/2031	$	1,220,000	$	942,150
2.55%, 03/21/2031		2,360,000		1,931,506

				5,932,405

Electric Utilities-5.72%
Appalachian Power Co., Series AA, 2.70%, 04/01/2031		270,000		223,700
Baltimore Gas and Electric Co., 2.25%, 06/15/2031		330,000		267,175
Berkshire Hathaway Energy Co., 1.65%, 05/15/2031^(b)		280,000		217,294
Consolidated Edison Co. of New York, Inc., 2.40%, 06/15/2031		490,000		401,197
Duke Energy Carolinas LLC, 2.55%, 04/15/2031		310,000		258,446
Duke Energy Corp., 2.55%, 06/15/2031		554,000		446,581
Duke Energy Florida LLC, 2.40%, 12/15/2031		360,000		292,747
Duke Energy Progress LLC, 2.00%, 08/15/2031		361,000		284,545
Entergy Corp., 2.40%, 06/15/2031		360,000		284,985
Entergy Texas, Inc., 1.75%, 03/15/2031		316,000		247,111
FirstEnergy Corp., Series C, 7.38%, 11/15/2031		370,000		415,381
Pacific Gas and Electric Co., 2.50%, 02/01/2031		1,110,000		866,106
PG&E Wildfire Recovery Funding LLC, Series A-1, 4.02%, 06/01/2031		330,000		315,284
Progress Energy, Inc., 7.75%, 03/01/2031		360,000		406,260
Public Service Co. of Colorado, 1.88%, 06/15/2031		413,000		327,232
Southern Co. Gas Capital Corp., Series 20-A, 1.75%, 01/15/2031		249,000		192,280
Virginia Electric & Power Co., 2.30%, 11/15/2031		280,000		225,951

				5,672,275

Electrical Equipment-0.45%
Emerson Electric Co., 2.20%, 12/21/2031		560,000		449,619

Electronic Equipment, Instruments & Components-1.78%
Amphenol Corp., 2.20%, 09/15/2031		410,000		326,558
CDW LLC/CDW Finance Corp., 3.57%, 12/01/2031		540,000		446,198
Jabil, Inc., 3.00%, 01/15/2031		330,000		271,587
Teledyne Technologies, Inc., 2.75%, 04/01/2031		580,000		474,819
Vontier Corp., 2.95%, 04/01/2031		330,000		251,711

				1,770,873

Energy Equipment & Services-0.24%
Helmerich & Payne, Inc., 2.90%, 09/29/2031		290,000		236,840

Entertainment-1.52%
Electronic Arts, Inc., 1.85%, 02/15/2031		410,000		321,365
Walt Disney Co. (The), 2.65%, 01/13/2031		1,390,000		1,184,840

				1,506,205

Equity REITs-10.47%
Alexandria Real Estate Equities, Inc., 3.38%, 08/15/2031		410,000		360,245


	Principal Amount		Value
Equity REITs-(continued)
American Assets Trust L.P., 3.38%, 02/01/2031	$	280,000	$	221,796
American Tower Corp.
2.70%, 04/15/2031		390,000		316,377
2.30%, 09/15/2031		390,000		303,250
AvalonBay Communities, Inc., 2.45%, 01/15/2031		330,000		274,606
Boston Properties L.P., 3.25%, 01/30/2031		690,000		576,590
Brixmor Operating Partnership L.P., 2.50%, 08/16/2031		280,000		217,906
CBRE Services, Inc., 2.50%, 04/01/2031		271,000		220,450
Corporate Office Properties L.P., 2.75%, 04/15/2031		330,000		248,769
Crown Castle, Inc.
2.25%, 01/15/2031		610,000		488,440
2.10%, 04/01/2031		560,000		439,038
2.50%, 07/15/2031		420,000		339,108
Equinix, Inc., 2.50%, 05/15/2031		560,000		448,693
ERP Operating L.P., 1.85%, 08/01/2031		274,000		215,563
GLP Capital L.P./GLP Financing II, Inc., 4.00%, 01/15/2031		390,000		334,776
Healthcare Realty Holdings L.P., 2.00%, 03/15/2031		430,000		328,674
Healthpeak Properties Interim, Inc., 2.88%, 01/15/2031		330,000		278,569
Invitation Homes Operating Partnership L.P., 2.00%, 08/15/2031		350,000		262,887
Kimco Realty OP LLC, 2.25%, 12/01/2031		275,000		213,782
Life Storage L.P., 2.40%, 10/15/2031		330,000		261,487
MPT Operating Partnership L.P./MPT Finance Corp., 3.50%, 03/15/2031		720,000		494,266
Omega Healthcare Investors, Inc., 3.38%, 02/01/2031		390,000		307,825
Physicians Realty L.P., 2.63%, 11/01/2031		278,000		222,285
Public Storage
2.30%, 05/01/2031		360,000		294,744
2.25%, 11/09/2031		300,000		241,747
Realty Income Corp., 3.25%, 01/15/2031		530,000		462,628
Sabra Health Care L.P., 3.20%, 12/01/2031		440,000		327,354
Simon Property Group L.P., 2.20%, 02/01/2031		390,000		311,865
Sun Communities Operating L.P., 2.70%, 07/15/2031		411,000		328,311
Ventas Realty L.P., 2.50%, 09/01/2031		270,000		213,049
W.P. Carey, Inc., 2.40%, 02/01/2031		280,000		226,047
Welltower OP LLC
2.75%, 01/15/2031		330,000		269,241
2.80%, 06/01/2031		420,000		340,536

				10,390,904

Food & Staples Retailing-1.12%
Kroger Co. (The), 1.70%, 01/15/2031^(b)		280,000		213,661
Walmart, Inc., 1.80%, 09/22/2031		1,110,000		896,490

				1,110,151

Food Products-1.73%
Bunge Ltd. Finance Corp., 2.75%, 05/14/2031		560,000		461,360
Flowers Foods, Inc., 2.40%, 03/15/2031		280,000		225,086
General Mills, Inc., 2.25%, 10/14/2031		280,000		224,681

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, 2023

(Unaudited)


	Principal Amount		Value
Food Products-(continued)
Kellogg Co., Series B, 7.45%, 04/01/2031	$	340,000	$	385,557
McCormick & Co., Inc., 1.85%, 02/15/2031		272,000		211,203
Mondelez International, Inc., 1.50%, 02/04/2031		270,000		207,757

				1,715,644

Gas Utilities-0.48%
Atmos Energy Corp., 1.50%, 01/15/2031		330,000		256,643
National Fuel Gas Co., 2.95%, 03/01/2031		275,000		218,807

				475,450

Health Care Equipment & Supplies-1.39%
Baxter International, Inc., 1.73%, 04/01/2031		360,000		268,357
Becton, Dickinson and Co., 1.96%, 02/11/2031		560,000		442,140
STERIS Irish FinCo Unlimited Co., 2.70%, 03/15/2031		400,000		329,623
Zimmer Biomet Holdings, Inc., 2.60%, 11/24/2031		420,000		340,615

				1,380,735

Health Care Providers & Services-5.68%
AmerisourceBergen Corp., 2.70%, 03/15/2031		560,000		465,769
Centene Corp.
2.50%, 03/01/2031		1,220,000		952,228
2.63%, 08/01/2031		720,000		561,850
Cigna Group (The), 2.38%, 03/15/2031		830,000		676,152
CVS Health Corp.
1.88%, 02/28/2031		690,000		536,376
2.13%, 09/15/2031		560,000		439,730
Elevance Health, Inc., 2.55%, 03/15/2031		560,000		464,066
HCA, Inc., 2.38%, 07/15/2031		460,000		358,474
Laboratory Corp. of America Holdings, 2.70%, 06/01/2031		280,000		233,755
Quest Diagnostics, Inc., 2.80%, 06/30/2031		310,000		260,284
UnitedHealth Group, Inc., 2.30%, 05/15/2031		830,000		684,610

				5,633,294

Hotels, Restaurants & Leisure-0.73%
Expedia Group, Inc., 2.95%, 03/15/2031		280,000		225,119
Marriott International, Inc., Series HH, 2.85%, 04/15/2031		610,000		503,475

				728,594

Household Products-0.74%
Kimberly-Clark Corp., 2.00%, 11/02/2031		330,000		266,475
Procter & Gamble Co. (The), 1.95%, 04/23/2031^(b)		560,000		467,300

				733,775

Independent Power and Renewable Electricity Producers-0.44%
AES Corp. (The), 2.45%, 01/15/2031		550,000		437,321

Industrial Conglomerates-0.66%
Honeywell International, Inc., 1.75%, 09/01/2031		830,000		657,141

Insurance-1.77%
Aon Corp./Aon Global Holdings PLC, 2.60%, 12/02/2031		280,000		228,416


	Principal Amount		Value
Insurance-(continued)
Assured Guaranty US Holdings, Inc., 3.15%, 06/15/2031	$	275,000	$	234,086
Brown & Brown, Inc., 2.38%, 03/15/2031		390,000		300,393
Fidelity National Financial, Inc., 2.45%, 03/15/2031		330,000		259,699
First American Financial Corp., 2.40%, 08/15/2031		360,000		269,070
Lincoln National Corp., 3.40%, 01/15/2031^(b)		280,000		236,544
Primerica, Inc., 2.80%, 11/19/2031		280,000		230,293

				1,758,501

Internet & Direct Marketing Retail-1.72%
Amazon.com, Inc., 2.10%, 05/12/2031		1,666,000		1,371,270
eBay, Inc., 2.60%, 05/10/2031		410,000		336,953

				1,708,223

IT Services-2.97%
Broadridge Financial Solutions, Inc., 2.60%, 05/01/2031		560,000		453,732
Fidelity National Information Services, Inc., 2.25%, 03/01/2031		690,000		543,265
Global Payments, Inc., 2.90%, 11/15/2031		420,000		333,368
Kyndryl Holdings, Inc., 3.15%, 10/15/2031		320,000		239,092
Mastercard, Inc.
1.90%, 03/15/2031		330,000		269,286
2.00%, 11/18/2031		420,000		340,142
VeriSign, Inc., 2.70%, 06/15/2031		421,000		340,174
Visa, Inc., 1.10%, 02/15/2031		560,000		429,896

				2,948,955

Leisure Products-0.22%
Brunswick Corp., 2.40%, 08/18/2031		300,000		220,855

Life Sciences Tools & Services-1.37%
Agilent Technologies, Inc., 2.30%, 03/12/2031		470,000		382,005
Illumina, Inc., 2.55%, 03/23/2031		280,000		223,987
PerkinElmer, Inc., 2.25%, 09/15/2031		280,000		217,298
Thermo Fisher Scientific, Inc., 2.00%, 10/15/2031		670,000		535,307

				1,358,597

Machinery-1.21%
Caterpillar, Inc., 1.90%, 03/12/2031		280,000		226,476
IDEX Corp., 2.63%, 06/15/2031		282,000		232,025
John Deere Capital Corp.
1.45%, 01/15/2031		330,000		259,406
2.00%, 06/17/2031		330,000		266,616
Xylem, Inc., 2.25%, 01/30/2031		268,000		216,313

				1,200,836

Media-3.33%
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., 2.80%, 04/01/2031		870,000		682,501
Comcast Corp.
1.95%, 01/15/2031		830,000		665,771
1.50%, 02/15/2031		970,000		749,602
Interpublic Group of Cos., Inc. (The), 2.40%, 03/01/2031		276,000		221,623

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, 2023

(Unaudited)


	Principal Amount		Value
Media-(continued)
Omnicom Group, Inc., 2.60%, 08/01/2031	$	440,000	$	361,694
Paramount Global, 4.95%, 01/15/2031^(b)		690,000		619,106

				3,300,297

Metals & Mining-0.24%
Steel Dynamics, Inc., 3.25%, 01/15/2031		280,000		242,510

Multiline Retail-0.54%
Dollar Tree, Inc., 2.65%, 12/01/2031		440,000		355,961
Kohl’s Corp., 3.63%, 05/01/2031		250,000		176,021

				531,982

Multi-Utilities-1.93%
Ameren Corp., 3.50%, 01/15/2031		440,000		387,253
CenterPoint Energy, Inc., 2.65%, 06/01/2031		270,000		221,732
Dominion Energy, Inc., Series C, 2.25%, 08/15/2031		470,000		371,983
DTE Electric Co., Series C, 2.63%, 03/01/2031		330,000		279,249
NiSource, Inc., 1.70%, 02/15/2031		420,000		320,507
Public Service Enterprise Group, Inc., 2.45%, 11/15/2031		418,000		334,639

				1,915,363

Oil, Gas & Consumable Fuels-6.18%
Boardwalk Pipelines L.P., 3.40%, 02/15/2031		280,000		237,716
Burlington Resources LLC, 7.20%, 08/15/2031		240,000		271,261
Cheniere Energy Partners L.P., 4.00%, 03/01/2031		810,000		698,826
Conoco Funding Co., 7.25%, 10/15/2031		216,000		244,721
Devon Energy Corp., 7.88%, 09/30/2031		330,000		373,439
Diamondback Energy, Inc., 3.13%, 03/24/2031		440,000		369,300
Hess Corp., 7.30%, 08/15/2031		350,000		380,301
Kinder Morgan, Inc.
2.00%, 02/15/2031^(b)		420,000		326,644
7.80%, 08/01/2031		290,000		323,005
ONEOK, Inc., 6.35%, 01/15/2031		330,000		338,413
Ovintiv, Inc., 7.38%, 11/01/2031		270,000		288,609
Pioneer Natural Resources Co., 2.15%, 01/15/2031		560,000		441,902
Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 4.88%, 02/01/2031		560,000		509,155
TransCanada PipeLines Ltd. (Canada), 2.50%, 10/12/2031		560,000		444,457
Valero Energy Corp., 2.80%, 12/01/2031		260,000		211,266
Williams Cos., Inc. (The), 2.60%, 03/15/2031 .		830,000		673,996

				6,133,011

Personal Products-0.67%
Estee Lauder Cos., Inc. (The), 1.95%, 03/15/2031		330,000		267,628
Unilever Capital Corp. (United Kingdom), 1.75%, 08/12/2031		500,000		396,371

				663,999


	Principal Amount		Value
Pharmaceuticals-1.97%
Astrazeneca Finance LLC (United Kingdom), 2.25%, 05/28/2031	$	420,000	$	349,925
Merck & Co., Inc., 2.15%, 12/10/2031		1,110,000		905,331
Pfizer, Inc., 1.75%, 08/18/2031		560,000		445,893
Royalty Pharma PLC, 2.15%, 09/02/2031		330,000		251,114

				1,952,263

Professional Services-0.45%
Equifax, Inc., 2.35%, 09/15/2031		560,000		441,784

Road & Rail-1.35%
Canadian Pacific Railway Co. (Canada), 2.45%, 12/02/2031		780,000		650,008
Norfolk Southern Corp., 2.30%, 05/15/2031^(b)		280,000		226,938
Union Pacific Corp., 2.38%, 05/20/2031		560,000		464,168

				1,341,114

Semiconductors & Semiconductor Equipment-2.35%
Analog Devices, Inc., 2.10%, 10/01/2031		560,000		453,583
Intel Corp., 2.00%, 08/12/2031		690,000		541,753
Marvell Technology, Inc., 2.95%, 04/15/2031		420,000		338,187
NVIDIA Corp., 2.00%, 06/15/2031		690,000		558,262
Skyworks Solutions, Inc., 3.00%, 06/01/2031		270,000		218,505
Texas Instruments, Inc., 1.90%, 09/15/2031		280,000		226,668

				2,336,958

Software-3.90%
Autodesk, Inc., 2.40%, 12/15/2031		547,000		437,866
Fortinet, Inc., 2.20%, 03/15/2031		260,000		207,462
Oracle Corp., 2.88%, 03/25/2031		1,810,000		1,501,286
Roper Technologies, Inc., 1.75%, 02/15/2031		560,000		432,304
salesforce.com, inc., 1.95%, 07/15/2031		830,000		666,079
VMware, Inc., 2.20%, 08/15/2031		830,000		629,856

				3,874,853

Specialty Retail-3.02%
AutoZone, Inc., 1.65%, 01/15/2031		330,000		254,719
Home Depot, Inc. (The)
1.38%, 03/15/2031		690,000		530,822
1.88%, 09/15/2031		560,000		443,752
Leidos, Inc., 2.30%, 02/15/2031		560,000		436,934
Lowe’s Cos., Inc., 2.63%, 04/01/2031		830,000		683,000
O’Reilly Automotive, Inc., 1.75%, 03/15/2031^(b)		270,000		210,200
Ross Stores, Inc., 1.88%, 04/15/2031		280,000		219,381
TJX Cos., Inc. (The), 1.60%, 05/15/2031		280,000		220,711

				2,999,519

Technology Hardware, Storage & Peripherals-2.12%
Apple, Inc.
1.65%, 02/08/2031		1,530,000		1,227,360
1.70%, 08/05/2031		560,000		445,933
HP, Inc., 2.65%, 06/17/2031		550,000		432,719

				2,106,012

Tobacco-0.54%
BAT Capital Corp. (United Kingdom), 2.73%, 03/25/2031		690,000		539,113

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, 2023

(Unaudited)


	Principal Amount		Value
Water Utilities-0.24%
American Water Capital Corp., 2.30%, 06/01/2031	$	296,000	$	241,675

Wireless Telecommunication Services-1.66%
T-Mobile USA, Inc.
2.88%, 02/15/2031		560,000		465,079
3.50%, 04/15/2031		1,360,000		1,178,558

				1,643,637

Total U.S. Dollar Denominated Bonds & Notes (Cost $104,853,899)				98,314,561

	Shares
Money Market Funds-0.06%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%^(c)(d) (Cost $55,864)		55,864		55,864

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.11% (Cost $104,909,763)				98,370,425


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-2.48%
Invesco Private Government Fund, 4.58%^(c)(d)(e)		689,459	$	689,459
Invesco Private Prime Fund, 4.83%^(c)(d)(e)		1,772,539		1,772,894

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $2,462,543)				2,462,353

TOTAL INVESTMENTS IN SECURITIES-101.59% (Cost $107,372,306)				100,832,778
OTHER ASSETS LESS LIABILITIES-(1.59)%				(1,575,078	)

NET ASSETS-100.00%			$	99,257,700

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, 2023.

^(c)


	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 28, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	15,756		$	1,461,906		$	(1,421,798	)		$	-			$	-		$	55,864		$	2,648

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			120,081			3,059,243			(2,489,865	)			-				-			689,459			12,398	*

Invesco Private Prime Fund			308,780			7,798,453			(6,334,525	)			(204	)			390			1,772,894			33,629	*


Total		$	444,617		$	12,319,602		$	(10,246,188	)		$	(204	)		$	390		$	2,518,217		$	48,675

*	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, 2023.

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

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


		63

Invesco BulletShares 2031 Corporate Bond ETF (BSCV)–(continued)

February 28, 2023

(Unaudited)


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2023

Information Technology			13.51

Communication Services			12.47

Health Care			10.97

Real Estate			10.47

Financials			10.08

Consumer Discretionary			9.08

Utilities			8.81

Industrials			7.96

Consumer Staples			7.69

Energy			6.42

Materials			1.59

Money Market Funds Plus Other Assets Less Liabilities			0.95

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


		64

Invesco BulletShares 2032 Corporate Bond ETF (BSCW)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-98.77%
Aerospace & Defense-0.90%
Lockheed Martin Corp., 3.90%, 06/15/2032	$	140,000	$	129,854
Raytheon Technologies Corp., 2.38%, 03/15/2032		170,000		137,140

				266,994

Automobiles-1.59%
General Motors Co., 5.60%, 10/15/2032		210,000		199,891
General Motors Financial Co., Inc., 3.10%, 01/12/2032		210,000		167,315
Honda Motor Co. Ltd. (Japan), 2.97%, 03/10/2032		120,000		104,282

				471,488

Banks-4.59%
Bank of Nova Scotia (The) (Canada), 2.45%, 02/02/2032		90,000		72,473
Canadian Imperial Bank of Commerce (Canada), 3.60%, 04/07/2032		150,000		132,348
Citigroup, Inc., 6.63%, 06/15/2032		170,000		179,853
Citizens Financial Group, Inc., 2.64%, 09/30/2032		110,000		83,879
KeyBank N.A., 4.90%, 08/08/2032		125,000		117,740
Royal Bank of Canada (Canada), 3.88%, 05/04/2032		170,000		153,321
Toronto-Dominion Bank (The) (Canada)
2.45%, 01/12/2032		100,000		81,004
3.20%, 03/10/2032		260,000		223,362
4.46%, 06/08/2032		340,000		320,274

				1,364,254

Beverages-2.01%
Constellation Brands, Inc., 4.75%, 05/09/2032		120,000		114,220
Diageo Capital PLC (United Kingdom), 2.13%, 04/29/2032		200,000		159,484
Keurig Dr Pepper, Inc., 4.05%, 04/15/2032		140,000		126,801
PepsiCo, Inc., 3.90%, 07/18/2032		210,000		197,651

				598,156

Biotechnology-0.97%
Amgen, Inc.
2.00%, 01/15/2032		180,000		139,272
3.35%, 02/22/2032		170,000		147,519

				286,791

Building Products-0.23%
Carlisle Cos., Inc., 2.20%, 03/01/2032		90,000		68,333

Capital Markets-4.85%
Ameriprise Financial, Inc., 4.50%, 05/13/2032		90,000		87,700
BlackRock, Inc., 2.10%, 02/25/2032		170,000		136,126
Brookfield Finance I UK PLC/Brookfield Finance, Inc. (Canada), 2.34%, 01/30/2032		100,000		78,373
Charles Schwab Corp. (The), 2.90%, 03/03/2032		170,000		143,921
CME Group, Inc., 2.65%, 03/15/2032		130,000		109,083
Credit Suisse USA, Inc. (Switzerland), 7.13%, 07/15/2032		120,000		123,521


	Principal Amount		Value
Capital Markets-(continued)
FactSet Research Systems, Inc., 3.45%, 03/01/2032	$	90,000	$	75,726
Jefferies Financial Group, Inc., 2.75%, 10/15/2032		90,000		69,832
Moody’s Corp., 4.25%, 08/08/2032		90,000		83,363
Morgan Stanley, 7.25%, 04/01/2032		170,000		192,498
Nomura Holdings, Inc. (Japan), 3.00%, 01/22/2032		200,000		160,564
Northern Trust Corp., 6.13%, 11/02/2032		170,000		179,481

				1,440,188

Chemicals-1.42%
Albemarle Corp., 5.05%, 06/01/2032		100,000		95,143
Celanese US Holdings LLC, 6.38%, 07/15/2032		175,000		169,947
Ecolab, Inc., 2.13%, 02/01/2032		110,000		87,850
Sherwin-Williams Co. (The), 2.20%, 03/15/2032		90,000		70,392

				423,332

Commercial Services & Supplies-1.88%
Cintas Corp. No. 2, 4.00%, 05/01/2032		140,000		129,983
Republic Services, Inc., 1.75%, 02/15/2032		130,000		99,701
Waste Connections, Inc.
2.20%, 01/15/2032		110,000		87,029
3.20%, 06/01/2032		90,000		77,078
Waste Management, Inc., 4.15%, 04/15/2032		175,000		164,118

				557,909

Communications Equipment-0.33%
Motorola Solutions, Inc., 5.60%, 06/01/2032		100,000		97,966

Construction & Engineering-0.23%
Quanta Services, Inc., 2.35%, 01/15/2032		90,000		68,805

Consumer Finance-0.45%
Discover Financial Services, 6.70%, 11/29/2032		130,000		134,444

Containers & Packaging-0.76%
Avery Dennison Corp., 2.25%, 02/15/2032		90,000		69,113
Sonoco Products Co., 2.85%, 02/01/2032		90,000		73,888
WRKCo, Inc., 4.20%, 06/01/2032		90,000		81,425

				224,426

Distributors-0.24%
Genuine Parts Co., 2.75%, 02/01/2032		90,000		72,818

Diversified Financial Services-2.93%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 3.30%, 01/30/2032		700,000		560,504
National Rural Utilities Cooperative Finance Corp.
2.75%, 04/15/2032		90,000		74,215
4.02%, 11/01/2032		70,000		63,392
ORIX Corp. (Japan)
4.00%, 04/13/2032		90,000		81,798
5.20%, 09/13/2032		90,000		89,463

				869,372

Diversified Telecommunication Services-4.30%
AT&T, Inc., 2.25%, 02/01/2032		430,000		335,923
Bell Canada (Canada), Series US-5, 2.15%, 02/15/2032		100,000		78,517
Deutsche Telekom International Finance B.V. (Germany), 9.25%, 06/01/2032		90,000		113,923

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


		65

Invesco BulletShares 2032 Corporate Bond ETF (BSCW)–(continued)

February 28, 2023

(Unaudited)


	Principal Amount		Value
Diversified Telecommunication Services-(continued)
TELUS Corp. (Canada), 3.40%, 05/13/2032	$	150,000	$	127,974
Verizon Communications, Inc., 2.36%, 03/15/2032		790,000		621,450

				1,277,787

Electric Utilities-8.88%
AEP Texas, Inc., 4.70%, 05/15/2032		90,000		85,439
Alabama Power Co., 3.05%, 03/15/2032		120,000		102,287
American Electric Power Co., Inc., 5.95%, 11/01/2032		90,000		92,901
Appalachian Power Co., Series BB, 4.50%, 08/01/2032		90,000		84,074
Duke Energy Carolinas LLC, 2.85%, 03/15/2032		90,000		75,526
Duke Energy Corp., 4.50%, 08/15/2032		200,000		185,273
Duke Energy Progress LLC, 3.40%, 04/01/2032		90,000		79,224
Entergy Louisiana LLC, 2.35%, 06/15/2032		90,000		71,477
Eversource Energy, 3.38%, 03/01/2032		110,000		94,176
Exelon Corp., 3.35%, 03/15/2032		110,000		94,011
Florida Power & Light Co., 2.45%, 02/03/2032		260,000		213,980
Georgia Power Co., 4.70%, 05/15/2032		120,000		114,213
NextEra Energy Capital Holdings, Inc.
2.44%, 01/15/2032		170,000		134,753
5.00%, 07/15/2032		170,000		163,801
Oncor Electric Delivery Co. LLC, 4.55%, 09/15/2032		120,000		115,883
Pacific Gas and Electric Co., 5.90%, 06/15/2032		100,000		96,746
Southern California Edison Co.
2.75%, 02/01/2032		90,000		74,569
5.95%, 11/01/2032		130,000		135,700
Southern Co. (The), 5.70%, 10/15/2032		90,000		91,513
Southern Co. Gas Capital Corp., 5.15%, 09/15/2032		90,000		87,948
Union Electric Co., 2.15%, 03/15/2032		90,000		71,120
Virginia Electric & Power Co., 2.40%, 03/30/2032		100,000		80,861
Wisconsin Electric Power Co., 4.75%, 09/30/2032		90,000		88,045
Wisconsin Power and Light Co., 3.95%, 09/01/2032		100,000		91,212
Xcel Energy, Inc., 4.60%, 06/01/2032		120,000		113,907

				2,638,639

Electrical Equipment-0.66%
CenterPoint Energy Houston Electric LLC, Series AI, 4.45%, 10/01/2032		90,000		86,383
Eaton Corp., 4.00%, 11/02/2032		120,000		110,057

				196,440

Electronic Equipment, Instruments & Components-0.85%
Allegion US Holding Co., Inc., 5.41%, 07/01/2032		100,000		97,839
Arrow Electronics, Inc., 2.95%, 02/15/2032		90,000		72,387
Tyco Electronics Group S.A., 2.50%, 02/04/2032		100,000		82,900

				253,126

Entertainment-0.90%
RELX Capital, Inc. (United Kingdom), 4.75%, 05/20/2032		90,000		86,073


	Principal Amount		Value
Entertainment-(continued)
Take-Two Interactive Software, Inc., 4.00%, 04/14/2032	$	90,000	$	80,219
TWDC Enterprises 18 Corp., 7.00%, 03/01/2032		90,000		101,794

				268,086

Equity REITs-7.69%
Alexandria Real Estate Equities, Inc., 2.00%, 05/18/2032		150,000		114,892
American Homes 4 Rent L.P., 3.63%, 04/15/2032		100,000		84,587
American Tower Corp., 4.05%, 03/15/2032		110,000		98,044
AvalonBay Communities, Inc., 2.05%, 01/15/2032		120,000		95,223
Boston Properties L.P., 2.55%, 04/01/2032		140,000		107,218
CubeSmart L.P., 2.50%, 02/15/2032		90,000		70,397
Equinix, Inc., 3.90%, 04/15/2032		200,000		176,850
Essex Portfolio L.P., 2.65%, 03/15/2032		110,000		87,454
Extra Space Storage L.P., 2.35%, 03/15/2032		100,000		76,685
GLP Capital L.P./GLP Financing II, Inc., 3.25%, 01/15/2032		140,000		111,333
Invitation Homes Operating Partnership L.P., 4.15%, 04/15/2032		100,000		88,089
Kimco Realty OP LLC, 3.20%, 04/01/2032		100,000		83,603
Prologis, L.P., 2.25%, 01/15/2032		80,000		64,226
Realty Income Corp.
5.63%, 10/13/2032		130,000		132,673
2.85%, 12/15/2032		120,000		98,703
Simon Property Group L.P.
2.25%, 01/15/2032		120,000		93,698
2.65%, 02/01/2032		120,000		97,108
Sun Communities Operating L.P., 4.20%, 04/15/2032		100,000		88,833
VICI Properties L.P., 5.13%, 05/15/2032		260,000		241,475
Welltower OP LLC
2.75%, 01/15/2032		90,000		71,973
3.85%, 06/15/2032		90,000		78,346
Weyerhaeuser Co., 7.38%, 03/15/2032		110,000		122,421

				2,283,831

Food & Staples Retailing-1.13%
Costco Wholesale Corp., 1.75%, 04/20/2032		170,000		134,205
Walmart, Inc., 4.15%, 09/09/2032		210,000		202,549

				336,754

Food Products-1.22%
Archer-Daniels-Midland Co., 2.90%, 03/01/2032 .		130,000		112,197
J. M. Smucker Co. (The), 2.13%, 03/15/2032		70,000		55,126
Mondelez International, Inc.
3.00%, 03/17/2032		130,000		109,979
1.88%, 10/15/2032		110,000		83,810

				361,112

Gas Utilities-0.59%
CenterPoint Energy Resources Corp., 4.40%, 07/01/2032		90,000		84,765
Southwest Gas Corp., 4.05%, 03/15/2032		100,000		89,274

				174,039

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


		66

Invesco BulletShares 2032 Corporate Bond ETF (BSCW)–(continued)

February 28, 2023

(Unaudited)


	Principal Amount		Value
Health Care Equipment & Supplies-0.96%
Baxter International, Inc., 2.54%, 02/01/2032	$	260,000	$	201,633
Becton, Dickinson and Co., 4.30%, 08/22/2032		90,000		83,686

				285,319

Health Care Providers & Services-1.85%
Elevance Health, Inc.
4.10%, 05/15/2032		100,000		91,881
5.50%, 10/15/2032		110,000		111,890
Humana, Inc., 2.15%, 02/03/2032		130,000		100,439
UnitedHealth Group, Inc., 4.20%, 05/15/2032		260,000		244,950

				549,160

Hotels, Restaurants & Leisure-1.39%
Marriott International, Inc., Series GG, 3.50%, 10/15/2032		170,000		144,004
McDonald’s Corp., 4.60%, 09/09/2032		130,000		125,330
Starbucks Corp., 3.00%, 02/14/2032		170,000		144,496

				413,830

Household Products-1.31%
Church & Dwight Co., Inc., 5.60%, 11/15/2032		90,000		93,317
Clorox Co. (The), 4.60%, 05/01/2032		100,000		95,777
Colgate-Palmolive Co., 3.25%, 08/15/2032		90,000		81,458
Procter & Gamble Co. (The), 2.30%, 02/01/2032		140,000		118,252

				388,804

Industrial Conglomerates-1.05%
General Electric Co., 6.75%, 03/15/2032		280,000		311,170

Insurance-2.43%
Aon Corp./Aon Global Holdings PLC, 5.00%, 09/12/2032		90,000		88,075
Berkshire Hathaway Finance Corp., 2.88%, 03/15/2032		170,000		146,537
Brown & Brown, Inc., 4.20%, 03/17/2032		100,000		87,559
Manulife Financial Corp. (Canada), 3.70%, 03/16/2032		130,000		116,726
Marsh & McLennan Cos., Inc., 5.75%, 11/01/2032		90,000		93,513
MetLife, Inc., 6.50%, 12/15/2032		100,000		111,755
Progressive Corp. (The), 3.00%, 03/15/2032		90,000		77,942

				722,107

Interactive Media & Services-1.54%
Meta Platforms, Inc., 3.85%, 08/15/2032		510,000		458,503

Internet & Direct Marketing Retail-2.49%
Amazon.com, Inc.
3.60%, 04/13/2032		430,000		393,900
4.70%, 12/01/2032		350,000		346,147

				740,047

IT Services-2.26%
Fidelity National Information Services, Inc., 5.10%, 07/15/2032		130,000		124,549
Global Payments, Inc., 5.40%, 08/15/2032		130,000		124,381


	Principal Amount		Value
IT Services-(continued)
International Business Machines Corp.
2.72%, 02/09/2032	$	100,000	$	83,027
4.40%, 07/27/2032		100,000		93,724
5.88%, 11/29/2032		100,000		104,772
PayPal Holdings, Inc., 4.40%, 06/01/2032		150,000		141,203

				671,656

Life Sciences Tools & Services-0.75%
Bio-Rad Laboratories, Inc., 3.70%, 03/15/2032		140,000		122,178
Thermo Fisher Scientific, Inc., 4.95%, 11/21/2032		100,000		99,702

				221,880

Machinery-1.09%
Flowserve Corp., 2.80%, 01/15/2032		90,000		69,378
John Deere Capital Corp.
3.90%, 06/07/2032		90,000		83,876
4.35%, 09/15/2032		100,000		96,341
Stanley Black & Decker, Inc., 3.00%, 05/15/2032		90,000		73,402

				322,997

Media-1.49%
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 2.30%, 02/01/2032		175,000		128,878
Comcast Corp., 5.50%, 11/15/2032		170,000		174,808
Paramount Global, 4.20%, 05/19/2032		170,000		140,086

				443,772

Metals & Mining-1.29%
ArcelorMittal S.A. (Luxembourg), 6.80%, 11/29/2032		170,000		172,252
Newmont Corp., 2.60%, 07/15/2032		170,000		135,622
Nucor Corp., 3.13%, 04/01/2032		90,000		76,812

				384,686

Multiline Retail-0.94%
Dollar General Corp., 5.00%, 11/01/2032		120,000		116,479
Target Corp., 4.50%, 09/15/2032		170,000		163,351

				279,830

Multi-Utilities-1.52%
Ameren Illinois Co., 3.85%, 09/01/2032		90,000		82,449
Dominion Energy, Inc., 5.38%, 11/15/2032		140,000		137,528
DTE Electric Co., Series A, 3.00%, 03/01/2032		90,000		76,882
Public Service Electric & Gas Co., 3.10%, 03/15/2032		90,000		78,426
San Diego Gas & Electric Co., Series XXX, 3.00%, 03/15/2032		90,000		76,312

				451,597

Oil, Gas & Consumable Fuels-6.03%
Boardwalk Pipelines L.P., 3.60%, 09/01/2032		90,000		75,639
BP Capital Markets America, Inc., 2.72%, 01/12/2032^(b)		340,000		285,041
Cenovus Energy, Inc. (Canada), 2.65%, 01/15/2032		90,000		71,292
Cheniere Energy Partners L.P., 3.25%, 01/31/2032		200,000		160,511
ConocoPhillips, 5.90%, 10/15/2032		90,000		96,301
Kinder Morgan, Inc., 7.75%, 01/15/2032		170,000		189,906

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


		67

Invesco BulletShares 2032 Corporate Bond ETF (BSCW)–(continued)

February 28, 2023

(Unaudited)


	Principal Amount		Value
Oil, Gas & Consumable Fuels-(continued)
Marathon Oil Corp., 6.80%, 03/15/2032	$	90,000	$	93,017
MPLX L.P., 4.95%, 09/01/2032		170,000		159,933
ONEOK, Inc., 6.10%, 11/15/2032		130,000		130,810
Suncor Energy, Inc. (Canada), 7.15%, 02/01/2032		80,000		86,667
Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 4.00%, 01/15/2032		175,000		148,512
Valero Energy Corp., 7.50%, 04/15/2032		120,000		135,599
Williams Cos., Inc. (The), 4.65%, 08/15/2032		170,000		158,500

				1,791,728

Personal Products-0.62%
Unilever Capital Corp. (United Kingdom), 5.90%, 11/15/2032		170,000		184,557

Pharmaceuticals-2.06%
Bristol-Myers Squibb Co., 2.95%, 03/15/2032		300,000		259,179
GSK Consumer Healthcare Capital US LLC, 3.63%, 03/24/2032		250,000		218,534
Zoetis, Inc., 5.60%, 11/16/2032		130,000		134,739

				612,452

Road & Rail-1.81%
Canadian National Railway Co. (Canada), 3.85%, 08/05/2032		140,000		128,568
CSX Corp., 4.10%, 11/15/2032		160,000		147,556
Norfolk Southern Corp., 3.00%, 03/15/2032		100,000		84,444
Union Pacific Corp., 2.80%, 02/14/2032		210,000		177,716

				538,284

Semiconductors & Semiconductor Equipment-4.17%
Advanced Micro Devices, Inc., 3.92%, 06/01/2032		90,000		83,450
Broadcom, Inc., 4.30%, 11/15/2032		340,000		301,635
Intel Corp.
4.15%, 08/05/2032		210,000		193,592
4.00%, 12/15/2032		130,000		117,955
KLA Corp., 4.65%, 07/15/2032		170,000		166,074
Micron Technology, Inc., 2.70%, 04/15/2032		170,000		129,090
QUALCOMM, Inc.
1.65%, 05/20/2032		210,000		160,869
4.25%, 05/20/2032		90,000		86,204

				1,238,869

Software-1.95%
Oracle Corp., 6.25%, 11/09/2032		380,000		395,765
Workday, Inc., 3.80%, 04/01/2032		210,000		184,994

				580,759

Specialty Retail-3.60%
AutoNation, Inc., 3.85%, 03/01/2032		120,000		100,683
AutoZone, Inc., 4.75%, 08/01/2032		130,000		124,147
Dick’s Sporting Goods, Inc., 3.15%, 01/15/2032		130,000		102,768
Home Depot, Inc. (The)
3.25%, 04/15/2032		210,000		184,100
4.50%, 09/15/2032		210,000		202,573
Lowe’s Cos., Inc., 3.75%, 04/01/2032		260,000		230,481
O’Reilly Automotive, Inc., 4.70%, 06/15/2032		130,000		123,967

				1,068,719

Investment Abbreviations:

REIT-Real Estate Investment Trust


	Principal Amount		Value
Technology Hardware, Storage & Peripherals-1.25%
Apple, Inc., 3.35%, 08/08/2032^(b)	$	230,000	$	207,498
HP, Inc., 4.20%, 04/15/2032		175,000		150,607
Western Digital Corp., 3.10%, 02/01/2032		20,000		14,427

				372,532

Textiles, Apparel & Luxury Goods-0.24%
Tapestry, Inc., 3.05%, 03/15/2032		90,000		71,578

Tobacco-2.46%
Altria Group, Inc., 2.45%, 02/04/2032		300,000		226,653
B.A.T Capital Corp. (United Kingdom)
4.74%, 03/16/2032		150,000		134,435
7.75%, 10/19/2032		100,000		107,538
Philip Morris International, Inc., 5.75%, 11/17/2032		260,000		263,226

				731,852

Trading Companies & Distributors-0.34%
Air Lease Corp., 2.88%, 01/15/2032		130,000		102,139

Water Utilities-0.45%
American Water Capital Corp., 4.45%, 06/01/2032		140,000		133,409

Wireless Telecommunication Services-1.83%
Sprint Capital Corp., 8.75%, 03/15/2032		340,000		405,093
T-Mobile USA, Inc., 2.70%, 03/15/2032		170,000		137,892

				542,985

Total U.S. Dollar Denominated Bonds & Notes (Cost $29,914,451)				29,350,311

	Shares
Money Market Funds-0.03%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%^(c)(d) (Cost $8,125)		8,125		8,125

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.80% (Cost $29,922,576)				29,358,436


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-1.60%
Invesco Private Government Fund, 4.58%^(c)(d)(e) (Cost $476,487)		476,487		476,487

TOTAL INVESTMENTS IN SECURITIES-100.40% (Cost $30,399,063)				29,834,923
OTHER ASSETS LESS LIABILITIES-(0.40)%				(119,398	)

NET ASSETS-100.00%			$	29,715,525

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


		68

Invesco BulletShares 2032 Corporate Bond ETF (BSCW)–(continued)

February 28, 2023

(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, 2023.

^(c)


	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	551,765		$	(543,640	)		$	-		$	-		$	8,125		$	1,219

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			-			1,386,396			(909,909	)			-			-			476,487			704	*


Total		$	-		$	1,938,161		$	(1,453,549	)		$	-		$	-		$	484,612		$	1,923

*	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, 2023.

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


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2023

Financials			15.25

Utilities			11.43

Information Technology			11.19

Consumer Discretionary			10.49

Communication Services			10.07

Consumer Staples			9.49

Industrials			7.82

Real Estate			7.68

Energy			6.03

Health Care			5.85

Materials			3.47

Money Market Funds Plus Other Assets Less Liabilities			1.23

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)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-77.38%
Aerospace & Defense-8.10%
Bombardier, Inc. (Canada), 7.50%, 03/15/2025^(b)	$	24,059,000	$	24,064,473
TransDigm, Inc.
8.00%, 12/15/2025^(b)		23,610,000		24,151,377
7.50%, 03/15/2027		11,760,000		11,623,584

				59,839,434

Auto Components-3.47%
Dana Financing Luxembourg S.a.r.l., 5.75%, 04/15/2025^(b)		8,440,000		8,240,793
Goodyear Tire & Rubber Co. (The), 9.50%, 05/31/2025		16,886,000		17,425,702

				25,666,495

Automobiles-3.61%
Ford Motor Credit Co. LLC
3.10%, 05/04/2023		5,512,000		5,485,513
4.38%, 08/06/2023		7,803,000		7,750,014
3.37%, 11/17/2023		13,720,000		13,458,217

				26,693,744

Capital Markets-1.13%
FS Energy and Power Fund, 7.50%, 08/15/2023^(b)		8,348,000		8,345,078

Commercial Services & Supplies-3.63%
ADT Security Corp. (The), 4.13%, 06/15/2023		14,973,000		14,896,784
Ritchie Bros. Auctioneers, Inc. (Canada), 5.38%, 01/15/2025^(b)		10,220,000		10,234,053
RR Donnelley & Sons Co., 8.25%, 07/01/2027		1,780,000		1,709,659

				26,840,496

Consumer Finance-4.42%
Navient Corp., 7.25%, 09/25/2023		6,827,000		6,853,591
OneMain Finance Corp.
5.63%, 03/15/2023		16,817,000		16,810,820
8.25%, 10/01/2023		4,860,000		4,900,828
TMX Finance LLC/TitleMax Finance Corp., 11.13%, 04/01/2023^(b)		4,082,000		4,095,080

				32,660,319

Containers & Packaging-3.59%
Ball Corp., 4.00%, 11/15/2023		21,418,000		21,147,113
Owens-Brockway Glass Container, Inc., 5.88%, 08/15/2023^(b)		5,383,000		5,358,476

				26,505,589

Diversified Financial Services-2.49%
Verscend Escrow Corp., 9.75%, 08/15/2026^(b)		18,323,000		18,408,385

Electric Utilities-0.26%
NRG Energy, Inc., 6.63%, 01/15/2027		1,922,000		1,918,824


	Principal Amount		Value
Electrical Equipment-2.31%
EnerSys, 5.00%, 04/30/2023^(b)	$	3,990,000	$	3,990,923
WESCO Distribution, Inc., 7.25%, 06/15/2028^(b)		12,900,000		13,083,886

				17,074,809

Energy Equipment & Services-0.54%
Tervita Corp. (Canada), 11.00%, 12/01/2025^(b)		3,684,000		3,976,727

Equity REITs-2.02%
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/2026^(b)		4,657,000		4,498,755
Service Properties Trust, 4.50%, 06/15/2023		10,390,000		10,392,737

				14,891,492

Food & Staples Retailing-0.73%
Performance Food Group, Inc., 6.88%, 05/01/2025^(b)		5,412,000		5,429,216

Health Care Providers & Services-0.99%
Encompass Health Corp., 5.75%, 09/15/2025		7,449,000		7,329,463

Hotels, Restaurants & Leisure-11.28%
Brinker International, Inc., 3.88%, 05/15/2023		6,834,000		6,775,225
MGM Resorts International, 6.00%, 03/15/2023		26,833,000		26,857,150
Scientific Games International, Inc., 8.63%, 07/01/2025^(b)		11,810,000		12,084,232
SeaWorld Parks & Entertainment, Inc., 8.75%, 05/01/2025^(b)		4,885,000		5,003,235
Six Flags Theme Parks, Inc., 7.00%, 07/01/2025^(b)		7,705,000		7,793,993
Travel + Leisure Co., 3.90%, 03/01/2023		6,445,000		6,445,000
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 4.25%, 05/30/2023^(b)		11,421,000		11,397,187
Yum! Brands, Inc., 3.88%, 11/01/2023		7,072,000		6,988,055

				83,344,077

Household Products-1.26%
Spectrum Brands, Inc., 5.75%, 07/15/2025 .		9,504,000		9,330,106

Insurance-4.77%
HUB International Ltd., 7.00%, 05/01/2026^(b)		35,855,000		35,280,983

Machinery-0.20%
Granite US Holdings Corp., 11.00%, 10/01/2027^(b)		1,375,000		1,450,625

Media-6.06%
CCO Holdings LLC/CCO Holdings Capital Corp., 4.00%, 03/01/2023^(b)		10,267,000		10,267,000
DISH DBS Corp., 5.00%, 03/15/2023		34,562,000		34,506,701

				44,773,701

Metals & Mining-0.62%
Commercial Metals Co., 4.88%, 05/15/2023		4,620,000		4,610,432

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, 2023

(Unaudited)


	Principal Amount		Value
Mortgage REITs-0.86%
Starwood Property Trust, Inc., 5.50%, 11/01/2023^(b)	$	6,440,000	$	6,387,410

Oil, Gas & Consumable Fuels-8.79%
Buckeye Partners L.P., 4.15%, 07/01/2023		10,197,000		10,131,943
Calumet Specialty Products Partners L.P./Calumet Finance Corp., 9.25%, 07/15/2024^(b)		2,872,000		2,922,011
MEG Energy Corp. (Canada), 7.13%, 02/01/2027^(b)		13,165,000		13,376,233
Murphy Oil Corp., 5.75%, 08/15/2025		5,360,000		5,311,602
NGL Energy Partners L.P./NGL Energy Finance Corp., 7.50%, 11/01/2023		7,037,000		7,048,150
Southwestern Energy Co., 8.38%, 09/15/2028		6,515,000		6,823,322
Talos Production, Inc., 12.00%, 01/15/2026		9,000,000		9,507,915
Vital Energy, Inc., 9.50%, 01/15/2025		9,777,000		9,865,335

				64,986,511

Pharmaceuticals-2.43%
Elanco Animal Health, Inc., 5.77%, 08/28/2023		4,713,000		4,714,176
Horizon Therapeutics USA, Inc., 5.50%, 08/01/2027^(b)		13,000,000		13,223,600

				17,937,776

Technology Hardware, Storage & Peripherals-1.77%
Seagate HDD Cayman, 4.75%, 06/01/2023		6,950,000		6,916,637
Xerox Corp., 4.63%, 03/15/2023		6,184,000		6,165,973

				13,082,610

Textiles, Apparel & Luxury Goods-0.88%
Abercrombie & Fitch Management Co., 8.75%, 07/15/2025^(b)(c)		6,430,000		6,483,010

Trading Companies & Distributors-1.17%
Fortress Transportation and Infrastructure Investors LLC, 9.75%, 08/01/2027^(b)		8,437,000		8,675,998

Total U.S. Dollar Denominated Bonds & Notes (Cost $574,811,827)				571,923,310

Investment Abbreviations:

REIT-Real Estate Investment Trust


	Principal Amount		Value
U.S. Treasury Securities-16.89%
U.S. Treasury Bills-16.89%^(d)
4.40%-4.43%, 03/23/2023	$	33,500,000	$	33,411,483
4.53%-4.64%, 04/20/2023		92,000,000		91,414,267

Total U.S. Treasury Securities (Cost $124,825,571)				124,825,750

	Shares
Money Market Funds-4.16%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%^(e)(f) (Cost $30,736,472)		30,736,472		30,736,472

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.43% (Cost $730,373,870)				727,485,532


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-0.31%
Invesco Private Government Fund, 4.58%^(e)(f)(g)		649,622		649,622
Invesco Private Prime Fund, 4.83%^(e)(f)(g)		1,670,123		1,670,457

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $2,320,243)				2,320,079

TOTAL INVESTMENTS IN SECURITIES-98.74% (Cost $732,694,113)				729,805,611
OTHER ASSETS LESS LIABILITIES-1.26%				9,333,492

NET ASSETS-100.00%			$	739,139,103

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, 2023

(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, 2023 was $268,222,739, which represented 36.29% of the Fund’s Net Assets.

^(c)	All or a portion of this security was out on loan at February 28, 2023.

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

^(e)


	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 28, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	6,403,300		$	299,662,850		$	(275,329,678	)		$	-			$	-		$	30,736,472		$	567,113

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			20,718,749			74,260,345			(94,329,472	)			-				-			649,622			322,262	*

Invesco Private Prime Fund			57,593,313			161,444,441			(217,381,718	)			(4,365	)			18,786			1,670,457			875,490	*


Total		$	84,715,362		$	535,367,636		$	(587,040,868	)		$	(4,365	)		$	18,786		$	33,056,551		$	1,764,865

*	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, 2023.

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


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2023

Consumer Discretionary			19.24

U.S. Treasury Securities			16.89

Industrials			15.41

Financials			13.67

Energy			9.33

Communication Services			6.06

Materials			4.21

Health Care			3.42

Sector Types Each Less Than 3%			6.04

Money Market Funds Plus Other Assets Less Liabilities			5.73

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, 2023

(Unaudited)

Schedule of Investments^(a)


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-92.23%
Aerospace & Defense-1.56%
Triumph Group, Inc., 8.88%, 06/01/2024^(b)	$	8,488,000	$	8,839,210

Airlines-0.81%
United Airlines Holdings, Inc., 5.00%, 02/01/2024^(c)		4,612,000		4,573,259

Auto Components-1.21%
FXI Holdings, Inc., 7.88%, 11/01/2024^(b)(c)		7,741,000		6,897,270

Automobiles-5.14%
Ford Motor Credit Co. LLC
3.81%, 01/09/2024^(c)		7,170,000		7,017,009
3.66%, 09/08/2024		7,535,000		7,235,295
4.06%, 11/01/2024^(c)		15,540,000		14,961,374

				29,213,678

Banks-5.76%
Freedom Mortgage Corp., 8.13%, 11/15/2024^(b)		5,031,000		4,835,042
Intesa Sanpaolo S.p.A. (Italy), 5.02%, 06/26/2024^(b)		28,820,000		27,851,538

				32,686,580

Chemicals-1.73%
Cornerstone Chemical Co., 6.75%, 08/15/2024^(b)(c)		5,000,000		4,817,425
Rayonier A.M. Products, Inc., 5.50%, 06/01/2024^(b)(c)		5,004,000		5,005,201

				9,822,626

Commercial Services & Supplies-0.68%
Pitney Bowes, Inc., 4.63%, 03/15/2024^(c).		3,876,000		3,847,824

Consumer Finance-6.90%
Credit Acceptance Corp., 5.13%, 12/31/2024^(b)		6,157,000		5,779,422
Enova International, Inc., 8.50%, 09/01/2024^(b)		3,892,000		3,848,721
goeasy Ltd. (Canada), 5.38%, 12/01/2024^(b)		8,559,000		8,161,504
Navient Corp.
6.13%, 03/25/2024		13,621,000		13,534,779
5.88%, 10/25/2024		8,075,000		7,858,227

				39,182,653

Containers & Packaging-1.95%
Graphic Packaging International LLC, 4.13%, 08/15/2024		4,666,000		4,566,148
Sealed Air Corp., 5.13%, 12/01/2024^(b)		6,610,000		6,500,616

				11,066,764

Diversified Consumer Services-2.75%
Cengage Learning, Inc., 9.50%, 06/15/2024^(b)(c)		8,268,000		8,069,527
Grand Canyon University, 4.13%, 10/01/2024		8,018,000		7,556,965

				15,626,492


	Principal Amount		Value
Electric Utilities-1.91%
NextEra Energy Operating Partners L.P., 4.25%, 07/15/2024^(b)(c)	$	11,225,000	$	10,858,953

Electrical Equipment-1.09%
Sensata Technologies B.V., 5.63%, 11/01/2024^(b)		6,224,000		6,164,467

Energy Equipment & Services-1.04%
Oceaneering International, Inc., 4.65%, 11/15/2024		6,147,000		5,923,062

Entertainment-1.53%
Live Nation Entertainment, Inc., 4.88%, 11/01/2024^(b)		8,948,000		8,688,866

Gas Utilities-1.81%
AmeriGas Partners L.P./AmeriGas Finance Corp., 5.63%, 05/20/2024		10,502,000		10,277,047

Health Care Providers & Services-4.41%
Owens & Minor, Inc., 4.38%, 12/15/2024		3,818,000		3,651,726
Tenet Healthcare Corp.
4.63%, 07/15/2024^(c)		12,165,000		11,978,754
4.63%, 09/01/2024^(c)		9,557,000		9,420,961

				25,051,441

Hotels, Restaurants & Leisure-7.43%
Carnival Corp., 9.88%, 08/01/2027^(b)(c)		14,437,000		14,712,458
Scientific Games International, Inc., 7.25%, 11/15/2029^(b)		8,022,000		7,891,643
Six Flags Entertainment Corp., 4.88%, 07/31/2024^(b)(c)		15,270,000		15,016,747
Travel + Leisure Co., 5.65%, 04/01/2024		4,612,000		4,560,429

				42,181,277

Household Durables-2.15%
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., 5.63%, 03/01/2024^(b)		5,389,000		5,368,899
Tri Pointe Group, Inc./Tri Pointe Homes, Inc., 5.88%, 06/15/2024		6,925,000		6,848,133

				12,217,032

Industrial Conglomerates-3.04%
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 4.75%, 09/15/2024		17,705,000		17,280,611

Internet & Direct Marketing Retail-3.25%
QVC, Inc., 4.85%, 04/01/2024		9,280,000		8,723,200
Rakuten Group, Inc. (Japan), 10.25%, 11/30/2024^(b)(c)		9,690,000		9,726,817

				18,450,017

Machinery-1.13%
JPW Industries Holding Corp., 9.00%, 10/01/2024^(b)		3,418,000		2,942,932
Maxim Crane Works Holdings Capital LLC, 10.13%, 08/01/2024^(b)		3,590,000		3,480,887

				6,423,819

Marine-1.06%
Stena AB (Sweden), 7.00%, 02/01/2024^(b)(c)		6,050,000		6,029,137

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, 2023

(Unaudited)


	Principal Amount		Value
Media-9.80%
AMC Networks, Inc., 5.00%, 04/01/2024	$	6,151,000	$	6,149,308
CSC Holdings LLC, 5.25%, 06/01/2024		12,053,000		11,689,482
DISH DBS Corp., 5.88%, 11/15/2024^(c)		30,494,000		28,598,493
Videotron Ltd. (Canada), 5.38%, 06/15/2024^(b)(c)		9,337,000		9,245,727

				55,683,010

Metals & Mining-1.95%
Celtic Resources Holdings DAC (United Kingdom), 4.13%, 10/09/2024^(b)(d)		1,200,000		0
Compass Minerals International, Inc., 4.88%, 07/15/2024^(b)		3,888,000		3,715,174
United States Steel Corp., 6.88%, 03/01/2029^(c)		7,370,000		7,380,908

				11,096,082

Mortgage REITs-1.03%
Starwood Property Trust, Inc., 3.75%, 12/31/2024^(b)		6,220,000		5,860,593

Oil, Gas & Consumable Fuels-12.67%
Athabasca Oil Corp. (Canada), 9.75%, 11/01/2026^(b)		1,534,000		1,579,809
Chesapeake Energy Corp., 6.75%, 04/15/2029^(b)(c)		14,621,000		14,179,811
Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp., 8.00%, 04/01/2029^(b)		7,003,000		6,974,498
EQM Midstream Partners L.P., 4.00%, 08/01/2024		4,625,000		4,423,046
Murphy Oil Corp., 6.38%, 07/15/2028^(c)		7,030,000		6,793,237
Northern Oil and Gas, Inc., 8.13%, 03/01/2028^(b)(c)		11,250,000		10,866,375
Occidental Petroleum Corp., 6.95%, 07/01/2024		3,474,000		3,512,414
PDC Energy, Inc., 6.13%, 09/15/2024		3,125,000		3,098,773
Range Resources Corp., 8.25%, 01/15/2029^(c)		9,331,000		9,584,943
Talos Production, Inc., 12.00%, 01/15/2026		3,387,000		3,578,145
Vital Energy, Inc., 9.50%, 01/15/2025		7,300,000		7,365,956

				71,957,007

Pharmaceuticals-1.85%
Perrigo Finance Unlimited Co., 3.90%, 12/15/2024		10,982,000		10,523,886

Investment Abbreviations:

REIT-Real Estate Investment Trust


	Principal Amount		Value
Software-1.38%
NCR Corp., 6.13%, 09/01/2029^(b)(c)	$	8,020,000	$	7,810,317

Specialty Retail-1.38%
Bath & Body Works, Inc., 7.50%, 06/15/2029^(c)		7,781,000		7,816,793

Technology Hardware, Storage & Peripherals-1.39%
Seagate HDD Cayman, 4.88%, 03/01/2024^(c)		8,020,000		7,897,695

Textiles, Apparel & Luxury Goods-2.44%
Hanesbrands, Inc., 4.63%, 05/15/2024^(b)(c)		13,847,000		13,845,961

Total U.S. Dollar Denominated Bonds & Notes (Cost $536,062,453)				523,793,429

	Shares
Money Market Funds-9.16%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%^(e)(f) (Cost $52,018,948)		52,018,948		52,018,948

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-101.39% (Cost $588,081,401)				575,812,377


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-20.48%
Invesco Private Government Fund, 4.58%^(e)(f)(g)		32,572,326		32,572,326
Invesco Private Prime Fund, 4.83%^(e)(f)(g)		83,740,661		83,757,407

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $116,335,340)				116,329,733

TOTAL INVESTMENTS IN SECURITIES-121.87% (Cost $704,416,741)				692,142,110
OTHER ASSETS LESS LIABILITIES-(21.87)%				(124,225,892	)

NET ASSETS-100.00%			$	567,916,218

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, 2023

(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, 2023 was $255,565,547, which represented 45.00% of the Fund’s Net Assets.

^(c)	All or a portion of this security was out on loan at February 28, 2023.

^(d)	Security valued using significant unobservable inputs (Level 3). See Note 5.

^(e)


	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 28, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	11,622,921		$	158,821,245		$	(118,425,218	)		$	-			$	-		$	52,018,948		$	264,034

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			18,101,238			84,169,149			(69,698,061	)			-				-			32,572,326			495,987	*

Invesco Private Prime Fund			46,546,042			192,505,274			(155,302,134	)			(9,616	)			17,841			83,757,407			1,344,771	*


Total		$	76,270,201		$	435,495,668		$	(343,425,413	)		$	(9,616	)		$	17,841		$	168,348,681		$	2,104,792

*	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, 2023.

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


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2023

Consumer Discretionary			25.75

Energy			13.71

Financials			13.69

Communication Services			11.33

Industrials			9.37

Health Care			6.26

Materials			5.63

Utilities			3.72

Information Technology			2.77

Money Market Funds Plus Other Assets Less Liabilities			7.77

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


		75

Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-96.22%
Aerospace & Defense-2.72%
Spirit AeroSystems, Inc.
7.50%, 04/15/2025^(b)(c)	$	5,840,000	$	5,841,022
9.38%, 11/30/2029^(b)		4,430,000		4,684,725
Triumph Group, Inc., 7.75%, 08/15/2025		2,400,000		2,300,292

				12,826,039

Air Freight & Logistics-0.23%
Western Global Airlines LLC, 10.38%, 08/15/2025^(b)(c)		1,787,000		1,075,023

Airlines-3.00%
American Airlines Group, Inc., 3.75%, 03/01/2025^(b)		2,350,000		2,147,389
American Airlines, Inc., 11.75%, 07/15/2025^(b)		12,150,000		12,006,344

				14,153,733

Auto Components-0.45%
Clarios Global L.P., 6.75%, 05/15/2025^(b)		2,110,000		2,099,950

Automobiles-5.74%
Ford Motor Credit Co. LLC
2.30%, 02/10/2025^(c)		4,375,000		4,025,143
4.69%, 06/09/2025		2,240,000		2,144,052
5.13%, 06/16/2025		6,160,000		5,953,636
4.13%, 08/04/2025		4,950,000		4,665,524
3.38%, 11/13/2025		7,510,000		6,926,022
Jaguar Land Rover Automotive PLC (United Kingdom), 7.75%, 10/15/2025^(b)		3,400,000		3,352,536

				27,066,913

Banks-0.51%
Freedom Mortgage Corp., 8.25%, 04/15/2025^(b)		2,539,000		2,407,894

Capital Markets-0.35%
StoneX Group, Inc., 8.63%, 06/15/2025^(b)		1,630,000		1,641,066

Chemicals-2.30%
Adams Homes, Inc., 7.50%, 02/15/2025^(b)		1,000,000		877,092
Avient Corp., 5.75%, 05/15/2025^(b)		3,058,000		3,000,841
Koppers, Inc., 6.00%, 02/15/2025^(b)		2,400,000		2,322,805
Rain CII Carbon LLC/CII Carbon Corp., 7.25%, 04/01/2025^(b)		2,600,000		2,477,917
Trinseo Materials Operating S.C.A./Trinseo Materials Finance, Inc., 5.38%, 09/01/2025^(b)		2,452,000		2,147,002

				10,825,657

Commercial Services & Supplies-3.24%
Brink’s Co. (The), 5.50%, 07/15/2025^(b)		1,877,000		1,829,339
GFL Environmental, Inc. (Canada)
4.25%, 06/01/2025^(b)		2,400,000		2,299,752
3.75%, 08/01/2025^(b)		3,682,000		3,469,677
KAR Auction Services, Inc., 5.13%, 06/01/2025^(b)		2,210,000		2,156,494
Matthews International Corp., 5.25%, 12/01/2025^(b)		1,393,000		1,310,291


	Principal Amount		Value
Commercial Services & Supplies-(continued)
Stena International S.A. (Sweden), 6.13%, 02/01/2025^(b)	$	1,709,000	$	1,656,524
West Technology Group LLC, 8.50%, 10/15/2025^(b)		2,888,000		2,545,757

				15,267,834

Communications Equipment-1.92%
CommScope Technologies LLC, 6.00%, 06/15/2025^(b)(c)		6,309,000		6,052,555
Viasat, Inc., 5.63%, 09/15/2025^(b)		3,243,000		3,005,775

				9,058,330

Construction & Engineering-1.30%
Artera Services LLC, 9.03%, 12/04/2025^(b)		4,840,000		4,167,772
Tutor Perini Corp., 6.88%, 05/01/2025^(b)		2,350,000		1,966,813

				6,134,585

Construction Materials-0.51%
Williams Scotsman International, Inc., 6.13%, 06/15/2025^(b)		2,473,000		2,430,062

Consumer Finance-2.53%
Navient Corp., 6.75%, 06/25/2025^(c)		2,400,000		2,368,800
OneMain Finance Corp., 6.88%, 03/15/2025		6,091,000		5,952,224
PRA Group, Inc., 7.38%, 09/01/2025^(b)		1,405,000		1,401,763
SLM Corp., 4.20%, 10/29/2025^(c)		2,400,000		2,199,678

				11,922,465

Containers & Packaging-3.17%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 5.25%, 04/30/2025^(b)		3,390,000		3,280,673
Ball Corp., 5.25%, 07/01/2025^(c)		4,900,000		4,826,500
Owens-Brockway Glass Container, Inc.
5.38%, 01/15/2025^(b)		1,410,000		1,371,560
6.38%, 08/15/2025^(b)(c)		1,390,000		1,372,573
Pactiv LLC, 7.95%, 12/15/2025		1,023,000		1,033,604
Sealed Air Corp., 5.50%, 09/15/2025^(b)		1,880,000		1,851,800
Trident TPI Holdings, Inc., 6.63%, 11/01/2025^(b)		1,300,000		1,197,417

				14,934,127

Diversified Financial Services-0.74%
United Wholesale Mortgage LLC, 5.50%, 11/15/2025^(b)(c)		3,760,000		3,497,308

Diversified Telecommunication Services-0.19%
Lumen Technologies, Inc., 5.63%, 04/01/2025		1,010,000		909,876

Electric Utilities-0.39%
DPL, Inc., 4.13%, 07/01/2025		1,946,000		1,829,993

Electrical Equipment-2.25%
Sensata Technologies B.V., 5.00%, 10/01/2025^(b)(c)		3,287,000		3,201,168
WESCO Distribution, Inc., 7.13%, 06/15/2025^(b)		7,350,000		7,424,019

				10,625,187

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)–(continued)

February 28, 2023

(Unaudited)


	Principal Amount		Value
Electronic Equipment, Instruments & Components-0.69%
Likewize Corp., 9.75%, 10/15/2025^(b)	$	2,000,000	$	1,874,889
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 5.75%, 06/01/2025^(b)		1,414,000		1,401,352

				3,276,241

Energy Equipment & Services-0.56%
CSI Compressco L.P./CSI Compressco Finance, Inc., 7.50%, 04/01/2025^(b)		1,590,000		1,471,753
Delek Logistics Partners L.P./Delek Logistics Finance Corp., 6.75%, 05/15/2025		1,200,000		1,163,166

				2,634,919

Entertainment-0.67%
Banijay Entertainment S.A.S.U. (France), 5.38%, 03/01/2025^(b)		2,000,000		1,947,620
Cinemark USA, Inc., 8.75%, 05/01/2025^(b)(c)		1,200,000		1,225,381

				3,173,001

Equity REITs-4.30%
Diversified Healthcare Trust, 9.75%, 06/15/2025		2,349,000		2,278,812
iStar, Inc., 4.25%, 08/01/2025		2,359,000		2,349,635
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 7.50%, 06/01/2025^(b)		3,053,000		3,065,379
Uniti Group L.P./Uniti Fiber Holdings, Inc./CSL Capital LLC, 7.88%, 02/15/2025^(b)		10,050,000		10,251,519
XHR L.P., 6.38%, 08/15/2025^(b)		2,400,000		2,330,145

				20,275,490

Food & Staples Retailing-1.03%
US Foods, Inc., 6.25%, 04/15/2025^(b)(c)		4,894,000		4,882,275

Food Products-1.37%
B&G Foods, Inc., 5.25%, 04/01/2025		4,433,000		4,017,473
Chobani LLC/Chobani Finance Corp., Inc., 7.50%, 04/15/2025^(b)		2,486,000		2,424,347

				6,441,820

Gas Utilities-0.67%
AmeriGas Partners L.P./AmeriGas Finance Corp., 5.50%, 05/20/2025		3,300,000		3,140,415

Health Care Providers & Services-3.64%
Akumin, Inc., 7.00%, 11/01/2025^(b)		2,229,000		1,775,266
Global Medical Response, Inc., 6.50%, 10/01/2025^(b)		2,732,000		2,052,060
Legacy LifePoint Health LLC, 6.75%, 04/15/2025^(b)		2,815,000		2,693,223
ModivCare, Inc., 5.88%, 11/15/2025^(b)		2,348,000		2,219,834
Prime Healthcare Services, Inc., 7.25%, 11/01/2025^(b)		4,308,000		3,903,220
RP Escrow Issuer LLC, 5.25%, 12/15/2025^(b)		3,760,000		2,942,595
Surgery Center Holdings, Inc., 6.75%, 07/01/2025^(b)		1,591,000		1,571,908

				17,158,106

Hotels, Restaurants & Leisure-16.48%
1011778 BC ULC/New Red Finance, Inc. (Canada), 5.75%, 04/15/2025^(b)(c)		2,347,000		2,335,054


	Principal Amount		Value
Hotels, Restaurants & Leisure-(continued)
Aramark Services, Inc.
5.00%, 04/01/2025^(b)	$	2,595,000	$	2,519,939
6.38%, 05/01/2025^(b)(c)		7,357,000		7,317,934
Caesars Entertainment, Inc., 6.25%, 07/01/2025^(b)		16,670,000		16,549,123
Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/2025^(b)(c)		4,900,000		4,897,060
Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp., 5.50%, 05/01/2025^(b)		4,895,000		4,840,223
Constellation Merger Sub, Inc., 8.50%, 09/15/2025^(b)		2,000,000		1,671,938
Dave & Buster’s, Inc., 7.63%, 11/01/2025^(b)		2,100,000		2,130,954
Hilton Domestic Operating Co., Inc., 5.38%, 05/01/2025^(b)		2,351,000		2,327,363
IRB Holding Corp., 7.00%, 06/15/2025^(b)		3,522,000		3,516,089
MGM Resorts International
6.75%, 05/01/2025		3,520,000		3,531,859
5.75%, 06/15/2025^(c)		3,172,000		3,117,228
Sabre GLBL, Inc.
9.25%, 04/15/2025^(b)		3,644,000		3,591,222
7.38%, 09/01/2025^(b)(c)		4,000,000		3,749,188
Sizzling Platter LLC/Sizzling Platter Finance Corp., 8.50%, 11/28/2025^(b)		1,640,000		1,498,329
Sugarhouse HSP Gaming Prop Mezz L.P./Sugarhouse HSP Gaming Finance Corp., 5.88%, 05/15/2025^(b)		1,281,000		1,209,022
Travel + Leisure Co., 6.60%, 10/01/2025		1,623,000		1,619,508
Vail Resorts, Inc., 6.25%, 05/15/2025^(b)		2,816,000		2,811,310
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.50%, 03/01/2025^(b)		8,760,000		8,509,336

				77,742,679

Household Durables-1.57%
American Greetings Corp., 8.75%, 04/15/2025^(b)		1,297,000		1,296,637
Beazer Homes USA, Inc., 6.75%, 03/15/2025		980,000		966,353
Empire Communities Corp. (Canada), 7.00%, 12/15/2025^(b)		2,230,000		1,992,784
Meritage Homes Corp., 6.00%, 06/01/2025 .		1,876,000		1,868,705
New Home Co., Inc. (The), 7.25%, 10/15/2025^(b)		1,400,000		1,296,554

				7,421,033

Industrial Conglomerates-1.64%
Brand Industrial Services, Inc., 8.50%, 07/15/2025^(b)		4,900,000		4,105,244
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 6.38%, 12/15/2025		3,660,000		3,616,409

				7,721,653

Insurance-2.01%
Acrisure LLC/Acrisure Finance, Inc., 7.00%, 11/15/2025^(b)		4,550,000		4,257,546
AssuredPartners, Inc., 7.00%, 08/15/2025^(b)		2,400,000		2,352,887
USI, Inc., 6.88%, 05/01/2025^(b)		2,900,000		2,851,974

				9,462,407

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, 2023

(Unaudited)


	Principal Amount		Value
Interactive Media & Services-0.50%
TripAdvisor, Inc., 7.00%, 07/15/2025^(b)	$	2,345,000	$	2,350,410

Internet & Direct Marketing Retail-0.51%
QVC, Inc., 4.45%, 02/15/2025^(c)		2,950,000		2,385,901

Machinery-0.61%
CD&R Smokey Buyer, Inc., 6.75%, 07/15/2025^(b)(c)		3,290,000		2,886,975

Media-3.05%
AMC Networks, Inc., 4.75%, 08/01/2025^(c)		3,900,000		3,692,042
Clear Channel International B.V. (United Kingdom), 6.63%, 08/01/2025^(b)		1,830,000		1,786,107
Outfront Media Capital LLC/Outfront Media Capital Corp., 6.25%, 06/15/2025^(b)		1,875,000		1,861,109
Univision Communications, Inc., 5.13%, 02/15/2025^(b)		7,250,000		7,065,560

				14,404,818

Mortgage REITs-1.30%
Ladder Capital Finance Holdings LLLP/ Ladder Capital Finance Corp., 5.25%, 10/01/2025^(b)		1,638,000		1,532,359
Rithm Capital Corp., 6.25%, 10/15/2025^(b)		2,589,000		2,365,451
Starwood Property Trust, Inc., 4.75%, 03/15/2025		2,350,000		2,244,932

				6,142,742

Oil, Gas & Consumable Fuels-12.39%
Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.63%, 12/15/2025^(b)		2,815,000		2,832,214
Calumet Specialty Products Partners L.P./Calumet Finance Corp., 11.00%, 04/15/2025^(b)		2,410,000		2,501,098
CITGO Petroleum Corp., 7.00%, 06/15/2025^(b)		4,350,000		4,286,838
Crestwood Midstream Partners L.P./ Crestwood Midstream Finance Corp., 5.75%, 04/01/2025		2,400,000		2,330,574
CrownRock L.P./CrownRock Finance, Inc., 5.63%, 10/15/2025^(b)		4,800,000		4,637,112
CVR Energy, Inc., 5.25%, 02/15/2025^(b)		2,823,000		2,713,129
eG Global Finance PLC (United Kingdom), 8.50%, 10/30/2025^(b)		3,200,000		2,884,657
EQM Midstream Partners L.P., 6.00%, 07/01/2025^(b)		1,877,000		1,813,439
Genesis Energy L.P./Genesis Energy Finance Corp., 6.50%, 10/01/2025		2,510,000		2,423,957
Neptune Energy Bondco PLC (United Kingdom), 6.63%, 05/15/2025^(b)		4,200,000		4,088,027
New Fortress Energy, Inc., 6.75%, 09/15/2025^(b)(c)		6,070,000		5,698,698
NGL Energy Partners L.P./NGL Energy Finance Corp., 6.13%, 03/01/2025		1,790,000		1,653,638
NuStar Logistics L.P., 5.75%, 10/01/2025		2,815,000		2,717,676
Occidental Petroleum Corp.
5.88%, 09/01/2025^(c)		2,974,000		2,977,316
5.50%, 12/01/2025		2,200,000		2,182,675
Par Petroleum LLC/Par Petroleum Finance Corp., 7.75%, 12/15/2025^(b)		1,304,000		1,330,468
PBF Holding Co. LLC/PBF Finance Corp., 7.25%, 06/15/2025		3,139,000		3,135,594


	Principal Amount		Value
Oil, Gas & Consumable Fuels-(continued)
Range Resources Corp., 4.88%, 05/15/2025^(c)	$	3,520,000	$	3,437,940
SM Energy Co., 5.63%, 06/01/2025		1,637,000		1,576,030
Southwestern Energy Co., 5.70%, 01/23/2025^(c)		1,832,000		1,817,230
Vermilion Energy, Inc. (Canada), 5.63%, 03/15/2025^(b)(c)		1,410,000		1,387,440

				58,425,750

Paper & Forest Products-0.25%
Clearwater Paper Corp., 5.38%, 02/01/2025^(b)		1,235,000		1,198,839

Pharmaceuticals-1.88%
Bausch Health Cos., Inc., 5.50%, 11/01/2025^(b)		8,178,000		7,121,811
P&L Development LLC/PLD Finance Corp., 7.75%, 11/15/2025^(b)		2,180,000		1,747,919

				8,869,730

Real Estate Management & Development-1.17%
Five Point Operating Co. L.P./Five Point Capital Corp., 7.88%, 11/15/2025^(b)		3,062,000		2,767,547
Greystar Real Estate Partners LLC, 5.75%, 12/01/2025^(b)		2,770,000		2,738,068

				5,505,615

Road & Rail-1.05%
Uber Technologies, Inc., 7.50%, 05/15/2025^(b)		4,903,000		4,957,433

Semiconductors & Semiconductor Equipment-0.46%
ams-OSRAM AG (Austria), 7.00%, 07/31/2025^(b)(c)		2,300,000		2,187,162

Software-2.47%
Boxer Parent Co., Inc., 7.13%, 10/02/2025^(b)		2,820,000		2,795,889
PTC, Inc., 3.63%, 02/15/2025^(b)		2,400,000		2,284,526
Veritas US, Inc./Veritas Bermuda Ltd., 7.50%, 09/01/2025^(b)(c)		8,526,000		6,573,950

				11,654,365

Specialty Retail-1.78%
JELD-WEN, Inc.
6.25%, 05/15/2025^(b)		1,179,000		1,147,840
4.63%, 12/15/2025^(b)(c)		1,852,000		1,666,035
Penske Automotive Group, Inc., 3.50%, 09/01/2025^(c)		2,600,000		2,434,275
Sally Holdings LLC/Sally Capital, Inc., 5.63%, 12/01/2025		3,200,000		3,124,528

				8,372,678

Technology Hardware, Storage & Peripherals-0.70%
Xerox Holdings Corp., 5.00%, 08/15/2025^(b)(c)		3,520,000		3,280,008

Textiles, Apparel & Luxury Goods-0.38%
G-III Apparel Group Ltd., 7.88%, 08/15/2025^(b)		1,884,000		1,783,781

Thrifts & Mortgage Finance-1.55%
Enact Holdings, Inc., 6.50%, 08/15/2025^(b)		3,520,000		3,463,240

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, 2023

(Unaudited)


	Principal Amount		Value
Thrifts & Mortgage Finance-(continued)
PennyMac Financial Services, Inc., 5.38%, 10/15/2025^(b)	$	3,055,000	$	2,795,325
Provident Funding Associates L.P./PFG Finance Corp., 6.38%, 06/15/2025^(b)		1,168,000		1,052,526

				7,311,091

Total U.S. Dollar Denominated Bonds & Notes (Cost $470,926,964)				453,753,379

	Shares
Money Market Funds-0.85%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%^(d)(e) (Cost $4,036,752)		4,036,752		4,036,752

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-97.07% (Cost $474,963,716)				457,790,131


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-8.60%
Invesco Private Government Fund, 4.58%^(d)(e)(f)		10,602,454	$	10,602,454
Invesco Private Prime Fund, 4.83%^(d)(e)(f)		29,957,486		29,963,477

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $40,568,439)				40,565,931

TOTAL INVESTMENTS IN SECURITIES-105.67% (Cost $515,532,155)				498,356,062
OTHER ASSETS LESS LIABILITIES-(5.67)%				(26,761,916	)

NET ASSETS-100.00%			$	471,594,146

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, 2023 was $342,814,164, which represented 72.69% of the Fund’s Net Assets.

^(c)	All or a portion of this security was out on loan at February 28, 2023.

^(d)


	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 28, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	2,799,487		$	58,853,478		$	(57,616,213	)		$	-			$	-		$	4,036,752		$	108,790

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			14,386,194			39,011,103			(42,794,843	)			-				-			10,602,454			212,900	*

Invesco Private Prime Fund			36,993,070			85,431,288			(92,463,602	)			(5,400	)			8,121			29,963,477			584,532	*


Total		$	54,178,751		$	183,295,869		$	(192,874,658	)		$	(5,400	)		$	8,121		$	44,602,683		$	906,222

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

^(e)	The rate shown is the 7-day SEC standardized yield as of February 28, 2023.

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

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


		79

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

February 28, 2023

(Unaudited)


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2023

Consumer Discretionary			24.83

Industrials			16.04

Energy			12.95

Financials			8.99

Information Technology			6.24

Materials			6.23

Health Care			5.52

Real Estate			5.47

Consumer Staples			4.48

Communication Services			4.41

Utilities			1.06

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.


		80

Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-98.10%
Aerospace & Defense-1.99%
Bombardier, Inc. (Canada), 7.13%, 06/15/2026^(b)	$	3,010,000	$	2,958,469
TransDigm, Inc., 6.38%, 06/15/2026^(c)		2,340,000		2,271,716

				5,230,185

Airlines-2.83%
Air Canada (Canada), 3.88%, 08/15/2026^(b)(c)		3,011,000		2,715,116
United Airlines, Inc., 4.38%, 04/15/2026^(b)		5,020,000		4,729,239

				7,444,355

Auto Components-1.52%
American Axle & Manufacturing, Inc., 6.25%, 03/15/2026		440,000		418,945
Gates Global LLC/Gates Corp., 6.25%, 01/15/2026^(b)		1,430,000		1,398,626
Goodyear Tire & Rubber Co. (The), 5.00%, 05/31/2026^(c)		2,260,000		2,177,758

				3,995,329

Automobiles-5.82%
Ford Motor Co., 4.35%, 12/08/2026^(c)		3,670,000		3,507,593
Ford Motor Credit Co. LLC
4.39%, 01/08/2026		2,930,000		2,759,445
6.95%, 03/06/2026		3,280,000		3,285,913
2.70%, 08/10/2026		3,600,000		3,137,283
J.B. Poindexter & Co., Inc., 7.13%, 04/15/2026^(b)		1,380,000		1,331,362
Mclaren Finance PLC (United Kingdom), 7.50%, 08/01/2026^(b)		1,600,000		1,255,115

				15,276,711

Banks-0.44%
Freedom Mortgage Corp., 7.63%, 05/01/2026^(b)		1,350,000		1,153,845

Chemicals-2.03%
Consolidated Energy Finance S.A. (Switzerland), 6.50%, 05/15/2026^(b)		700,000		663,634
INEOS Quattro Finance 2 PLC (United Kingdom), 3.38%, 01/15/2026^(b)		1,320,000		1,162,467
Rayonier A.M. Products, Inc., 7.63%, 01/15/2026^(b)		1,190,000		1,120,843
SCIL IV LLC/SCIL USA Holdings LLC, 5.38%, 11/01/2026^(b)(c)		2,000,000		1,799,680
Scotts Miracle-Gro Co. (The), 5.25%, 12/15/2026^(c)		610,000		584,734

				5,331,358

Commercial Services & Supplies-4.41%
Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.63%, 07/15/2026^(b)		4,766,000		4,531,823
Cimpress PLC (Ireland), 7.00%, 06/15/2026		1,430,000		1,061,489
CoreCivic, Inc., 8.25%, 04/15/2026^(c)		1,509,000		1,529,122
CPI CG, Inc., 8.63%, 03/15/2026^(b)		711,000		700,584
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/2026		980,000		910,370


	Principal Amount		Value
Commercial Services & Supplies-(continued)
GFL Environmental, Inc. (Canada), 5.13%, 12/15/2026^(b)	$	1,260,000	$	1,207,565
RR Donnelley & Sons Co., 6.13%, 11/01/2026^(b)		500,000		487,466
Waste Pro USA, Inc., 5.50%, 02/15/2026^(b)		1,251,000		1,144,997

				11,573,416

Communications Equipment-0.68%
Hughes Satellite Systems Corp., 6.63%, 08/01/2026^(c)		1,886,000		1,777,253

Construction & Engineering-0.55%
Brundage-Bone Concrete Pumping Holdings, Inc., 6.00%, 02/01/2026^(b)		890,000		828,373
INNOVATE Corp., 8.50%, 02/01/2026^(b)		810,000		608,122

				1,436,495

Consumer Finance-3.22%
Credit Acceptance Corp., 6.63%, 03/15/2026^(c)		984,000		922,411
goeasy Ltd. (Canada), 4.38%, 05/01/2026^(b)		787,000		697,549
LFS Topco LLC, 5.88%, 10/15/2026^(b)		720,000		620,893
Navient Corp., 6.75%, 06/15/2026^(c)		1,300,000		1,253,347
OneMain Finance Corp., 7.13%, 03/15/2026^(c)		4,020,000		3,911,823
SLM Corp., 3.13%, 11/02/2026^(c)		1,230,000		1,062,437

				8,468,460

Containers & Packaging-4.66%
Ball Corp., 4.88%, 03/15/2026^(c)		1,840,000		1,779,767
Berry Global, Inc., 4.50%, 02/15/2026^(b)(c)		720,000		691,200
Cascades, Inc./Cascades USA, Inc. (Canada), 5.13%, 01/15/2026^(b)(c)		510,000		473,283
Crown Cork & Seal Co., Inc., 7.38%, 12/15/2026		880,000		908,688
LABL, Inc., 6.75%, 07/15/2026^(b)		1,719,000		1,636,729
Mauser Packaging Solutions Holding Co., 7.88%, 08/15/2026^(b)		6,700,000		6,748,106

				12,237,773

Diversified Consumer Services-0.37%
Graham Holdings Co., 5.75%, 06/01/2026^(b)		1,000,000		979,320

Diversified Financial Services-1.09%
Albion Financing 1 S.a.r.l/Aggreko Holdings, Inc. (Luxembourg), 6.13%, 10/15/2026^(b)		1,470,000		1,316,032
Jefferson Capital Holdings LLC, 6.00%, 08/15/2026^(b)		740,000		634,495
PHH Mortgage Corp., 7.88%, 03/15/2026^(b).		1,015,000		906,958

				2,857,485

Diversified Telecommunication Services-3.97%
Connect Finco S.a.r.l./Connect US Finco LLC (United Kingdom), 6.75%, 10/01/2026^(b)		5,121,000		4,742,762
Iliad Holding S.A.S. (France), 6.50%, 10/15/2026^(b)		2,930,000		2,741,250

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)–(continued)

February 28, 2023

(Unaudited)


	Principal Amount		Value
Diversified Telecommunication Services-(continued)
Lumen Technologies, Inc., 5.13%, 12/15/2026^(b)	$	1,770,000	$	1,298,189
Radiate Holdco LLC/Radiate Finance, Inc., 4.50%, 09/15/2026^(b)		2,216,000		1,655,918

				10,438,119

Electric Utilities-1.67%
NextEra Energy Operating Partners L.P., 3.88%, 10/15/2026^(b)		1,230,000		1,114,503
Terraform Global Operating L.P., 6.13%, 03/01/2026^(b)		945,000		908,311
Vistra Operations Co. LLC, 5.50%, 09/01/2026^(b)		2,460,000		2,352,235

				4,375,049

Energy Equipment & Services-3.47%
Energy Ventures Gom LLC/EnVen Finance Corp., 11.75%, 04/15/2026^(b)		641,000		665,608
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/2026^(b)		5,147,000		4,920,157
Permian Resources Operating LLC
5.38%, 01/15/2026^(b)		710,000		669,709
7.75%, 02/15/2026^(b)		740,000		729,703
Precision Drilling Corp. (Canada), 7.13%, 01/15/2026^(b)(c)		870,000		856,776
TechnipFMC PLC (United Kingdom), 6.50%, 02/01/2026^(b)		516,000		511,662
Welltec International ApS (Denmark), 8.25%, 10/15/2026^(b)		750,000		754,481

				9,108,096

Entertainment-0.63%
Cinemark USA, Inc., 5.88%, 03/15/2026^(b)(c)		1,020,000		934,856
Live Nation Entertainment, Inc., 5.63%, 03/15/2026^(b)		740,000		713,134

				1,647,990

Equity REITs-1.79%
iStar, Inc., 5.50%, 02/15/2026^(c)		875,000		886,992
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/2026^(b)		2,759,000		2,665,249
RLJ Lodging Trust L.P., 3.75%, 07/01/2026^(b)		1,260,000		1,141,305

				4,693,546

Food & Staples Retailing-1.03%
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s L.P./Albertson’s LLC, 3.25%, 03/15/2026^(b)(c)		1,880,000		1,727,296
Sigma Holdco B.V. (Netherlands), 7.88%, 05/15/2026^(b)		1,230,000		981,276

				2,708,572

Food Products-0.25%
FAGE International S.A./FAGE USA Dairy Industry, Inc. (Luxembourg), 5.63%, 08/15/2026^(b)		700,000		659,658

Gas Utilities-1.77%
AmeriGas Partners L.P./AmeriGas Finance Corp., 5.88%, 08/20/2026		1,700,000		1,603,933


	Principal Amount		Value
Gas Utilities-(continued)
Crescent Energy Finance LLC, 7.25%, 05/01/2026^(b)	$	1,719,000	$	1,592,430
Ferrellgas L.P./Ferrellgas Finance Corp., 5.38%, 04/01/2026^(b)		1,600,000		1,442,129

				4,638,492

Health Care Providers & Services-2.72%
Hadrian Merger Sub, Inc., 8.50%, 05/01/2026^(b)		780,000		641,074
Tenet Healthcare Corp., 4.88%, 01/01/2026		5,160,000		4,919,191
US Acute Care Solutions LLC, 6.38%, 03/01/2026^(b)(c)		1,780,000		1,580,355

				7,140,620

Hotels, Restaurants & Leisure-6.94%
Carnival Corp.
10.50%, 02/01/2026^(b)		1,903,000		1,971,389
7.63%, 03/01/2026^(b)(c)		3,567,000		3,206,238
CCM Merger, Inc., 6.38%, 05/01/2026^(b)		645,000		619,575
CEC Entertainment LLC, 6.75%, 05/01/2026^(b)		1,630,000		1,518,187
Empire Resorts, Inc., 7.75%, 11/01/2026^(b)		760,000		622,456
Life Time, Inc.
5.75%, 01/15/2026^(b)		2,272,000		2,178,905
8.00%, 04/15/2026^(b)		1,171,000		1,129,394
Merlin Entertainments Ltd. (United Kingdom), 5.75%, 06/15/2026^(b)		1,000,000		950,720
MGM Resorts International, 4.63%, 09/01/2026		1,007,000		938,990
Mohegan Tribal Gaming Authority, 8.00%, 02/01/2026^(b)		2,948,000		2,764,516
Raptor Acquisition Corp./Raptor Co-Issuer LLC, 4.88%, 11/01/2026^(b)		830,000		768,526
Travel + Leisure Co., 6.63%, 07/31/2026^(b)		1,600,000		1,570,031

				18,238,927

Household Durables-0.76%
WASH Multifamily Acquisition, Inc., 5.75%, 04/15/2026^(b)		2,136,000		1,989,225

Household Products-0.40%
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. (Canada), 5.00%, 12/31/2026^(b)		1,170,000		1,060,378

Independent Power and Renewable Electricity Producers-0.71%
Calpine Corp., 5.25%, 06/01/2026^(b)		1,055,000		1,012,384
Sunnova Energy Corp., 5.88%, 09/01/2026^(b)(c)		980,000		855,182

				1,867,566

Industrial Conglomerates-1.13%
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 6.25%, 05/15/2026		3,070,000		2,981,599

Interactive Media & Services-0.81%
Cumulus Media New Holdings, Inc., 6.75%, 07/01/2026^(b)(c)		960,000		825,437
Millennium Escrow Corp., 6.63%, 08/01/2026^(b)		1,930,000		1,291,527

				2,116,964

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, 2023

(Unaudited)


	Principal Amount		Value
IT Services-2.06%
Block, Inc., 2.75%, 06/01/2026	$	2,460,000	$	2,197,471
Cogent Communications Group, Inc., 3.50%, 05/01/2026^(b)		1,230,000		1,118,267
MoneyGram International, Inc., 5.38%, 08/01/2026^(b)		1,040,000		1,051,875
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/2026^(b)		1,130,000		1,039,611

				5,407,224

Life Sciences Tools & Services-1.39%
IQVIA, Inc., 5.00%, 10/15/2026^(b)(c)		2,690,000		2,571,775
PRA Health Sciences, Inc., 2.88%, 07/15/2026^(b)		1,200,000		1,067,533

				3,639,308

Machinery-0.56%
Titan Acquisition Ltd./Titan Co-Borrower LLC (Canada), 7.75%, 04/15/2026^(b)		1,630,000		1,485,606

Media-7.39%
CCO Holdings LLC/CCO Holdings Capital Corp., 5.50%, 05/01/2026^(b)(c)		1,880,000		1,816,183
DISH DBS Corp.
7.75%, 07/01/2026		4,920,000		3,824,095
5.25%, 12/01/2026^(b)		6,910,000		5,800,081
Gannett Holdings LLC, 6.00%, 11/01/2026^(b)		865,000		727,664
Gray Television, Inc., 5.88%, 07/15/2026^(b)		1,760,000		1,591,356
Sirius XM Radio, Inc., 3.13%, 09/01/2026^(b)(c)		2,500,000		2,212,819
Summer (BC) Bidco B LLC, 5.50%, 10/31/2026^(b)		1,050,000		900,974
TEGNA, Inc., 4.75%, 03/15/2026^(b)		1,385,000		1,317,253
Townsquare Media, Inc., 6.88%, 02/01/2026^(b)		1,330,000		1,220,152

				19,410,577

Metals & Mining-2.89%
Baffinland Iron Mines Corp./Baffinland Iron Mines L.P. (Canada), 8.75%, 07/15/2026^(b)		1,442,000		1,387,953
Cleveland-Cliffs, Inc., 6.75%, 03/15/2026^(b).		2,078,000		2,101,377
Constellium SE, 5.88%, 02/15/2026^(b)		845,000		825,988
JW Aluminum Continuous Cast Co., 10.25%, 06/01/2026^(b)		712,000		718,935
Novelis Corp., 3.25%, 11/15/2026^(b)(c)		1,880,000		1,659,183
Taseko Mines Ltd. (Canada), 7.00%, 02/15/2026^(b)		1,000,000		904,695

				7,598,131

Mortgage REITs-0.32%
Starwood Property Trust, Inc., 3.63%, 07/15/2026^(b)		950,000		832,366

Oil, Gas & Consumable Fuels-14.95%
Aethon United BR L.P./Aethon United Finance Corp., 8.25%, 02/15/2026^(b)		1,886,000		1,816,391
Antero Midstream Partners L.P./Antero Midstream Finance Corp., 7.88%, 05/15/2026^(b)		1,355,000		1,369,903
Berry Petroleum Co. LLC, 7.00%, 02/15/2026^(b)		979,000		923,618


	Principal Amount		Value
Oil, Gas & Consumable Fuels-(continued)
Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.63%, 07/15/2026^(b)	$	740,000	$	722,248
Buckeye Partners L.P., 3.95%, 12/01/2026		1,472,000		1,303,094
California Resources Corp., 7.13%, 02/01/2026^(b)		1,480,000		1,493,061
Callon Petroleum Co., 6.38%, 07/01/2026^(c)		787,000		746,017
Chesapeake Energy Corp., 5.50%, 02/01/2026^(b)		1,229,000		1,205,864
Chord Energy Corp., 6.38%, 06/01/2026^(b)		980,000		946,195
CITGO Petroleum Corp., 6.38%, 06/15/2026^(b)		1,260,000		1,218,035
Civitas Resources, Inc., 5.00%, 10/15/2026^(b)		982,000		908,854
Enviva Partners L.P./Enviva Partners Finance Corp., 6.50%, 01/15/2026^(b)(c)		1,840,000		1,727,263
EQM Midstream Partners L.P., 4.13%, 12/01/2026		1,230,000		1,095,857
Genesis Energy L.P./Genesis Energy Finance Corp., 6.25%, 05/15/2026		830,000		787,629
Harbour Energy PLC (United Kingdom), 5.50%, 10/15/2026^(b)		1,200,000		1,111,392
Hess Midstream Operations L.P., 5.63%, 02/15/2026^(b)		1,999,000		1,947,976
Ithaca Energy North Sea PLC (United Kingdom), 9.00%, 07/15/2026^(b)		1,600,000		1,576,048
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/2026^(b)		950,000		910,656
Moss Creek Resources Holdings, Inc., 7.50%, 01/15/2026^(b)		1,704,000		1,533,481
New Fortress Energy, Inc., 6.50%, 09/30/2026^(b)		3,690,000		3,381,276
Northriver Midstream Finance L.P. (Canada), 5.63%, 02/15/2026^(b)		1,292,000		1,218,121
Occidental Petroleum Corp.
5.55%, 03/15/2026^(c)		2,072,000		2,063,142
3.40%, 04/15/2026		800,000		742,896
PDC Energy, Inc., 5.75%, 05/15/2026^(c)		1,848,000		1,767,355
ROCC Holdings LLC, 9.25%, 08/15/2026^(b)		1,000,000		1,056,250
SM Energy Co., 6.75%, 09/15/2026		1,050,000		1,014,234
Strathcona Resources Ltd. (Canada), 6.88%, 08/01/2026^(b)		1,232,000		1,011,395
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 8.50%, 10/15/2026^(b)		1,970,000		1,872,826
Tap Rock Resources LLC, 7.00%, 10/01/2026^(b)		1,260,000		1,154,091
TransMontaigne Partners L.P./TLP Finance Corp., 6.13%, 02/15/2026		740,000		630,688

				39,255,856

Paper & Forest Products-0.27%
Mercer International, Inc. (Germany), 5.50%, 01/15/2026^(c)		750,000		717,994

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, 2023

(Unaudited)


	Principal Amount		Value
Personal Products-1.24%
Coty, Inc.
5.00%, 04/15/2026^(b)	$	2,210,000	$	2,104,705
6.50%, 04/15/2026^(b)(c)		1,180,000		1,158,583

				3,263,288

Pharmaceuticals-0.63%
Perrigo Finance Unlimited Co., 4.38%, 03/15/2026^(c)		1,750,000		1,646,347

Real Estate Management & Development-0.33%
Forestar Group, Inc., 3.85%, 05/15/2026^(b)		1,000,000		876,267

Road & Rail-0.42%
Hertz Corp. (The), 4.63%, 12/01/2026^(b)		1,230,000		1,096,695

Software-1.31%
ACI Worldwide, Inc., 5.75%, 08/15/2026^(b)		1,004,000		973,393
Boxer Parent Co., Inc., 9.13%, 03/01/2026^(b)		835,000		812,178
Consensus Cloud Solutions, Inc., 6.00%, 10/15/2026^(b)		770,000		701,512
Fair Isaac Corp., 5.25%, 05/15/2026^(b)		980,000		955,235

				3,442,318

Specialty Retail-1.77%
Guitar Center, Inc., 8.50%, 01/15/2026^(b)(c)		1,390,000		1,211,913
LSF9 Atlantis Holdings LLC/Victra Finance Corp., 7.75%, 02/15/2026^(b)		2,056,000		1,809,986
Specialty Building Products Holdings LLC/ SBP Finance Corp., 6.38%, 09/30/2026^(b)		1,780,000		1,635,660

				4,657,559

Technology Hardware, Storage & Peripherals-1.27%
Vericast Corp., 11.00%, 09/15/2026^(b)		3,100,000		3,336,375

Textiles, Apparel & Luxury Goods-1.31%
Hanesbrands, Inc., 4.88%, 05/15/2026^(b)(c)		2,263,000		2,092,076
Under Armour, Inc., 3.25%, 06/15/2026^(c)		1,510,000		1,346,391

				3,438,467

Thrifts & Mortgage Finance-1.20%
Home Point Capital, Inc., 5.00%, 02/01/2026^(b)		1,000,000		698,431
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 2.88%, 10/15/2026^(b)(c)		2,830,000		2,444,965

				3,143,396


	Principal Amount		Value
Tobacco-0.21%
Turning Point Brands, Inc., 5.63%, 02/15/2026^(b)	$	610,000	$	552,796

Trading Companies & Distributors-0.55%
Alta Equipment Group, Inc., 5.63%, 04/15/2026^(b)		800,000		749,251
Beacon Roofing Supply, Inc., 4.50%, 11/15/2026^(b)(c)		750,000		704,924

				1,454,175

Water Utilities-0.37%
Solaris Midstream Holdings LLC, 7.63%, 04/01/2026^(b)		984,000		972,771

Total U.S. Dollar Denominated Bonds & Notes (Cost $272,145,385)				257,654,302


	Shares
Money Market Funds-0.32%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%^(d)(e) (Cost $835,277)		835,277		835,277

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.42% (Cost $272,980,662)				258,489,579


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-16.46%
Invesco Private Government Fund, 4.58%^(d)(e)(f)		11,873,078		11,873,078
Invesco Private Prime Fund, 4.83%^(d)(e)(f)		31,349,434		31,355,703

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $43,231,432)				43,228,781

TOTAL INVESTMENTS IN SECURITIES-114.88% (Cost $316,212,094)				301,718,360
OTHER ASSETS LESS LIABILITIES-(14.88)%				(39,073,815	)

NET ASSETS-100.00%			$	262,644,545

Investment Abbreviations:

REIT-Real Estate Investment Trust

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, 2023

(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, 2023 was $193,180,293, which represented 73.55% of the Fund’s Net Assets.

^(c)	All or a portion of this security was out on loan at February 28, 2023.

^(d)


	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 28, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	2,342,072		$	17,395,228		$	(18,902,023	)		$	-			$	-		$	835,277		$	29,794

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			8,427,083			39,031,265			(35,585,270	)			-				-			11,873,078			184,679	*

Invesco Private Prime Fund			21,669,642			87,544,770			(77,861,514	)			(4,795	)			7,600			31,355,703			505,563	*


Total		$	32,438,797		$	143,971,263		$	(132,348,807	)		$	(4,795	)		$	7,600		$	44,064,058		$	720,036

*	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.

^(e)	The rate shown is the 7-day SEC standardized yield as of February 28, 2023.

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


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2023

Consumer Discretionary			18.49

Energy			18.42

Communication Services			12.80

Industrials			12.44

Materials			9.85

Financials			6.27

Information Technology			5.32

Health Care			4.74

Utilities			4.52

Consumer Staples			3.13

Real Estate			2.12

Money Market Funds Plus Other Assets Less Liabilities			1.90

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


		85

Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-98.01%
Aerospace & Defense-1.81%
Maxar Technologies, Inc., 7.75%, 06/15/2027^(b)	$	360,000	$	376,771
Moog, Inc., 4.25%, 12/15/2027^(b)		360,000		329,727
Rolls-Royce PLC (United Kingdom), 5.75%, 10/15/2027^(b)(c)		800,000		773,132

				1,479,630

Airlines-0.48%
Allegiant Travel Co., 7.25%, 08/15/2027^(b)		400,000		393,360

Auto Components-1.95%
American Axle & Manufacturing, Inc., 6.50%, 04/01/2027^(c)		360,000		333,157
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.
5.75%, 07/15/2027^(b)		300,000		283,464
5.75%, 07/15/2027^(b)		250,000		235,279
Dana, Inc., 5.38%, 11/15/2027		300,000		277,128
Goodyear Tire & Rubber Co. (The), 4.88%, 03/15/2027^(c)		500,000		464,392

				1,593,420

Automobiles-5.63%
Allison Transmission, Inc., 4.75%, 10/01/2027^(b)		300,000		278,573
Ford Motor Credit Co. LLC
4.27%, 01/09/2027		595,000		539,545
4.95%, 05/28/2027^(c)		1,000,000		932,775
4.13%, 08/17/2027^(c)		900,000		802,938
3.82%, 11/02/2027		600,000		527,421
7.35%, 11/04/2027		1,150,000		1,167,940
Jaguar Land Rover Automotive PLC (United Kingdom), 4.50%, 10/01/2027^(b)(c)		420,000		352,035

				4,601,227

Banks-0.41%
Freedom Mortgage Corp., 6.63%, 01/15/2027^(b)		408,000		332,812

Building Products-0.28%
Advanced Drainage Systems, Inc., 5.00%, 09/30/2027^(b)		250,000		232,831

Capital Markets-0.50%
APX Group, Inc., 6.75%, 02/15/2027^(b)		427,000		410,393

Chemicals-2.90%
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B B.V., 4.75%, 06/15/2027^(b)(c)		350,000		323,203
Cerdia Finanz GmbH (Germany), 10.50%, 02/15/2027^(b)		500,000		445,584
Chemours Co. (The), 5.38%, 05/15/2027		360,000		328,268
HB Fuller Co., 4.00%, 02/15/2027		220,000		199,218
Methanex Corp. (Canada), 5.13%, 10/15/2027		500,000		469,200
Olympus Water US Holding Corp., 7.13%, 10/01/2027^(b)		200,000		192,204


	Principal Amount		Value
Chemicals-(continued)
SPCM S.A. (France), 3.13%, 03/15/2027^(b)	$	200,000	$	172,642
Suburban Propane Partners L.P./Suburban Energy Finance Corp., 5.88%, 03/01/2027		250,000		237,754

				2,368,073

Commercial Services & Supplies-3.81%
Allied Universal Holdco LLC/Allied Universal Finance Corp., 9.75%, 07/15/2027^(b)		750,000		689,025
Brink’s Co. (The), 4.63%, 10/15/2027^(b)		430,000		391,399
Clean Harbors, Inc., 4.88%, 07/15/2027^(b)		391,000		369,670
CoreCivic, Inc., 4.75%, 10/15/2027		180,000		156,294
Garda World Security Corp. (Canada), 4.63%, 02/15/2027^(b)		398,000		352,903
Harsco Corp., 5.75%, 07/31/2027^(b)		335,000		284,686
Pitney Bowes, Inc., 6.88%, 03/15/2027^(b)		300,000		250,930
Prime Security Services Borrower LLC/Prime Finance, Inc., 3.38%, 08/31/2027^(b)(c)		720,000		623,565

				3,118,472

Communications Equipment-0.36%
CommScope Technologies LLC, 5.00%, 03/15/2027^(b)		384,000		293,175

Construction & Engineering-1.19%
AECOM, 5.13%, 03/15/2027		720,000		689,296
Howard Midstream Energy Partners LLC, 6.75%, 01/15/2027^(b)		300,000		285,986

				975,282

Construction Materials-0.44%
Eco Material Technologies, Inc., 7.88%, 01/31/2027^(b)		380,000		363,011

Consumer Finance-1.08%
Navient Corp., 5.00%, 03/15/2027^(c)		490,000		436,122
OneMain Finance Corp., 3.50%, 01/15/2027		528,000		443,996

				880,118

Containers & Packaging-3.05%
Ardagh Metal Packaging Finance USA LLC/ Ardagh Metal Packaging Finance PLC, 6.00%, 06/15/2027^(b)		480,000		465,058
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 5.25%, 08/15/2027^(b)		650,000		534,726
Graphic Packaging International LLC, 4.75%, 07/15/2027^(b)		220,000		206,309
LABL, Inc., 10.50%, 07/15/2027^(b)		500,000		467,890
Owens-Brockway Glass Container, Inc., 6.63%, 05/13/2027^(b)(c)		440,000		428,344
Pactiv LLC, 8.38%, 04/15/2027		120,000		121,053
Sealed Air Corp., 4.00%, 12/01/2027^(b)		302,000		272,356

				2,495,736

Distributors-0.53%
BCPE Empire Holdings, Inc., 7.63%, 05/01/2027^(b)		470,000		430,800

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


		86

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

February 28, 2023

(Unaudited)


	Principal Amount		Value
Diversified Consumer Services-1.15%
Service Corp. International, 4.63%, 12/15/2027	$	400,000	$	372,860
Sotheby’s, 7.38%, 10/15/2027^(b)(c)		600,000		566,568

				939,428

Diversified Financial Services-1.49%
Albion Financing 2 S.a.r.l. (Luxembourg), 8.75%, 04/15/2027^(b)		425,000		368,688
Castlelake Aviation Finance DAC, 5.00%, 04/15/2027^(b)		300,000		269,754
Oxford Finance LLC/Oxford Finance Co.-Issuer II, Inc., 6.38%, 02/01/2027^(b)		284,000		267,977
United Wholesale Mortgage LLC, 5.75%, 06/15/2027^(b)		350,000		308,480

				1,214,899

Diversified Telecommunication Services-4.48%
Altice France Holding S.A. (Luxembourg), 10.50%, 05/15/2027^(b)		1,080,000		892,976
Altice France S.A. (France), 8.13%, 02/01/2027^(b)(c)		1,261,000		1,180,170
Frontier Communications Holdings LLC, 5.88%, 10/15/2027^(b)		830,000		771,900
Zayo Group Holdings, Inc., 4.00%, 03/01/2027^(b)(c)		1,065,000		818,053

				3,663,099

Electric Utilities-1.50%
NextEra Energy Operating Partners L.P., 4.50%, 09/15/2027^(b)		396,000		363,773
Vistra Operations Co. LLC, 5.00%, 07/31/2027^(b)		930,000		864,900

				1,228,673

Electrical Equipment-0.24%
EnerSys, 4.38%, 12/15/2027^(b)		220,000		199,926

Energy Equipment & Services-2.80%
CGG S.A. (France), 8.75%, 04/01/2027^(b)(c)		400,000		351,624
Enerflex Ltd. (Canada), 9.00%, 10/15/2027^(b)		450,000		444,528
Nabors Industries, Inc., 7.38%, 05/15/2027^(b)		500,000		482,380
Transocean, Inc., 11.50%, 01/30/2027^(b)		490,000		504,093
USA Compression Partners L.P./USA Compression Finance Corp., 6.88%, 09/01/2027		538,000		510,099

				2,292,724

Entertainment-2.11%
Live Nation Entertainment, Inc.
6.50%, 05/15/2027^(b)		860,000		846,623
4.75%, 10/15/2027^(b)(c)		700,000		631,067
Scripps Escrow, Inc., 5.88%, 07/15/2027^(b)		308,000		246,956

				1,724,646

Equity REITs-3.52%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC, 4.50%, 04/01/2027^(b)		540,000		463,269
Iron Mountain, Inc., 4.88%, 09/15/2027^(b)		720,000		663,575


	Principal Amount		Value
Equity REITs-(continued)
RHP Hotel Properties L.P./RHP Finance Corp., 4.75%, 10/15/2027	$	500,000	$	460,150
SBA Communications Corp., 3.88%, 02/15/2027		1,100,000		996,483
Service Properties Trust, 5.50%, 12/15/2027		326,000		294,113

				2,877,590

Food & Staples Retailing-2.00%
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s L.P./Albertson’s LLC, 4.63%, 01/15/2027^(b)		970,000		912,882
Performance Food Group, Inc., 5.50%, 10/15/2027^(b)		760,000		721,384

				1,634,266

Food Products-0.39%
Post Holdings, Inc., 5.75%, 03/01/2027^(b)(c)		330,000		321,689

Gas Utilities-0.43%
AmeriGas Partners L.P./AmeriGas Finance Corp., 5.75%, 05/20/2027		381,000		352,830

Health Care Equipment & Supplies-0.95%
Garden Spinco Corp., 8.63%, 07/20/2030^(b)		254,000		268,288
Teleflex, Inc., 4.63%, 11/15/2027		360,000		339,876
Varex Imaging Corp., 7.88%, 10/15/2027^(b)		170,000		166,752

				774,916

Health Care Providers & Services-3.81%
Community Health Systems, Inc.
5.63%, 03/15/2027^(b)		1,360,000		1,195,073
8.00%, 12/15/2027^(b)		500,000		485,505
Legacy LifePoint Health LLC, 4.38%, 02/15/2027^(b)		470,000		397,150
Tenet Healthcare Corp., 5.13%, 11/01/2027^(c)		1,100,000		1,035,133

				3,112,861

Hotels, Restaurants & Leisure-9.73%
Academy Ltd., 6.00%, 11/15/2027^(b)		300,000		283,816
Affinity Interactive, 6.88%, 12/15/2027^(b)		390,000		348,211
Boyd Gaming Corp., 4.75%, 12/01/2027^(c)		720,000		675,691
Caesars Entertainment, Inc., 8.13%, 07/01/2027^(b)(c)		1,160,000		1,172,656
Carnival Corp., 5.75%, 03/01/2027^(b)		2,500,000		2,059,550
Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp., 5.38%, 04/15/2027		360,000		344,253
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/2027^(c)		420,000		400,911
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.75%, 06/01/2027^(b)		540,000		513,605
Lindblad Expeditions LLC, 6.75%, 02/15/2027^(b)		260,000		245,944
Penn Entertainment, Inc., 5.63%, 01/15/2027^(b)		300,000		278,490
Sabre GLBL, Inc., 11.25%, 12/15/2027^(b)		400,000		399,998
Six Flags Entertainment Corp., 5.50%, 04/15/2027^(b)(c)		360,000		340,310

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)–(continued)

February 28, 2023

(Unaudited)


	Principal Amount		Value
Hotels, Restaurants & Leisure-(continued)
Travel + Leisure Co., Series J, 6.00%, 04/01/2027	$	300,000	$	288,769
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 05/15/2027^(b)(c)		650,000		605,994

				7,958,198

Household Durables-1.15%
Beazer Homes USA, Inc., 5.88%, 10/15/2027^(c)		260,000		231,144
Mattamy Group Corp. (Canada), 5.25%, 12/15/2027^(b)		355,000		317,450
Meritage Homes Corp., 5.13%, 06/06/2027		203,000		193,947
Tri Pointe Homes, Inc., 5.25%, 06/01/2027		213,000		197,819

				940,360

Household Products-1.42%
Energizer Holdings, Inc., 6.50%, 12/31/2027^(b)		220,000		211,404
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. (Canada), 7.00%, 12/31/2027^(b)		370,000		317,699
Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC, 4.00%, 10/15/2027^(b)		722,000		630,486

				1,159,589

Industrial Conglomerates-1.18%
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 5.25%, 05/15/2027		1,040,000		963,256

Insurance-1.65%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer
4.25%, 10/15/2027^(b)(c)		538,000		475,397
6.75%, 10/15/2027^(b)		959,000		872,383

				1,347,780

Interactive Media & Services-1.76%
Match Group Holdings II LLC, 5.00%, 12/15/2027^(b)		320,000		298,288
Nexstar Media, Inc., 5.63%, 07/15/2027^(b)(c)		1,230,000		1,143,516

				1,441,804

Internet & Direct Marketing Retail-0.59%
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc., 4.75%, 04/30/2027^(b)		250,000		219,775
QVC, Inc., 4.75%, 02/15/2027		410,000		262,949

				482,724

IT Services-0.96%
Cablevision Lightpath LLC, 3.88%, 09/15/2027^(b)		400,000		326,446
Cogent Communications Group, Inc., 7.00%, 06/15/2027^(b)		400,000		387,360
Unisys Corp., 6.88%, 11/01/2027^(b)		100,000		75,532

				789,338


	Principal Amount		Value
Machinery-1.42%
Park-Ohio Industries, Inc., 6.63%, 04/15/2027	$	247,000	$	188,544
TK Elevator US Newco, Inc. (Germany), 5.25%, 07/15/2027^(b)		1,070,000		970,481

				1,159,025

Media-10.17%
Belo Corp.
7.75%, 06/01/2027		200,000		193,811
7.25%, 09/15/2027		196,000		188,877
CCO Holdings LLC/CCO Holdings Capital Corp., 5.13%, 05/01/2027^(b)(c)		2,330,000		2,158,291
Clear Channel Outdoor Holdings, Inc., 5.13%, 08/15/2027^(b)		900,000		804,109
CMG Media Corp., 8.88%, 12/15/2027^(b)		725,000		488,625
CSC Holdings LLC, 5.50%, 04/15/2027^(b)		900,000		783,851
DISH Network Corp., 11.75%, 11/15/2027^(b)		1,440,000		1,460,707
Odeon Finco PLC (United Kingdom), 12.75%, 11/01/2027^(b)		300,000		280,928
Sinclair Television Group, Inc., 5.13%, 02/15/2027^(b)		200,000		176,184
Sirius XM Radio, Inc., 5.00%, 08/01/2027^(b)		1,100,000		1,010,339
Videotron Ltd. (Canada), 5.13%, 04/15/2027^(b)		430,000		402,471
Ziggo Bond Co. B.V. (Netherlands), 6.00%, 01/15/2027^(b)		400,000		370,390

				8,318,583

Metals & Mining-0.72%
Compass Minerals International, Inc., 6.75%, 12/01/2027^(b)		360,000		339,814
New Gold, Inc. (Canada), 7.50%, 07/15/2027^(b)		291,000		251,034

				590,848

Mortgage REITs-1.17%
Blackstone Mortgage Trust, Inc., 3.75%, 01/15/2027^(b)		290,000		246,808
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.25%, 02/01/2027^(b)		470,000		400,038
Starwood Property Trust, Inc., 4.38%, 01/15/2027^(b)		360,000		312,481

				959,327

Oil, Gas & Consumable Fuels-7.23%
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 9.00%, 11/01/2027^(b)		252,000		308,249
Baytex Energy Corp. (Canada), 8.75%, 04/01/2027^(b)(c)		290,000		295,385
Calumet Specialty Products Partners L.P./Calumet Finance Corp., 8.13%, 01/15/2027^(b)		230,000		225,171
Earthstone Energy Holdings LLC, 8.00%, 04/15/2027^(b)		396,000		379,726
EnQuest PLC (United Kingdom), 11.63%, 11/01/2027^(b)		200,000		195,346
EQM Midstream Partners L.P.
7.50%, 06/01/2027^(b)		360,000		353,164
6.50%, 07/01/2027^(b)		650,000		616,389

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, 2023

(Unaudited)


	Principal Amount		Value
Oil, Gas & Consumable Fuels-(continued)
FTAI Infra Escrow Holdings LLC, 10.50%, 06/01/2027^(b)	$	355,000	$	353,026
Genesis Energy L.P./Genesis Energy Finance Corp., 8.00%, 01/15/2027		700,000		685,304
Holly Energy Partners L.P./Holly Energy Finance Corp., 6.38%, 04/15/2027^(b)		284,000		275,714
Murphy Oil Corp., 5.88%, 12/01/2027^(c)		395,000		377,939
NuStar Logistics L.P., 5.63%, 04/28/2027		398,000		370,949
Occidental Petroleum Corp.
3.00%, 02/15/2027		150,000		136,416
8.50%, 07/15/2027		400,000		429,578
Parkland Corp. (Canada), 5.88%, 07/15/2027^(b)		360,000		338,098
SM Energy Co., 6.63%, 01/15/2027^(c)		300,000		285,716
Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp., 6.00%, 03/01/2027^(b)		310,000		288,173

				5,914,343

Pharmaceuticals-1.03%
Bausch Health Cos., Inc., 6.13%, 02/01/2027^(b)		720,000		497,624
Catalent Pharma Solutions, Inc., 5.00%, 07/15/2027^(b)		360,000		347,348

				844,972

Professional Services-0.74%
AMN Healthcare, Inc., 4.63%, 10/01/2027^(b)		355,000		325,354
Korn Ferry, 4.63%, 12/15/2027^(b)		300,000		277,868

				603,222

Road & Rail-0.48%
Watco Cos. LLC/Watco Finance Corp., 6.50%, 06/15/2027^(b)		430,000		393,537

Software-1.27%
Gen Digital, Inc., 6.75%, 09/30/2027^(b)(c)		700,000		688,812
NCR Corp., 5.75%, 09/01/2027^(b)		360,000		349,302

				1,038,114

Specialty Retail-0.87%
JELD-WEN, Inc., 4.88%, 12/15/2027^(b)(c)		270,000		225,882
Lithia Motors, Inc., 4.63%, 12/15/2027^(b)		300,000		272,667
Murphy Oil USA, Inc., 5.63%, 05/01/2027		220,000		209,825

				708,374

Technology Hardware, Storage & Peripherals-1.60%
Presidio Holdings, Inc., 4.88%, 02/01/2027^(b)		421,000		383,920
Seagate HDD Cayman
4.88%, 06/01/2027		400,000		377,021
9.63%, 12/01/2032^(b)		500,000		547,195

				1,308,136


	Principal Amount		Value
Thrifts & Mortgage Finance-0.48%
Nationstar Mortgage Holdings, Inc., 6.00%, 01/15/2027^(b)	$	427,000	$	393,284

Trading Companies & Distributors-1.80%
Herc Holdings, Inc., 5.50%, 07/15/2027^(b)		860,000		811,066
United Rentals North America, Inc., 5.50%, 05/15/2027		360,000		353,232
Univar Solutions USA, Inc., 5.13%, 12/01/2027^(b)		325,000		309,311

				1,473,609

Transportation Infrastructure-0.24%
Promontoria Holding 264 B.V. (Netherlands), 7.88%, 03/01/2027^(b)		200,000		192,595

Wireless Telecommunication Services-1.06%
C&W Senior Financing DAC (Panama), 6.88%, 09/15/2027^(b)		960,000		870,691

Total U.S. Dollar Denominated Bonds & Notes (Cost $84,877,945)				80,157,596


	Shares
Money Market Funds-0.04%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%^(d)(e) (Cost $33,471)		33,471		33,471

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.05% (Cost $84,911,416)				80,191,067


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-15.82%
Invesco Private Government Fund, 4.58%^(d)(e)(f)		3,623,332		3,623,332
Invesco Private Prime Fund, 4.83%^(d)(e)(f)		9,315,276		9,317,138

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $12,941,318)				12,940,470

TOTAL INVESTMENTS IN SECURITIES-113.87% (Cost $97,852,734)				93,131,537
OTHER ASSETS LESS LIABILITIES-(13.87)%				(11,343,269	)

NET ASSETS-100.00%			$	81,788,268

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, 2023

(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, 2023 was $60,313,604, which represented 73.74% of the Fund’s Net Assets.

^(c)	All or a portion of this security was out on loan at February 28, 2023.

^(d)


	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 28, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	251,169		$	3,506,265		$	(3,723,963	)		$	-			$	-		$	33,471		$	9,585

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			1,155,557			12,840,847			(10,373,072	)			-				-			3,623,332			49,919	*

Invesco Private Prime Fund			4,009,984			24,819,641			(19,513,182	)			(1,178	)			1,873			9,317,138			135,995	*


Total		$	5,416,710		$	41,166,753		$	(33,610,217	)		$	(1,178	)		$	1,873		$	12,973,941		$	195,499

*	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, 2023.

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


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2023

Consumer Discretionary			21.41

Communication Services			19.24

Industrials			13.68

Energy			10.29

Materials			7.11

Financials			6.77

Health Care			5.79

Information Technology			4.46

Consumer Staples			3.81

Real Estate			3.52

Utilities			1.93

Money Market Funds Plus Other Assets Less Liabilities			1.99

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


		90

Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-98.22%
Aerospace & Defense-1.19%
Bombardier, Inc. (Canada), 6.00%, 02/15/2028^(b)(c)	$	190,000	$	178,191
BWX Technologies, Inc., 4.13%, 06/30/2028^(b)		106,000		94,726
Spirit AeroSystems, Inc., 4.60%, 06/15/2028		180,000		148,788

				421,705

Airlines-0.37%
Cargo Aircraft Management, Inc., 4.75%, 02/01/2028^(b)		150,000		130,362

Auto Components-1.29%
American Axle & Manufacturing, Inc., 6.88%, 07/01/2028		100,000		89,835
ANGI Group LLC, 3.88%, 08/15/2028^(b)		80,000		61,662
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 4.75%, 04/01/2028^(b)		130,000		115,492
Dana, Inc., 5.63%, 06/15/2028		100,000		90,613
Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/2028^(b)		110,000		99,988

				457,590

Automobiles-1.84%
Ford Motor Co., 6.63%, 10/01/2028		110,000		110,895
Ford Motor Credit Co. LLC, 2.90%, 02/16/2028^(c)		200,000		167,297
Jaguar Land Rover Automotive PLC (United Kingdom), 5.88%, 01/15/2028^(b)		200,000		171,000
PM General Purchaser LLC, 9.50%, 10/01/2028^(b)		140,000		128,015
Winnebago Industries, Inc., 6.25%, 07/15/2028^(b)		80,000		76,072

				653,279

Biotechnology-0.60%
Emergent BioSolutions, Inc., 3.88%, 08/15/2028^(b)		70,000		42,427
Grifols Escrow Issuer S.A. (Spain), 4.75%, 10/15/2028^(b)(c)		200,000		171,180

				213,607

Building Products-0.27%
Shea Homes L.P./Shea Homes Funding Corp., 4.75%, 02/15/2028.		110,000		96,730

Capital Markets-1.94%
Coinbase Global, Inc., 3.38%, 10/01/2028^(b)(c)		160,000		105,030
NFP Corp.
4.88%, 08/15/2028^(b)		130,000		114,191
6.88%, 08/15/2028^(b)		550,000		469,068

				688,289

Chemicals-5.30%
ASP Unifrax Holdings, Inc., 5.25%, 09/30/2028^(b)		200,000		155,407
Chemours Co. (The), 5.75%, 11/15/2028^(b)		200,000		175,890
Consolidated Energy Finance S.A. (Switzerland), 5.63%, 10/15/2028^(b)		150,000		128,423
CVR Partners L.P./CVR Nitrogen Finance Corp., 6.13%, 06/15/2028^(b)		140,000		124,511


	Principal Amount		Value
Chemicals-(continued)
Element Solutions, Inc., 3.88%, 09/01/2028^(b)	$	200,000	$	172,734
HB Fuller Co., 4.25%, 10/15/2028^(c)		80,000		69,891
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/2028^(b)		120,000		107,532
Ingevity Corp., 3.88%, 11/01/2028^(b)		140,000		119,155
Iris Holding, Inc., 10.00%, 12/15/2028^(b)		100,000		76,250
LSB Industries, Inc., 6.25%, 10/15/2028^(b)		180,000		164,053
Minerals Technologies, Inc., 5.00%, 07/01/2028^(b)		100,000		90,092
Olympus Water US Holding Corp., 4.25%, 10/01/2028^(b)		200,000		167,134
SCIH Salt Holdings, Inc., 4.88%, 05/01/2028^(b)		280,000		242,368
Weekley Homes LLC/Weekley Finance Corp., 4.88%, 09/15/2028^(b)		101,000		85,869

				1,879,309

Commercial Services & Supplies-5.11%
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 S.a.r.l.
4.63%, 06/01/2028^(b)		200,000		164,297
4.63%, 06/01/2028^(b)		400,000		333,020
GEO Group, Inc. (The), 10.50%, 06/30/2028		70,000		71,288
GFL Environmental, Inc. (Canada)
4.00%, 08/01/2028^(b)		190,000		165,519
3.50%, 09/01/2028^(b)		190,000		166,212
Interface, Inc., 5.50%, 12/01/2028^(b)		80,000		65,681
Madison IAQ LLC, 4.13%, 06/30/2028^(b)		180,000		153,729
MPH Acquisition Holdings LLC
5.50%, 09/01/2028^(b)(c)		300,000		227,648
5.75%, 11/01/2028^(b)(c)		243,000		158,254
Prime Security Services Borrower LLC/Prime Finance, Inc., 6.25%, 01/15/2028^(b)		330,000		306,417

				1,812,065

Communications Equipment-0.21%
Viasat, Inc., 6.50%, 07/15/2028^(b)		102,000		75,552

Construction & Engineering-1.19%
New Enterprise Stone & Lime Co., Inc.
5.25%, 07/15/2028^(b)		147,000		134,526
9.75%, 07/15/2028^(b)		60,000		57,148
Pike Corp., 5.50%, 09/01/2028^(b)		181,000		157,251
Railworks Holdings L.P./Railworks Rally, Inc., 8.25%, 11/15/2028^(b)		79,000		73,992

				422,917

Construction Materials-0.80%
Camelot Return Merger Sub, Inc., 8.75%, 08/01/2028^(b)		182,000		173,154
Williams Scotsman International, Inc., 4.63%, 08/15/2028^(b)		120,000		108,629

				281,783

Consumer Finance-1.04%
FirstCash, Inc., 4.63%, 09/01/2028^(b)		140,000		121,764
Navient Corp., 4.88%, 03/15/2028		150,000		127,656
OneMain Finance Corp., 3.88%, 09/15/2028		150,000		119,401

				368,821

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


		91

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February 28, 2023

(Unaudited)


	Principal Amount		Value
Containers & Packaging-3.35%
Ardagh Metal Packaging Finance USA LLC/ Ardagh Metal Packaging Finance PLC, 3.25%, 09/01/2028^(b)	$	200,000	$	168,021
Ball Corp., 6.88%, 03/15/2028		190,000		192,071
Cascades, Inc./Cascades USA, Inc. (Canada), 5.38%, 01/15/2028^(b)		110,000		99,653
Graham Packaging Co., Inc., 7.13%, 08/15/2028^(b)		132,000		113,681
Graphic Packaging International LLC, 3.50%, 03/15/2028^(b)		110,000		96,340
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC (Canada), 6.00%, 09/15/2028^(b)		177,000		153,955
LABL, Inc., 5.88%, 11/01/2028^(b)		130,000		112,856
Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer, Inc., 4.38%, 10/15/2028^(b)		130,000		111,650
Silgan Holdings, Inc., 4.13%, 02/01/2028		150,000		137,407

				1,185,634

Diversified Consumer Services-0.53%
Adtalem Global Education, Inc., 5.50%, 03/01/2028^(b)		105,000		96,750
Grand Canyon University, 5.13%, 10/01/2028 .		100,000		91,750

				188,500

Diversified Financial Services-2.07%
AG Issuer LLC, 6.25%, 03/01/2028^(b)		120,000		112,120
Burford Capital Global Finance LLC, 6.25%, 04/15/2028^(b)		200,000		174,596
Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/2028^(b)		200,000		169,095
Midcap Financial Issuer Trust, 6.50%, 05/01/2028^(b)		320,000		276,520

				732,331

Diversified Telecommunication Services-5.26%
Altice France Holding S.A. (Luxembourg), 6.00%, 02/15/2028, (Acquired 09/14/2020; Cost $197,038)^(b)(d)		200,000		139,320
Altice France S.A. (France), 5.50%, 01/15/2028^(b)		200,000		164,942
CommScope, Inc., 7.13%, 07/01/2028^(b)		151,000		119,101
Consolidated Communications, Inc.
5.00%, 10/01/2028^(b)		60,000		39,978
6.50%, 10/01/2028^(b)		200,000		146,500
Frontier Communications Holdings LLC, 5.00%, 05/01/2028^(b)		400,000		351,404
Iliad Holding S.A.S.U. (France), 7.00%, 10/15/2028^(b)(c)		200,000		183,965
Level 3 Financing, Inc., 4.25%, 07/01/2028^(b).		280,000		191,498
Lumen Technologies, Inc., Series G, 6.88%, 01/15/2028^(c)		60,000		37,259
Radiate Holdco LLC/Radiate Finance, Inc., 6.50%, 09/15/2028^(b)		162,000		76,350
Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 08/15/2028^(b)		373,000		305,258
Zayo Group Holdings, Inc., 6.13%, 03/01/2028^(b)		170,000		107,307

				1,862,882


	Principal Amount		Value
Electric Utilities-1.02%
Pattern Energy Operations L.P./Pattern Energy Operations, Inc., 4.50%, 08/15/2028^(b)	$	150,000	$	134,123
PG&E Corp., 5.00%, 07/01/2028^(c)		250,000		228,543

				362,666

Electrical Equipment-1.46%
Vertiv Group Corp., 4.13%, 11/15/2028^(b)		200,000		173,954
WESCO Distribution, Inc., 7.25%, 06/15/2028^(b)(c)		340,000		344,847

				518,801

Energy Equipment & Services-1.96%
Archrock Partners L.P./Archrock Partners Finance Corp., 6.25%, 04/01/2028^(b)		200,000		190,053
Bristow Group, Inc., 6.88%, 03/01/2028^(b)		100,000		94,227
Delek Logistics Partners L.P./Delek Logistics Finance Corp., 7.13%, 06/01/2028^(b)		100,000		88,092
Harvest Midstream I L.P., 7.50%, 09/01/2028^(b)		200,000		193,064
Weatherford International Ltd., 6.50%, 09/15/2028^(b)		130,000		127,860

				693,296

Entertainment-0.77%
Cinemark USA, Inc., 5.25%, 07/15/2028^(b)		200,000		168,230
Live Nation Entertainment, Inc., 3.75%, 01/15/2028^(b)		120,000		104,641

				272,871

Equity REITs-2.35%
CTR Partnership L.P./CareTrust Capital Corp., 3.88%, 06/30/2028^(b)		100,000		85,058
Diversified Healthcare Trust, 4.75%, 02/15/2028		80,000		52,151
Iron Mountain, Inc.
5.25%, 03/15/2028^(b)		220,000		202,740
5.00%, 07/15/2028^(b)		130,000		117,951
Necessity Retail REIT, Inc. (The)/American Finance Operating Partner L.P., 4.50%, 09/30/2028^(b)		97,000		76,700
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 5.88%, 10/01/2028^(b)		200,000		178,073
Uniti Group L.P./Uniti Group Finance, Inc./CSL Capital LLC, 4.75%, 04/15/2028^(b)		150,000		119,106

				831,779

Food & Staples Retailing-0.91%
C&S Group Enterprises LLC, 5.00%, 12/15/2028^(b)		81,000		62,474
GPS Hospitality Holding Co. LLC/GPS Finco, Inc., 7.00%, 08/15/2028^(b)		80,000		50,481
SEG Holding LLC/SEG Finance Corp., 5.63%, 10/15/2028^(b)		90,000		84,905
United Natural Foods, Inc., 6.75%, 10/15/2028^(b)		131,000		124,115

				321,975

Food Products-1.85%
Chobani LLC/Chobani Finance Corp., Inc., 4.63%, 11/15/2028^(b)		113,000		98,603

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)–(continued)

February 28, 2023

(Unaudited)


	Principal Amount		Value
Food Products-(continued)
Lamb Weston Holdings, Inc., 4.88%, 05/15/2028^(b)	$	130,000	$	122,650
Post Holdings, Inc., 5.63%, 01/15/2028^(b)		250,000		238,976
TKC Holdings, Inc., 6.88%, 05/15/2028^(b)		90,000		73,692
TreeHouse Foods, Inc., 4.00%, 09/01/2028		140,000		120,211

				654,132

Health Care Equipment & Supplies-0.78%
Hologic, Inc., 4.63%, 02/01/2028^(b)		100,000		93,340
Radiology Partners, Inc., 9.25%, 02/01/2028^(b)		110,000		65,900
Teleflex, Inc., 4.25%, 06/01/2028^(b)		130,000		117,454

				276,694

Health Care Providers & Services-3.70%
Acadia Healthcare Co., Inc., 5.50%, 07/01/2028^(b)		110,000		103,191
Akumin Escrow, Inc., 7.50%, 08/01/2028^(b)		80,000		56,086
Avantor Funding, Inc., 4.63%, 07/15/2028^(b)		399,000		367,499
Cano Health LLC, 6.25%, 10/01/2028^(b)		70,000		45,850
Molina Healthcare, Inc., 4.38%, 06/15/2028^(b)		200,000		181,840
Tenet Healthcare Corp., 6.13%, 10/01/2028^(c)		600,000		555,540

				1,310,006

Hotels, Restaurants & Leisure-6.07%
1011778 BC ULC/New Red Finance, Inc. (Canada), 4.38%, 01/15/2028^(b)		200,000		178,995
Aramark Services, Inc., 5.00%, 02/01/2028^(b)(c)		300,000		276,480
Carnival Corp., 4.00%, 08/01/2028^(b)		610,000		516,310
Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp., 6.50%, 10/01/2028		100,000		96,965
Churchill Downs, Inc., 4.75%, 01/15/2028^(b)		180,000		164,010
Full House Resorts, Inc., 8.25%, 02/15/2028^(b)		102,000		98,004
Hilton Domestic Operating Co., Inc., 5.75%, 05/01/2028^(b)		130,000		126,191
Marriott Ownership Resorts, Inc., 4.75%, 01/15/2028		59,000		52,179
MGM Resorts International, 4.75%, 10/15/2028^(c)		187,000		167,798
Scientific Games International, Inc., 7.00%, 05/15/2028^(b)		180,000		176,090
Station Casinos LLC, 4.50%, 02/15/2028^(b)		200,000		176,820
Wyndham Hotels & Resorts, Inc., 4.38%, 08/15/2028^(b)		132,000		119,673

				2,149,515

Household Durables-0.98%
Ashton Woods USA LLC/Ashton Woods Finance Co., 6.63%, 01/15/2028^(b)		55,000		49,869
CP Atlas Buyer, Inc., 7.00%, 12/01/2028^(b)		84,000		62,685
Installed Building Products, Inc., 5.75%, 02/01/2028^(b)		70,000		65,208
M/I Homes, Inc., 4.95%, 02/01/2028		100,000		89,969
Tri Pointe Homes, Inc., 5.70%, 06/15/2028		86,000		80,034

				347,765

Household Products-0.82%
Central Garden & Pet Co., 5.13%, 02/01/2028 .		80,000		74,576


	Principal Amount		Value
Household Products-(continued)
Energizer Holdings, Inc., 4.75%, 06/15/2028^(b)	$	152,000	$	132,791
Prestige Brands, Inc., 5.13%, 01/15/2028^(b)		90,000		84,610

				291,977

Independent Power and Renewable Electricity Producers-3.17%
Atlantica Sustainable Infrastructure PLC (Spain), 4.13%, 06/15/2028^(b)		200,000		176,696
Calpine Corp.
4.50%, 02/15/2028^(b)		320,000		288,433
5.13%, 03/15/2028^(b)(c)		360,000		319,773
Clearway Energy Operating LLC, 4.75%, 03/15/2028^(b)(c)		200,000		183,755
TerraForm Power Operating LLC, 5.00%, 01/31/2028^(b)		170,000		156,554

				1,125,211

Interactive Media & Services-1.23%
Cars.com, Inc., 6.38%, 11/01/2028^(b)		100,000		91,843
Match Group Holdings II LLC, 4.63%, 06/01/2028^(b)		130,000		115,591
Nexstar Media, Inc., 4.75%, 11/01/2028^(b)(c)		260,000		227,544

				434,978

Internet & Direct Marketing Retail-0.18%
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc., 6.00%, 02/15/2028^(b)		80,000		63,673

IT Services-3.06%
Ahead DB Holdings LLC, 6.63%, 05/01/2028^(b)		108,000		91,373
Arches Buyer, Inc., 4.25%, 06/01/2028^(b)		250,000		206,023
Cablevision Lightpath LLC, 5.63%, 09/15/2028^(b)		200,000		149,246
Clarivate Science Holdings Corp., 3.88%, 07/01/2028^(b)		240,000		207,323
Gartner, Inc., 4.50%, 07/01/2028^(b)		200,000		183,790
ION Trading Technologies S.a.r.l. (Luxembourg), 5.75%, 05/15/2028^(b)		200,000		162,499
Virtusa Corp., 7.13%, 12/15/2028^(b)		100,000		83,163

				1,083,417

Machinery-1.57%
ATS Corp. (Canada), 4.13%, 12/15/2028^(b)		90,000		78,666
GrafTech Finance, Inc., 4.63%, 12/15/2028^(b)		140,000		114,461
Titan International, Inc., 7.00%, 04/30/2028		100,000		94,840
TK Elevator Holdco GmbH (Germany), 7.63%, 07/15/2028^(b)		200,000		183,762
Wabash National Corp., 4.50%, 10/15/2028^(b).		100,000		86,127

				557,856

Media-10.11%
Advantage Sales & Marketing, Inc., 6.50%, 11/15/2028^(b)		165,000		126,248
CCO Holdings LLC/CCO Holdings Capital Corp., 5.00%, 02/01/2028^(b)		640,000		580,608
Clear Channel Outdoor Holdings, Inc., 7.75%, 04/15/2028^(b)		250,000		207,693
CSC Holdings LLC, 5.38%, 02/01/2028^(b)(c)		340,000		283,900

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, 2023

(Unaudited)


	Principal Amount		Value
Media-(continued)
DISH DBS Corp.
7.38%, 07/01/2028	$	160,000	$	109,600
5.75%, 12/01/2028^(b)		640,000		512,432
GCI LLC, 4.75%, 10/15/2028^(b)		160,000		137,348
iHeartCommunications, Inc., 4.75%, 01/15/2028^(b)		128,000		107,754
Lamar Media Corp., 3.75%, 02/15/2028		141,000		124,942
McGraw-Hill Education, Inc., 5.75%, 08/01/2028^(b)		220,000		192,876
Sirius XM Radio, Inc., 4.00%, 07/15/2028^(b)		510,000		436,509
TEGNA, Inc., 4.63%, 03/15/2028		270,000		241,312
UPC Holding B.V. (Netherlands), 5.50%, 01/15/2028^(b)		200,000		177,180
Urban One, Inc., 7.38%, 02/01/2028^(b)		190,000		169,783
Virgin Media Vendor Financing Notes IV DAC (United Kingdom), 5.00%, 07/15/2028^(b)		200,000		173,764

				3,581,949

Metals & Mining-1.34%
Arconic Corp., 6.13%, 02/15/2028^(b)		240,000		236,071
Century Aluminum Co., 7.50%, 04/01/2028^(b)		50,000		46,864
Kaiser Aluminum Corp., 4.63%, 03/01/2028^(b)		130,000		112,077
Warrior Met Coal, Inc., 7.88%, 12/01/2028^(b)		80,000		79,972

				474,984

Oil, Gas & Consumable Fuels-3.66%
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 8.25%, 12/31/2028^(b)		90,000		87,597
Callon Petroleum Co., 8.00%, 08/01/2028^(b)		168,000		164,905
CVR Energy, Inc., 5.75%, 02/15/2028^(b)		100,000		88,848
Encino Acquisition Partners Holdings LLC, 8.50%, 05/01/2028^(b)		155,000		135,562
EQM Midstream Partners L.P., 5.50%, 07/15/2028		220,000		196,571
Global Marine, Inc., 7.00%, 06/01/2028		60,000		48,563
Hess Midstream Operations L.P., 5.13%, 06/15/2028^(b)		150,000		137,762
Holly Energy Partners L.P./Holly Energy
Finance Corp., 5.00%, 02/01/2028^(b)		132,000		119,907
Occidental Petroleum Corp., 6.38%, 09/01/2028		150,000		151,717
SM Energy Co., 6.50%, 07/15/2028		100,000		92,354
Vital Energy, Inc., 10.13%, 01/15/2028^(c)		76,000		74,772

				1,298,558

Paper & Forest Products-0.60%
Clearwater Paper Corp., 4.75%, 08/15/2028^(b)		80,000		70,222
Domtar Corp., 6.75%, 10/01/2028^(b)		160,000		144,169

				214,391

Personal Products-0.53%
Edgewell Personal Care Co., 5.50%, 06/01/2028^(b)		200,000		186,976

Pharmaceuticals-4.75%
AdaptHealth LLC, 6.13%, 08/01/2028^(b)		100,000		92,032
Bausch Health Cos., Inc.
4.88%, 06/01/2028^(b)		300,000		187,500
11.00%, 09/30/2028^(b)		430,000		338,615
Cheplapharm Arzneimittel GmbH (Germany), 5.50%, 01/15/2028^(b)		200,000		177,132


	Principal Amount		Value
Pharmaceuticals-(continued)
Elanco Animal Health, Inc., 6.65%, 08/28/2028	$	200,000	$	191,474
Mallinckrodt International Finance S.A./ Mallinckrodt CB LLC, 11.50%, 12/15/2028^(b)		160,000		143,671
Organon & Co./Organon Foreign Debt Co-Issuer B.V., 4.13%, 04/30/2028^(b)		625,000		552,250

				1,682,674

Professional Services-1.21%
ASGN, Inc., 4.63%, 05/15/2028^(b)		140,000		126,648
CoreLogic, Inc., 4.50%, 05/01/2028^(b)(c)		196,000		151,146
KBR, Inc., 4.75%, 09/30/2028^(b)		66,000		59,459
Science Applications International Corp., 4.88%, 04/01/2028^(b)		100,000		91,224

				428,477

Real Estate Management & Development-1.19%
Cushman & Wakefield US Borrower LLC, 6.75%, 05/15/2028^(b)		202,000		190,597
Forestar Group, Inc., 5.00%, 03/01/2028^(b)		80,000		69,055
Howard Hughes Corp. (The), 5.38%, 08/01/2028^(b)		180,000		163,316

				422,968

Road & Rail-0.36%
Uber Technologies, Inc., 6.25%, 01/15/2028^(b)		130,000		128,096

Semiconductors & Semiconductor Equipment-0.75%
Entegris, Inc., 4.38%, 04/15/2028^(b)		98,000		86,805
ON Semiconductor Corp., 3.88%, 09/01/2028^(b)		202,000		177,721

				264,526

Software-2.16%
Castle US Holding Corp., 9.50%, 02/15/2028^(b)		65,000		25,327
Consensus Cloud Solutions, Inc., 6.50%, 10/15/2028^(b)		130,000		113,551
Fair Isaac Corp., 4.00%, 06/15/2028^(b)		220,000		199,998
MicroStrategy, Inc., 6.13%, 06/15/2028^(b)(c)		111,000		92,262
NCR Corp., 5.00%, 10/01/2028^(b)		180,000		155,153
PTC, Inc., 4.00%, 02/15/2028^(b)		130,000		118,209
Rackspace Technology Global, Inc., 3.50%, 02/15/2028^(b)		100,000		60,983

				765,483

Specialty Retail-3.39%
Asbury Automotive Group, Inc., 4.50%, 03/01/2028		100,000		89,577
At Home Group, Inc., 4.88%, 07/15/2028^(b)		50,000		36,812
Bath & Body Works, Inc., 5.25%, 02/01/2028		130,000		121,198
Group 1 Automotive, Inc., 4.00%, 08/15/2028^(b)		200,000		171,926
Ken Garff Automotive LLC, 4.88%, 09/15/2028^(b)		80,000		68,983
Michaels Cos., Inc. (The), 5.25%, 05/01/2028^(b)(c)		220,000		183,316
PetSmart, Inc./PetSmart Finance Corp., 4.75%, 02/15/2028^(b)		250,000		227,796

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, 2023

(Unaudited)


	Principal Amount		Value
Specialty Retail-(continued)
SRS Distribution, Inc., 4.63%, 07/01/2028^(b)	$	170,000	$	148,906
White Cap Buyer LLC, 6.88%, 10/15/2028^(b)		168,000		152,729

				1,201,243

Technology Hardware, Storage & Peripherals-0.88%
Presidio Holdings, Inc., 8.25%, 02/01/2028^(b)		150,000		142,701
Xerox Holdings Corp., 5.50%, 08/15/2028^(b)(c)		200,000		168,210

				310,911

Thrifts & Mortgage Finance-0.48%
Nationstar Mortgage Holdings, Inc., 5.50%, 08/15/2028^(b)		200,000		170,094

Trading Companies & Distributors-2.57%
Fortress Transportation and Infrastructure Investors LLC, 5.50%, 05/01/2028^(b)		250,000		223,547
H&E Equipment Services, Inc., 3.88%, 12/15/2028^(b)		320,000		275,521
United Rentals (North America), Inc., 4.88%, 01/15/2028		430,000		410,263

				909,331

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.22% (Cost $38,090,450)				34,808,629


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-12.37%
Invesco Private Government Fund, 4.58%^(e)(f)(g)		1,227,477	$	1,227,477
Invesco Private Prime Fund, 4.83%^(e)(f)(g)		3,155,737		3,156,368

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $4,384,034)				4,383,845

TOTAL INVESTMENTS IN SECURITIES-110.59% (Cost $42,474,484)				39,192,474
OTHER ASSETS LESS LIABILITIES-(10.59)%				(3,751,981	)

NET ASSETS-100.00%			$	35,440,493

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, 2023 was $29,792,599, which represented 84.06% of the Fund’s Net Assets.

^(c)	All or a portion of this security was out on loan at February 28, 2023.

^(d)	Restricted security. The value of this security at February 28, 2023 represented less than 1% of the Fund’s Net Assets.

^(e)


	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 28, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	145,115		$	2,084,886		$	(2,230,001	)		$	-			$	-		$	-		$	4,111

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			480,278			4,044,427			(3,297,228	)			-				-			1,227,477			18,618	*

Invesco Private Prime Fund			1,235,001			9,111,503			(7,190,320	)			(273	)			457			3,156,368			51,061	*


Total		$	1,860,394		$	15,240,816		$	(12,717,549	)		$	(273	)		$	457		$	4,383,845		$	73,790

*	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.


		95

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

February 28, 2023

(Unaudited)

^(f)	The rate shown is the 7-day SEC standardized yield as of February 28, 2023.

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


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2023

Communication Services			17.36

Industrials			15.31

Consumer Discretionary			13.32

Materials			11.39

Health Care			9.83

Information Technology			7.23

Energy			5.62

Financials			5.53

Consumer Staples			4.89

Utilities			4.20

Real Estate			3.54

Money Market Funds Plus Other Assets Less Liabilities			1.78

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


		96

Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-97.74%
Aerospace & Defense-1.10%
BWX Technologies, Inc., 4.13%, 04/15/2029^(b)	$	30,000	$	26,203
TransDigm, Inc.
4.63%, 01/15/2029		90,000		77,437
4.88%, 05/01/2029		60,000		51,508

				155,148

Airlines-0.98%
United Airlines, Inc., 4.63%, 04/15/2029^(b)		155,000		137,553

Auto Components-1.87%
American Axle & Manufacturing, Inc., 5.00%, 10/01/2029		50,000		40,393
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.38%, 03/01/2029^(b)(c)		50,000		45,058
Goodyear Tire & Rubber Co. (The), 5.00%, 07/15/2029^(c)		60,000		52,254
NESCO Holdings II, Inc., 5.50%, 04/15/2029^(b)		70,000		62,460
Patrick Industries, Inc., 4.75%, 05/01/2029^(b)		30,000		25,530
Real Hero Merger Sub 2, Inc., 6.25%, 02/01/2029^(b)		50,000		37,081

				262,776

Automobiles-2.07%
Allison Transmission, Inc., 5.88%, 06/01/2029^(b)		40,000		37,939
Dornoch Debt Merger Sub, Inc., 6.63%, 10/15/2029^(b)		50,000		37,812
Ford Motor Credit Co. LLC, 5.11%, 05/03/2029		200,000		183,000
Thor Industries, Inc., 4.00%, 10/15/2029^(b)		40,000		32,277

				291,028

Beverages-0.71%
Primo Water Holdings, Inc. (Canada), 4.38%, 04/30/2029^(b)		60,000		51,447
Triton Water Holdings, Inc., 6.25%, 04/01/2029^(b)		60,000		47,895

				99,342

Building Products-1.07%
GYP Holdings III Corp., 4.63%, 05/01/2029^(b)		30,000		25,731
Park River Holdings, Inc.
5.63%, 02/01/2029^(b)		20,000		13,964
6.75%, 08/01/2029^(b)		20,000		14,017
PGT Innovations, Inc., 4.38%, 10/01/2029^(b)		40,000		33,625
Shea Homes L.P./Shea Homes Funding Corp., 4.75%, 04/01/2029^(c)		20,000		17,568
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/2029^(b)		50,000		46,056

				150,961

Capital Markets-0.48%
APX Group, Inc., 5.75%, 07/15/2029^(b)		60,000		50,335
Armor Holdco, Inc., 8.50%, 11/15/2029^(b)		20,000		16,913

				67,248

Chemicals-3.95%
ASP Unifrax Holdings, Inc., 7.50%, 09/30/2029^(b)(c)		20,000		13,625
Axalta Coating Systems LLC, 3.38%, 02/15/2029^(b)		150,000		124,666


	Principal Amount		Value
Chemicals-(continued)
Chemours Co. (The), 4.63%, 11/15/2029^(b)	$	40,000	$	32,512
Diamond BC B.V., 4.63%, 10/01/2029^(b)		40,000		32,482
LSF11 A5 Holdco LLC, 6.63%, 10/15/2029^(b)		20,000		16,991
Methanex Corp. (Canada), 5.25%, 12/15/2029		50,000		45,885
NOVA Chemicals Corp. (Canada), 4.25%, 05/15/2029^(b)(c)		40,000		33,159
SCIH Salt Holdings, Inc., 6.63%, 05/01/2029^(b)		50,000		40,662
Scotts Miracle-Gro Co. (The), 4.50%, 10/15/2029		30,000		26,028
SK Invictus Intermediate II S.a.r.l. (Luxembourg), 5.00%, 10/30/2029^(b)		50,000		39,836
Trinseo Materials Operating S.C.A./Trinseo Materials Finance, Inc., 5.13%, 04/01/2029^(b)		20,000		13,346
Tronox, Inc., 4.63%, 03/15/2029^(b)		80,000		65,284
WR Grace Holdings LLC, 5.63%, 08/15/2029^(b)		90,000		72,387

				556,863

Commercial Services & Supplies-4.80%
ACCO Brands Corp., 4.25%, 03/15/2029^(b)		40,000		32,826
ADT Security Corp. (The), 4.13%, 08/01/2029^(b)		80,000		68,919
APi Group DE, Inc.
4.13%, 07/15/2029^(b)		30,000		25,826
4.75%, 10/15/2029^(b)		10,000		8,937
Covanta Holding Corp., 4.88%, 12/01/2029^(b)		60,000		50,739
Deluxe Corp., 8.00%, 06/01/2029^(b)		40,000		33,438
First Student Bidco, Inc./First Transit Parent, Inc., 4.00%, 07/31/2029^(b)		60,000		51,355
Garda World Security Corp. (Canada), 6.00%, 06/01/2029^(b)		40,000		32,665
GFL Environmental, Inc. (Canada)
4.75%, 06/15/2029^(b)		60,000		53,416
4.38%, 08/15/2029^(b)		40,000		34,664
Madison IAQ LLC, 5.88%, 06/30/2029^(b)		80,000		63,817
Neptune Bidco US, Inc., 9.29%, 04/15/2029^(b)		150,000		141,967
PECF USS Intermediate Holding III Corp., 8.00%, 11/15/2029^(b)		40,000		28,161
Pitney Bowes, Inc., 7.25%, 03/15/2029^(b)		20,000		15,575
Stericycle, Inc., 3.88%, 01/15/2029^(b)		40,000		34,328

				676,633

Communications Equipment-0.18%
Viavi Solutions, Inc., 3.75%, 10/01/2029^(b)		30,000		25,073

Construction & Engineering-0.61%
Arcosa, Inc., 4.38%, 04/15/2029^(b)		20,000		17,494
Dycom Industries, Inc., 4.50%, 04/15/2029^(b)		40,000		35,100
Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2029^(b)		20,000		15,603
VM Consolidated, Inc., 5.50%, 04/15/2029^(b)		20,000		17,731

				85,928

Construction Materials-0.27%
Global Infrastructure Solutions, Inc., 5.63%, 06/01/2029^(b)		30,000		25,067
Victors Merger Corp., 6.38%, 05/15/2029^(b)		20,000		12,626

				37,693

Consumer Finance-1.37%
Navient Corp., 5.50%, 03/15/2029		60,000		50,838

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)–(continued)

February 28, 2023

(Unaudited)


	Principal Amount		Value
Consumer Finance-(continued)
OneMain Finance Corp., 5.38%, 11/15/2029	$	60,000	$	50,611
Paysafe Finance PLC/Paysafe Holdings US Corp., 4.00%, 06/15/2029^(b)		30,000		23,903
PRA Group, Inc., 5.00%, 10/01/2029^(b)		30,000		25,599
PROG Holdings, Inc., 6.00%, 11/15/2029^(b)		50,000		42,554

				193,505

Containers & Packaging-2.15%
Ardagh Metal Packaging Finance USA LLC/ Ardagh Metal Packaging Finance PLC, 4.00%, 09/01/2029^(b)		200,000		160,523
Clydesdale Acquisition Holdings, Inc., 6.63%, 04/15/2029^(b)		40,000		38,202
Graphic Packaging International LLC, 3.50%, 03/01/2029^(b)		30,000		25,807
LABL, Inc., 8.25%, 11/01/2029^(b)		30,000		24,321
Sealed Air Corp., 5.00%, 04/15/2029^(b)		30,000		27,422
TriMas Corp., 4.13%, 04/15/2029^(b)		30,000		26,128

				302,403

Distributors-0.12%
Resideo Funding, Inc., 4.00%, 09/01/2029^(b)		20,000		16,482

Diversified Consumer Services-0.24%
Carriage Services, Inc., 4.25%, 05/15/2029^(b)		30,000		24,145
WW International, Inc., 4.50%, 04/15/2029^(b)		20,000		10,223

				34,368

Diversified Financial Services-1.57%
Aretec Escrow Issuer, Inc., 7.50%, 04/01/2029^(b)		30,000		26,344
Cobra AcquisitionCo LLC, 6.38%, 11/01/2029^(b)		20,000		12,757
Compass Group Diversified Holdings LLC, 5.25%, 04/15/2029^(b)		82,000		71,578
Hightower Holding LLC, 6.75%, 04/15/2029^(b)		20,000		16,950
Jane Street Group/JSG Finance, Inc., 4.50%, 11/15/2029^(b)		30,000		26,365
Superior Plus L.P./Superior General Partner, Inc. (Canada), 4.50%, 03/15/2029^(b)		30,000		26,089
United Wholesale Mortgage LLC, 5.50%, 04/15/2029^(b)		50,000		41,443

				221,526

Diversified Telecommunication Services-4.45%
Altice France S.A. (France)
5.13%, 07/15/2029^(b)		200,000		155,206
5.50%, 10/15/2029^(b)		200,000		156,737
CommScope, Inc., 4.75%, 09/01/2029^(b)		100,000		81,603
Frontier Communications Holdings LLC
6.75%, 05/01/2029^(b)		72,000		60,615
5.88%, 11/01/2029		60,000		48,134
Level 3 Financing, Inc.
3.63%, 01/15/2029^(b)		60,000		38,575
3.75%, 07/15/2029^(b)		70,000		44,100
Lumen Technologies, Inc., 4.50%, 01/15/2029^(b)		80,000		42,386

				627,356

Electric Utilities-1.59%
DPL, Inc., 4.35%, 04/15/2029		30,000		25,983


	Principal Amount		Value
Electric Utilities-(continued)
Leeward Renewable Energy Operations LLC,
4.25%, 07/01/2029^(b)	$	30,000	$	25,560
NRG Energy, Inc.
3.38%, 02/15/2029^(b)		40,000		32,526
5.25%, 06/15/2029^(b)		60,000		53,476
Vistra Operations Co. LLC, 4.38%, 05/01/2029^(b)(c)		100,000		86,504

				224,049

Electrical Equipment-1.25%
Sensata Technologies B.V., 4.00%, 04/15/2029^(b)		200,000		176,619

Electronic Equipment, Instruments & Components-1.68%
Coherent Corp., 5.00%, 12/15/2029^(b)		80,000		70,170
Imola Merger Corp., 4.75%, 05/15/2029^(b)		156,000		132,826
TTM Technologies, Inc., 4.00%, 03/01/2029^(b)		40,000		33,037

				236,033

Energy Equipment & Services-0.51%
Permian Resources Operating LLC, 5.88%, 07/01/2029^(b)		50,000		44,891
Precision Drilling Corp. (Canada), 6.88%, 01/15/2029^(b)		30,000		27,075

				71,966

Entertainment-1.39%
AMC Entertainment Holdings, Inc., 7.50%, 02/15/2029^(b)		50,000		30,013
Jacobs Entertainment, Inc., 6.75%, 02/15/2029^(b)		40,000		36,445
Lions Gate Capital Holdings LLC, 5.50%, 04/15/2029^(b)		77,000		55,089
Playtika Holding Corp., 4.25%, 03/15/2029^(b)		50,000		40,545
WMG Acquisition Corp., 3.75%, 12/01/2029^(b)(c)		40,000		33,803

				195,895

Equity REITs-2.55%
Iron Mountain, Inc., 4.88%, 09/15/2029^(b)		80,000		69,750
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 4.88%, 05/15/2029^(b)		58,000		48,530
RHP Hotel Properties L.P./RHP Finance Corp., 4.50%, 02/15/2029^(b)		40,000		34,854
RLJ Lodging Trust L.P., 4.00%, 09/15/2029^(b)		40,000		33,011
SBA Communications Corp., 3.13%, 02/01/2029		110,000		90,926
Uniti Group L.P./Uniti Group Finance, Inc./CSL Capital LLC, 6.50%, 02/15/2029^(b)		85,000		55,782
XHR L.P., 4.88%, 06/01/2029^(b)		30,000		25,654

				358,507

Food & Staples Retailing-2.13%
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s L.P./Albertson’s LLC, 3.50%, 03/15/2029^(b)		100,000		84,741
American Builders & Contractors Supply Co., Inc., 3.88%, 11/15/2029^(b)		30,000		24,783
Performance Food Group, Inc., 4.25%, 08/01/2029^(b)		80,000		69,925

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, 2023

(Unaudited)


	Principal Amount		Value
Food & Staples Retailing-(continued)
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc., 4.63%, 03/01/2029^(b)	$	70,000	$	57,121
US Foods, Inc., 4.75%, 02/15/2029^(b)		70,000		63,151

				299,721

Food Products-0.76%
Post Holdings, Inc., 5.50%, 12/15/2029^(b)		90,000		82,472
TKC Holdings, Inc., 10.50%, 05/15/2029^(b)		40,000		24,547

				107,019

Gas Utilities-0.35%
Ferrellgas L.P./Ferrellgas Finance Corp., 5.88%, 04/01/2029^(b)		60,000		49,064

Health Care Equipment & Supplies-3.55%
Hologic, Inc., 3.25%, 02/15/2029^(b)		70,000		60,428
Medline Borrower L.P.
3.88%, 04/01/2029^(b)		340,000		283,688
5.25%, 10/01/2029^(b)		190,000		156,176

				500,292

Health Care Providers & Services-2.91%
Acadia Healthcare Co., Inc., 5.00%, 04/15/2029^(b)		40,000		36,441
AHP Health Partners, Inc., 5.75%, 07/15/2029^(b)		20,000		16,787
Avantor Funding, Inc., 3.88%, 11/01/2029^(b)		60,000		51,972
Community Health Systems, Inc., 6.00%, 01/15/2029^(b)		70,000		60,524
HealthEquity, Inc., 4.50%, 10/01/2029^(b)		50,000		43,762
LifePoint Health, Inc., 5.38%, 01/15/2029^(b)		20,000		13,150
ModivCare Escrow Issuer, Inc., 5.00%, 10/01/2029^(b)		40,000		33,882
Option Care Health, Inc., 4.38%, 10/31/2029^(b)		40,000		34,321
Owens & Minor, Inc., 4.50%, 03/31/2029^(b)		40,000		30,741
Tenet Healthcare Corp., 4.25%, 06/01/2029		100,000		87,660

				409,240

Hotels, Restaurants & Leisure-6.11%
1011778 BC ULC/New Red Finance, Inc. (Canada), 3.50%, 02/15/2029^(b)		60,000		50,947
Bloomin’ Brands, Inc./OSI Restaurant Partners LLC, 5.13%, 04/15/2029^(b)		20,000		17,818
Boyne USA, Inc., 4.75%, 05/15/2029^(b)		50,000		44,298
Caesars Entertainment, Inc., 4.63%, 10/15/2029^(b)		90,000		77,059
Carnival Corp., 6.00%, 05/01/2029^(b)		150,000		117,000
Carrols Restaurant Group, Inc., 5.88%, 07/01/2029^(b)(c)		20,000		15,227
Cedar Fair L.P., 5.25%, 07/15/2029^(c)		40,000		36,523
Everi Holdings, Inc., 5.00%, 07/15/2029^(b)		30,000		26,412
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., 4.63%, 01/15/2029^(b)		80,000		69,264
Hilton Domestic Operating Co., Inc., 3.75%, 05/01/2029^(b)		60,000		52,077
Hilton Grand Vacations Borrower Escrow LLC/ Hilton Grand Vacations Borrower Escrow, Inc., 5.00%, 06/01/2029^(b)		70,000		61,498


	Principal Amount		Value
Hotels, Restaurants & Leisure-(continued)
MajorDrive Holdings IV LLC, 6.38%, 06/01/2029^(b)	$	40,000	$	30,969
Marriott Ownership Resorts, Inc., 4.50%, 06/15/2029^(b)		40,000		33,605
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/2029^(b)		60,000		51,368
Papa John’s International, Inc., 3.88%, 09/15/2029^(b)		30,000		25,086
Penn Entertainment, Inc., 4.13%, 07/01/2029^(b)		30,000		24,374
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., 5.63%, 09/01/2029^(b)		60,000		44,168
SeaWorld Parks & Entertainment, Inc., 5.25%, 08/15/2029^(b)		55,000		49,277
Travel + Leisure Co., 4.50%, 12/01/2029^(b)		40,000		33,630

				860,600

Household Durables-0.95%
Ashton Woods USA LLC/Ashton Woods Finance Co., 4.63%, 08/01/2029^(b)		20,000		16,430
Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), 5.00%, 06/15/2029^(b)		30,000		23,429
Century Communities, Inc., 3.88%, 08/15/2029^(b)		40,000		32,738
LGI Homes, Inc., 4.00%, 07/15/2029^(b)		20,000		15,681
Meritage Homes Corp., 3.88%, 04/15/2029^(b)		30,000		25,856
SWF Escrow Issuer Corp., 6.50%, 10/01/2029^(b)(c)		30,000		19,476

				133,610

Household Products-0.36%
Energizer Holdings, Inc., 4.38%, 03/31/2029^(b)		60,000		50,925

Independent Power and Renewable Electricity Producers-0.52%
Calpine Corp., 4.63%, 02/01/2029^(b)		50,000		42,258
TransAlta Corp. (Canada), 7.75%, 11/15/2029		30,000		30,704

				72,962

Industrial Conglomerates-0.37%
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 4.38%, 02/01/2029		60,000		51,896

Insurance-1.79%
Acrisure LLC/Acrisure Finance, Inc.
4.25%, 02/15/2029^(b)		50,000		40,750
6.00%, 08/01/2029^(b)		30,000		24,466
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 5.88%, 11/01/2029^(b)		30,000		25,116
AmWINS Group, Inc., 4.88%, 06/30/2029^(b)		60,000		51,019
AssuredPartners, Inc., 5.63%, 01/15/2029^(b)		40,000		33,937
BroadStreet Partners, Inc., 5.88%, 04/15/2029^(b)		50,000		43,104
HUB International Ltd., 5.63%, 12/01/2029^(b)		40,000		34,384

				252,776

Interactive Media & Services-0.42%
Match Group Holdings II LLC, 5.63%, 02/15/2029^(b)		30,000		27,666
Scripps Escrow II, Inc., 3.88%, 01/15/2029^(b)		40,000		31,915

				59,581

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, 2023

(Unaudited)


	Principal Amount		Value
Internet & Direct Marketing Retail-0.36%
Go Daddy Operating Co. LLC/GD Finance Co., Inc., 3.50%, 03/01/2029^(b)	$	60,000	$	50,326

IT Services-1.61%
Clarivate Science Holdings Corp., 4.88%, 07/01/2029^(b)		70,000		60,546
Conduent Business Services LLC/Conduent State & Local Solutions, Inc., 6.00%, 11/01/2029^(b)		40,000		32,670
Endurance International Group Holdings, Inc., 6.00%, 02/15/2029^(b)		20,000		14,615
Gartner, Inc., 3.63%, 06/15/2029^(b)		50,000		43,286
Twilio, Inc., 3.63%, 03/15/2029		40,000		33,642
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/2029^(b)		50,000		41,610

				226,369

Leisure Products-0.17%
Vista Outdoor, Inc., 4.50%, 03/15/2029^(b)		30,000		24,367

Life Sciences Tools & Services-0.18%
Syneos Health, Inc., 3.63%, 01/15/2029^(b)		30,000		24,757

Machinery-0.84%
Mueller Water Products, Inc., 4.00%, 06/15/2029^(b)		30,000		26,205
OT Merger Corp., 7.88%, 10/15/2029^(b)		20,000		12,029
Roller Bearing Co. of America, Inc., 4.38%, 10/15/2029^(b)		40,000		34,624
Terex Corp., 5.00%, 05/15/2029^(b)		50,000		45,952

				118,810

Media-9.58%
Altice Financing S.A. (Luxembourg), 5.75%, 08/15/2029, (Acquired 09/01/2022; Cost $162,511)^(b)(d)		200,000		163,779
AMC Networks, Inc., 4.25%, 02/15/2029		80,000		58,846
CCO Holdings LLC/CCO Holdings Capital Corp.
5.38%, 06/01/2029^(b)		112,000		99,999
6.38%, 09/01/2029^(b)(c)		110,000		102,672
Clear Channel Outdoor Holdings, Inc., 7.50%, 06/01/2029^(b)		80,000		64,875
CSC Holdings LLC, 6.50%, 02/01/2029^(b)		200,000		169,755
DISH DBS Corp., 5.13%, 06/01/2029		110,000		65,106
Lamar Media Corp., 4.88%, 01/15/2029		30,000		27,721
Liberty Interactive LLC, 8.50%, 07/15/2029		20,000		9,194
McGraw-Hill Education, Inc., 8.00%, 08/01/2029^(b)		50,000		42,784
Outfront Media Capital LLC/Outfront Media Capital Corp., 4.25%, 01/15/2029^(b)		40,000		32,936
Sirius XM Radio, Inc., 5.50%, 07/01/2029^(b)		100,000		90,345
Stagwell Global LLC, 5.63%, 08/15/2029^(b)		80,000		68,873
TEGNA, Inc., 5.00%, 09/15/2029		80,000		71,063
Univision Communications, Inc., 4.50%, 05/01/2029^(b)		80,000		67,547
Videotron Ltd. (Canada), 3.63%, 06/15/2029^(b)		38,000		32,049
Virgin Media Secured Finance PLC (United Kingdom), 5.50%, 05/15/2029^(b)		200,000		181,412

				1,348,956

Metals & Mining-1.57%
ATI, Inc., 4.88%, 10/01/2029		20,000		17,930


	Principal Amount		Value
Metals & Mining-(continued)
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/2029^(b)	$	60,000	$	58,419
Cleveland-Cliffs, Inc., 4.63%, 03/01/2029^(b)		31,000		28,274
Coeur Mining, Inc., 5.13%, 02/15/2029^(b)		30,000		22,743
Hudbay Minerals, Inc. (Canada), 6.13%, 04/01/2029^(b)		50,000		44,194
SunCoke Energy, Inc., 4.88%, 06/30/2029^(b)		40,000		34,000
TMS International Corp., 6.25%, 04/15/2029^(b)		20,000		15,722

				221,282

Mortgage REITs-0.51%
Apollo Commercial Real Estate Finance, Inc., 4.63%, 06/15/2029^(b)		40,000		30,893
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.75%, 06/15/2029^(b)		50,000		40,717

				71,610

Oil, Gas & Consumable Fuels-6.57%
Antero Midstream Partners L.P./Antero Midstream Finance Corp., 5.38%, 06/15/2029^(b)		39,000		35,139
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 5.88%, 06/30/2029^(b)		30,000		26,131
Chesapeake Energy Corp., 5.88%, 02/01/2029^(b)		40,000		37,456
CNX Resources Corp., 6.00%, 01/15/2029^(b)		41,000		37,216
Comstock Resources, Inc., 6.75%, 03/01/2029^(b)		96,000		88,438
Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp., 6.00%, 02/01/2029^(b)		46,000		41,896
CrownRock L.P./CrownRock Finance, Inc., 5.00%, 05/01/2029^(b)		30,000		27,194
DT Midstream, Inc., 4.13%, 06/15/2029^(b)		80,000		68,675
EQM Midstream Partners L.P., 4.50%, 01/15/2029^(b)		60,000		50,111
Global Partners L.P./GLP Finance Corp., 6.88%, 01/15/2029		23,000		21,297
Hilcorp Energy I L.P./Hilcorp Finance Co., 5.75%, 02/01/2029^(b)		50,000		45,303
ITT Holdings LLC, 6.50%, 08/01/2029^(b)		90,000		74,100
MEG Energy Corp. (Canada), 5.88%, 02/01/2029^(b)		42,000		39,217
Parkland Corp. (Canada), 4.50%, 10/01/2029^(b)		60,000		50,466
Rockcliff Energy II LLC, 5.50%, 10/15/2029^(b)		50,000		45,935
Southwestern Energy Co., 5.38%, 02/01/2029		56,000		52,442
Sunoco L.P./Sunoco Finance Corp., 4.50%, 05/15/2029		60,000		52,717
Teine Energy Ltd. (Canada), 6.88%, 04/15/2029^(b)		30,000		27,462
Venture Global Calcasieu Pass LLC, 3.88%, 08/15/2029^(b)		100,000		86,344
Vital Energy, Inc., 7.75%, 07/31/2029^(b)		20,000		17,344

				924,883

Paper & Forest Products-0.74%
Glatfelter Corp., 4.75%, 11/15/2029^(b)		25,000		16,421

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, 2023

(Unaudited)


	Principal Amount		Value
Paper & Forest Products-(continued)
Mercer International, Inc. (Germany), 5.13%, 02/01/2029	$	70,000	$	57,471
Sylvamo Corp., 7.00%, 09/01/2029^(b)		30,000		29,741

				103,633

Personal Products-0.50%
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC, 4.75%, 01/15/2029^(b)		40,000		36,053
Edgewell Personal Care Co., 4.13%, 04/01/2029^(b)		40,000		34,152

				70,205

Pharmaceuticals-2.02%
AdaptHealth LLC, 4.63%, 08/01/2029^(b)		40,000		33,612
Catalent Pharma Solutions, Inc., 3.13%, 02/15/2029^(b)		40,000		34,563
HLF Financing S.a.r.l. LLC/Herbalife International, Inc., 4.88%, 06/01/2029^(b)		50,000		38,813
Jazz Securities DAC, 4.38%, 01/15/2029^(b)		200,000		177,315

				284,303

Professional Services-0.65%
AMN Healthcare, Inc., 4.00%, 04/15/2029^(b)		30,000		25,677
Dun & Bradstreet Corp. (The), 5.00%, 12/15/2029^(b)		40,000		33,127
TriNet Group, Inc., 3.50%, 03/01/2029^(b)		40,000		33,443

				92,247

Real Estate Management & Development-1.19%
Howard Hughes Corp. (The), 4.13%, 02/01/2029^(b)		50,000		41,924
Hunt Cos., Inc., 5.25%, 04/15/2029^(b)		50,000		40,025
Kennedy-Wilson, Inc., 4.75%, 03/01/2029		40,000		32,554
Realogy Group LLC/Realogy Co-Issuer Corp., 5.75%, 01/15/2029^(b)		73,000		52,520

				167,023

Road & Rail-1.27%
Carriage Purchaser, Inc., 7.88%, 10/15/2029^(b)		20,000		14,979
Hertz Corp. (The), 5.00%, 12/01/2029^(b)		80,000		66,505
Uber Technologies, Inc., 4.50%, 08/15/2029^(b)		110,000		97,455

				178,939

Semiconductors & Semiconductor Equipment-0.35%
Entegris, Inc., 3.63%, 05/01/2029^(b)(c)		30,000		24,903
Synaptics, Inc., 4.00%, 06/15/2029^(b)		30,000		24,913

				49,816

Software-3.91%
Central Parent, Inc./CDK Global, Inc., 7.25%, 06/15/2029^(b)		60,000		58,726
Cloud Software Group Holdings, Inc., 6.50%, 03/31/2029^(b)		280,000		242,834
Crowdstrike Holdings, Inc., 3.00%, 02/15/2029		60,000		50,598
Elastic N.V., 4.13%, 07/15/2029^(b)		40,000		32,866
NCR Corp., 5.13%, 04/15/2029^(b)		90,000		76,943
Open Text Corp. (Canada), 3.88%, 12/01/2029^(b)		70,000		56,574
Rocket Software, Inc., 6.50%, 02/15/2029^(b)		40,000		32,779

				551,320


	Principal Amount		Value
Specialty Retail-6.07%
Arko Corp., 5.13%, 11/15/2029^(b)	$	30,000	$	23,795
Asbury Automotive Group, Inc., 4.63%, 11/15/2029^(b)(c)		60,000		52,234
At Home Group, Inc., 7.13%, 07/15/2029^(b)		20,000		12,424
Carvana Co., 4.88%, 09/01/2029^(b)		25,000		11,857
Foot Locker, Inc., 4.00%, 10/01/2029^(b)		20,000		16,464
Gap, Inc. (The), 3.63%, 10/01/2029^(b)		60,000		44,068
LBM Acquisition LLC, 6.25%, 01/15/2029^(b)		40,000		28,549
LCM Investments Holdings II LLC, 4.88%, 05/01/2029^(b)		80,000		65,095
Lithia Motors, Inc., 3.88%, 06/01/2029^(b)		60,000		50,193
Michaels Cos., Inc. (The), 7.88%, 05/01/2029^(b).		60,000		45,222
Murphy Oil USA, Inc., 4.75%, 09/15/2029		40,000		35,750
Penske Automotive Group, Inc., 3.75%, 06/15/2029		40,000		33,650
PetSmart, Inc./PetSmart Finance Corp., 7.75%, 02/15/2029^(b)		250,000		244,125
Sonic Automotive, Inc., 4.63%, 11/15/2029^(b)(c)		50,000		41,299
SRS Distribution, Inc.
6.13%, 07/01/2029^(b)		30,000		25,121
6.00%, 12/01/2029^(b)		70,000		58,562
Upbound Group, Inc., 6.38%, 02/15/2029^(b)		30,000		25,768
Victoria’s Secret & Co., 4.63%, 07/15/2029^(b)		50,000		40,826

				855,002

Technology Hardware, Storage & Peripherals-0.36%
Seagate HDD Cayman
4.09%, 06/01/2029		30,000		25,911
3.13%, 07/15/2029		30,000		24,260

				50,171

Textiles, Apparel & Luxury Goods-0.59%
Crocs, Inc., 4.25%, 03/15/2029^(b)		30,000		25,754
Kontoor Brands, Inc., 4.13%, 11/15/2029^(b)		30,000		25,457
Wolverine World Wide, Inc., 4.00%, 08/15/2029^(b)		40,000		32,259

				83,470

Thrifts & Mortgage Finance-0.62%
PennyMac Financial Services, Inc., 4.25%, 02/15/2029^(b)		50,000		39,185
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.63%, 03/01/2029^(b)		60,000		48,293

				87,478

Tobacco-0.43%
Vector Group Ltd., 5.75%, 02/01/2029^(b)		70,000		60,321

Trading Companies & Distributors-0.47%
Beacon Roofing Supply, Inc., 4.13%, 05/15/2029^(b)		30,000		25,717
BlueLinx Holdings, Inc., 6.00%, 11/15/2029^(b)		20,000		17,162
Foundation Building Materials, Inc., 6.00%, 03/01/2029^(b)		30,000		23,746

				66,625

Total U.S. Dollar Denominated Bonds & Notes (Cost $15,337,699)				13,764,554

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, 2023

(Unaudited)


	Shares		Value
Money Market Funds-0.31%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%^(e)(f) (Cost $43,974)		43,974	$	43,974

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.05% (Cost $15,381,673)				13,808,528


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-3.85%
Invesco Private Government Fund, 4.58%^(e)(f)(g)		151,927		151,927


	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 4.83%^(e)(f)(g)		390,591	$	390,669

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $542,639)				542,596

TOTAL INVESTMENTS IN SECURITIES-101.90% (Cost $15,924,312)				14,351,124
OTHER ASSETS LESS LIABILITIES-(1.90)%				(267,378	)

NET ASSETS-100.00%			$	14,083,746

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, 2023 was $12,127,054, which represented 86.11% of the Fund’s Net Assets.

^(c)	All or a portion of this security was out on loan at February 28, 2023.

^(d)	Restricted security. The value of this security at February 28, 2023 represented 1.45% of the Fund’s Net Assets.

^(e)


	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 28, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	25,686		$	713,598		$	(695,310	)		$	-			$	-		$	43,974		$	1,730

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			54,169			650,833			(553,075	)			-				-			151,927			2,496	*

Invesco Private Prime Fund			139,293			1,466,645			(1,215,279	)			(56	)			66			390,669			6,780	*


Total		$	219,148		$	2,831,076		$	(2,463,664	)		$	(56	)		$	66		$	586,570		$	11,006

*	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, 2023.

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

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


		102

Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)–(continued)

February 28, 2023

(Unaudited)


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2023

Consumer Discretionary			18.36

Communication Services			15.78

Industrials			13.43

Materials			8.68

Health Care			8.65

Information Technology			8.09

Energy			7.33

Financials			6.35

Consumer Staples			4.88

Real Estate			3.73

Utilities			2.46

Money Market Funds Plus Other Assets Less Liabilities			2.26

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


		103

Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-97.23%
Auto Components-0.42%
Dana, Inc., 4.25%, 09/01/2030	$	25,000	$	20,222

Automobiles-3.44%
Ford Motor Credit Co. LLC, 4.00%, 11/13/2030		200,000		166,920

Building Products-2.16%
Advanced Drainage Systems, Inc., 6.38%, 06/15/2030^(b)		30,000		28,688
Masonite International Corp., 3.50%, 02/15/2030^(b)		25,000		20,359
MIWD Holdco II LLC/MIWD Finance Corp., 5.50%, 02/01/2030^(b)		30,000		24,397
Oscar AcquisitionCo LLC/Oscar Finance, Inc., 9.50%, 04/15/2030^(b)		35,000		31,077

				104,521

Capital Markets-0.39%
NFP Corp., 7.50%, 10/01/2030^(b)		20,000		19,062

Chemicals-0.93%
Avient Corp., 7.13%, 08/01/2030^(b)		45,000		45,169

Commercial Services & Supplies-0.43%
Covanta Holding Corp., 5.00%, 09/01/2030		25,000		20,740

Communications Equipment-0.44%
Ciena Corp., 4.00%, 01/31/2030^(b)		25,000		21,306

Consumer Finance-1.43%
FirstCash, Inc., 5.63%, 01/01/2030^(b)		35,000		31,009
OneMain Finance Corp., 4.00%, 09/15/2030		50,000		38,234

				69,243

Containers & Packaging-4.10%
Ball Corp., 2.88%, 08/15/2030		80,000		63,940
Clydesdale Acquisition Holdings, Inc., 8.75%, 04/15/2030^(b)		70,000		63,313
Crown Americas LLC, 5.25%, 04/01/2030		30,000		27,948
Graphic Packaging International LLC, 3.75%, 02/01/2030^(b)		25,000		21,276
OI European Group B.V., 4.75%, 02/15/2030^(b)		25,000		22,300

				198,777

Diversified Consumer Services-0.84%
Service Corp. International, 3.38%, 08/15/2030		50,000		40,673

Diversified Financial Services-0.91%
Scientific Games Holdings L.P./Scientific Games US FinCo, Inc., 6.63%, 03/01/2030^(b)		50,000		44,026

Diversified Telecommunication Services-5.89%
Frontier Communications Holdings LLC
6.00%, 01/15/2030^(b)		60,000		48,017
8.75%, 05/15/2030^(b)		75,000		75,911
Intelsat Jackson Holdings S.A. (Luxembourg), 6.50%, 03/15/2030^(b)		185,000		161,411

				285,339

Electric Utilities-1.11%
PG&E Corp., 5.25%, 07/01/2030		60,000		53,624

Energy Equipment & Services-2.06%
Weatherford International Ltd., 8.63%, 04/30/2030^(b)		100,000		99,982


	Principal Amount		Value
Entertainment-1.54%
Roblox Corp., 3.88%, 05/01/2030^(b)	$	60,000	$	49,381
WMG Acquisition Corp., 3.88%, 07/15/2030^(b)		30,000		25,473

				74,854

Equity REITs-1.95%
Iron Mountain, Inc., 5.25%, 07/15/2030^(b)		80,000		69,851
Uniti Group L.P./Uniti Fiber Holdings, Inc./CSL Capital LLC, 6.00%, 01/15/2030^(b)		40,000		24,842

				94,693

Food & Staples Retailing-0.54%
US Foods, Inc., 4.63%, 06/01/2030^(b)		30,000		26,232

Food Products-2.09%
Darling Ingredients, Inc., 6.00%, 06/15/2030^(b)		50,000		48,375
Lamb Weston Holdings, Inc., 4.13%, 01/31/2030^(b)		60,000		52,715

				101,090

Health Care Equipment & Supplies-0.81%
Embecta Corp.
5.00%, 02/15/2030^(b)		30,000		25,469
6.75%, 02/15/2030^(b)		15,000		13,537

				39,006

Health Care Providers & Services-10.55%
Community Health Systems, Inc., 5.25%, 05/15/2030^(b)		100,000		80,151
DaVita, Inc., 4.63%, 06/01/2030^(b)		175,000		144,414
Molina Healthcare, Inc., 3.88%, 11/15/2030^(b)		40,000		33,741
Owens & Minor, Inc., 6.63%, 04/01/2030^(b)		40,000		32,956
Pediatrix Medical Group, Inc., 5.38%, 02/15/2030^(b)		25,000		22,085
Tenet Healthcare Corp.
4.38%, 01/15/2030		90,000		78,848
6.13%, 06/15/2030^(b)		125,000		119,238

				511,433

Health Care Technology-2.45%
AthenaHealth Group, Inc., 6.50%, 02/15/2030^(b)		150,000		118,831

Hotels, Restaurants & Leisure-6.99%
1011778 BC ULC/New Red Finance, Inc. (Canada), 4.00%, 10/15/2030^(b)		180,000		148,853
Carnival Corp., 10.50%, 06/01/2030^(b)		60,000		58,162
CDI Escrow Issuer, Inc., 5.75%, 04/01/2030^(b)		75,000		69,743
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., 6.75%, 01/15/2030^(b)		75,000		62,251

				339,009

Household Durables-2.30%
Ashton Woods USA LLC/Ashton Woods Finance Co., 4.63%, 04/01/2030^(b)		25,000		20,151
KB Home, 7.25%, 07/15/2030		20,000		19,609
M/I Homes, Inc., 3.95%, 02/15/2030		20,000		16,238
Mattamy Group Corp. (Canada), 4.63%, 03/01/2030^(b)		35,000		29,041
Taylor Morrison Communities, Inc., 5.13%, 08/01/2030^(b)		30,000		26,503

				111,542

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


		104

Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU)–(continued)

February 28, 2023

(Unaudited)


	Principal Amount		Value
Household Products-0.88%
Central Garden & Pet Co., 4.13%, 10/15/2030	$	30,000	$	25,024
Spectrum Brands, Inc., 5.50%, 07/15/2030^(b)		20,000		17,712

				42,736

Insurance-0.44%
Ryan Specialty Group LLC, 4.38%, 02/01/2030^(b)		25,000		21,405

Interactive Media & Services-1.13%
Ziff Davis, Inc., 4.63%, 10/15/2030^(b)		30,000		25,332
ZipRecruiter, Inc., 5.00%, 01/15/2030^(b)		35,000		29,439

				54,771

IT Services-0.87%
Gartner, Inc., 3.75%, 10/01/2030^(b)		50,000		42,381

Machinery-0.52%
SPX FLOW, Inc., 8.75%, 04/01/2030^(b)		30,000		25,317

Media-8.25%
Cable One, Inc., 4.00%, 11/15/2030^(b)		40,000		31,225
Gray Television, Inc., 4.75%, 10/15/2030^(b)		50,000		36,704
Lamar Media Corp., 4.00%, 02/15/2030		35,000		30,132
Sinclair Television Group, Inc., 4.13%, 12/01/2030^(b)		45,000		35,059
Sirius XM Radio, Inc., 4.13%, 07/01/2030^(b)		90,000		73,227
Univision Communications, Inc., 7.38%, 06/30/2030^(b)		30,000		28,483
Virgin Media Secured Finance PLC (United Kingdom), 4.50%, 08/15/2030^(b)		200,000		164,827

				399,657

Metals & Mining-1.57%
Carpenter Technology Corp., 7.63%, 03/15/2030		20,000		19,969
Commercial Metals Co., 4.13%, 01/15/2030		20,000		17,459
Vibrantz Technologies, Inc., 9.00%, 02/15/2030^(b)		50,000		38,795

				76,223

Oil, Gas & Consumable Fuels-15.17%
Callon Petroleum Co., 7.50%, 06/15/2030^(b)		35,000		32,914
CNX Midstream Partners L.P., 4.75%, 04/15/2030^(b)		25,000		20,524
Comstock Resources, Inc., 5.88%, 01/15/2030^(b)		60,000		51,685
EQM Midstream Partners L.P., 7.50%, 06/01/2030^(b)		30,000		28,620
Hess Midstream Operations L.P.
4.25%, 02/15/2030^(b)		50,000		42,270
5.50%, 10/15/2030^(b)		30,000		27,040
Hilcorp Energy I L.P./Hilcorp Finance Co., 6.00%, 04/15/2030^(b)		30,000		27,257
Kinetik Holdings L.P., 5.88%, 06/15/2030^(b)		70,000		64,802
NuStar Logistics L.P., 6.38%, 10/01/2030		35,000		32,819
Occidental Petroleum Corp.
8.88%, 07/15/2030		60,000		68,225
6.63%, 09/01/2030		95,000		97,748
Parkland Corp. (Canada), 4.63%, 05/01/2030^(b)		50,000		41,674
Range Resources Corp., 4.75%, 02/15/2030^(b)		30,000		26,880
Southwestern Energy Co., 5.38%, 03/15/2030		75,000		68,625
Sunoco L.P./Sunoco Finance Corp., 4.50%, 04/30/2030		50,000		43,375

Investment Abbreviations:

REIT-Real Estate Investment Trust


	Principal Amount		Value
Oil, Gas & Consumable Fuels-(continued)
Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp., 6.00%, 12/31/2030^(b)	$	45,000	$	38,865
Vermilion Energy, Inc. (Canada), 6.88%, 05/01/2030^(b)		25,000		22,091

				735,414

Personal Products-1.12%
BellRing Brands, Inc., 7.00%, 03/15/2030^(b)		55,000		54,458

Pharmaceuticals-4.89%
AdaptHealth LLC, 5.13%, 03/01/2030^(b)		35,000		30,315
Catalent Pharma Solutions, Inc., 3.50%, 04/01/2030^(b)		40,000		34,783
Perrigo Finance Unlimited Co., 4.40%, 06/15/2030		200,000		172,018

				237,116

Real Estate Management & Development-1.48%
Kennedy-Wilson, Inc., 4.75%, 02/01/2030		40,000		30,788
Realogy Group LLC/Realogy Co-Issuer Corp., 5.25%, 04/15/2030^(b)		60,000		41,167

				71,955

Semiconductors & Semiconductor Equipment-1.06%
Entegris Escrow Corp., 5.95%, 06/15/2030^(b)		55,000		51,223

Software-3.37%
Gen Digital Inc., 7.13%, 09/30/2030^(b)		40,000		39,043
McAfee Corp., 7.38%, 02/15/2030^(b)		125,000		99,214
NCR Corp., 5.25%, 10/01/2030^(b)		30,000		24,837

				163,094

Specialty Retail-1.62%
Asbury Automotive Group, Inc., 4.75%, 03/01/2030		25,000		21,687
Bath & Body Works, Inc., 6.63%, 10/01/2030^(b)		60,000		56,917

				78,604

Thrifts & Mortgage Finance-0.64%
Nationstar Mortgage Holdings, Inc., 5.13%, 12/15/2030^(b)		40,000		31,027

Trading Companies & Distributors-0.45%
Boise Cascade Co., 4.88%, 07/01/2030^(b)		25,000		21,912

Total U.S. Dollar Denominated Bonds & Notes (Cost $4,792,381)				4,713,587


	Shares
Money Market Funds-0.39%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%^(c)(d) (Cost $18,783)		18,783		18,783

TOTAL INVESTMENTS IN SECURITIES-97.62% (Cost $4,811,164)				4,732,370
OTHER ASSETS LESS LIABILITIES-2.38%				115,264

NET ASSETS-100.00%			$	4,847,634

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


		105

Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU)–(continued)

February 28, 2023

(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, 2023 was $3,538,722, which represented 73.00% of the Fund’s Net Assets.

^(c)


	Value August 31, 2022		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain		Value February 28, 2023		Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$-		$501,324		$(482,541)		$-		$-		$18,783		$1,144

^(d)	The rate shown is the 7-day SEC standardized yield as of February 28, 2023.


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2023

Health Care			18.70

Energy			17.23

Communication Services			16.80

Consumer Discretionary			15.62

Materials			5.80

Information Technology			5.73

Consumer Staples			4.63

Industrials			4.36

Financials			3.81

Real Estate			3.44

Utilities			1.11

Money Market Funds Plus Other Assets Less Liabilities			2.77

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


		106

Invesco BulletShares 2023 Municipal Bond ETF (BSMN)

February 28, 2023

(Unaudited)

Schedule of Investments


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Municipal Obligations-99.15%
Alabama-1.29%
Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2017 A, RB^(a)		5.00%		09/01/2023	$	100	$	100,933
Jefferson (County of), AL, Series 2013 A, Revenue Wts., (INS - AGM)^(b)		5.50%		10/01/2053		185		189,928
Jefferson (County of), AL, Series 2018 A, Ref. GO Wts.		5.00%		04/01/2023		1,875		1,877,608

								2,168,469

Alaska-2.38%
Alaska Housing Finance Corp., Series 2001 A, VRD RB^(c)		2.77%		12/01/2030		4,000		4,000,000

Arizona-0.42%
Arizona (State of), Series 2016, COP^(a)		5.00%		10/01/2023		190		192,062
Arizona (State of) Transportation Board, Series 2016, Ref. RB.		5.00%		07/01/2023		35		35,205
Arizona (State of) Transportation Board (Maricopa County Regional Area Road Fund), Series 2014, Ref. RB		5.00%		07/01/2023		130		130,762
Chandler (City of), AZ, Series 2014, Ref. GO Bonds		5.00%		07/01/2023		50		50,313
Maricopa (County of), AZ Special Health Care District, Series 2018 C, GO Bonds		5.00%		07/01/2023		100		100,563
Phoenix Civic Improvement Corp., Series 2014 B, Ref. RB		5.00%		07/01/2023		100		100,616
Pima (County of), AZ, Series 2016, Ref. RB^(a)		5.00%		07/01/2023		5		5,027
Pima (County of), AZ, Series 2016, Ref. RB		5.00%		07/01/2023		20		20,122
Scottsdale (City of), AZ, Series 2015, Ref. GO Bonds		3.00%		07/01/2023		65		64,949

								699,619

Arkansas-0.13%
Arkansas (State of), Series 2021, Ref. GO Bonds		5.00%		06/15/2023		170		170,865
Russellville (City of), AR, Series 2015, Ref. RB^(a)(d)		4.00%		07/01/2023		40		40,090

								210,955

California-21.01%
ABAG Finance Authority for Nonprofit Corps. (Sharp Healthcare), Series 2014 A, RB		5.00%		08/01/2043		500		501,195
Alameda (County of), CA Joint Powers Authority (Multiple Capital), Series 2013 A, RB		5.25%		12/01/2025		65		66,125
Alameda (County of), CA Joint Powers Authority (Multiple Capital), Series 2013 A, RB		5.00%		12/01/2032		50		50,732
Alameda (County of), CA Joint Powers Authority (Multiple Capital), Series 2013 A, RB		5.00%		12/01/2033		200		202,704
Anaheim (City of), CA Housing & Public Improvements Authority, Series 2017 B, Ref. RB^(a)(d)		5.00%		04/01/2023		95		95,142
Bay Area Toll Authority (San Francisco Bay Area), Series 2013 S-4, RB^(a)(d)		5.00%		04/01/2023		255		255,392
Bay Area Toll Authority (San Francisco Bay Area), Series 2013 S-4, RB^(a)(d)		5.25%		04/01/2023		250		250,434
Bay Area Toll Authority (San Francisco Bay Area), Series 2017 A, Ref. RB		5.00%		04/01/2023		35		35,051
California (State of), Series 2013, GO Bonds		5.25%		09/01/2029		1,000		1,010,952
California (State of), Series 2013, GO Bonds		5.00%		11/01/2029		1,000		1,012,905
California (State of), Series 2013, GO Bonds		5.00%		11/01/2030		500		506,155
California (State of), Series 2013, GO Bonds		5.00%		11/01/2043		105		105,905
California (State of), Series 2013, Ref. GO Bonds		5.00%		11/01/2027		90		91,334
California (State of), Series 2013, Ref. GO Bonds		5.00%		09/01/2031		1,600		1,613,903
California (State of), Series 2013, Ref. GO Bonds		5.00%		09/01/2033		55		55,462
California (State of), Series 2014, GO Bonds		4.00%		05/01/2023		155		155,219
California (State of), Series 2014, Ref. GO Bonds		5.00%		10/01/2023		80		80,868
California (State of), Series 2014, Ref. GO Bonds		5.00%		12/01/2025		100		101,606
California (State of), Series 2014, Ref. GO Bonds		5.00%		12/01/2027		150		152,510
California (State of), Series 2014, Ref. GO Bonds		5.00%		12/01/2030		50		50,692
California (State of), Series 2015, Ref. GO Bonds		5.00%		08/01/2023		100		100,774
California (State of), Series 2016, GO Bonds		5.00%		09/01/2023		105		105,980
California (State of), Series 2016, Ref. GO Bonds		5.00%		09/01/2023		125		126,166
California (State of), Series 2017, GO Bonds		4.00%		11/01/2023		1,195		1,202,006
California (State of), Series 2018, Ref. GO Bonds		5.00%		10/01/2029		135		135,209
California (State of), Series 2020, Ref. GO Bonds		5.00%		11/01/2023		110		111,361
California (State of) (Bid Group A), Series 2018, GO Bonds		5.00%		10/01/2023		1,000		1,010,856
California (State of) Department of Water Resources, Series 2020 BB, Ref. RB		5.00%		12/01/2023		500		507,436

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


		107

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

February 28, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
California (State of) Department of Water Resources (Central Valley), Series 2014 AS, RB		5.00%		12/01/2023	$	245	$	248,644
California (State of) Department of Water Resources (Central Valley), Series 2016 AW, Ref. RB		5.00%		12/01/2023		25		25,372
California (State of) Educational Facilities Authority (Occidental College), Series 2013 A, RB^(a)(d)		5.00%		10/01/2023		35		35,374
California (State of) Health Facilities Financing Authority (Adventist Health System), Series 2013 A, RB		4.00%		03/01/2033		500		500,077
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2015, Ref. RB		5.00%		11/15/2023		445		450,762
California (State of) Health Facilities Financing Authority (St. Joseph Health System), Series 2013 A, RB^(a)(d)		5.00%		07/01/2023		10		10,059
California (State of) Health Facilities Financing Authority (St. Joseph Health System), Series 2013 A, RB		5.00%		07/01/2026		40		40,121
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2013 A, RB^(a)(d)		5.00%		08/15/2023		75		75,660
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2018 A, RB		5.00%		11/15/2023		170		171,928
California (State of) Infrastructure & Economic Development Bank (Academy Motion Picture Arts & Sciences Obligated Group), Series 2015 A, Ref. RB		5.00%		11/01/2041		550		553,554
California (State of) Infrastructure & Economic Development Bank (Segerstrom Center Arts), Series 2016 B, Ref. RB		5.00%		07/01/2023		45		45,202
California (State of) Public Works Board (Department of State Hospitals - Coalinga State Hospital), Series 2013 E, RB		5.00%		06/01/2027		100		100,531
California (State of) Public Works Board (University of California - Davidson Library), Series 2013 C, RB^(a)(d)		5.00%		03/01/2023		100		100,000
California (State of) Public Works Board (Various California State University), Series 2013 H, RB^(a)(d)		5.00%		09/01/2023		100		100,968
California (State of) Public Works Board (Various Capital), Series 2013 I, RB		5.25%		11/01/2027		65		66,048
California (State of) Public Works Board (Various Capital), Series 2013 I, RB		5.00%		11/01/2038		190		191,926
California State University, Series 2013 A, RB^(a)(d)		5.00%		11/01/2023		60		60,770
California State University, Series 2016 A, Ref. RB		5.00%		11/01/2023		105		106,383
Chabot-Las Positas Community College District, Series 2013, Ref. GO Bonds^(a)(d)		5.00%		08/01/2023		1,350		1,360,837
Coast Community College District, Series 2013 A, Ref. GO Bonds		5.00%		08/01/2023		35		35,271
Desert Community College District (Riverside & Imperial) (Election of 2016), Series 2018, GO Bonds^(a)(d)		5.00%		08/01/2023		100		100,803
East Bay Municipal Utility District, Series 2014 B, Ref. RB		5.00%		06/01/2023		145		145,705
East Side Union High School District (Election of 2016), Series 2021 C, GO Bonds		3.00%		08/01/2023		325		324,896
Grossmont-Cuyamaca Community College District, Series 2018, Ref. GO Bonds		5.00%		08/01/2023		125		125,998
Los Angeles (City of), CA Department of Water & Power, Series 2013 B, RB		5.00%		07/01/2029		565		568,217
Los Angeles (City of), CA Department of Water & Power, Series 2013 B, RB		5.00%		07/01/2032		375		377,048
Los Angeles (City of), CA Department of Water & Power, Subseries 2001 B-5, Ref. VRD RB^(c)		1.53%		07/01/2034		5,000		5,000,000
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2017 B, Ref. RB		5.00%		07/01/2023		100		100,649
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB		5.00%		06/01/2023		170		170,814
Los Angeles Community College District (Election of 2008), Series 2013 F, GO Bonds^(a)(d)		4.00%		08/01/2023		50		50,197
Los Angeles Unified School District, Series 2014 B, Ref. GO Bonds		5.00%		07/01/2023		100		100,666
Los Angeles Unified School District, Series 2016 A, Ref. GO Bonds		5.00%		07/01/2023		500		503,328
Los Angeles Unified School District, Series 2020 RYQ, GO Bonds		5.00%		07/01/2023		185		186,231
Los Angeles Unified School District (Election of 2008), Series 2016 A, GO Bonds		4.00%		07/01/2023		125		125,425
Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds		5.00%		07/01/2023		265		266,764
Metropolitan Water District of Southern California, Series 2017 A, Ref. RB		2.00%		07/01/2023		225		223,794
Municipal Improvement Corp. of Los Angeles (Real Property), Series 2016 B, Ref. RB		5.00%		11/01/2023		30		30,387
Pajaro Valley Unified School District (Election of 2012), Series 2013 A, GO Bonds		4.25%		08/01/2047		500		495,607
Regents of the University of California Medical Center, Series 2013 J, RB^(a)(d)		5.00%		05/15/2023		500		501,846
Sacramento (City of), CA, Series 2013, RB^(a)(d)		5.00%		09/01/2023		1,305		1,317,629
Sacramento (City of), CA Municipal Utility District, Series 2013 A, RB		5.00%		08/15/2041		75		75,504
Sacramento (City of), CA Municipal Utility District, Series 2017 E, Ref. RB		5.00%		08/15/2023		1,000		1,009,022
Sacramento (City of), CA Unified School District (Measure H) (Election of 2020), Series 2022, GO Bonds, (INS - BAM)^(b)		5.00%		08/01/2023		1,000		1,007,324
San Bernardino (County of), CA (Arrowhead), Series 2019 A, Ref. COP		5.00%		10/01/2023		80		80,896
San Bernardino Community College District, Series 2013 A, Ref. GO Bonds^(a)(d)		4.00%		08/01/2023		100		100,436
San Bernardino Community College District, Series 2013 A, Ref. GO Bonds^(a)(d)		5.00%		08/01/2023		1,170		1,179,876
San Diego (City of), CA Public Facilities Financing Authority, Series 2016 B, Ref. RB		5.00%		08/01/2023		30		30,243
San Diego (County of), CA Water Authority, Series 2015 A, Ref. RB		5.00%		05/01/2023		100		100,326

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


		108

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

February 28, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
San Diego Community College District (Election of 2006), Series 2013, GO Bonds^(a)(d)		5.00%		08/01/2023	$	80	$	80,642
San Diego Unified School District, Series 2014 R-3, Ref. GO Bonds		5.00%		07/01/2023		100		100,679
San Diego Unified School District (Election of 1998), Series 2004 D-1, Ref. GO Bonds, (INS - NATL)^(b).		5.50%		07/01/2023		165		166,389
San Diego Unified School District (Green Bonds), Series 2021 E-2, GO Bonds		5.00%		07/01/2023		3,000		3,020,366
San Francisco (City & County of), CA, Series 2015, COP		4.00%		04/01/2045		95		91,120
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2016 D, Ref. RB^(a)		5.00%		05/01/2023		45		45,138
San Francisco (City of), CA Public Utilities Commission, Series 2015, Ref. RB		5.00%		11/01/2023		45		45,593
San Francisco Community College District, Series 2015, Ref. GO Bonds		5.00%		06/15/2023		100		100,529
San Jose (City of), CA Financing Authority (Civic Center), Series 2013 A, Ref. RB^(a)(d)		5.00%		06/01/2023		100		100,476
San Jose (City of), CA Financing Authority (Civic Center), Series 2013 A, Ref. RB^(a)(d)		5.00%		06/01/2023		500		502,380
San Jose (City of), CA Redevelopment Agency Successor Agency, Series 2017 B, Ref. RB		5.00%		08/01/2023		730		735,467
San Jose Unified School District (Election of 2012), Series 2013 A, GO Bonds^(a)(d)		3.80%		08/01/2023		85		85,256
Sanger Unified School District (Capital), Series 2022, Ref. COP, (INS - AGM)^(b)		5.00%		06/01/2052		100		100,071
Tehachapi Valley Healthcare District (Elecion of 2009), Series 2013, GO Bonds^(a)(d)		5.00%		11/01/2023		100		101,152
University of California, Series 2013 AF, RB^(a)(d)		5.00%		05/15/2023		90		90,351
University of California, Series 2013 AF, RB^(a)(d)		5.00%		05/15/2023		110		110,429
University of California, Series 2013 AF, RB^(a)(d)		5.00%		05/15/2023		80		80,312
University of California, Series 2013 AI, RB^(a)(d)		5.00%		05/15/2023		525		526,938
University of California, Series 2013 AI, RB^(a)(d)		5.00%		05/15/2023		500		501,846
University of California (Limited), Series 2015 I, Ref. RB		5.00%		05/15/2023		175		175,700
West Valley-Mission Community College District, Series 2022 B, GO Bonds		5.00%		08/01/2023		100		100,774
William S. Hart Union High School District (Election of 2008), Series 2013 C, GO Bonds		3.50%		08/01/2038		150		142,206

								35,277,006

Colorado-0.97%
Adams & Arapahoe Joint School District No. 28J Aurora, Series 2022, Ref. GO Bonds		5.00%		12/01/2023		25		25,320
Adams 12 Five Star Schools, Series 2012, Ref. GO Bonds		4.00%		12/15/2023		185		185,127
Arapahoe County School District No. 6 Littleton, Series 2013, GO Bonds		4.50%		12/01/2037		110		110,680
Board of Governors of Colorado State University System, Series 2013 E, RB^(a)(d)		5.00%		03/01/2023		35		35,000
Colorado (State of), Series 2021 A, COP		5.00%		12/15/2023		575		583,184
Colorado (State of) Regional Transportation District, Series 2013 A, Ref. COP		5.00%		06/01/2025		35		35,139
Colorado (State of) Regional Transportation District, Series 2014 A, COP^(a)(d)		5.00%		06/01/2023		275		276,158
Colorado Springs (City of), CO, Series 2018 A-1, Ref. RB		5.00%		11/15/2023		25		25,306
Denver (City & County of), CO, Series 2013 B, RB		5.25%		11/15/2032		5		5,067
Denver (City & County of), CO (Governmental), Series 2020 A-2, Ref. RB.		5.00%		11/15/2023		290		293,431
Denver City & County School District No. 1, Series 2005 A, Ref. GO Bonds, (INS - NATL)^(b)		5.50%		12/01/2023		50		50,878

								1,625,290

Connecticut-3.75%
Connecticut (State of), Series 2013 A, GO Bonds		5.00%		10/15/2027		100		101,189
Connecticut (State of), Series 2013 A, RB		5.00%		10/01/2026		500		505,295
Connecticut (State of), Series 2013 E, GO Bonds		5.00%		08/15/2031		650		655,035
Connecticut (State of), Series 2014 A, RB		5.00%		09/01/2023		20		20,182
Connecticut (State of), Series 2014 D, GO Bonds		5.00%		06/15/2023		3,300		3,317,548
Connecticut (State of), Series 2014 E, GO Bonds		5.00%		09/01/2023		25		25,233
Connecticut (State of), Series 2014 H, Ref. GO Bonds		5.00%		11/15/2023		1,000		1,013,089
Connecticut (State of), Series 2015 A, RB		5.00%		08/01/2023		120		120,904
Connecticut (State of), Series 2016 A, GO Bonds		5.00%		03/15/2023		10		10,007
Connecticut (State of), Series 2018 F, Ref. GO Bonds		5.00%		09/15/2023		25		25,251
Connecticut (State of), Series 2022 D, Ref. GO Bonds		5.00%		09/15/2023		500		505,022

								6,298,755

District of Columbia-0.26%
District of Columbia, Series 2013 A, GO Bonds		5.00%		06/01/2026		50		50,244
District of Columbia, Series 2013 A, GO Bonds		5.00%		06/01/2027		105		105,466
District of Columbia, Series 2013 A, GO Bonds		5.00%		06/01/2028		20		20,087
District of Columbia (Association of American Medical Colleges), Series 2011 A, RB^(a)(d)		4.00%		10/01/2023		105		105,541

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


		109

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

February 28, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
District of Columbia-(continued)
District of Columbia Water & Sewer Authority, Series 1998, RB, (INS - AGM)^(b)		5.50%		10/01/2023	$	15	$	15,206
District of Columbia Water & Sewer Authority, Series 2013 A, RB^(a)(d)		5.00%		10/01/2023		140		141,479

								438,023

Florida-5.07%
Davie (Town of), FL (Nova Southeastern University), Series 2013 A, RB^(a)(d)		6.00%		04/01/2023		1,020		1,022,303
Deltona (City of), FL, Series 2013, Ref. RB^(a)(d)		5.13%		10/01/2023		500		505,496
Florida (State of), Series 2000 D, Ref. GO Bonds		6.00%		06/01/2023		195		196,398
Florida (State of), Series 2016 B, Ref. RB		5.00%		07/01/2023		50		50,290
Florida (State of), Series 2019 A, Ref. GO Bonds		5.00%		07/01/2023		195		196,104
Florida (State of) Department of Management Services, Series 2017 A, Ref. RB		5.00%		09/01/2023		70		70,636
Florida (State of) Department of Management Services, Series 2018 A, Ref. COP		5.00%		11/01/2023		100		101,205
Florida (State of) Department of Transportation, Series 2013 A, Ref. RB		5.00%		07/01/2023		175		176,083
Hillsborough (County of), FL Industrial Development Authority (Tampa General Hospital), Series 2013 A, Ref. RB^(a)(d)		4.00%		10/01/2023		585		587,342
JEA Water & Sewer System, Series 2017 A, Ref. RB		5.00%		10/01/2023		500		505,082
Lee (County of), FL, Series 2013, RB		4.00%		10/01/2043		450		422,464
Miami (City of) & Dade (County of), FL School Board, Series 2013 A, COP^(a)(d)		5.00%		05/01/2023		100		100,236
Miami-Dade (County of), FL, Series 2013 A, RB^(a)(d)		5.50%		10/01/2023		270		273,701
Miami-Dade (County of), FL, Series 2013 B, Ref. RB^(a)(d)		4.13%		10/01/2023		45		45,264
Miami-Dade (County of), FL, Series 2013 B, Ref. RB^(a)(d)		5.00%		10/01/2023		45		45,488
Orange (County of), FL Convention Center, Series 2010, Ref. RB		5.00%		10/01/2023		30		30,234
Orange (County of), FL Health Facilities Authority (Presbyterian Retirement Communities), Series 2016, Ref. RB^(a)		5.00%		08/01/2047		3,975		4,112,530
Reedy Creek Improvement District, Series 2013 A, GO Bonds^(a)(d)		5.25%		06/01/2023		25		25,130
Volusia (County of), FL School Board, Series 2019, COP		5.00%		08/01/2023		50		50,356

								8,516,342

Georgia-0.39%
Atlanta (City of), GA, Series 2015, Ref. RB		5.00%		11/01/2023		65		65,809
Clayton (County of), GA Water Authority, Series 2012, Ref. RB		5.00%		05/01/2023		25		25,036
Forsyth (County of), GA, Series 2019, GO Bonds		5.00%		09/01/2023		35		35,333
Georgia (State of) (Tranche 2), Series 2019 A, GO Bonds		5.00%		07/01/2023		50		50,310
Private Colleges & Universities Authority (Emory University), Series 2013 A, RB		5.00%		10/01/2043		485		486,897

								663,385

Guam-0.07%
Guam (Territory of) Waterworks Authority, Series 2013, RB^(a)(d)		5.50%		07/01/2023		110		110,801

Hawaii-0.24%
Hawaii (State of), Series 2016 FE, Ref. GO Bonds		5.00%		10/01/2023		400		404,250

Illinois-4.59%
Chicago (City of), IL (O’Hare International Airport), Series 2013, RB		5.75%		01/01/2043		3,750		3,801,880
Chicago (City of), IL Metropolitan Water Reclamation District, Series 2016 A, Ref. GO Bonds		5.00%		12/01/2023		50		50,654
Chicago (City of), IL Midway International Airport, Series 2013 B, Ref. RB		5.00%		01/01/2025		35		35,039
Chicago (City of), IL Transit Authority (FTA Section 5307 Urbanized Area Formula Funds), Series 2017, Ref. RB		5.00%		06/01/2023		125		125,380
Cook (County of), IL, Series 2016 A, Ref. GO Bonds		5.00%		11/15/2023		20		20,192
Cook County Community College District No. 508 (City Colleges of Chicago), Series 2013, GO Bonds		5.25%		12/01/2043		135		135,083
Illinois (State of), Series 2012, Ref. GO Bonds		5.00%		08/01/2023		700		703,154
Illinois (State of), Series 2013 A, GO Bonds		5.00%		04/01/2038		600		600,221
Illinois (State of), Series 2013, GO Bonds		5.25%		07/01/2028		250		251,140
Illinois (State of), Series 2013, GO Bonds		5.25%		07/01/2029		100		100,446
Illinois (State of), Series 2013, GO Bonds		5.25%		07/01/2030		465		466,996
Illinois (State of), Series 2013, RB		5.00%		06/15/2025		145		145,488
Illinois (State of), Series 2014, GO Bonds		5.00%		05/01/2023		80		80,138
Illinois (State of), Series 2016, GO Bonds		5.00%		06/01/2023		30		30,079
Illinois (State of), Series 2017 D, GO Bonds		5.00%		11/01/2023		175		176,267
Illinois (State of) Finance Authority (Clean Water Initiative), Series 2017, RB		5.00%		07/01/2023		10		10,057

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


		110

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

February 28, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Illinois-(continued)
Illinois (State of) Finance Authority (Memorial Health System), Series 2014 A, RB^(a)(d)		5.25%		07/01/2023	$	500	$	503,154
Illinois (State of) Finance Authority (The University of Chicago), Series 2014 A, Ref. RB		5.00%		10/01/2023		125		126,307
Illinois (State of) Toll Highway Authority, Series 2013 A, RB		5.00%		01/01/2029		25		25,044
Illinois (State of) Toll Highway Authority, Series 2013 A, RB		5.00%		01/01/2034		200		200,281
Illinois (State of) Toll Highway Authority, Series 2013 A, RB		5.00%		01/01/2038		15		15,013
McLean & Woodford Counties Community Unit School District No. 5, Series 2017 A, Ref. GO Bonds		4.00%		12/01/2023		55		55,212
Springfield (City of), IL, Series 2015, Ref. RB		5.00%		03/01/2023		45		45,000

								7,702,225

Indiana-0.35%
Indiana (State of) Finance Authority (Community Health Network), Series 2012 A, RB^(a)(d)		5.00%		05/01/2023		50		50,151
Indiana (State of) Finance Authority (Indiana University Health Obligated Group), Series 2019, Ref. RB		5.00%		12/01/2023		150		151,975
St. Joseph (County of), IN Hospital Authority (Beacon Health System Obligated Group), Series 2013 C, Ref. RB.		4.00%		08/15/2044		400		381,633

								583,759

Iowa-0.10%
Iowa (State of), Series 2016 A, Ref. RB		5.00%		06/01/2023		30		30,125
Iowa (State of) Finance Authority (Genesis Health System), Series 2013, RB^(a)(d)		5.00%		07/01/2023		25		25,146
Iowa (State of) Finance Authority (Green Bonds), Series 2015, Ref. RB		5.00%		08/01/2023		110		110,851

								166,122

Kansas-0.48%
Kansas (State of) Development Finance Authority, Series 2015 A, Ref. RB^(a)(d)		5.00%		05/01/2023		80		80,242
Kansas (State of) Development Finance Authority, Series 2015 A, Ref. RB^(a)(d)		5.00%		05/01/2023		30		30,091
Kansas (State of) Development Finance Authority, Series 2015 G, RB^(a)(d)		5.00%		04/01/2023		500		500,740
Sedgwick County Unified School District No. 259 Wichita, Series 2017 A, Ref. GO Bonds		4.00%		10/01/2023		200		200,996

								812,069

Kentucky-2.08%
Kentucky (Commonwealth of) Asset Liability Commission, Series 2013 A, RB		5.25%		09/01/2023		180		181,722
Kentucky (Commonwealth of) Asset Liability Commission, Series 2014 A, Ref. RB		5.00%		09/01/2023		70		70,584
Kentucky (Commonwealth of) Asset Liability Commission, Series 2021 A, Ref. RB		5.00%		11/01/2023		570		576,302
Kentucky (Commonwealth of) Property & Building Commission (No. 108), Series 2015 B, Ref. RB		5.00%		08/01/2023		130		130,845
Louisville (City of) & Jefferson (County of), KY Sewer District, Series 2013 A, RB		4.00%		05/15/2035		55		55,039
Louisville (City of) & Jefferson (County of), KY Sewer District, Series 2013 A, RB		4.00%		05/15/2036		500		500,033
Louisville (City of) & Jefferson (County of), KY Sewer District, Series 2013 B, Ref. RB		4.00%		05/15/2038		2,000		1,971,313
Louisville (City of) & Jefferson (County of), KY Sewer District, Series 2013 C, RB^(a)(d)		4.50%		05/15/2023		15		15,041

								3,500,879

Louisiana-0.56%
Louisiana (State of), Series 2013 A, GO Bonds^(a)(d)		4.00%		05/15/2023		25		25,039
Louisiana (State of) Public Facilities Authority (CLECO Power LLC), Series 2008 B, RB		4.25%		12/01/2038		250		234,107
Louisiana (State of) Public Facilities Authority (Hurricane Recovery Program), Series 2014, Ref. RB		5.00%		06/01/2023		125		125,520
Louisiana (State of) Stadium & Exposition District, Series 2013 A, Ref. RB		5.00%		07/01/2028		300		300,934
Louisiana State University & Agricultural & Mechanical College Board of Supervisors, Series 2013, RB^(a)(d)		5.00%		07/01/2023		95		95,585
Terrebonne Levee & Conservation District, Series 2013, RB^(a)(d)		5.00%		07/01/2023		165		165,906

								947,091

Maine-0.12%
Maine (State of) Health & Higher Educational Facilities Authority (Eastern Maine Medical Center Obligated Group), Series 2013, RB^(a)(d)		5.00%		07/01/2023		200		201,099

Maryland-3.65%
Maryland (State of), Series 2015 B, Ref. GO Bonds		4.00%		08/01/2023		500		501,831
Maryland (State of), Series 2017 C, Ref. GO Bonds		5.00%		08/01/2023		1,000		1,007,738
Maryland (State of) (Bidding Group 1), Series 2020 A, GO Bonds.		5.00%		08/01/2023		3,000		3,023,212
Maryland (State of) Department of Transportation, Series 2016, RB		5.00%		11/01/2023		35		35,422
Maryland (State of) Department of Transportation, Series 2016, Ref. RB		4.00%		09/01/2023		80		80,335

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, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Maryland-(continued)
Maryland (State of) Department of Transportation, Series 2017, RB		5.00%		05/01/2023	$	150	$	150,442
Maryland (State of) Department of Transportation (Third Issue), Series 2015, RB		5.00%		12/15/2023		140		141,992
Maryland (State of) Health & Higher Educational Facilities Authority (Johns Hopkins Health System), Series 2013 C, RB^(a)(d)		5.00%		05/15/2023		500		501,774
Maryland (State of) Health & Higher Educational Facilities Authority (Johns Hopkins Health System), Series 2013 C, RB^(a)(d)		5.00%		05/15/2023		120		120,426
Maryland (State of) Health & Higher Educational Facilities Authority (MedStar Health), Series 2013 B, RB		4.00%		08/15/2038		320		313,465
Montgomery (County of), MD, Series 2015 B, GO Bonds		5.00%		12/01/2023		110		111,513
Montgomery (County of), MD, Series 2019 A, GO Bonds		5.00%		11/01/2023		145		146,775

								6,134,925

Massachusetts-2.51%
Massachusetts (Commonwealth of), Series 2013 B, Ref. GO Bonds		5.00%		08/01/2023		75		75,599
Massachusetts (Commonwealth of), Series 2015 A, GO Bonds		5.00%		05/01/2023		300		300,938
Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds		5.00%		07/01/2023		130		130,826
Massachusetts (Commonwealth of), Series 2017 C, Ref. GO Bonds		5.00%		10/01/2023		30		30,331
Massachusetts (Commonwealth of), Series 2018 C, GO Bonds		5.00%		05/01/2029		50		50,160
Massachusetts (Commonwealth of), Series 2018 C, GO Bonds		5.00%		05/01/2032		100		100,291
Massachusetts (Commonwealth of), Series 2019 A, Ref. GO Bonds		5.00%		07/01/2023		25		25,159
Massachusetts (Commonwealth of), Series 2019 C, Ref. GO Bonds		5.00%		05/01/2023		1,000		1,003,128
Massachusetts (Commonwealth of), Series 2019 E, Ref. GO Bonds		3.00%		12/01/2023		2,000		1,998,527
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2005 A, RB		5.00%		07/01/2023		85		85,504
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2007 A-1, Ref. RB		5.25%		07/01/2023		115		115,775
Massachusetts (Commonwealth of) Clean Water Trust (The), Series 2014, Ref. RB		5.00%		08/01/2023		45		45,348
Massachusetts (Commonwealth of) Development Finance Agency (Olin College), Series 2013 E, RB		5.00%		11/01/2038		200		201,234
Massachusetts (Commonwealth of) Development Finance Agency (Olin College), Series 2013 E, RB		5.00%		11/01/2043		50		50,236

								4,213,056

Michigan-0.57%
Livonia Public Schools, Series 2013 I, GO Bonds^(a)(d)		5.00%		05/01/2023		105		105,301
Michigan (State of) (Environmental Program), Series 2016 A, GO Bonds		5.00%		12/01/2023		40		40,556
Michigan (State of) (Garvee), Series 2016, Ref. RB		5.00%		03/15/2023		175		175,101
Michigan (State of) Building Authority (Facilities Program), Series 2013 1-A, Ref. RB		5.00%		10/15/2029		50		50,629
Michigan (State of) Building Authority (Facilities Program), Series 2015 I, Ref. RB		5.00%		04/15/2023		215		215,442
Michigan (State of) Finance Authority, Series 2016 C-3, Ref. RB		5.00%		04/01/2023		40		40,051
Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2015, Ref. RB^(a)		5.00%		08/01/2023		200		201,465
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017 A, Ref. RB		5.00%		12/01/2023		35		35,461
Western Michigan University, Series 2013, Ref. RB^(a)(d)		5.00%		11/15/2023		65		65,851
Western Michigan University, Series 2013, Ref. RB^(a)(d)		5.25%		11/15/2023		25		25,370

								955,227

Minnesota-0.43%
Minnesota (State of), Series 2013 F, Ref. GO Bonds		5.00%		10/01/2023		40		40,455
Minnesota (State of), Series 2014 A, GO Bonds		5.00%		08/01/2023		100		100,811
Minnesota (State of), Series 2020 A, GO Bonds		5.00%		08/01/2023		50		50,405
Minnesota (State of), Series 2020 D, Ref. GO Bonds		5.00%		08/01/2023		500		504,055
Minnesota (State of) Public Facilities Authority, Series 2010 A, RB		5.00%		03/01/2023		20		20,000

								715,726

Mississippi-0.63%
Mississippi (State of), Series 2013 B, GO Bonds^(a)(d)		5.00%		12/01/2023		1,000		1,013,905
Mississippi (State of) Development Bank (City of Jackson, Mississippi Capital City Convention Center), Series 2013 A, Ref. RB		3.25%		03/01/2036		50		42,919

								1,056,824

Missouri-0.37%
Jackson (County of), MO (Truman Sports Complex), Series 2014, Ref. RB		5.00%		12/01/2023		35		35,370
Metropolitan St. Louis Sewer District, Series 2013 B, RB^(a)(d)		5.00%		05/01/2023		225		225,681
Missouri (State of) Board of Public Buildings, Series 2020 B, Ref. RB		5.00%		10/01/2023		65		65,691

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, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Missouri-(continued)
Missouri (State of) Health & Educational Facilities Authority (Coxhealth), Series 2013 A, RB		5.00%		11/15/2048	$	225	$	217,799
Springfield (City of), MO, Series 2015, Ref. RB		5.00%		08/01/2023		75		75,565

								620,106

Nevada-0.34%
Clark (County of), NV Department of Aviation, Series 2019 A, Ref. RB		5.00%		07/01/2023		200		201,132
Clark County School District, Series 2016 A, Ref. GO Bonds		5.00%		06/15/2023		50		50,244
Clark County School District, Series 2016 B, Ref. GO Bonds		5.00%		06/15/2023		60		60,293
Clark County School District, Series 2017 C, Ref. GO Bonds		5.00%		06/15/2023		100		100,489
Las Vegas Valley Water District, Series 2016 A, Ref. GO Bonds		5.00%		06/01/2023		75		75,335
Las Vegas Valley Water District, Series 2019 B, Ref. GO Bonds		5.00%		06/01/2023		30		30,134
Nevada (State of), Series 2014, RB		5.00%		12/01/2023		25		25,338
Nevada (State of), Series 2015 D, Ref. GO Bonds		5.00%		04/01/2023		25		25,036

								568,001

New Jersey-2.90%
Essex (County of), NJ Improvement Authority, Series 2017, Ref. RB		2.00%		12/15/2023		35		34,538
New Jersey (State of), Series 2013, GO Bonds^(a)(d)		4.00%		06/01/2023		265		265,570
New Jersey (State of), Series 2013, GO Bonds		5.00%		06/01/2023		30		30,128
New Jersey (State of), Series 2014, GO Bonds		5.00%		06/01/2023		10		10,043
New Jersey (State of) Economic Development Authority, Series 2013 NN, Ref. RB^(a)(d)		4.00%		03/01/2023		45		45,000
New Jersey (State of) Economic Development Authority, Series 2013 NN, Ref. RB		5.00%		03/01/2023		175		175,000
New Jersey (State of) Economic Development Authority, Series 2013 NN, Ref. RB^(a)(d)		5.00%		03/01/2023		70		70,000
New Jersey (State of) Economic Development Authority, Series 2013 NN, Ref. RB^(a)(d)		5.00%		03/01/2023		260		260,000
New Jersey (State of) Economic Development Authority, Series 2013, Ref. RB^(a)(d)		5.00%		03/01/2023		225		225,000
New Jersey (State of) Economic Development Authority (Rutgers University), Series 2013, RB^(a)(d)		5.00%		06/15/2023		150		150,798
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2016 B, Ref. RB		5.00%		07/01/2023		180		181,120
New Jersey (State of) Transportation Trust Fund Authority, Series 2005 B, RB, (INS - AMBAC)^(b)		5.25%		12/15/2023		55		55,734
New Jersey (State of) Transportation Trust Fund Authority, Series 2006 A, RB		5.50%		12/15/2023		150		152,290
New Jersey (State of) Transportation Trust Fund Authority, Series 2010 D, RB		5.00%		12/15/2023		315		318,599
New Jersey (State of) Transportation Trust Fund Authority, Series 2010 D, RB		5.25%		12/15/2023		325		329,337
New Jersey (State of) Transportation Trust Fund Authority, Series 2013 AA, RB		5.00%		06/15/2023		75		75,312
New Jersey (State of) Transportation Trust Fund Authority, Series 2013 AA, RB		5.00%		06/15/2029		100		100,473
New Jersey (State of) Transportation Trust Fund Authority, Series 2013 AA, RB		5.25%		06/15/2033		1,500		1,507,441
New Jersey (State of) Transportation Trust Fund Authority, Series 2013 AA, RB		5.00%		06/15/2036		500		501,170
New Jersey (State of) Transportation Trust Fund Authority, Series 2014 AA, RB		5.00%		06/15/2023		15		15,063
Rutgers The State University of New Jersey, Series 2013 J, Ref. RB^(a)(d)		4.00%		05/01/2023		50		50,071
Rutgers The State University of New Jersey, Series 2013 J, Ref. RB^(a)(d)		5.00%		05/01/2023		150		150,454
Rutgers The State University of New Jersey, Series 2013 J, Ref. RB^(a)(d)		5.00%		05/01/2023		30		30,091
Rutgers The State University of New Jersey, Series 2013 L, Ref. RB^(a)(d)		5.00%		05/01/2023		30		30,091
Rutgers The State University of New Jersey, Series 2018 N, RB		4.00%		05/01/2023		100		100,123

								4,863,446

New Mexico-0.79%
Albuquerque (City of) & Bernalillo (County of), NM Water Utility Authority, Series 2015, Ref. RB		5.00%		07/01/2023		25		25,153
Albuquerque (City of), NM, Series 2014 A, Ref. RB^(a)(d)		4.00%		07/01/2023		30		30,087
New Mexico (State of), Series 2017 B, Ref. GO Bonds		5.00%		03/01/2023		25		25,000
New Mexico (State of) Finance Authority, Series 2018 A, Ref. RB		5.00%		06/15/2023		1,000		1,005,030
New Mexico (State of) Severance Tax Permanent Fund, Series 2015 A, RB		5.00%		07/01/2023		55		55,329
New Mexico (State of) Severance Tax Permanent Fund, Series 2016 B, Ref. RB		4.00%		07/01/2023		180		180,493

								1,321,092

New York-15.66%
Battery Park (City of), NY Authority, Series 2013 A, RB		5.00%		11/01/2025		400		405,268
Battery Park (City of), NY Authority, Series 2013 A, RB		5.00%		11/01/2026		85		86,119
Erie (County of), NY Industrial Development Agency (The) (City of Buffalo School District), Series 2013 A, RB		5.00%		05/01/2027		60		60,157
Erie (County of), NY Industrial Development Agency (The) (City of Buffalo School District), Series 2022, Ref. RB		5.00%		05/01/2023		150		150,452

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, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York-(continued)
Metropolitan Transportation Authority, Series 2012 A-1, RB		5.00%		11/15/2040	$	485	$	482,019
Metropolitan Transportation Authority, Series 2013 B, RB		5.00%		11/15/2038		295		294,156
Metropolitan Transportation Authority, Series 2013 D, RB		4.75%		11/15/2039		200		196,284
Metropolitan Transportation Authority, Series 2013 E, RB^(a)(d)		5.00%		11/15/2023		150		151,964
Metropolitan Transportation Authority, Series 2013 E, RB		5.00%		11/15/2033		500		501,670
Metropolitan Transportation Authority, Series 2013 E, RB		5.00%		11/15/2038		265		264,242
Metropolitan Transportation Authority, Series 2016 B, Ref. RB		5.00%		11/15/2023		100		100,870
Metropolitan Transportation Authority (Green Bonds), Series 2016 A-2, Ref. RB		5.00%		11/15/2023		155		156,349
Metropolitan Transportation Authority (Green Bonds), Series 2017 B, Ref. RB		5.00%		11/15/2023		1,000		1,008,673
Monroe County Industrial Development Corp. (University of Rochester), Series 2013 A, RB^(a)(d)		5.00%		07/01/2023		20		20,123
MTA Hudson Rail Yards Trust Obligations, Series 2016 A, RB		5.00%		11/15/2056		460		451,957
Nassau (County of), NY, Series 2017 C, Ref. GO Bonds		5.00%		10/01/2023		40		40,404
New York & New Jersey (States of) Port Authority, Series 2013 179, RB		5.00%		12/01/2025		215		217,910
New York & New Jersey (States of) Port Authority, Series 2013 179, RB		5.00%		12/01/2030		50		50,662
New York & New Jersey (States of) Port Authority, Series 2013 179, RB		5.00%		06/01/2033		10		10,131
New York & New Jersey (States of) Port Authority, Series 2013 179, RB		5.00%		12/01/2034		500		504,953
New York & New Jersey (States of) Port Authority, Series 2015, Ref. RB		5.00%		05/01/2023		50		50,147
New York & New Jersey (States of) Port Authority, Two Hundred Thirtieth Series 2022, Ref. RB		4.00%		12/01/2023		100		100,614
New York (City of), NY, Series 2012 B, GO Bonds		5.00%		08/01/2024		25		25,037
New York (City of), NY, Series 2012 I, GO Bonds		5.00%		08/01/2023		100		100,147
New York (City of), NY, Series 2013 G, GO Bonds		5.00%		08/01/2023		1,000		1,007,696
New York (City of), NY, Series 2013 J, GO Bonds		5.00%		08/01/2023		400		403,078
New York (City of), NY, Series 2015 A, Ref. GO Bonds		5.00%		08/01/2023		225		226,732
New York (City of), NY, Series 2015 C, Ref. GO Bonds		5.00%		08/01/2023		50		50,385
New York (City of), NY, Series 2016 C, Ref. GO Bonds		5.00%		08/01/2023		445		448,425
New York (City of), NY, Series 2016 E, Ref. GO Bonds		5.00%		08/01/2023		390		393,001
New York (City of), NY, Series 2017 A, Ref. GO Bonds		4.00%		08/01/2023		70		70,253
New York (City of), NY, Series 2017 C, Ref. GO Bonds		5.00%		08/01/2023		95		95,731
New York (City of), NY, Series 2019 E, Ref. GO Bonds		5.00%		08/01/2023		85		85,654
New York (City of), NY, Series 2020 C-1, Ref. GO Bonds		5.00%		08/01/2023		200		201,539
New York (City of), NY, Subseries 2013 A-1, GO Bonds		5.00%		08/01/2036		1,000		1,005,509
New York (City of), NY, Subseries 2013 F-1, GO Bonds		3.50%		03/01/2038		180		168,306
New York (City of), NY Municipal Water Finance Authority, Series 2013 CC, RB		5.00%		06/15/2047		500		501,337
New York (City of), NY Municipal Water Finance Authority, Series 2013 DD, RB		3.50%		06/15/2034		160		160,021
New York (City of), NY Municipal Water Finance Authority, Series 2013 EE, RB		5.00%		06/15/2047		50		50,134
New York (City of), NY Municipal Water Finance Authority, Series 2017 CC-2, Ref. RB		5.00%		06/15/2025		330		334,542
New York (City of), NY Municipal Water Finance Authority, Series 2018 AA, Ref. RB^(a)		5.00%		06/15/2023		125		125,665
New York (City of), NY Municipal Water Finance Authority, Series 2019 BB-2, RB		5.00%		06/15/2025		100		101,376
New York (City of), NY Municipal Water Finance Authority, Series 2019 DD, RB		5.00%		06/15/2025		100		101,376
New York (City of), NY Transitional Finance Authority, Series 2013 A-1, RB		4.25%		11/01/2033		75		75,637
New York (City of), NY Transitional Finance Authority, Series 2013 A-1, RB		5.00%		11/01/2042		200		200,966
New York (City of), NY Transitional Finance Authority, Series 2015 C, Ref. RB		5.00%		11/01/2023		275		278,549
New York (City of), NY Transitional Finance Authority, Series 2017 A-1, RB		5.00%		08/01/2023		200		201,614
New York (City of), NY Transitional Finance Authority, Series 2021, Ref. RB		5.00%		11/01/2023		1,435		1,453,518
New York (City of), NY Transitional Finance Authority, Subseries 2013 F-1, RB^(a)(d)		5.00%		03/30/2023		200		200,278
New York (City of), NY Transitional Finance Authority, Subseries 2014 B-1, RB		5.00%		11/01/2023		150		151,936
New York (City of), NY Transitional Finance Authority, Subseries 2018 A-1, RB		5.00%		08/01/2023		105		105,847
New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB		5.00%		07/15/2023		100		100,641
New York (State of) Dormitory Authority, Series 2005 A, RB, (CEP - Colorado Higher Education Intercept Program)		5.50%		05/15/2023		1,000		1,004,690
New York (State of) Dormitory Authority, Series 2013 A, RB^(a)(d)		5.00%		03/15/2023		85		85,058
New York (State of) Dormitory Authority, Series 2013 A, RB^(a)(d)		5.00%		07/01/2023		5		5,031
New York (State of) Dormitory Authority, Series 2014 A, RB		5.00%		03/15/2023		200		200,144
New York (State of) Dormitory Authority, Series 2015 A, Ref. RB^(a)		5.00%		03/15/2023		35		35,024
New York (State of) Dormitory Authority, Series 2015 A, Ref. RB		5.00%		03/15/2023		65		65,047
New York (State of) Dormitory Authority, Series 2015 B, Ref. RB		5.00%		07/01/2023		125		125,749
New York (State of) Dormitory Authority, Series 2015 E, Ref. RB^(a)		5.00%		03/15/2023		1,635		1,636,083
New York (State of) Dormitory Authority, Series 2015 E, Ref. RB		3.25%		03/15/2035		350		336,936

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, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York-(continued)
New York (State of) Dormitory Authority, Series 2016 A, Ref. RB		4.00%		10/01/2023	$	25	$	25,114
New York (State of) Dormitory Authority, Series 2017 A, RB		5.00%		03/15/2023		55		55,039
New York (State of) Dormitory Authority, Series 2017 A, Ref. RB		5.00%		07/01/2023		45		45,270
New York (State of) Dormitory Authority, Series 2017 G, Ref. RB		5.00%		10/01/2023		235		237,565
New York (State of) Dormitory Authority, Series 2018 A, RB		5.00%		10/01/2023		160		161,746
New York (State of) Dormitory Authority (Group A), Series 2016 A, RB		5.00%		03/15/2023		50		50,036
New York (State of) Dormitory Authority (St. Johns University), Series 2013 A, RB		5.00%		07/01/2044		250		250,400
New York (State of) Utility Debt Securitization Authority, Series 2013 TE, RB		5.00%		12/15/2027		105		106,355
New York (State of) Utility Debt Securitization Authority, Series 2013 TE, RB		5.00%		12/15/2028		100		101,306
New York (State of) Utility Debt Securitization Authority, Series 2013 TE, RB		5.00%		12/15/2029		550		557,270
New York (State of) Utility Debt Securitization Authority, Series 2013 TE, RB		5.00%		12/15/2030		1,690		1,712,074
New York (State of) Utility Debt Securitization Authority, Series 2013 TE, RB		5.00%		12/15/2031		165		167,155
New York (State of) Utility Debt Securitization Authority, Series 2013 TE, RB		5.00%		12/15/2033		30		30,378
New York (State of) Utility Debt Securitization Authority, Series 2013 TE, RB		5.00%		12/15/2041		360		363,750
New York (State of) Utility Debt Securitization Authority, Series 2016 A, Ref. RB		5.00%		12/15/2025		100		101,259
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2013 A, RB		5.00%		06/15/2026		50		50,253
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2013 A, RB		5.00%		06/15/2027		100		100,506
New York State Urban Development Corp., Series 2013 A-1, RB^(a)(d)		5.00%		03/15/2023		25		25,017
New York State Urban Development Corp., Series 2013 A-1, RB^(a)(d)		5.00%		03/15/2023		10		10,007
New York State Urban Development Corp., Series 2013 A-1, RB		5.00%		03/15/2029		45		45,051
New York State Urban Development Corp., Series 2013 A-1, RB		5.00%		03/15/2030		170		170,194
New York State Urban Development Corp., Series 2013 A-1, RB		5.00%		03/15/2031		80		80,078
New York State Urban Development Corp., Series 2013 C, RB^(a)(d)		5.00%		03/15/2023		200		200,132
New York State Urban Development Corp., Series 2013 C, RB^(a)(d)		5.00%		03/15/2023		1,100		1,100,729
New York State Urban Development Corp., Series 2013 C, RB		5.00%		03/15/2029		850		851,252
New York State Urban Development Corp., Series 2013 C, RB		5.00%		03/15/2031		40		40,059
New York State Urban Development Corp., Series 2013 C, RB		5.00%		03/15/2033		500		500,724
New York State Urban Development Corp., Series 2013 D, RB		5.00%		03/15/2023		50		50,036
New York State Urban Development Corp., Series 2013 E, RB		5.00%		03/15/2030		265		265,303
New York State Urban Development Corp., Series 2013 E, RB		5.00%		03/15/2031		200		200,194
New York State Urban Development Corp., Series 2016 A, Ref. RB		5.00%		03/15/2023		35		35,025
New York State Urban Development Corp. (Bidding Group 1), Series 2021 A, Ref. RB		5.00%		03/15/2023		100		100,072
Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB^(a)		4.00%		10/15/2023		125		125,686
Suffolk (County of), NY Water Authority, Series 2012 A, RB		3.75%		06/01/2036		250		250,038
Suffolk (County of), NY Water Authority, Series 2013, Ref. RB		3.00%		06/01/2028		10		10,006
Triborough Bridge & Tunnel Authority, Series 2013 A, Ref. RB^(a)(d)		5.00%		05/15/2023		270		270,958
Triborough Bridge & Tunnel Authority, Series 2013 A, Ref. RB^(a)(d)		5.00%		05/15/2023		430		431,526
Triborough Bridge & Tunnel Authority, Series 2013 A, Ref. RB		5.00%		11/15/2023		105		105,365
Triborough Bridge & Tunnel Authority, Series 2013 A, Ref. RB		5.00%		11/15/2024		95		95,327

								26,302,071

North Carolina-2.30%
North Carolina (State of), Series 2013 C, Ref. GO Bonds		4.00%		05/01/2023		2,000		2,003,027
North Carolina (State of), Series 2014 C, Ref. RB		5.00%		05/01/2023		315		315,943
North Carolina (State of), Series 2016 A, Ref. GO Bonds		5.00%		06/01/2023		100		100,474
North Carolina (State of) (Garvee), Series 2017, Ref. RB		5.00%		03/01/2023		90		90,000
North Carolina (State of) Medical Care Commission (United Methodist Retirement), Series 2017 A, Ref. RB^(a)(d)		5.00%		10/01/2023		1,000		1,039,732
North Carolina State University at Raleigh, Series 2013 A, RB^(a)(d)		5.00%		10/01/2023		90		90,951
Wake (County of), NC Industrial Facilities & Pollution Control Financing Authority (Duke Energy), Series 2013, Ref. RB		4.00%		06/01/2041		225		220,213

								3,860,340

Ohio-2.12%
Cincinnati City School District (Classroom Construction & Improvement), Series 2006, Ref. GO Bonds, (INS - NATL)^(b)		5.25%		12/01/2023		10		10,156
Cleveland (City of), OH, Series 2015, RB^(a)(d)		5.00%		10/01/2023		15		15,163

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, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Ohio-(continued)
Cleveland Heights & University Heights City School District, Series 2014, GO Bonds^(a)(d)		4.50%		06/01/2023	$	250	$	250,842
Columbus (City of), OH, Series 2013 1, Ref. GO Bonds^(a)(d)		5.00%		07/01/2023		20		20,123
Columbus (City of), OH, Series 2013 1, Ref. GO Bonds^(a)(d)		5.00%		07/01/2023		25		25,154
Columbus (City of), OH, Series 2013-1, Ref. GO Bonds^(a)(d)		5.00%		07/01/2023		170		171,047
Columbus (City of), OH, Series 2017-1, Ref. GO Bonds		4.00%		04/01/2023		125		125,096
Hamilton (County of), OH, Series 2016 A, Ref. RB		5.00%		12/01/2023		10		10,132
Highland Local School District (Medina & Summit Counties), Series 2018 A, GO Bonds^(a)(d)		5.25%		06/01/2023		500		502,597
Montgomery (County of), OH (Catholic Health Initiatives), Series 2009, RB^(a)(d)		5.25%		11/13/2023		375		378,965
Northeast Ohio Regional Sewer District, Series 2013, RB^(a)(d)		5.00%		05/15/2023		100		100,355
Northeast Ohio Regional Sewer District, Series 2013, RB^(a)(d)		5.00%		05/15/2023		75		75,266
Northwest Local School District, Series 2015, GO Bonds		4.00%		12/01/2050		500		460,674
Ohio (State of), Series 2012 C, Ref. GO Bonds		5.00%		08/01/2023		10		10,078
Ohio (State of), Series 2015 A, Ref. GO Bonds		5.00%		09/01/2023		25		25,235
Ohio (State of), Series 2016 A, Ref. GO Bonds		5.00%		09/01/2023		185		186,735
Ohio (State of), Series 2020 B, Ref. GO Bonds		5.00%		09/15/2023		900		909,087
Ohio (State of) (Garvee), Series 2016-1, RB		5.00%		12/15/2023		50		50,684
Ohio (State of) (Garvee), Series 2018-1, RB		5.00%		12/15/2023		115		116,574
Ohio (State of) Higher Educational Facility Commission (Case Western Reserve University), Series 2016, Ref. RB^(a)		5.00%		12/01/2023		100		101,353
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2016, RB		5.00%		12/01/2023		20		20,286

								3,565,602

Oklahoma-0.66%
Cleveland (County of), OK Educational Facilities Authority (Moore Public Schools), Series 2016, RB		5.00%		06/01/2023		40		40,143
Oklahoma (County of), OK Independent School District No. 89, Series 2020 A, GO Bonds		2.50%		07/01/2023		1,025		1,020,620
Oklahoma (State of) Capitol Improvement Authority, Series 2014 A, Ref. RB		5.00%		07/01/2023		40		40,220

								1,100,983

Oregon-0.14%
Oregon (State of) Department of Transportation, Series 2013 A, RB^(a)(d)		5.00%		11/15/2023		75		75,982
Oregon (State of) Department of Transportation, Series 2017 A, RB		5.00%		11/15/2023		20		20,249
Oregon (State of) Lottery, Series 2015 C, Ref. RB		5.00%		04/01/2023		25		25,036
Portland (City of), OR, Series 2016 B, Ref. RB		5.00%		06/15/2023		120		120,611

								241,878

Pennsylvania-3.02%
Lehigh (County of), PA Authority, Series 2013 A, RB		5.00%		12/01/2043		195		188,301
Lehigh (County of), PA Authority, Series 2013 A, RB		5.13%		12/01/2047		120		115,713
Northampton (County of), PA General Purpose Authority (LaFayette College), Series 2013 A, Ref. RB^(a)(d)		5.00%		11/01/2023		60		60,742
Pennsylvania (Commonwealth of), First Series 2012, Ref. GO Bonds		4.00%		07/01/2023		1,000		1,003,233
Pennsylvania (Commonwealth of), First Series 2013, GO Bonds^(a)(d)		5.00%		04/01/2023		125		125,180
Pennsylvania (Commonwealth of), First Series 2013, GO Bonds^(a)(d)		5.00%		04/01/2023		65		65,094
Pennsylvania (Commonwealth of), First Series 2015, GO Bonds		5.00%		03/15/2023		100		100,070
Pennsylvania (Commonwealth of), First Series 2015, Ref. GO Bonds		5.00%		08/15/2023		195		196,742
Pennsylvania (Commonwealth of), First Series 2016, Ref. GO Bonds		5.00%		09/15/2023		235		237,423
Pennsylvania (Commonwealth of), Second Series 2013, GO Bonds		5.00%		10/15/2023		30		30,356
Pennsylvania (Commonwealth of), Second Series 2013, GO Bonds		5.00%		10/15/2027		25		25,312
Pennsylvania (Commonwealth of), Series 2019, Ref. GO Bonds		5.00%		07/15/2023		1,000		1,007,264
Philadelphia (City of), PA, Series 2019 A, Ref. GO Bonds		5.00%		08/01/2023		250		251,800
Westmoreland (County of), PA Municipal Authority, Series 2013, RB^(a)(d)		5.00%		08/15/2023		10		10,085
Westmoreland (County of), PA Municipal Authority, Series 2013, RB^(a)(d)		5.00%		08/15/2023		50		50,424
Westmoreland (County of), PA Municipal Authority, Series 2013, RB^(a)(d)		5.00%		08/15/2023		1,000		1,008,481
Westmoreland (County of), PA Municipal Authority, Series 2013, RB^(a)(d)		5.00%		08/15/2023		590		595,004

								5,071,224

South Carolina-1.38%
Charleston Educational Excellence Finance Corp. (Charleston County School), Series 2013, Ref. RB^(a)(d)		5.00%		12/01/2023		45		45,626

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, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
South Carolina-(continued)
Charleston Educational Excellence Finance Corp. (Charleston County School), Series 2013, Ref. RB		5.00%		12/01/2026	$	825	$	837,532
Charleston Educational Excellence Finance Corp. (Charleston County School), Series 2013, Ref. RB		4.00%		12/01/2028		525		528,226
Horry County School District, Series 2016, GO Bonds		5.00%		03/01/2023		70		70,000
South Carolina (State of) Public Service Authority, Series 2013 E, RB		5.00%		12/01/2048		680		676,322
South Carolina (State of) Public Service Authority, Series 2013 E, RB		5.50%		12/01/2053		20		20,109
South Carolina (State of) Public Service Authority (Santee Cooper), Series 2013 A, RB		5.00%		12/01/2038		100		100,400
South Carolina (State of) Public Service Authority (Santee Cooper), Series 2013 S, Ref. RB		5.13%		12/01/2043		30		30,098
South Carolina (State of) Transportation Infrastructure Bank, Series 2015 A, Ref. RB		5.00%		10/01/2023		15		15,151

								2,323,464

South Dakota-0.10%
South Dakota (State of) Building Authority, Series 2013 B, RB^(a)(d)		5.00%		06/01/2023		35		35,161
South Dakota (State of) Building Authority, Series 2013 B, RB^(a)(d)		5.00%		06/01/2023		125		125,573

								160,734

Tennessee-0.80%
Greeneville (Town of), TN Health & Educational Facilities Board (Ballad Health Obligated Group), Series 2018 A, Ref. RB		5.00%		07/01/2033		100		100,219
Memphis (City of), TN, Series 2014 A, Ref. GO Bonds		5.00%		11/01/2023		50		50,635
Memphis (City of), TN, Series 2020, Ref. GO Bonds		5.00%		05/01/2023		30		30,093
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2013, RB^(a)(d)		4.00%		07/01/2023		20		20,058
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2013, Ref. GO Bonds^(a)(d)		5.00%		07/01/2023		25		25,154
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2015 C, GO Bonds		5.00%		07/01/2023		1,000		1,005,925
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2017, GO Bonds		5.00%		07/01/2023		100		100,593
Tennessee (State of) School Bond Authority, Series 2014, Ref. RB, (CEP - Colorado Higher Education Intercept Program)		5.00%		11/01/2023		15		15,181

								1,347,858

Texas-7.55%
Bexar (County of), TX, Series 2013 A, Ctfs. of Obligation^(a)(d)		4.00%		06/15/2023		280		280,628
Bexar (County of), TX, Series 2013 A, Ctfs. of Obligation^(a)(d)		4.00%		06/15/2023		280		280,628
Bexar (County of), TX, Series 2013 C, Ctfs. of Obligation^(a)(d)		5.00%		06/15/2023		400		402,023
Board of Regents of the University of Texas System, Series 2016 D, RB		5.00%		08/15/2023		200		201,651
Board of Regents of the University of Texas System, Series 2016 J, RB		5.00%		08/15/2023		25		25,206
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2013 D, Ref. RB		5.00%		11/01/2033		35		35,376
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2013 F, Ref. RB		5.25%		11/01/2033		270		273,340
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 A, Ref. RB		5.00%		11/01/2023		65		65,710
Dallas (City of), TX, Series 2015 A, Ref. RB		5.00%		10/01/2023		145		146,532
Dallas (City of), TX Independent School District, Series 2014 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		08/15/2023		25		25,209
El Paso (County of), TX Hospital District, Series 2013, Ctfs. Of Obligation		5.00%		08/15/2043		435		436,462
Grand Parkway Transportation Corp., Series 2013 B, RB^(a)(d)		5.00%		10/01/2023		280		282,975
Guadalupe-Blanco River Authority (Western Canyon Regional Water Supply), Series 2013 A, Ref. RB^(a)(d)		5.00%		04/15/2023		130		130,256
Harris (County of), TX Flood Control District, Series 2019 A, Ref. RB		5.00%		10/01/2023		1,000		1,010,856
Hidalgo (County of), TX Regional Mobility Authority, Series 2013, Ref. RB^(a)(d)		5.00%		12/01/2023		100		101,361
Houston (City of), TX, Series 2013 A, Ref. GO Bonds^(a)(d)		5.00%		03/01/2023		55		55,000
Houston (City of), TX, Series 2014 A, Ref. GO Bonds		5.00%		03/01/2023		25		25,000
Houston (City of), TX, Series 2017 A, Ref. GO Bonds		5.00%		03/01/2023		185		185,000
Lower Colorado River Authority, Series 2013, Ref. RB		5.00%		05/15/2039		500		500,566
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2019, Ref. RB		5.00%		05/15/2023		605		607,184
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, Ref. RB		5.00%		05/15/2023		130		130,469
North Texas Tollway Authority, Series 2017 A, RB		5.00%		01/01/2026		5		5,006
Permanent University Fund - University of Texas System, Series 2007 B, Ref. RB		5.25%		07/01/2023		150		151,046
Red River Education Finance Corp. (Texas Christian University), Series 2013, RB^(a)(d)		5.00%		03/15/2023		100		100,063
San Marcos Consolidated Independent School District, Series 2013, GO Bonds^(a)(d)		5.00%		08/01/2023		90		90,644
Tarrant County Cultural Education Facilities Finance Corp. (Baylor Health Care System), Series 2013 A, RB^(a)(d)		4.00%		05/15/2023		25		25,039

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, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Texas-(continued)
Tarrant County Cultural Education Facilities Finance Corp. (Hendrick Medical Center Obligated Group), Series 2013, RB^(a)(d)		5.50%		09/01/2023	$	3,915	$	3,960,342
Tarrant County Cultural Education Facilities Finance Corp. (Methodist Hospitals of Dallas), Series 2013, RB^(a)(d)		5.00%		10/01/2023		1,000		1,010,048
Tarrant County Cultural Education Facilities Finance Corp. (Scott & White Healthcare), Series 2013, RB^(a)(d)		4.00%		08/15/2023		130		130,500
Tarrant County Cultural Education Facilities Finance Corp. (Scott & White Healthcare), Series 2013, RB^(a)(d)		5.00%		08/15/2023		725		731,018
Tarrant County Cultural Education Facilities Finance Corp. (Scott & White Healthcare), Series 2013, RB^(a)(d)		5.00%		08/15/2023		1,000		1,008,301
Texas (State of), Series 2018 A, Ref. GO Bonds		5.00%		10/01/2023		135		136,403
Texas (State of) (Water Financial Assistance), Subseries 2018 B-3, Ref. GO Bonds		5.00%		08/01/2023		75		75,555
Texas (State of) Water Development Board, Series 2017 A, RB		5.00%		04/15/2023		30		30,065
Texas State University Board of Regents, Series 2017 A, Ref. RB		5.00%		03/15/2023		25		25,017

								12,680,479

Utah-0.31%
University of Utah (The), Series 2013 A, RB^(a)(d)		5.00%		08/01/2023		215		216,664
Utah (County of), UT (IHC Health Services, Inc.), Series 2016, Ref. RB		5.00%		05/15/2023		45		45,145
Utah (State of), Series 2020 B, GO Bonds		5.00%		07/01/2023		265		266,702

								528,511

Virginia-3.27%
Chesapeake Bay Bridge & Tunnel District, Series 2019, RAN		5.00%		11/01/2023		100		100,954
Henry (County of), VA Industrial Development Authority, Series 2019, RB		2.00%		11/01/2023		1,600		1,581,001
Richmond (City of), VA, Series 2017 B, Ref. GO Bonds		5.00%		07/15/2023		60		60,416
University of Virginia, Series 2013 A, Ref. RB^(a)(d)		5.00%		06/01/2023		500		502,293
University of Virginia, Series 2013 A, Ref. RB^(a)(d)		5.00%		06/01/2023		3,000		3,013,758
Virginia (Commonwealth of) College Building Authority, Series 2014 B, Ref. RB, (CEP - Colorado Higher Education Intercept Program)		5.00%		09/01/2023		35		35,327
Virginia (Commonwealth of) Public Building Authority, Series 2021 A-1, RB		5.00%		08/01/2023		45		45,348
Virginia (Commonwealth of) Public School Authority, Series 2012, Ref. RB		5.00%		08/01/2023		5		5,007
Virginia (Commonwealth of) Public School Authority, Series 2015, Ref. RB		5.00%		08/01/2023		140		141,083

								5,485,187

Washington-3.00%
Energy Northwest (Columbia Generating Station), Series 2015 A, Ref. RB		5.00%		07/01/2023		300		301,648
Energy Northwest (Columbia Generating Station), Series 2021, Ref. RB		5.00%		07/01/2023		400		402,198
King (County of), WA, Series 2016 B, Ref. RB^(a)(d)		5.00%		07/01/2023		15		15,085
King County School District No. 411 Issaquah, Series 2015, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2023		40		40,553
Seattle (City of), WA, Series 2015, Ref. RB		5.00%		05/01/2023		120		120,363
Tacoma (City of), WA, Series 2013 A, Ref. RB		4.00%		01/01/2042		475		460,193
Washington (State of), Series 2013 A, GO Bonds		5.00%		08/01/2027		25		25,195
Washington (State of), Series 2013 E, GO Bonds		4.00%		02/01/2043		500		491,641
Washington (State of), Series 2013 R, Ref. GO Bonds		5.00%		07/01/2025		775		779,772
Washington (State of), Series 2013, Ref. GO Bonds		4.00%		07/01/2026		1,000		1,002,662
Washington (State of), Series 2014 B, Ref. GO Bonds		5.00%		07/01/2023		125		125,778
Washington (State of), Series 2014 R, Ref. GO Bonds		5.00%		07/01/2023		60		60,373
Washington (State of), Series 2021 R, Ref. GO Bonds		5.00%		08/01/2023		1,000		1,007,820
Washington (State of) (Senior 520 Corridor Program), Series 2013 C, RB		5.00%		09/01/2023		200		201,491

								5,034,772

West Virginia-0.69%
West Virginia (State of) Commissioner of Highways (Surface Transportation), Series 2017 A, RB		5.00%		09/01/2023		145		146,317
West Virginia (State of) Hospital Finance Authority (United Health System Obligated Group), Series 2013 A, Ref. RB^(a)(d)		5.50%		06/01/2023		1,000		1,005,428

								1,151,745

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, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Wisconsin-1.70%
University of Wisconsin Hospitals & Clinics, Series 2013 A, RB^(a)(d)		5.00%		04/01/2023	$	20	$	20,026
Wisconsin (State of), Series 2013 1, Ref. GO Bonds		5.00%		05/01/2023		25		25,078
Wisconsin (State of), Series 2013, Ref. GO Bonds^(a)		5.00%		05/01/2024		30		30,091
Wisconsin (State of), Series 2015 A, GO Bonds^(a)(d)		5.00%		05/01/2023		50		50,151
Wisconsin (State of), Series 2016 B, GO Bonds		4.00%		05/01/2023		40		40,060
Wisconsin (State of), Series 2017 2, Ref. GO Bonds		5.00%		11/01/2023		1,285		1,301,328
Wisconsin (State of), Series 2018 A, GO Bonds^(a)(d)		5.00%		05/01/2023		30		30,091
Wisconsin (State of), Series 2018 A, GO Bonds^(a)		5.00%		05/01/2024		100		100,303
Wisconsin (State of) Department of Transportation, Series 2013-1, RB^(a)(d)		5.00%		07/01/2023		65		65,400
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Senior Credit Group), Series 2013 A, RB^(a)(d)		4.50%		11/15/2023		75		75,567
Wisconsin (State of) Health & Educational Facilities Authority (Aspirus, Inc. Obligated Group), Series 2013, RB		4.00%		08/15/2038		105		104,035
Wisconsin (State of) Health & Educational Facilities Authority (St. John’s Communities, Inc.), Series 2018 A, RB^(a)(d)		5.00%		09/15/2023		1,000		1,009,245

								2,851,375

TOTAL INVESTMENTS IN SECURITIES^(e)-99.15% (Cost $167,375,276)								166,480,765
OTHER ASSETS LESS LIABILITIES-0.85%								1,429,169

NET ASSETS-100.00%							$	167,909,934


Investment Abbreviations:
AGM		-Assured Guaranty Municipal Corp.
AMBAC		-American Municipal Bond Assurance Corp.
BAM		-Build America Mutual Assurance Co.
CEP		-Credit Enhancement Provider
COP		-Certificates of Participation
Ctfs.		-Certificates
GO		-General Obligation
INS		-Insurer
NATL		-National Public Finance Guarantee Corp.
RAN		-Revenue Anticipation Notes
RB		-Revenue Bonds
Ref.		-Refunding
VRD		-Variable Rate Demand
Wts.		-Warrants

Notes to Schedule of Investments:

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

^(b)	Principal and/or interest payments are secured by the bond insurance company listed.

^(c)	Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on February 28, 2023.

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

^(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.


		119

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

February 28, 2023

(Unaudited)


Portfolio Composition
Revenue Type Breakdown (% of the Fund’s Net Assets) as of February 28, 2023

Ad Valorem Property Tax			28.00

Health, Hospital, Nursing Home Revenue			11.79

Miscellaneous Revenue			7.67

Electric Power Revenue			6.35

Income Tax Revenue			6.17

Lease Revenue			5.89

College & University Revenue			5.28

Water Revenue			5.02

Port, Airport & Marina Revenue			3.68

Revenue Types Each Less Than 3%			19.30

Other Assets Less Liabilities			0.85

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, 2023

(Unaudited)

Schedule of Investments


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Municipal Obligations-98.59%
Alabama-1.22%
Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2015, RB^(a)(b)		3.00%		09/01/2024	$	400	$	398,656
Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2017 A, RB^(a)		5.00%		09/01/2024		450		462,737
Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2017 B, Ref. RB^(a)		5.00%		09/01/2024		900		925,474
Alabama (State of) Public School & College Authority, Series 2014 B, Ref. RB		5.00%		01/01/2024		45		45,676
Alabama (State of) Public School & College Authority, Series 2014 B, Ref. RB		5.00%		01/01/2026		100		102,555
Alabama (State of) Public School & College Authority, Series 2014 B, Ref. RB		5.00%		01/01/2027		30		30,809
Jefferson (County of), AL, Series 2018 A, Ref. GO Wts.		5.00%		04/01/2024		100		101,891

								2,067,798

Alaska-0.60%
North Slope (Borough of), AK, Series 2020 A, GO Bonds		5.00%		06/30/2024		1,000		1,023,327

Arizona-1.63%
Arizona (State of) Department of Transportation, Series 2015, Ref. RB		5.00%		07/01/2032		255		260,726
Arizona (State of) Health Facilities Authority (Scottsdale Lincoln Hospital), Series 2014, Ref. RB		5.00%		12/01/2029		500		515,345
Arizona (State of) Transportation Board (Maricopa County Regional Area Road Fund), Series 2018, RB		5.00%		07/01/2024		1,000		1,023,770
Chandler (City of), AZ, Series 2014, Ref. GO Bonds		5.00%		07/01/2024		150		153,743
Mesa (City of), AZ, Series 2014, Ref. RB		3.00%		07/01/2028		20		19,968
Mesa (City of), AZ, Series 2014, Ref. RB		3.25%		07/01/2029		145		145,092
Phoenix Civic Improvement Corp., Series 2014 B, Ref. RB		5.00%		07/01/2026		500		513,335
Phoenix Civic Improvement Corp., Series 2014 B, Ref. RB		5.00%		07/01/2027		40		41,072
Phoenix Civic Improvement Corp., Series 2018 B, Ref. RB		5.00%		07/01/2024		100		102,496

								2,775,547

Arkansas-0.36%
Little Rock (City of), AR, Series 2014, RB		4.00%		07/01/2041		100		96,487
Pulaski (County of), AR Public Facilities Board, Series 2014, RB^(a)(b)		5.00%		12/01/2024		500		515,352

								611,839

California-18.90%
Anaheim (City of), CA Public Financing Authority, Series 2014 A, Ref. RB^(a)(b)		5.00%		05/01/2024		175		178,937
Anaheim Union High School District, Series 2015, GO Bonds		4.00%		08/01/2040		60		59,461
Bay Area Toll Authority (San Francisco Bay Area), Series 2014 F, Ref. RB^(a)(b)		5.00%		04/01/2024		50		51,042
Bay Area Toll Authority (San Francisco Bay Area), Series 2014 S-6, RB^(a)(b)		5.00%		10/01/2024		50		51,529
California (State of), Series 2014, GO Bonds		5.00%		05/01/2024		560		572,145
California (State of), Series 2014, GO Bonds		5.00%		10/01/2024		100		102,995
California (State of), Series 2014, GO Bonds		5.00%		12/01/2024		225		228,246
California (State of), Series 2014, GO Bonds		5.00%		05/01/2032		1,000		1,019,844
California (State of), Series 2014, GO Bonds		5.00%		10/01/2039		1,595		1,629,870
California (State of), Series 2014, GO Bonds		5.00%		05/01/2044		100		101,343
California (State of), Series 2014, Ref. GO Bonds		5.00%		12/01/2024		500		507,213
California (State of), Series 2014, Ref. GO Bonds		5.00%		11/01/2026		350		361,813
California (State of), Series 2014, Ref. GO Bonds		5.00%		10/01/2031		85		87,267
California (State of), Series 2014, Ref. GO Bonds		5.00%		10/01/2033		1,260		1,292,235
California (State of), Series 2014, Ref. GO Bonds		5.00%		10/01/2034		15		15,384
California (State of), Series 2015 B, Ref. GO Bonds		5.00%		09/01/2024		125		128,538
California (State of), Series 2015, Ref. GO Bonds		5.00%		03/01/2024		280		285,180
California (State of), Series 2016, GO Bonds		5.00%		09/01/2024		75		77,123
California (State of), Series 2017, Ref. GO Bonds		5.00%		08/01/2024		85		87,263
California (State of), Series 2017, Ref. GO Bonds		5.00%		11/01/2024		40		41,264
California (State of), Series 2018, Ref. GO Bonds		5.00%		10/01/2024		100		102,995
California (State of), Series 2019, GO Bonds		4.00%		10/01/2024		125		126,829
California (State of), Series 2019, GO Bonds		5.00%		10/01/2033		125		127,230
California (State of), Series 2019, Ref. GO Bonds		5.00%		04/01/2024		35		35,703

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, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
California (State of), Series 2019, Ref. GO Bonds		5.00%		04/01/2024	$	500	$	510,042
California (State of), Series 2019, Ref. GO Bonds		5.00%		04/01/2033		735		748,347
California (State of), Series 2019, Ref. GO Bonds		5.00%		04/01/2036		500		508,599
California (State of), Series 2019, Ref. GO Bonds		5.00%		04/01/2037		500		508,173
California (State of), Series 2020, GO Bonds		5.00%		11/01/2024		900		928,449
California (State of), Series 2020, Ref. GO Bonds		5.00%		03/01/2024		25		25,463
California (State of), Series 2021, GO Bonds		5.00%		10/01/2024		610		628,268
California (State of), Series 2021, Ref. GO Bonds		5.00%		12/01/2024		135		139,494
California (State of) (Bid Group B), Series 2016, Ref. GO Bonds		5.00%		08/01/2024		280		287,453
California (State of) (Green Bonds), Series 2014, GO Bonds		5.00%		10/01/2028		1,100		1,136,043
California (State of) Department of Water Resources, Series 2014 A, RB^(a)(b)		5.00%		12/01/2024		195		201,728
California (State of) Department of Water Resources, Series 2014 AS, RB^(a)(b)		5.00%		12/01/2024		100		103,450
California (State of) Department of Water Resources, Series 2014 AS, RB		5.00%		12/01/2024		35		36,244
California (State of) Department of Water Resources (Central Valley), Series 2014 AS, RB^(a)(b)		5.00%		12/01/2024		2,000		2,069,004
California (State of) Educational Facilities Authority (Pepperdine University), Series 2014, Ref. RB^(a)(b)		5.00%		12/01/2024		40		41,380
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2015, Ref. RB.		5.00%		11/15/2024		120		123,847
California (State of) Health Facilities Financing Authority (Providence Health & Services), Series 2014 A, RB		5.00%		10/01/2038		25		25,332
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2018 A, RB		5.00%		11/15/2024		85		87,397
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2017, RB		5.00%		10/01/2024		100		103,245
California (State of) Public Works Board, Series 2014 B, RB		5.00%		10/01/2039		70		71,584
California (State of) Public Works Board, Series 2017 B, Ref. RB		5.00%		10/01/2024		75		77,340
California (State of) Public Works Board (Department of State Hospitals - Coalinga State Hospital), Series 2013 E, RB		5.00%		06/01/2024		125		125,603
California (State of) Public Works Board (Various Correctional Facilities), Series 2014 A, RB		5.00%		09/01/2026		100		102,934
California (State of) Public Works Board (Various Correctional Facilities), Series 2014 A, RB		5.00%		09/01/2031		1,000		1,026,677
California (State of) Public Works Board (Various Correctional Facilities), Series 2014 A, RB		5.00%		09/01/2033		100		102,638
California (State of) Public Works Board (Various Correctional Facilities), Series 2014 A, RB		5.00%		09/01/2034		115		117,830
California (State of) Public Works Board (Various Correctional Facilities), Series 2014 A, RB		4.50%		09/01/2035		100		101,404
California (State of) Public Works Board (Various Correctional Facilities), Series 2014 A, RB		5.00%		09/01/2039		100		102,152
California (State of) Statewide Communities Development Authority (Buck Institute for Research on Aging), Series 2014, Ref. RB^(a)(b)		5.00%		11/15/2024		340		351,106
California (State of) Statewide Communities Development Authority (Cottage Health System Obligated Group), Series 2015, Ref. RB^(a)(b)		5.00%		11/01/2024		1,000		1,030,294
California (State of) Statewide Communities Development Authority (Huntington Memorial Hospital), Series 2014 B, Ref. RB^(a)(b)		4.00%		07/01/2024		100		101,294
California State University, Series 2014 A, Ref. RB^(a)(b)		5.00%		11/01/2024		250		258,191
California State University, Series 2014 A, Ref. RB^(a)(b)		5.00%		11/01/2024		30		30,983
California State University, Series 2014 A, Ref. RB^(a)(b)		5.00%		11/01/2024		60		61,966
California State University, Series 2015 A, Ref. RB		5.00%		11/01/2024		50		51,679
Contra Costa (County of), CA Transportation Authority, Series 2015 A, Ref. RB		5.00%		03/01/2024		25		25,482
Contra Costa (County of), CA Water District, Series 2014 T, Ref. RB		5.00%		10/01/2026		180		185,588
East Bay Municipal Utility District, Series 2014 B, Ref. RB		5.00%		06/01/2024		375		384,252
Foothill-Eastern Transportation Corridor Agency, Series 2014 A, Ref. RB^(a)(b)		6.00%		01/15/2024		50		51,251
Foothill-Eastern Transportation Corridor Agency, Series 2014 A, Ref. RB^(a)(b)		6.00%		01/15/2024		1,040		1,066,021
Fremont Union High School District, Series 2015, Ref. GO Bonds^(a)(b)		5.00%		08/01/2024		135		138,726
Inland Valley Development Agency, Series 2014 A, Ref. RB, (INS - AGM)^(c)		5.00%		09/01/2044		100		100,987
Kern Community College District, Series 2022 D, GO Bonds		5.00%		08/01/2024		15		15,427
Los Angeles (City of), CA Department of Water & Power, Series 2013 B, RB		5.00%		07/01/2024		30		30,197
Los Angeles (City of), CA Department of Water & Power, Series 2014 A, RB		5.00%		07/01/2039		165		167,863
Los Angeles (City of), CA Department of Water & Power, Series 2014 A, RB		5.00%		07/01/2044		235		238,252
Los Angeles (City of), CA Department of Water & Power, Series 2014 D, RB		5.00%		07/01/2033		600		614,183
Los Angeles (City of), CA Department of Water & Power, Series 2014 D, RB		5.00%		07/01/2039		125		127,104
Los Angeles (City of), CA Department of Water & Power, Series 2015 E, RB		5.00%		07/01/2044		200		202,664
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2016 A, Ref. RB		5.00%		06/01/2024		5		5,123
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2016 A, Ref. RB		5.00%		07/01/2024		40		41,051

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, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
Los Angeles (County of), CA Public Works Financing Authority, Series 2015 A, RB		5.00%		12/01/2039	$	200	$	203,308
Los Angeles Community College District, Series 2015 A, Ref. GO Bonds^(a)(b)		4.00%		08/01/2024		25		25,360
Los Angeles Community College District, Series 2015 A, Ref. GO Bonds		5.00%		08/01/2024		20		20,569
Los Angeles Community College District, Series 2015 A, Ref. GO Bonds^(a)(b)		5.00%		08/01/2024		50		51,408
Los Angeles Community College District, Series 2015 A, Ref. GO Bonds^(a)(b)		5.00%		08/01/2024		40		41,126
Los Angeles Community College District, Series 2015 A, Ref. GO Bonds^(a)(b)		5.00%		08/01/2024		125		128,520
Los Angeles Community College District, Series 2015 A, Ref. GO Bonds^(a)(b)		5.00%		08/01/2024		190		195,351
Los Angeles Community College District, Series 2015 A, Ref. GO Bonds^(a)(b)		5.00%		08/01/2024		225		231,336
Los Angeles Community College District, Series 2015 A, Ref. GO Bonds^(a)(b)		5.00%		08/01/2024		200		205,632
Los Angeles Community College District, Series 2015 C, Ref. GO Bonds		5.00%		08/01/2024		5		5,142
Los Angeles Unified School District, Series 2014 C, Ref. GO Bonds		5.00%		07/01/2026		90		92,531
Los Angeles Unified School District, Series 2014 C, Ref. GO Bonds		5.00%		07/01/2028		100		102,377
Los Angeles Unified School District, Series 2014 C, Ref. GO Bonds		5.00%		07/01/2029		10		10,238
Los Angeles Unified School District, Series 2014 C, Ref. GO Bonds		5.00%		07/01/2030		250		255,943
Los Angeles Unified School District, Series 2014 D, Ref. GO Bonds		5.00%		07/01/2024		25		25,657
Los Angeles Unified School District, Series 2014 D, Ref. GO Bonds		5.00%		07/01/2026		450		462,656
Los Angeles Unified School District, Series 2017 A, Ref. GO Bonds		5.00%		07/01/2024		200		205,255
Metropolitan Water District of Southern California, Series 2017 A, Ref. RB.		2.25%		07/01/2024		1,000		984,605
Metropolitan Water District of Southern California, Series 2017 B, Ref. RB		5.00%		08/01/2024		150		153,819
Metropolitan Water District of Southern California, Series 2019 A, Ref. RB.		5.00%		07/01/2024		175		179,436
Natomas Unified School District (Election of 2014), Series 2015, GO Bonds		4.00%		08/01/2040		100		99,101
Orange (County of), CA Sanitation District, Series 2015 A, Ref. RB		5.00%		02/01/2035		1,000		1,022,294
Orange (County of), CA Transportation Authority (I-405 Improvement), Series 2021, RB^(a)		4.00%		10/15/2024		500		507,648
Orange (County of), CA Transportation Authority (I-405 Improvement), Series 2021, RB^(a)		5.00%		10/15/2024		500		515,489
Regents of the University of California Medical Center, Series 2016 L, Ref. RB		5.00%		05/15/2024		15		15,337
San Bernardino (County of), CA (Captial Facilities), Series 1992 B, COP^(a)		6.88%		08/01/2024		345		361,329
San Diego (City of), CA Association of Governments (Mid Coast Corridor; Green Bonds), Series 2019, RB		5.00%		11/15/2024		180		182,451
San Diego (City of), CA Public Facilities Financing Authority, Series 2016 B, Ref. RB		5.00%		08/01/2024		10		10,279
San Diego (County of), CA Regional Transportation Commission, Series 2014 A, RB^(a)(b)		5.00%		04/01/2024		50		51,015
San Francisco (City & County of), CA, Series 2022 R-1, Ref. GO Bonds		5.00%		06/15/2024		250		256,435
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2016 D, Ref. RB		5.00%		05/01/2024		25		25,536
San Francisco (City of), CA Public Utilities Commission, Series 2015, Ref. RB		5.00%		11/01/2024		30		31,008
San Francisco Bay Area Rapid Transit District, Series 2015 A, Ref. RB		5.00%		07/01/2024		35		35,901
San Francisco Unified School District, Series 2015 F, GO Bonds		3.50%		06/15/2035		60		59,097
San Joaquin Delta Community College District (Election of 2004), Series 2014 C, GO Bonds^(a)(b)		5.00%		08/01/2024		20		20,552
San Jose (City of), CA Redevelopment Agency Successor Agency, Series 2017 B, Ref. RB		5.00%		08/01/2024		190		194,925
San Marcos Unified School District (Election of 2010), Series 2014 C, GO Bonds^(a)(b)		5.00%		02/15/2024		25		25,459
Silicon Valley Clean Water, Series 2019 A, RB		3.00%		03/01/2024		495		494,413
Silicon Valley Clean Water (WIFIA Rescue), Series 2021 A, RN		0.25%		03/01/2024		90		85,044
Southern California Public Power Authority (Apex Power), Series 2014 A, RB		5.00%		07/01/2032		10		10,223
Southern California Public Power Authority (Apex Power), Series 2014 A, RB		5.00%		07/01/2037		200		204,098
Southern California Public Power Authority (Green Bonds), Series 2020, Ref. RB		5.00%		04/01/2024		255		259,051
Southern California Public Power Authority (Windy Point/Windy Flast), Series 2020, Ref. RB		5.00%		07/01/2030		390		395,541
Tuolumne (City of), CA Wind Project Authority, Series 2016 A, Ref. RB		5.00%		01/01/2024		55		55,904
Twin Rivers Unified School District, Series 2014 A, GO Bonds^(a)(b)		5.00%		02/01/2024		5		5,077
University of California, Series 2014 AM, RB		5.00%		05/15/2027		35		35,848
University of California, Series 2014 AM, RB		5.25%		05/15/2044		195		198,718
Washington Township Health Care District (Election of 2004), Series 2013 B, GO Bonds		5.00%		08/01/2043		250		251,978
Washington Township Health Care District (Election of 2012), Series 2013 A, GO Bonds		5.00%		08/01/2043		500		503,956
West Valley-Mission Community College District, Series 2022 B, GO Bonds		5.00%		08/01/2024		25		25,665

								32,110,894

Colorado-1.25%
Adams 12 Five Star Schools, Series 2014 B, Ref. GO Bonds		5.00%		12/15/2026		35		36,119
Colorado (State of), Series 2013 I, COP^(a)(b)		5.00%		03/15/2024		470		478,541
Colorado (State of), Series 2018 A, COP		5.00%		12/15/2024		40		41,328

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, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Colorado-(continued)
Colorado (State of) Health Facilities Authority (SCL Health System), Series 2013 A, RB^(a)(b)		5.00%		01/01/2024	$	1,150	$	1,165,865
Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB		5.00%		01/01/2024		140		141,874
Colorado (State of) Regional Transportation District, Series 2013 A, Ref. COP.		5.00%		06/01/2024		110		110,402
Denver (City & County of), CO, Series 2016 A, Ref. RB		5.00%		11/15/2024		25		25,734
Denver City & County School District No. 1, Series 2014 B, Ref. GO Bonds		5.00%		12/01/2024		45		46,498
Denver City & County School District No. 1, Series 2014 B, Ref. GO Bonds		5.00%		12/01/2027		25		25,780
Douglas County School District No. Re-1 Douglas & Elbert Counties, Series 2019, GO Bonds		5.00%		12/15/2024		20		20,664
University of Colorado, Series 2017 A-2, Ref. RB		3.25%		06/01/2037		35		31,325

								2,124,130

Connecticut-1.73%
Connecticut (State of), Series 2014 A, GO Bonds		5.00%		03/01/2026		500		509,515
Connecticut (State of), Series 2014 A, GO Bonds		5.00%		03/01/2027		100		101,853
Connecticut (State of), Series 2014 A, RB		5.00%		09/01/2026		75		77,071
Connecticut (State of), Series 2017 A, GO Bonds		5.00%		04/15/2024		90		91,875
Connecticut (State of), Series 2018 B, RB		5.00%		10/01/2024		475		488,483
Connecticut (State of), Series 2022 A, RB		5.00%		07/01/2024		10		10,236
Connecticut (State of) (Green Bonds), Series 2014 G, GO Bonds		5.00%		11/15/2028		100		103,361
Connecticut (State of) Health & Educational Facilities Authority (Hartford Healthcare), Series 2014 E, RB.		5.00%		07/01/2042		500		503,684
Connecticut (State of) Health & Educational Facilities Authority (Yale New Haven Health), Series 2014 E, RB		5.00%		07/01/2024		200		204,019
Hartford (County of), CT Metropolitan District (Green Bonds), Series 2014 A, RB^(a)(b)		5.00%		11/01/2024		725		747,321
University of Connecticut, Series 2017 A, RB		5.00%		01/15/2024		100		101,521

								2,938,939

District of Columbia-1.17%
District of Columbia, Series 2014 A, Ref. RB		5.00%		12/01/2024		35		36,220
District of Columbia, Series 2014 C, GO Bonds		5.00%		06/01/2031		20		20,469
District of Columbia, Series 2014 C, GO Bonds		5.00%		06/01/2032		35		35,807
District of Columbia, Series 2014 D, Ref. GO Bonds		5.00%		06/01/2032		400		409,226
District of Columbia, Series 2018 B, Ref. GO Bonds		5.00%		06/01/2024		225		230,106
District of Columbia, Series 2019 A, GO Bonds		5.00%		10/15/2024		115		118,441
District of Columbia, Series 2019 C, Ref. RB		5.00%		10/01/2024		55		56,724
District of Columbia (Georgetown University), Series 2017, Ref. RB^(a)		5.00%		04/01/2024		1,015		1,035,386
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB		5.00%		07/15/2024		50		51,219

								1,993,598

Florida-4.09%
Alachua (County of), FL Health Facilities Authority (Shands Teaching Hospital & Clinics, Inc.), Series 2014 A, RB		4.00%		12/01/2044		145		134,799
Alachua (County of), FL Health Facilities Authority (Shands Teaching Hospital & Clinics, Inc.), Series 2014 A, RB		5.00%		12/01/2044		1,000		1,004,726
Brevard (County of), FL Health Facilities Authority (Health First, Inc.), Series 2014, Ref. RB^(a)		5.00%		04/01/2033		1,000		1,013,157
Broward (County of), FL School Board, Series 2017 C, Ref. COP		5.00%		07/01/2024		105		107,413
Florida (State of), Series 2017 A, Ref. RB		5.00%		07/01/2024		100		102,351
Florida (State of), Series 2021 B, Ref. GO Bonds		5.00%		06/01/2024		1,000		1,024,053
Florida (State of) (Capital Outlay), Series 2015 A, Ref. GO Bonds		5.00%		06/01/2026		165		169,439
Florida (State of) Department of Environmental Protection (FL Forever), Series 2016 A, Ref. RB		5.00%		07/01/2024		65		66,588
Hillsborough (County of), FL Aviation Authority (Tampa International Airport), Series 2015 A, RB		5.00%		10/01/2044		500		504,813
Jacksonville (City of), FL, Series 2022 A, Ref. RB		5.00%		10/01/2024		1,000		1,027,295
Jacksonville (City of), FL (Brooks Rehabilitation), Series 2015, RB		4.00%		11/01/2040		155		146,607
Miami (City of) & Dade (County of), FL School Board, Series 2014 D, Ref. COP		5.00%		11/01/2028		25		25,761
Miami (City of) & Dade (County of), FL School Board, Series 2014 D, Ref. COP		5.00%		11/01/2030		30		30,811
Miami (City of) & Dade (County of), FL School Board, Series 2015 B, Ref. COP		5.00%		05/01/2024		100		102,007
Miami Beach (City of), FL Redevelopment Agency (City Center), Series 2015, Ref. RB, (INS - AGM)^(c)		5.00%		02/01/2040		100		99,035
Miami-Dade (County of), FL, Series 2015 B, Ref. GO Bonds		5.00%		07/01/2028		405		416,176
Miami-Dade (County of), FL, Series 2015 B, Ref. GO Bonds		5.00%		07/01/2029		110		113,108
Miami-Dade (County of), FL, Series 2015 B, Ref. GO Bonds		3.00%		07/01/2030		25		25,023

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, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Florida-(continued)
Miami-Dade (County of), FL, Series 2015 B, Ref. GO Bonds		4.00%		07/01/2034	$	25	$	25,284
Miami-Dade (County of), FL Expressway Authority, Series 2014 A, RB		5.00%		07/01/2039		500		504,461
Orlando (City of), FL Utilities Commission, Series 2013 A, Ref. RB		5.00%		10/01/2024		120		123,463
South Florida Water Management District, Series 2016, Ref. COP		5.00%		10/01/2024		185		190,338

								6,956,708

Georgia-1.72%
Atlanta (City of), GA, Series 2014 A, Ref. RB		5.00%		01/01/2026		1,150		1,165,617
Atlanta (City of), GA, Series 2014 A, Ref. RB		5.00%		01/01/2028		50		50,762
Atlanta (City of), GA, Series 2014 A, Ref. RB		5.00%		01/01/2029		45		45,712
Atlanta (City of), GA, Series 2014 A, Ref. RB		5.00%		01/01/2030		100		101,562
Atlanta (City of), GA, Series 2015, GO Bonds^(a)(b)		4.75%		12/01/2024		270		277,384
Atlanta (City of), GA, Series 2015, GO Bonds^(a)(b)		5.00%		12/01/2024		50		51,578
Atlanta (City of), GA, Series 2015, Ref. RB		5.00%		11/01/2024		115		118,654
Forsyth (County of), GA, Series 2019, GO Bonds		5.00%		09/01/2024		20		20,572
Georgia (State of), Series 2014 A-2, GO Bonds		4.00%		02/01/2026		10		10,093
Georgia (State of), Series 2014 A-2, GO Bonds		5.00%		02/01/2027		20		20,383
Georgia (State of), Series 2016 A-1, GO Bonds		5.00%		02/01/2024		70		71,195
Georgia (State of), Series 2016 C-1, Ref. GO Bonds		5.00%		01/01/2024		60		60,932
Georgia (State of), Series 2016 C-1, Ref. GO Bonds		5.00%		07/01/2024		130		133,261
Georgia (State of), Series 2016 E, Ref. GO Bonds		5.00%		12/01/2024		15		15,502
Georgia (State of), Series 2016 F, Ref. GO Bonds		5.00%		01/01/2024		45		45,699
Georgia (State of), Series 2017 C, Ref. GO Bonds		5.00%		07/01/2024		320		328,028
Georgia (State of) (Bid Group 1), Series 2020 A, GO Bonds		5.00%		08/01/2024		10		10,268
Georgia (State of) (Bidding Group 3), Series 2022 C, Ref. GO Bonds		4.00%		07/01/2024		40		40,486
Georgia (State of) (Tranche 1), Series 2015 A, GO Bonds		5.00%		02/01/2024		55		55,939
Georgia (State of) (Tranche 2), Series 2019 A, GO Bonds		5.00%		07/01/2024		175		179,390
Private Colleges & Universities Authority (Emory University), Series 2016 B, Ref. RB		3.00%		10/01/2043		155		116,026

								2,919,043

Hawaii-0.28%
Hawaii (State of), Series 2014 EO, GO Bonds		5.00%		08/01/2029		200		205,156
Hawaii (State of), Series 2015 EZ, Ref. GO Bonds		5.00%		10/01/2024		100		102,932
Hawaii (State of), Series 2016 FE, Ref. GO Bonds		5.00%		10/01/2024		75		77,199
Hawaii (State of), Series 2016 FG, GO Bonds		5.00%		10/01/2024		50		51,466
Hawaii (State of), Series 2018 FT, GO Bonds		5.00%		01/01/2024		40		40,605

								477,358

Idaho-0.09%
Idaho (State of) Health Facilities Authority (St. Luke’s Health System), Series 2014 A, RB		5.00%		03/01/2044		150		150,722

Illinois-4.93%
Chicago (City of), IL, Series 2008 C, Ref. RB		5.00%		01/01/2024		250		252,976
Chicago (City of), IL, Series 2014, RB		5.00%		11/01/2044		1,000		1,003,086
Chicago (City of), IL, Series 2016 C, Ref. GO Bonds		5.00%		01/01/2024		25		25,185
Chicago (City of), IL (O’Hare International Airport), Series 2015 B, Ref. RB		5.00%		01/01/2024		150		152,131
Chicago (City of), IL (O’Hare International Airport), Series 2017 E, RB		5.00%		01/01/2024		60		60,852
Chicago (City of), IL Metropolitan Water Reclamation District, Series 2021 C, Ref. GO Bonds		5.00%		12/01/2024		1,000		1,030,877
Chicago (City of), IL Metropolitan Water Reclamation District (Green Bonds), Series 2015 C, GO Bonds		5.00%		12/01/2027		30		30,973
Chicago (City of), IL Metropolitan Water Reclamation District (Green Bonds), Series 2015 C, GO Bonds		5.00%		12/01/2028		145		149,253
Chicago (City of), IL Midway International Airport, Series 2014 B, Ref. RB		5.00%		01/01/2027		150		152,170
Chicago (City of), IL Park District, Series 2013 A, GO Bonds^(a)(b)		5.75%		01/01/2024		100		102,154
Chicago (City of), IL Transit Authority, Series 2014, RB		5.25%		12/01/2049		545		551,101
Du Page & Will Counties Community School District No. 204 Indian Prairie, Series 2017, Ref. GO Bonds		4.00%		12/30/2024		285		289,674
Illinois (State of), Series 2013, RB		5.00%		06/15/2024		145		145,447
Illinois (State of), Series 2014, GO Bonds		5.00%		02/01/2024		200		201,991
Illinois (State of), Series 2014, GO Bonds		5.00%		05/01/2024		50		50,630

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, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Illinois-(continued)
Illinois (State of), Series 2014, GO Bonds		5.00%		05/01/2027	$	10	$	10,128
Illinois (State of), Series 2014, GO Bonds		5.00%		05/01/2028		10		10,130
Illinois (State of), Series 2014, GO Bonds		5.25%		02/01/2029		210		212,682
Illinois (State of), Series 2014, GO Bonds		5.25%		02/01/2030		100		101,255
Illinois (State of), Series 2014, GO Bonds, (INS - AGM)^(c)		4.25%		05/01/2034		20		20,032
Illinois (State of), Series 2016, Ref. GO Bonds		5.00%		02/01/2024		20		20,199
Illinois (State of), Series 2018 A, GO Bonds		4.00%		05/01/2024		150		150,199
Illinois (State of), Series 2022 B, Ref. GO Bonds		5.00%		03/01/2024		50		50,525
Illinois (State of) Finance Authority (Advocate Health Care Network), Series 2014, Ref. RB^(a)(b)		5.00%		08/01/2024		25		25,578
Illinois (State of) Finance Authority (Advocate Health Care Network), Series 2014, Ref. RB^(a)(b)		5.00%		08/01/2024		30		30,694
Illinois (State of) Finance Authority (Clean Water Initiative), Series 2016, RB		5.00%		01/01/2024		150		152,156
Illinois (State of) Finance Authority (Clean Water Initiative), Series 2016, RB		5.00%		07/01/2024		10		10,232
Illinois (State of) Finance Authority (State Clean Water), Series 2017, RB		5.00%		01/01/2024		20		20,287
Illinois (State of) Finance Authority (The University of Chicago), Series 2014 A, Ref. RB		5.00%		10/01/2024		120		123,462
Illinois (State of) Finance Authority (The University of Chicago), Series 2014 A, Ref. RB		5.00%		10/01/2026		35		35,944
Illinois (State of) Finance Authority (The University of Chicago), Series 2014 A, Ref. RB		5.00%		10/01/2027		1,500		1,538,608
Illinois (State of) Finance Authority (The University of Chicago), Series 2014 A, Ref. RB		5.00%		10/01/2029		40		41,005
Illinois (State of) Regional Transportation Authority, Series 2017 A, Ref. RB		5.00%		07/01/2024		230		235,044
Illinois (State of) Toll Highway Authority, Series 2014 D, Ref. RB		5.00%		01/01/2024		200		203,221
Sales Tax Securitization Corp., Series 2018 C, Ref. RB		5.00%		01/01/2024		60		60,788
Sales Tax Securitization Corp., Series 2021 A, Ref. RB		5.00%		01/01/2024		500		506,569
Springfield (City of), IL, Series 2015, Ref. RB		5.00%		03/01/2024		90		91,399
University of Illinois, Series 2014 A, RB		5.00%		04/01/2044		500		494,797
Winnebago & Boone Counties School District No. 205 Rockford, Series 2015 B, GO Bonds		4.00%		02/01/2035		25		25,127

								8,368,561

Indiana-0.69%
Indiana (State of) Finance Authority, Series 2015 A, RB		5.00%		10/01/2040		915		932,038
Indiana (State of) Finance Authority, Series 2016 C, Ref. RB		5.00%		12/01/2024		10		10,326
Indiana (State of) Finance Authority (CWA Authority), Series 2014 A, RB		5.00%		10/01/2039		25		25,492
Indiana (State of) Finance Authority (Green Bonds), Series 2015 B, Ref. RB		5.00%		02/01/2024		20		20,340
Indiana (State of) Finance Authority (Green Bonds), Series 2021 B, Ref. RB		5.00%		02/01/2024		100		101,698
Indiana (State of) Finance Authority (Indiana University Health Obligated Group), Series 2016 A, Ref. RB		5.00%		12/01/2024		25		25,789
Indiana (State of) Finance Authority (Indianapolis Power & Light Co.), Series 2016 A, Ref. RB		3.13%		12/01/2024		50		49,333

								1,165,016

Iowa-0.03%
Iowa (State of), Series 2016 A, Ref. RB		5.00%		06/01/2024		55		56,167

Kansas-0.08%
Johnson (County of), KS Public Building Commission (Courthouse & Medical Examiners), Series 2018 A, RB		5.00%		09/01/2024		45		46,174
Kansas (State of) Department of Transportation, Series 2015 A, Ref. RB		3.00%		09/01/2024		25		24,792
Kansas (State of) Department of Transportation, Series 2015 A, Ref. RB		5.00%		09/01/2024		55		56,476

								127,442

Kentucky-0.10%
Louisville (City of) & Jefferson (County of), KY Sewer District, Series 2014 A, RB		4.00%		05/15/2045		25		23,193
Louisville (City of) & Jefferson (County of), KY Sewer District, Series 2017 B, Ref. RB		5.00%		05/15/2024		150		153,367

								176,560

Louisiana-2.27%
Louisiana (State of), Series 2014 B, Ref. RB^(a)(b)		4.00%		05/01/2024		1,000		1,009,206
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (East Baton Rouge Commission), Series 2014, RB^(a)(b)		4.38%		02/01/2024		1,050		1,061,967
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (East Baton Rouge Sewerage Commission), Series 2014, RB^(a)(b)		5.00%		02/01/2024		70		71,189
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (LCTCS Act 360), Series 2014, RB^(a)(b)		5.00%		10/01/2024		1,000		1,026,828

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, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Louisiana-(continued)
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (LCTCS ACT 360), Series 2014, RB^(a)(b)		5.00%		10/01/2024	$	125	$	128,353
Louisiana (State of) Public Facilities Authority (Hurricane Recovery Program), Series 2014, Ref. RB		5.00%		06/01/2024		5		5,106
Louisiana (State of) Public Facilities Authority (Hurricane Recovery Program), Series 2014, Ref. RB^(a)(b)		5.00%		06/01/2024		290		296,760
New Orleans (City of), LA, Series 2014, Ref. RB^(a)(b)		5.00%		06/01/2024		150		153,312
New Orleans (City of), LA, Series 2014, Ref. RB^(a)(b)		5.00%		12/01/2024		15		15,499
New Orleans (City of), LA, Series 2014, Ref. RB^(a)(b)		5.00%		12/01/2024		30		30,999
Shreveport (City of), LA, Series 2014 B, RB		4.00%		12/01/2038		55		53,715

								3,852,934

Maine-0.74%
Maine (State of) Health & Higher Educational Facilities Authority, Series 2015, RB^(a)(b)		5.00%		07/01/2024		1,000		1,022,981
Maine (State of) Health & Higher Educational Facilities Authority (Mainhealth), Series 2015, RB^(a)(b)		4.00%		07/01/2024		210		212,114
Maine (State of) Municipal Bond Bank, Series 2015 A, Ref. RB		5.00%		09/01/2024		20		20,519

								1,255,614

Maryland-3.32%
Baltimore (City of), MD (Wastewater), Series 2013 C, RB^(a)(b)		5.00%		01/01/2024		80		81,262
Baltimore (City of), MD (Water), Series 2013 A, RB^(a)(b)		5.00%		01/01/2024		45		45,710
Baltimore (City of), MD (Water), Series 2013 B, Ref. RB^(a)(b)		5.00%		01/01/2024		500		507,887
Howard (County of), MD, Series 2017 B, Ref. GO Bonds		5.00%		02/15/2024		100		101,778
Maryland (State of), First Series 2016, GO Bonds		4.00%		06/01/2027		120		121,563
Maryland (State of), First Series 2016, GO Bonds		4.00%		06/01/2029		300		303,320
Maryland (State of), First Series 2016, GO Bonds		4.00%		06/01/2030		25		25,250
Maryland (State of), Second Series 2018 B, GO Bonds		5.00%		08/01/2024		1,030		1,057,418
Maryland (State of), Series 2017 A, GO Bonds		5.00%		03/15/2024		20		20,385
Maryland (State of), Series 2017 A, GO Bonds		5.00%		08/01/2024		10		10,266
Maryland (State of), Series 2017 B, Ref. GO Bonds		5.00%		08/01/2024		1,630		1,673,390
Maryland (State of), Series 2017 C, Ref. GO Bonds		5.00%		08/01/2024		65		66,730
Maryland (State of), Series 2018 A, GO Bonds		5.00%		03/15/2024		35		35,673
Maryland (State of), Series 2020 C, Ref. GO Bonds		5.00%		08/01/2024		50		51,331
Maryland (State of) Department of Transportation, Series 2016, RB		4.00%		11/01/2027		525		535,262
Maryland (State of) Department of Transportation, Series 2016, RB		4.00%		11/01/2029		100		101,969
Maryland (State of) Department of Transportation, Series 2017, RB		5.00%		09/01/2024		45		46,187
Maryland (State of) Health & Higher Educational Facilities Authority (Loyola University), Series 2014, Ref. RB.		5.00%		10/01/2045		100		101,932
Montgomery (County of), MD, Series 2014 A, GO Bonds^(a)(b)		5.00%		11/01/2024		40		41,265
Montgomery (County of), MD, Series 2014 A, GO Bonds^(a)(b)		5.00%		11/01/2024		180		185,690
Montgomery (County of), MD, Series 2014 A, GO Bonds^(a)(b)		5.00%		11/01/2024		100		103,161
Montgomery (County of), MD, Series 2014 B, Ref. GO Bonds		5.00%		11/01/2024		10		10,313
Montgomery (County of), MD, Series 2021 A, Ref. GO Bonds		5.00%		08/01/2024		400		410,536

								5,638,278

Massachusetts-2.67%
Massachusetts (Commonwealth of), Series 2014 C, Ref. GO Bonds		5.00%		08/01/2024		200		205,324
Massachusetts (Commonwealth of), Series 2016 A, GO Bonds		4.00%		03/01/2041		30		29,519
Massachusetts (Commonwealth of), Series 2016 A, Ref. GO Bonds		5.00%		07/01/2024		45		46,123
Massachusetts (Commonwealth of), Series 2017 E, Ref. GO Bonds		5.00%		11/01/2024		175		180,532
Massachusetts (Commonwealth of), Series 2019 G, GO Bonds		5.00%		09/01/2031		320		328,606
Massachusetts (Commonwealth of), Series 2020 B, Ref. GO Bonds		5.00%		07/01/2024		1,000		1,024,955
Massachusetts (Commonwealth of), Series 2021 B, Ref. GO Bonds		5.00%		11/01/2024		500		515,805
Massachusetts (Commonwealth of) (Accelerated Bridge Program), Series 2014 A, RB		5.00%		06/01/2044		500		507,453
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2005 A, RB		5.00%		07/01/2024		10		10,248
Massachusetts (Commonwealth of) Clean Water Trust (The), Series 2006, Ref. RB		5.00%		08/01/2024		100		102,662
Massachusetts (Commonwealth of) College Building Authority (Green Bonds), Series 2014 B, RB^(a)(b)		5.00%		05/01/2024		285		291,017
Massachusetts (Commonwealth of) Development Finance Agency (Baystate Medical Center), Series 2014 N, RB		5.00%		07/01/2044		500		502,260

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, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Massachusetts-(continued)
Massachusetts (Commonwealth of) Development Finance Agency (Children’s Hospital), Series 2014 P, RB^(a)(b)		5.00%		10/01/2024	$	20	$	20,599
Massachusetts (Commonwealth of) Federal Highway (Garvee), Series 2014 A, RB		5.00%		06/15/2024		525		537,976
Massachusetts (Commonwealth of) School Building Authority, Series 2018 A, RB^(a)(b)		5.00%		02/15/2024		200		203,352
Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2017 C, Ref. RB		5.00%		08/01/2024		25		25,659

								4,532,090

Michigan-2.36%
Michigan (State of) (Garvee), Series 2016, Ref. RB		5.00%		03/15/2024		135		137,279
Michigan (State of) Building Authority (Facilities Program), Series 2015 I, Ref. RB		5.00%		04/15/2024		225		229,388
Michigan (State of) Finance Authority, Series 2014 H-1, Ref. RB		5.00%		10/01/2039		500		506,013
Michigan (State of) Finance Authority, Series 2016 C-3, Ref. RB		5.00%		04/01/2024		160		162,786
Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2015, Ref. RB^(a)(b)		5.00%		08/01/2024		85		87,144
Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2015, Ref. RB^(a)(b)		5.00%		08/01/2024		35		35,883
Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2015, Ref. RB^(a)(b)		5.00%		08/01/2024		115		117,900
Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2015, Ref. RB^(a)(b)		5.00%		08/01/2024		300		307,566
Michigan (State of) Finance Authority (Clean Water Revolving Fund), Series 2016 B, Ref. RB		5.00%		10/01/2024		150		154,188
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department), Series 2014 C-3, RB, (INS - AGM)^(c)		5.00%		07/01/2027		1,000		1,020,226
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department), Series 2014 C-3, RB, (INS - AGM)^(c)		5.00%		07/01/2030		20		20,407
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department), Series 2014 C-3, RB, (INS - AGM)^(c)		5.00%		07/01/2032		20		20,397
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department), Series 2014 D-2, Ref. RB, (INS - AGM)^(c)		5.00%		07/01/2024		830		847,223
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department), Series 2014 D-4, Ref. RB		5.00%		07/01/2030		50		50,874
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department), Series 2014 D-4, Ref. RB		5.00%		07/01/2031		30		30,517
Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB		5.00%		11/15/2024		20		20,467
Royal Oak (City of), MI Hospital Finance Authority (Beaumont Health Credit Group), Series 2014 D, Ref. RB^(a)(b)		5.00%		03/01/2024		70		71,260
University of Michigan, Series 2017 A, Ref. RB		5.00%		04/01/2024		85		86,698
Wayne (County of), MI Airport Authority (Detroit Metropolitan Airport), Series 2014 B, RB		5.00%		12/01/2044		100		101,226

								4,007,442

Minnesota-1.48%
Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2014 A, Ref. RB		5.00%		01/01/2029		100		101,418
Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2014 A, Ref. RB		5.00%		01/01/2030		275		278,841
Minnesota (State of), Series 2014 A, GO Bonds		5.00%		08/01/2026		1,000		1,026,060
Western Minnesota Municipal Power Agency, Series 2014 A, RB^(a)(b)		4.00%		01/01/2024		1,000		1,007,315
Western Minnesota Municipal Power Agency, Series 2014 A, RB^(a)(b)		5.00%		01/01/2024		100		101,544

								2,515,178

Mississippi-0.01%
Mississippi (State of), Series 2015 C, Ref. GO Bonds		5.00%		10/01/2024		15		15,449

Missouri-0.90%
Curators of the University of Missouri (The), Series 2014 A, Ref. RB		5.00%		11/01/2024		15		15,449
Jackson (County of), MO (Truman Sports Complex), Series 2014, Ref. RB		5.00%		12/01/2024		30		30,767
Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2014 F, RB		4.00%		11/15/2045		335		313,680
Missouri (State of) Health & Educational Facilities Authority (SSM Health Care), Series 2014 A, Ref. RB^(a)(b)		4.00%		06/01/2024		190		191,427
Missouri (State of) Health & Educational Facilities Authority (SSM Health Care), Series 2014 A, Ref. RB^(a)(b)		5.00%		06/01/2024		10		10,196
Missouri (State of) Health & Educational Facilities Authority (SSM Health Care), Series 2014 A, Ref. RB^(a)(b)		5.00%		06/01/2024		25		25,490
Missouri (State of) Highway & Transportation Commission, Series 2014 A, Ref. RB		5.00%		05/01/2024		590		602,796

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, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Missouri-(continued)
Springfield (City of), MO, Series 2015, Ref. RB		5.00%		08/01/2024	$	25	$	25,648
St. Louis (City of), MO, Series 2017 A, Ref. RB, (INS - AGM)^(c)		5.00%		07/01/2024		310		316,514

								1,531,967

Nebraska-0.23%
Nebraska (State of) Public Power District, Series 2021 C, Ref. RB		5.00%		01/01/2024		145		146,977
Omaha (City of), NE Public Power District, Series 2014 AA, Ref. RB		5.00%		02/01/2032		120		121,940
Omaha (City of), NE Public Power District, Series 2015 B, Ref. RB^(a)(b)		5.00%		08/01/2024		60		61,597
Omaha (City of), NE Public Power District, Series 2015 B, Ref. RB		4.00%		02/01/2039		10		9,995
Omaha (City of), NE Public Power District, Series 2016 A, Ref. RB		5.00%		02/01/2024		45		45,748

								386,257

Nevada-0.70%
Clark (County of), NV, Series 2016, Ref. RB		5.00%		07/01/2024		120		122,805
Clark (County of), NV (Las Vegas-McCarran International Airport), Series 2019, Ref. RB		5.00%		07/01/2024		100		102,298
Clark (County of), NV Department of Aviation, Series 2014 A-2, Ref. RB		5.00%		07/01/2029		500		512,702
Clark (County of), NV Department of Aviation, Series 2014 A-2, Ref. RB		5.00%		07/01/2033		75		76,769
Clark County School District, Series 2016 A, Ref. GO Bonds		5.00%		06/15/2024		30		30,665
Clark County School District, Series 2017 A, Ref. GO Bonds		5.00%		06/15/2024		75		76,663
Las Vegas Valley Water District, Series 2015 B, Ref. GO Bonds		5.00%		12/01/2024		35		36,135
Las Vegas Valley Water District, Series 2015, Ref. GO Bonds		5.00%		06/01/2033		30		30,947
Las Vegas Valley Water District, Series 2015, Ref. GO Bonds		5.00%		06/01/2039		95		96,974
Las Vegas Valley Water District, Series 2016 A, Ref. GO Bonds		5.00%		06/01/2024		60		61,362
Nevada (State of), Series 2016, Ref. RB		5.00%		12/01/2024		40		41,297

								1,188,617

New Jersey-3.81%
New Jersey (State of), Series 2014, GO Bonds		5.00%		06/01/2024		100		102,171
New Jersey (State of), Series 2020 A, GO Bonds		5.00%		06/01/2024		310		316,729
New Jersey (State of) Economic Development Authority, Series 2012 II, Ref. RB		3.00%		03/01/2024		60		59,649
New Jersey (State of) Economic Development Authority, Series 2013 NN, Ref. RB		5.00%		03/01/2024		125		125,087
New Jersey (State of) Economic Development Authority, Series 2014 PP, Ref. RB^(a)(b)		5.00%		06/15/2024		185		189,092
New Jersey (State of) Economic Development Authority, Series 2014 UU, RB		5.00%		06/15/2026		75		76,097
New Jersey (State of) Economic Development Authority, Series 2014, RB		5.00%		06/15/2040		150		150,870
New Jersey (State of) Educational Facilities Authority (Montclair University), Series 2014 A, RB		5.00%		07/01/2044		400		404,331
New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group), Series 2017 A, Ref. RB		5.00%		07/01/2024		500		510,310
New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group), Series 2021, RB		5.00%		07/01/2024		95		97,146
New Jersey (State of) Health Care Facilities Financing Authority (Virtua Health), Series 2013, Ref. RB^(a)(b)		5.00%		01/01/2024		15		15,213
New Jersey (State of) Health Care Facilities Financing Authority (Virtua Health), Series 2013, Ref. RB		5.00%		07/01/2028		235		238,692
New Jersey (State of) Transportation Trust Fund Authority, Series 2009 D, RB		5.00%		06/15/2032		1,130		1,151,359
New Jersey (State of) Transportation Trust Fund Authority, Series 2010 D, RB		5.00%		12/15/2024		25		25,589
New Jersey (State of) Transportation Trust Fund Authority, Series 2014 AA, RB		5.00%		06/15/2026		100		101,463
New Jersey (State of) Transportation Trust Fund Authority, Series 2014 AA, RB		5.00%		06/15/2038		800		805,979
New Jersey (State of) Transportation Trust Fund Authority, Series 2014 AA, RB		4.25%		06/15/2044		150		143,686
New Jersey (State of) Transportation Trust Fund Authority, Series 2014 AA, RB		5.00%		06/15/2044		1,000		1,003,499
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB		5.00%		12/15/2024		25		25,589
New Jersey (State of) Turnpike Authority, Series 2014 A, RB^(a)(b)		5.00%		07/01/2024		100		102,495
New Jersey (State of) Turnpike Authority, Series 2014 A, RB		5.00%		01/01/2027		100		102,394
New Jersey (State of) Turnpike Authority, Series 2014 A, RB		5.00%		01/01/2030		125		127,876
New Jersey (State of) Turnpike Authority, Series 2014 A, RB		5.00%		01/01/2033		35		35,795
New Jersey (State of) Turnpike Authority, Series 2014 A, RB		5.00%		01/01/2034		445		454,788
South Jersey Transportation Authority, Series 2014 A, Ref. RB		5.00%		11/01/2039		100		99,951

								6,465,850

New Mexico-0.48%
New Mexico (State of), Series 2021, GO Bonds		5.00%		03/01/2024		600		610,804

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, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
New Mexico-(continued)
New Mexico (State of) (Capital), Series 2017 A, GO Bonds		5.00%		03/01/2024	$	115	$	117,071
New Mexico (State of) Finance Authority, Series 2014 B-1, Ref. RB		5.00%		06/15/2027		15		15,355
New Mexico (State of) Severance Tax Permanent Fund, Series 2015 A, RB		5.00%		07/01/2024		25		25,607
New Mexico (State of) Severance Tax Permanent Fund, Series 2016 B, Ref. RB		4.00%		07/01/2024		50		50,569

								819,406

New York-16.39%
Battery Park (City of), NY Authority, Series 2013 A, RB		5.00%		11/01/2024		100		101,304
Erie (County of), NY Industrial Development Agency (The) (City of Buffalo School District), Series 2021, Ref. RB		5.00%		05/01/2024		200		204,314
Erie (County of), NY Industrial Development Agency (The) (City of Buffalo School District), Series 2022, Ref. RB		5.00%		05/01/2024		100		102,157
Long Island (City of), NY Power Authority, Series 2014 A, Ref. RB		5.00%		09/01/2044		55		55,464
Metropolitan Transportation Authority, Series 2005 B, RB, (INS - AMBAC)^(c)		5.25%		11/15/2024		200		204,359
Metropolitan Transportation Authority, Series 2014 B, RB		5.25%		11/15/2044		1,355		1,355,045
Metropolitan Transportation Authority, Series 2014 C, RB		5.00%		11/15/2024		100		102,393
Metropolitan Transportation Authority, Subseries 2014 D-1, RB.		5.25%		11/15/2044		100		100,008
Metropolitan Transportation Authority (Green Bonds), Series 2017 B-2, RB		5.00%		11/15/2024		15		15,492
Nassau (County of), NY, Series 2014 A, GO Bonds		5.00%		04/01/2024		50		50,935
Nassau (County of), NY, Series 2017 C, Ref. GO Bonds		5.00%		10/01/2024		55		56,535
New York & New Jersey (States of) Port Authority, One Hudred Eighty Four Series 2014, RB		5.00%		09/01/2028		25		25,623
New York & New Jersey (States of) Port Authority, One Hudred Eighty Four Series 2014, RB		5.00%		09/01/2033		100		102,358
New York & New Jersey (States of) Port Authority, One Hudred Eighty Four Series 2014, RB		5.00%		09/01/2039		825		837,214
New York & New Jersey (States of) Port Authority, One Hundred Eighty Third Series 2014, RB		4.00%		12/15/2040		155		150,655
New York & New Jersey (States of) Port Authority, One Hundred Ninety Fourth Series 2015, Ref. RB		5.00%		10/15/2024		125		128,740
New York & New Jersey (States of) Port Authority, Series 2015, Ref. RB		5.00%		05/01/2024		130		132,744
New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB		5.00%		07/15/2024		20		20,501
New York (City of), NY, Series 2013 G, GO Bonds		5.00%		08/01/2024		125		127,154
New York (City of), NY, Series 2013 G, GO Bonds		5.00%		08/01/2025		50		50,845
New York (City of), NY, Series 2013 I, GO Bonds		5.00%		08/01/2024		175		176,371
New York (City of), NY, Series 2014 A, Ref. GO Bonds		5.00%		08/01/2024		15		15,422
New York (City of), NY, Series 2014 A, Ref. GO Bonds		5.00%		08/01/2027		40		41,014
New York (City of), NY, Series 2014 A, Ref. GO Bonds		5.00%		08/01/2028		350		358,632
New York (City of), NY, Series 2014 A, Ref. GO Bonds		5.00%		08/01/2029		50		51,212
New York (City of), NY, Series 2014 J, Ref. GO Bonds.		5.00%		08/01/2030		1,400		1,433,357
New York (City of), NY, Series 2015 A, Ref. GO Bonds		5.00%		08/01/2024		25		25,662
New York (City of), NY, Series 2015 C, Ref. GO Bonds.		5.00%		08/01/2024		145		148,840
New York (City of), NY, Series 2016 C, Ref. GO Bonds.		5.00%		08/01/2024		25		25,662
New York (City of), NY, Series 2016 E, Ref. GO Bonds.		5.00%		08/01/2024		1,000		1,026,480
New York (City of), NY, Series 2017 1, GO Bonds.		5.00%		08/01/2024		55		56,456
New York (City of), NY, Series 2017 A, Ref. GO Bonds		5.00%		08/01/2024		10		10,265
New York (City of), NY, Series 2017 C, Ref. GO Bonds.		5.00%		08/01/2024		10		10,265
New York (City of), NY, Series 2017 C, Ref. GO Bonds.		5.00%		08/01/2024		20		20,530
New York (City of), NY, Series 2018 A, Ref. GO Bonds		5.00%		08/01/2024		95		97,516
New York (City of), NY, Series 2020 C, GO Bonds.		5.00%		08/01/2024		235		241,223
New York (City of), NY, Series 2022 B-1, Ref. GO Bonds		5.00%		08/01/2024		1,000		1,026,480
New York (City of), NY, Subseries 2008 J-4, GO Bonds		5.00%		08/01/2024		60		61,589
New York (City of), NY, Subseries 2014 I-1, GO Bonds		5.00%		03/01/2027		200		203,522
New York (City of), NY, Subseries 2014 I-1, GO Bonds		5.00%		03/01/2036		15		15,214
New York (City of), NY Municipal Water Finance Authority, Series 2014 CC-1, RB		5.00%		06/15/2047		500		505,974
New York (City of), NY Municipal Water Finance Authority, Series 2014 DD, Ref. RB		3.25%		06/15/2028		10		10,062
New York (City of), NY Municipal Water Finance Authority, Series 2014 DD, Ref. RB		5.00%		06/15/2028		200		204,841
New York (City of), NY Municipal Water Finance Authority, Series 2014 DD, Ref. RB		5.00%		06/15/2036		65		66,120
New York (City of), NY Municipal Water Finance Authority, Series 2014 EE, Ref. RB		5.00%		06/15/2036		100		101,723
New York (City of), NY Municipal Water Finance Authority, Series 2014, Ref. RB		5.00%		06/15/2028		500		512,104
New York (City of), NY Municipal Water Finance Authority, Series 2014, Ref. RB		5.00%		06/15/2045		10		10,124
New York (City of), NY Municipal Water Finance Authority, Series 2018 AA, Ref. RB		5.00%		06/15/2024		190		194,575
New York (City of), NY Municipal Water Finance Authority, Series 2019 BB-2, RB		5.00%		06/15/2026		1,200		1,241,963

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, 2023

(Unaudited)


					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)		Value
New York-(continued)
New York (City of), NY Municipal Water Finance Authority, Series 2019, Ref. RB		4.00%		06/15/2024	$	160	$	161,852
New York (City of), NY Municipal Water Finance Authority, Series 2020 GG, RB		5.00%		06/15/2026		75		77,623
New York (City of), NY Municipal Water Finance Authority, Series 2022 CC-2, RB		5.00%		06/15/2026		15		15,525
New York (City of), NY Transitional Finance Authority, Series 2013 I, RB^(a)(b)		5.00%		05/01/2023		25		25,074
New York (City of), NY Transitional Finance Authority, Series 2014 A-1, RB		5.00%		08/01/2034		1,045		1,069,025
New York (City of), NY Transitional Finance Authority, Series 2014 B-1, RB		5.00%		11/01/2025		30		30,630
New York (City of), NY Transitional Finance Authority, Series 2014 B-1, RB		5.00%		08/01/2029		710		727,709
New York (City of), NY Transitional Finance Authority, Series 2014 B-1, RB		5.00%		08/01/2032		15		15,359
New York (City of), NY Transitional Finance Authority, Series 2014 B-1, RB		5.00%		08/01/2033		170		174,050
New York (City of), NY Transitional Finance Authority, Series 2014 B-1, RB		5.00%		08/01/2036		205		209,428
New York (City of), NY Transitional Finance Authority, Series 2014 B-1, RB		5.00%		08/01/2039		75		76,308
New York (City of), NY Transitional Finance Authority, Series 2014 D1, RB		5.00%		02/01/2038		1,000		1,011,833
New York (City of), NY Transitional Finance Authority, Series 2014 D-1, RB		5.00%		02/01/2031		15		15,230
New York (City of), NY Transitional Finance Authority, Series 2015 C, Ref. RB		5.00%		11/01/2024		65		67,140
New York (City of), NY Transitional Finance Authority, Series 2017 A-1, RB		5.00%		08/01/2024		340		349,432
New York (City of), NY Transitional Finance Authority, Series 2017 C, Ref. RB		5.00%		11/01/2024		80		82,634
New York (City of), NY Transitional Finance Authority, Series 2019 A-1, RB		5.00%		05/01/2024		35		35,791
New York (City of), NY Transitional Finance Authority, Subseries 2014 B-1, RB		5.00%		11/01/2024		200		204,638
New York (City of), NY Transitional Finance Authority, Subseries 2014 B-1, RB		5.00%		11/01/2029		100		102,030
New York (City of), NY Transitional Finance Authority, Subseries 2014 B-1, RB		5.00%		11/01/2033		50		50,969
New York (City of), NY Transitional Finance Authority, Subseries 2018 A-1, RB		5.00%		08/01/2024		50		51,387
New York (City of), NY Transitional Finance Authority, Subseries 2018 B-1, RB		5.00%		08/01/2024		105		107,913
New York (State of) Dormitory Authority, Series 2014 A, RB^(a)(b)		5.00%		02/15/2024		100		101,846
New York (State of) Dormitory Authority, Series 2014 A, RB^(a)		5.00%		03/15/2024		25		25,495
New York (State of) Dormitory Authority, Series 2014 A, RB		5.00%		02/15/2028		15		15,253
New York (State of) Dormitory Authority, Series 2014 A, RB		5.00%		03/15/2028		125		127,161
New York (State of) Dormitory Authority, Series 2014 A, RB		5.00%		02/15/2029		350		355,861
New York (State of) Dormitory Authority, Series 2014 A, RB		5.00%		03/15/2030		400		406,835
New York (State of) Dormitory Authority, Series 2014 A, RB		5.00%		03/15/2031		310		315,233
New York (State of) Dormitory Authority, Series 2014 A, RB		5.00%		03/15/2032		210		213,502
New York (State of) Dormitory Authority, Series 2014 A, RB		5.00%		03/15/2033		100		101,647
New York (State of) Dormitory Authority, Series 2014 A, RB		5.00%		03/15/2034		325		330,221
New York (State of) Dormitory Authority, Series 2014 A, RB		5.00%		03/15/2035		95		96,516
New York (State of) Dormitory Authority, Series 2014 C, RB		5.00%		03/15/2029		1,000		1,018,213
New York (State of) Dormitory Authority, Series 2014 C, RB		5.00%		03/15/2030		50		50,906
New York (State of) Dormitory Authority, Series 2014 C, RB		5.00%		03/15/2031		500		509,004
New York (State of) Dormitory Authority, Series 2014 C, RB		5.00%		03/15/2032		15		15,269
New York (State of) Dormitory Authority, Series 2014 C, RB		5.00%		03/15/2033		225		229,006
New York (State of) Dormitory Authority, Series 2016 A, Ref. RB		5.00%		10/01/2024		25		25,710
New York (State of) Dormitory Authority, Series 2017 A, RB^(a)		5.00%		03/15/2024		10		10,198
New York (State of) Dormitory Authority, Series 2017 A, Ref. RB^(a)		5.00%		02/15/2024		25		25,466
New York (State of) Dormitory Authority, Series 2017 A, Ref. RB		5.00%		07/01/2024		20		20,441
New York (State of) Dormitory Authority, Series 2017 F, Ref. RB		5.00%		10/01/2024		55		56,561
New York (State of) Dormitory Authority, Series 2017 G, Ref. RB		5.00%		10/01/2024		490		504,751
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB^(a)		5.00%		03/15/2024		965		984,518
New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 C, Ref. RB^(a)		5.00%		03/15/2024		150		152,972
New York (State of) Dormitory Authority (New York University), Series 2015 A, Ref. RB		5.00%		07/01/2024		10		10,251
New York (State of) Dormitory Authority (New York University), Series 2016 A, RB		5.00%		07/01/2024		100		102,509
New York (State of) Thruway Authority, Series 2014 J, RB		5.00%		01/01/2036		300		303,843
New York (State of) Thruway Authority, Series 2014 J, RB		5.00%		01/01/2041		1,440		1,454,902
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2013 A, RB		5.00%		06/15/2024		130		130,699
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2014, Ref. RB		5.00%		06/15/2024		25		25,602
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2014, Ref. RB		5.00%		06/15/2030		505		517,031
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2014, Ref. RB		5.00%		06/15/2031		400		409,530

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, 2023

(Unaudited)


					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)		Value
New York-(continued)
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2017, Ref. RB		5.00%		06/15/2024	$	100	$	102,408
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2022, Ref. RB		5.00%		06/15/2024		50		51,204
New York State Urban Development Corp., Series 2014, Ref. RB^(a)(b)		5.00%		03/15/2024		95		96,824
New York State Urban Development Corp., Series 2014, Ref. RB		5.00%		03/15/2029		150		152,594
New York State Urban Development Corp., Series 2014, Ref. RB		5.00%		03/15/2030		200		203,417
New York State Urban Development Corp., Series 2014, Ref. RB		5.00%		03/15/2031		200		203,376
New York State Urban Development Corp., Series 2016 A, Ref. RB		5.00%		03/15/2024		275		280,460
Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB^(a)(b)		3.00%		10/15/2024		10		9,988
Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB^(a)(b)		4.00%		10/15/2024		20		20,300
Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB^(a)		5.00%		10/15/2024		330		340,117
Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB^(a)(b)		5.00%		10/15/2024		440		453,490
Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB^(a)(b)		5.00%		10/15/2024		150		154,599
Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB^(a)(b)		5.00%		10/15/2024		285		293,738
Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB^(a)(b)		5.00%		10/15/2024		100		103,066
Suffolk (County of), NY, Series 2017 A, Ref. GO Bonds, (INS - AGM)^(c)		4.00%		02/01/2024		200		201,429
Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB		5.00%		11/15/2024		55		56,754

								27,849,334

North Carolina-1.69%
Charlotte-Mecklenburg Hospital Authority (The) (Carolinas Health Care Systems), Series 2016, Ref. RB		5.00%		01/15/2024		245		248,621
Guilford (County of), NC, Series 2017, Ref. GO Bonds		5.00%		03/01/2024		25		25,465
Mecklenburg (County of), NC, Series 2010, Ref. GO Bonds		4.00%		02/01/2024		155		156,247
Mecklenburg (County of), NC, Series 2013 A, Ref. GO Bonds		5.00%		12/01/2024		105		108,496
Mecklenburg County Public Facilities Corp., Series 2017, Ref. RB		5.00%		02/01/2024		50		50,849
North Carolina (State of), Series 2014 B, Ref. RB		5.00%		06/01/2024		75		76,730
North Carolina (State of), Series 2014 C, Ref. RB		5.00%		05/01/2024		10		10,215
North Carolina (State of), Series 2016 A, Ref. GO Bonds		5.00%		06/01/2024		100		102,405
North Carolina (State of), Series 2017 B, Ref. RB		5.00%		05/01/2024		25		25,537
North Carolina (State of), Series 2019 B, GO Bonds		5.00%		06/01/2024		10		10,241
North Carolina (State of), Series 2020 A, GO Bonds		5.00%		06/01/2024		100		102,405
North Carolina (State of) Municipal Power Agency No. 1, Series 2015 A, Ref. RB		5.00%		01/01/2024		215		218,321
North Carolina (State of) Turnpike Authority, Series 2020 B, RB^(a)		5.00%		02/01/2024		450		456,420
University of North Carolina at Greensboro, Series 2014, RB^(a)		4.00%		04/01/2039		60		60,318
Wake (County of), NC, Series 2010 C, Ref. GO Bonds		5.00%		03/01/2024		135		137,431
Wake (County of), NC, Series 2014, GO Bonds		5.00%		09/01/2024		1,000		1,027,564
Wake (County of), NC, Series 2021, RB		5.00%		03/01/2024		60		61,080

								2,878,345

Ohio-1.68%
Allen (County of), OH, Series 2017 A, Ref. RB.		5.00%		08/01/2024		50		51,094
American Municipal Power, Inc. (Prairie State Energy Campus), Series 2015 A, Ref. RB		5.00%		02/15/2026		55		55,869
American Municipal Power, Inc. (Prairie State Energy Campus), Series 2019, Ref. RB		5.00%		02/15/2024		185		187,906
Columbus (City of), OH, Series 2014, Ref. RB		5.00%		06/01/2027		115		118,590
Columbus (City of), OH, Series 2017-1, Ref. GO Bonds		5.00%		04/01/2024		100		102,008
Cuyahoga (County of), OH, Series 2020 D, Ref. RB		4.00%		12/01/2024		30		30,434
Franklin (County of), OH Convention Facilities Authority, Series 2014, Ref. RB^(a)(b)		5.00%		12/01/2024		195		201,492
Hamilton (County of), OH, Series 2016 A, Ref. RB		5.00%		12/01/2024		100		103,157
Northeast Ohio Regional Sewer District, Series 2014, Ref. RB^(a)(b)		5.00%		11/15/2024		100		103,148
Ohio (State of), Series 2014 R, GO Bonds^(a)(b)		5.00%		05/01/2024		335		342,265
Ohio (State of), Series 2015 A, Ref. GO Bonds		5.00%		09/01/2024		10		10,285
Ohio (State of), Series 2016 A, Ref. GO Bonds		5.00%		12/15/2024		80		82,741
Ohio (State of), Series 2016 S, GO Bonds		5.00%		05/01/2024		65		66,387
Ohio (State of), Series 2017 A, GO Bonds		5.00%		03/15/2030		40		40,778
Ohio (State of), Series 2017 A, GO Bonds		5.00%		03/15/2033		205		208,923
Ohio (State of), Series 2020 B, Ref. GO Bonds		5.00%		08/01/2024		1,000		1,026,760
Ohio (State of), Series 2020 B, Ref. GO Bonds		5.00%		09/15/2024		20		20,585

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


		132

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

February 28, 2023

(Unaudited)


					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)		Value
Ohio-(continued)
Ohio (State of) (Garvee), Series 2016 I, RB		5.00%		12/15/2024	$	5	$	5,165
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2014, RB		5.00%		12/01/2024		45		46,498
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2016 A, RB		5.00%		06/01/2024		10		10,233
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2016 A, RB		5.00%		12/01/2024		40		41,332

								2,855,650

Oklahoma-0.11%
Canadian (County of), OK Educational Facilities Authority (Mustang Public Schools), Series 2017, RB		4.00%		09/01/2024		15		15,153
Cleveland (County of), OK Educational Facilities Authority (Norman Public Schools), Series 2019, RB		5.00%		06/01/2024		100		101,838
Oklahoma (State of) Capitol Improvement Authority, Series 2014 A, Ref. RB		5.00%		07/01/2026		55		56,402
Oklahoma (State of) Capitol Improvement Authority, Series 2014 A, Ref. RB		5.00%		07/01/2027		10		10,256

								183,649

Oregon-1.10%
Clackamas County School District No. 12 North Clackamas, Series 2014, Ref. GO Bonds^(a)(b)		5.00%		06/15/2024		10		10,240
Clackamas County School District No. 12 North Clackamas, Series 2014, Ref. GO Bonds^(a)(b)		5.00%		06/15/2024		1,015		1,039,387
Multnomah County School District No. 1, Series 2020, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		06/15/2024		430		440,080
Oregon (State of) Department of Transportation, Series 2014 A, Ref. RB		5.00%		11/15/2024		25		25,772
Oregon (State of) Department of Transportation, Series 2014 A, Ref. RB^(a)(b)		5.00%		11/15/2024		25		25,808
Oregon (State of) Department of Transportation, Series 2015 A, Ref. RB^(a)(b)		4.00%		11/15/2024		20		20,317
Oregon (State of) Department of Transportation, Series 2015 A, Ref. RB^(a)(b)		5.00%		11/15/2024		35		36,132
Oregon (State of) Department of Transportation, Series 2015 A, Ref. RB^(a)(b)		5.00%		11/15/2024		30		30,970
Oregon (State of) Department of Transportation, Series 2015 A, Ref. RB^(a)(b)		5.00%		11/15/2024		195		201,304
Washington & Multnomah Counties School District No. 48J Beaverton, Series 2014, GO Bonds^(a)(b)		5.00%		06/15/2024		35		35,841

								1,865,851

Pennsylvania-4.05%
Commonwealth Financing Authority, Series 2015 B-1, Ref. RB, (INS - AGM)^(c)		5.00%		06/01/2024		60		61,236
Delaware (State of) River Port Authority, Series 2013, RB^(a)(b)		5.00%		01/01/2024		1,000		1,014,619
Erie (City & County of), PA Water Authority, Series 2014, Ref. RB^(a)(b)		5.00%		12/01/2024		125		128,838
Pennsylvania (Commonwealth of), First Series 2015, GO Bonds		5.00%		03/15/2024		150		152,886
Pennsylvania (Commonwealth of), First Series 2015, Ref. GO Bonds		5.00%		08/15/2024		1,000		1,027,405
Pennsylvania (Commonwealth of), First Series 2016, Ref. GO Bonds		5.00%		09/15/2024		100		102,907
Pennsylvania (Commonwealth of), Second Series 2013, GO Bonds		5.00%		10/15/2024		90		91,072
Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds		5.00%		09/15/2024		175		180,088
Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC), Series 2014 A, RB		4.00%		02/01/2040		1,000		956,593
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2016 C, Ref. RB		5.00%		08/15/2024		65		66,707
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2014 B, RB		5.25%		12/01/2039		325		332,300
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2014 C, RB		5.00%		12/01/2039		1,275		1,302,425
Philadelphia (City of), PA, Series 2015 A, RB^(a)(b)		5.00%		07/01/2024		200		204,991
Philadelphia (City of), PA, Series 2016, Ref. RB		5.00%		10/01/2024		150		154,141
Philadelphia (City of), PA, Series 2019 A, Ref. GO Bonds		5.00%		08/01/2024		100		102,480
Philadelphia (City of), PA Authority for Industrial Development (Children’s Hospital of Philadelphia), Series 2014 A, RB^(a)(b)		4.00%		07/01/2024		1,000		1,010,067

								6,888,755

Rhode Island-0.05%
Rhode Island (State of), Series 2014 D, Ref. GO Bonds		5.00%		08/01/2024		75		76,944

South Carolina-0.26%
Charleston Educational Excellence Finance Corp. (Charleston County School), Series 2013, Ref. RB		5.00%		12/01/2024		40		40,556
Horry County School District, Series 2016, GO Bonds		5.00%		03/01/2024		50		50,920
Piedmont Municipal Power Agency, Series 2017 B, Ref. RB		5.00%		01/01/2024		30		30,333
South Carolina (State of) Public Service Authority, Series 2014 C, Ref. RB		5.00%		12/01/2024		50		51,235
South Carolina (State of) Public Service Authority, Series 2014 C, Ref. RB		5.00%		12/01/2026		130		133,328
South Carolina (State of) Public Service Authority, Series 2014 C, Ref. RB		5.00%		12/01/2028		30		30,752

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


		133

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

February 28, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
South Carolina-(continued)
South Carolina (State of) Public Service Authority, Series 2014 C, Ref. RB		5.00%		12/01/2030	$	100	$	102,227
South Carolina (State of) Transportation Infrastructure Bank, Series 2015 A, Ref. RB		5.00%		10/01/2024		10		10,279

								449,630

South Dakota-0.03%
South Dakota (State of) Health & Educational Facilities Authority (Avera Health), Series 2014, RB		4.13%		07/01/2041		5		4,775
South Dakota (State of) Health & Educational Facilities Authority (Sanford Obligated Group), Series 2014 B, RB		4.00%		11/01/2044		55		51,373

								56,148

Tennessee-0.16%
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2013, Ref. GO Bonds		5.00%		07/01/2024		25		25,152
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2015 C, GO Bonds		4.00%		07/01/2024		50		50,569
Shelby (County of), TN, Series 2012 A, Ref. GO Bonds		5.00%		03/01/2024		80		81,480
Tennessee (State of) School Bond Authority, Series 2014, Ref. RB, (CEP - Colorado Higher Education Intercept Program)		5.00%		11/01/2024		50		51,539
Tennessee (State of) School Bond Authority, Series 2015 B, RB, (CEP - Colorado Higher Education Intercept Program)		5.00%		11/01/2024		55		56,693

								265,433

Texas-10.77%
Allen Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2024		135		137,324
Arlington Higher Education Finance Corp. (Lifeschool Dallas), Series 2014 A, RB^(a)(b)		5.00%		08/15/2024		250		255,977
Austin (City of), TX, Series 2015, Ref. GO Bonds		5.00%		09/01/2024		35		35,991
Austin (City of), TX, Series 2017, Ref. RB		5.00%		11/15/2024		5		5,160
Austin Independent School District, Series 2023, GO Bonds		5.00%		08/01/2024		1,000		1,025,361
Bexar (County of), TX, Series 2014, Ref. GO Bonds^(a)(b)		5.00%		06/15/2024		85		86,945
Bexar (County of), TX (Venue), Series 2015, Ref. RB^(a)(b)		4.00%		08/15/2024		1,200		1,214,359
Board of Regents of the University of Texas System, Series 2010 B, Ref. RB		5.00%		08/15/2024		10		10,267
Board of Regents of the University of Texas System, Series 2016 D, RB.		5.00%		08/15/2024		25		25,667
Board of Regents of the University of Texas System, Series 2016 I, Ref. RB		5.00%		08/15/2024		35		35,934
Board of Regents of the University of Texas System, Series 2016 J, RB		5.00%		08/15/2024		50		51,334
Board of Regents of the University of Texas System, Series 2017 C, Ref. RB		5.00%		08/15/2024		35		35,934
Camino Real Regional Mobility Authority, Series 2014, RB		4.00%		06/01/2039		65		63,906
Camino Real Regional Mobility Authority, Series 2014, RB		4.00%		06/01/2044		200		191,895
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 A, Ref. RB		5.00%		11/01/2024		500		514,409
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021 B, Ref. RB		5.00%		11/01/2024		425		437,247
Dallas (City of), TX, Series 2014, Ref. GO Bonds		5.00%		02/15/2024		100		101,731
Dallas (City of), TX, Series 2014, Ref. GO Bonds		5.00%		02/15/2026		540		550,298
Dallas (City of), TX, Series 2014, Ref. GO Bonds		5.00%		02/15/2027		125		127,444
Dallas (City of), TX Area Rapid Transit, Series 2014 A, Ref. RB^(a)(b)		5.00%		12/01/2024		30		30,952
Dallas (City of), TX Area Rapid Transit, Series 2014 A, Ref. RB^(a)(b)		5.00%		12/01/2024		45		46,428
Dallas (City of), TX Area Rapid Transit, Series 2014 A, Ref. RB^(a)(b)		5.00%		12/01/2024		65		67,063
Dallas (City of), TX Area Rapid Transit, Series 2019, Ref. RB		5.00%		12/01/2024		120		123,809
Dallas (City of), TX Independent School District, Series 2014 A, Ref. GO Bonds^(a)(b)		4.00%		08/15/2024		35		35,369
Dallas (City of), TX Independent School District, Series 2014 A, Ref. GO Bonds^(a)(b)		5.00%		08/15/2024		40		40,985
Dallas (City of), TX Independent School District, Series 2014 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		08/15/2024		40		41,079
Dallas (City of), TX Independent School District, Series 2016 A, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2024		125		127,176
Dallas (City of), TX Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2024		1,000		1,017,405
Denton Independent School District, Series 2014 A, GO Bonds^(a)(b)		5.00%		08/15/2024		100		102,248
Fort Worth Independent School District, Series 2016, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2024		25		25,419
Goose Creek Consolidated Independent School District, Series 2014 C, Ref. GO Bonds^(a)(b)		5.00%		02/15/2024		30		30,477
Harris (County of) & Houston (City of), TX Sports Authority, Series 2014 A, Ref. RB		5.00%		11/15/2030		1,000		1,023,382
Harris (County of), TX, Series 2016 A, Ref. RB		5.00%		08/15/2024		165		169,285
Harris (County of), TX, Series 2020 A, Ref. GO Bonds		5.00%		10/01/2024		960		988,600

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


		134

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

February 28, 2023

(Unaudited)


					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)		Value
Texas-(continued)
Houston (City of), TX, Series 2014 C, Ref. RB		5.00%		05/15/2026	$	55	$	56,110
Houston (City of), TX, Series 2014 D, Ref. RB		5.00%		11/15/2024		35		36,104
Houston (City of), TX, Series 2014 D, Ref. RB		5.00%		11/15/2028		55		56,468
Houston (City of), TX, Series 2016 B, Ref. RB		5.00%		11/15/2024		45		46,420
Houston (City of), TX, Series 2017 B, Ref. RB		5.00%		11/15/2024		40		41,262
Houston (City of), TX, Series 2021 A, GO Bonds		5.00%		03/01/2024		1,010		1,028,186
Houston Independent School District, Series 2014, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		02/15/2030		1,000		1,008,428
Houston Independent School District, Series 2014, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		02/15/2033		10		10,085
Houston Independent School District, Series 2016 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2024		15		15,258
Houston Independent School District, Series 2017, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2024		105		106,808
Irving Independent School District, Series 2015 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2024		50		50,861
Lone Star College System, Series 2015 B, Ref. GO Bonds		5.00%		02/15/2024		100		101,741
Mansfield Independent School District, Series 2014, GO Bonds^(a)(b)		4.00%		02/15/2024		10		10,061
North Texas Tollway Authority, Series 2014 B, Ref. RB		5.00%		01/01/2031		500		505,700
North Texas Tollway Authority, Series 2014, Ref. RB		5.00%		01/01/2024		500		507,021
North Texas Tollway Authority, Series 2016 A, Ref. RB		5.00%		01/01/2024		125		126,755
North Texas Tollway Authority, Series 2019 B, Ref. RB		5.00%		01/01/2024		730		740,251
Permanent University Fund - University of Texas System, Series 2014 B, Ref. RB^(a)(b)		4.00%		07/01/2024		150		151,627
Permanent University Fund - University of Texas System, Series 2014 B, Ref. RB		5.00%		07/01/2024		15		15,374
Plano Independent School District, Series 2016 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2024		135		137,299
Plano Independent School District, Series 2023, GO Bonds		5.00%		02/15/2024		250		254,257
San Antonio (City of), TX, Series 2012, Ref. RB		5.25%		02/01/2024		165		167,916
San Antonio (City of), TX, Series 2015, Ref. RB		5.00%		02/01/2024		70		71,081
San Antonio Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		08/15/2024		200		205,337
Tarrant County Cultural Education Facilities Finance Corp., Series 2016 A, Ref. RB		5.00%		02/15/2024		150		152,370
Texas (State of), Series 2014 A, Ref. GO Bonds^(a)(b)		5.00%		10/01/2024		370		380,849
Texas (State of), Series 2014 A, Ref. GO Bonds^(a)(b)		5.00%		10/01/2024		1,100		1,132,255
Texas (State of), Series 2014, GO Bonds^(a)(b)		5.00%		04/01/2024		285		290,602
Texas (State of), Series 2014, GO Bonds^(a)(b)		5.00%		04/01/2024		100		101,966
Texas (State of), Series 2014, GO Bonds^(a)(b)		5.00%		04/01/2024		65		66,278
Texas (State of), Series 2014, GO Bonds^(a)(b)		5.00%		04/01/2024		30		30,590
Texas (State of), Series 2014, GO Bonds		5.00%		04/01/2026		20		20,382
Texas (State of), Series 2014, Ref. GO Bonds^(a)(b)		4.00%		04/01/2024		90		90,821
Texas (State of), Series 2014, Ref. GO Bonds^(a)(b)		5.00%		04/01/2024		90		91,769
Texas (State of), Series 2014, Ref. GO Bonds^(a)(b)		5.00%		04/01/2024		110		112,162
Texas (State of), Series 2018 A, Ref. GO Bonds		5.00%		10/01/2024		10		10,287
Texas (State of) (Water Financial Assistance), Subseries 2018 B-3, Ref. GO Bonds		5.00%		08/01/2024		30		30,765
Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2015 C, Ref. RB		5.00%		08/15/2031		100		101,869
Texas (State of) Transportation Commission State Highway Fund, Series 2014 A, Ref. RB		5.00%		04/01/2024		435		443,690
Texas (State of) Transportation Commission State Highway Fund, Series 2014 A, Ref. RB^(a)(b)		5.00%		04/01/2024		150		152,948
Texas (State of) Transportation Commission State Highway Fund, Series 2015, Ref. RB		5.00%		10/01/2024		75		77,234
Texas (State of) Transportation Commission State Highway Fund, Series 2016 A, RB		5.00%		10/01/2024		20		20,596
Texas (State of) Water Development Board, Series 2017 A, RB		5.00%		04/15/2024		35		35,718
Texas (State of) Water Development Board, Series 2018 B, RB		5.00%		10/15/2024		225		231,805
United Independent School District, Series 2014, GO Bonds^(a)(b)		5.00%		08/15/2024		50		51,231
University of Houston, Series 2017 A, Ref. RB		5.00%		02/15/2024		275		279,657
White Settlement Independent School District, Series 2014, Ref. GO Bonds^(a)(b)		5.00%		08/15/2024		45		46,076
White Settlement Independent School District, Series 2014, Ref. GO Bonds^(a)(b)		5.00%		08/15/2024		110		112,630

								18,291,820

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


		135

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

February 28, 2023

(Unaudited)


					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)		Value
Utah-0.33%
Utah (County of), UT (IHC Health Services, Inc.), Series 2014 A, RB		5.00%		05/15/2045	$	500	$	505,446
Utah (State of), Series 2018, GO Bonds		5.00%		07/01/2024		15		15,390
Utah (State of) Transit Authority, Series 2015 A, Ref. RB		5.00%		06/15/2024		40		40,913

								561,749

Virginia-0.70%
Fairfax (County of), VA, Series 2014 B, Ref. GO Bonds		5.00%		10/01/2024		10		10,299
Virginia (Commonwealth of), Series 2013 B, GO Bonds		4.00%		06/01/2024		100		100,224
Virginia (Commonwealth of) College Building Authority, Series 2015 D, RB, (CEP - Colorado Higher Education Intercept Program)		5.00%		02/01/2024		80		81,359
Virginia (Commonwealth of) College Building Authority, Series 2016 A, Ref. RB, (CEP - Colorado Higher Education Intercept Program)		3.00%		09/01/2024		190		189,857
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2017 E, Ref. RB		5.00%		02/01/2024		10		10,170
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2020, RB		5.00%		02/01/2024		185		188,142
Virginia (Commonwealth of) Public Building Authority, Series 2014 C, Ref. RB		5.00%		08/01/2024		500		513,310
Virginia (Commonwealth of) Public School Authority, Series 2014 B, Ref. RB		5.00%		08/01/2024		20		20,532
Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB		5.00%		05/15/2024		35		35,765
Virginia (Commonwealth of) Transportation Board (Garvee), Series 2017, Ref. RB		5.00%		03/15/2024		35		35,655
Virginia (Commonwealth of) Transportation Board (Garvee), Series 2017, Ref. RB		5.00%		09/15/2024		10		10,283

								1,195,596

Washington-2.29%
Energy Northwest, Series 2018 A, Ref. RB.		5.00%		07/01/2024		80		81,786
Energy Northwest (Columbia Generating Station), Series 2014 A, Ref. RB		5.00%		07/01/2024		400		408,930
Energy Northwest (No. 1), Series 2014 C, Ref. RB		5.00%		07/01/2026		1,000		1,023,113
Energy Northwest (No. 1), Series 2014 C, Ref. RB		5.00%		07/01/2027		150		153,664
Seattle (City of), WA, Series 2015, Ref. RB		5.00%		05/01/2024		150		153,253
Seattle (Port of), WA, Series 2015 A, RB		5.00%		04/01/2040		500		505,784
Snohomish County School District No. 201 Snohomish, Series 2016, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2024		200		206,486
Washington (State of), Series 2013 A, GO Bonds		5.00%		08/01/2024		150		151,188
Washington (State of), Series 2013 R-C, Ref. GO Bonds		5.00%		07/01/2024		100		100,607
Washington (State of), Series 2014 B, Ref. GO Bonds		5.00%		07/01/2024		30		30,753
Washington (State of), Series 2014 D, GO Bonds		5.00%		02/01/2028		200		203,523
Washington (State of), Series 2014 D, GO Bonds		5.00%		02/01/2031		150		152,575
Washington (State of), Series 2014 D, GO Bonds		5.00%		02/01/2039		100		101,111
Washington (State of), Series 2014 R, Ref. GO Bonds		4.00%		07/01/2026		45		45,631
Washington (State of), Series 2015 A-1, GO Bonds		5.00%		08/01/2024		175		179,683
Washington (State of), Series 2015 R, Ref. GO Bonds		5.00%		07/01/2024		20		20,502
Washington (State of), Series 2017 R, Ref. GO Bonds		5.00%		08/01/2024		190		195,084
Washington (State of) Health Care Facilities Authority (Providence Health & Services), Series 2014 D, Ref. RB		5.00%		10/01/2038		155		156,186
Washington (State of) Health Care Facilities Authority (Providence Health & Services), Series 2014 D, Ref. RB		5.00%		10/01/2041		25		25,000

								3,894,859

West Virginia-0.16%
West Virginia (State of) Commissioner of Highways (Surface Transportation), Series 2017 A, RB		5.00%		09/01/2024		10		10,276
West Virginia University, Series 2014 A, RB^(a)(b)		5.00%		10/01/2024		250		257,487

								267,763

Wisconsin-0.98%
Wisconsin (State of), Series 2016 2, Ref. GO Bonds		5.00%		11/01/2024		25		25,790
Wisconsin (State of), Series 2016 D, GO Bonds		4.00%		05/01/2026		20		20,192
Wisconsin (State of), Series 2016, Ref. GO Bonds		5.00%		11/01/2024		50		51,580
Wisconsin (State of), Series 2017 2, Ref. GO Bonds		5.00%		11/01/2024		1,000		1,031,610
Wisconsin (State of) Department of Transportation, Series 2014 A-2, Ref. RB		5.00%		07/01/2027		25		25,584

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


		136

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

February 28, 2023

(Unaudited)


					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)		Value
Wisconsin-(continued)
Wisconsin (State of) Department of Transportation, Series 2015 A, RB		5.00%		07/01/2031	$	200	$	204,728
Wisconsin (State of) Department of Transportation, Series 2017 1, Ref. RB		5.00%		07/01/2024		70		71,756
Wisconsin (State of) Health & Educational Facilities Authority (Hospital Sisters Services, Inc.), Series 2014, Ref. RB		5.00%		11/15/2029		235		240,695

								1,671,935

TOTAL INVESTMENTS IN SECURITIES^(d)-98.59% (Cost $169,848,928)								167,506,192
OTHER ASSETS LESS LIABILITIES-1.41%								2,389,067

NET ASSETS-100.00%							$	169,895,259


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
RN		-Revenue Notes
Wts.		-Warrants

Notes to Schedule of Investments:

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

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

^(c)	Principal and/or interest payments are secured by the bond insurance company listed.

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

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


		137

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

February 28, 2023

(Unaudited)


Portfolio Composition
Revenue Type Breakdown (% of the Fund’s Net Assets) as of February 28, 2023

Ad Valorem Property Tax			22.53

Miscellaneous Revenue			10.17

Health, Hospital, Nursing Home Revenue			8.56

Water Revenue			8.10

Sales Tax Revenue			6.74

General Fund			6.37

Highway Tolls Revenue			5.55

Income Tax Revenue			5.15

College & University Revenue			4.23

Port, Airport & Marina Revenue			3.95

Lease Revenue			3.94

Sewer Revenue			3.11

Appropriations			3.10

Electric Power Revenue			3.01

Revenue Types Each Less Than 3%			4.08

Other Assets Less Liabilities			1.41

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


		138

Invesco BulletShares 2025 Municipal Bond ETF (BSMP)

February 28, 2023

(Unaudited)

Schedule of Investments


					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)		Value
Municipal Obligations-98.83%
Alabama-0.34%
Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB		5.00%		11/01/2025	$	200	$	209,747
Auburn (City of), AL, Series 2015, GO Bonds		4.00%		05/01/2045		50		47,200
Birmingham (City of), AL, Series 2015 A-1, GO Bonds^(a)(b)		5.00%		09/01/2025		200		209,681

								466,628

Alaska-0.15%
Alaska (State of) International Airports System, Series 2016 A, Ref. RB		5.00%		10/01/2031		100		104,983
Matanuska-Susitna (Borough of), AK, Series 2015, Ref. RB		5.00%		09/01/2032		100		102,871

								207,854

Arizona-1.48%
Arizona (State of), Series 2019 A, Ref. COP^(a)		5.00%		10/01/2025		100		105,026
Arizona (State of) Industrial Development Authority (Equitable School Revolving Fund), Series 2022 A, RB		4.00%		11/01/2027		25		25,139
Arizona (State of) Sports & Tourism Authority, Series 2022, Ref. RB, (INS - BAM)^(c)		5.00%		07/01/2025		100		103,779
Arizona (State of) Transportation Board (Maricopa County Regional Area Road Fund), Series 2016, Ref. RB		5.00%		07/01/2025		200		208,931
Arizona State University, Series 2015 D, RB		5.00%		07/01/2041		25		25,628
Arizona State University, Series 2015 D, RB		5.00%		07/01/2046		125		127,581
Lake Havasu (Ciity of), AZ, Series 2015 B, Ref. RB, (INS - AGM)^(c)		5.00%		07/01/2040		15		15,387
Mesa (City of), AZ, Series 2017, Ref. RB		4.00%		07/01/2025		75		76,540
Phoenix (City of), AZ, Series 2014, GO Bonds		4.00%		07/01/2025		15		15,184
Phoenix (City of), AZ, Series 2016, Ref. GO Bonds		5.00%		07/01/2025		40		41,832
Phoenix Civic Improvement Corp., Series 2015 B, Ref. RB		5.00%		07/01/2034		110		113,901
Phoenix Civic Improvement Corp., Series 2017 D, Ref. RB		5.00%		07/01/2025		130		135,358
Phoenix Civic Improvement Corp., Series 2017, Ref. RB		5.00%		07/01/2025		40		41,786
Phoenix Civic Improvement Corp., Series 2021 B, Ref. RB		5.00%		07/01/2025		65		67,903
Pima (County of), AZ, Series 2016, Ref. RB		5.00%		07/01/2025		40		41,759
Salt River Project Agricultural Improvement & Power District, Series 2015 A, Ref. RB		5.00%		12/01/2032		205		213,869
Salt River Project Agricultural Improvement & Power District, Series 2015 A, Ref. RB^(a)		5.00%		12/01/2045		605		625,572
Salt River Project Agricultural Improvement & Power District, Series 2016 A, Ref. RB		5.00%		01/01/2025		55		56,925

								2,042,100

Arkansas-0.02%
Arkansas (State of), Series 2015, Ref. GO Bonds		4.00%		06/01/2025		25		25,261

California-16.07%
Alameda Unified School District (Election of 2014), Series 2015 A, GO Bonds		5.00%		08/01/2039		30		31,248
Anaheim (City of), CA Housing & Public Improvements Authority, Series 2020 C, Ref. RB		5.00%		10/01/2045		50		51,624
Antelope Valley Community College District, Series 2015, Ref. GO Bonds^(a)(b)		5.00%		02/15/2025		125		129,730
Beaumont (City of), CA Public Improvement Authority, Series 2018 A, RB, (INS - AGM)^(c)		5.00%		09/01/2049		100		105,684
California (State of), Series 2013, Ref. GO Bonds		3.00%		02/01/2025		100		99,980
California (State of), Series 2014, Ref. GO Bonds		5.00%		11/01/2025		1,000		1,034,577
California (State of), Series 2015 B, Ref. GO Bonds		5.00%		09/01/2025		50		52,334
California (State of), Series 2015 C, Ref. GO Bonds		5.00%		09/01/2028		865		911,593
California (State of), Series 2015 C, Ref. GO Bonds		3.00%		09/01/2029		65		64,763
California (State of), Series 2015 C, Ref. GO Bonds		5.00%		08/01/2030		80		83,406
California (State of), Series 2015 C, Ref. GO Bonds		5.00%		09/01/2030		60		63,310
California (State of), Series 2015 C, Ref. GO Bonds		5.00%		08/01/2031		100		104,212
California (State of), Series 2015 C, Ref. GO Bonds		5.00%		09/01/2032		75		78,816
California (State of), Series 2015 C, Ref. GO Bonds		3.38%		09/01/2033		50		50,069
California (State of), Series 2015 C, Ref. GO Bonds		5.00%		09/01/2034		175		183,354
California (State of), Series 2015, GO Bonds		5.00%		03/01/2027		100		104,088
California (State of), Series 2015, GO Bonds		5.00%		08/01/2045		160		165,550
California (State of), Series 2015, Ref. GO Bonds		5.00%		03/01/2027		360		374,716

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, 2023

(Unaudited)


					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)		Value
California-(continued)
California (State of), Series 2015, Ref. GO Bonds		5.00%		08/01/2027	$	150	$	157,501
California (State of), Series 2015, Ref. GO Bonds		5.00%		03/01/2028		200		208,539
California (State of), Series 2015, Ref. GO Bonds		3.00%		03/01/2029		225		224,126
California (State of), Series 2015, Ref. GO Bonds		5.00%		08/01/2029		100		105,307
California (State of), Series 2015, Ref. GO Bonds		5.00%		08/01/2033		55		57,662
California (State of), Series 2015, Ref. GO Bonds		5.00%		08/01/2034		750		784,803
California (State of), Series 2015, Ref. GO Bonds		5.00%		08/01/2035		150		156,854
California (State of), Series 2016, Ref. GO Bonds		5.00%		09/01/2025		50		52,334
California (State of), Series 2017, Ref. GO Bonds		5.00%		08/01/2025		155		161,952
California (State of), Series 2018, Ref. GO Bonds		5.00%		10/01/2025		650		681,514
California (State of), Series 2020, GO Bonds		5.00%		11/01/2025		250		262,577
California (State of), Series 2020, GO Bonds		4.00%		11/01/2050		30		28,960
California (State of), Series 2020, Ref. GO Bonds		5.00%		11/01/2025		1,000		1,050,308
California (State of), Series 2021, Ref. GO Bonds		5.00%		12/01/2025		410		431,385
California (State of), Series 2022, GO Bonds		5.00%		09/01/2025		1,090		1,140,887
California (State of) Department of Water Resources, Series 2014 AS, RB		5.00%		12/01/2025		20		20,694
California (State of) Department of Water Resources, Series 2020 BB, Ref. RB		5.00%		12/01/2025		50		52,920
California (State of) Educational Facilities Authority (University of Southern California), Series 2015 A, Ref. RB^(a)		5.00%		10/01/2025		100		105,306
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2015, Ref. RB		5.00%		11/15/2029		500		530,727
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2015 A, RB		5.00%		08/15/2054		500		510,754
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2015 A, Ref. RB^(a)(b)		5.00%		08/15/2025		100		104,773
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 A, RB^(a)(b)		3.25%		11/15/2025		40		40,299
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 A, RB^(a)(b)		5.00%		11/15/2025		20		21,068
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 A, RB^(a)(b)		5.00%		11/15/2025		230		242,283
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 A, RB^(a)(b)		5.00%		11/15/2025		500		526,703
California (State of) Infrastructure & Economic Development Bank, Series 2003 A, RB^(a)		5.00%		07/01/2025		120		125,773
California (State of) Municipal Finance Authority (Community Medical Centers), Series 2015 A, Ref. RB^(a)(b)		5.00%		02/01/2025		200		207,419
California (State of) Municipal Finance Authority (Community Medical Centers), Series 2015 A, Ref. RB^(a)(b)		5.00%		02/01/2025		60		62,226
California (State of) Public Works Board, Series 2015 F, Ref. RB		5.00%		05/01/2027		150		156,703
California (State of) Public Works Board, Series 2017 B, Ref. RB		5.00%		10/01/2025		125		131,315
California State University, Series 2015 A, Ref. RB		5.00%		11/01/2027		100		105,876
California State University, Series 2015 A, Ref. RB		5.00%		11/01/2031		150		158,053
California State University, Series 2015 A, Ref. RB		5.00%		11/01/2043		660		685,901
California State University, Series 2015 A, Ref. RB		5.00%		11/01/2047		50		51,803
Chino Basin Regional Financing Authority, Series 2020 B, RN		4.00%		11/01/2025		200		204,298
Coronado Community Development Agency Successor Agency, Series 2018 A, Ref. RB		5.00%		09/01/2033		100		105,263
East Bay Municipal Utility District, Series 2015 A, Ref. RB		5.00%		06/01/2029		50		52,651
Long Beach (City of), CA, Series 2020, Ref. RB		5.00%		05/15/2025		30		31,334
Los Angeles (City of), CA Department of Airports, Series 2015 C, Ref. RB		5.00%		05/15/2038		75		77,392
Los Angeles (City of), CA Department of Water & Power, Series 2015 A, Ref. RB		5.00%		07/01/2028		65		67,609
Los Angeles (City of), CA Department of Water & Power, Series 2015 A, Ref. RB		5.00%		07/01/2029		45		46,807
Los Angeles (City of), CA Department of Water & Power, Series 2015 A, Ref. RB		5.00%		07/01/2035		40		41,551
Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB		5.00%		07/01/2025		1,000		1,045,115
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB		5.00%		06/01/2025		215		224,779
Los Angeles (County of), CA Public Works Financing Authority, Series 2016 D, RB		5.00%		12/01/2045		200		206,416
Los Angeles (County of), CA Sanitation Districts Financing Authority (Capital), Series 2015 A, Ref. RB		5.00%		10/01/2034		400		420,821
Los Angeles Community College District (Election of 2016), Series 2022 C-1, GO Bonds		5.00%		08/01/2025		90		94,573
Los Angeles Unified School District, Series 2014 C, Ref. GO Bonds		5.00%		07/01/2025		1,020		1,048,148
Los Angeles Unified School District, Series 2016 B, Ref. GO Bonds		5.00%		07/01/2025		40		41,759
Los Angeles Unified School District, Series 2017 A, Ref. GO Bonds		5.00%		07/01/2025		85		88,737
Los Rios Community College District, Series 2021 E, GO Bonds		3.00%		08/01/2025		50		50,019
Metropolitan Water District of Southern California, Series 2015 A, RB^(a)(b)		5.00%		07/01/2025		500		523,133
Metropolitan Water District of Southern California, Series 2019 A, Ref. RB		5.00%		07/01/2025		250		261,854
Municipal Improvement Corp. of Los Angeles (Real Property), Series 2016 B, Ref. RB		5.00%		11/01/2025		100		105,398

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, 2023

(Unaudited)


					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)		Value
California-(continued)
Orange (County of), CA Local Transportation Authority, Series 2019, RB		5.00%		02/15/2025	$	40	$	41,571
Orange (County of), CA Water District, Series 2021 A, COP		4.00%		02/15/2025		50		50,860
Peralta Community College District, Series 2016 A, Ref. GO Bonds		4.00%		08/01/2039		20		19,806
Riverside (County of), CA Public Financing Authority (Capital Facilities), Series 2015, RB^(a)(b)		4.13%		11/01/2025		105		108,057
Sacramento (City of), CA Municipal Utility District, Series 2022 J, Ref. RB		5.00%		08/15/2025		100		104,909
Sacramento (County of), CA Water Financing Authority, Series 2022 A, RB		4.00%		11/01/2025		165		169,138
San Bernardino (County of), CA (Arrowhead), Series 2019 A, Ref. COP		5.00%		10/01/2025		20		21,051
San Diego (City of), CA Public Facilities Financing Authority, Series 2016 B, Ref. RB		5.00%		08/01/2025		10		10,484
San Diego (County of), CA Water Authority, Series 2015, Ref. RB		5.00%		05/01/2029		100		105,324
San Diego Community College District, Series 2016, Ref. GO Bonds		5.00%		08/01/2025		10		10,499
San Diego Unified School District, Series 2015 R-4, Ref. GO Bonds		5.00%		07/01/2025		120		125,690
San Diego Unified School District, Series 2015 R-4, Ref. GO Bonds		5.00%		07/01/2027		25		26,348
San Diego Unified School District, Series 2015 R-4, Ref. GO Bonds		5.00%		07/01/2028		65		68,693
San Diego Unified School District (Election of 2012), Series 2016 F, GO Bonds		5.00%		07/01/2045		75		77,395
San Francisco (City & County of), CA, Series 2022 R-1, Ref. GO Bonds		5.00%		06/15/2025		10		10,475
San Francisco (City & County of), CA (Moscone Convention Center Expansion), Series 2017 B, COP		5.00%		04/01/2029		25		26,431
San Francisco (City of), CA Public Utilities Commission, Series 2015, Ref. RB		5.00%		11/01/2027		250		262,172
San Francisco (City of), CA Public Utilities Commission, Series 2015, Ref. RB		5.00%		11/01/2036		155		161,820
San Francisco Bay Area Rapid Transit District, Series 2015 A, Ref. RB		5.00%		07/01/2025		100		104,719
San Francisco Bay Area Rapid Transit District, Series 2015 A, Ref. RB		5.00%		07/01/2028		115		121,186
San Francisco Bay Area Rapid Transit District (Election of 2004), Series 2015 D, Ref. GO Bonds		5.00%		08/01/2029		65		68,841
San Francisco Bay Area Rapid Transit District (Election of 2004), Series 2015 D, Ref. GO Bonds		4.00%		08/01/2035		150		152,827
San Joaquin Hills Transportation Corridor Agency, Series 2014 A, Ref. RB^(a)(b)		5.00%		01/15/2025		1,100		1,142,757
San Jose (City of), CA Redevelopment Agency Successor Agency, Series 2017 B, Ref. RB		5.00%		08/01/2025		100		104,652
San Mateo & Foster (Cities of), CA Public Financing Authority (Clean Water Program), Series 2021 B, RB		5.00%		08/01/2025		115		120,678
Santa Clara (County of), CA Financing Authority, Series 2016 Q, Ref. RB		3.00%		05/15/2034		250		238,181
South San Francisco Unified School District (Measure J), Series 2016 C, GO Bonds		4.00%		09/01/2037		25		25,261
University of California, Series 2022 S, Ref. RB		5.00%		05/15/2025		305		317,966
University of California (Limited), Series 2015 I, Ref. RB		5.00%		05/15/2025		30		31,275
University of California (Limited), Series 2015 I, Ref. RB		5.00%		05/15/2029		40		41,834
University of California (Limited), Series 2015 I, Ref. RB		5.00%		05/15/2030		120		125,407
University of California (Limited), Series 2015 I, Ref. RB		5.00%		05/15/2032		60		62,577
University of California (Limited), Series 2015 I, Ref. RB		5.00%		05/15/2040		65		67,193
Ventura County Community College District, Series 2015, Ref. GO Bonds		3.13%		08/01/2031		150		150,343
West Contra Costa Unified School District (Election of 2012), Series 2015 B, GO Bonds		5.00%		08/01/2045		25		25,739
Yosemite Community College District, Series 2015, Ref. GO Bonds^(a)(b)		5.00%		08/01/2025		20		21,002
Yosemite Community College District, Series 2015, Ref. GO Bonds^(a)(b)		5.00%		08/01/2025		40		42,004

								22,137,181

Colorado-0.93%
Adams & Weld Counties School District No. 27J Brighton, Series 2015, GO Bonds		5.00%		12/01/2040		10		10,316
Adams (County of), CO , Series 2015, Ref. COP		4.00%		12/01/2045		35		32,396
Adams 12 Five Star Schools, Series 2014, Ref. GO Bonds		5.00%		12/15/2025		25		26,409
Arapahoe County School District No. 5 Cherry Creek, Series 2017, GO Bonds		5.00%		12/15/2031		50		52,597
Arapahoe County School District No. 6 Littleton, Series 2019 A, GO Bonds		5.00%		12/01/2025		25		26,351
Board of Governors of Colorado State University System, Series 2015 A, RB		4.13%		03/01/2055		350		321,814
Colorado (State of), Series 2021 A, COP		5.00%		12/15/2025		80		84,068
Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB		5.00%		01/01/2025		200		206,097
Colorado (State of) Regional Transportation District, Series 2015, COP		5.00%		06/01/2027		165		171,191
Denver City & County School District No. 1, Series 2014 B, Ref. GO Bonds		5.00%		12/01/2025		150		154,683
University of Colorado, Series 2017 A-2, Ref. RB		5.00%		06/01/2025		190		198,094

								1,284,016

Connecticut-2.47%
Connecticut (State of), Series 2014 A, Ref. RB		5.00%		09/01/2025		500		513,392
Connecticut (State of), Series 2015 A, GO Bonds		5.00%		03/15/2027		200		207,619
Connecticut (State of), Series 2015 A, GO Bonds		5.00%		03/15/2028		210		218,383
Connecticut (State of), Series 2015 A, RB		5.00%		08/01/2029		80		83,711

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, 2023

(Unaudited)


					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)		Value
Connecticut-(continued)
Connecticut (State of), Series 2015 A, RB		5.00%		08/01/2033	$	95	$	98,832
Connecticut (State of), Series 2015 A, RB		5.00%		08/01/2034		250		259,588
Connecticut (State of), Series 2015 A, RB		5.00%		08/01/2035		40		41,412
Connecticut (State of), Series 2015 B, GO Bonds		5.00%		06/15/2025		50		52,150
Connecticut (State of), Series 2015 F, GO Bonds		5.00%		11/15/2027		135		141,975
Connecticut (State of), Series 2015 F, GO Bonds		3.25%		11/15/2029		200		200,369
Connecticut (State of), Series 2018 A, RB		5.00%		01/01/2025		75		77,489
Connecticut (State of), Series 2020 A, GO Bonds		5.00%		01/15/2025		1,000		1,035,059
Connecticut (State of), Series 2021 A, GO Bonds		4.00%		01/15/2025		105		106,661
Connecticut (State of), Series 2022 D, Ref. GO Bonds		5.00%		09/15/2025		100		104,853
Connecticut (State of) Health & Educational Facilities Authority (Yale University), Series 2018 A, Ref. RB		5.00%		07/01/2025		250		261,567

								3,403,060

Delaware-0.38%
Delaware (State of), Series 2017 A, Ref. GO Bonds		5.00%		01/01/2025		200		206,999
Delaware (State of), Series 2020 A, GO Bonds		5.00%		01/01/2025		300		310,498

								517,497

District of Columbia-0.64%
District of Columbia, Series 2015 A, GO Bonds		5.00%		06/01/2028		10		10,432
District of Columbia, Series 2015 A, GO Bonds		5.00%		06/01/2029		10		10,430
District of Columbia, Series 2015 A, GO Bonds		5.00%		06/01/2030		100		104,238
District of Columbia, Series 2015 A, GO Bonds		5.00%		06/01/2034		50		51,810
District of Columbia, Series 2015 A, GO Bonds		5.00%		06/01/2036		150		154,674
District of Columbia, Series 2015 A, GO Bonds		5.00%		06/01/2038		100		102,745
District of Columbia, Series 2017 D, GO Bonds		5.00%		06/01/2025		5		5,222
District of Columbia, Series 2018 B, Ref. GO Bonds		5.00%		06/01/2025		275		287,203
District of Columbia, Series 2019 A, RB		5.00%		03/01/2025		35		36,381
District of Columbia Water & Sewer Authority, Series 2014 C, Ref. RB		5.00%		10/01/2025		50		51,482
District of Columbia Water & Sewer Authority (Green Bonds), Series 2015 A, RB		5.00%		10/01/2045		60		61,468

								876,085

Florida-3.35%
Broward (County of), FL School Board, Series 2015 B, Ref. COP		5.00%		07/01/2030		165		170,224
Central Florida Expressway Authority, Series 2016 B, Ref. RB		5.00%		07/01/2025		25		26,030
Citizens Property Insurance, Inc., Series 2015 A-1, RB		5.00%		06/01/2025		150		153,577
Florida (State of), Series 2015 E, Ref. GO Bonds		4.00%		06/01/2032		135		137,996
Florida (State of), Series 2016 A, Ref. RB		5.00%		07/01/2025		45		46,927
Florida (State of), Series 2017 A, Ref. RB		5.00%		07/01/2025		75		78,211
Florida (State of) Department of Environmental Protection (FL Forever), Series 2014, Ref. RB		5.00%		07/01/2025		500		511,294
Florida (State of) Department of Environmental Protection (FL Forever), Series 2016 A, Ref. RB		5.00%		07/01/2025		65		67,798
Florida (State of) Municipal Power Agency, Series 2017 A, Ref. RB		5.00%		10/01/2025		55		57,402
FSU Financial Assistance, Inc., Series 2015 A, RB		4.25%		10/01/2045		50		47,700
Gainesville (City of), FL, Series 2017 A, RB^(a)		5.00%		10/01/2025		10		10,465
Gainesville (City of), FL, Series 2017 A, RB		5.00%		10/01/2025		40		41,838
Hillsborough (County of), FL, Series 2015, RB		3.75%		10/01/2045		200		187,288
Hillsborough (County of), FL, Series 2015, Ref. RB		5.00%		11/01/2025		130		136,166
Jacksonville (City of), FL, Series 2015, Ref. RB		5.00%		10/01/2027		75		77,974
Jacksonville (City of), FL, Series 2015, Ref. RB		5.00%		10/01/2029		30		31,220
Jacksonville (City of), FL, Series 2015, Ref. RB		3.25%		10/01/2032		100		99,148
Lake (County of), FL School Board, Series 2015 B, Ref. COP, (INS - AGM)^(c)		5.00%		06/01/2031		100		103,400
Lee (County of), FL, Series 2015, Ref. RB		5.00%		10/01/2033		45		46,833
Miami (City of) & Dade (County of), FL School Board, Series 2015 A, Ref. COP		5.00%		05/01/2028		200		207,649
Miami (City of) & Dade (County of), FL School Board, Series 2015 A, Ref. COP		5.00%		05/01/2030		125		129,489
Miami Beach (City of), FL, Series 2015, RB		4.00%		09/01/2045		260		248,921
Miami Beach (City of), FL, Series 2015, RB		5.00%		09/01/2045		210		214,621
Miami-Dade (County of), FL, Series 2014 B, Ref. RB		5.00%		10/01/2025		665		681,618
Miami-Dade (County of), FL, Series 2017 A, RB		5.00%		10/01/2032		410		424,919

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


		142

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

February 28, 2023

(Unaudited)


					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)		Value
Florida-(continued)
Miami-Dade (County of), FL, Series 2017 A, RB		5.00%		10/01/2034	$	10	$	10,314
Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2015 A, Ref. RB		5.00%		04/01/2040		15		15,258
Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2015 A, Ref. RB		5.00%		04/01/2045		185		187,369
Palm Beach (County of), FL Solid Waste Authority, Series 2015, Ref. RB		5.00%		10/01/2028		100		103,616
Palm Beach County School District, Series 2015 D, Ref. COP		5.00%		08/01/2027		40		41,614
Palm Beach County School District, Series 2015 D, Ref. COP		5.00%		08/01/2030		220		228,514
Tampa Bay (City of), FL, Series 2016 C, Ref. RB		5.00%		10/01/2025		65		68,036
Volusia (County of), FL Educational Facility Authority, Series 2015 B, RB^(a)(b)		5.00%		04/15/2025		15		15,552

								4,608,981

Georgia-3.59%
Atlanta (City of), GA, Series 2014 A, Ref. RB		5.00%		01/01/2025		1,000		1,015,432
Atlanta (City of), GA, Series 2015, Ref. RB^(a)(b)		5.00%		05/01/2025		25		26,025
Atlanta (City of), GA, Series 2015, Ref. RB		5.00%		11/01/2025		35		36,456
Atlanta (City of), GA, Series 2015, Ref. RB		5.00%		11/01/2028		700		731,162
Atlanta (City of), GA, Series 2015, Ref. RB		5.00%		11/01/2031		20		20,883
Atlanta (City of), GA, Series 2015, Ref. RB		5.00%		11/01/2040		475		487,950
Forsyth (County of), GA, Series 2019, GO Bonds		5.00%		09/01/2025		60		62,978
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		104,023
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		104,493
Georgia (State of), Series 2016 C-1, Ref. GO Bonds		4.00%		07/01/2025		140		143,219
Georgia (State of), Series 2017 A-1, GO Bonds		5.00%		02/01/2025		10		10,367
Georgia (State of), Series 2018 A, GO Bonds		5.00%		07/01/2025		50		52,290
Georgia (State of) (Bidding Group 3), Series 2022 C, Ref. GO Bonds		4.00%		07/01/2025		600		613,798
Georgia (State of) (Tranche 1), Series 2015 A, GO Bonds		5.00%		02/01/2027		370		384,655
Georgia (State of) Higher Education Facilities Authority (USG Real Estate Foundation I, LLC), Series 2015, RB		4.13%		06/15/2040		50		48,699
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2015 A, RB		5.00%		07/01/2060		175		166,247
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2015 A, RB		5.50%		07/01/2060		100		101,258
Georgia (State of) Road & Tollway Authority (Garvee), Series 2020, RB		5.00%		06/01/2025		50		52,030
Gwinnett (County of), GA Water & Sewerage Authority, Series 2021, Ref. RB		4.00%		08/01/2025		500		511,700
Gwinnett County School District, Series 2015, Ref. GO Bonds		5.00%		02/01/2031		55		57,978
Gwinnett County School District, Series 2015, Ref. GO Bonds		5.00%		02/01/2035		30		31,479
Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB		5.00%		09/01/2025		170		178,564

								4,941,686

Hawaii-0.84%
Hawaii (State of), Series 2015 EZ, Ref. GO Bonds^(a)(b)		5.00%		10/01/2025		150		157,539
Hawaii (State of), Series 2016 FE, Ref. GO Bonds		5.00%		10/01/2025		130		136,369
Honolulu (City & County of), HI, Series 2015 A, GO Bonds		5.00%		10/01/2038		50		51,682
Honolulu (City & County of), HI, Series 2015 B, Ref. GO Bonds		5.00%		10/01/2027		250		262,693
Honolulu (City & County of), HI, Series 2015 B, Ref. GO Bonds		5.00%		10/01/2028		195		204,801
Honolulu (City & County of), HI, Series 2015 B, Ref. GO Bonds		5.00%		10/01/2029		110		115,361
Honolulu (City & County of), HI, Series 2015 B, Ref. GO Bonds		5.00%		10/01/2030		20		20,955
Honolulu (City & County of), HI, Series 2015 B, Ref. RB^(a)(b)		5.00%		07/01/2025		15		15,618
Honolulu (City & County of), HI, Series 2015 B, Ref. RB^(a)(b)		5.00%		07/01/2025		5		5,206
Honolulu (City & County of), HI, Series 2015 C, Ref. GO Bonds		4.00%		10/01/2032		50		51,112
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2020 B, Ref. GO Bonds		5.00%		03/01/2025		125		129,735

								1,151,071

Illinois-5.18%
Bolingbrook (Village of), IL, Series 2014, Ref. GO Bonds, (INS - AGM)^(c)		4.00%		01/01/2038		105		105,376
Chicago (City of), IL, Series 2004, Ref. RB		5.00%		11/01/2025		300		309,879
Chicago (City of), IL, Series 2005 D, Ref. GO Bonds		5.50%		01/01/2040		105		106,236
Chicago (City of), IL (O’Hare International Airport), Series 2015 B, Ref. RB		5.00%		01/01/2029		25		25,770

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


		143

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

February 28, 2023

(Unaudited)


					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)		Value
Illinois-(continued)
Chicago (City of), IL (O’Hare International Airport), Series 2015 B, Ref. RB		5.00%		01/01/2030	$	25	$	25,759
Chicago (City of), IL (O’Hare International Airport), Series 2015 B, Ref. RB		5.00%		01/01/2031		630		649,203
Chicago (City of), IL (O’Hare International Airport), Series 2015 B, Ref. RB		5.00%		01/01/2032		235		242,101
Chicago (City of), IL (O’Hare International Airport), Series 2015 B, Ref. RB		5.00%		01/01/2033		135		139,040
Chicago (City of), IL (O’Hare International Airport), Series 2016 C, Ref. RB		5.00%		01/01/2025		25		25,807
Chicago (City of), IL Metropolitan Water Reclamation District, Series 2016 A, Ref. GO Bonds		5.00%		12/01/2025		1,020		1,075,687
Cook (County of), IL, Series 2021 A, Ref. GO Bonds		5.00%		11/15/2025		50		52,096
Cook (County of), IL, Series 2022 A, Ref. GO Bonds		5.00%		11/15/2025		25		26,048
Du Page & Will Counties Community School District No. 204 Indian Prairie, Series 2017, Ref. GO Bonds		4.00%		12/30/2025		105		107,526
Illinois (State of), Series 2017 D, GO Bonds		5.00%		11/01/2025		75		77,115
Illinois (State of), Series 2020 B, GO Bonds		5.00%		10/01/2025		25		25,684
Illinois (State of), Series 2020 D, GO Bonds		5.00%		10/01/2025		45		46,231
Illinois (State of), Series 2021 A, GO Bonds		5.00%		03/01/2025		1,485		1,516,546
Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB		5.00%		02/15/2025		475		490,458
Illinois (State of) Finance Authority (OSF Healthcare System), Series 2015 A, Ref. RB		4.13%		11/15/2037		40		40,010
Illinois (State of) Finance Authority (Rush University Medical Center), Series 2015 A, Ref. RB		5.00%		11/15/2028		20		20,725
Illinois (State of) Finance Authority (Silver Cross Hospital & Medical), Series 2015, Ref. RB		5.00%		08/15/2035		230		234,521
Illinois (State of) Finance Authority (The University of Chicago), Series 2015 A, RB		5.00%		10/01/2035		15		15,486
Illinois (State of) Finance Authority (The University of Chicago), Series 2015 A, RB		5.00%		10/01/2040		100		102,644
Illinois (State of) Finance Authority (University of Chicago Medical), Series 2015 A, RB		5.00%		10/01/2034		250		258,722
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion), Series 2015 A, RB		5.00%		06/15/2053		250		243,139
Illinois (State of) Municipal Electric Agency, Series 2015 A, Ref. RB		5.00%		02/01/2029		20		20,713
Illinois (State of) Municipal Electric Agency, Series 2015 A, Ref. RB		4.00%		02/01/2033		190		192,507
Illinois (State of) Municipal Electric Agency, Series 2015 A, Ref. RB		4.00%		02/01/2034		45		45,525
Illinois (State of) Toll Highway Authority, Series 2014 C, RB		5.00%		01/01/2039		10		10,186
Illinois (State of) Toll Highway Authority, Series 2015 A, RB		5.00%		01/01/2037		15		15,400
Illinois (State of) Toll Highway Authority, Series 2015 A, RB		5.00%		01/01/2040		270		275,965
Sales Tax Securitization Corp., Series 2017 A, Ref. RB		5.00%		01/01/2025		20		20,599
Sales Tax Securitization Corp., Series 2021 A, Ref. RB		5.00%		01/01/2025		45		46,347
Southwestern Illinois Development Authority (Southwestern Illinois Prevention District Council), Series 2016 B, RB		4.00%		10/15/2040		120		115,781
Springfield (City of), IL, Series 2015, Ref. RB		5.00%		03/01/2028		20		20,449
Springfield (City of), IL, Series 2015, Ref. RB		5.00%		03/01/2029		190		194,341
Springfield (City of), IL, Series 2015, Ref. RB		5.00%		03/01/2031		20		20,430
Springfield (City of), IL, Series 2015, Ref. RB, (INS - AGM)^(c)		4.00%		03/01/2040		170		166,182
Springfield (City of), IL, Series 2015, Ref. RB, (INS - AGM)^(c)		5.00%		03/01/2040		30		30,685

								7,136,919

Indiana-1.01%
Indiana (State of) Finance Authority (Green Bonds), Series 2019, RB		5.00%		02/01/2025		300		311,185
Indiana (State of) Finance Authority (Indiana University Health Obligated Group), Series 2015 A, Ref. RB		4.00%		12/01/2040		560		530,026
Indiana University, Series 2015 A, Ref. RB		4.00%		06/01/2042		500		497,389
Indianapolis (City of), IN Department of Public Utilities, Series 2018 A, Ref. RB		5.00%		10/01/2025		45		47,091

								1,385,691

Iowa-0.03%
Iowa (State of), Series 2016 A, Ref. RB		5.00%		06/01/2025		25		26,037
Iowa (State of) Finance Authority (Green Bonds), Series 2015, Ref. RB		5.00%		08/01/2025		20		20,907

								46,944

Kansas-0.44%
Johnson (County of), KS Public Building Commission (Courthouse & Medical Examiners), Series 2018 A, RB		5.00%		09/01/2025		25		26,149
Kansas (State of) Department of Transportation, Series 2015, RB		5.00%		09/01/2025		85		89,010
Kansas (State of) Department of Transportation, Series 2015, RB		5.00%		09/01/2027		55		57,594
Kansas (State of) Department of Transportation, Series 2015, RB		5.00%		09/01/2029		145		151,805

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


		144

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

February 28, 2023

(Unaudited)


					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)		Value
Kansas-(continued)
Kansas (State of) Department of Transportation, Series 2015, RB		5.00%		09/01/2033	$	200	$	208,749
Sedgwick County Unified School District No. 259 Wichita, Series 2017 A, Ref. GO Bonds		4.00%		10/01/2025		20		20,476
University of Kansas Hospital Authority (KU Health System), Series 2015, Ref. RB		5.00%		09/01/2045		50		50,598

								604,381

Kentucky-0.68%
Kentucky (Commonwealth of) Asset Liability Commission, Series 2014 A, Ref. RB		5.00%		09/01/2025		100		102,329
Kentucky (Commonwealth of) Asset Liability Commission, Series 2021 A, Ref. RB		5.00%		11/01/2025		400		418,972
Kentucky (Commonwealth of) Economic Development Finance Authority (Next Generation Kentucky Information Highway), Series 2015 A, RB.		4.25%		07/01/2035		125		120,791
Kentucky (Commonwealth of) Municipal Power Agency, Series 2015 A, Ref. RB, (INS - NATL)^(c)		4.00%		09/01/2039		230		218,520
Louisville (City of) & Jefferson (County of), KY Sewer District, Series 2016 A, RB		3.00%		05/15/2047		110		82,547

								943,159

Louisiana-1.75%
East Baton Rouge (Parish of), LA Sewerage Commission, Series 2014 B, Ref. RB^(a)(b)		5.00%		02/01/2025		335		346,983
Louisiana (State of), Series 2015 A, Ref. RB^(a)(b)		4.00%		05/01/2025		1,010		1,028,306
Louisiana (State of), Series 2015 A, Ref. RB^(a)(b)		4.50%		05/01/2025		860		884,514
Louisiana (State of), Series 2015 A, Ref. RB^(a)(b)		5.00%		05/01/2025		150		155,833

								2,415,636

Maryland-2.02%
Maryland (State of), First series 2016, GO Bonds		4.00%		06/01/2025		400		404,048
Maryland (State of), Series 2015 A, GO Bonds		2.75%		08/01/2025		500		490,797
Maryland (State of), Series 2017 A, GO Bonds		5.00%		03/15/2025		380		394,555
Maryland (State of), Series 2017 A, GO Bonds		5.00%		08/01/2025		100		104,723
Maryland (State of) Department of Transportation (Second Issue), Series 2018, RB		5.00%		10/01/2025		500		525,258
Maryland (State of) Health & Higher Educational Facilities Authority (Johns Hopkins Health System), Series 2015 A, Ref. RB		4.00%		05/15/2040		75		74,120
Maryland (State of) Health & Higher Educational Facilities Authority (Meritus Medical Center), Series 2015 A, Ref. RB		5.00%		07/01/2040		100		101,253
Maryland (State of) Health & Higher Educational Facilities Authority (Meritus Medical Center), Series 2015, Ref. RB		5.00%		07/01/2045		425		428,243
Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB		5.00%		07/01/2025		100		104,420
Montgomery (County of), MD, Series 2016 A, GO Bonds		5.00%		12/01/2025		150		155,229

								2,782,646

Massachusetts-3.38%
Massachusetts (Commonwealth of), Series 2015 A, Ref. GO Bonds		5.00%		07/01/2029		35		36,576
Massachusetts (Commonwealth of), Series 2015 A, Ref. GO Bonds		5.00%		07/01/2030		40		41,720
Massachusetts (Commonwealth of), Series 2015 A, Ref. GO Bonds		4.50%		07/01/2034		85		87,648
Massachusetts (Commonwealth of), Series 2015 A, Ref. GO Bonds		5.00%		07/01/2036		150		154,877
Massachusetts (Commonwealth of), Series 2015 C, GO Bonds		5.00%		07/01/2045		110		112,375
Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds		5.00%		07/01/2025		50		52,290
Massachusetts (Commonwealth of), Series 2016 E, GO Bonds		4.00%		04/01/2033		145		147,438
Massachusetts (Commonwealth of), Series 2016 E, GO Bonds		3.00%		04/01/2044		295		234,117
Massachusetts (Commonwealth of), Series 2016 E, GO Bonds		4.00%		04/01/2046		220		211,210
Massachusetts (Commonwealth of), Series 2017 C, Ref. GO Bonds		5.00%		10/01/2025		560		588,859
Massachusetts (Commonwealth of), Series 2019 A, Ref. GO Bonds		5.00%		01/01/2025		50		51,750
Massachusetts (Commonwealth of), Series 2020 E, GO Bonds		5.00%		11/01/2025		250		263,364
Massachusetts (Commonwealth of) (Rail Enhancement Program), Series 2015 A, RB		5.00%		06/01/2040		845		870,727
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2015 B, Ref. RB^(a)(b)		5.00%		07/01/2025		40		41,786
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2016 A, Ref. RB		5.00%		07/01/2025		500		522,673
Massachusetts (Commonwealth of) Bay Transportation Authority (Sustainability Bonds), Series 2021, RB		4.00%		05/01/2025		250		255,057
Massachusetts (Commonwealth of) Development Finance Agency (Emerson College), Series 2015, Ref. RB		5.00%		01/01/2035		275		279,307
Massachusetts (Commonwealth of) Port Authority, Series 2015 A, RB		5.00%		07/01/2045		100		102,585
Massachusetts (Commonwealth of) School Building Authority, Series 2015 C, Ref. RB^(a)(b)		5.00%		08/15/2025		70		73,308

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


		145

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

February 28, 2023

(Unaudited)


					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)		Value
Massachusetts-(continued)
Massachusetts (Commonwealth of) School Building Authority, Series 2015 C, Ref. RB		5.00%		08/15/2029	$	200	$	210,444
Massachusetts (Commonwealth of) School Building Authority, Series 2015 C, Ref. RB		5.00%		08/15/2037		200		207,956
University of Massachusetts Building Authority, Series 2015 1, RB		5.00%		11/01/2040		100		104,231

								4,650,298

Michigan-1.60%
Michigan (State of) (Garvee), Series 2016, Ref. RB		5.00%		03/15/2025		500		517,348
Michigan (State of) Building Authority, Series 2015 I, Ref. RB		5.00%		04/15/2028		140		147,003
Michigan (State of) Building Authority (Facilities Program), Series 2015 I, Ref. RB		5.00%		04/15/2030		10		10,530
Michigan (State of) Building Authority (Facilities Program), Series 2015 I, Ref. RB		5.00%		04/15/2032		375		394,732
Michigan (State of) Building Authority (Facilities Program), Series 2015 I, Ref. RB		5.00%		04/15/2038		30		31,024
Michigan (State of) Building Authority (Facilities Program), Series 2015 I, Ref. RB		5.00%		10/15/2045		300		307,319
Michigan (State of) Finance Authority, Series 2015 D-1, Ref. RB		5.00%		07/01/2034		50		51,055
Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2016, RB		5.00%		11/01/2044		100		101,209
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department), Series 2014 C-3, RB, (INS - AGM)^(c)		5.00%		07/01/2025		60		61,206
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department), Series 2015 C, RB		5.00%		07/01/2034		25		25,583
Michigan (State of) Finance Authority (Sparrow Obligated Group), Series 2015, Ref. RB		5.00%		11/15/2045		100		101,203
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2015, Ref. RB		5.00%		12/01/2025		35		36,450
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2015, Ref. RB		5.50%		12/01/2027		350		369,877
Michigan (State of) Strategic Fund (Michigan Senate Offices), Series 2015 A, RB		5.25%		10/15/2040		50		52,189

								2,206,728

Minnesota-0.66%
Metropolitan Council, Series 2021 B, GO Bonds		5.00%		12/01/2025		175		184,696
Minnesota (State of), Series 2015 A, GO Bonds		5.00%		08/01/2029		225		235,413
Minnesota (State of), Series 2015 D, Ref. GO Bonds		5.00%		08/01/2025		45		47,115
Minnesota (State of), Series 2015 D, Ref. GO Bonds		5.00%		08/01/2027		5		5,235
Minnesota (State of), Series 2016 D, Ref. GO Bonds		5.00%		08/01/2025		20		20,940
Minnesota (State of), Series 2019 A, GO Bonds		5.00%		08/01/2025		65		68,054
St. Paul (City of), MN Housing & Redevelopment Authority (Healthpartners Obligated Group), Series 2015 A, Ref. RB		5.00%		07/01/2028		300		310,896
St. Paul (City of), MN Housing & Redevelopment Authority (Healthpartners Obligated Group), Series 2015 A, Ref. RB		5.00%		07/01/2032		30		30,983

								903,332

Mississippi-0.38%
Mississippi (State of), Series 2015 A, GO Bonds^(a)(b)		4.00%		10/01/2025		310		317,936
Mississippi (State of), Series 2015 C, Ref. GO Bonds		5.00%		10/01/2025		100		105,026
Mississippi (State of), Series 2015 F, GO Bonds^(a)(b)		5.00%		11/01/2025		100		105,214

								528,176

Missouri-1.43%
Missouri (State of) Health & Educational Facilities Authority (St. Anthony’s Medical Center), Series 2015 B, Ref. RB		4.00%		02/01/2040		40		38,496
Missouri (State of) Health & Educational Facilities Authority (The Children’s Mercy Hospital), Series 2017 A, RB		4.00%		05/15/2042		25		23,593
Missouri (State of) Highway & Transportation Commission, Series 2014 A, Ref. RB		5.00%		05/01/2025		250		255,220
Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2015 A, Ref. RB		5.00%		12/01/2029		1,000		1,031,158
Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2015 A, Ref. RB		5.00%		12/01/2030		100		103,050
Springfield (City of), MO, Series 2015, Ref. RB		5.00%		08/01/2025		500		522,664

								1,974,181

Nebraska-0.99%
Douglas (County of), NE Hospital Authority No. 3 (NE Methodist Health), Series 2015, Ref. RB		4.13%		11/01/2036		65		65,077
Gretna (City of), NE, Series 2022, COP		5.00%		12/15/2025		100		103,008
Lincoln (City of), NE, Series 2015 A, Ref. RB		4.00%		09/01/2040		100		97,233

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


		146

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

February 28, 2023

(Unaudited)


					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)		Value
Nebraska-(continued)
Omaha (City of), NE Public Power District, Series 2015 C, Ref. RB		5.00%		02/01/2043	$	1,000	$	1,017,292
Public Power Generation Agency (Whelan Energy Center Unit 2), Series 2015, Ref. RB		5.00%		01/01/2028		75		76,856

								1,359,466

Nevada-0.63%
Clark (County of), NV, Series 2015, Ref. GO Bonds		4.00%		11/01/2035		285		286,874
Clark (County of), NV Department of Aviation, Series 2015 A, Ref. RB		5.00%		07/01/2040		210		216,148
Clark County School District, Series 2017 A, Ref. GO Bonds		5.00%		06/15/2025		170		176,929
Las Vegas Valley Water District, Series 2019 B, Ref. GO Bonds		5.00%		06/01/2025		65		67,783
Nevada (State of), Series 2015 B, Ref. GO Bonds		5.00%		11/01/2025		115		119,741

								867,475

New Jersey-3.02%
Essex (County of), NJ, Series 2017, Ref. GO Bonds		5.00%		08/01/2025		15		15,698
New Jersey (State of), Series 2013, GO Bonds		3.00%		06/01/2025		100		98,624
New Jersey (State of), Series 2014, GO Bonds^(a)(b)		5.00%		06/01/2025		300		312,514
New Jersey (State of), Series 2020 A, GO Bonds		5.00%		06/01/2025		420		437,241
New Jersey (State of) Economic Development Authority, Series 2005 N-1, Ref. RB, (INS - AGM)^(c)		5.50%		09/01/2025		90		94,259
New Jersey (State of) Economic Development Authority, Series 2015 WW, RB^(a)(b)		5.00%		06/15/2025		400		416,066
New Jersey (State of) Economic Development Authority, Series 2015 XX, Ref. RB		5.00%		06/15/2025		460		474,126
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		208,106
New Jersey (State of) Transportation Trust Fund Authority, Series 2014 AA, RB		5.00%		06/15/2025		270		273,551
New Jersey (State of) Transportation Trust Fund Authority, Series 2015 AA, RB		5.25%		06/15/2031		100		104,069
New Jersey (State of) Transportation Trust Fund Authority, Series 2015 AA, RB		4.75%		06/15/2038		75		75,820
New Jersey (State of) Transportation Trust Fund Authority, Series 2015 AA, RB		5.00%		06/15/2045		260		262,958
New Jersey (State of) Turnpike Authority, Series 2014 C, Ref. RB		5.00%		01/01/2025		70		72,361
New Jersey (State of) Turnpike Authority, Series 2015 E, RB		5.00%		01/01/2045		1,285		1,306,309
New Jersey (State of) Turnpike Authority, Series 2017 E, Ref. RB		5.00%		01/01/2025		5		5,169

								4,156,871

New Mexico-0.14%
Albuquerque (City of) & Bernalillo (County of), NM Water Utility Authority, Series 2015, Ref. RB		5.00%		07/01/2025		55		57,444
New Mexico (State of), Series 2015, GO Bonds		5.00%		03/01/2025		75		77,811
New Mexico (State of) Severance Tax Permanent Fund, Series 2015 A, RB		5.00%		07/01/2025		50		52,175

								187,430

New York-17.89%
Erie (County of), NY Industrial Development Agency (The) (City of Buffalo School District), Series 2022, Ref. RB		5.00%		05/01/2025		100		104,166
Metropolitan Transportation Authority, Series 2015 B, RB		4.00%		11/15/2045		235		205,862
Metropolitan Transportation Authority, Series 2015 D-1, Ref. RB		5.00%		11/15/2029		350		355,431
Metropolitan Transportation Authority, Series 2015 D-1, Ref. RB, (INS - BAM)^(c)		5.00%		11/15/2033		70		72,865
Metropolitan Transportation Authority, Series 2016 B, Ref. RB		5.00%		11/15/2025		200		206,919
Metropolitan Transportation Authority, Subseries 2015 C-1, Ref. RB		5.00%		11/15/2029		265		269,112
Metropolitan Transportation Authority (Green Bonds), Series 2017 A-2, Ref. RB		5.00%		11/15/2025		200		206,919
Metropolitan Transportation Authority (Green Bonds), Series 2017 C-1, Ref. RB		5.00%		11/15/2025		200		206,919
New York & New Jersey (States of) Port Authority, One Hundred Eighty Nineth Series 2015, Ref. RB		3.25%		05/01/2033		25		25,081
New York & New Jersey (States of) Port Authority, One Hundred Ninety Fourth Series 2015, Ref. RB		5.00%		10/15/2029		175		183,139
New York & New Jersey (States of) Port Authority, One Hundred Ninety Fourth Series 2015, Ref. RB		5.00%		10/15/2030		100		104,625
New York & New Jersey (States of) Port Authority, One Hundred Ninety Fourth Series 2015, Ref. RB		5.00%		10/15/2032		245		255,703
New York & New Jersey (States of) Port Authority, One Hundred Ninety Fourth Series 2015, Ref. RB		5.00%		10/15/2035		365		377,232
New York & New Jersey (States of) Port Authority, Series 2015, Ref. RB		5.00%		05/01/2027		75		77,773
New York & New Jersey (States of) Port Authority, Series 2015, Ref. RB		5.00%		05/01/2030		70		72,588
New York & New Jersey (States of) Port Authority, Series 2015, Ref. RB		5.00%		05/01/2045		60		60,911
New York & New Jersey (States of) Port Authority, Two Hundred Thirtieth Series 2022, Ref. RB		4.00%		12/01/2025		100		102,652
New York (City of), NY, Series 2015 C, Ref. GO Bonds		5.00%		08/01/2026		690		714,552
New York (City of), NY, Series 2015 C, Ref. GO Bonds		5.00%		08/01/2028		420		434,469
New York (City of), NY, Series 2015 F-1, GO Bonds		3.50%		06/01/2033		10		10,075

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


		147

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

February 28, 2023

(Unaudited)


					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)		Value
New York-(continued)
New York (City of), NY, Series 2015 F-1, GO Bonds		3.75%		06/01/2037	$	75	$	73,014
New York (City of), NY, Series 2017 1, GO Bonds		5.00%		08/01/2025		175		182,310
New York (City of), NY, Series 2017 C, Ref. GO Bonds		5.00%		08/01/2025		200		208,354
New York (City of), NY, Series 2019 E, Ref. GO Bonds		5.00%		08/01/2025		110		114,595
New York (City of), NY, Series 2020 C-1, Ref. GO Bonds		5.00%		08/01/2025		500		520,886
New York (City of), NY Municipal Water Finance Authority, Series 2015 FF, Ref. RB^(a)(b)		5.00%		06/15/2025		20		20,871
New York (City of), NY Municipal Water Finance Authority, Series 2015 FF, Ref. RB		5.00%		06/15/2029		90		94,053
New York (City of), NY Municipal Water Finance Authority, Series 2015 FF, Ref. RB		5.00%		06/15/2039		460		473,718
New York (City of), NY Municipal Water Finance Authority, Series 2015 GG, Ref. RB		5.00%		06/15/2031		170		177,656
New York (City of), NY Municipal Water Finance Authority, Series 2015 GG, Ref. RB		5.00%		06/15/2039		100		102,982
New York (City of), NY Municipal Water Finance Authority, Series 2015 HH, Ref. RB		5.00%		06/15/2029		15		15,676
New York (City of), NY Municipal Water Finance Authority, Series 2015, Ref. RB		5.00%		06/15/2046		130		132,987
New York (City of), NY Municipal Water Finance Authority, Series 2020 DD, Ref. RB		5.00%		06/15/2025		410		427,818
New York (City of), NY Municipal Water Finance Authority, Series 2020 DD-2, RB		5.00%		06/15/2027		425		447,542
New York (City of), NY Municipal Water Finance Authority, Series 2021 BB-2, Ref. RB		5.00%		06/15/2027		170		179,017
New York (City of), NY Transitional Finance Authority, Series 2015 A-1, RB		5.00%		08/01/2031		300		312,531
New York (City of), NY Transitional Finance Authority, Series 2015 A-1, RB		5.00%		08/01/2037		85		87,552
New York (City of), NY Transitional Finance Authority, Series 2015 C, Ref. RB		5.00%		11/01/2027		200		207,606
New York (City of), NY Transitional Finance Authority, Series 2015 E-1, RB		5.00%		02/01/2032		185		190,747
New York (City of), NY Transitional Finance Authority, Series 2015 E-1, RB		5.00%		02/01/2033		400		412,050
New York (City of), NY Transitional Finance Authority, Series 2015 E-1, RB		5.00%		02/01/2041		330		336,255
New York (City of), NY Transitional Finance Authority, Series 2015 S, RB		5.00%		07/15/2027		300		312,958
New York (City of), NY Transitional Finance Authority, Series 2015 S, RB		5.00%		07/15/2034		35		36,357
New York (City of), NY Transitional Finance Authority, Series 2015 S, RB		5.00%		07/15/2035		25		25,661
New York (City of), NY Transitional Finance Authority, Series 2015 S, RB		5.00%		07/15/2040		200		204,907
New York (City of), NY Transitional Finance Authority, Series 2015 S, RB		5.00%		07/15/2041		200		204,725
New York (City of), NY Transitional Finance Authority, Series 2015 S-1, RB		5.00%		07/15/2040		75		76,369
New York (City of), NY Transitional Finance Authority, Series 2015 S-2, RB		5.00%		07/15/2035		500		517,424
New York (City of), NY Transitional Finance Authority, Series 2016 S-1, Ref. RB^(a)		5.00%		07/15/2025		50		52,269
New York (City of), NY Transitional Finance Authority, Series 2017, RB		5.00%		11/01/2025		100		104,821
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB		5.00%		11/01/2025		50		52,411
New York (City of), NY Transitional Finance Authority, Series 2021 B-1, RB		5.00%		08/01/2025		45		46,933
New York (City of), NY Transitional Finance Authority, Subseries 2015 B-1, RB		5.00%		11/01/2032		180		188,209
New York (City of), NY Transitional Finance Authority, Subseries 2015 B-1, RB		5.00%		11/01/2035		150		155,867
New York (City of), NY Transitional Finance Authority, Subseries 2015 B-1, RB		5.00%		11/01/2038		75		77,451
New York (State of) Dormitory Authority, Series 2015 A, Ref. RB^(a)		5.00%		03/15/2025		200		207,636
New York (State of) Dormitory Authority, Series 2015 A, Ref. RB^(a)(b)		5.00%		03/15/2025		450		467,904
New York (State of) Dormitory Authority, Series 2015 A, Ref. RB		5.00%		03/15/2030		100		103,630
New York (State of) Dormitory Authority, Series 2015 A, Ref. RB		5.00%		03/15/2032		85		88,034
New York (State of) Dormitory Authority, Series 2015 A, Ref. RB		5.00%		03/15/2033		1,000		1,035,096
New York (State of) Dormitory Authority, Series 2015 B, RB^(a)		5.00%		02/15/2025		105		109,034
New York (State of) Dormitory Authority, Series 2015 B, RB^(a)(b)		5.00%		02/15/2025		40		41,537
New York (State of) Dormitory Authority, Series 2015 B, RB		5.00%		03/15/2030		245		256,768
New York (State of) Dormitory Authority, Series 2015 B, RB		5.00%		03/15/2031		200		209,507
New York (State of) Dormitory Authority, Series 2015 B, RB		5.00%		03/15/2032		600		627,772
New York (State of) Dormitory Authority, Series 2015 B, RB		5.00%		03/15/2033		175		183,013
New York (State of) Dormitory Authority, Series 2015 B, RB		5.00%		03/15/2042		40		41,288
New York (State of) Dormitory Authority, Series 2015 B, RB		5.00%		02/15/2044		1,575		1,600,562
New York (State of) Dormitory Authority, Series 2015 B, Ref. RB		5.00%		02/15/2031		150		155,198
New York (State of) Dormitory Authority, Series 2015 C, Ref. RB		5.00%		03/15/2045		200		205,709
New York (State of) Dormitory Authority, Series 2015 E, Ref. RB^(a)(b)		4.00%		09/15/2025		150		154,100
New York (State of) Dormitory Authority, Series 2015 E, Ref. RB		5.00%		03/15/2030		1,000		1,046,785
New York (State of) Dormitory Authority, Series 2016 D, Ref. RB^(a)		5.00%		02/15/2025		100		103,764
New York (State of) Dormitory Authority, Series 2018 A, RB		5.00%		10/01/2025		100		104,798
New York (State of) Dormitory Authority, Series 2020 A, RB, (INS - AGM)^(c)		5.00%		10/01/2025		200		209,139
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB		5.00%		03/15/2025		100		103,670
New York (State of) Dormitory Authority, Series 2022 A, RB, (INS - BAM)^(c)		5.00%		10/01/2025		50		52,285
New York (State of) Dormitory Authority (Barnard College), Series 2015 A, Ref. RB		5.00%		07/01/2043		200		203,178

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


		148

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

February 28, 2023

(Unaudited)


					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)		Value
New York-(continued)
New York (State of) Dormitory Authority (Icahn School of Medicine at Mount Sinai), Series 2015 A, Ref. RB		5.00%		07/01/2040	$	45	$	45,564
New York (State of) Dormitory Authority (New York University), Series 2015 A, Ref. RB		5.00%		07/01/2030		325		338,321
New York (State of) Dormitory Authority (New York University), Series 2015 A, Ref. RB		5.00%		07/01/2035		105		108,657
New York (State of) Thruway Authority, Series 2014 K, Ref. RB		5.00%		01/01/2025		110		113,770
New York (State of) Thruway Authority, Series 2014 K, Ref. RB		5.00%		01/01/2028		200		206,277
New York (State of) Thruway Authority, Series 2014 K, Ref. RB		5.00%		01/01/2032		885		911,341
New York (State of) Utility Debt Securitization Authority, Series 2015, Ref. RB		5.00%		06/15/2027		355		368,355
New York (State of) Utility Debt Securitization Authority, Series 2015, Ref. RB		5.00%		12/15/2027		80		83,806
New York (State of) Utility Debt Securitization Authority, Series 2015, Ref. RB		5.00%		12/15/2033		485		507,414
New York (State of) Utility Debt Securitization Authority, Series 2015, Ref. RB		5.00%		12/15/2036		325		338,171
New York (State of) Utility Debt Securitization Authority, Series 2015, Ref. RB		4.00%		12/15/2037		50		50,341
New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB		5.00%		11/15/2033		95		97,711
New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB		5.00%		11/15/2040		15		15,335
New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB		4.00%		11/15/2045		210		194,973
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2022, Ref. RB		5.00%		06/15/2025		90		93,972
New York State Urban Development Corp., Series 2015 A, Ref. RB		5.00%		03/15/2025		100		103,650
New York State Urban Development Corp., Series 2015 A, Ref. RB^(a)(b)		5.00%		09/15/2025		20		20,982
New York State Urban Development Corp., Series 2015 A, Ref. RB		5.00%		03/15/2028		15		15,717
New York State Urban Development Corp., Series 2015 A, Ref. RB		5.00%		03/15/2030		70		73,240
New York State Urban Development Corp., Series 2015 A, Ref. RB		5.00%		03/15/2033		150		156,421
New York State Urban Development Corp., Series 2020, Ref. RB		5.00%		03/15/2025		1,000		1,036,498
New York State Urban Development Corp., Series 2021 A, Ref. RB		5.00%		03/15/2025		65		67,581
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB		5.00%		12/01/2025		100		104,009
Triborough Bridge & Tunnel Authority, Series 2008 B-3, RB		5.00%		11/15/2034		405		423,260
Triborough Bridge & Tunnel Authority, Series 2015 A, RB		5.00%		11/15/2050		500		508,203
Triborough Bridge & Tunnel Authority, Series 2021 A, RB		5.00%		11/01/2025		500		525,678

								24,641,229

North Carolina-1.29%
Charlotte (City of), NC, Series 2015, Ref. RB		5.00%		07/01/2025		110		115,039
Charlotte-Mecklenburg Hospital Authority (The) (Carolinas Health Care Systems), Series 2016, Ref. RB		5.00%		01/15/2025		135		139,236
Guilford (County of), NC, Series 2017, Ref. GO Bonds		5.00%		03/01/2025		100		103,847
Mecklenburg (County of), NC, Series 2013 A, Ref. GO Bonds		5.00%		12/01/2025		65		68,601
North Carolina (State of), Series 2013 B, Ref. GO Bonds		5.00%		06/01/2025		20		20,879
North Carolina (State of), Series 2014 B, Ref. RB		5.00%		06/01/2025		145		151,209
North Carolina (State of), Series 2017 B, Ref. RB		5.00%		05/01/2025		40		41,641
North Carolina (State of), Series 2019 A, RB		5.00%		05/01/2025		120		124,922
North Carolina (State of), Series 2019 B, GO Bonds		5.00%		06/01/2025		25		26,098
North Carolina (State of) (Garvee), Series 2015, RB		5.00%		03/01/2029		270		281,516
North Carolina (State of) (Garvee), Series 2015, RB		5.00%		03/01/2030		130		135,457
North Carolina (State of) (Vehicle-Garvee), Series 2015, RB		5.00%		03/01/2027		150		155,924
North Carolina (State of) Capital Facilities Finance Agency (Duke University), Series 2015 B, Ref. RB^(a)(b)		5.00%		10/01/2025		300		314,697
Wake (County of), NC, Series 2021, RB		5.00%		03/01/2025		100		103,748

								1,782,814

Ohio-1.43%
Bowling Green State University, Series 2016 A, RB		5.00%		06/01/2042		100		103,028
Cincinnati City School District (Classroom Construction & Improvement), Series 2006, Ref. GO Bonds, (INS - NATL)^(c)		5.25%		12/01/2025		200		212,121
Columbus (City of), OH, Series 2014, Ref. RB		5.00%		06/01/2025		25		25,781
Columbus (City of), OH, Series 2016 1, Ref. GO Bonds		5.00%		07/01/2025		150		156,871
Columbus (City of), OH, Series 2016 A, GO Bonds		4.00%		08/15/2027		500		513,438
Columbus (City of), OH, Series 2021 A, GO Bonds		5.00%		04/01/2025		100		104,026
Ohio (State of), Series 2017 A, GO Bonds		5.00%		05/01/2032		150		156,152

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


		149

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

February 28, 2023

(Unaudited)


					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)		Value
Ohio-(continued)
Ohio (State of), Series 2017 A, GO Bonds		5.00%		05/01/2034	$	270	$	280,154
Ohio (State of), Series 2017 A, GO Bonds		5.00%		05/01/2035		180		186,311
Ohio (State of) (Garvee), Series 2018 1, RB		5.00%		12/15/2025		85		89,602
Willoughby-Eastlake City School District, Series 2016, GO Bonds^(a)(b)		5.00%		12/01/2025		140		147,378

								1,974,862

Oklahoma-0.28%
Canadian (County of), OK Educational Facilities Authority (Mustang Public Schools), Series 2017, RB		4.00%		09/01/2025		75		76,443
Cleveland (County of), OK Educational Facilities Authority (Norman Public Schools), Series 2019, RB		5.00%		06/01/2025		65		67,425
Oklahoma (State of) Capitol Improvement Authority (Department of Transportation), Series 2020, Ref. RB		5.00%		07/01/2025		130		135,507
Tulsa (City of), OK Public Facilities Authority, Series 2019, RB		5.00%		06/01/2025		100		103,840

								383,215

Oregon-0.47%
Oregon (State of) Department of Transportation, Series 2015 A, Ref. RB		5.00%		11/15/2025		10		10,306
Oregon (State of) Department of Transportation, Series 2017 A, RB		5.00%		11/15/2025		500		526,521
Oregon (State of) Lottery, Series 2015 D, Ref. RB		5.00%		04/01/2027		100		103,821

								640,648

Pennsylvania-4.01%
Allegheny (County of), PA, Series 2016 C-75, Ref. GO Bonds		5.00%		11/01/2025		100		105,057
Chartiers Valley School District, Series 2015 B, GO Bonds^(a)(b)		5.00%		04/15/2025		85		88,395
Commonwealth Financing Authority, Series 2015 A, RB		5.00%		06/01/2033		600		617,778
Commonwealth Financing Authority, Series 2015 A, RB		5.00%		06/01/2035		285		292,514
Lehigh (County of), PA (Lehigh Valley Health Network), Series 2015, RB		4.13%		07/01/2040		100		96,269
Monroeville Finance Authority, Series 2012, RB		5.00%		02/15/2025		105		108,317
Pennsylvania (Commonwealth of), First Series 2015 1, GO Bonds		5.00%		03/15/2031		350		363,055
Pennsylvania (Commonwealth of), First Series 2015, GO Bonds		5.00%		03/15/2025		95		98,734
Pennsylvania (Commonwealth of), First Series 2015, GO Bonds		5.00%		03/15/2028		500		518,850
Pennsylvania (Commonwealth of), First Series 2015, GO Bonds		5.00%		03/15/2029		195		202,273
Pennsylvania (Commonwealth of), First Series 2015, GO Bonds		5.00%		03/15/2033		100		103,131
Pennsylvania (Commonwealth of), First Series 2016, Ref. GO Bonds		5.00%		09/15/2025		120		125,824
Pennsylvania (Commonwealth of), First series 2021, GO Bonds		5.00%		05/15/2025		65		67,678
Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds		5.00%		09/15/2025		45		47,184
Pennsylvania (Commonwealth of), Series 2015 D, GO Bonds		5.00%		08/15/2032		20		20,746
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Thomas Jefferson University), Series 2015 A, Ref. RB		5.00%		09/01/2045		35		35,266
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Thomas Jefferson University), Series 2015, Ref. RB		5.00%		09/01/2039		100		101,683
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2015, Ref. RB		5.00%		08/15/2040		100		102,370
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2015 A-1, Ref. RB		5.00%		12/01/2025		5		5,199
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2015 A-1, Ref. RB		5.00%		12/01/2026		25		25,998
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2015 A-1, Ref. RB		5.00%		12/01/2038		50		51,193
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2015 A-1, Ref. RB		5.00%		12/01/2040		65		66,625
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2015 A-1, Ref. RB		4.00%		12/01/2041		95		91,741
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2015 A-1, Ref. RB		5.00%		12/01/2045		1,250		1,277,404
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016, Ref. RB		5.00%		06/01/2027		200		209,139
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016, Ref. RB		5.00%		06/01/2030		150		157,880
Philadelphia (City of), PA, Series 2015 B, GO Bonds		4.00%		08/01/2035		25		25,197
Philadelphia (City of), PA, Series 2016, Ref. RB		5.00%		10/01/2025		50		52,222
Philadelphia (City of), PA Authority for Industrial Development, First Series 2015, Ref. RB		5.00%		04/01/2040		185		187,110
Philadelphia (City of), PA Redevelopment Authority, Series 2015 A, Ref. RB		5.00%		04/15/2031		75		77,506
Reading School District, Series 2015 A, Ref. GO Bonds, (INS - AGM)^(c)		4.13%		02/01/2036		85		85,760
Westmoreland (County of), PA Municipal Authority, Series 2016, Ref. RB, (INS - BAM)^(c)		5.00%		08/15/2038		110		112,489

								5,520,587

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


		150

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

February 28, 2023

(Unaudited)


					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)		Value
South Carolina-0.54%
Charleston (City of), SC, Series 2015, RB^(a)(b)		5.00%		01/01/2025	$	200	$	206,818
South Carolina (State of) Jobs-Economic Development Authority (Furman University), Series 2015, Ref. RB		4.00%		10/01/2038		25		24,443
South Carolina (State of) Public Service Authority, Series 2015 A, Ref. RB		5.00%		12/01/2028		100		103,196
South Carolina (State of) Public Service Authority, Series 2015 A, Ref. RB		5.00%		12/01/2050		210		206,991
South Carolina (State of) Transportation Infrastructure Bank, Series 2016 A, Ref. RB		4.00%		10/01/2031		150		152,654
Spartanburg (City of), SC Sanitary Sewer District, Series 2014 B, Ref. RB		4.00%		03/01/2040		45		44,100

								738,202

Tennessee-1.40%
Chattanooga (City of), TN, Series 2015 A, Ref. RB		5.00%		09/01/2031		130		136,765
Chattanooga (City of), TN, Series 2015 A, Ref. RB		5.00%		09/01/2032		400		420,646
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2015 C, GO Bonds^(a)(b)		5.00%		07/01/2025		40		41,786
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2016, Ref. GO Bonds		5.00%		01/01/2025		170		175,795
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2017, GO Bonds		5.00%		07/01/2025		5		5,218
Tennessee (State of) School Bond Authority, Series 2015 B, RB^(a)(b)		5.00%		11/01/2025		10		10,482
Tennessee (State of) School Bond Authority, Series 2015 B, RB^(a)(b)		5.00%		11/01/2025		1,000		1,048,214
Tennessee (State of) School Bond Authority, Series 2015 B, RB, (CEP - Colorado Higher Education Intercept Program)		5.00%		11/01/2025		85		89,522

								1,928,428

Texas-10.49%
Alamo Regional Mobility Authority, Series 2016, RB^(a)(b)		5.00%		06/15/2025		1,000		1,041,513
Austin (City of), TX, Series 2015, Ref. GO Bonds		2.95%		09/01/2027		180		179,601
Austin Community College District, Series 2015, GO Bonds		5.00%		08/01/2035		150		155,276
Bexar (County of), TX, Series 2016, Ref. GO Bonds^(a)(b)		4.00%		06/15/2025		250		254,904
Central Texas Regional Mobility Authority, Series 2015 A, RB^(a)(b)		5.00%		07/01/2025		500		521,295
Clint Independent School District, Series 2015, GO Bonds^(a)(b)		5.00%		08/15/2025		65		67,774
Corpus Christi (City of), TX, Series 2015, RB		5.00%		07/15/2040		100		103,205
Cypress-Fairbanks Independent School District, Series 2015, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		02/15/2032		215		217,799
Dallas (City of), TX, Series 2014, Ref. GO Bonds		5.00%		02/15/2025		75		76,365
Dallas (City of), TX, Series 2015 A, Ref. RB		5.00%		10/01/2044		1,000		1,024,711
Dallas (City of), TX Area Rapid Transit, Series 2016 A, Ref. RB^(a)(b)		5.00%		12/01/2025		150		157,338
Dallas (City of), TX Area Rapid Transit, Series 2016 A, Ref. RB^(a)(b)		5.00%		12/01/2025		200		209,785
Dallas (City of), TX Independent School District, Series 2015, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2025		20		20,735
Dallas (City of), TX Independent School District, Series 2016 A, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2025		205		212,538
Dallas (City of), TX Independent School District, Series 2016 A, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2027		95		98,512
Harris (County of), TX, Series 2015 A, Ref. GO Bonds		5.00%		10/01/2027		70		73,181
Harris (County of), TX, Series 2015 A, Ref. GO Bonds		5.00%		10/01/2029		155		162,044
Harris (County of), TX, Series 2016 A, Ref. RB		5.00%		08/15/2025		380		397,553
Harris (County of), TX Metropolitan Transit Authority, Series 2016 A, Ref. RB		5.00%		11/01/2025		130		136,676
Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Series 2014 A, RB		5.00%		12/01/2025		25		25,751
Houston (City of), TX, Series 2014 C, Ref. RB		5.00%		05/15/2025		255		259,844
Houston (City of), TX, Series 2016 B, Ref. RB		5.00%		11/15/2025		200		210,077
Lewisville Independent School District, Series 2016 B, Ref. GO Bonds		5.00%		08/15/2028		115		120,090
Lone Star College System, Series 2015 B, Ref. GO Bonds		5.00%		02/15/2025		105		108,780
Lower Colorado River Authority, Series 2015, Ref. RB		4.00%		05/15/2045		250		228,337
North East Independent School District, Series 2015, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		08/01/2031		230		239,771
North Texas Municipal Water District, Series 2015, Ref. RB		5.00%		09/01/2029		200		209,337
North Texas Tollway Authority, Series 2014 A, Ref. RB		5.00%		01/01/2025		250		253,672
North Texas Tollway Authority, Series 2015 A, Ref. RB		5.00%		01/01/2032		225		233,017
North Texas Tollway Authority, Series 2015 A, Ref. RB		5.00%		01/01/2033		200		207,067

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


		151

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

February 28, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Texas-(continued)
North Texas Tollway Authority, Series 2015 A, Ref. RB		5.00%		01/01/2034	$	355	$	367,199
North Texas Tollway Authority, Series 2015 A, Ref. RB		5.00%		01/01/2035		145		149,703
North Texas Tollway Authority, Series 2015 B, Ref. RB		5.00%		01/01/2029		60		62,206
North Texas Tollway Authority, Series 2015 B, Ref. RB		5.00%		01/01/2034		115		119,014
North Texas Tollway Authority, Series 2015 B, Ref. RB		4.00%		01/01/2035		100		100,644
North Texas Tollway Authority, Series 2016 A, Ref. RB		5.00%		01/01/2025		155		157,277
Northwest Independent School District, Series 2015, GO Bonds^(a)(b)		5.00%		02/15/2025		65		67,259
Permanent University Fund - University of Texas System, Series 2014 B, Ref. RB		5.00%		07/01/2025		145		148,580
Plano Independent School District, Series 2023, GO Bonds		5.00%		02/15/2025		1,000		1,036,772
Port Arthur Independent School District, Series 2015 A, GO Bonds^(a)(b)		5.00%		02/15/2025		450		463,915
Rockwall Independent School District, Series 2016, GO Bonds^(a)(b)		5.00%		02/15/2025		175		180,914
SA Energy Acquisition Public Facility Corp., Series 2007, RB		5.50%		08/01/2025		100		102,450
San Antonio (City of), TX, Series 2012, Ref. RB		5.25%		02/01/2025		270		280,750
Tarrant (County of), TX Regional Water District, Series 2015, Ref. RB		5.00%		03/01/2029		150		155,357
Tarrant County Cultural Education Facilities Finance Corp., Series 2016 A, Ref. RB		5.00%		02/15/2025		50		51,637
Texas (State of), Series 2015 A, Ref. GO Bonds		5.00%		10/01/2027		175		183,573
Texas (State of), Series 2015 A, Ref. GO Bonds		5.00%		10/01/2028		130		136,567
Texas (State of), Series 2015 A, Ref. GO Bonds		5.00%		10/01/2035		200		208,785
Texas (State of), Series 2016 A, GO Bonds		5.00%		04/01/2025		25		25,966
Texas (State of), Series 2016, GO Bonds		5.00%		04/01/2025		115		119,441
Texas (State of) (Water Financial Assistance), Series 2022 B, Ref. GO Bonds		5.00%		08/01/2041		575		591,059
Texas (State of) Transportation Commission State Highway Fund, Series 2016 A, RB		5.00%		10/01/2025		1,000		1,050,008
Texas (State of) Water Development Board, Series 2015 A, RB		5.00%		10/15/2030		305		319,185
Texas (State of) Water Development Board, Series 2015 A, RB		4.00%		10/15/2033		500		505,809
Texas (State of) Water Development Board, Series 2015 A, RB		5.00%		10/15/2040		115		118,621
Texas (State of) Water Development Board, Series 2015 A, RB		5.00%		10/15/2045		100		102,546
Texas A&M University, Series 2017 E, Ref. RB		5.00%		05/15/2025		125		130,314
Texas State University Board of Regents, Series 2017 A, Ref. RB		5.00%		03/15/2025		135		140,035
Ysleta Independent School District, Series 2016, GO Bonds^(a)(b)		5.00%		08/15/2025		155		161,614

								14,443,748

Utah-0.48%
Utah (State of), Series 2018, GO Bonds		5.00%		07/01/2025		320		334,658
Utah (State of) Transit Authority, Series 2015 A, Ref. RB^(a)(b)		5.00%		06/15/2025		60		62,721
Utah (State of) Transit Authority, Series 2015 A, Ref. RB^(a)(b)		5.00%		06/15/2025		80		83,627
Utah (State of) Transit Authority, Series 2015 A, Ref. RB^(a)(b)		5.00%		06/15/2025		130		135,895
Utah (State of) Transit Authority, Series 2015 A, Ref. RB		5.00%		06/15/2025		25		25,980
Utah (State of) Transit Authority, Series 2015 A, Ref. RB^(a)(b)		5.00%		06/15/2025		15		15,680

								658,561

Vermont-0.01%
University of Vermont & State Agricultural College, Series 2015, Ref. RB		5.00%		10/01/2045		20		20,347

Virginia-1.21%
Fairfax (County of), VA, Series 2020 A, Ref. GO Bonds		4.00%		10/01/2025		75		76,939
Richmond (City of), VA, Series 2016, Ref. RB		5.00%		01/15/2025		150		155,397
University of Virginia, Series 2015 A-1, RB		4.00%		04/01/2045		150		145,753
Upper Occoquan Sewage Authority, Series 2014, Ref. RB^(a)(b)		5.00%		07/01/2025		500		521,754
Virginia (Commonwealth of) College Building Authority, Series 2015 A, RB^(a)(b)		5.00%		02/01/2025		40		41,506
Virginia (Commonwealth of) College Building Authority, Series 2015 A, RB		5.00%		02/01/2025		215		222,894
Virginia (Commonwealth of) College Building Authority, Series 2016 A, Ref. RB, (CEP - Colorado Higher Education Intercept Program)		3.00%		09/01/2025		40		39,881
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2020, RB		5.00%		02/01/2025		130		134,773
Virginia (Commonwealth of) College Building Authority (Public Higher Education Financing), Series 2015 B, Ref. RB, (CEP - Colorado Higher Education Intercept Program)		5.00%		09/01/2025		45		47,156
Virginia (Commonwealth of) Public Building Authority, Series 2016 B, Ref. RB		5.00%		08/01/2025		65		67,993

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


		152

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

February 28, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Virginia-(continued)
Virginia (Commonwealth of) Public School Authority, Series 2014 B, Ref. RB		4.00%		08/01/2025	$	90	$	90,915
Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB		5.00%		05/15/2025		120		124,893

								1,669,854

Washington-4.60%
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2015 S-1, Ref. RB^(a)(b)		5.00%		11/01/2025		30		31,407
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2015 S-1, Ref. RB^(a)(b)		5.00%		11/01/2025		75		78,518
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2015 S-1, Ref. RB^(a)(b)		5.00%		11/01/2025		75		78,518
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2015 S-1, Ref. RB^(a)(b)		5.00%		11/01/2025		150		157,036
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2015 S-1, Ref. RB^(a)(b)		5.00%		11/01/2025		20		20,938
Energy Northwest (Bonneville Power Administration), Series 2016 A, Ref. RB		5.00%		07/01/2025		100		104,466
Energy Northwest (Columbia Generating Station), Series 2015 A, Ref. RB		5.00%		07/01/2029		100		104,466
Energy Northwest (Columbia Generating Station), Series 2015 A, Ref. RB		5.00%		07/01/2032		75		78,108
Energy Northwest (Columbia Generating Station), Series 2015 A, Ref. RB		5.00%		07/01/2033		170		176,968
Energy Northwest (Columbia Generating Station), Series 2015 C, Ref. RB		5.00%		07/01/2031		500		520,951
Energy Northwest (No. 3), Series 2018, Ref. RB		5.00%		07/01/2025		500		522,328
King (County of), WA, Series 2015, Ref. GO Bonds^(a)(b)		5.00%		01/01/2025		115		118,817
King (County of), WA, Series 2015, Ref. RB^(a)(b)		5.00%		01/01/2025		40		41,327
King (County of), WA, Series 2015, Ref. RB^(a)(b)		5.00%		01/01/2025		55		56,825
King (County of), WA, Series 2015, Ref. RB		4.00%		07/01/2045		75		72,860
Pierce County School District No. 10 Tacoma, Series 2015, Ref. GO Bonds^(a)(b)		5.00%		12/01/2025		50		52,298
Seattle (City of), WA, Series 2019 B, Ref. RB		5.00%		02/01/2025		300		310,562
Snohomish (County of), WA Public Utility District No. 1, Series 2015, RB		5.00%		12/01/2045		20		20,553
Snohomish County School District No. 201 Snohomish, Series 2016, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2027		10		10,522
Washington (State of), Series 2014 D, Ref. GO Bonds		5.00%		07/01/2032		345		356,076
Washington (State of), Series 2014 R, Ref. GO Bonds		5.00%		07/01/2028		45		46,681
Washington (State of), Series 2014 R, Ref. GO Bonds		5.00%		07/01/2029		10		10,364
Washington (State of), Series 2014 R, Ref. GO Bonds		5.00%		07/01/2030		125		129,465
Washington (State of), Series 2015 A-1, GO Bonds		5.00%		08/01/2031		200		208,733
Washington (State of), Series 2015 A-1, GO Bonds		5.00%		08/01/2035		1,000		1,035,643
Washington (State of), Series 2015 R, Ref. GO Bonds		5.00%		07/01/2026		15		15,525
Washington (State of), Series 2015 R, Ref. GO Bonds		5.00%		07/01/2029		865		896,523
Washington (State of), Series 2015 R, Ref. GO Bonds		5.00%		07/01/2031		140		144,671
Washington (State of), Series 2015 R, Ref. GO Bonds		5.00%		07/01/2032		200		206,421
Washington (State of), Series 2015 R, Ref. GO Bonds		5.00%		07/01/2033		200		206,277
Washington (State of), Series 2017 R, Ref. GO Bonds		5.00%		08/01/2025		250		261,332
Washington (State of) Health Care Facilities Authority (Central Washington Health Services Association), Series 2015, Ref. RB		4.00%		07/01/2036		110		105,461
Washington (State of) Health Care Facilities Authority (Central Washington Health Services Association), Series 2015, Ref. RB		5.00%		07/01/2039		75		75,678
Washington (State of) Health Care Facilities Authority (Multicare Health System), Series 2015 B, Ref. RB		5.00%		08/15/2030		35		36,289
Washington (State of) Health Care Facilities Authority (Seattle Cancer Care Alliance), Series 2014, Ref. RB		5.00%		03/01/2038		40		40,561

								6,333,168

Wisconsin-1.13%
Wisconsin (State of), Series 2015, Ref. GO Bonds		5.00%		05/01/2027		165		171,416
Wisconsin (State of), Series 2017 A, GO Bonds		5.00%		05/01/2027		250		259,721
Wisconsin (State of), Series 2017 A, GO Bonds		5.00%		05/01/2035		500		515,944
Wisconsin (State of), Series 2017 B, GO Bonds		5.00%		05/01/2038		325		334,405
Wisconsin (State of) Department of Transportation, Series 2017-1, Ref. RB		5.00%		07/01/2025		35		36,515

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


		153

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

February 28, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Wisconsin-(continued)
Wisconsin (State of) Department of Transportation, Series 2017-2, Ref. RB		5.00%		07/01/2025	$	50	$	52,164
Wisconsin (State of) Public Finance Authority (Renown Regional Medical Center), Series 2015 A, RB		4.25%		06/01/2041		200		191,711

								1,561,876

TOTAL INVESTMENTS IN SECURITIES^(d)-98.83% (Cost $139,266,901)								136,108,292
OTHER ASSETS LESS LIABILITIES-1.17%								1,605,228

NET ASSETS-100.00%							$	137,713,520


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.


Portfolio Composition
Revenue Type Breakdown (% of the Fund’s Net Assets) as of February 28, 2023

Ad Valorem Property Tax			22.83

Sales Tax Revenue			10.17

Miscellaneous Revenue			7.32

Highway Tolls Revenue			7.12

Water Revenue			6.96

Electric Power Revenue			6.11

Income Tax Revenue			5.62

College & University Revenue			5.26

Health, Hospital, Nursing Home Revenue			4.94

Lease Revenue			4.89

Appropriations			4.62

General Fund			4.21

Port, Airport & Marina Revenue			3.45

Revenue Types Each Less Than 3%			5.33

Other Assets Less Liabilities			1.17

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


		154

Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)

February 28, 2023

(Unaudited)

Schedule of Investments


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Municipal Obligations-98.63%
Alabama-0.64%
Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2016 A, RB^(a)(b)		5.00%		09/01/2026	$	120	$	128,536
Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2016 A, Ref. RB^(a)(b)		5.00%		09/01/2026		200		214,227
Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2017 B, Ref. RB^(a)		5.00%		09/01/2026		20		21,423
Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB		5.00%		11/01/2026		50		53,565
Tuscaloosa (City of), AL Board of Education, Series 2016, Revenue Wts.^(a)(b)		5.00%		08/01/2026		60		63,851
UAB Medicine Finance Authority, Series 2016 B, Ref. RB		3.63%		09/01/2041		20		18,012
UAB Medicine Finance Authority, Series 2016 B, Ref. RB		5.00%		09/01/2041		125		128,683

								628,297

Arizona-1.01%
Arizona (State of) Sports & Tourism Authority, Series 2022, Ref. RB, (INS - BAM)^(c)		5.00%		07/01/2026		100		105,591
Arizona (State of) Transportation Board (Garvee), Series 2016, Ref. RB		5.00%		07/01/2026		130		138,539
Arizona State University (Green Bonds), Series 2016 B, RB		5.00%		07/01/2042		200		206,011
Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016, Ref. RB		5.00%		01/01/2026		30		31,538
Maricopa (County of), AZ Special Health Care District (Maricopa Integrated Health), Series 2018 C, GO Bonds		5.00%		07/01/2026		30		31,911
Phoenix (City of), AZ, Series 2016, Ref. GO Bonds		5.00%		07/01/2026		80		85,386
Phoenix (City of), AZ Industrial Development Authority (The) (Eastern Kentucky University), Series 2016, RB		4.00%		10/01/2047		70		61,652
Phoenix Civic Improvement Corp., Series 2016, Ref. RB		5.00%		07/01/2033		20		21,216
Phoenix Civic Improvement Corp., Series 2017, Ref. RB		5.00%		07/01/2029		50		53,366
Phoenix Civic Improvement Corp., Series 2017, Ref. RB		5.00%		07/01/2030		50		53,268
Phoenix Civic Improvement Corp., Series 2017, Ref. RB		5.00%		07/01/2033		25		26,519
Phoenix Civic Improvement Corp., Series 2017, Ref. RB		5.00%		07/01/2034		25		26,446
Phoenix Civic Improvement Corp., Series 2021 B, Ref. RB		5.00%		07/01/2026		70		74,644
Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB		5.00%		01/01/2026		70		73,919

								990,006

California-17.34%
Alameda (City of), CA Corridor Transportation Authority, Series 2016 B, Ref. RB, (INS - AGM)^(c)		4.00%		10/01/2037		100		100,350
Alameda (County of), CA Joint Powers Authority (Juvenile Justice), Series 2016, Ref. RB		4.00%		12/01/2034		25		25,522
Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB		5.00%		04/01/2026		20		21,259
California (State of), Series 2016, GO Bonds		5.00%		09/01/2029		25		26,698
California (State of), Series 2016, GO Bonds		3.00%		09/01/2046		5		3,940
California (State of), Series 2016, Ref. GO Bonds		4.00%		09/01/2031		400		414,226
California (State of), Series 2016, Ref. GO Bonds		5.00%		09/01/2032		420		448,207
California (State of), Series 2016, Ref. GO Bonds		5.00%		09/01/2032		180		192,089
California (State of), Series 2016, Ref. GO Bonds		5.00%		09/01/2033		100		106,686
California (State of), Series 2016, Ref. GO Bonds		4.00%		09/01/2034		735		755,261
California (State of), Series 2016, Ref. GO Bonds		4.00%		09/01/2035		500		509,499
California (State of), Series 2017, Ref. GO Bonds		5.00%		11/01/2026		235		252,265
California (State of), Series 2017, Ref. GO Bonds		5.00%		08/01/2033		150		159,823
California (State of), Series 2017, Ref. GO Bonds		5.00%		08/01/2034		500		532,175
California (State of), Series 2017, Ref. GO Bonds		5.00%		08/01/2036		100		106,038
California (State of), Series 2018, GO Bonds		5.00%		10/01/2026		210		225,037
California (State of), Series 2018, GO Bonds		5.00%		10/01/2026		15		15,931
California (State of), Series 2018, GO Bonds		5.00%		10/01/2047		350		363,355
California (State of), Series 2018, Ref. GO Bonds		5.00%		10/01/2029		150		159,033
California (State of), Series 2019, Ref. GO Bonds		5.00%		10/01/2026		75		80,370
California (State of), Series 2020, GO Bonds		3.00%		03/01/2026		100		99,594
California (State of), Series 2021, Ref. GO Bonds		5.00%		12/01/2026		400		430,140
California (State of), Series 2022, GO Bonds		5.00%		04/01/2026		20		21,211
California (State of) (Bid Group C), Series 2016, Ref. GO Bonds		5.00%		08/01/2028		100		107,016

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


		155

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

February 28, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
California (State of) (Bid Group C), Series 2016, Ref. GO Bonds		5.00%		08/01/2030	$	25	$	26,668
California (State of) (Bid Group C), Series 2016, Ref. GO Bonds		5.00%		08/01/2033		210		223,753
California (State of) (Bid Group C), Series 2018, Ref. GO Bonds		5.00%		08/01/2026		50		53,394
California (State of) Department of Water Resources, Series 2016 AW, Ref. RB		5.00%		12/01/2028		75		81,423
California (State of) Department of Water Resources, Series 2016 AW, Ref. RB		5.00%		12/01/2029		10		10,848
California (State of) Department of Water Resources, Series 2020 BB, Ref. RB		5.00%		12/01/2026		165		178,654
California (State of) Educational Facilities Authority (Pepperdine University), Series 2016, Ref. RB^(a)(b)		5.00%		04/01/2026		20		21,314
California (State of) Health Facilities Financing Authority (Adventist Health System), Series 2016 A, Ref. RB		4.00%		03/01/2039		55		51,862
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2015, Ref. RB		5.00%		11/15/2026		40		42,255
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 A, RB		5.00%		08/15/2033		95		101,766
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 B, Ref. RB		4.00%		08/15/2035		70		70,996
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 B, Ref. RB		5.00%		08/15/2035		205		218,018
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 B, Ref. RB		4.00%		08/15/2039		170		170,086
California (State of) Health Facilities Financing Authority (Lucile Salter Packard Children’s Hospital at Stanford), Series 2016 B, RB		5.00%		08/15/2055		150		152,904
California (State of) Health Facilities Financing Authority (Providence St. Joseph Health), Series 2016 A, Ref. RB		4.00%		10/01/2035		105		105,706
California (State of) Health Facilities Financing Authority (Providence St. Joseph Health), Series 2016 A, Ref. RB		4.00%		10/01/2047		25		23,034
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 B, Ref. RB^(a)(b)		5.00%		11/15/2026		40		42,837
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 B, Ref. RB		5.00%		11/15/2046		60		61,165
California (State of) Infrastructure & Economic Development Bank (Bay Area Toll Bridges), Series 2003 A, RB^(a)		5.00%		07/01/2026		10		10,723
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2016, RB		5.00%		10/01/2028		160		171,503
California (State of) Infrastructure & Economic Development Bank (Green Bonds), Series 2016, RB		5.00%		10/01/2027		90		96,228
California (State of) Infrastructure & Economic Development Bank (Green Bonds), Series 2016, RB		5.00%		10/01/2030		95		101,969
California (State of) Municipal Finance Authority (Humangood Obligation Group), Series 2019 A, Ref. RB		5.00%		10/01/2044		200		204,256
California (State of) Public Finance Authority (Henry Mayo Newhall Hospital), Series 2017, Ref. RB		5.00%		10/15/2047		200		197,273
California (State of) Public Works Board, Series 2015 F, Ref. RB		5.00%		05/01/2026		35		36,491
California (State of) Public Works Board, Series 2017 B, Ref. RB		5.00%		10/01/2026		30		32,254
California (State of) Public Works Board (Various Capital), Series 2016 C, Ref. RB		5.00%		11/01/2026		25		26,927
California (State of) Public Works Board (Various Capital), Series 2016 C, Ref. RB		4.00%		11/01/2032		220		226,629
California (State of) Public Works Board (Various Capital), Series 2016 C, Ref. RB		5.00%		11/01/2033		55		59,098
California (State of) Public Works Board (Various Capital), Series 2016 D, Ref. RB		4.00%		04/01/2032		55		56,639
California (State of) Statewide Communities Development Authority (John Muir Health), Series 2016 A, Ref. RB		4.00%		08/15/2041		60		58,115
California (State of) Statewide Communities Development Authority (John Muir Health), Series 2016 A, Ref. RB		4.00%		08/15/2046		190		179,378
California State University, Series 2016 A, Ref. RB		5.00%		11/01/2029		20		21,518
California State University, Series 2016 A, Ref. RB		4.00%		11/01/2034		10		10,214
California State University, Series 2016 A, Ref. RB		5.00%		11/01/2041		100		104,704
California State University, Series 2016 A, Ref. RB		5.00%		11/01/2045		400		416,856
Chabot-Las Positas Community College District, Series 2016, Ref. GO Bonds		4.00%		08/01/2034		165		169,471
Coachella Valley Unified School District (Election of 2005), Series 2016 F, GO Bonds, (INS - BAM)^(c)		5.00%		08/01/2046		175		182,777
East Side Union High School District, Series 2003 B, Ref. GO Bonds, (INS - NATL)^(c)		5.25%		02/01/2026		100		104,697
Eastern Municipal Water District, Series 2016 A, Ref. RB		5.00%		07/01/2042		125		131,367
Fresno Unified School District, Series 2002 A, Ref. GO Bonds, (INS - NATL)^(c)		6.00%		08/01/2026		20		20,947
Grossmont Union High School District (Election of 2008), Series 2016 B, Ref. GO Bonds		3.00%		08/01/2045		125		96,498
Hayward Unified School District, Series 2017, GO Bonds, (INS - AGM)^(c)		3.50%		08/01/2037		45		43,032
Imperial Irrigation District, Series 2016 C, Ref. RB		5.00%		11/01/2036		250		265,006

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


		156

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

February 28, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
Imperial Irrigation District, Series 2016 C, Ref. RB		5.00%		11/01/2038	$	25	$	26,150
Irvine Ranch Water District, Series 2016, RB		5.25%		02/01/2046		30		31,641
Los Angeles (City of), CA Department of Airports, Series 2020 A, Ref. RB		5.00%		05/15/2026		120		127,924
Los Angeles (City of), CA Department of Water & Power, Series 2016 A, Ref. RB		5.00%		07/01/2041		50		52,419
Los Angeles (City of), CA Department of Water & Power, Series 2016 A, Ref. RB		5.00%		07/01/2046		100		104,268
Los Angeles (City of), CA Department of Water & Power, Series 2016 B, RB		5.00%		07/01/2027		15		15,913
Los Angeles (City of), CA Department of Water & Power, Series 2016 B, Ref. RB		5.00%		07/01/2026		5		5,310
Los Angeles (City of), CA Department of Water & Power, Series 2016 B, Ref. RB		5.00%		07/01/2031		25		26,652
Los Angeles (City of), CA Department of Water & Power, Series 2020 A, Ref. RB		5.00%		07/01/2026		215		229,616
Los Angeles (City of), CA Department of Water & Power, Series 2021 A, RB		5.00%		07/01/2026		250		267,390
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2016 A, Ref. RB		5.00%		06/01/2030		85		91,524
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2016 A, Ref. RB		5.00%		06/01/2031		40		43,070
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2016 A, Ref. RB		5.00%		06/01/2032		10		10,745
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB		5.00%		06/01/2026		25		26,732
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB		5.00%		07/01/2026		50		53,563
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB		5.00%		07/01/2026		50		53,563
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB		5.00%		06/01/2026		35		37,425
Los Angeles Community College District (Election of 2008), Series 2019 K, GO Bonds		4.00%		08/01/2034		70		72,457
Los Angeles Community College District (Election of 2008), Series 2019 K, GO Bonds		3.00%		08/01/2039		250		214,954
Los Angeles Unified School District, Series 2017 A, Ref. GO Bonds		5.00%		07/01/2026		375		401,479
Metropolitan Water District of Southern California, Series 2016 A, Ref. RB^(a)(b)		5.00%		01/01/2026		500		530,092
Metropolitan Water District of Southern California, Series 2020 A, Ref. RB		5.00%		07/01/2026		150		160,690
Montebello Unified School District (Election of 2016), Series 2016 A, GO Bonds		5.00%		08/01/2041		100		104,629
Municipal Improvement Corp. of Los Angeles (Real Property), Series 2016 B, Ref. RB		5.00%		11/01/2029		250		271,206
Municipal Improvement Corp. of Los Angeles (Real Property), Series 2016 B, Ref. RB		5.00%		11/01/2030		195		211,608
Municipal Improvement Corp. of Los Angeles (Real Property), Series 2016 B, Ref. RB		4.00%		11/01/2035		100		101,469
Oakland Unified School District, Series 2016, Ref. GO Bonds		5.00%		08/01/2029		45		48,272
Palomar Health, Series 2016 B, Ref. GO Bonds		4.00%		08/01/2035		20		20,130
Palomar Health, Series 2016 B, Ref. GO Bonds		4.00%		08/01/2036		200		200,234
Regents of the University of California Medical Center, Series 2016 L, Ref. RB		5.00%		05/15/2033		25		26,669
Regents of the University of California Medical Center, Series 2016 L, Ref. RB		5.00%		05/15/2041		50		51,948
Sacramento (County of), CA, Series 2016 B, Ref. RB		5.00%		07/01/2041		30		30,749
San Bernardino (County of), CA (Arrowhead), Series 2019 A, Ref. COP		5.00%		10/01/2026		125		134,524
San Diego (City of), CA Public Facilities Financing Authority, Series 2015, Ref. RB		4.00%		05/15/2026		120		122,929
San Diego (City of), CA Public Facilities Financing Authority, Series 2016 A, Ref. RB		5.00%		05/15/2032		145		156,042
San Diego (City of), CA Public Facilities Financing Authority, Series 2016 B, Ref. RB		5.00%		08/01/2037		60		63,895
San Diego (County of), CA Regional Transportation Commission, Series 2016 A, RB		5.00%		04/01/2041		125		131,183
San Diego Association of Governments (Green Bonds), Series 2019, RB		5.00%		11/15/2026		25		26,342
San Diego Community College District, Series 2016, Ref. GO Bonds^(a)(b)		4.00%		08/01/2026		115		119,817
San Diego Community College District, Series 2016, Ref. GO Bonds		5.00%		08/01/2028		100		107,997
San Diego Unified School District, Series 2005 C-2, Ref. GO Bonds, (INS - AGM)^(c)		5.50%		07/01/2026		35		38,048
San Diego Unified School District, Series 2016 1, Ref. GO Bonds		4.00%		07/01/2032		20		20,648
San Diego Unified School District, Series 2016 R-5, Ref. GO Bonds		5.00%		07/01/2029		105		113,321
San Diego Unified School District, Series 2016, Ref. GO Bonds		4.00%		07/01/2033		35		36,041
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2016 C, RB		5.00%		05/01/2046		100		103,047
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019 D, Ref. RB		5.00%		05/01/2026		35		37,280
San Francisco (City & County of), CA Redevelopment Agency Successor Agency (Mission Bay South Redevelopment), Series 2016 C, Ref. RB, (INS - NATL)^(c)		5.00%		08/01/2041		150		155,526
San Francisco (City of), CA Public Utilities Commission, Series 2016, Ref. RB		5.00%		11/01/2031		100		108,588
San Francisco (City of), CA Public Utilities Commission, Series 2016, Ref. RB		5.00%		11/01/2032		295		320,153
San Francisco (County of), CA Transportation Authority, Series 2017, RB		4.00%		02/01/2026		150		154,999
Santa Clara (County of), CA Water District (Green Bonds), Series 2022 B, COP		5.00%		12/01/2026		50		53,996
Santa Clara Valley Transportation Authority, Series 2018 A, Ref. RB		5.00%		06/01/2026		100		107,090
Silicon Valley Clean Water (WIFIA WWTP), Series 2021 B, RB		0.50%		03/01/2026		500		454,762
Sweetwater Union High School District (Election of 2006), Series 2016 B, GO Bonds, (INS - AGM)^(c)		3.38%		08/01/2040		80		69,799
University of California, Series 2016 AR, Ref. RB		5.00%		05/15/2046		25		26,100

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


		157

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

February 28, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
University of California, Series 2017 AY, Ref. RB		5.00%		05/15/2026	$	200	$	213,334
University of California (Limited), Series 2016 K, RB		5.00%		05/15/2035		120		127,837
University of California (Limited), Series 2016 K, RB		5.00%		05/15/2051		300		311,746
Victor Valley Union High School District, Series 2016 A, Ref. GO Bonds, (INS - BAM)^(c)		3.00%		08/01/2034		20		18,784
West Hollywood (City of), CA Public Financing Authority (Park Phase II), Series 2016, Ref. RB		3.00%		04/01/2041		125		103,370
Western Placer Unified School District, Series 2016, Ref. COP, (INS - AGM)^(c)		3.13%		08/01/2047		120		92,402

								16,997,069

Colorado-1.96%
Adams & Arapahoe Joint School District No. 28J Aurora, Series 2017 A, Ref. GO Bonds		5.00%		12/01/2030		125		134,327
Adams 12 Five Star Schools, Series 2016 B, Ref. GO Bonds		5.00%		12/15/2028		100		107,326
Adams 12 Five Star Schools, Series 2016 B, Ref. GO Bonds		5.00%		12/15/2030		150		160,545
Arapahoe County School District No. 6 Littleton, Series 2019 A, GO Bonds		5.00%		12/01/2026		20		21,537
Aurora (City of), CO (Green Bonds), Series 2016, Ref. RB^(a)(b)		5.00%		08/01/2026		25		26,730
Colorado (State of), Series 2021 A, COP		5.00%		12/15/2026		40		42,812
Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB		5.00%		01/01/2026		95		99,685
Colorado (State of) Higher Education, Series 2014 A, Ref. COP		5.00%		11/01/2026		30		32,204
Colorado (State of) Regional Transportation District, Series 2015, COP		5.00%		06/01/2026		160		166,074
Colorado Springs (City of), CO, Series 2018 A-1, Ref. RB		5.00%		11/15/2026		30		32,274
Commerce (City of), CO, Series 2016, RB^(a)(b)		5.00%		08/01/2026		55		58,622
Denver (City & County of), CO, Series 2016 A, Ref. RB		5.00%		11/15/2031		55		58,864
Denver (City & County of), CO, Series 2016 A, Ref. RB		5.00%		11/15/2032		10		10,678
Denver (City & County of), CO (Convention Center Expansion), Series 2018 A, COP		5.38%		06/01/2043		215		224,216
Denver City & County School District No. 1, Series 2016, Ref. GO Bonds		4.00%		12/01/2026		75		77,233
Denver City & County School District No. 1, Series 2017, GO Bonds		5.00%		12/01/2030		105		112,873
Denver City & County School District No. 1, Series 2017, GO Bonds		5.00%		12/01/2031		35		37,586
Denver City & County School District No. 1, Series 2017, GO Bonds		5.00%		12/01/2038		90		94,653
Eagle County School District No. Re50J, Series 2017, GO Bonds		5.00%		12/01/2035		100		105,855
Jefferson County School District R-1, Series 2012, Ref. GO Bonds		5.00%		12/15/2026		40		43,109
St. Vrain Valley School District Re-1J (Boulder, Larimer & Weld Counties and the City and County of Broomfield), Series 2016 C, GO Bonds		5.00%		12/15/2032		105		112,343
University of Colorado, Series 2017 A-2, Ref. RB		5.00%		06/01/2026		55		58,600
Weld County School District No. RE-4, Series 2016, GO Bonds		5.25%		12/01/2041		100		104,574

								1,922,720

Connecticut-2.18%
Connecticut (State of), Series 2015 A, GO Bonds		5.00%		03/15/2026		10		10,383
Connecticut (State of), Series 2015 F, GO Bonds		5.00%		11/15/2026		375		394,536
Connecticut (State of), Series 2016 A, RB		5.00%		09/01/2026		150		160,206
Connecticut (State of), Series 2016 A, RB		5.00%		09/01/2029		25		26,690
Connecticut (State of), Series 2016 A, RB		4.00%		09/01/2035		25		25,286
Connecticut (State of), Series 2016 E, GO Bonds		5.00%		10/15/2029		200		214,116
Connecticut (State of), Series 2018 B, RB		5.00%		10/01/2026		55		58,841
Connecticut (State of), Series 2018 C, GO Bonds		5.00%		06/15/2026		100		106,536
Connecticut (State of), Series 2018 E, GO Bonds		5.00%		09/15/2026		175		187,421
Connecticut (State of), Series 2019 A, GO Bonds		5.00%		04/15/2026		35		37,159
Connecticut (State of), Series 2020 A, GO Bonds		5.00%		01/15/2026		160		168,970
Connecticut (State of), Series 2022 D, Ref. GO Bonds		5.00%		09/15/2026		500		535,488
Connecticut (State of) (Transportation Infrastructure), Series 2016 A, RB		5.00%		09/01/2030		100		106,797
Connecticut (State of) Health & Educational Facilities Authority (Trinity Health Corp.), Series 2016, RB		5.00%		12/01/2045		100		101,585

								2,134,014

District of Columbia-1.94%
District of Columbia, Series 2016 A, GO Bonds		5.00%		06/01/2030		135		143,576
District of Columbia, Series 2016 A, GO Bonds		5.00%		06/01/2031		30		31,896
District of Columbia, Series 2016 A, GO Bonds		5.00%		06/01/2032		175		185,782
District of Columbia, Series 2016 D, GO Bonds		5.00%		06/01/2033		10		10,698
District of Columbia, Series 2016 D, GO Bonds		5.00%		06/01/2034		275		293,501
District of Columbia, Series 2016 D, GO Bonds		5.00%		06/01/2036		635		671,720

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


		158

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

February 28, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
District of Columbia-(continued)
District of Columbia, Series 2016 D, GO Bonds		5.00%		06/01/2041	$	15	$	15,690
District of Columbia, Series 2016 E, Ref. GO Bonds		5.00%		06/01/2031		85		91,123
District of Columbia Water & Sewer Authority, Series 2016 A, Ref. RB		5.00%		10/01/2030		15		15,827
District of Columbia Water & Sewer Authority, Series 2016 A, Ref. RB		5.00%		10/01/2031		15		15,822
District of Columbia Water & Sewer Authority, Series 2016 A, Ref. RB		5.00%		10/01/2032		55		57,898
District of Columbia Water & Sewer Authority, Series 2016 A, Ref. RB		5.00%		10/01/2036		250		260,856
Washington Convention & Sports Authority, Series 2018 A, Ref. RB		5.00%		10/01/2026		100		107,055

								1,901,444

Florida-3.71%
Broward (County of), FL School Board, Series 2015 A, Ref. COP		5.00%		07/01/2026		125		129,838
Central Florida Expressway Authority, Series 2016 B, Ref. RB		5.00%		07/01/2028		15		15,873
Central Florida Expressway Authority, Series 2016 B, Ref. RB		4.00%		07/01/2031		50		51,024
Central Florida Expressway Authority, Series 2016 B, Ref. RB		5.00%		07/01/2034		200		209,056
Central Florida Expressway Authority, Series 2016 B, Ref. RB		4.00%		07/01/2035		100		100,926
Florida (State of), Series 2015 E, Ref. GO Bonds		5.00%		06/01/2026		50		52,397
Florida (State of), Series 2021 B, Ref. GO Bonds		5.00%		06/01/2026		195		208,074
Florida (State of) Department of Environmental Protection (FL Forever), Series 2016 A, Ref. RB		5.00%		07/01/2026		100		106,437
Florida (State of) Department of Management Services, Series 2018 A, Ref. COP		5.00%		11/01/2026		140		150,084
Florida (State of) Municipal Power Agency, Series 2016 A, Ref. RB		5.00%		10/01/2026		80		84,972
Florida (State of) Municipal Power Agency, Series 2016 A, Ref. RB		5.00%		10/01/2028		75		79,635
Florida (State of) Municipal Power Agency, Series 2016 A, Ref. RB		5.00%		10/01/2029		40		42,388
Florida (State of) Municipal Power Agency, Series 2016 A, Ref. RB		5.00%		10/01/2031		35		36,920
Hillsborough (County of), FL, Series 2016, RB		3.00%		08/01/2046		255		195,168
Hillsborough (County of), FL School Board (Master Lease Program), Series 2015 A, Ref. COP		5.00%		07/01/2026		120		124,316
Miami (City of) & Dade (County of), FL School Board, Series 2015 B, Ref. COP		5.00%		05/01/2026		15		15,516
Miami (City of) & Dade (County of), FL School Board, Series 2015 D, Ref. COP		5.00%		02/01/2028		25		26,192
Miami-Dade (County of), FL, Series 2015, Ref. RB		5.00%		10/01/2026		100		104,368
Miami-Dade (County of), FL, Series 2016 A, Ref. GO Bonds		5.00%		07/01/2029		30		31,833
Miami-Dade (County of), FL, Series 2016 A, Ref. GO Bonds		5.00%		07/01/2030		40		42,418
Miami-Dade (County of), FL, Series 2016 A, Ref. GO Bonds		5.00%		07/01/2031		65		68,909
Miami-Dade (County of), FL, Series 2016 A, Ref. GO Bonds		5.00%		07/01/2033		35		37,025
Miami-Dade (County of), FL, Series 2016 A, Ref. RB		5.00%		10/01/2041		200		205,012
Miami-Dade (County of), FL, Series 2016, Ref. RB		5.00%		10/01/2034		200		208,910
Miami-Dade (County of), FL Expressway Authority, Series 2016 A, Ref. RB		5.00%		07/01/2029		125		130,540
Miami-Dade (County of), FL Transit System, Series 2015, Ref. RB		5.00%		07/01/2026		10		10,369
Orange (County of), FL Convention Center, Series 2016 A, RB		4.00%		10/01/2036		100		97,867
Orange (County of), FL Convention Center, Series 2017, Ref. RB		5.00%		10/01/2026		190		201,543
Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2016 A, Ref. RB		5.00%		10/01/2035		165		173,445
Orange (County of), FL School Board, Series 2016 C, Ref. COP		5.00%		08/01/2033		10		10,460
Orange (County of), FL School Board, Series 2016 C, Ref. COP		5.00%		08/01/2034		10		10,450
Orange (County of), FL School Board, Series 2017, Ref. COP		5.00%		08/01/2026		50		52,993
Port St. Lucie (City of), FL, Series 2016, Ref. RB		5.00%		09/01/2029		20		21,136
Port St. Lucie (City of), FL, Series 2016, Ref. RB		4.00%		09/01/2031		145		149,426
Reedy Creek Improvement District, Series 2016, GO Bonds		5.00%		06/01/2035		200		207,173
South Florida Water Management District, Series 2016, Ref. COP		5.00%		10/01/2026		10		10,539
South Florida Water Management District, Series 2016, Ref. COP		5.00%		10/01/2027		25		26,347
South Florida Water Management District, Series 2016, Ref. COP		5.00%		10/01/2028		25		26,347
South Florida Water Management District, Series 2016, Ref. COP		5.00%		10/01/2032		20		21,042
South Florida Water Management District, Series 2016, Ref. COP		5.00%		10/01/2035		100		104,105
Tampa Bay (City of), FL Water, Series 2016 C, Ref. RB		5.00%		10/01/2026		50		53,404

								3,634,477

Georgia-1.89%
DeKalb (County of), GA, Series 2006 B, Ref. RB, (INS - AGM)^(c)		5.25%		10/01/2032		120		129,754
Fulton (County of), GA Development Authority (Piedmont Healthcare, Inc.), Series 2016 A, Ref. RB		5.00%		07/01/2046		100		101,451
Georgia (State of), Series 2013 D, GO Bonds		5.00%		02/01/2026		90		90,150
Georgia (State of), Series 2016 E, Ref. GO Bonds		5.00%		12/01/2026		70		75,507

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


		159

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

February 28, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Georgia-(continued)
Georgia (State of), Series 2017 A-1, GO Bonds		5.00%		02/01/2026	$	195	$	206,581
Georgia (State of), Series 2021 A, Ref. GO Bonds		5.00%		07/01/2026		200		213,793
Georgia (State of) (Tranche 1), Series 2015 A, GO Bonds		5.00%		02/01/2026		100		103,955
Georgia (State of) (Tranche 2), Series 2019 A, GO Bonds		5.00%		07/01/2026		30		32,069
Georgia (State of) Municipal Electric Authority (No. 1), Series 2016 A, Ref. RB		5.00%		01/01/2028		25		26,206
Georgia (State of) Road & Tollway Authority (Garvee), Series 2020, RB		5.00%		06/01/2026		70		74,358
Gwinnett County School District, Series 2022 B, GO Bonds		5.00%		08/01/2026		30		32,127
Henry County School District, Series 2016, GO Bonds		5.00%		08/01/2026		40		42,702
Henry County School District, Series 2016, GO Bonds		4.00%		08/01/2028		25		25,946
Henry County School District, Series 2016, GO Bonds		4.00%		08/01/2029		50		51,885
Main Street Natural Gas, Inc., Series 2007 A, RB		5.50%		09/15/2026		170		176,485
Metropolitan Atlanta Rapid Transit Authority, Series 2015 C, Ref. RB		5.00%		07/01/2028		25		26,790
Metropolitan Atlanta Rapid Transit Authority, Series 2015 C, Ref. RB		5.00%		07/01/2029		75		80,372
Metropolitan Atlanta Rapid Transit Authority, Series 2016 B, Ref. RB		5.00%		07/01/2030		35		37,464
Metropolitan Atlanta Rapid Transit Authority, Series 2016 B, Ref. RB		5.00%		07/01/2033		50		53,271
Metropolitan Atlanta Rapid Transit Authority, Series 2016 B, Ref. RB		5.00%		07/01/2034		35		37,165
Private Colleges & Universities Authority (Emory University), Series 2016 B, Ref. RB		4.00%		10/01/2038		60		60,292
Private Colleges & Universities Authority (Emory University), Series 2016 B, Ref. RB		5.00%		10/01/2038		100		103,978
Sandy Springs (City of), GA Public Facilities Authority (City Center), Series 2015, RB^(a)(b)		5.00%		05/01/2026		65		69,133

								1,851,434

Hawaii-0.73%
Hawaii (State of), Series 2016 FB, GO Bonds		4.00%		04/01/2028		75		77,440
Hawaii (State of), Series 2016 FG, GO Bonds		5.00%		10/01/2028		75		80,265
Hawaii (State of), Series 2016 FG, GO Bonds		5.00%		10/01/2031		85		90,907
Hawaii (State of), Series 2016 FH, Ref. GO Bonds		5.00%		10/01/2026		85		91,056
Hawaii (State of), Series 2016 FH, Ref. GO Bonds		4.00%		10/01/2031		125		128,454
Hawaii (State of), Series 2017 FN, Ref. GO Bonds		5.00%		10/01/2026		100		107,125
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2019 A, GO Bonds		5.00%		09/01/2026		90		96,402
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2020 B, Ref. GO Bonds		5.00%		03/01/2026		45		47,763

								719,412

Illinois-4.07%
Chicago (City of), IL, Series 2016 C, Ref. GO Bonds		5.00%		01/01/2038		100		100,254
Chicago (City of), IL (O’Hare International Airport), Series 2015 B, Ref. RB		5.00%		01/01/2026		90		92,817
Chicago (City of), IL (O’Hare International Airport), Series 2016 C, Ref. RB		5.00%		01/01/2026		20		21,008
Chicago (City of), IL (O’Hare International Airport), Series 2016 C, Ref. RB		5.00%		01/01/2028		80		84,258
Chicago (City of), IL (O’Hare International Airport), Series 2016 C, Ref. RB		5.00%		01/01/2029		10		10,524
Chicago (City of), IL (O’Hare International Airport), Series 2016 C, Ref. RB		5.00%		01/01/2030		60		63,104
Chicago (City of), IL (O’Hare International Airport), Series 2016 C, Ref. RB		5.00%		01/01/2034		220		229,756
Chicago (City of), IL (O’Hare International Airport), Series 2016 C, Ref. RB		5.00%		01/01/2036		50		51,791
Chicago (City of), IL (O’Hare International Airport), Series 2016 C, Ref. RB		5.00%		01/01/2038		100		102,941
Chicago (City of), IL (O’Hare International Airport), Series 2017 E, RB		5.00%		01/01/2026		55		57,773
Chicago (City of), IL Metropolitan Water Reclamation District, Series 2016 A, Ref. GO Bonds		5.00%		12/01/2026		75		80,762
Chicago (City of), IL Metropolitan Water Reclamation District, Series 2016 A, Ref. GO Bonds		5.00%		12/01/2029		95		101,391
Chicago (City of), IL Midway International Airport, Series 2016 B, Ref. RB		5.00%		01/01/2046		250		253,778
Cook (County of), IL, Series 2016 A, Ref. GO Bonds		5.00%		11/15/2026		100		105,811
Cook (County of), IL, Series 2016 A, Ref. GO Bonds		5.00%		11/15/2030		20		21,134
Du Page & Will Counties Community School District No. 204 Indian Prairie, Series 2017, Ref. GO Bonds		4.00%		12/30/2026		45		46,605
Illinois (State of), Series 2016, GO Bonds		5.00%		01/01/2033		100		102,376
Illinois (State of), Series 2017 D, GO Bonds		5.00%		11/01/2026		400		415,399
Illinois (State of) Finance Authority (Art Institute of Chicago), Series 2016, Ref. RB		5.00%		03/01/2030		150		157,229
Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB		5.00%		02/15/2026		215		226,167
Illinois (State of) Finance Authority (Carle Foundation), Series 2016 A, Ref. RB		5.00%		02/15/2045		100		101,787
Illinois (State of) Finance Authority (Clean Water Initiative), Series 2016, RB		4.00%		07/01/2026		120		122,787
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Convention), Series 1996, RB^(a)		7.00%		07/01/2026		50		52,958
Illinois (State of) Regional Transportation Authority, Series 2017 A, Ref. RB		5.00%		07/01/2026		55		58,022
Illinois (State of) Toll Highway Authority, Series 2015 B, RB		5.00%		01/01/2036		55		57,574

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


		160

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

February 28, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Illinois-(continued)
Illinois (State of) Toll Highway Authority, Series 2015 B, RB		5.00%		01/01/2040	$	120	$	123,579
Illinois (State of) Toll Highway Authority, Series 2016 A, Ref. RB		4.00%		12/01/2031		60		61,586
Illinois (State of) Toll Highway Authority, Series 2016 A, Ref. RB		5.00%		12/01/2031		170		179,383
Illinois (State of) Toll Highway Authority, Series 2016 A, Ref. RB		5.00%		12/01/2032		130		136,934
Illinois (State of) Toll Highway Authority, Series 2016 B, RB		5.00%		01/01/2041		150		154,592
Illinois (State of) Toll Highway Authority, Series 2019 B, Ref. RB		5.00%		01/01/2026		160		167,935
Illinois (State of) Toll Highway Authority, Series 2019, Ref. RB		5.00%		01/01/2026		105		110,499
Northern Illinois Municipal Power Agency, Series 2016 A, Ref. RB		5.00%		12/01/2041		75		78,878
Rosemont (Village of), IL, Series 2017 A, GO Bonds, (INS - AGM)^(c)		5.00%		12/01/2046		140		145,393
Sales Tax Securitization Corp., Series 2017 A, Ref. RB		5.00%		01/01/2026		35		36,504
Sales Tax Securitization Corp., Series 2021 A, Ref. RB		5.00%		01/01/2026		10		10,430
Springfield (City of), IL, Series 2015, Ref. RB.		5.00%		03/01/2026		60		61,336

								3,985,055

Indiana-2.07%
Carmel (City of), IN Local Public Improvement Bond Bank, Series 2016, RB, (CEP - Colorado Higher Education Intercept Program)		5.00%		07/15/2032		250		263,430
Indiana (State of) Finance Authority (Green Bonds), Series 2016 E, Ref. RB		5.00%		02/01/2026		500		529,263
Indiana (State of) Municipal Power Agency, Series 2016 A, Ref. RB		5.00%		01/01/2042		615		632,324
Indiana University, Series 2016 A, Ref. RB		5.00%		06/01/2028		25		26,469
Indianapolis (City of), IN Department of Public Utilities, Series 2018 A, Ref. RB		5.00%		10/01/2026		545		581,726

								2,033,212

Iowa-0.15%
Iowa (State of) Finance Authority (Green Bonds), Series 2017, Ref. RB		5.00%		08/01/2026		45		48,115
Iowa (State of) Higher Education Loan Authority (Grinnell College), Series 2017, RB		5.00%		12/01/2041		90		94,170

								142,285

Kansas-0.23%
Johnson (County of), KS Public Building Commission (Courthouse & Medical Examiners), Series 2018 A, RB		5.00%		09/01/2026		145		154,667
Wyandotte County Unified School District No. 500, Series 2016 A, GO Bonds^(a)(b)		5.50%		09/01/2026		65		70,585

								225,252

Kentucky-0.46%
Kentucky (Commonwealth of) Property & Building Commission (No. 112), Series 2016 B, Ref. RB		5.00%		11/01/2026		235		250,745
Kentucky (Commonwealth of) Turnpike Authority, Series 2016 A, Ref. RB		5.00%		07/01/2028		50		52,747
Kentucky (Commonwealth of) Turnpike Authority (Revitalization), Series 2017 B, Ref. RB		5.00%		07/01/2026		20		21,203
Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.), Series 2016, Ref. RB		5.00%		10/01/2029		20		20,980
Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.), Series 2016, Ref. RB		5.00%		10/01/2030		100		104,764

								450,439

Louisiana-0.38%
Louisiana (State of), Series 2016 B, Ref. GO Bonds		5.00%		08/01/2026		200		213,306
Louisiana State Citizens Property Insurance Corp., Series 2016 A, Ref. RB		5.00%		06/01/2026		150		158,956

								372,262

Maine-0.05%
Maine (State of) Municipal Bond Bank (Transcap), Series 2021 A, Ref. RB		5.00%		09/01/2026		50		53,488

Maryland-2.11%
Howard (County of), MD, Series 2017 D, Ref. GO Bonds		5.00%		02/15/2026		45		47,690
Maryland (State of), Second Series 2018 B, GO Bonds		5.00%		08/01/2026		25		26,756
Maryland (State of), Series 2015 B, Ref. GO Bonds		4.00%		08/01/2026		175		181,287
Maryland (State of), Series 2017 A, GO Bonds		5.00%		08/01/2026		40		42,809
Maryland (State of), Series 2017 B, Ref. GO Bonds		5.00%		08/01/2026		65		69,565
Maryland (State of), Series 2018 A, GO Bonds		5.00%		03/15/2026		100		106,168
Maryland (State of) (Bidding Group 1), Second Series 2019 A, GO Bonds		5.00%		08/01/2026		105		112,374
Maryland (State of) (Bidding Group 1), Series 2020 A, GO Bonds		5.00%		08/01/2026		150		160,534

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


		161

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

February 28, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Maryland-(continued)
Maryland (State of) Department of Transportation, Series 2017, RB		5.00%		05/01/2026	$	35	$	36,543
Maryland (State of) Department of Transportation (Second Issue), Series 2018, RB		5.00%		10/01/2026		165		177,047
Maryland (State of) Department of Transportation (Second Issue), Series 2018, RB		5.00%		10/01/2028		250		269,339
Maryland (State of) Stadium Authority (Baltimore City Public Schools), Series 2016, RB^(a)(b)		5.00%		05/01/2026		500		531,794
Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB		5.00%		07/01/2026		35		37,322
Montgomery (County of), MD, Series 2017 C, Ref. GO Bonds		5.00%		10/01/2026		100		107,407
Montgomery (County of), MD, Series 2018 A, GO Bonds		5.00%		11/01/2026		60		64,560
Prince George’s (County of), MD, Series 2018 A, GO Bonds		5.00%		07/15/2026		70		74,844
Washington (State of) Suburban Sanitary Commission, Series 2017, Ref. RB		3.00%		06/01/2026		20		19,991

								2,066,030

Massachusetts-4.22%
Massachusetts (Commonwealth of), Series 2016 A, RB		5.00%		06/01/2041		30		31,240
Massachusetts (Commonwealth of), Series 2016 A, Ref. GO Bonds		5.00%		07/01/2029		10		10,651
Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds		4.00%		07/01/2033		15		15,437
Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds		5.00%		07/01/2034		60		63,672
Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds		5.00%		07/01/2036		100		105,276
Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds		5.00%		07/01/2038		110		115,349
Massachusetts (Commonwealth of), Series 2016 C, Ref. GO Bonds		5.00%		04/01/2026		150		159,490
Massachusetts (Commonwealth of), Series 2016 G, GO Bonds		4.00%		09/01/2034		30		30,817
Massachusetts (Commonwealth of), Series 2016 G, GO Bonds		3.00%		09/01/2046		400		309,711
Massachusetts (Commonwealth of), Series 2016 I, GO Bonds		5.00%		12/01/2035		10		10,615
Massachusetts (Commonwealth of), Series 2016 J, GO Bonds		5.00%		12/01/2037		75		79,115
Massachusetts (Commonwealth of), Series 2017 D, Ref. GO Bonds		5.00%		07/01/2026		25		26,724
Massachusetts (Commonwealth of), Series 2017 E, Ref. GO Bonds		5.00%		11/01/2026		240		258,412
Massachusetts (Commonwealth of), Series 2018 B, Ref. GO Bonds		5.00%		07/01/2026		20		21,379
Massachusetts (Commonwealth of), Series 2018 C, Ref. GO Bonds		5.00%		09/01/2026		75		80,464
Massachusetts (Commonwealth of), Series 2019 C, Ref. GO Bonds		5.00%		05/01/2026		200		213,030
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2005 A, RB		5.00%		07/01/2026		100		106,831
Massachusetts (Commonwealth of) Clean Water Trust (The), Series 2014, Ref. RB		5.00%		08/01/2026		20		21,432
Massachusetts (Commonwealth of) Development Finance Agency (Bentley University), Series 2016, RB		5.00%		07/01/2040		175		179,818
Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center), Series 2016 E, Ref. RB		5.00%		07/01/2037		200		204,602
Massachusetts (Commonwealth of) Development Finance Agency (Harvard University), Series 2016 A, Ref. RB		5.00%		07/15/2033		300		320,164
Massachusetts (Commonwealth of) Development Finance Agency (Harvard University), Series 2020 A, Ref. RB		5.00%		10/15/2026		300		323,027
Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2016, Ref. RB		5.00%		07/01/2031		250		263,340
Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2016, Ref. RB		5.00%		07/01/2041		200		205,306
Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2016, Ref. RB		5.00%		07/01/2047		50		50,906
Massachusetts (Commonwealth of) School Building Authority, Series 2016 B, RB		5.00%		11/15/2035		15		15,975
Massachusetts (Commonwealth of) School Building Authority, Series 2016 B, RB		5.00%		11/15/2036		10		10,609
Massachusetts (Commonwealth of) School Building Authority, Series 2016 B, RB		5.00%		11/15/2046		40		41,608
Massachusetts (Commonwealth of) School Building Authority, Series 2016 C, Ref. RB		4.00%		11/15/2035		200		203,886
Massachusetts (Commonwealth of) School Building Authority, Series 2019 A, RB^(a)(b)		5.00%		02/15/2026		250		264,676
Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2018, Ref. RB		5.00%		01/01/2026		65		68,657
Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2019 A, Ref. RB		5.00%		01/01/2026		70		73,530
Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2016 C, Ref. RB^(a)(b)		5.00%		08/01/2026		155		165,729
Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2016 C, Ref. RB		5.00%		08/01/2028		10		10,718
Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2016 C, Ref. RB		4.00%		08/01/2036		75		75,904

								4,138,100

Michigan-2.96%
Great Lakes Water Authority, Series 2016 C, Ref. RB		5.00%		07/01/2030		185		197,172
Great Lakes Water Authority, Series 2016 C, Ref. RB		5.25%		07/01/2033		150		160,503

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


		162

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

February 28, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Michigan-(continued)
Great Lakes Water Authority, Series 2016 D, Ref. RB		5.00%		07/01/2030	$	500	$	531,427
Great Lakes Water Authority, Series 2016 D, Ref. RB		5.00%		07/01/2036		20		20,888
Great Lakes Water Authority, Series 2018 A, Ref. RB		5.00%		07/01/2026		75		79,437
Michigan (State of), Series 2017 A, Ref. GO Bonds		5.00%		05/01/2026		50		53,273
Michigan (State of) (Garvee), Series 2016, Ref. RB		5.00%		03/15/2026		115		121,612
Michigan (State of) Building Authority, Series 2016 I, Ref. RB		5.00%		10/15/2032		20		21,181
Michigan (State of) Building Authority, Series 2016 I, Ref. RB		5.00%		10/15/2033		40		42,709
Michigan (State of) Building Authority, Series 2016 I, Ref. RB		5.00%		04/15/2035		35		37,175
Michigan (State of) Building Authority (Facilities Program), Series 2016 I, Ref. RB		5.00%		10/15/2046		150		154,676
Michigan (State of) Finance Authority, Series 2016 B, Ref. RB		5.00%		10/01/2026		500		536,330
Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB		5.00%		11/15/2037		500		514,884
Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB		4.00%		11/15/2046		165		150,043
Michigan (State of) Hospital Finance Authority (Ascension Senior Credit Group), Series 2010, Ref. RB		5.00%		11/15/2047		45		45,607
Port Huron Area School District, Series 2016, GO Bonds, (INS - AGM)^(c)		4.00%		05/01/2045		20		18,499
University of Michigan, Series 2015, Ref. RB^(a)(b)		5.00%		04/01/2026		125		132,529
University of Michigan, Series 2017 A, Ref. RB		5.00%		04/01/2026		75		79,677

								2,897,622

Minnesota-0.92%
Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 A, Ref. RB		5.00%		01/01/2026		25		26,261
Minnesota (State of), Series 2017 A, GO Bonds		5.00%		10/01/2026		500		536,860
Minnesota (State of), Series 2017 D, Ref. GO Bonds		5.00%		10/01/2026		85		91,266
Minnesota (State of), Series 2022 A, Ref. RB		5.00%		03/01/2026		100		105,934
St. Cloud (City of), MN (CentraCare Health System), Series 2016 A, Ref. RB		3.25%		05/01/2039		100		85,647
University of Minnesota, Series 2016 A, RB		5.00%		04/01/2041		50		51,742

								897,710

Mississippi-0.44%
Mississippi (State of), Series 2018 A, GO Bonds^(a)(b)		5.00%		11/01/2026		125		134,364
Mississippi (State of), Series 2018 A, GO Bonds		4.00%		11/01/2038		100		100,230
Mississippi (State of) Hospital Equipment & Facilities Authority (Baptist Memorial Health Care), Series 2016, RB		5.00%		09/01/2041		200		200,335

								434,929

Missouri-0.61%
Hazelwood School District, Series 2017 A, Ref. GO Bonds		3.00%		03/01/2029		35		34,906
Metropolitan St. Louis Sewer District, Series 2017 A, Ref. RB		5.00%		05/01/2026		40		42,568
Missouri (State of) Board of Public Buildings, Series 2020 B, Ref. RB		5.00%		10/01/2026		55		58,861
Missouri (State of) Environmental Improvement & Energy Resources Authority, Series 2015 B, Ref. RB		5.00%		07/01/2026		15		15,663
Missouri (State of) Health & Educational Facilities Authority (St. Luke’s Health System, Inc.), Series 2016, Ref. RB		5.00%		11/15/2029		50		52,471
Missouri (State of) Health & Educational Facilities Authority (St. Luke’s Health System, Inc.), Series 2016, Ref. RB		5.00%		11/15/2031		35		36,586
Missouri (State of) Highway & Transportation Commission, Series 2014 A, Ref. RB		5.00%		05/01/2026		40		42,543
Missouri (State of) Highway & Transportation Commission, Series 2019 B, RB		5.00%		11/01/2026		20		21,498
Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2016 A, Ref. RB		4.00%		12/01/2032		25		25,521
Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2016 A, Ref. RB		4.00%		12/01/2033		50		51,257
Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2016 A, Ref. RB		4.00%		12/01/2035		95		96,344
Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2016 A, Ref. RB		5.00%		12/01/2040		80		81,692
St. Louis County Reorganized School District No. R-6, Series 2018, GO Bonds		5.00%		02/01/2026		35		37,018

								596,928

Nebraska-0.24%
Sarpy (County of), NE Hospital Authority No. 1 (NE Medicine), Series 2016, Ref. RB		3.00%		05/15/2046		310		233,253

Nevada-0.94%
Clark (County of), NV, Series 2016 B, Ref. GO Bonds		5.00%		11/01/2026		110		118,042
Clark (County of), NV Department of Aviation, Series 2019, Ref. RB		5.00%		07/01/2026		40		42,496
Clark (County of), NV Water Reclamation District, Series 2016, Ref. GO Bonds		4.00%		07/01/2035		250		254,445
Clark County School District, Series 2015 C, Ref. GO Bonds		5.00%		06/15/2026		25		26,285

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


		163

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

February 28, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Nevada-(continued)
Clark County School District, Series 2017 A, Ref. GO Bonds		5.00%		06/15/2026	$	95	$	100,902
Las Vegas Valley Water District, Series 2016 A, Ref. GO Bonds		5.00%		06/01/2038		200		208,415
Las Vegas Valley Water District, Series 2016 A, Ref. GO Bonds		5.00%		06/01/2041		40		41,435
Nevada (State of), Series 2016, Ref. RB		5.00%		12/01/2026		70		74,246
Nevada (State of), Series 2016, Ref. RB		5.00%		12/01/2028		50		53,224

								919,490

New Jersey-3.63%
Atlantic (County of), NJ Improvement Authority (The) (Stockton University), Series 2016 A, RB, (INS - AGM)^(c)		3.25%		07/01/2041		95		79,524
Bayonne (City of), NJ, Series 2016, Ref. GO Bonds^(a)(b)		5.00%		07/01/2026		135		144,089
Essex (County of), NJ Improvement Authority (City of Newark), Series 2019, RB		4.00%		11/01/2049		150		148,497
New Jersey (State of), Series 2020 A, GO Bonds		5.00%		06/01/2026		150		159,433
New Jersey (State of) Economic Development Authority, Series 2015 XX, Ref. RB^(a)(b)		5.00%		06/15/2025		305		317,250
New Jersey (State of) Economic Development Authority, Series 2016 BBB, Ref. RB^(a)(b)		5.50%		12/15/2026		350		381,422
New Jersey (State of) Economic Development Authority, Series 2017 B, Ref. RB		5.00%		11/01/2026		200		211,125
New Jersey (State of) Educational Facilities Authority (Montclair University), Series 2016 B, Ref. RB		5.00%		07/01/2031		145		152,130
New Jersey (State of) Health Care Facilities Financing Authority (Barnabas Health Obligated Group), Series 2016 A, Ref. RB		5.00%		07/01/2043		280		287,284
New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group), Series 2016 A, Ref. RB		5.00%		07/01/2029		5		5,342
New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group), Series 2016 A, Ref. RB		5.00%		07/01/2030		10		10,687
New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group), Series 2016 A, Ref. RB		5.00%		07/01/2031		35		37,266
New Jersey (State of) Transportation Trust Fund Authority, Series 2016 A-1, RN		5.00%		06/15/2028		125		131,491
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RN		5.00%		06/15/2030		300		315,632
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RN		5.00%		06/15/2031		200		210,031
New Jersey (State of) Transportation Trust Fund Authority, Series 2019, Ref. RB		5.00%		12/15/2026		510		539,482
New Jersey (State of) Transportation Trust Fund Authority, Series 2021 A, Ref. RB		5.00%		06/15/2026		165		173,087
New Jersey (State of) Turnpike Authority, Series 2016 A, Ref. RB		5.00%		01/01/2034		240		252,235

								3,556,007

New Mexico-0.26%
New Mexico (State of) (Capital), Series 2017 A, GO Bonds		5.00%		03/01/2026		240		254,383

New York-15.51%
Build NYC Resource Corp. (New York Law School), Series 2016, Ref. RB		5.00%		07/01/2041		100		99,079
Dutchess County Local Development Corp. (Health Quest Systems, Inc.), Series 2016 B, RB		4.00%		07/01/2041		185		161,231
Erie (County of), NY Industrial Development Agency (The) (City of Buffalo School District), Series 2015 A, Ref. RB		5.00%		05/01/2026		10		10,519
Erie (County of), NY Industrial Development Agency (The) (City of Buffalo School District), Series 2016 A, Ref. RB		5.00%		05/01/2030		20		21,319
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB		5.00%		02/15/2026		85		89,907
Long Island (City of), NY Power Authority, Series 2016 B, Ref. RB		5.00%		09/01/2036		160		166,506
Metropolitan Transportation Authority, Series 2006 B, RB, (INS - AGM)^(c)		5.25%		11/15/2026		350		375,648
Metropolitan Transportation Authority, Series 2016 A, Ref. RB		4.00%		11/15/2026		60		62,133
Metropolitan Transportation Authority, Series 2016 A, Ref. RB		5.25%		11/15/2029		65		69,825
Metropolitan Transportation Authority, Series 2016 A, Ref. RB		5.25%		11/15/2035		30		31,876
Metropolitan Transportation Authority, Series 2016 B, Ref. RB		5.00%		11/15/2037		450		456,457
Metropolitan Transportation Authority, Series 2016 D, Ref. RB		5.00%		11/15/2030		75		76,975
Metropolitan Transportation Authority (Green Bonds), Series 2016 A-2, Ref. RB		5.00%		11/15/2026		160		167,209
Metropolitan Transportation Authority (Green Bonds), Series 2017 C-1, Ref. RB		5.00%		11/15/2026		300		313,476
New York & New Jersey (States of) Port Authority, One Hundred and Ninty Eight Series 2016, Ref. RB		5.00%		11/15/2046		25		25,879
New York & New Jersey (States of) Port Authority, One Hundred Ninty Eight Series 2016, Ref. RB		5.25%		11/15/2056		100		103,567
New York & New Jersey (States of) Port Authority, Series 2015, Ref. RB		5.00%		05/01/2026		65		67,375
New York (City of), NY, Series 2008 J-10, GO Bonds		5.00%		08/01/2026		45		47,903
New York (City of), NY, Series 2015 A, Ref. GO Bonds		5.00%		08/01/2026		45		47,083
New York (City of), NY, Series 2016 B-1, GO Bonds		5.00%		12/01/2029		45		47,831

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


		164

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

February 28, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York-(continued)
New York (City of), NY, Series 2016 B-1, GO Bonds		5.00%		12/01/2041	$	135	$	139,962
New York (City of), NY, Series 2016 C, Ref. GO Bonds		5.00%		08/01/2026		375		392,665
New York (City of), NY, Series 2016 C, Ref. GO Bonds		5.00%		08/01/2028		65		68,099
New York (City of), NY, Series 2016 C, Ref. GO Bonds		5.00%		08/01/2029		55		57,591
New York (City of), NY, Series 2016 C, Ref. GO Bonds		5.00%		08/01/2031		25		26,149
New York (City of), NY, Series 2016 E, Ref. GO Bonds		5.00%		08/01/2026		130		138,388
New York (City of), NY, Series 2016 E, Ref. GO Bonds		5.00%		08/01/2028		25		26,430
New York (City of), NY, Series 2016 E, Ref. GO Bonds		5.00%		08/01/2029		50		52,826
New York (City of), NY, Series 2020 A-1, Ref. GO Bonds		5.00%		08/01/2026		80		85,162
New York (City of), NY, Series 2020 C, GO Bonds		5.00%		08/01/2026		80		85,162
New York (City of), NY, Series 2021 F-1, GO Bonds		5.00%		03/01/2026		150		158,371
New York (City of), NY, Series 2022 B-1, Ref. GO Bonds		5.00%		08/01/2026		10		10,645
New York (City of), NY, Subseries 2016 A-1, GO Bonds		4.00%		08/01/2029		555		576,124
New York (City of), NY, Subseries 2016 A-1, GO Bonds		5.00%		08/01/2030		20		21,117
New York (City of), NY, Subseries 2016 A-1, GO Bonds		5.00%		08/01/2031		45		47,484
New York (City of), NY, Subseries 2016 A-1, GO Bonds		4.00%		08/01/2035		25		25,270
New York (City of), NY Municipal Water Finance Authority, Series 2017 DD, RB		5.00%		06/15/2047		195		201,639
New York (City of), NY Municipal Water Finance Authority, Series 2021 DD, Ref. RB		5.00%		06/15/2026		90		95,969
New York (City of), NY Municipal Water Finance Authority, Subseries 2016 CC-1, Ref. RB		5.00%		06/15/2037		415		435,374
New York (City of), NY Municipal Water Finance Authority, Subseries 2016 CC-1, Ref. RB		5.00%		06/15/2038		100		104,765
New York (City of), NY Transitional Finance Authority, Series 2016 A-1, RB		5.00%		05/01/2040		35		36,365
New York (City of), NY Transitional Finance Authority, Series 2016 S-1, RB		5.00%		07/15/2028		10		10,541
New York (City of), NY Transitional Finance Authority, Series 2016 S-1, RB		5.00%		07/15/2030		40		42,051
New York (City of), NY Transitional Finance Authority, Series 2016 S-1, RB		5.00%		07/15/2035		100		104,149
New York (City of), NY Transitional Finance Authority, Series 2016, RB		4.00%		05/01/2030		15		15,485
New York (City of), NY Transitional Finance Authority, Series 2017 C, Ref. RB		5.00%		11/01/2026		30		32,107
New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB		5.00%		11/01/2026		240		256,855
New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB		5.00%		02/01/2026		30		31,627
New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, RB		5.00%		08/01/2029		250		266,549
New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, RB		5.00%		08/01/2030		145		154,356
New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, RB		5.00%		08/01/2033		200		211,771
New York (City of), NY Transitional Finance Authority, Subseries 2016 E-1, RB		5.00%		02/01/2030		245		258,216
New York (City of), NY Transitional Finance Authority, Subseries 2016 E-1, RB		5.00%		02/01/2031		350		368,380
New York (City of), NY Transitional Finance Authority, Subseries 2016 E-1, RB		5.00%		02/01/2035		185		193,453
New York (City of), NY Transitional Finance Authority, Subseries 2016 E-1, RB		5.00%		02/01/2037		195		202,974
New York (City of), NY Transitional Finance Authority, Subseries 2016 E-1, RB		5.00%		02/01/2038		40		41,523
New York (City of), NY Transitional Finance Authority, Subseries 2016 E-1, RB		5.00%		02/01/2039		250		259,170
New York (City of), NY Transitional Finance Authority, Subseries 2016 F-3, RB		5.00%		02/01/2030		135		142,282
New York (City of), NY Trust for Cultural Resources (Lincoln Center for Performing Arts), Series 2016 A, Ref. RB		5.00%		12/01/2026		30		31,942
New York (City of), NY Trust for Cultural Resources (Museum of Modern Arts (The)), Series 2016, Ref. RB		4.00%		04/01/2029		30		31,168
New York (City of), NY Trust for Cultural Resources (Museum of Modern Arts (The)), Series 2016, Ref. RB		4.00%		04/01/2031		235		243,977
New York (State of) Dormitory Authority, Series 2015 E, Ref. RB		5.00%		03/15/2026		350		365,417
New York (State of) Dormitory Authority, Series 2016 A, RB		5.00%		02/15/2029		50		53,167
New York (State of) Dormitory Authority, Series 2016 A, RB		5.00%		03/15/2032		100		106,612
New York (State of) Dormitory Authority, Series 2016 A, RB		5.00%		02/15/2033		40		42,345
New York (State of) Dormitory Authority, Series 2016 A, RB		5.00%		03/15/2033		305		324,744
New York (State of) Dormitory Authority, Series 2016 A, RB		5.00%		02/15/2041		210		218,542
New York (State of) Dormitory Authority, Series 2016 D, Ref. RB		5.00%		02/15/2026		35		36,990
New York (State of) Dormitory Authority, Series 2016 D, Ref. RB		5.00%		02/15/2028		50		53,421
New York (State of) Dormitory Authority, Series 2017 A, Ref. RB		5.00%		02/15/2026		100		105,686
New York (State of) Dormitory Authority, Series 2017 A, Ref. RB		5.00%		07/01/2026		10		10,670
New York (State of) Dormitory Authority, Series 2017 B, Ref. RB^(a)		5.00%		02/15/2026		35		36,963
New York (State of) Dormitory Authority, Series 2017 B, Ref. RB		5.00%		02/15/2026		15		15,853
New York (State of) Dormitory Authority, Series 2018 1, Ref. RB		5.00%		01/15/2026		45		47,485
New York (State of) Dormitory Authority, Series 2018 A, RB		5.00%		10/01/2026		60		64,170

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


		165

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

February 28, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York-(continued)
New York (State of) Dormitory Authority, Series 2018 E, Ref. RB^(a)		5.00%		03/15/2026	$	35	$	37,197
New York (State of) Dormitory Authority, Series 2018, RB		5.00%		10/01/2030		155		165,336
New York (State of) Dormitory Authority, Series 2019 A, RB		5.00%		10/01/2026		125		133,687
New York (State of) Dormitory Authority (Bidding Group 1), Series 2018 A, RB^(a)		5.00%		03/15/2026		15		15,941
New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 C, Ref. RB^(a)		5.00%		03/15/2026		5		5,314
New York (State of) Dormitory Authority (Columbia University) (Green Bonds), Series 2016 A, RB		5.00%		10/01/2026		200		215,522
New York (State of) Dormitory Authority (Group B), Series 2016 A, RB^(a)(b)		5.00%		09/15/2026		265		284,694
New York (State of) Dormitory Authority (Group B), Series 2016 A, RB		5.00%		03/15/2028		225		240,657
New York (State of) Dormitory Authority (New York University), Series 2016 A, RB		5.00%		07/01/2033		350		372,187
New York (State of) Dormitory Authority (New York University), Series 2016 A, RB		5.00%		07/01/2036		150		158,047
New York (State of) Dormitory Authority (New York University), Series 2016 A, RB		5.00%		07/01/2039		140		146,833
New York (State of) Dormitory Authority (New York University), Series 2019 A, RB		5.00%		07/01/2026		20		21,353
New York (State of) Thruway Authority, Series 2016 A, RB		5.00%		01/01/2046		265		269,998
New York (State of) Thruway Authority, Series 2016 A, RB		5.00%		01/01/2051		200		202,442
New York (State of) Utility Debt Securitization Authority, Series 2016 A, Ref. RB		5.00%		12/15/2032		25		26,457
New York (State of) Utility Debt Securitization Authority, Series 2016 A, Ref. RB		5.00%		12/15/2034		150		158,020
New York (State of) Utility Debt Securitization Authority, Series 2016 B, Ref. RB		5.00%		12/15/2034		150		158,020
New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2016 A, RB		5.00%		11/15/2046		150		152,861
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2016 A, Ref. RB		5.00%		06/15/2032		225		239,487
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2016, Ref. RB		5.00%		06/15/2028		35		37,321
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2016, Ref. RB		5.00%		06/15/2029		55		58,648
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2016, Ref. RB		5.00%		06/15/2030		30		31,980
New York State Urban Development Corp., Series 2016 A, Ref. RB^(a)(b)		5.00%		03/15/2026		580		614,491
New York State Urban Development Corp., Series 2016 A, Ref. RB		5.00%		03/15/2026		50		52,920
New York State Urban Development Corp., Series 2016 A, Ref. RB		5.00%		03/15/2028		95		100,632
New York State Urban Development Corp., Series 2016 A, Ref. RB		5.00%		03/15/2029		30		31,734
New York State Urban Development Corp., Series 2016 A, Ref. RB		5.00%		03/15/2033		135		142,401
New York State Urban Development Corp., Series 2016 A, Ref. RB		5.00%		03/15/2034		215		226,148
New York State Urban Development Corp., Series 2016 A, Ref. RB		4.00%		03/15/2036		40		40,201
New York State Urban Development Corp., Series 2017 C-1, Ref. RB		5.00%		03/15/2026		20		21,168
New York State Urban Development Corp., Series 2020, Ref. RB		5.00%		03/15/2026		75		79,379
Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB		5.00%		11/15/2031		500		528,613
Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB		5.00%		11/15/2041		500		516,876
Westchester (County of), NY, Series 2018 A, GO Bonds		4.00%		12/01/2029		100		105,413

								15,199,974

North Carolina-1.20%
Mecklenburg (County of), NC, Series 2013 A, Ref. GO Bonds		5.00%		12/01/2026		50		53,934
North Carolina (State of), Series 2014 B, Ref. RB		5.00%		06/01/2026		30		31,915
North Carolina (State of), Series 2016 A, Ref. GO Bonds		5.00%		06/01/2026		85		90,699
North Carolina (State of), Series 2017 B, Ref. RB		5.00%		05/01/2026		40		42,481
North Carolina (State of), Series 2018 A, GO Bonds		5.00%		06/01/2026		25		26,676
North Carolina (State of), Series 2019 A, RB		5.00%		05/01/2026		30		31,861
North Carolina (State of) (Garvee), Series 2019, RB		5.00%		03/01/2026		65		68,704
North Carolina (State of) Capital Facilities Finance Agency (Duke University), Series 2016 B, Ref. RB		5.00%		10/01/2026		15		16,101
North Carolina (State of) Capital Facilities Finance Agency (Duke University), Series 2016 B, Ref. RB		5.00%		10/01/2044		55		57,979
North Carolina (State of) Eastern Municipal Power Agency, Series 1993 B, Ref. RB^(a)		6.00%		01/01/2026		25		26,869
North Carolina (State of) Medical Care Commission ((Deerfield Episcopal Retirement Community)), Series 2016, Ref. RB		5.00%		11/01/2037		150		153,411
North Carolina (State of) Municipal Power Agency No. 1, Series 2016 A, Ref. RB		5.00%		01/01/2028		100		106,380
North Carolina (State of) Municipal Power Agency No. 1, Series 2016 A, Ref. RB		5.00%		01/01/2029		50		53,308
North Carolina (State of) Municipal Power Agency No. 1 (Catawba), Series 2015 A, Ref. RB		5.00%		01/01/2026		125		131,477

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


		166

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

February 28, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
North Carolina-(continued)
North Carolina (State of) Municipal Power Agency No. 1 (Catawba), Series 2015 A, Ref. RB		5.00%		01/01/2028	$	35	$	36,912
North Carolina (State of) Turnpike Authority, Series 2017 A, Ref. RB		5.00%		07/01/2054		250		248,852

								1,177,559

Ohio-2.04%
Allen (County of), OH, Series 2017 A, Ref. RB		5.00%		08/01/2026		145		153,245
American Municipal Power, Inc. (Greenup Hydroelectric), Series 2016 A, RB		5.00%		02/15/2041		100		101,965
Cincinnati City School District (Classroom Construction & Improvement), Series 2006, Ref. GO Bonds, (INS - NATL)^(c)		5.25%		12/01/2026		25		27,141
Columbus (City of), OH, Series 2015, Ref. RB		5.00%		06/01/2030		25		26,628
Columbus (City of), OH, Series 2015, Ref. RB		5.00%		06/01/2032		15		15,939
Columbus (City of), OH, Series 2016 A, GO Bonds		4.00%		08/15/2026		200		205,348
Columbus (City of), OH, Series 2016-1, Ref. GO Bonds		5.00%		07/01/2026		135		144,310
Columbus City School District, Series 2016 A, Ref. GO Bonds		5.00%		12/01/2031		100		105,811
Cuyahoga (County of), OH, Series 2020 D, Ref. RB		5.00%		12/01/2026		25		26,838
Hamilton (County of), OH, Series 2016 A, Ref. RB		5.00%		12/01/2026		35		37,431
Hamilton (County of), OH, Series 2016 A, Ref. RB		5.00%		12/01/2029		30		32,249
Hamilton (County of), OH, Series 2016 A, Ref. RB		4.00%		12/01/2031		45		46,695
Miami University, Series 2017, Ref. RB		5.00%		09/01/2041		50		52,267
Ohio (State of), Series 2016 S, GO Bonds		5.00%		05/01/2031		70		74,299
Ohio (State of), Series 2017 B, Ref. GO Bonds		5.00%		09/15/2026		15		16,080
Ohio (State of), Series 2017 C, Ref. GO Bonds		5.00%		08/01/2026		5		5,346
Ohio (State of), Series 2018 A, GO Bonds		5.00%		02/01/2031		85		89,804
Ohio (State of), Series 2018 A, GO Bonds		5.00%		02/01/2033		125		131,850
Ohio (State of), Series 2018 A, GO Bonds		5.00%		06/15/2033		15		15,849
Ohio (State of), Series 2018 A, GO Bonds		5.00%		02/01/2034		30		31,593
Ohio (State of), Series 2018 A, GO Bonds		5.00%		06/15/2034		40		42,169
Ohio (State of) (Garvee), Series 2016 1, RB		5.00%		12/15/2028		30		31,864
Ohio (State of) (Garvee), Series 2016-1, RB		5.00%		12/15/2027		40		42,550
Ohio (State of) (University Hospitals Health System, Inc.), Series 2016 A, Ref. RB		5.00%		01/15/2041		335		341,366
Ohio (State of) Water Development Authority, Series 2019 A, RB		5.00%		06/01/2026		40		42,682
Ohio (State of) Water Development Authority, Series 2019 A, RB		5.00%		12/01/2026		25		26,967
University of Cincinnati, Series 2016 C, RB		5.00%		06/01/2046		125		128,943

								1,997,229

Oklahoma-1.16%
Canadian (County of), OK Educational Facilities Authority (Mustang Public Schools), Series 2017, RB		5.00%		09/01/2026		50		53,043
Grand River Dam Authority, Series 2016 A, Ref. RB		5.00%		06/01/2026		10		10,587
Grand River Dam Authority, Series 2016 A, Ref. RB		5.00%		06/01/2029		15		16,025
Grand River Dam Authority, Series 2016 A, Ref. RB		5.00%		06/01/2032		45		47,978
Grand River Dam Authority, Series 2016 A, Ref. RB		4.00%		06/01/2033		600		612,681
Oklahoma (State of) Turnpike Authority, Series 2017 A, RB		5.00%		01/01/2037		190		197,280
Oklahoma (State of) Turnpike Authority, Series 2017 A, RB		5.00%		01/01/2042		170		175,357
Tulsa (County of), OK Industrial Authority (Jenks Public Schools), Series 2015, RB		5.00%		09/01/2026		25		26,106

								1,139,057

Oregon-0.37%
Oregon (State of) (Seismic), Series 2016 F, Ref. GO Bonds		5.00%		05/01/2029		30		31,861
Oregon (State of) Facilities Authority (Legacy Health), Series 2016 A, Ref. RB		5.00%		06/01/2046		100		101,567
Oregon Health & Science University, Series 2016 B, Ref. RB		5.00%		07/01/2036		160		165,464
University of Oregon, Series 2016 A, RB		5.00%		04/01/2046		60		62,073

								360,965

Pennsylvania-4.34%
Allegheny (County of), PA Port Authority, Series 2020, Ref. RB		5.00%		03/01/2026		100		105,199
Chester (County of), PA, Series 2016 A, Ref. GO Bonds		4.00%		07/15/2028		25		25,948
Lancaster (County of), PA Hospital Authority (University of Pennsylvania), Series 2016 A, Ref. RB		5.00%		08/15/2042		140		143,884
Lancaster (County of), PA Hospital Authority (University of Pennsylvania), Series 2016, Ref. RB		5.00%		08/15/2026		50		52,914
Lycoming (County of), PA Authority (Pennsylvania College of Technology), Series 2016 A, Ref. RB		3.00%		10/01/2037		100		85,933

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


		167

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

February 28, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Pennsylvania-(continued)
Monroeville Finance Authority, Series 2012, RB		5.00%		02/15/2026	$	65	$	67,835
Northampton (County of), PA General Purpose Authority (St. Luke’s University Health Network), Series 2016, Ref. RB		5.00%		08/15/2046		10		10,043
Pennsylvania (Commonwealth of), First Series 2015, GO Bonds		5.00%		03/15/2026		35		36,145
Pennsylvania (Commonwealth of), First Series 2016, GO Bonds		5.00%		02/01/2029		300		315,155
Pennsylvania (Commonwealth of), First Series 2016, GO Bonds		4.00%		02/01/2032		200		205,685
Pennsylvania (Commonwealth of), First Series 2017, Ref. GO Bonds		5.00%		01/01/2026		130		137,242
Pennsylvania (Commonwealth of), First Series 2020, GO Bonds		5.00%		05/01/2026		30		31,898
Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds		5.00%		09/15/2028		300		318,592
Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds		4.00%		09/15/2030		65		66,361
Pennsylvania (Commonwealth of), Series 2015 D, GO Bonds		3.25%		08/15/2026		515		514,260
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Trustees University of Pennsylvania), Series 2016 A, Ref. RB		4.00%		08/15/2031		500		515,017
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A, Ref. RB		5.00%		12/01/2026		110		117,722
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A, Ref. RB		5.00%		12/01/2028		35		37,544
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A, Ref. RB		5.00%		12/01/2032		230		245,101
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A-1, RB		5.00%		12/01/2035		140		147,611
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A-1, RB		5.00%		12/01/2036		45		47,372
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A-1, RB		5.00%		12/01/2041		25		25,948
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A-1, RB		5.00%		12/01/2046		60		61,396
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 B, Ref. RB		4.00%		06/01/2033		100		101,525
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016, Ref. RB		5.00%		06/01/2026		40		41,928
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 A, RB, (INS - AGM)^(c)		4.00%		12/01/2037		385		389,048
Pennsylvania State University (The), Series 2016 A, RB		5.00%		09/01/2041		200		207,601
Philadelphia (City of), PA, Series 2019 A, Ref. GO Bonds		5.00%		08/01/2026		145		153,678
Pittsburgh (City of), PA Water & Sewer Authority, Series 2017 A, Ref. RB, (INS - AGM)^(c)		5.00%		09/01/2026		45		47,861

								4,256,446

Rhode Island-0.19%
Rhode Island (State of), Series 2015 A, Ref. GO Bonds		5.00%		08/01/2026		20		20,916
Rhode Island (State of) Turnpike & Bridge Authority, Series 2016 A, Ref. RB		5.00%		10/01/2040		40		41,171
Rhode Island Commerce Corp. (Garvee), Series 2016 B, RB		5.00%		06/15/2026		50		53,010
Rhode Island Commerce Corp. (Garvee), Series 2016 B, RB		5.00%		06/15/2030		40		42,011
Rhode Island Health & Educational Building Corp. (Providence College), Series 2017, RB		5.00%		11/01/2047		25		26,219

								183,327

South Carolina-0.77%
Horry County School District, Series 2015 A, Ref. GO Bonds		5.00%		03/01/2026		110		114,347
South Carolina (State of) Jobs-Economic Development Authority (Carealliance Health Services), Series 2016, RB		5.25%		08/15/2046		65		66,263
South Carolina (State of) Public Service Authority, Series 2016 A, Ref. RB		5.00%		12/01/2029		225		235,774
South Carolina (State of) Public Service Authority, Series 2016 A, Ref. RB		5.00%		12/01/2031		150		156,226
South Carolina (State of) Public Service Authority, Series 2016 A, Ref. RB		5.00%		12/01/2032		145		150,493
South Carolina (State of) Public Service Authority, Series 2016 B, Ref. RB		4.00%		12/01/2056		20		17,234
South Carolina (State of) Transportation Infrastructure Bank, Series 2021 B, Ref. RB		5.00%		10/01/2026		15		16,042

								756,379

Tennessee-1.04%
Clarksville (City of), TN, Series 2016, Ref. RB^(a)(b)		5.00%		02/01/2026		45		47,479
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2015 C, GO Bonds		5.00%		07/01/2026		100		104,661
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2016, Ref. GO Bonds		5.00%		01/01/2026		50		52,730
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2016, Ref. GO Bonds^(a)(b)		5.00%		07/01/2026		100		106,405
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2017, GO Bonds		4.75%		07/01/2026		20		21,156
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2016 A, RB		5.00%		07/01/2046		225		227,709
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2016, RB		5.00%		07/01/2040		200		204,755
Tennessee (State of), Series 2016 B, Ref. GO Bonds		5.00%		08/01/2030		100		107,549

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


		168

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

February 28, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Tennessee-(continued)
Tennessee (State of) School Bond Authority, Series 2017 B, Ref. RB, (CEP - Colorado Higher Education Intercept Program)		5.00%		11/01/2026	$	35	$	37,622
Tennessee Energy Acquisition Corp., Series 2006 A, RB		5.25%		09/01/2026		30		30,567
Tennessee Energy Acquisition Corp., Series 2006 B, RB		5.63%		09/01/2026		75		77,436

								1,018,069

Texas-9.05%
Austin (City of), TX, Series 2016, Ref. RB		5.00%		11/15/2045		150		155,432
Austin (City of), TX, Series 2017 A, RB		5.00%		11/15/2041		40		41,240
Bexar (County of), TX, Series 2017, Ref. GO Bonds^(a)(b)		5.00%		06/15/2026		60		63,797
Bexar (County of), TX, Series 2017, Ref. GO Bonds^(a)(b)		5.00%		06/15/2026		220		233,923
Board of Regents of the University of Texas System, Series 2016 D, RB		5.00%		08/15/2026		135		143,733
Board of Regents of the University of Texas System, Series 2016 J, RB		5.00%		08/15/2028		125		133,467
Board of Regents of the University of Texas System (Green Bonds), Series 2016 B, RB		5.00%		08/15/2026		35		37,264
Cypress-Fairbanks Independent School District, Series 2016, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2026		100		105,861
Dallas (City of), TX, Series 2015 A, Ref. RB		5.00%		10/01/2026		160		166,665
Dallas (City of), TX, Series 2017, Ref. GO Bonds		5.00%		02/15/2026		500		525,826
Dallas (City of), TX Area Rapid Transit, Series 2016 B, Ref. RB		5.00%		12/01/2032		45		47,929
Dallas (City of), TX Area Rapid Transit, Series 2016 B, Ref. RB		4.00%		12/01/2036		100		100,707
Dallas (County of), TX Utility & Reclamation District, Series 2016, Ref. GO Bonds		5.00%		02/15/2026		30		31,480
Denton (City of), TX, Series 2017, RB		5.00%		12/01/2035		165		173,248
El Paso (City of), TX, Series 2016, GO Bonds		5.00%		08/15/2042		100		103,229
El Paso Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		08/15/2037		150		157,541
Fort Bend Independent School District, Series 2017 E, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2026		75		79,395
Harris (County of), TX, Series 2015 A, Ref. GO Bonds		5.00%		10/01/2026		155		162,044
Harris (County of), TX, Series 2016 A, Ref. RB		5.00%		08/15/2031		60		63,659
Harris (County of), TX, Series 2016 A, Ref. RB		5.00%		08/15/2036		95		99,586
Harris (County of), TX Metropolitan Transit Authority, Series 2016 A, Ref. RB		5.00%		11/01/2028		30		31,914
Harris (County of), TX Toll Road Authority (The), Series 2022 A, Ref. RB		5.00%		08/15/2026		125		133,595
Houston (City of), TX, Series 2016 B, Ref. RB		4.00%		11/15/2031		300		309,120
Houston (City of), TX, Series 2016 B, Ref. RB		5.00%		11/15/2032		45		48,363
Houston (City of), TX, Series 2017 A, Ref. GO Bonds		5.00%		03/01/2026		200		211,396
Houston (City of), TX, Series 2017 B, Ref. RB		5.00%		11/15/2026		25		26,759
Houston (City of), TX, Series 2018 B, Ref. RB		5.00%		07/01/2026		60		63,647
Houston Independent School District, Series 2016 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2028		20		21,155
Houston Independent School District, Series 2016 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2029		70		74,082
Houston Independent School District, Series 2016 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2031		185		195,359
Houston Independent School District, Series 2016 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		02/15/2033		55		56,227
Houston Independent School District, Series 2017, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2026		50		52,945
Humble Independent School District, Series 2015 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		02/15/2026		25		25,364
Lone Star College System, Series 2016, Ref. GO Bonds		5.00%		02/15/2033		25		26,241
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, Ref. RB		5.00%		05/15/2026		150		159,149
New Hope Cultural Education Facilities Finance Corp. (Cardinal Bay, Inc.), Series 2016, RB^(d)		5.00%		07/02/2046		100		66,750
New Hope Cultural Education Facilities Finance Corp. (Cardinal Bay, Inc.), Series 2016, RB^(d)		5.00%		07/03/2051		200		133,500
North East Independent School District, Series 2007, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.25%		02/01/2026		30		31,791
North Texas Tollway Authority, Series 2015 B, Ref. RB		5.00%		01/01/2026		30		31,036
North Texas Tollway Authority, Series 2016 A, Ref. RB		5.00%		01/01/2028		150		157,567
North Texas Tollway Authority, Series 2016 A, Ref. RB		5.00%		01/01/2030		100		105,090
North Texas Tollway Authority, Series 2016 A, Ref. RB		5.00%		01/01/2031		80		84,089

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


		169

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

February 28, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Texas-(continued)
North Texas Tollway Authority, Series 2017 B, Ref. RB		5.00%		01/01/2031	$	120	$	126,133
Pearland (City of), TX, Series 2021 B, Ctfs. of Obligations		5.00%		03/01/2030		630		668,209
Permanent University Fund - University of Texas System, Series 2007 B, Ref. RB		5.25%		07/01/2026		35		37,552
Plano Independent School District, Series 2016 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2029		85		89,612
San Antonio (City of), TX, Series 2015, RB		4.00%		02/01/2033		50		50,979
San Antonio (City of), TX, Series 2016, Ref. RB		5.00%		02/01/2026		165		174,136
San Antonio (City of), TX, Series 2016, Ref. RB		4.00%		02/01/2028		30		30,908
San Antonio (City of), TX, Series 2016, Ref. RB		5.00%		02/01/2030		20		21,339
San Antonio (City of), TX, Series 2018 A, RB		5.00%		02/01/2026		25		26,384
San Antonio (City of), TX, Series 2019, Ref. RB		4.00%		02/01/2026		130		133,339
San Antonio (City of), TX Water System, Series 2016 A, Ref. RB		5.00%		05/15/2031		15		15,946
San Antonio (City of), TX Water System, Series 2016 A, Ref. RB		5.00%		05/15/2032		20		21,250
San Antonio (City of), TX Water System, Series 2016 C, Ref. RB		5.00%		05/15/2036		100		105,698
Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health), Series 2016 A, Ref. RB		5.00%		11/15/2029		135		142,638
Tarrant County Cultural Education Facilities Finance Corp. (Texas Health Resources System), Series 2016 A, Ref. RB		5.00%		02/15/2041		250		256,464
Texas (State of), Series 2016 A, GO Bonds		5.00%		04/01/2026		200		212,107
Texas (State of), Series 2016 A, GO Bonds		5.00%		04/01/2038		250		260,114
Texas (State of), Series 2016, GO Bonds		5.00%		04/01/2031		140		147,967
Texas (State of), Series 2016, GO Bonds		5.00%		04/01/2037		30		31,258
Texas (State of) Transportation Commission State Highway Fund, Series 2016 A, RB		5.00%		10/01/2026		85		91,116
Texas (State of) Water Development Board, Series 2016, RB		4.00%		10/15/2035		400		403,170
Texas A&M University, Series 2016 C, Ref. RB		4.00%		05/15/2028		100		102,895
Texas A&M University, Series 2016 C, Ref. RB		4.00%		05/15/2029		30		30,875
Trinity River Authority, Series 2016, Ref. RB		5.00%		08/01/2026		500		532,094
University of Houston, Series 2017 A, Ref. RB		5.00%		02/15/2030		75		79,091
University of Houston, Series 2017 A, Ref. RB		5.00%		02/15/2036		395		410,874

								8,873,313

Utah-0.37%
Utah (County of), UT (IHC Health Services, Inc.), Series 2016 B, RB		3.00%		05/15/2047		95		71,014
Utah (State of), Series 2018, GO Bonds		5.00%		07/01/2026		160		171,298
Utah (State of) Transit Authority, Series 2016, Ref. RB		3.00%		12/15/2028		125		125,083

								367,395

Vermont-0.08%
Vermont (State of) Educational & Health Buildings Financing Agency (University of Vermont Medical Center), Series 2016 A, Ref. RB		5.00%		12/01/2036		80		82,817

Virginia-2.28%
Chesapeake Bay Bridge & Tunnel District, Series 2016, RB		5.00%		07/01/2046		255		257,209
Fairfax (County of), VA, Series 2016 A, Ref. GO Bonds^(a)(b)		5.00%		04/01/2026		100		106,175
Fairfax (County of), VA, Series 2016 A, Ref. GO Bonds		4.00%		10/01/2027		95		98,070
Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2016 A, Ref. RB		5.00%		05/15/2030		120		128,020
Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2016 A, Ref. RB		5.00%		05/15/2031		20		21,388
Hampton (City of), VA Roads Transportation Accountability Commission, Series 2021 A, RB		5.00%		07/01/2026		345		366,645
Hampton Roads Sanitation District, Series 2016 A, Ref. RB^(a)(b)		5.00%		08/01/2026		100		106,754
Hampton Roads Sanitation District, Series 2016 A, Ref. RB^(a)(b)		5.00%		08/01/2026		25		26,688
Hampton Roads Sanitation District, Series 2016 A, Ref. RB^(a)(b)		5.00%		08/01/2026		10		10,675
Hampton Roads Sanitation District, Series 2016 A, Ref. RB^(a)(b)		5.00%		08/01/2026		40		42,702
Richmond (City of), VA, Series 2016, Ref. RB		5.00%		01/15/2026		20		21,161
Richmond (City of), VA, Series 2016, Ref. RB		5.00%		01/15/2028		40		42,175
Richmond (City of), VA, Series 2016, Ref. RB		5.00%		01/15/2030		20		21,070
Richmond (City of), VA, Series 2016, Ref. RB		4.00%		01/15/2037		150		151,670
Virginia (Commonwealth of), Series 2015 B, Ref. GO Bonds		5.00%		06/01/2026		25		26,159

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


		170

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

February 28, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Virginia-(continued)
Virginia (Commonwealth of) College Building Authority, Series 2016 A, RB		4.00%		02/01/2030	$	210	$	215,371
Virginia (Commonwealth of) College Building Authority, Series 2016 A, Ref. RB, (CEP - Colorado Higher Education Intercept Program)		5.00%		09/01/2028		85		90,667
Virginia (Commonwealth of) College Building Authority, Series 2016 A, Ref. RB, (CEP - Colorado Higher Education Intercept Program)		5.00%		09/01/2029		65		69,512
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2017, RB		5.00%		02/01/2026		70		74,077
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2019 C, Ref. RB		5.00%		02/01/2026		35		37,038
Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB		5.00%		05/15/2026		80		85,056
Virginia (Commonwealth of) Transportation Board (Garvee), Series 2017, Ref. RB		5.00%		03/15/2026		225		238,407

								2,236,689

Washington-3.71%
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2016 S-1, RB		5.00%		11/01/2035		145		152,810
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB		5.00%		11/01/2026		10		10,749
Energy Northwest (Bonneville Power Administration), Series 2016 A, Ref. RB		5.00%		07/01/2026		20		21,314
Energy Northwest (Bonneville Power Administration), Series 2016 A, Ref. RB		5.00%		07/01/2028		50		53,104
Energy Northwest (No. 1), Series 2017 A, Ref. RB		5.00%		07/01/2026		10		10,673
Energy Northwest (No. 1), Series 2022 A, Ref. RB		5.00%		07/01/2026		295		314,377
King (County of), WA, Series 2016 A, Ref. RB		4.00%		07/01/2035		600		607,520
King (County of), WA, Series 2016 B, Ref. RB		5.00%		07/01/2028		100		106,503
King (County of), WA, Series 2016 B, Ref. RB		4.00%		07/01/2030		50		51,859
King (County of), WA, Series 2016 B, Ref. RB		4.00%		07/01/2032		125		128,964
King County School District No. 401 Highline, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2028		25		26,718
King County School District No. 401 Highline, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2031		40		42,706
King County School District No. 401 Highline, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)		3.13%		12/01/2032		20		19,713
King County School District No. 405 Bellevue, Series 2016, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2029		15		16,119
King County School District No. 405 Bellevue, Series 2016, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2030		50		53,639
King County School District No. 411 Issaquah, Series 2016, GO Bonds, (CEP - Oregon School Bond Guaranty)		3.00%		12/01/2030		110		109,854
King County School District No. 411 Issaquah, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2032		30		31,974
Seattle (City of), WA, Series 2015 A, Ref. GO Bonds		5.00%		06/01/2026		20		20,848
Seattle (City of), WA, Series 2019 B, Ref. RB		5.00%		02/01/2026		70		73,956
Seattle (Port of), WA, Series 2016, Ref. RB		5.00%		02/01/2030		35		36,629
University of Washington, Series 2016 A, Ref. RB		5.25%		12/01/2046		200		212,659
Washington (State of), Series 2016 A, GO Bonds		5.00%		08/01/2031		160		169,789
Washington (State of), Series 2016 B, Ref. GO Bonds		5.00%		07/01/2026		200		210,975
Washington (State of), Series 2016 B, Ref. GO Bonds		5.00%		07/01/2029		40		42,184
Washington (State of), Series 2016 B, Ref. GO Bonds		5.00%		08/01/2029		10		10,652
Washington (State of), Series 2016 B, Ref. GO Bonds		5.00%		07/01/2030		10		10,529
Washington (State of), Series 2016 B, Ref. GO Bonds		5.00%		08/01/2030		40		42,541
Washington (State of), Series 2016 B, Ref. GO Bonds		5.00%		07/01/2031		55		57,819
Washington (State of), Series 2016 B, Ref. GO Bonds		5.00%		08/01/2032		50		53,009
Washington (State of), Series 2016 R, Ref. GO Bonds		5.00%		08/01/2028		385		410,744
Washington (State of), Series 2016 R, Ref. GO Bonds		5.00%		08/01/2030		25		26,596
Washington (State of), Series 2016 R, Ref. GO Bonds		5.00%		07/01/2032		30		31,513
Washington (State of), Series 2016 R, Ref. GO Bonds		5.00%		08/01/2032		280		297,598
Washington (State of), Series 2020 C, GO Bonds		5.00%		02/01/2026		90		95,216
Washington (State of) Higher Education Facilities Authority (Whitworth University), Series 2016 A, Ref. RB		5.00%		10/01/2040		70		70,808

								3,632,661

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


		171

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

February 28, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Wisconsin-1.38%
Wisconsin (State of), Series 2016 2, Ref. GO Bonds		5.00%		11/01/2026	$	40	$	42,519
Wisconsin (State of), Series 2018 A, RB		5.00%		06/01/2026		200		213,217
Wisconsin (State of), Series 2019 A, Ref. RB^(a)		5.00%		05/01/2026		60		63,629
Wisconsin (State of), Series 2021 1, Ref. GO Bonds		5.00%		05/01/2026		125		132,949
Wisconsin (State of) Department of Transportation, Series 2015 1, Ref. RB		5.00%		07/01/2026		70		72,821
Wisconsin (State of) Department of Transportation, Series 2017 2, Ref. RB		5.00%		07/01/2026		20		21,294
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016 A, Ref. RB^(a)(b)		3.13%		05/15/2026		25		25,085
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016 A, Ref. RB		4.00%		11/15/2033		25		25,272
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016 A, Ref. RB		4.00%		11/15/2035		200		200,435
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016 A, Ref. RB		4.50%		11/15/2039		100		100,903
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016 A, Ref. RB		5.00%		11/15/2039		350		360,257
Wisconsin (State of) Public Finance Authority (KU Campus Development Corp. Central District Development), Series 2016, RB		5.00%		03/01/2046		30		30,646
Wisconsin (State of) Public Finance Authority (KU Campus Development Corp. -Central District Development), Series 2016, RB		5.00%		03/01/2041		65		66,767

								1,355,794

TOTAL INVESTMENTS IN SECURITIES^(e)-98.63% (Cost $99,075,784)								96,672,992
OTHER ASSETS LESS LIABILITIES-1.37%								1,346,911

NET ASSETS-100.00%							$	98,019,903


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

Notes to Schedule of Investments:

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

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

^(c)	Principal and/or interest payments are secured by the bond insurance company listed.

^(d)	Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at February 28, 2023 was $200,250, 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.


		172

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

February 28, 2023

(Unaudited)


Portfolio Composition
Revenue Type Breakdown (% of the Fund’s Net Assets) as of February 28, 2023

Ad Valorem Property Tax			19.36

Water Revenue			9.39

Health, Hospital, Nursing Home Revenue			9.34

Miscellaneous Revenue			7.60

General Fund			7.24

College & University Revenue			6.46

Highway Tolls Revenue			6.19

Sales Tax Revenue			6.02

Income Tax Revenue			4.94

Lease Revenue			4.64

Electric Power Revenue			4.24

Appropriations			4.10

Revenue Types Each Less Than 3%			9.11

Other Assets Less Liabilities			1.37

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


		173

Invesco BulletShares 2027 Municipal Bond ETF (BSMR)

February 28, 2023

(Unaudited)

Schedule of Investments


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Municipal Obligations-98.64%
Alabama-1.02%
Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2017 A, RB^(a)(b)		5.00%		09/01/2027	$	75	$	82,082
Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2017 A, RB^(a)		5.00%		09/01/2027		25		27,361
Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2017 A, RB^(a)(b)		5.00%		09/01/2027		50		54,722
Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB		5.00%		11/01/2027		60		65,628
Birmingham (City of), AL Water Works Board, Series 2016 B, Ref. RB^(a)(b)		5.00%		01/01/2027		75		81,020
Birmingham (City of), AL Water Works Board, Series 2016 B, Ref. RB^(a)(b)		5.00%		01/01/2027		65		70,218
Jefferson (County of), AL, Series 2017, Ref. RB		5.00%		09/15/2030		150		160,908
Tuscaloosa (City of), AL Board of Education, Series 2017, Revenue Wts.^(a)(b)		4.00%		02/01/2027		260		271,413

								813,352

Arizona-1.77%
Arizona (State of), Series 2019 A, Ref. COP^(a)		5.00%		10/01/2027		100		109,640
Arizona (State of) Sports & Tourism Authority, Series 2022, Ref. RB, (INS - BAM)^(c)		5.00%		07/01/2027		100		107,353
Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016, Ref. RB		5.00%		01/01/2031		80		85,991
Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016, Ref. RB		5.00%		01/01/2034		105		112,058
Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016, Ref. RB		5.00%		01/01/2035		170		180,626
Phoenix Civic Improvement Corp., Series 2017 D, Ref. RB		5.00%		07/01/2032		175		187,772
Phoenix Civic Improvement Corp., Series 2017, Ref. RB.		5.00%		07/01/2027		40		42,641
Salt River Project Agricultural Improvement & Power District, Series 2016 A, Ref. RB		5.00%		01/01/2027		315		339,215
Salt River Project Agricultural Improvement & Power District, Series 2016 A, Ref. RB		5.00%		01/01/2034		90		96,513
Salt River Project Agricultural Improvement & Power District, Series 2016 A, Ref. RB		5.00%		01/01/2036		140		148,567

								1,410,376

California-18.71%
Anaheim (City of), CA Public Financing Authority (Anaheim Public Improvements), Series 2019 A, Ref. RB, (INS - BAM)^(c)		5.00%		09/01/2036		200		211,708
Bay Area Toll Authority (San Francisco Bay Area), Series 2017 F-1, RB^(a)(b)		5.00%		04/01/2027		35		38,201
Bay Area Toll Authority (San Francisco Bay Area), Series 2017 F-1, RB		4.00%		04/01/2056		10		9,391
Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB		5.00%		04/01/2027		25		27,155
Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB		4.00%		04/01/2029		125		131,082
Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB		4.00%		04/01/2032		155		161,797
Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB		4.00%		04/01/2035		275		282,896
California (State of), Series 2017, GO Bonds		5.00%		11/01/2047		140		148,664
California (State of), Series 2017, Ref. GO Bonds		5.00%		08/01/2027		15		16,051
California (State of), Series 2017, Ref. GO Bonds		5.00%		08/01/2029		80		87,806
California (State of), Series 2017, Ref. GO Bonds		5.00%		11/01/2029		95		104,780
California (State of), Series 2017, Ref. GO Bonds		5.00%		08/01/2030		605		664,346
California (State of), Series 2017, Ref. GO Bonds		5.00%		11/01/2030		50		55,169
California (State of), Series 2017, Ref. GO Bonds		5.00%		08/01/2033		65		71,186
California (State of), Series 2017, Ref. GO Bonds		5.00%		08/01/2035		210		227,945
California (State of), Series 2019, Ref. GO Bonds		5.00%		04/01/2027		415		450,275
California (State of), Series 2019, Ref. GO Bonds		5.00%		10/01/2027		180		197,433
California (State of), Series 2020, GO Bonds		3.00%		03/01/2027		370		368,623
California (State of), Series 2020, GO Bonds		5.00%		11/01/2027		75		82,413
California (State of), Series 2021, Ref. GO Bonds		5.00%		09/01/2027		250		273,719
California (State of), Series 2021, Ref. GO Bonds		5.00%		12/01/2027		290		319,247
California (State of), Series 2022, GO Bonds		5.00%		04/01/2027		25		27,125
California (State of), Series 2022, Ref. GO Bonds		5.00%		04/01/2042		90		96,141
California (State of) (Bid Group C), Series 2016, Ref. GO Bonds		5.00%		08/01/2027		45		48,154
California (State of) Department of Water Resources, Series 2017 AX, Ref. RB		5.00%		12/01/2030		150		166,761
California (State of) Department of Water Resources (Central Valley), Series 2017 AX, Ref. RB^(a)(b)		5.00%		12/01/2027		15		16,520

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


		174

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

February 28, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
California (State of) Department of Water Resources (Central Valley), Series 2017 AX, Ref. RB		5.00%		12/01/2032	$	50	$	55,400
California (State of) Educational Facilities Authority (Loma Linda University), Series 2017 A, Ref. RB		5.00%		04/01/2042		250		256,393
California (State of) Health Facilities Financing Authority (Children’s Hospital Los Angeles), Series 2017 A, Ref. RB		5.00%		08/15/2047		450		455,223
California (State of) Health Facilities Financing Authority (Kaiser Permanente), Subseries 2017 A-1, RB .		5.00%		11/01/2027		135		148,655
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. RB		5.00%		11/15/2031		50		54,904
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. RB		5.00%		11/15/2033		50		54,824
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. RB		5.00%		11/15/2036		40		43,136
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. RB		4.00%		11/15/2040		50		49,401
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2017 A, Ref. RB		5.00%		11/15/2034		100		107,726
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2017 A, Ref. RB		5.00%		11/15/2038		250		264,112
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2017 A, Ref. RB		5.00%		11/15/2048		200		204,207
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2018 A, RB		5.00%		11/15/2035		60		64,257
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2018 A, RB		5.00%		11/15/2036		30		31,894
California (State of) Infrastructure & Economic Development Bank (Green Bonds), Series 2017, RB		5.00%		10/01/2027		30		32,715
California (State of) Infrastructure & Economic Development Bank (Green Bonds), Series 2017, RB		5.00%		10/01/2029		10		10,956
California (State of) Municipal Finance Authority (Community Medical Centers), Series 2017 A, Ref. RB		5.00%		02/01/2047		100		102,430
California (State of) Municipal Finance Authority (Eisenhower Medical Centers), Series 2017 A, Ref. RB		5.00%		07/01/2042		150		152,505
California (State of) Public Works Board (Various Capital), Series 2016 C, Ref. RB.		5.00%		11/01/2027		40		43,118
California State University, Series 2017 A, Ref. RB		5.00%		11/01/2028		40		43,827
California State University, Series 2017 A, Ref. RB		5.00%		11/01/2031		15		16,467
California State University, Series 2017 A, Ref. RB		5.00%		11/01/2032		150		164,073
California State University, Series 2017 A, Ref. RB		5.00%		11/01/2035		65		70,185
California State University, Series 2017 A, Ref. RB		5.00%		11/01/2038		55		58,783
California State University, Series 2017 A, Ref. RB		5.00%		11/01/2042		110		116,429
Ceres Unified School District, Series 2017, GO Bonds, (INS - BAM)^(c)		5.00%		08/01/2051		270		281,918
Coast Community College District (Election of 2012), Series 2017 D, GO Bonds^(a)(b)		5.00%		08/01/2027		15		16,458
Contra Costa (County of), CA Transportation Authority, Series 2018 B, Ref. RB		5.00%		03/01/2029		65		70,939
Desert Community College District, Series 2017, Ref. GO Bonds.		5.00%		08/01/2033		60		65,999
East Bay Municipal Utility District, Series 2017 B, Ref. RB		5.00%		06/01/2031		25		27,543
East Bay Municipal Utility District, Series 2017 B, Ref. RB		5.00%		06/01/2032		45		49,600
East Bay Municipal Utility District, Series 2017 B, Ref. RB		5.00%		06/01/2034		150		164,365
Eastern Municipal Water District Financing Authority, Series 2017 D, RB		5.00%		07/01/2047		100		105,903
Etiwanda School District (Election of 2016), Series 2017 A, GO Bonds		5.00%		08/01/2046		180		188,824
Fairfield (City of), CA, Series 2017, Ref. RB		5.00%		04/01/2042		85		90,142
Hacienda La Puente Unified School District (Election of 2016), Series 2017 A, GO Bonds		5.25%		08/01/2042		100		107,144
Hartnell Community College District (Election of 2002), Series 2009 D, GO Bonds		7.00%		08/01/2034		60		71,210
Jurupa Unified School District, Series 2017 B, GO Bonds		4.00%		08/01/2041		55		54,157
Los Angeles (City of), CA (Green Bonds), Series 2017 A, RB		5.00%		06/01/2030		100		109,960
Los Angeles (City of), CA Department of Airports, Series 2020 B, Ref. RB		5.00%		05/15/2027		30		32,685
Los Angeles (City of), CA Department of Water & Power, Series 2017 A, RB		5.00%		07/01/2042		150		157,834
Los Angeles (City of), CA Department of Water & Power, Series 2017 A, RB		5.00%		07/01/2047		200		209,215
Los Angeles (City of), CA Department of Water & Power, Series 2017 A, Ref. RB		5.00%		07/01/2044		300		315,210
Los Angeles (City of), CA Department of Water & Power, Series 2017 A, Ref. RB		5.25%		07/01/2044		150		158,936
Los Angeles (City of), CA Department of Water & Power, Series 2017 B, Ref. RB		5.00%		07/01/2028		35		37,957
Los Angeles (City of), CA Department of Water & Power, Series 2017 B, Ref. RB		5.00%		07/01/2031		75		81,509
Los Angeles (City of), CA Department of Water & Power, Series 2017 B, Ref. RB		5.00%		07/01/2034		25		26,944
Los Angeles (City of), CA Department of Water & Power, Series 2020 A, Ref. RB		5.00%		07/01/2027		100		109,130
Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB		4.00%		07/01/2027		45		47,467
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2017 A, RB		5.00%		07/01/2038		210		225,686
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2017 A, RB		5.00%		07/01/2042		200		212,785
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB		5.00%		06/01/2027		175		191,365
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB		5.00%		07/01/2027		10		10,956
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB		5.00%		07/01/2029		35		38,517

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


		175

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

February 28, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB		5.00%		07/01/2027	$	5	$	5,478
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB		5.00%		06/01/2027		275		300,716
Los Angeles Unified School District, Series 2019 A, Ref. GO Bonds		5.00%		07/01/2027		160		175,018
Los Angeles Unified School District, Series 2020 A, Ref. GO Bonds		5.00%		07/01/2027		55		60,163
Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds		5.00%		07/01/2027		50		54,693
Marin (County of), CA Healthcare District (Election of 2013), Series 2017 A, GO Bonds		4.00%		08/01/2047		45		42,461
Metropolitan Water District of Southern California, Series 2019 A, Ref. RB		5.00%		07/01/2027		10		10,956
Richmond (City of), CA, Series 2017 A, Ref. RB		5.25%		08/01/2047		150		158,710
Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB		5.00%		06/01/2029		15		16,650
Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB		5.00%		06/01/2030		25		27,660
Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB		5.00%		06/01/2032		75		82,775
Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB		5.00%		06/01/2038		200		214,721
Sacramento (City of), CA Municipal Utility District, Series 2016 D, Ref. RB		5.00%		08/15/2027		45		49,340
San Bernardino Community College District (Election of 2018), Series 2019 A, GO Bonds^(a)(b)		4.00%		08/16/2027		25		26,385
San Diego (City of), CA Association of Governments (Mid Coast Corridor; Green Bonds), Series 2019, RB		1.80%		11/15/2027		250		230,724
San Diego (City of), CA Public Facilities Financing Authority, Series 2016 A, Ref. RB		5.00%		05/15/2027		45		48,182
San Diego Unified School District (Election of 2012), Series 2017 I, GO Bonds.		4.00%		07/01/2047		215		206,998
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2017 B, RB		5.00%		05/01/2047		500		519,221
San Francisco (City of), CA Public Utilities Commission, Series 2016, Ref. RB		5.00%		11/01/2027		45		48,819
San Francisco (City of), CA Public Utilities Commission (Green Bonds), Series 2017 D, Ref. RB		5.00%		11/01/2030		40		44,339
San Francisco (City of), CA Public Utilities Commission (Green Bonds), Series 2017 D, Ref. RB		5.00%		11/01/2033		20		22,101
San Francisco (City of), CA Public Utilities Commission (Green Bonds), Series 2017 D, Ref. RB		5.00%		11/01/2034		95		104,333
San Francisco (County of), CA Transportation Authority, Series 2017, RB		3.00%		02/01/2030		200		200,991
San Francisco (County of), CA Transportation Authority, Series 2017, RB		3.00%		02/01/2031		15		15,067
San Francisco (County of), CA Transportation Authority, Series 2017, RB		3.00%		02/01/2034		15		14,355
San Francisco Bay Area Rapid Transit District, Series 2019 A, RB		4.00%		07/01/2036		250		255,859
San Francisco Bay Area Rapid Transit District (Green Bonds) (Election of 2016), Series 2017 A, GO Bonds		5.00%		08/01/2047		90		95,560
San Jose (City of), CA, Series 2017 B, Ref. RB		5.00%		03/01/2042		10		10,355
San Jose (City of), CA Redevelopment Agency Successor Agency, Series 2017 A, Ref. RB		5.00%		08/01/2034		80		87,182
San Jose Unified School District (Election of 2012), Series 2018 E, GO Bonds		4.00%		08/01/2042		100		99,344
Santa Clara (County of), CA, Series 2017 C, Ref. GO Bonds		5.00%		08/01/2031		285		314,528
Santa Monica (City of), CA Public Financing Authority (Green Bonds), Series 2017, RB		4.00%		07/01/2047		20		19,312
Tuolumne (City of), CA Wind Project Authority, Series 2016 A, Ref. RB		5.00%		01/01/2027		40		43,332
Turlock (City of), CA Irrigation District, Series 2016, Ref. RB.		5.00%		01/01/2046		130		136,244
University of California, Series 2017 AV, RB		5.00%		05/15/2042		350		371,475
University of California, Series 2017 AV, RB		5.25%		05/15/2042		30		32,132
University of California, Series 2017 AY, Ref. RB		5.00%		05/15/2031		85		92,957
University of California (Limited), Series 2017 M, RB		5.00%		05/15/2031		30		32,759
University of California (Limited), Series 2017 M, RB		5.00%		05/15/2032		5		5,456
University of California (Limited), Series 2017 M, RB		5.00%		05/15/2047		350		368,832
University of California (Limited), Series 2017 M, RB		5.00%		05/15/2052		100		104,996

								14,897,745

Colorado-1.14%
Adams & Weld Counties School District No. 27J Brighton, Series 2017, GO Bonds		5.00%		12/01/2042		215		227,437
Arapahoe County School District No. 6 Littleton, Series 2019 A, GO Bonds		5.50%		12/01/2027		85		95,413
Board of Trustees of the Colorado School of Mines, Series 2017 B, RB		5.00%		12/01/2047		100		105,040
Colorado (State of), Series 2020 A, COP		5.00%		12/15/2027		45		49,137
Colorado Springs (City of), CO, Series 2017 A-2, RB.		5.00%		11/15/2042		100		105,189
Rampart Range Metropolitan District No. 1, Series 2017, Ref. RB, (INS - AGM)^(c)		5.00%		12/01/2042		105		110,934
Rampart Range Metropolitan District No. 1, Series 2017, Ref. RB, (INS - AGM)^(c)		5.00%		12/01/2047		30		31,522
Regional Transportation District, Series 2017 B, Ref. RB		5.00%		11/01/2034		100		107,972
Regional Transportation District (Fastracks), Series 2013 A, Ref. RB		5.00%		11/01/2027		40		43,752
University of Colorado, Series 2017 A-2, Ref. RB		5.00%		06/01/2027		30		32,629

								909,025

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


		176

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

February 28, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Connecticut-1.46%
Connecticut (State of), Series 2016 A, RB		5.00%		09/01/2027	$	25	$	26,680
Connecticut (State of), Series 2016 B, Ref. GO Bonds		5.00%		05/15/2027		70		74,066
Connecticut (State of), Series 2016 E, GO Bonds		5.00%		10/15/2027		95		101,327
Connecticut (State of), Series 2017 A, GO Bonds		5.00%		04/15/2032		15		16,125
Connecticut (State of), Series 2018 B, RB		5.00%		10/01/2027		130		141,946
Connecticut (State of), Series 2020 A, RB		5.00%		05/01/2027		20		21,649
Connecticut (State of), Series 2021 D, RB		5.00%		11/01/2027		40		43,752
Connecticut (State of), Series 2022 A, GO Bonds		4.00%		01/15/2027		20		20,681
Connecticut (State of), Series 2022 D, Ref. GO Bonds		5.00%		09/15/2027		100		109,046
Connecticut (State of) (Green Bonds), Series 2017 A, RB		5.00%		05/01/2032		30		32,763
Connecticut (State of) (Green Bonds), Series 2017 A, RB		5.00%		05/01/2033		45		49,081
Connecticut (State of) (Green Bonds), Series 2017 A, RB		5.00%		05/01/2034		25		27,205
Connecticut (State of) (Social Bonds), Series 2021 B, GO Bonds.		4.00%		06/01/2027		175		181,760
Connecticut (State of) Health & Educational Facilities Authority (Yale University), Series 1997 S, RB		5.00%		07/01/2027		140		153,021
University of Connecticut, Series 2017 A, RB.		5.00%		01/15/2030		50		53,919
University of Connecticut, Series 2017 A, RB.		5.00%		01/15/2033		100		107,365

								1,160,386

District of Columbia-2.46%
District of Columbia, Series 2017 A, Ref. GO Bonds		5.00%		06/01/2032		500		543,526
District of Columbia, Series 2017 A, Ref. GO Bonds		5.00%		06/01/2033		80		86,639
District of Columbia, Series 2017 A, Ref. GO Bonds		5.00%		06/01/2034		150		161,732
District of Columbia, Series 2017 A, Ref. GO Bonds		5.00%		06/01/2037		180		190,964
District of Columbia (Catholic University of America (The)), Series 2017 B, RB.		5.00%		10/01/2047		300		303,814
District of Columbia (Georgetown University), Series 2017, Ref. RB		5.00%		04/01/2030		10		10,670
Washington Convention & Sports Authority, Series 2018 A, Ref. RB		5.00%		10/01/2030		20		21,682
Washington Metropolitan Area Transit Authority, Series 2017 B, RB		5.00%		07/01/2035		600		643,090

								1,962,117

Florida-3.26%
Central Florida Expressway Authority, Series 2016 B, Ref. RB.		5.00%		07/01/2027		10		10,562
Central Florida Expressway Authority, Series 2017, Ref. RB		5.00%		07/01/2039		150		157,278
East Central Regional Wastewater Treatment Facilities Operation Board, Series 2017, Ref. RB		5.00%		10/01/2044		285		296,682
Escambia (County of), FL, Series 2017, RB		5.00%		10/01/2043		100		105,672
Florida (State of), Series 2016 A, Ref. GO Bonds		5.00%		07/01/2027		40		42,614
Florida (State of), Series 2016 A, Ref. RB.		5.00%		07/01/2027		45		47,677
Florida (State of), Series 2017 C, Ref. GO Bonds.		4.00%		06/01/2033		200		208,743
Florida (State of) Department of Transportation, Series 2022 A, Ref. RB		5.00%		07/01/2027		50		54,119
Florida (State of) Municipal Power Agency, Series 2017 A, Ref. RB		5.00%		10/01/2027		75		81,088
Gainesville (City of), FL, Series 2017 A, RB		5.00%		10/01/2033		50		54,387
Gainesville (City of), FL, Series 2017 A, RB		5.00%		10/01/2034		150		162,472
JEA Electric System, Series 2017 B, Ref. RB		5.00%		10/01/2030		110		119,839
Miami (City of) & Dade (County of), FL School Board, Series 2016 B, Ref. COP		5.00%		08/01/2027		20		21,098
Miami-Dade (County of), FL, Series 2017 A, RB.		3.38%		10/01/2047		40		31,288
Miami-Dade (County of), FL, Series 2017 B, Ref. RB		5.00%		10/01/2027		45		49,135
Orange (County of), FL Convention Center, Series 2017, Ref. RB.		5.00%		10/01/2027		50		54,037
Orange (County of), FL School Board, Series 2016 B, Ref. COP		5.00%		08/01/2027		310		328,245
Pinellas (County of), FL School Board, Series 2017 A, COP		5.00%		07/01/2041		25		25,916
Reedy Creek Improvement District, Series 2017 A, GO Bonds		5.00%		06/01/2037		200		213,323
South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group), Series 2017, Ref. RB		5.00%		08/15/2029		70		75,303
South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group), Series 2017, Ref. RB		5.00%		08/15/2032		30		32,065
Tampa (City of) & Hillsborough (County of), FL Expressway Authority, Series 2017, RB		5.00%		07/01/2047		305		313,732
Volusia (County of), FL Educational Facility Authority (Embry-Riddle), Series 2017, Ref. RB		5.00%		10/15/2047		110		113,527

								2,598,802

Georgia-2.01%
Atlanta (City of), GA, Series 2001 A, RB, (INS - NATL)^(c)		5.50%		11/01/2027		80		85,061

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


		177

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

February 28, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Georgia-(continued)
Atlanta (City of), GA, Series 2004, RB, (INS - AGM)^(c)		5.75%		11/01/2027	$	45	$	50,685
Atlanta (City of), GA, Series 2018 C, Ref. RB		5.00%		11/01/2027		40		43,752
Atlanta (City of), GA, Series 2018 C, Ref. RB		5.00%		11/01/2029		90		98,685
Atlanta (City of), GA, Series 2018 C, Ref. RB		5.00%		11/01/2033		40		43,651
Atlanta (City of), GA, Series 2018, Ref. RB.		5.00%		11/01/2041		55		58,041
Atlanta (City of), GA Department of Aviation, Series 2020 A, Ref. RB		5.00%		07/01/2027		30		32,522
Cobb (County of), GA Kennestone Hospital Authority (Wellstar Health System, Inc.), Series 2017, Ref. RB		5.00%		04/01/2047		200		203,702
Georgia (State of), Series 2016 E, Ref. GO Bonds		5.00%		12/01/2027		200		215,688
Georgia (State of), Series 2016 F, Ref. GO Bonds		5.00%		01/01/2027		540		583,550
Georgia (State of), Series 2016 F, Ref. GO Bonds		5.00%		07/01/2027		10		10,824
Georgia (State of), Series 2016 F, Ref. GO Bonds		5.00%		07/01/2028		125		135,702
Georgia (State of) Road & Tollway Authority (Garvee), Series 2020, RB		5.00%		06/01/2027		35		37,950

								1,599,813

Hawaii-0.79%
Hawaii (State of), Series 2016 FB, GO Bonds		5.00%		04/01/2027		235		249,155
Hawaii (State of), Series 2017 FK, GO Bonds		5.00%		05/01/2027		35		37,885
Hawaii (State of), Series 2017 FK, GO Bonds		4.00%		05/01/2031		175		182,242
Hawaii (State of), Series 2017 FK, GO Bonds		5.00%		05/01/2033		5		5,384
Hawaii (State of), Series 2017 FN, Ref. GO Bonds		5.00%		10/01/2027		50		54,595
Hawaii (State of), Series 2017 FN, Ref. GO Bonds		5.00%		10/01/2031		20		21,766
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2020 B, Ref. GO Bonds		5.00%		03/01/2027		75		81,201

								632,228

Idaho-0.10%
Idaho (State of) Housing & Finance Association, Series 2017 A, Ref. RB		5.00%		07/15/2027		70		75,707


Illinois-6.91%
Chicago (City of), IL, Series 2017 A, Ref. GO Bonds		6.00%		01/01/2038		200		209,931
Chicago (City of), IL, Series 2017-2, Ref. RB, (INS - AGM)^(c)		5.00%		11/01/2033		600		638,309
Chicago (City of), IL, Series 2017-2, Ref. RB, (INS - AGM)^(c)		5.00%		11/01/2035		150		158,478
Chicago (City of), IL (O’Hare International Airport), Series 2017 B, Ref. RB		5.00%		01/01/2034		15		15,886
Chicago (City of), IL (O’Hare International Airport), Series 2017 B, Ref. RB		5.00%		01/01/2035		5		5,265
Chicago (City of), IL (O’Hare International Airport), Series 2017 B, Ref. RB		5.00%		01/01/2036		270		282,866
Chicago (City of), IL (O’Hare International Airport), Series 2017 C, Ref. RB		5.00%		01/01/2041		100		103,201
Chicago (City of), IL (O’Hare International Airport), Series 2017 D, RB		5.00%		01/01/2047		115		117,819
Chicago (City of), IL (O’Hare International Airport), Series 2017 D, RB		5.00%		01/01/2052		320		326,976
Chicago (City of), IL Board of Education, Series 2017, RB		5.00%		04/01/2042		205		202,950
Chicago (City of), IL Board of Education, Series 2017, RB		5.00%		04/01/2046		110		106,893
Chicago (City of), IL Metropolitan Water Reclamation District, Series 2016 A, Ref. GO Bonds		5.00%		12/01/2027		25		26,591
Cook (County of), IL, Series 2017, Ref. RB		5.00%		11/15/2033		100		106,646
Cook (County of), IL, Series 2018, Ref. RB		5.00%		11/15/2033		85		90,649
Cook (County of), IL, Series 2021 A, Ref. GO Bonds		5.00%		11/15/2027		20		21,538
Illinois (State of), Series 2016, Ref. GO Bonds		5.00%		02/01/2027		100		104,104
Illinois (State of), Series 2017 A, GO Bonds		5.00%		12/01/2031		50		52,062
Illinois (State of), Series 2017 C, GO Bonds		5.00%		11/01/2029		365		381,727
Illinois (State of), Series 2017 D, GO Bonds		5.00%		11/01/2027		470		492,621
Illinois (State of), Series 2022 B, Ref. GO Bonds		5.00%		03/01/2027		45		46,891
Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB		5.00%		02/15/2030		120		129,001
Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB		5.00%		02/15/2032		30		32,191
Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB		4.00%		02/15/2033		545		553,727
Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB		5.00%		02/15/2036		150		158,334
Illinois (State of) Finance Authority (Clean Water Initiative), Series 2017, RB		5.00%		01/01/2027		115		123,538
Illinois (State of) Finance Authority (Clean Water Initiative), Series 2017, RB		5.00%		07/01/2030		95		102,568
Illinois (State of) Finance Authority (Edward Elmhurst Obligated Group), Series 2017, Ref. RB^(a)(b)		4.00%		01/01/2027		45		46,261
Illinois (State of) Finance Authority (State Clean Water), Series 2017, RB		5.00%		01/01/2030		20		21,575
Illinois (State of) Finance Authority (State Clean Water), Series 2017, RB		5.00%		07/01/2031		30		32,263
Illinois (State of) Finance Authority (State Clean Water), Series 2017, RB		5.00%		07/01/2033		25		26,840

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


		178

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

February 28, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Illinois-(continued)
Illinois (State of) Finance Authority (State Clean Water), Series 2017, RB		5.00%		07/01/2034	$	225	$	240,888
Illinois (State of) Finance Authority (State Clean Water), Series 2017, RB		5.00%		07/01/2036		75		79,821
Illinois (State of) Finance Authority (The University of Chicago), Series 2018 A, RB		5.00%		10/01/2048		25		26,392
Illinois (State of) Toll Highway Authority, Series 2019, Ref. RB		5.00%		01/01/2027		135		144,972
Kane McHenry Cook & De Kalb Counties Unit School District No. 300, Series 2017, Ref. GO Bonds		5.00%		01/01/2029		45		48,192
Macon County School District No. 61 Decatur, Series 2020 C, Ref. GO Bonds, (INS - AGM)^(c)		4.00%		01/01/2040		200		193,726
Sales Tax Securitization Corp., Series 2020 A, Ref. RB		5.00%		01/01/2027		35		37,077
Will & Kendall Counties Community Consolidated School District 202 Plainfield, Series 2018 A, Ref. GO Bonds		4.00%		01/01/2027		10		10,289

								5,499,058

Indiana-0.31%
Indiana (State of) Finance Authority, Series 2016 C, Ref. RB.		5.00%		06/01/2027		165		177,676
Indiana (State of) Finance Authority (Green Bonds), Series 2016 E, Ref. RB		5.00%		02/01/2027		25		26,688
Indianapolis (City of), IN Department of Public Utilities, Series 2016 B, Ref. RB		5.00%		10/01/2027		40		42,738

								247,102

Iowa-0.13%
Iowa (State of), Series 2016 A, Ref. RB		5.00%		06/01/2027		70		74,135
Iowa (State of) Finance Authority (Green Bonds), Series 2017, Ref. RB.		5.00%		08/01/2030		30		32,890

								107,025

Kansas-0.33%
Johnson (County of), KS Public Building Commission (Courthouse & Medical Examiners), Series 2018 A, RB		4.00%		09/01/2027		10		10,328
University of Kansas Hospital Authority, Series 2017 A, Ref. RB		5.00%		03/01/2047		250		253,182

								263,510

Kentucky-0.52%
Kentucky (Commonwealth of) Economic Development Finance Authority (Owensboro Health, Inc.), Series 2017 A, Ref. RB		5.00%		06/01/2037		150		153,181
Kentucky (Commonwealth of) Economic Development Finance Authority (Owensboro Health, Inc.), Series 2017 A, Ref. RB, (INS - AGM)^(c)		4.00%		06/01/2037		115		107,900
Kentucky (Commonwealth of) Property & Building Commission (No. 112), Series 2016 B, Ref. RB		5.00%		11/01/2027		60		63,763
Kentucky (Commonwealth of) Property & Building Commission (No. 115), Series 2017, RB		5.00%		04/01/2037		15		15,852
Kentucky (Commonwealth of) Turnpike Authority, Series 2016 A, Ref. RB		5.00%		07/01/2027		70		74,027

								414,723

Louisiana-1.23%
Jefferson (Parish of), LA Sales Tax District, Series 2017 B, RB, (INS - AGM)^(c)		5.00%		12/01/2042		50		52,164
Lafayette (Parish of), LA School Board, Series 2018, RB^(a)(b)		5.00%		04/01/2027		25		27,115
Louisiana (State of), Series 2016 B, Ref. GO Bonds		5.00%		08/01/2027		100		106,989
Louisiana (State of), Series 2017 B, GO Bonds		5.00%		10/01/2029		120		131,488
Louisiana (State of), Series 2017 B, GO Bonds		5.00%		10/01/2030		135		147,925
Louisiana (State of), Series 2017 C, Ref. RB		5.00%		05/01/2040		20		21,064
Louisiana (State of) (Garvee), Series 2019 A, RB		5.00%		09/01/2027		100		109,089
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Ragin Cajun Facilities, Inc.), Series 2018, RB, (INS - AGM)^(c)		5.00%		10/01/2048		150		152,279
Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation), Series 2017, Ref. RB		5.00%		05/15/2046		70		70,804
Shreveport (City of), LA, Series 2017 A, RB, (INS - AGM)^(c)		5.00%		12/01/2041		150		159,909

								978,826

Maryland-2.16%
Maryland (State of), Series 2017 A, GO Bonds		5.00%		03/15/2027		15		16,272
Maryland (State of), Series 2017 A, GO Bonds		5.00%		08/01/2027		25		27,343
Maryland (State of), Series 2017 A, GO Bonds		5.00%		03/15/2029		145		157,735
Maryland (State of), Series 2017 A, GO Bonds		5.00%		08/01/2029		15		16,437
Maryland (State of), Series 2017 A, GO Bonds		5.00%		03/15/2031		105		114,098
Maryland (State of), Series 2018 A, GO Bonds		5.00%		03/15/2027		90		97,630
Maryland (State of) (Bidding Group 1), Second Series 2019 A, GO Bonds		5.00%		08/01/2027		395		432,025

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


		179

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

February 28, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Maryland-(continued)
Maryland (State of) Department of Transportation, Series 2017, RB		5.00%		09/01/2027	$	125	$	136,528
Maryland (State of) Department of Transportation, Series 2017, RB		5.00%		09/01/2030		20		21,962
Maryland (State of) Department of Transportation, Series 2019, RB		4.00%		10/01/2032		40		41,690
Maryland (State of) Department of Transportation, Series 2021 A, RB		5.00%		10/01/2027		145		158,651
Maryland (State of) Department of Transportation (Second Issue), Series 2018, RB		5.00%		10/01/2027		70		75,222
Maryland (State of) Health & Higher Educational Facilities Authority (MedStar Health), Series 2017 A, RB		5.00%		05/15/2045		110		112,171
Montgomery (County of), MD, Series 2020 A, GO Bonds		4.00%		08/01/2027		200		209,805
Prince George’s (County of), MD, Series 2017 A, GO Bonds		3.00%		09/15/2029		100		99,231

								1,716,800

Massachusetts-3.10%
Massachusetts (Commonwealth of), Series 2005, Ref. RB, (INS - NATL)^(c)		5.50%		01/01/2027		50		54,271
Massachusetts (Commonwealth of), Series 2016 A, Ref. GO Bonds		5.00%		07/01/2027		10		10,715
Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds		5.00%		07/01/2027		300		327,133
Massachusetts (Commonwealth of), Series 2017 A, GO Bonds		5.00%		04/01/2032		190		206,104
Massachusetts (Commonwealth of), Series 2017 A, Ref. GO Bonds		5.00%		04/01/2047		200		208,239
Massachusetts (Commonwealth of), Series 2017 A, Ref. RB		5.00%		06/01/2043		90		94,951
Massachusetts (Commonwealth of), Series 2017 C, Ref. GO Bonds		5.00%		10/01/2027		40		43,856
Massachusetts (Commonwealth of), Series 2017 E, GO Bonds		5.00%		11/01/2031		70		76,751
Massachusetts (Commonwealth of), Series 2017 E, Ref. GO Bonds		5.00%		11/01/2027		40		43,935
Massachusetts (Commonwealth of), Series 2017 F, GO Bonds		5.00%		11/01/2041		200		212,026
Massachusetts (Commonwealth of), Series 2017 F, GO Bonds		5.00%		11/01/2044		30		31,536
Massachusetts (Commonwealth of), Series 2017 F, GO Bonds		5.00%		11/01/2045		40		41,949
Massachusetts (Commonwealth of), Series 2018 B, Ref. GO Bonds		5.00%		07/01/2027		205		223,541
Massachusetts (Commonwealth of), Series 2019 A, Ref. GO Bonds		5.00%		01/01/2027		70		75,513
Massachusetts (Commonwealth of), Series 2019 F, GO Bonds		5.00%		05/01/2027		150		162,979
Massachusetts (Commonwealth of), Series 2019 G, GO Bonds		5.00%		09/01/2027		30		32,833
Massachusetts (Commonwealth of) (Rail Enhancement & Accelerated Bridge Program), Series 2017 A, RB		5.00%		06/01/2042		75		78,799
Massachusetts (Commonwealth of) Development Finance Agency (Caregroup), Series 2016 I, Ref. RB		5.00%		07/01/2027		465		488,992
Massachusetts (Commonwealth of) Development Finance Agency (Harvard University), Series 2020 A, Ref. RB		5.00%		10/15/2027		30		33,016
Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2017 C, Ref. RB		5.00%		08/01/2032		20		21,821

								2,468,960

Michigan-1.17%
Great Lakes Water Authority, Series 2016 C, Ref. RB		5.00%		07/01/2027		25		26,525
Karegnondi Water Authority (Genesee, Lapeer and Sanilac Counties), Series 2018, Ref. RB		5.00%		11/01/2045		165		169,349
Macomb (County of), MI Interceptor Drain District, Series 2017 A, Ref. RB		5.00%		05/01/2042		180		189,805
Michigan (State of), Series 2020 B, RB		5.00%		11/15/2027		30		32,883
Michigan (State of) (Garvee), Series 2016, Ref. RB		5.00%		03/15/2027		125		134,902
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017 A, Ref. RB		5.00%		12/01/2037		125		132,704
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017, Ref. RB		5.00%		12/01/2035		145		155,402
Michigan (State of) Hospital Finance Authority (Trinity Health Credit Group), Series 2008, Ref. RB		5.00%		12/01/2032		85		92,238

								933,808

Minnesota-0.73%
Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 A, Ref. RB		5.00%		01/01/2027		30		32,137
Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 A, Ref. RB		5.00%		01/01/2031		20		21,460
Minnesota (State of), Series 2017 A, GO Bonds		5.00%		10/01/2027		70		76,811
Minnesota (State of), Series 2017 D, Ref. GO Bonds		5.00%		10/01/2027		50		54,865
Minnesota (State of), Series 2018 A, GO Bonds		5.00%		08/01/2027		15		16,400
Minnesota (State of), Series 2019 A, GO Bonds		5.00%		08/01/2027		295		322,523
Minnesota (State of), Series 2021 A, GO Bonds		5.00%		09/01/2027		10		10,953
Minnesota (State of), Series 2021 B, GO Bonds		5.00%		09/01/2027		20		21,906
University of Minnesota, Series 2017 B, Ref. RB		5.00%		12/01/2030		15		16,465
University of Minnesota, Series 2017 B, Ref. RB		5.00%		12/01/2031		10		10,971

								584,491

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


		180

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

February 28, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Mississippi-0.21%
Mississippi (State of), Series 2017 A, Ref. GO Bonds		5.00%		10/01/2027	$	10	$	10,941
Mississippi (State of), Series 2017 A, Ref. GO Bonds^(a)(b)		5.00%		10/01/2027		125		137,050
Mississippi (State of), Series 2017 A, Ref. GO Bonds^(a)(b)		5.00%		10/01/2027		20		21,928

								169,919

Missouri-0.41%
Metropolitan St. Louis Sewer District, Series 2017 A, Ref. RB		5.00%		05/01/2047		20		21,012
Missouri (State of) Board of Public Buildings, Series 2020 B, Ref. RB		5.00%		10/01/2027		25		27,331
Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2018 A, Ref. RB		5.00%		06/01/2027		200		214,131
St. Louis (City of), MO, Series 2005, RB, (INS - NATL)^(c)		5.50%		07/01/2027		60		65,871

								328,345

Nebraska-0.38%
Douglas (County of), NE (Creighton University), Series 2017, Ref. RB		5.00%		07/01/2047		70		72,004
Omaha (City of), NE (Omaha Convention Center), Series 2004, Ref. GO Bonds		5.25%		04/01/2027		75		82,033
Omaha (City of), NE Public Power District, Series 2016 A, Ref. RB		5.00%		02/01/2027		25		26,477
Omaha (City of), NE Public Power District, Series 2017 A, Ref. RB		5.00%		02/01/2037		110		118,595

								299,109

Nevada-0.69%
Carson (City Of), NV (Carson Tahoe Regional Healthcare), Series 2017, Ref. RB		5.00%		09/01/2047		100		101,416
Clark (County of), NV, Series 2017, Ref. GO Bonds		5.00%		06/01/2030		95		102,811
Clark (County of), NV, Series 2020 C, Ref. RB		5.00%		07/01/2027		25		27,102
Clark County School District, Series 2017 C, Ref. GO Bonds		4.00%		06/15/2037		50		49,483
Las Vegas Valley Water District, Series 2021 C, GO Bonds		5.00%		06/01/2027		60		65,208
Nevada (State of), Series 2017, RB		5.00%		12/01/2031		185		199,827

								545,847

New Jersey-3.40%
Atlantic City (City of), NJ, Series 2017 A, Ref. GO Bonds, (INS - BAM)^(c)		5.00%		03/01/2037		100		104,792
New Jersey (State of), Series 2020, GO Bonds		5.00%		06/01/2040		220		232,184
New Jersey (State of), Series 2020, GO Bonds		5.00%		06/01/2041		250		263,268
New Jersey (State of) Economic Development Authority, Series 2017 A, RB		4.00%		11/01/2027		275		282,796
New Jersey (State of) Economic Development Authority, Series 2017 A, RB		5.00%		11/01/2027		100		107,120
New Jersey (State of) Economic Development Authority, Series 2017 A, Ref. RB, (INS - BAM)^(c)		5.00%		07/01/2027		20		21,312
New Jersey (State of) Economic Development Authority, Series 2018 A, RB		5.00%		06/15/2047		200		204,272
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 B, Ref. RB		5.00%		07/01/2029		100		109,619
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 B, Ref. RB		5.00%		07/01/2032		15		16,438
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 B, Ref. RB		5.00%		07/01/2034		115		125,480
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB		5.00%		07/01/2029		45		49,329
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB		5.00%		07/01/2030		25		27,418
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB		5.00%		07/01/2032		20		21,918
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB		5.00%		07/01/2034		10		10,911
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB		5.00%		07/01/2035		15		16,286
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB		5.00%		07/01/2036		10		10,801
New Jersey (State of) Health Care Facilities Financing Authority (AHS Hospital Corp.), Series 2016, Ref. RB		4.00%		07/01/2041		25		24,001
New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group), Series 2017 A, Ref. RB		4.00%		07/01/2036		20		19,710
New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group), Series 2017 A, Ref. RB		5.00%		07/01/2037		210		221,510
New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group), Series 2017 A, Ref. RB		4.00%		07/01/2047		35		32,933
New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group), Series 2017 A, Ref. RB		5.00%		07/01/2052		185		189,366
New Jersey (State of) Health Care Facilities Financing Authority (Inspira Meridian Health Obligated Group), Series 2017, RB		5.00%		07/01/2042		100		101,749
New Jersey (State of) Transportation Trust Fund Authority, Series 2016 A-1, RN		5.00%		06/15/2027		145		152,138
New Jersey (State of) Transportation Trust Fund Authority, Series 2019, Ref. RB.		5.00%		12/15/2027		60		64,709

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


		181

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

February 28, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
New Jersey-(continued)
New Jersey (State of) Turnpike Authority, Series 2017 A, RB		5.00%		01/01/2029	$	35	$	37,645
New Jersey (State of) Turnpike Authority, Series 2017 A, RB		5.00%		01/01/2030		50		53,711
New Jersey (State of) Turnpike Authority, Series 2017 A, RB		5.00%		01/01/2031		10		10,745
New Jersey (State of) Turnpike Authority, Series 2017 A, RB		5.00%		01/01/2033		50		53,667
New Jersey (State of) Turnpike Authority, Series 2017 A-1, RB		5.00%		01/01/2034		15		16,048
New Jersey (State of) Turnpike Authority, Series 2017 E, Ref. RB		5.00%		01/01/2027		25		26,875
Newark (City of), NJ Housing Authority, Series 2017, Ref. RB		4.00%		01/01/2037		100		100,420

								2,709,171

New Mexico-0.17%
New Mexico (State of), Series 2017 A, GO Bonds		5.00%		03/01/2027		25		27,067
New Mexico (State of) Finance Authority, Series 2018 A, Ref. RB		5.00%		06/15/2027		20		21,704
New Mexico (State of) Severance Tax Permanent Fund, Series 2022 B, RB		5.00%		07/01/2027		80		86,895

								135,666

New York-18.24%
Albany (County of), NY, Series 2018, GO Bonds		5.00%		04/01/2027		45		47,642
Buffalo & Fort Erie Public Bridge Authority, Series 2017, RB		5.00%		01/01/2042		150		155,546
Hempstead Town Local Development Corp., Series 2017, Ref. RB		5.00%		07/01/2047		100		102,307
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB		5.00%		02/15/2031		205		220,586
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB		5.00%		02/15/2034		120		128,506
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB		5.00%		02/15/2035		100		106,498
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB		5.00%		02/15/2039		200		209,223
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB		5.00%		02/15/2042		450		468,985
Long Island (City of), NY Power Authority, Series 2017, RB		5.00%		09/01/2047		250		258,456
Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB		5.00%		11/15/2047		100		103,894
Metropolitan Transportation Authority (Green Bonds), Series 2017 B, Ref. RB		5.00%		11/15/2027		205		215,798
Metropolitan Transportation Authority (Green Bonds), Series 2017 B-1, RB		5.00%		11/15/2042		250		264,004
Metropolitan Transportation Authority (Green Bonds), Series 2017 C-1, Ref. RB		5.00%		11/15/2027		50		52,634
New York & New Jersey (States of) Port Authority, Two Hundred Fifth Series 2017, Ref. RB		5.00%		11/15/2047		300		315,916
New York & New Jersey (States of) Port Authority, Two Hundred Fifth Series 2017, Ref. RB		5.25%		11/15/2057		100		105,485
New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB		5.00%		07/15/2027		70		76,396
New York & New Jersey (States of) Port Authority, Two Hundred Thirtieth Series 2022, Ref. RB		4.00%		12/01/2027		100		105,432
New York (City of), NY, Series 2008 J9, GO Bonds		5.00%		08/01/2027		35		36,990
New York (City of), NY, Series 2017 A, Ref. GO Bonds		5.00%		08/01/2027		140		151,969
New York (City of), NY, Series 2017 B-1, GO Bonds		5.25%		10/01/2030		130		143,365
New York (City of), NY, Series 2017 B-1, GO Bonds		5.25%		10/01/2032		120		132,090
New York (City of), NY, Series 2017 B-1, GO Bonds		3.00%		10/01/2034		45		42,370
New York (City of), NY, Series 2017 B-1, GO Bonds		5.00%		10/01/2037		250		267,755
New York (City of), NY, Series 2021 F-1, GO Bonds		5.00%		03/01/2027		450		484,383
New York (City of), NY Municipal Water Finance Authority, Series 2017 BB-1, RB		5.00%		06/15/2046		420		440,351
New York (City of), NY Municipal Water Finance Authority, Series 2017, Ref. RB		5.00%		06/15/2029		100		109,141
New York (City of), NY Municipal Water Finance Authority, Series 2017, Ref. RB		5.00%		06/15/2037		140		149,275
New York (City of), NY Municipal Water Finance Authority, Series 2018 DD, Ref. RB		5.00%		06/15/2032		15		16,496
New York (City of), NY Municipal Water Finance Authority, Series 2018 DD-1, RB		4.00%		06/15/2048		155		147,701
New York (City of), NY Municipal Water Finance Authority, Series 2020, Ref. RB		5.00%		06/15/2027		265		288,580
New York (City of), NY Transitional Finance Authority, Series 2017 A-2, RB		5.00%		08/01/2037		25		26,600
New York (City of), NY Transitional Finance Authority, Series 2017 A-2, RB		5.00%		08/01/2039		150		158,911
New York (City of), NY Transitional Finance Authority, Series 2017 A-3, RB		5.00%		08/01/2040		250		264,207
New York (City of), NY Transitional Finance Authority, Series 2017 A-3, RB		5.00%		08/01/2041		250		263,665
New York (City of), NY Transitional Finance Authority, Series 2017 A-E-1, RB		5.00%		02/01/2039		625		657,038
New York (City of), NY Transitional Finance Authority, Series 2017 B-1, RB		5.00%		08/01/2030		130		140,945
New York (City of), NY Transitional Finance Authority, Series 2017 B-1, RB		5.00%		08/01/2034		280		300,921
New York (City of), NY Transitional Finance Authority, Series 2017 C, Ref. RB		5.00%		11/01/2027		35		37,708
New York (City of), NY Transitional Finance Authority, Series 2017 C, Ref. RB		5.00%		11/01/2028		125		134,907
New York (City of), NY Transitional Finance Authority, Series 2017 C, Ref. RB		5.00%		11/01/2031		35		37,748
New York (City of), NY Transitional Finance Authority, Series 2017 E-1, RB		5.00%		02/01/2030		20		21,470
New York (City of), NY Transitional Finance Authority, Series 2017 E-1, RB		3.50%		02/01/2038		45		41,982
New York (City of), NY Transitional Finance Authority, Series 2017 E-1, RB		5.00%		02/01/2043		200		208,618

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


		182

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

February 28, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York-(continued)
New York (City of), NY Transitional Finance Authority, Series 2017 F-1, RB		5.00%		05/01/2031	$	210	$	226,482
New York (City of), NY Transitional Finance Authority, Series 2017 F-1, RB		5.00%		05/01/2036		100		106,177
New York (City of), NY Transitional Finance Authority, Series 2017 S-1, Ref. RB		5.00%		07/15/2032		100		108,805
New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB		5.00%		11/01/2027		100		109,197
New York (City of), NY Transitional Finance Authority, Series 2021, Ref. RB		5.00%		11/01/2027		75		81,898
New York (City of), NY Trust for Cultural Resources (Museum of Modern Arts (The)), Series 2016, Ref. RB		4.00%		04/01/2027		35		36,226
New York (State of) Dormitory Authority, Series 2017 A, RB		5.00%		03/15/2029		40		43,211
New York (State of) Dormitory Authority, Series 2017 A, RB		5.00%		03/15/2030		15		16,201
New York (State of) Dormitory Authority, Series 2017 A, RB		5.00%		03/15/2035		30		32,152
New York (State of) Dormitory Authority, Series 2017 A, RB		5.00%		03/15/2038		30		31,679
New York (State of) Dormitory Authority, Series 2017 A, RB		5.00%		03/15/2039		35		36,887
New York (State of) Dormitory Authority, Series 2017 A, RB		5.00%		03/15/2040		120		126,232
New York (State of) Dormitory Authority, Series 2017 A, Ref. RB		5.00%		02/15/2029		125		135,065
New York (State of) Dormitory Authority, Series 2017 A, Ref. RB		5.00%		02/15/2032		310		333,238
New York (State of) Dormitory Authority, Series 2017 A, Ref. RB		4.00%		02/15/2035		130		132,066
New York (State of) Dormitory Authority, Series 2017 B, Ref. RB		5.00%		02/15/2030		45		49,069
New York (State of) Dormitory Authority, Series 2017 B, Ref. RB		5.00%		02/15/2032		90		97,741
New York (State of) Dormitory Authority, Series 2017 B, Ref. RB		5.00%		02/15/2037		130		138,053
New York (State of) Dormitory Authority, Series 2018 1, Ref. RB		5.00%		01/15/2027		35		37,682
New York (State of) Dormitory Authority, Series 2019 A, RB		5.00%		10/01/2030		15		16,335
New York (State of) Dormitory Authority, Series 2019 A, RB		5.00%		10/01/2034		220		238,488
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB		5.00%		03/15/2027		195		210,756
New York (State of) Dormitory Authority, Series 2022 A, RB, (INS - BAM)^(c)		5.00%		10/01/2027		50		54,595
New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 C, Ref. RB^(a)		5.00%		03/15/2027		40		43,274
New York (State of) Dormitory Authority (Bidding Group 3), Series 2017 B, Ref. RB		5.00%		02/15/2041		150		157,953
New York (State of) Dormitory Authority (Bidding Group 3), Series 2017 B, Ref. RB		5.00%		02/15/2042		245		257,458
New York (State of) Dormitory Authority (Maimonides Medical Center), Series 2020, RB, (CEP - Federal Housing Administration)		4.00%		08/01/2043		400		384,649
New York (State of) Dormitory Authority (Memorial Sloan Kettering Cancer), Series 2017, Ref. RB		5.00%		07/01/2027		40		43,516
New York (State of) Dormitory Authority (Montefiore Obligated Group), Series 2018 A, Ref. RB		5.00%		08/01/2027		35		35,860
New York (State of) Dormitory Authority (New School (The)), Series 2016 A, Ref. RB		5.00%		07/01/2046		100		101,476
New York (State of) Dormitory Authority (New York University), Series 1998 A, RB, (INS - NATL)^(c)		5.75%		07/01/2027		115		121,335
New York (State of) Dormitory Authority (New York University), Series 2017 A, Ref. RB		5.00%		07/01/2042		600		632,418
New York (State of) Dormitory Authority (New York University), Series 2019 A, RB		5.00%		07/01/2027		30		32,713
New York (State of) Utility Debt Securitization Authority, Series 2017, RB		5.00%		12/15/2039		260		280,319
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2017, Ref. RB		5.00%		06/15/2031		175		190,936
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2017, Ref. RB		5.00%		06/15/2035		80		86,544
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2021, RB		5.00%		06/15/2027		25		27,309
New York State Urban Development Corp., Series 2017 A, Ref. RB		5.00%		03/15/2030		200		216,892
New York State Urban Development Corp., Series 2017 A, Ref. RB		5.00%		03/15/2032		175		189,617
New York State Urban Development Corp., Series 2017 A, Ref. RB		5.00%		03/15/2033		20		21,656
New York State Urban Development Corp., Series 2017 C-2, Ref. RB		5.00%		03/15/2035		230		248,402
New York State Urban Development Corp., Series 2017 C-3, Ref. RB		5.00%		03/15/2041		180		191,098
Suffolk (County of), NY, Series 2017 D, Ref. GO Bonds, (INS - BAM)^(c)		4.00%		10/15/2027		90		94,510
Triborough Bridge & Tunnel Authority, Series 2017 A, RB		5.00%		11/15/2027		10		10,758
Triborough Bridge & Tunnel Authority, Series 2017 A, RB		5.00%		11/15/2047		10		10,411
Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB		5.00%		11/15/2029		55		59,315
Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB		5.00%		11/15/2030		75		80,912
Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB		5.00%		11/15/2031		190		204,886
Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB		5.00%		11/15/2032		215		231,697
Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB		5.00%		11/15/2033		175		188,317
Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB		5.00%		11/15/2034		30		32,209

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


		183

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

February 28, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York-(continued)
Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB		5.00%		11/15/2038	$	175	$	185,585
Triborough Bridge & Tunnel Authority (Green Bonds), Series 2022 E-1, Ref. RB		5.00%		11/15/2027		105		114,267

								14,517,021

North Carolina-0.72%
Charlotte-Mecklenburg Hospital Authority (The) (Atrium Health), Series 2022 A, Ref. RB		5.00%		01/15/2027		70		75,152
Mecklenburg (County of), NC, Series 2017 A, GO Bonds		4.00%		04/01/2029		40		41,935
North Carolina (State of), Series 2016 A, Ref. GO Bonds		5.00%		06/01/2027		80		85,356
North Carolina (State of), Series 2017 B, Ref. RB		5.00%		05/01/2027		50		54,224
North Carolina (State of), Series 2017 B, Ref. RB		5.00%		05/01/2029		30		32,654
North Carolina (State of), Series 2018 A, GO Bonds		5.00%		06/01/2027		85		92,699
North Carolina (State of), Series 2019 A, RB		5.00%		05/01/2027		70		75,913
North Carolina (State of), Series 2022 A, RB		5.00%		05/01/2027		25		27,112
North Carolina (State of) (Build North Carolina Programs), Series 2020 B, RB		5.00%		05/01/2027		45		48,801
North Carolina (State of) Municipal Power Agency No. 1 (Catawba), Series 2016 A, Ref. RB		5.00%		01/01/2027		15		15,936
Wake (County of), NC, Series 2021, RB		5.00%		03/01/2027		20		21,662

								571,444

Ohio-2.35%
Cuyahoga (County of), OH (MetroHealth System), Series 2017, Ref. RB		5.00%		02/15/2052		500		492,910
Franklin (County of), OH (Trinity Health Credit Group), Series 2017 A, RB		5.00%		12/01/2047		210		213,823
Franklin (County of), OH (Trinity Health Credit Group), Series 2017, RB		4.00%		12/01/2046		145		131,842
Hamilton (County of), OH, Series 2016 A, Ref. RB		5.00%		12/01/2027		20		21,821
Ohio (State of), Series 2017 B, Ref. GO Bonds		5.00%		09/15/2027		35		38,338
Ohio (State of), Series 2017 C, Ref. GO Bonds		5.00%		08/01/2027		110		120,167
Ohio (State of), Series 2017 U, Ref. GO Bonds		5.00%		05/01/2027		10		10,865
Ohio (State of), Series 2019 A, GO Bonds^(a)(b)		5.00%		05/01/2027		25		27,163
Ohio (State of), Series 2019 A, GO Bonds		5.00%		05/01/2031		45		48,728
Ohio (State of) Water Development Authority, Series 2019 A, RB		5.00%		06/01/2027		40		43,573
Ohio (State of) Water Development Authority, Series 2019 A, RB		5.00%		12/01/2027		50		55,066
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2017 A, RB		5.00%		12/01/2027		30		32,717
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2017 A, RB		5.00%		06/01/2029		10		10,944
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2017 A, RB		5.00%		12/01/2029		20		21,895
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2017 A, RB		5.00%		06/01/2030		25		27,327
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2017 A, RB		5.00%		12/01/2031		30		32,831
Ohio State University (The), Series 2017 A, Ref. RB		5.00%		12/01/2044		240		249,883
University of Cincinnati, Series 2017 A, RB		5.00%		06/01/2045		280		290,181

								1,870,074

Oklahoma-0.39%
Cleveland (County of), OK Educational Facilities Authority (Moore Public Schools), Series 2021, RB		4.00%		06/01/2027		25		25,782
Grand River Dam Authority, Series 2016 A, Ref. RB		5.00%		06/01/2027		30		32,084
Oklahoma (State of) Turnpike Authority, Series 2017 D, Ref. RB		5.00%		01/01/2027		20		21,447
Oklahoma (State of) Turnpike Authority, Series 2017 E, Ref. RB		4.00%		01/01/2029		70		72,356
Oklahoma (State of) Turnpike Authority, Series 2020 A, Ref. RB		5.00%		01/01/2027		50		53,618
Tulsa (County of), OK Industrial Authority (Broken Arrow Public Schools), Series 2019 A, RB		5.00%		09/01/2027		95		102,967

								308,254

Oregon-1.14%
Hillsboro School District No. 1J, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		06/15/2027		20		21,746
Hillsboro School District No. 1J, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		06/15/2033		15		16,209
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		75,728
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		108,058
Oregon (State of) Department of Transportation, Series 2017 B, Ref. RB		5.00%		11/15/2027		40		43,398
Oregon (State of) Facilities Authority (Reed College), Series 2017 A, Ref. RB^(a)(b)		4.00%		07/01/2027		50		52,391
Oregon (State of) Lottery, Series 2017 C, Ref. RB		5.00%		04/01/2030		40		43,176
Oregon (State of) Lottery, Series 2017 C, Ref. RB		5.00%		04/01/2031		130		140,009

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


		184

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

February 28, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Oregon-(continued)
Oregon Health & Science University, Series 2017 A, RB		5.00%		07/01/2042	$	100	$	104,546
Portland (Port of), OR, Series 2017 24A, RB		5.00%		07/01/2047		100		103,164
Washington & Multnomah Counties School District No. 48J Beaverton, Series 2017 C, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		06/15/2027		30		32,631
Washington & Multnomah Counties School District No. 48J Beaverton, Series 2017 D, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		06/15/2036		155		163,967

								905,023

Pennsylvania-5.10%
Allegheny (County of), PA Higher Education Building Authority (Carnegie Mellon University), Series 2017, Ref. RB		5.00%		08/01/2027		100		109,069
Allegheny (County of), PA Higher Education Building Authority (Carnegie Mellon University), Series 2017, Ref. RB		5.00%		08/01/2029		15		16,320
Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue), Series 2018 A, Ref. RB		5.00%		04/01/2027		15		15,865
Allegheny (County of), PA Port Authority, Series 2020, Ref. RB		5.00%		03/01/2027		100		107,211
Delaware (County of), PA Authority (Haverford College), Series 2017 A, Ref. RB		5.00%		10/01/2042		20		20,915
Delaware River Joint Toll Bridge Commission (Pennsylvania - New Jersey), Series 2017, RB		5.00%		07/01/2034		50		54,174
Delaware River Joint Toll Bridge Commission (Pennsylvania - New Jersey), Series 2017, RB		5.00%		07/01/2036		70		75,048
Geisinger Authority (Geisinger Health System), Series 2017 A-1, Ref. RB		5.00%		02/15/2045		275		279,944
Geisinger Authority (Geisinger Health System), Series 2017 A-2, Ref. RB		5.00%		02/15/2032		20		21,223
Geisinger Authority (Geisinger Health System), Series 2017 A-2, Ref. RB		4.00%		02/15/2039		95		89,461
Northampton (County of), PA General Purpose Authority (LaFayette College), Series 2017, Ref. RB		4.00%		11/01/2034		50		50,868
Pennsylvania (Commonwealth of), First Series 2016, Ref. GO Bonds		5.00%		09/15/2027		40		42,328
Pennsylvania (Commonwealth of), First series 2017, Ref. GO Bonds		4.00%		01/01/2030		100		104,094
Pennsylvania (Commonwealth of), First Series 2017, Ref. GO Bonds		5.00%		01/01/2027		255		274,507
Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds		5.00%		09/15/2027		100		105,819
Pennsylvania (Commonwealth of), Series 2019, Ref. GO Bonds		5.00%		07/15/2027		35		38,108
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2017, RB		5.00%		08/15/2037		185		195,117
Pennsylvania (Commonwealth of) Turnpike Commission, Second Series 2017, Ref. RB		5.00%		12/01/2031		25		27,298
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2009 E, RB		6.00%		12/01/2030		85		96,810
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A, Ref. RB		5.00%		12/01/2027		15		16,050
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 B, Ref. RB		5.00%		06/01/2027		15		15,790
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 A-1, RB		5.00%		12/01/2047		200		207,005
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 B-1, RB		5.00%		06/01/2036		155		163,006
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 B-1, RB		5.00%		06/01/2037		165		172,922
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 B-2, Ref. RB, (INS - AGM)^(c)		5.00%		06/01/2033		300		323,526
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 B-2, Ref. RB, (INS - AGM)^(c)		5.00%		06/01/2034		35		37,636
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 B-2, Ref. RB, (INS - AGM)^(c)		5.00%		06/01/2035		280		299,659
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017, Ref. RB		5.00%		12/01/2031		10		10,919
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017-3, Ref. RB		5.00%		12/01/2031		135		145,115
Pennsylvania State University (The), Series 2017 A, RB		5.00%		09/01/2047		215		226,142
Philadelphia (City of), PA, Series 2017 A, RB		5.00%		10/01/2047		85		87,992
Philadelphia (City of), PA, Series 2017 A, RB		5.25%		10/01/2052		50		52,114
Philadelphia (City of), PA, Series 2017 A, Ref. GO Bonds		5.00%		08/01/2036		100		105,702
Philadelphia (City of), PA, Series 2017, Ref. RB		5.00%		08/01/2042		30		30,691
Philadelphia (City of), PA Authority for Industrial Development (Children’s Hospital of Philadelphia), Series 2017, Ref. RB		4.00%		07/01/2035		50		50,855
Philadelphia (City of), PA Authority for Industrial Development (Children’s Hospital of Philadelphia), Series 2017, Ref. RB		4.00%		07/01/2036		210		212,136
Philadelphia (City of), PA Authority for Industrial Development (Thomas Jefferson University), Series 2017 A, Ref. RB		5.00%		09/01/2042		100		101,705
Philadelphia (City of), PA Authority for Industrial Development (Thomas Jefferson University), Series 2017 A, Ref. RB		5.00%		09/01/2047		50		50,582
Philadelphia School District (The), Series 2016 F, Ref. GO Bonds		5.00%		09/01/2027		25		26,335

								4,060,061

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


		185

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

February 28, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Rhode Island-0.16%
Rhode Island Commerce Corp. (Garvee), Series 2016 B, RB		5.00%		06/15/2027	$	100	$	105,411
Rhode Island Health & Educational Building Corp. (Brown University), Series 2017 A, Ref. RB		4.00%		09/01/2037		25		25,184

								130,595

South Carolina-0.61%
Lexington County Health Services District, Inc. (Lexmed Obligated Group), Series 2017, Ref. RB		4.00%		11/01/2031		10		10,239
Mount Pleasent (Town of), SC, Series 2017 A, RB		4.00%		06/01/2044		375		366,537
South Carolina (State of) Transportation Infrastructure Bank, Series 2017 A, Ref. RB		5.00%		10/01/2038		50		52,842
South Carolina (State of) Transportation Infrastructure Bank, Series 2017 A, Ref. RB		5.00%		10/01/2039		50		52,706

								482,324

South Dakota-0.31%
South Dakota (State of) Health & Educational Facilities Authority (Avera Health), Series 2017, Ref. RB		4.00%		07/01/2042		30		27,969
South Dakota (State of) Health & Educational Facilities Authority (Regional Health), Series 2017, RB		5.00%		09/01/2040		215		218,498

								246,467

Tennessee-1.11%
Knox (County of), TN Health, Educational & Housing Facility Board (Covenant Health), Series 2016 A, Ref. RB		5.00%		01/01/2047		160		162,341
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2016, Ref. GO Bonds		5.00%		01/01/2027		90		95,910
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2017 A, RB		5.00%		05/15/2042		460		483,074
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2017, GO Bonds		4.00%		07/01/2030		50		52,073
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2018, GO Bonds		5.00%		07/01/2027		30		32,585
Tennessee (State of) School Bond Authority, Series 2017 B, Ref. RB, (CEP - Colorado Higher Education Intercept Program)		5.00%		11/01/2027		10		10,984
Tennessee Energy Acquisition Corp., Series 2006 C, RB		5.00%		02/01/2027		45		45,400

								882,367

Texas-7.05%
Alamo Community College District, Series 2022, GO Bonds		5.00%		02/15/2027		150		161,316
Austin (City of), TX, Series 2017, Ref. RB		5.00%		11/15/2042		60		63,206
Bexar (County of), TX, Series 2018, Ctfs. Of Obligation		5.00%		06/15/2042		100		104,865
Bexar (County of), TX Hospital District, Series 2018, Ctfs. Of Obligation		5.00%		02/15/2048		75		77,585
Board of Regents of the University of Texas System, Series 2016 E, RB		5.00%		08/15/2027		100		109,074
Board of Regents of the University of Texas System, Series 2017 B, RB		5.00%		08/15/2027		35		38,023
Central Texas Regional Mobility Authority, Series 2021 C, RB		5.00%		01/01/2027		75		77,951
Cypress-Fairbanks Independent School District, Series 2016, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2027		100		105,744
Dallas (City of), TX, Series 2017, RB		5.00%		10/01/2046		150		157,795
El Paso (County of), TX Hospital District, Series 2017, Ref. GO Bonds		4.00%		08/15/2038		115		106,337
Fort Bend Independent School District, Series 2018, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		08/15/2029		45		49,073
Fort Bend Independent School District, Series 2018, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		08/15/2030		125		136,268
Harris (County of), TX, Series 2022 A, Ref. GO Bonds		5.00%		08/15/2027		250		272,248
Harris (County of), TX Metropolitan Transit Authority, Series 2016 A, Ref. RB		5.00%		11/01/2027		175		186,225
Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Series 2019, Ref. RB		5.00%		12/01/2027		100		108,414
Houston (City of), TX, Series 2016 A, Ref. GO Bonds		5.00%		03/01/2027		115		121,888
Houston (City of), TX, Series 2016 B, Ref. RB		5.00%		11/15/2027		65		70,008
Houston (City of), TX, Series 2017 A, Ref. GO Bonds		5.00%		03/01/2030		115		124,308
Houston (City of), TX, Series 2017 B, Ref. RB		5.00%		11/15/2027		50		54,505
Houston Independent School District, Series 2017, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2034		65		69,582
Lewisville Independent School District, Series 2017 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		08/15/2029		75		77,253
Liberty Hill Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund) .		5.00%		02/01/2049		100		104,058
New Hope Cultural Education Facilities Finance Corp. (Children’s Health System of Texas), Series 2017 A, Ref. RB		5.00%		08/15/2029		100		108,137

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


		186

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

February 28, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Texas-(continued)
North Texas Tollway Authority, Series 2017 A, Ref. RB		4.00%		01/01/2032	$	85	$	86,827
North Texas Tollway Authority, Series 2017 A, Ref. RB		5.00%		01/01/2033		30		32,066
North Texas Tollway Authority, Series 2017 B, Ref. RB		5.00%		01/01/2048		180		185,247
North Texas Tollway Authority, Series 2017 B, Ref. RB, (INS - AGM)^(c)		4.00%		01/01/2034		405		413,060
Round Rock Independent School District, Series 2019 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		08/01/2027		30		32,708
San Antonio (City of), TX, Series 2016, Ref. RB		5.00%		02/01/2027		305		325,082
San Antonio (City of), TX, Series 2017, RB		5.00%		02/01/2047		140		145,165
San Antonio (City of), TX, Series 2017, Ref. RB		5.00%		02/01/2042		250		259,618
San Antonio (City of), TX, Series 2018, Ref. RB		5.00%		02/01/2027		150		161,530
Socorro Independent School District, Series 2018, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		08/15/2039		300		317,794
Texas (State of), Series 2017 A, Ref. GO Bonds		5.00%		10/01/2032		65		70,740
Texas (State of), Series 2017 A, Ref. GO Bonds		5.00%		10/01/2033		105		114,073
Texas (State of), Series 2017 A, Ref. GO Bonds		5.00%		10/01/2034		80		86,580
Texas (State of), Series 2017 B, Ref. GO Bonds		5.00%		10/01/2033		175		190,121
Texas (State of) Water Development Board, Series 2016, RB		5.00%		04/15/2027		25		26,652
Texas (State of) Water Development Board, Series 2017 A, RB		5.00%		04/15/2027		25		27,077
Texas (State of) Water Development Board, Series 2017 A, RB		4.00%		10/15/2032		15		15,384
Texas (State of) Water Development Board, Series 2017 A, RB		4.00%		10/15/2033		25		25,538
Texas (State of) Water Development Board, Series 2017 A, RB		4.00%		10/15/2042		100		97,748
Texas (State of) Water Development Board, Series 2017 A, RB		5.00%		10/15/2042		190		199,331
Texas (State of) Water Development Board, Series 2017 A, RB		5.00%		10/15/2047		120		125,127
Texas (State of) Water Development Board, Series 2018, RB		5.00%		08/01/2027		30		32,695
Texas A&M University, Series 2017 E, Ref. RB		5.00%		05/15/2027		25		27,145
Texas State University Board of Regents, Series 2017 A, Ref. RB		5.00%		03/15/2030		125		134,271

								5,615,442

Utah-0.49%
University of Utah (The) (Green Bonds), Series 2022 B, RB		5.00%		08/01/2027		80		87,220
Utah (State of), Series 2017, GO Bonds		5.00%		07/01/2027		75		81,191
Utah (State of), Series 2020, GO Bonds		5.00%		07/01/2027		150		164,080
Utah (State of) Transit Authority, Series 2006 C, Ref. RB, (INS - AGM)^(c)		5.25%		06/15/2027		50		54,434

								386,925

Virginia-1.86%
Fairfax (County of), VA, Series 2020 A, Ref. GO Bonds		4.50%		10/01/2027		30		32,264
Henrico (County of), VA Economic Development Authority (Lifespire of Virginia), Series 2017 C, Ref. RB		5.00%		12/01/2047		100		93,788
Richmond (City of), VA, Series 2016, Ref. RB		5.00%		01/15/2027		45		47,472
University of Virginia, Series 2017 A, Ref. RB		5.00%		04/01/2039		360		384,400
Virginia (Commonwealth of) College Building Authority, Series 2016 A, RB		5.00%		02/01/2027		50		52,826
Virginia (Commonwealth of) College Building Authority, Series 2016 A, Ref. RB, (CEP - Colorado Higher Education Intercept Program)		5.00%		09/01/2027		110		117,522
Virginia (Commonwealth of) College Building Authority, Series 2019 A, RB		5.00%		02/01/2027		105		113,394
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2017, RB		5.00%		02/01/2027		75		80,996
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2017, RB		5.00%		02/01/2030		15		16,195
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2017, RB		5.00%		02/01/2031		20		21,598
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2019 C, Ref. RB		5.00%		02/01/2027		60		64,796
Virginia (Commonwealth of) Public Building Authority, Series 2017 A, Ref. RB		5.00%		08/01/2029		60		65,645
Virginia (Commonwealth of) Public Building Authority, Series 2020 B, Ref. RB		5.00%		08/01/2027		45		49,081
Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB		5.00%		05/15/2027		30		32,574
Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB		5.00%		05/15/2029		25		27,353
Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB		5.00%		05/15/2031		70		76,379
Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB		4.00%		05/15/2034		25		25,990

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


		187

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

February 28, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Virginia-(continued)
Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB		4.00%		05/15/2036	$	150	$	152,897
Virginia (Commonwealth of) Transportation Board (Garvee), Series 2017, Ref. RB		5.00%		03/15/2027		20		21,640

								1,476,810

Washington-3.06%
Auburn School District No. 408 of King & Pierce Counties, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2035		40		43,018
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB		5.00%		11/01/2027		35		38,443
Energy Northwest (Columbia Generating Station), Series 2017 A, Ref. RB		5.00%		07/01/2029		95		103,228
Energy Northwest (No. 1), Series 2020 A, Ref. RB		5.00%		07/01/2027		85		92,326
Energy Northwest (No. 3), Series 2018, Ref. RB		5.00%		07/01/2027		35		38,016
Franklin County School District No. 1 Pasco, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2030		30		32,802
Franklin County School District No. 1 Pasco, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2031		60		65,492
King (County of), WA, Series 2017, Ref. GO Bonds		4.00%		07/01/2030		40		41,659
King (County of), WA, Series 2017, Ref. RB		5.00%		07/01/2049		100		104,224
King County School District No. 405 Bellevue, Series 2016, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2027		100		107,572
King County School District No. 414 Lake Washington, Series 2020, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)		4.00%		12/01/2027		70		73,612
Puyallup School District No. 3 (Washing State School District Credit Enhancement Program), Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2035		100		106,411
Seattle (City of), WA, Series 2017 C, Ref. RB		5.00%		09/01/2032		50		54,149
Seattle (City of), WA (Green Bonds), Series 2020 A, RB		5.00%		07/01/2027		55		59,857
Seattle (Port of), WA, Series 2016, Ref. RB		5.00%		02/01/2027		15		15,779
Washington (State of), Series 2016 B, Ref. GO Bonds		5.00%		08/01/2027		195		207,974
Washington (State of), Series 2016 R, Ref. GO Bonds		5.00%		08/01/2027		35		37,282
Washington (State of), Series 2017 A, GO Bonds		5.00%		08/01/2033		40		43,316
Washington (State of), Series 2017 A, GO Bonds		5.00%		08/01/2042		150		157,428
Washington (State of), Series 2017 C, Ref. GO Bonds		5.00%		08/01/2027		20		21,849
Washington (State of), Series 2017 C, Ref. GO Bonds		5.00%		08/01/2029		35		38,144
Washington (State of), Series 2017 C, Ref. GO Bonds		5.00%		08/01/2034		150		161,856
Washington (State of), Series 2017 D, GO Bonds		5.00%		02/01/2029		60		64,935
Washington (State of), Series 2017 D, GO Bonds		5.00%		02/01/2030		10		10,799
Washington (State of), Series 2017 D, GO Bonds		5.00%		02/01/2033		25		26,874
Washington (State of), Series 2017 D, GO Bonds		5.00%		02/01/2040		80		83,911
Washington (State of), Series 2017 D, GO Bonds		5.00%		02/01/2042		160		167,110
Washington (State of), Series 2017 F, Ref. GO Bonds		5.00%		08/01/2030		30		32,695
Washington (State of), Series 2017 R, Ref. GO Bonds		5.00%		08/01/2027		10		10,924
Washington (State of), Series 2017 R, Ref. GO Bonds		5.00%		08/01/2032		70		75,894
Washington (State of), Series 2018 C, GO Bonds		5.00%		02/01/2027		100		108,071
Washington (State of), Series 2019 A, GO Bonds		5.00%		08/01/2027		25		27,311
Washington (State of), Series 2020 C, GO Bonds		5.00%		02/01/2027		25		27,018
Washington (State of) Health Care Facilities Authority (Mason Medical Center), Series 2017, Ref. RB		5.00%		08/15/2034		150		154,048

								2,434,027

West Virginia-0.06%
West Virginia (State of) Commissioner of Highways (Surface Transportation), Series 2017 A, RB		5.00%		09/01/2027		45		48,695

Wisconsin-1.42%
Fond Du Lac (County of), WI, Series 2019 A, GO Bonds		3.00%		03/01/2029		130		128,511
Wisconsin (State of), Series 2017 2, Ref. GO Bonds		5.00%		11/01/2027		20		21,818
Wisconsin (State of), Series 2017 3, Ref. GO Bonds		5.00%		11/01/2028		70		76,582
Wisconsin (State of), Series 2017 3, Ref. GO Bonds		5.00%		11/01/2029		260		284,802
Wisconsin (State of), Series 2017 3, Ref. GO Bonds		5.00%		11/01/2030		40		43,831
Wisconsin (State of), Series 2017 3, Ref. GO Bonds		5.00%		11/01/2032		10		10,864
Wisconsin (State of), Series 2017, Ref. GO Bonds		5.00%		11/01/2027		235		256,359

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


		188

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

February 28, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Wisconsin-(continued)
Wisconsin (State of), Series 2019 A, Ref. RB^(a)		5.00%		05/01/2027	$	215	$	232,723
Wisconsin (State of) Department of Transportation, Series 2017-2, Ref. RB		5.00%		07/01/2029		70		76,854

								1,132,344

TOTAL INVESTMENTS IN SECURITIES^(d)-98.64% (Cost $80,101,630)								78,529,784
OTHER ASSETS LESS LIABILITIES-1.36%								1,080,610

NET ASSETS-100.00%							$	79,610,394


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

Notes to Schedule of Investments:

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

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

^(c)	Principal and/or interest payments are secured by the bond insurance company listed.

^(d)	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, 2023

Ad Valorem Property Tax			15.18

Health, Hospital, Nursing Home Revenue			11.42

Miscellaneous Revenue			9.69

Water Revenue			8.97

College & University Revenue			7.84

Income Tax Revenue			6.98

Sales Tax Revenue			6.95

Highway Tolls Revenue			6.61

General Fund			6.59

Electric Power Revenue			5.14

Lease Revenue			3.13

Revenue Types Each Less Than 3%			10.14

Other Assets Less Liabilities			1.36

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


		189

Invesco BulletShares 2028 Municipal Bond ETF (BSMS)

February 28, 2023

(Unaudited)

Schedule of Investments


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Municipal Obligations-98.70%
Alabama-0.21%
Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB		5.00%		11/01/2028	$	100	$	111,657
Auburn University, Series 2018 A, RB		5.00%		06/01/2043		20		21,215

								132,872

Alaska-0.04%
North Slope (Borough of), AK, Series 2022 A, GO Bonds		5.00%		06/30/2028		20		22,127

Arizona-1.70%
Maricopa (County of), AZ Industrial Development Authority (Banner Health), Series 2017 A, RB		5.00%		01/01/2041		250		260,454
Maricopa (County of), AZ Special Health Care District, Series 2018 C, GO Bonds		5.00%		07/01/2030		50		55,354
Maricopa (County of), AZ Special Health Care District, Series 2018 C, GO Bonds		5.00%		07/01/2031		55		60,739
Maricopa (County of), AZ Special Health Care District, Series 2021 D, GO Bonds		5.00%		07/01/2028		50		55,372
Maricopa (County of), AZ Special Health Care District (Maricopa Integrated Health), Series 2018 C, GO Bonds		5.00%		07/01/2028		150		166,116
Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB		5.00%		01/01/2030		25		27,556
Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB		5.00%		01/01/2031		100		110,259
Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB		5.00%		01/01/2033		100		110,302
Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB		5.00%		01/01/2034		25		27,464
Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB		5.00%		01/01/2037		175		188,884

								1,062,500

Arkansas-0.05%
Fort Smith (City of), AR, Series 2018, Ref. RB		5.00%		10/01/2034		30		32,419

California-15.32%
Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB		5.00%		04/01/2028		15		16,656
Cabrillo Unified School District (Election of 2018), Series 2020 B, GO Bonds		5.00%		08/01/2050		75		79,189
California (State of), Series 2003, GO Bonds, (INS - AMBAC)^(a)		5.00%		02/01/2028		5		5,522
California (State of), Series 2017, Ref. GO Bonds		5.00%		08/01/2028		105		115,126
California (State of), Series 2017, Ref. GO Bonds		5.00%		11/01/2028		100		110,234
California (State of), Series 2018, GO Bonds		5.00%		10/01/2028		110		123,219
California (State of), Series 2018, GO Bonds		5.00%		10/01/2030		45		50,501
California (State of), Series 2019, GO Bonds		5.00%		11/01/2032		60		67,211
California (State of), Series 2019, Ref. GO Bonds		5.00%		04/01/2028		45		49,878
California (State of), Series 2019, Ref. GO Bonds		5.00%		10/01/2028		75		84,013
California (State of), Series 2019, Ref. GO Bonds		5.00%		11/01/2034		165		183,238
California (State of), Series 2019, Ref. GO Bonds		5.00%		11/01/2036		75		82,159
California (State of), Series 2019, Ref. GO Bonds		5.00%		11/01/2037		200		217,851
California (State of), Series 2019, Ref. GO Bonds		5.00%		11/01/2039		60		65,022
California (State of), Series 2020, Ref. GO Bonds		5.00%		11/01/2028		235		263,704
California (State of), Series 2021, Ref. GO Bonds		5.00%		09/01/2028		90		100,640
California (State of), Series 2021, Ref. GO Bonds		5.00%		12/01/2028		50		56,206
California (State of), Series 2022, GO Bonds		5.00%		04/01/2028		215		238,308
California (State of), Series 2022, Ref. GO Bonds		4.00%		09/01/2028		25		26,641
California (State of), Series 2022, Ref. GO Bonds		5.00%		04/01/2035		30		33,172
California (State of) (Bid Group A), Series 2018, GO Bonds		5.00%		10/01/2048		250		265,892
California (State of) Department of Water Resources (Central Valley), Series 2020 BB, Ref. RB		5.00%		12/01/2028		60		67,960
California (State of) Educational Facilities Authority (University of San Francisco), Series 2018 A, RB		5.00%		10/01/2048		20		20,750
California (State of) Infrastructure & Economic Development Bank, Series 2003 A, RB^(b)(c)		5.00%		01/01/2028		10		11,096
California (State of) Infrastructure & Economic Development Bank (Green Bonds), Series 2018, RB		5.00%		10/01/2028		30		33,470
California (State of) Infrastructure & Economic Development Bank (Green Bonds), Series 2018, RB		5.00%		10/01/2035		90		99,105
California (State of) Infrastructure & Economic Development Bank (Segerstrom Center Arts), Series 2017, Ref. RB		5.00%		01/01/2028		200		214,389
California (State of) Infrastructure & Economic Development Bank (UCSF 2130 Third Street), Series 2017, RB		5.00%		05/15/2042		190		201,131

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


		190

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

February 28, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
California (State of) Infrastructure & Economic Development Bank (UCSF 2130 Third Street), Series 2017, RB		5.00%		05/15/2047	$	125	$	131,247
California (State of) Municipal Finance Authority (Orange County Civic Center), Series 2018, RB		5.00%		06/01/2043		45		47,778
California (State of) Public Works Board, Series 2017 B, Ref. RB		5.00%		10/01/2028		95		104,493
California (State of) Public Works Board (Various Capital), Series 2019 C, RB.		5.00%		11/01/2028		25		28,054
California State University, Series 2018 A, Ref. RB		5.00%		11/01/2034		50		55,693
California State University, Series 2018 A, Ref. RB		5.00%		11/01/2043		195		209,863
California State University, Series 2018 A, Ref. RB		5.00%		11/01/2048		150		160,292
Contra Costa (County of), CA Transportation Authority, Series 2018 B, Ref. RB		5.00%		03/01/2028		20		21,782
Corona-Norco Unified School District, Series 2019 C, GO Bonds		4.00%		08/01/2049		15		14,240
East Bay Municipal Utility District, Series 2017 B, Ref. RB		5.00%		06/01/2028		20		21,977
Hartnell Community College District, Series 2020 B, GO Bonds		3.00%		08/01/2045		75		58,433
Los Angeles (City of), CA, Series 2022 C, Ref. RB		5.00%		06/01/2028		65		72,636
Los Angeles (City of), CA Department of Airports, Series 2019 E, RB		5.00%		05/15/2044		20		21,261
Los Angeles (City of), CA Department of Airports, Series 2019 E, RB		5.00%		05/15/2049		40		42,183
Los Angeles (City of), CA Department of Airports, Series 2019, Ref. RB		5.00%		05/15/2028		15		16,700
Los Angeles (City of), CA Department of Water & Power, Series 2018 A, RB		5.00%		07/01/2048		35		37,205
Los Angeles (City of), CA Department of Water & Power, Series 2018 A, Ref. RB		5.00%		07/01/2028		25		27,677
Los Angeles (City of), CA Department of Water & Power, Series 2018 A, Ref. RB		5.00%		07/01/2038		165		177,495
Los Angeles (City of), CA Department of Water & Power, Series 2018 B, Ref. RB		5.00%		07/01/2043		420		451,989
Los Angeles (City of), CA Department of Water & Power, Series 2018 D, Ref. RB		5.00%		07/01/2033		30		33,462
Los Angeles (City of), CA Department of Water & Power, Series 2018 D, Ref. RB		5.00%		07/01/2048		140		149,373
Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB		4.00%		07/01/2028		100		106,843
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2017 A, RB		5.00%		07/01/2028		20		21,967
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2019 B, RB		5.00%		07/01/2034		10		11,154
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB		5.00%		06/01/2028		20		22,350
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB		5.00%		07/01/2030		15		16,843
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB		5.00%		07/01/2031		55		61,751
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB		5.00%		07/01/2039		35		37,896
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB		5.00%		07/01/2044		225		240,700
Los Angeles County Facilities, Inc. (Vermont Corridor County Administration Building), Series 2018 A, RB		5.00%		12/01/2043		150		160,536
Los Angeles Unified School District, Series 2019 A, Ref. GO Bonds		5.00%		07/01/2028		40		44,718
Los Angeles Unified School District, Series 2020 A, Ref. GO Bonds		5.00%		07/01/2028		45		50,307
Los Angeles Unified School District, Series 2020 C, GO Bonds		5.00%		07/01/2028		135		150,922
Los Angeles Unified School District, Series 2020 RYQ, GO Bonds		5.00%		07/01/2028		15		16,769
Los Angeles Unified School District, Series 2021 A, Ref. GO Bonds		5.00%		07/01/2028		75		83,846
Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds		5.00%		07/01/2028		70		77,529
Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds		5.00%		07/01/2029		5		5,543
Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds		5.00%		07/01/2030		10		11,072
Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds		5.00%		07/01/2033		25		27,631
Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds		5.25%		07/01/2042		225		242,983
Metropolitan Water District of Southern California, Series 2022 B, Ref. RB		3.00%		07/01/2028		150		153,081
Mountain View Shoreline Regional Park Community, Series 2018 A, RB, (INS - AGM)^(a)		5.00%		08/01/2043		100		106,253
Orange (County of), CA Sanitation District, Series 2017 A, Ref. RB		5.00%		02/01/2028		100		108,972
Oxnard Union High School District, Series 2020 B, GO Bonds		5.00%		08/01/2045		75		80,015
Pittsburg Unified School District Financing Authority (Pittsburg Unified School District Bond Program), Series 2019, RB, (INS - AGM)^(a)		5.00%		09/01/2047		25		26,302
Rancho Santiago Community College District, Series 2005, GO Bonds, (INS - AGM)^(a)		5.13%		09/01/2028		45		50,753
Redwood City School District (Election of 2015), Series 2018, GO Bonds		5.25%		08/01/2044		200		218,246
Sacramento (City of), CA Municipal Utility District, Series 2016 D, Ref. RB		5.00%		08/15/2028		5		5,602
Sacramento (City of), CA Municipal Utility District, Series 2018 F, Ref. RB		5.00%		08/15/2028		20		22,408
San Diego (City of), CA Public Facilities Financing Authority, Series 2019 A, RB		5.00%		08/01/2043		130		139,779
San Diego (County of), CA Water Authority (Green Bonds), Series 2021 S-1, Ref. RB		5.00%		05/01/2028		280		312,564
San Diego Unified School District (Election of 1998), Series 2006 G-1, Ref. GO Bonds, (INS - AGM)^(a)		5.25%		07/01/2028		40		45,191
San Francisco (City & County of), CA, Series 2020 R-1, Ref. GO Bonds		5.00%		06/15/2030		35		39,303
San Francisco (City & County of), CA, Series 2020 R-1, Ref. GO Bonds		5.00%		06/15/2031		70		78,601
San Francisco (City & County of), CA, Series 2020 R-1, Ref. GO Bonds		4.00%		06/15/2032		20		21,363

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


		191

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

February 28, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019 D, Ref. RB		5.00%		05/01/2028	$	50	$	55,568
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2018 A, RB		4.00%		10/01/2043		200		198,135
San Francisco (City of), CA Public Utilities Commission (Green Bonds), Series 2017 D, Ref. RB		5.00%		11/01/2028		85		94,211
San Francisco (County of), CA Transportation Authority, Series 2017, RB		4.00%		02/01/2028		25		26,261
San Mateo County Community College District (Election of 2014), Series 2018 B, GO Bonds		5.00%		09/01/2045		185		200,135
Santa Ana Unified School District, Series 2021 B, GO Bonds, (INS - AGM)^(a)		2.13%		08/01/2050		100		59,209
Southern California Public Power Authority (No.1), Series 2007 A, RB		5.00%		11/01/2028		100		105,579
Tuolumne (City of), CA Wind Project Authority, Series 2016 A, Ref. RB		5.00%		01/01/2028		75		81,656
University of California, Series 2018 AZ, Ref. RB		4.00%		05/15/2030		20		21,265
University of California, Series 2018 AZ, Ref. RB		5.00%		05/15/2035		30		33,035
University of California, Series 2018 AZ, Ref. RB		5.00%		05/15/2036		30		32,734
University of California, Series 2018 AZ, Ref. RB		5.00%		05/15/2037		45		48,780
University of California, Series 2018 AZ, Ref. RB		5.00%		05/15/2038		30		32,432
University of California, Series 2018 AZ, Ref. RB		5.00%		05/15/2043		180		192,082
University of California, Series 2018 AZ, Ref. RB		5.00%		05/15/2048		125		132,515
University of California, Series 2018 AZ, Ref. RB		5.25%		05/15/2058		65		69,317
University of California (Limited), Series 2018 O, Ref. RB		5.00%		05/15/2037		55		59,510
University of California (Limited), Series 2018 O, Ref. RB		5.00%		05/15/2038		125		134,887
University of California (Limited), Series 2018 O, Ref. RB		5.00%		05/15/2043		200		212,935
University of California (Limited), Series 2018 O, Ref. RB		5.00%		05/15/2048		175		185,182
Upland (City of), CA (San Antonio Regional Hospital), Series 2017, Ref. COP		5.00%		01/01/2047		45		44,641

								9,585,978

Colorado-2.50%
Arapahoe County School District No. 6 Littleton, Series 2019 A, GO Bonds		5.50%		12/01/2028		50		57,531
Arapahoe County School District No. 6 Littleton, Series 2019 A, GO Bonds		5.50%		12/01/2043		30		33,059
Colorado (State of), Series 2018 A, COP		5.00%		12/15/2031		150		167,659
Colorado (State of), Series 2018 A, COP		5.00%		12/15/2032		65		72,408
Colorado (State of), Series 2018 M, Ref. COP		5.00%		03/15/2031		80		87,943
Colorado (State of) Health Facilities Authority (Adventist Health System/Sunbelt Obligated Group), Series 2018 A, RB		5.00%		11/15/2048		180		186,510
Colorado (State of) Health Facilities Authority (Adventist Health System/Sunbelt Obligated Group), Series 2018, RB		4.00%		11/15/2048		25		22,973
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A, Ref. RB		5.00%		08/01/2028		25		26,861
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A, Ref. RB		5.00%		08/01/2028		10		10,744
Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB		5.00%		01/01/2028		10		10,910
Colorado (State of) Regional Transportation District (Fastracks), Series 2013 A, Ref. RB		5.00%		11/01/2028		30		33,331
Denver (City & County of), CO, Series 2020 B, Ref. GO Bonds		5.00%		08/01/2028		120		133,948
Denver City & County School District No. 1, Series 2018 A, GO Bonds		5.50%		12/01/2028		30		33,703
Douglas County School District No. Re-1 Douglas & Elbert Counties, Series 2019, GO Bonds		5.00%		12/15/2028		30		33,752
Jefferson County School District R-1, Series 2018, GO Bonds		5.00%		12/15/2030		110		123,786
Jefferson County School District R-1, Series 2018, GO Bonds		5.00%		12/15/2032		15		16,726
Jefferson County School District R-1, Series 2018, GO Bonds		5.00%		12/15/2033		75		83,286
Larimer County School District No. R-1 Poudre, Series 2018, GO Bonds		5.00%		12/15/2031		5		5,586
Larimer County School District No. R-1 Poudre, Series 2018, GO Bonds		5.00%		12/15/2034		25		27,602
University of Colorado, Series 2017 A-2, Ref. RB^(b)(c)		4.00%		06/01/2028		15		15,917
University of Colorado, Series 2017 A-2, Ref. RB^(b)(c)		4.00%		06/01/2028		50		53,057
University of Colorado, Series 2017 A-2, Ref. RB^(b)(c)		5.00%		06/01/2028		45		49,937
University of Colorado, Series 2017 A-2, Ref. RB		5.00%		06/01/2031		40		44,343
University of Colorado, Series 2017 A-2, Ref. RB		4.00%		06/01/2038		230		231,173

								1,562,745

Connecticut-2.66%
Connecticut (State of), Series 2018 A, GO Bonds		5.00%		04/15/2037		40		42,833
Connecticut (State of), Series 2018 A, RB		5.00%		01/01/2032		35		38,384
Connecticut (State of), Series 2018 A, RB		5.00%		01/01/2036		60		64,728
Connecticut (State of), Series 2018 A, RB		5.00%		01/01/2038		155		165,737
Connecticut (State of), Series 2018 B, RB		5.00%		10/01/2028		40		44,544

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


		192

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

February 28, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Connecticut-(continued)
Connecticut (State of), Series 2018 B, RB		5.00%		10/01/2030	$	30	$	33,404
Connecticut (State of), Series 2018 E, GO Bonds		4.00%		09/15/2036		350		354,604
Connecticut (State of), Series 2018, RB		5.00%		01/01/2030		65		71,459
Connecticut (State of), Series 2019 A, GO Bonds		5.00%		04/15/2028		20		22,005
Connecticut (State of), Series 2019 B, Ref. GO Bonds		5.00%		02/15/2028		100		109,666
Connecticut (State of), Series 2021 A, GO Bonds		4.00%		01/15/2028		230		240,644
Connecticut (State of), Series 2021 A, RB		5.00%		05/01/2028		10		11,042
Connecticut (State of), Series 2021 D, RB		5.00%		11/01/2028		120		133,855
Connecticut (State of), Series 2022 A, GO Bonds		4.00%		01/15/2028		95		99,397
Connecticut (State of) (Social Bonds), Series 2021 D, Ref. GO Bonds		5.00%		07/15/2028		115		127,155
University of Connecticut, Series 2018 A, RB		5.00%		11/15/2043		100		105,918

								1,665,375

Delaware-0.27%
Delaware (State of), Series 2017 A, Ref. GO Bonds		5.00%		01/01/2028		40		44,191
Delaware (State of), Series 2020 A, GO Bonds		5.00%		01/01/2028		10		11,048
Delaware (State of) Transportation Authority, Series 2020, Ref. RB		5.00%		07/01/2028		100		111,689

								166,928

District of Columbia-1.64%
District of Columbia, Series 2018 B, Ref. GO Bonds		5.00%		06/01/2030		30		33,288
District of Columbia, Series 2018 B, Ref. GO Bonds		5.00%		06/01/2031		10		11,086
District of Columbia, Series 2020 A, RB		5.00%		03/01/2028		25		27,527
District of Columbia, Series 2020 B, Ref. RB		5.00%		10/01/2028		340		378,436
District of Columbia, Series 2021 E, Ref. GO Bonds		5.00%		02/01/2028		25		27,502
District of Columbia Water & Sewer Authority, Series 2018 B, RB		5.00%		10/01/2043		80		84,836
District of Columbia Water & Sewer Authority, Series 2018 B, RB		5.00%		10/01/2049		200		209,466
District of Columbia Water & Sewer Authority (Green Bonds), Series 2018 A, RB		5.00%		10/01/2049		125		130,916
Washington Convention & Sports Authority, Series 2018 A, Ref. RB		5.00%		10/01/2028		35		38,103
Washington Metropolitan Area Transit Authority, Series 2020 A, RB		5.00%		07/15/2028		75		82,888

								1,024,048

Florida-2.27%
Broward (County of), FL School Board, Series 2019 A, Ref. COP		5.00%		07/01/2028		55		60,537
Central Florida Expressway Authority, Series 2018, RB		5.00%		07/01/2048		85		87,937
Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGM)^(a)		5.00%		07/01/2028		145		161,110
Duval County (County of), FL School Board, Series 2022 A, COP, (INS - AGM)^(a)		5.00%		07/01/2028		30		33,067
Florida (State of), Series 2022 C, Ref. GO Bonds		5.00%		06/01/2028		100		111,384
Florida (State of) Department of Transportation, Series 2022 A, Ref. RB		5.00%		07/01/2028		25		27,634
Florida (State of) Municipal Power Agency, Series 2021 A, RB		3.00%		10/01/2032		15		14,065
Gainesville (City of), FL, Series 2017 A, RB		5.00%		10/01/2028		85		92,803
Hillsborough (County of), FL School Board (Master Lease Program), Series 2017, Ref. COP		5.00%		07/01/2028		35		37,800
Hillsborough (County of), FL School Board (Master Lease Program), Series 2018, Ref. COP		5.00%		07/01/2030		75		82,485
JEA Electric System, Series 2017 B, Ref. RB		5.00%		10/01/2028		100		109,046
JEA Water & Sewer System, Series 2017 A, Ref. RB		5.00%		10/01/2028		25		27,329
Lee Memorial Health System, Series 2019 A-1, Ref. RB		5.00%		04/01/2028		15		16,204
Miami-Dade (County of), FL, Series 2017 B, Ref. RB		5.00%		10/01/2028		40		43,690
Miami-Dade (County of), FL, Series 2019, RB		5.00%		10/01/2043		115		123,109
Palm Beach County School District, Series 2017 B, Ref. COP		5.00%		08/01/2028		30		33,184
Sarasota (County of), FL Public Hospital District (Sarasota Memorial Hospital), Series 1998 B, Ref. RB, (INS - NATL)^(a)		5.50%		07/01/2028		40		42,821
South Broward Hospital District (South Broward Hospital District Obligated Group), Series 2018, RB		4.00%		05/01/2048		20		18,114
South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group), Series 2017, Ref. RB		5.00%		08/15/2028		35		37,661
Tampa (City of) & Hillsborough (County of), FL Expressway Authority, Series 2017 C, RB		5.00%		07/01/2048		150		155,038
Tampa (City of), FL (Green Bonds), Series 2018, RB		5.25%		05/01/2043		100		107,592

								1,422,610

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


		193

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

February 28, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Georgia-1.60%
Atlanta (City of), GA, Series 2018 C, Ref. RB		5.00%		11/01/2028	$	30	$	32,918
Georgia (State of), Series 2016 F, Ref. GO Bonds		5.00%		01/01/2028		10		10,842
Georgia (State of), Series 2018 A, GO Bonds		5.00%		07/01/2028		30		33,507
Georgia (State of), Series 2018 A, GO Bonds		5.00%		07/01/2030		55		61,612
Georgia (State of), Series 2018 A, GO Bonds		5.00%		07/01/2031		25		27,936
Georgia (State of), Series 2018 A, GO Bonds		4.00%		07/01/2034		25		26,032
Georgia (State of), Series 2018 A, GO Bonds		3.25%		07/01/2037		200		185,983
Georgia (State of), Series 2021 A-1, Ref. GO Bonds		5.00%		07/01/2028		30		33,507
Georgia (State of), Series 2022 A, GO Bonds		5.00%		07/01/2028		50		55,844
Georgia (State of) (Bidding Group 1), Series 2020 A, GO Bonds		5.00%		08/01/2028		155		173,430
Georgia (State of) (Tranche 2), Series 2019 A, GO Bonds		5.00%		07/01/2028		30		33,507
Georgia (State of) Local Government, Series 1998 A, COP, (INS - NATL)^(a)		4.75%		06/01/2028		40		41,984
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2019, RB		5.00%		01/01/2056		200		202,328
Georgia (State of) Road & Tollway Authority (Garvee), Series 2020, RB		5.00%		06/01/2028		50		55,356
Henry County School District, Series 2021, GO Bonds		4.00%		08/01/2028		25		26,524

								1,001,310

Hawaii-0.84%
Hawaii (State of), Series 2017 FN, Ref. GO Bonds		5.00%		10/01/2028		90		98,270
Hawaii (State of), Series 2018 FT, GO Bonds		5.00%		01/01/2030		180		198,401
Hawaii (State of), Series 2018 FT, GO Bonds		5.00%		01/01/2033		10		10,979
Hawaii (State of), Series 2018 FT, GO Bonds		3.25%		01/01/2035		10		9,845
Hawaii (State of), Series 2019 FW, GO Bonds		5.00%		01/01/2028		60		65,859
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2021 E, GO Bonds		5.00%		03/01/2028		130		143,396

								526,750

Illinois-3.72%
Champaign County Community Unit School District No. 4 Champaign, Series 2020 A, GO Bonds		5.00%		01/01/2033		55		59,937
Chicago (City of), IL (O’Hare International Airport), Series 2022 D, Ref. RB		5.00%		01/01/2028		30		32,717
Chicago (City of), IL Transit Authority (FTA Section 5307 Urbanized Area Formula Funds), Series 2021, Ref. RB		5.00%		06/01/2028		20		21,356
Cook (County of), IL, Series 2021 A, Ref. GO Bonds		5.00%		11/15/2028		50		54,795
Cook (County of), IL, Series 2021 B, Ref. GO Bonds		4.00%		11/15/2028		145		150,852
Cook Kane Lake & McHenry Counties Community College District No. 512, Series 2020, GO Bonds		4.00%		12/15/2030		70		73,619
Illinois (State of), Series 2017 D, GO Bonds		5.00%		11/01/2028		125		130,936
Illinois (State of), Series 2018 A, GO Bonds		4.63%		05/01/2037		90		90,353
Illinois (State of), Series 2018 A, Ref. GO Bonds		5.00%		10/01/2028		55		58,079
Illinois (State of), Series 2018 B, Ref. GO Bonds		5.00%		10/01/2033		120		125,056
Illinois (State of), Series 2020 B, GO Bonds		5.00%		10/01/2028		540		570,226
Illinois (State of) Finance Authority (Northwestern Memorial Healthcare), Series 2017 A, Ref. RB		5.00%		07/15/2028		15		16,398
Illinois (State of) Finance Authority (OSF Healthcare System), Series 2018 A, Ref. RB		5.00%		05/15/2032		10		10,705
Illinois (State of) Finance Authority (State Clean Water), Series 2017, RB		5.00%		01/01/2028		110		118,552
Illinois (State of) Finance Authority (University of Chicago Medical), Series 2021 A, Ref. RB		5.00%		10/01/2028		50		55,543
Illinois (State of) Regional Transportation Authority, Series 2017 A, Ref. RB		5.00%		07/01/2028		130		141,613
Illinois (State of) Toll Highway Authority, Series 2017 A, RB		5.00%		01/01/2039		250		263,522
Illinois (State of) Toll Highway Authority, Series 2017 A, RB		5.00%		01/01/2042		130		135,542
Illinois (State of) Toll Highway Authority, Series 2019 B, Ref. RB		5.00%		01/01/2028		140		153,473
Illinois (State of) Toll Highway Authority, Series 2019, Ref. RB		5.00%		01/01/2028		15		16,444
Sales Tax Securitization Corp., Series 2018 A, Ref. RB		5.00%		01/01/2038		25		26,153
Sales Tax Securitization Corp., Series 2018 A, Ref. RB		5.00%		01/01/2040		5		5,201
Sales Tax Securitization Corp., Series 2018 A, Ref. RB		5.00%		01/01/2048		15		15,409

								2,326,481

Indiana-0.78%
Indiana (State of) Finance Authority, Series 2016 C, Ref. RB		5.00%		06/01/2028		70		77,499
Indiana (State of) Finance Authority (Green Bonds), Series 2018 A, RB		5.00%		02/01/2033		175		193,141
Indiana (State of) Municipal Power Agency, Series 2017 A, Ref. RB		5.00%		01/01/2032		150		164,928

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


		194

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

February 28, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Indiana-(continued)
Indianapolis (City of), IN Department of Public Utilities, Series 2018 A, Ref. RB		5.00%		10/01/2030	$	10	$	11,058
Indianapolis (City of), IN Department of Public Utilities, Series 2018 A, Ref. RB		5.00%		10/01/2032		40		43,984

								490,610

Iowa-0.11%
Iowa (State of) Finance Authority (Green Bonds), Series 2017, Ref. RB		5.00%		08/01/2028		40		43,770
Iowa (State of) Finance Authority (Green Bonds), Series 2019 A, Ref. RB		5.00%		08/01/2035		20		21,941

								65,711

Kentucky-0.15%
Kentucky (Commonwealth of) Turnpike Authority (Revitalization), Series 2017 B, Ref. RB		5.00%		07/01/2028		85		92,232


Louisiana-0.26%
Louisiana (State of) (Garvee), Series 2019 A, RB		5.00%		09/01/2028		50		55,695
Louisiana (State of) (Garvee), Series 2019 A, RB		5.00%		09/01/2030		75		83,837
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Bossier City), Series 2018, RB		4.00%		12/01/2043		25		23,865

								163,397

Maryland-2.69%
Howard (County of), MD, Series 2017 D, Ref. GO Bonds		5.00%		02/15/2028		50		55,320
Maryland (State of), Second Series 2018, GO Bonds		5.00%		08/01/2031		130		144,788
Maryland (State of), Second Series 2018, GO Bonds		4.00%		08/01/2032		200		211,019
Maryland (State of), Second Series 2020 B, Ref. GO Bonds		5.00%		08/01/2028		340		379,700
Maryland (State of), Series 2017 A, GO Bonds		5.00%		03/15/2028		25		27,130
Maryland (State of), Series 2017 A, GO Bonds		5.00%		08/01/2028		80		87,506
Maryland (State of) (Bidding Group 1), Series 2020 A, GO Bonds		5.00%		03/15/2028		60		66,473
Maryland (State of) (Bidding Group 1), Series 2020 A, GO Bonds		5.00%		08/01/2028		50		55,838
Maryland (State of) Department of Transportation, Series 2017, RB		5.00%		09/01/2028		85		93,140
Maryland (State of) Department of Transportation, Series 2019, RB		5.00%		10/01/2028		70		76,836
Maryland (State of) Department of Transportation, Series 2020, RB		5.00%		10/01/2028		15		16,761
Montgomery (County of), MD, Series 2020 A, GO Bonds		4.00%		08/01/2028		35		37,224
Montgomery (County of), MD, Series 2020 B, Ref. GO Bonds		4.00%		11/01/2028		120		128,062
Prince George’s (County of), MD, Series 2018 A, GO Bonds		5.00%		07/15/2028		100		111,624
Prince George’s (County of), MD, Series 2018 A, GO Bonds		5.00%		07/15/2031		100		111,609
Prince George’s (County of), MD, Series 2019 A, GO Bonds		5.00%		07/15/2028		15		16,744
Prince George’s (County of), MD, Series 2020 A, GO Bonds		5.00%		07/15/2028		30		33,487
Prince George’s (County of), MD, Series 2020 B, Ref. GO Bonds		5.00%		09/15/2028		25		28,006

								1,681,267

Massachusetts-4.00%
Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds		5.00%		07/01/2028		55		61,226
Massachusetts (Commonwealth of), Series 2017 A, Ref. RB		5.00%		06/01/2028		70		76,830
Massachusetts (Commonwealth of), Series 2018 A, GO Bonds		5.00%		01/01/2033		15		16,481
Massachusetts (Commonwealth of), Series 2018 A, GO Bonds		5.00%		01/01/2035		80		87,217
Massachusetts (Commonwealth of), Series 2018 B, GO Bonds		5.00%		01/01/2031		40		44,009
Massachusetts (Commonwealth of), Series 2018 B, GO Bonds		5.00%		01/01/2032		10		10,995
Massachusetts (Commonwealth of), Series 2018 E, GO Bonds		5.00%		09/01/2037		35		37,877
Massachusetts (Commonwealth of), Series 2018 E, GO Bonds		5.00%		09/01/2038		225		243,022
Massachusetts (Commonwealth of), Series 2019 C, Ref. GO Bonds		5.00%		05/01/2028		55		61,013
Massachusetts (Commonwealth of), Series 2019 F, GO Bonds		5.00%		05/01/2028		210		232,958
Massachusetts (Commonwealth of), Series 2020 E, GO Bonds		5.00%		11/01/2028		200		224,205
Massachusetts (Commonwealth of) (Rail Enhancement & Accelerated Bridge Program), Series 2018 A, RB		5.00%		06/01/2048		25		26,320
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2006 A, RB		5.25%		07/01/2028		20		22,532
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2020, Ref. RB		5.00%		07/01/2045		260		274,301
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2020, Ref. RB		5.00%		07/01/2050		220		231,032
Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2017, Ref. RB		5.00%		07/01/2028		240		261,600

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


		195

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

February 28, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Massachusetts-(continued)
Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2017, Ref. RB		5.00%		07/01/2030	$	50	$	53,784
Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2017, Ref. RB		5.00%		07/01/2033		70		74,938
Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2017, Ref. RB		4.00%		07/01/2036		40		40,186
Massachusetts (Commonwealth of) Health & Educational Facilities Authority (Massachusetts Institute of Technology), Series 1998 I-1, RB		5.20%		01/01/2028		90		100,458
Massachusetts (Commonwealth of) School Building Authority, Series 2018 A, RB		4.00%		02/15/2043		200		196,654
Massachusetts (Commonwealth of) School Building Authority, Series 2018 A, RB		5.25%		02/15/2048		20		21,189
Massachusetts (Commonwealth of) School Building Authority, Series 2018 B, RB		5.25%		02/15/2048		100		105,946

								2,504,773

Michigan-0.87%
Great Lakes Water Authority, Series 2018 A, Ref. RB		5.00%		07/01/2028		95		104,073
Michigan (State of), Series 2020 B, RB		5.00%		11/15/2028		125		139,893
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2019, Ref. RB		5.00%		12/01/2048		150		152,405
Michigan (State of) Hospital Finance Authority (Ascension Health Credit Group), Series 1999, RB		4.00%		11/15/2032		10		10,242
University of Michigan, Series 2017 A, Ref. RB		5.00%		04/01/2028		30		32,610
Wayne (County of), MI Airport Authority (Detroit Metropolitan Wayne County Airport), Series 2018, RB		5.00%		12/01/2038		100		105,659

								544,882

Minnesota-1.18%
Metropolitan Council, Series 2021 C, GO Bonds		5.00%		12/01/2028		150		169,045
Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 A, Ref. RB		5.00%		01/01/2028		40		43,019
Minneapolis (City of), MN (Fairview Health Services), Series 2018 A, Ref. RB		5.00%		11/15/2033		10		10,649
Minneapolis (City of), MN (Fairview Health Services), Series 2018 A, Ref. RB		5.00%		11/15/2034		150		158,941
Minnesota (State of), Series 2018 A, GO Bonds		5.00%		08/01/2028		25		27,933
Minnesota (State of), Series 2018 A, GO Bonds		5.00%		08/01/2034		10		11,092
Minnesota (State of), Series 2018 A, GO Bonds		5.00%		08/01/2037		25		27,317
Minnesota (State of), Series 2019 A, GO Bonds		5.00%		08/01/2028		100		111,730
Minnesota (State of), Series 2020 A, GO Bonds		5.00%		08/01/2028		125		139,662
Minnesota (State of), Series 2021 B, GO Ctfs		5.00%		09/01/2028		35		39,176

								738,564

Mississippi-0.64%
Mississippi (State of), Series 2021 C, GO Bonds		4.00%		10/01/2039		150		150,043
Mississippi (State of) Development Bank (Hinds County), Series 2018, RB		5.00%		03/01/2048		155		160,769
West Rankin Utility Authority, Series 2018, RB^(b)(c)		5.00%		01/01/2028		80		88,192

								399,004

Missouri-0.34%
Missouri (State of) Board of Public Buildings, Series 2020 B, Ref. RB		4.00%		10/01/2028		85		89,930
Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2018 A, Ref. RB		5.00%		06/01/2030		45		49,214
Missouri (State of) Health & Educational Facilities Authority (St. Luke’s Health System, Inc.), Series 2018 A, Ref. RB		4.00%		11/15/2048		20		17,959
Springfield School District No. R-12, Series 2017, Ref. GO Bonds		4.00%		03/01/2030		55		57,891

								214,994

Nebraska-0.05%
Lincoln (City of), NE, Series 2020 A, RB		5.00%		09/01/2028		20		22,235
Omaha (City of), NE Public Power District, Series 2018 A, RB		5.00%		02/01/2028		10		11,039

								33,274

Nevada-1.36%
Clark (County of), NV, Series 2016 B, Ref. RB		5.00%		07/01/2028		15		16,596
Clark (County of), NV, Series 2017, Ref. GO Bonds		5.00%		06/01/2028		125		135,746
Clark (County of), NV, Series 2018 A, GO Bonds		5.00%		06/01/2034		60		65,806
Clark (County of), NV, Series 2018 A, GO Bonds		5.00%		06/01/2035		20		21,759
Clark (County of), NV, Series 2018 B, GO Bonds		5.00%		12/01/2030		10		11,149

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


		196

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

February 28, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Nevada-(continued)
Clark (County of), NV, Series 2018 B, GO Bonds		5.00%		12/01/2033	$	50	$	55,385
Clark (County of), NV, Series 2018 B, GO Bonds		5.00%		12/01/2034		40		44,081
Clark (County of), NV (Las Vegas-McCarran International Airport), Series 2019, Ref. RB		5.00%		07/01/2028		100		110,119
Clark (County of), NV (Stadium Improvement Bonds), Series 2018 A, GO Bonds		5.00%		05/01/2048		250		262,713
Clark County School District, Series 2018 B, GO Bonds, (INS - AGM)^(a)		4.00%		06/15/2037		10		9,968
Las Vegas (City of), NV Convention & Visitors Authority, Series 2018 B, RB		5.00%		07/01/2043		100		103,424
Las Vegas Valley Water District, Series 2021 C, GO Bonds		5.00%		06/01/2028		15		16,646

								853,392

New Hampshire-0.06%
New Hampshire (State of) Health and Education Facilities Authority (Dartmouth College), Series 2017, Ref. RB		5.00%		06/01/2028		35		38,642

New Jersey-6.01%
Garden State Preservation Trust, Series 2005 A, RB, (INS - AGM)^(a)		5.75%		11/01/2028		175		191,403
New Jersey (State of), Series 2020 A, GO Bonds		5.00%		06/01/2028		295		326,147
New Jersey (State of) Economic Development Authority, Series 2017 A, Ref. RB, (INS - BAM)^(a)		5.00%		07/01/2028		275		293,886
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 B, Ref. RB		5.00%		07/01/2028		25		27,351
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB		5.00%		07/01/2028		20		21,881
New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group), Series 2017 A, Ref. RB		5.00%		07/01/2028		100		107,916
New Jersey (State of) Transportation Trust Fund Authority, Series 2014, RB		5.00%		06/15/2032		35		37,935
New Jersey (State of) Transportation Trust Fund Authority, Series 2014, RB		5.00%		06/15/2034		265		283,959
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB		5.00%		12/15/2028		110		120,053
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB		5.00%		12/15/2030		25		27,195
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB		4.00%		12/15/2031		60		61,676
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB		5.00%		12/15/2032		60		65,005
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB		5.00%		12/15/2034		40		42,738
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB		5.00%		12/15/2036		115		121,133
New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB		5.00%		06/15/2030		35		38,067
New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB		5.00%		06/15/2035		240		255,292
New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB		5.00%		06/15/2044		225		230,998
New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB		5.00%		06/15/2050		10		10,238
New Jersey (State of) Transportation Trust Fund Authority, Series 2019, RB		5.00%		06/15/2031		30		32,594
New Jersey (State of) Transportation Trust Fund Authority, Series 2019, RB		5.00%		06/15/2032		25		27,096
New Jersey (State of) Transportation Trust Fund Authority, Series 2019, RB		5.00%		06/15/2038		205		213,970
New Jersey (State of) Transportation Trust Fund Authority, Series 2019, RB		5.25%		06/15/2043		200		208,653
New Jersey (State of) Transportation Trust Fund Authority, Series 2021 A, Ref. RB		5.00%		06/15/2028		30		32,473
New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB		5.00%		01/01/2028		15		16,465
New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB		5.00%		01/01/2031		85		93,317
New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB		5.00%		01/01/2033		235		256,538
New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB		5.00%		01/01/2034		80		86,942
New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB		5.00%		01/01/2040		85		89,438
New Jersey (State of) Turnpike Authority, Series 2017 E, Ref. RB		5.00%		01/01/2030		135		148,479
New Jersey (State of) Turnpike Authority, Series 2017 E, Ref. RB		5.00%		01/01/2032		25		27,370
New Jersey (State of) Turnpike Authority, Series 2017 G, Ref. RB		5.00%		01/01/2036		135		144,516
South Jersey Port Corp., Series 2017 A, RB		5.00%		01/01/2049		115		116,559

								3,757,283

New Mexico-0.37%
New Mexico (State of), Series 2021, GO Bonds		5.00%		03/01/2028		25		27,662
New Mexico (State of) Finance Authority, Series 2021 A, RB		5.00%		06/15/2028		120		132,962
New Mexico (State of) Severance Tax Permanent Fund, Series 2018, RB		5.00%		07/01/2028		40		44,360
New Mexico (State of) Severance Tax Permanent Fund, Series 2021 A, RB		5.00%		07/01/2028		25		27,725

								232,709

New York-22.14%
Long Island (City of), NY Power Authority, Series 2018, RB		5.00%		09/01/2033		40		44,384
Long Island (City of), NY Power Authority, Series 2018, RB		5.00%		09/01/2034		25		27,568
Long Island (City of), NY Power Authority, Series 2018, RB		5.00%		09/01/2035		75		81,976

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


		197

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

February 28, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York-(continued)
Long Island (City of), NY Power Authority, Series 2019 A, RB		5.00%		09/01/2030	$	35	$	39,067
Metropolitan Transportation Authority, Series 2012 A, Ref. RB		3.00%		11/15/2028		760		733,893
Metropolitan Transportation Authority, Series 2017 D, Ref. RB		5.00%		11/15/2030		30		31,088
Metropolitan Transportation Authority, Series 2017 D, Ref. RB		5.00%		11/15/2032		200		207,219
Metropolitan Transportation Authority, Series 2017 D, Ref. RB		5.00%		11/15/2035		70		72,361
Monroe County Industrial Development Corp., Series 2018, RB		5.00%		05/01/2032		60		66,642
New York & New Jersey (States of) Port Authority, Series 2018, Ref. RB		5.00%		07/15/2028		30		33,439
New York & New Jersey (States of) Port Authority, Two Hundred Eleventh Series 2018, Ref. RB		5.00%		09/01/2048		85		89,857
New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB		5.00%		07/15/2030		175		194,883
New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB		5.00%		07/15/2036		100		108,317
New York (City of), NY, Series 2005 1, GO Bonds		5.00%		09/01/2028		175		193,708
New York (City of), NY, Series 2017 1, GO Bonds		5.00%		08/01/2028		55		59,778
New York (City of), NY, Series 2017 C, Ref. GO Bonds		5.00%		08/01/2028		110		120,617
New York (City of), NY, Series 2018 E-1, GO Bonds		5.00%		03/01/2032		15		16,458
New York (City of), NY, Series 2018 E-1, GO Bonds		5.00%		03/01/2040		25		26,523
New York (City of), NY, Series 2020 A-1, Ref. GO Bonds		5.00%		08/01/2028		175		193,389
New York (City of), NY, Series 2020 B-1, Ref. GO Bonds		5.00%		11/01/2028		350		388,667
New York (City of), NY, Series 2020 C-1, Ref. GO Bonds		5.00%		08/01/2028		95		104,983
New York (City of), NY, Series 2022 A-1, GO Bonds		5.00%		09/01/2028		10		11,069
New York (City of), NY, Subseries 2018 D-1, GO Bonds		5.00%		12/01/2036		45		48,619
New York (City of), NY, Subseries 2018 D-1, GO Bonds		5.00%		12/01/2038		80		85,933
New York (City of), NY, Subseries 2018 D-1, GO Bonds		4.00%		12/01/2043		10		9,612
New York (City of), NY, Subseries 2018 D-1, GO Bonds		5.00%		12/01/2044		40		42,454
New York (City of), NY, Subseries 2018 F-1, GO Bonds		5.00%		04/01/2033		220		241,264
New York (City of), NY, Subseries 2018 F-1, GO Bonds		5.00%		04/01/2034		100		109,242
New York (City of), NY, Subseries 2018 F-1, GO Bonds		5.00%		04/01/2043		100		105,666
New York (City of), NY, Subseries 2018 F-1, GO Bonds		5.00%		04/01/2045		240		252,757
New York (City of), NY Municipal Water Finance Authority, Series 2018 FF, Ref. RB		5.00%		06/15/2030		20		22,354
New York (City of), NY Municipal Water Finance Authority, Series 2018 FF, Ref. RB		5.00%		06/15/2034		15		16,612
New York (City of), NY Municipal Water Finance Authority, Series 2018 FF, Ref. RB		5.00%		06/15/2039		70		75,011
New York (City of), NY Municipal Water Finance Authority, Series 2018 FF, Ref. RB		5.00%		06/15/2040		165		176,304
New York (City of), NY Municipal Water Finance Authority, Series 2019 DD-1, RB		5.00%		06/15/2049		275		291,037
New York (City of), NY Municipal Water Finance Authority, Series 2022 EE, Ref. RB		5.00%		06/15/2045		180		190,797
New York (City of), NY Transitional Finance Authority, Series 2018 A-1, RB		5.00%		08/01/2042		500		529,373
New York (City of), NY Transitional Finance Authority, Series 2018 C-2, RB		5.00%		05/01/2034		30		32,935
New York (City of), NY Transitional Finance Authority, Series 2018 C-2, RB		5.00%		05/01/2035		45		49,017
New York (City of), NY Transitional Finance Authority, Series 2018 C-2, RB		5.00%		05/01/2036		75		81,096
New York (City of), NY Transitional Finance Authority, Series 2018 C-3, Ref. RB		5.00%		05/01/2039		30		31,956
New York (City of), NY Transitional Finance Authority, Series 2018 S-2A, Ref. RB		5.00%		07/15/2035		235		256,491
New York (City of), NY Transitional Finance Authority, Series 2018 S-3, RB		5.00%		07/15/2043		50		52,804
New York (City of), NY Transitional Finance Authority, Series 2018 S-3, Ref. RB		5.00%		07/15/2031		100		111,028
New York (City of), NY Transitional Finance Authority, Series 2018 S-4A, Ref. RB		5.00%		07/15/2037		400		431,512
New York (City of), NY Transitional Finance Authority, Series 2018, RB		5.00%		08/01/2034		95		104,567
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB		5.00%		11/01/2028		175		195,011
New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB		5.00%		11/01/2028		75		83,576
New York (City of), NY Transitional Finance Authority, Series 2022 S-1A, Ref. RB		5.00%		07/15/2028		100		111,095
New York (City of), NY Transitional Finance Authority, Subseries 2012 A-6, RB		5.00%		08/01/2028		10		11,088
New York (City of), NY Transitional Finance Authority, Subseries 2018 A-1, RB		5.00%		08/01/2033		90		99,700
New York (City of), NY Transitional Finance Authority, Subseries 2018 A-1, RB		5.00%		08/01/2040		55		58,573
New York (City of), NY Transitional Finance Authority, Subseries 2018 B-1, RB		5.00%		08/01/2036		160		173,374
New York (City of), NY Transitional Finance Authority, Subseries 2018 B-1, RB		5.25%		08/01/2037		55		60,404
New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB		5.00%		07/15/2028		190		211,081
New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB		5.00%		07/15/2030		235		261,204
New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB		5.00%		07/15/2033		115		127,134
New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB		5.00%		07/15/2036		110		119,149
New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB		5.00%		07/15/2037		125		134,847
New York (State of) Dormitory Authority, Series 2017 A, Ref. RB		5.00%		02/15/2028		30		32,359
New York (State of) Dormitory Authority, Series 2018 1, Ref. RB		5.00%		01/15/2028		50		54,928

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


		198

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

February 28, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York-(continued)
New York (State of) Dormitory Authority, Series 2018 A, RB		5.00%		03/15/2032	$	15	$	16,557
New York (State of) Dormitory Authority, Series 2018 A, RB		5.00%		07/01/2036		70		76,011
New York (State of) Dormitory Authority, Series 2018 A, RB		5.00%		03/15/2039		120		128,051
New York (State of) Dormitory Authority, Series 2018 A, RB		5.00%		07/01/2039		120		128,958
New York (State of) Dormitory Authority, Series 2018 A, Ref. RB		5.00%		03/15/2031		80		88,628
New York (State of) Dormitory Authority, Series 2018 A, Ref. RB		5.25%		03/15/2037		20		21,872
New York (State of) Dormitory Authority, Series 2018 A, Ref. RB		5.00%		03/15/2040		100		106,322
New York (State of) Dormitory Authority, Series 2018 E, Ref. RB		5.00%		03/15/2030		300		334,550
New York (State of) Dormitory Authority, Series 2018 E, Ref. RB		5.00%		03/15/2037		70		75,785
New York (State of) Dormitory Authority, Series 2018 E, Ref. RB		5.00%		03/15/2039		425		456,080
New York (State of) Dormitory Authority, Series 2018 E, Ref. RB		5.00%		03/15/2040		240		256,784
New York (State of) Dormitory Authority, Series 2018 E, Ref. RB		5.00%		03/15/2048		400		423,404
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB		5.00%		03/15/2028		25		27,598
New York (State of) Dormitory Authority, Series 2022 A, Ref. RB		5.00%		03/15/2028		130		143,509
New York (State of) Dormitory Authority (Bid Group 2), Series 2018 A, RB		5.00%		03/15/2030		245		270,839
New York (State of) Dormitory Authority (Bid Group 3), Series 2018 A, RB		5.00%		03/15/2042		155		164,187
New York (State of) Dormitory Authority (Bidding Group 1), Series 2018 C, Ref. RB		5.00%		03/15/2035		10		10,896
New York (State of) Dormitory Authority (Bidding Group 1), Series 2018 C, Ref. RB		5.00%		03/15/2036		50		54,052
New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 A, RB		5.00%		03/15/2033		325		358,124
New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 E, Ref. RB		5.00%		03/15/2043		25		26,608
New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 E, Ref. RB		5.00%		03/15/2044		15		15,944
New York (State of) Dormitory Authority (Bidding Group 3), Series 2018 A, RB		5.00%		03/15/2038		150		160,658
New York (State of) Dormitory Authority (Bidding Group 4), Series 2018 A, RB		5.00%		03/15/2044		95		100,489
New York (State of) Dormitory Authority (Bidding Group 4), Series 2018 A, RB		5.00%		03/15/2045		100		105,650
New York (State of) Dormitory Authority (Bidding Group 4), Series 2018 C, Ref. RB		5.00%		03/15/2038		250		267,763
New York (State of) Dormitory Authority (Columbia University), Series 2018 B, Ref. RB		5.00%		10/01/2038		235		254,219
New York (State of) Dormitory Authority (General Purpose), Series 2018 A, Ref. RB		5.25%		03/15/2038		50		54,367
New York (State of) Dormitory Authority (New York University), Series 2019 A, RB		5.00%		07/01/2028		10		11,148
New York (State of) Thruway Authority, Series 2018 L, Ref. RB		5.00%		01/01/2028		30		32,986
New York (State of) Thruway Authority, Series 2018 L, Ref. RB		5.00%		01/01/2030		95		104,440
New York (State of) Thruway Authority, Series 2018 L, Ref. RB		5.00%		01/01/2031		10		10,988
New York (State of) Thruway Authority, Series 2018 L, Ref. RB		3.50%		01/01/2037		30		27,842
New York (State of) Thruway Authority (Bidding Group 1), Series 2022 A, Ref. RB		5.00%		03/15/2028		20		22,138
New York City Health and Hospitals Corp., Series 2021 A, Ref. RB		5.00%		02/15/2028		60		65,713
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2017, Ref. RB		5.00%		06/15/2028		50		54,565
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2018 A, Ref. RB		5.00%		06/15/2030		40		44,771
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2021, RB		5.00%		06/15/2028		5		5,582
New York State Urban Development Corp., Series 2019 A, RB		5.00%		03/15/2035		195		212,929
New York State Urban Development Corp., Series 2019 A, RB		5.00%		03/15/2037		45		48,507
New York State Urban Development Corp., Series 2019 A, RB		5.00%		03/15/2038		80		85,947
New York State Urban Development Corp., Series 2019 A, RB		5.00%		03/15/2039		60		64,232
New York State Urban Development Corp., Series 2019 A, RB		5.00%		03/15/2040		135		144,091
New York State Urban Development Corp., Series 2019 A, RB		5.00%		03/15/2044		100		105,987
New York State Urban Development Corp., Series 2019 A, RB		5.00%		03/15/2045		50		52,898
Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB		5.00%		11/15/2028		70		77,949
Triborough Bridge & Tunnel Authority, Series 2018 B, Ref. RB		5.00%		11/15/2028		215		239,415
Triborough Bridge & Tunnel Authority, Series 2022, RB		5.00%		05/15/2028		10		11,066
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2017 C-1, Ref. RB		5.00%		11/15/2028		190		211,576
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 A, RB		5.00%		11/15/2044		25		26,475
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 C, Ref. RB		5.00%		11/15/2035		120		131,137

								13,848,137

North Carolina-1.04%
Charlotte (City of), NC, Series 2018, Ref. RB		5.00%		07/01/2028		25		27,922
Charlotte (City of), NC, Series 2018, Ref. RB		5.00%		07/01/2031		20		22,391

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


		199

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

February 28, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
North Carolina-(continued)
Charlotte-Mecklenburg Hospital Authority (The) (Atrium Health), Series 2022 A, Ref. RB		5.00%		01/15/2028	$	240	$	262,970
North Carolina (State of), Series 2017 B, Ref. RB		5.00%		05/01/2028		25		27,151
North Carolina (State of), Series 2020 A, GO Bonds		5.00%		06/01/2028		80		89,190
North Carolina (State of) (Build North Carolina Programs), Series 2020 B, RB		5.00%		05/01/2028		200		221,560

								651,184

Ohio-2.30%
Cleveland (City of), OH, Series 2018, GO Bonds		5.00%		12/01/2043		125		131,924
Columbus (City of), OH, Series 2016 3, Ref. GO Bonds		5.00%		02/15/2028		15		16,207
Columbus (City of), OH, Series 2017-1, Ref. GO Bonds		5.00%		04/01/2028		115		125,827
Columbus (City of), OH, Series 2018 A, GO Bonds		5.00%		04/01/2030		25		28,024
Columbus (City of), OH, Series 2018 A, GO Bonds		5.00%		04/01/2032		15		16,803
Columbus (City of), OH, Series 2018 A, GO Bonds		5.00%		04/01/2034		25		27,859
Franklin (County of), OH, Series 2018, RB		5.00%		06/01/2048		150		159,088
Miami Valley Career Technology Center, Series 2018, GO Bonds		3.75%		12/01/2047		35		30,552
Northeast Ohio Regional Sewer District, Series 2017, Ref. RB		3.25%		11/15/2040		30		26,116
Ohio (State of), Series 2016 A, Ref. GO Bonds		5.00%		09/01/2028		65		72,684
Ohio (State of), Series 2017 B, Ref. GO Bonds		5.00%		09/01/2028		25		27,956
Ohio (State of), Series 2019-1, RB		5.00%		12/15/2028		80		89,549
Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017 A, Ref. RB		5.00%		01/01/2030		50		54,803
Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017 A, Ref. RB		5.00%		01/01/2031		30		32,893
Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017 A, Ref. RB		5.00%		01/01/2033		45		49,273
Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017 A, Ref. RB		4.00%		01/01/2036		125		126,783
Ohio (State of) Turnpike & Infrastructure Commission, Series 2017 A, Ref. RB		5.00%		02/15/2028		15		16,201
Ohio (State of) Turnpike & Infrastructure Commission, Series 2018 A, RB		5.00%		02/15/2030		160		176,763
Ohio (State of) Turnpike & Infrastructure Commission, Series 2018 A, RB		5.00%		02/15/2033		25		27,525
Ohio (State of) Turnpike & Infrastructure Commission (Infrastructure), Series 2018 A, RB		5.00%		02/15/2028		25		27,550
Ohio (State of) Turnpike & Infrastructure Commission (Infrastructure), Series 2018 A, RB		5.00%		02/15/2031		30		33,152
Ohio (State of) Water Development Authority, Series 2018, RB		5.00%		06/01/2028		115		127,343
Ohio (State of) Water Development Authority, Series 2019 A, RB		5.00%		06/01/2028		15		16,684

								1,441,559

Oklahoma-0.20%
Oklahoma (State of) Turnpike Authority, Series 2017 D, Ref. RB		5.00%		01/01/2028		115		125,741


Oregon-0.56%
Multnomah County School District No. 1, Series 2020, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		06/15/2028		10		11,106
Salem-Keizer School District No. 24J, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		06/15/2032		125		138,804
Salem-Keizer School District No. 24J, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		06/15/2033		25		27,722
Salem-Keizer School District No. 24J, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		06/15/2037		55		59,506
University of Oregon, Series 2018 A, RB		5.00%		04/01/2048		105		110,189

								347,327

Pennsylvania-4.21%
Allegheny (County of), PA, Series 2018 C-77, GO Bonds		5.00%		11/01/2043		135		144,074
Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue), Series 2018 A, Ref. RB		5.00%		04/01/2032		30		32,066
Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue), Series 2018 A, Ref. RB		4.00%		04/01/2037		20		19,610
Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue), Series 2018 A, Ref. RB		4.00%		04/01/2044		55		50,292
Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue), Series 2018 A, Ref. RB		5.00%		04/01/2047		150		152,092
Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue), Series 2018, Ref. RB		5.00%		04/01/2033		150		160,187
Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2019 A, Ref. RB		5.00%		07/15/2028		15		16,313
Allegheny (County of), PA Port Authority, Series 2020, Ref. RB		5.00%		03/01/2028		20		21,866
Allegheny (County of), PA Sanitary Authority, Series 2018, RB		5.00%		06/01/2045		100		104,647

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


		200

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

February 28, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Pennsylvania-(continued)
Bucks (County of), PA Industrial Development Authority (St. Luke’s University Health Network), Series 2019, RB		3.00%		08/15/2050	$	180	$	125,239
Delaware Valley Regional Finance Authority, Series 1998 A, RB, (INS - AMBAC)^(a)		5.50%		08/01/2028		30		33,517
DuBois (City of), PA Hospital Authority (Penn Highlands Healthcare), Series 2018, Ref. RB		4.00%		07/15/2048		30		25,922
Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University), Series 2018, Ref. RB		4.00%		09/01/2049		5		4,472
Northampton (County of), PA General Purpose Authority (LaFayette College), Series 2018, Ref. RB		4.00%		11/01/2038		100		98,020
Pennsylvania (Commonwealth of), First Series 2020, GO Bonds		5.00%		05/01/2028		200		221,255
Pennsylvania (Commonwealth of), Second Series 2016, Ref. GO Bonds		5.00%		01/15/2028		400		429,330
Pennsylvania (Commonwealth of) (Municipal Real Estate Funding, LLC), Series 2018 A, Ref. COP		5.00%		07/01/2043		40		41,832
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 B-2, Ref. RB		5.00%		06/01/2028		10		10,697
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2018 A, RB		5.00%		12/01/2048		300		312,789
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2018 A-2, RB		5.00%		12/01/2048		150		155,231
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2018 B, RB		5.00%		12/01/2043		40		41,733
Philadelphia (City of), PA, Series 2018 A, RB		5.00%		10/01/2048		65		67,668
Philadelphia (City of), PA Authority for Industrial Development, Series 2019, Ref. RB		5.00%		10/01/2028		150		164,196
State College Area School District, Series 2018, GO Bonds		5.00%		05/15/2044		185		198,535

								2,631,583

South Carolina-0.74%
Columbia (City of), SC, Series 2018, RB^(b)(c)		5.00%		02/01/2028		20		22,089
Florence (County of), SC, Series 2021, GO Bonds		5.00%		06/01/2028		30		33,214
South Carolina (State of) Jobs-Economic Development Authority (Prisma Health Obligated Group), Series 2018 A, Ref. RB		5.00%		05/01/2035		35		36,826
South Carolina (State of) Jobs-Economic Development Authority (Prisma Health Obligated Group), Series 2018 A, Ref. RB		5.00%		05/01/2043		250		256,340
South Carolina (State of) Transportation Infrastructure Bank, Series 2021 B, Ref. RB		5.00%		10/01/2028		100		111,195

								459,664

Tennessee-0.81%
Greeneville (Town of), TN Health & Educational Facilities Board (Ballad Health Obligated Group), Series 2018 A, Ref. RB		5.00%		07/01/2035		130		137,332
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2017, GO Bonds		4.00%		07/01/2028		145		151,536
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2018, GO Bonds		5.00%		07/01/2030		115		127,614
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2018, GO Bonds		4.00%		07/01/2036		50		50,688
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 C, GO Bonds		5.00%		01/01/2028		35		38,418

								505,588

Texas-8.14%
Alamo Community College District, Series 2022, GO Bonds		5.00%		02/15/2028		55		60,370
Alvin Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		3.38%		02/15/2040		15		13,435
Bexar (County of), TX Hospital District, Series 2022, Ctfs. of Obligations		5.00%		02/15/2047		100		104,326
Board of Regents of Stephen F. Austin State University, Series 2019 A, RB		5.00%		10/15/2042		145		153,206
Board of Regents of the University of Texas System, Series 2020 C, Ref. RB		5.00%		08/15/2028		10		11,070
Conroe Independent School District, Series 2020 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2028		25		27,599
Corpus Christi Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		08/15/2031		35		36,765
Dallas (City of), TX Area Rapid Transit, Series 2007, Ref. RB, (INS - AMBAC)^(a)		5.25%		12/01/2028		20		22,531
Dallas (City of), TX Area Rapid Transit, Series 2019, Ref. RB		5.00%		12/01/2028		45		50,103
Dallas (County of), TX Hospital District, Series 2019, Ref. GO Bonds		5.00%		08/15/2030		175		192,198
Dallas (County of), TX Utility & Reclamation District, Series 2016, Ref. GO Bonds		5.00%		02/15/2028		20		21,702
El Paso Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		08/15/2038		200		202,177
Fort Bend Independent School District, Series 2018, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		08/15/2028		40		43,649
Fort Bend Independent School District, Series 2019 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		02/15/2033		65		67,402
Grand Parkway Transportation Corp., Series 2018 A, RB		5.00%		10/01/2033		60		65,207
Grand Parkway Transportation Corp. (TELA Supported), Series 2018 A, RB		5.00%		10/01/2038		300		318,181

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


		201

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

February 28, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Texas-(continued)
Harris (County of), TX Toll Road Authority (The), Series 2018 A, Ref. RB		5.00%		08/15/2031	$	10	$	11,047
Harris (County of), TX Toll Road Authority (The), Series 2018 A, Ref. RB		5.00%		08/15/2033		15		16,494
Harris (County of), TX Toll Road Authority (The), Series 2018 A, Ref. RB		4.00%		08/15/2038		155		155,755
Harris (County of), TX Toll Road Authority (The), Series 2018 A, Ref. RB		5.00%		08/15/2043		110		115,583
Houston (City of), TX, Series 2017 A, Ref. GO Bonds		5.00%		03/01/2028		130		140,554
Houston (City of), TX, Series 2018 B, Ref. RB		5.00%		07/01/2028		50		55,060
Houston (City of), TX, Series 2018 B, Ref. RB		5.00%		07/01/2030		25		27,547
Houston (City of), TX, Series 2018 D, Ref. RB		5.00%		11/15/2043		165		174,505
Houston Independent School District, Series 2017, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2028		55		59,388
Hurst-Euless-Bedford Independent School District, Series 2017 A, Ref. GO Bonds		5.00%		08/15/2028		150		163,486
North Texas Municipal Water District, Series 2021 A, Ref. RB		5.00%		09/01/2028		100		111,335
North Texas Tollway Authority, Series 2017 A, Ref. RB		5.00%		01/01/2038		140		148,800
North Texas Tollway Authority, Series 2017 A, Ref. RB		5.00%		01/01/2039		25		26,375
North Texas Tollway Authority, Series 2017 A, Ref. RB		5.00%		01/01/2048		90		93,443
North Texas Tollway Authority, Series 2018, Ref. RB		5.00%		01/01/2035		30		32,176
North Texas Tollway Authority, Series 2018, Ref. RB		5.00%		01/01/2036		25		26,647
Pearland Independent School District, Series 2020, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2028		55		60,396
Permanent University Fund - University of Texas System, Series 2007 B, Ref. RB		5.25%		07/01/2028		30		33,718
Permanent University Fund - University of Texas System, Series 2022, RB		5.00%		07/01/2028		30		33,349
San Antonio (City of), TX, Series 2015, Ref. RB		3.13%		02/01/2028		75		73,035
San Antonio (City of), TX, Series 2019, Ref. GO Bonds		5.00%		08/01/2028		160		177,745
San Antonio (City of), TX Water System, Series 2018 A, Ref. RB		5.00%		05/15/2048		190		199,041
Texas (State of) Water Development Board, Series 2018 A, RB		5.00%		10/15/2028		20		22,140
Texas (State of) Water Development Board, Series 2018 A, RB		5.00%		10/15/2029		30		33,188
Texas (State of) Water Development Board, Series 2018 A, RB		5.00%		10/15/2031		75		82,857
Texas (State of) Water Development Board, Series 2018 A, RB		5.00%		10/15/2043		450		475,668
Texas (State of) Water Development Board, Series 2018 B, RB		5.00%		04/15/2030		200		223,136
Texas (State of) Water Development Board, Series 2018 B, RB		5.00%		10/15/2032		90		100,097
Texas (State of) Water Development Board, Series 2018 B, RB		5.00%		10/15/2038		75		81,007
Texas (State of) Water Development Board, Series 2018 B, RB		5.00%		04/15/2049		225		236,311
Texas (State of) Water Development Board, Series 2020, RB		5.00%		08/01/2028		75		83,398
Texas A&M University, Series 2017 E, Ref. RB		5.00%		05/15/2028		105		113,994
Texas Municipal Gas Acquisition & Supply Corp. III, Series 2021, Ref. RB		5.00%		12/15/2028		250		258,691
Texas State University Board of Regents, Series 2017 A, Ref. RB		5.00%		03/15/2028		35		37,760
Trinity River Authority, Series 2017, Ref. RB		5.00%		08/01/2028		15		16,329

								5,089,976

Utah-0.55%
Salt Lake City (City of), UT, Series 2018 B, RB		5.00%		07/01/2048		20		20,710
University of Utah (The), Series 2018 A, RB		5.00%		08/01/2044		75		79,777
Utah (County of), UT (IHC Health Services, Inc.), Series 2018, Ref. RB		4.00%		05/15/2041		100		94,813
Utah (State of) Transit Authority, Series 2018, RB		4.00%		12/15/2034		145		147,943

								343,243

Virginia-1.48%
Hampton (City of), VA Roads Transportation Accountability Commission, Series 2018 A, RB^(b)(c)		5.50%		01/01/2028		150		168,733
Richmond (City of), VA, Series 2017 D, Ref. GO Bonds		5.00%		03/01/2028		15		16,605
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2017 E, Ref. RB		5.00%		02/01/2028		60		66,150
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2017 E, Ref. RB		5.00%		02/01/2031		25		27,498
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2019 A, RB		5.00%		02/01/2028		75		82,688
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2019 C, Ref. RB		5.00%		02/01/2028		105		115,763
Virginia (Commonwealth of) Public Building Authority, Series 2020 B, Ref. RB		5.00%		08/01/2028		145		161,544

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


		202

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

February 28, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Virginia-(continued)
Virginia (Commonwealth of) Public Building Authority, Series 2021 A-1, RB		5.00%		08/01/2028	$	70	$	77,987
Virginia (Commonwealth of) Transportation Board (Garvee), Series 2017, Ref. RB		5.00%		03/15/2028		190		207,396

								924,364

Washington-3.37%
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB		5.00%		11/01/2028		135		151,489
Energy Northwest, Series 2018 A, Ref. RB		5.00%		07/01/2032		50		55,432
Energy Northwest, Series 2018 C, Ref. RB		5.00%		07/01/2030		40		44,492
Energy Northwest, Series 2018 C, Ref. RB		5.00%		07/01/2032		55		60,975
Energy Northwest, Series 2018 C, Ref. RB		5.00%		07/01/2034		60		66,017
Energy Northwest (No. 1), Series 2017 A, Ref. RB		5.00%		07/01/2028		100		108,831
Energy Northwest (No. 1), Series 2020 A, Ref. RB		5.00%		07/01/2028		15		16,596
Energy Northwest (No. 1), Series 2022 A, Ref. RB		5.00%		07/01/2028		100		110,640
Energy Northwest (No. 3), Series 2017 A, Ref. RB		5.00%		07/01/2028		75		81,623
King (County of), WA, Series 2021 A, GO Bonds		5.00%		01/01/2028		100		110,003
King County School District No. 412 Shoreline, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)		4.00%		12/01/2036		15		15,098
Snohomish County School District No. 201 Snohomish, Series 2020, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2028		200		224,712
Washington (State of), Series 2017 R, Ref. GO Bonds		5.00%		08/01/2028		45		49,198
Washington (State of), Series 2017 R, Ref. GO Bonds		5.00%		08/01/2028		170		185,861
Washington (State of), Series 2018 A, GO Bonds		5.00%		08/01/2032		25		27,887
Washington (State of), Series 2018 A, GO Bonds		5.00%		08/01/2039		150		161,359
Washington (State of), Series 2018 C, GO Bonds		5.00%		02/01/2031		85		94,071
Washington (State of), Series 2018 C, GO Bonds		5.00%		02/01/2038		60		64,476
Washington (State of), Series 2018 C, GO Bonds		5.00%		02/01/2041		190		201,549
Washington (State of), Series 2019 A, GO Bonds		5.00%		08/01/2028		40		44,543
Washington (State of) (Bid Group 1), Series 2020 A, GO Bonds		5.00%		08/01/2028		10		11,136
Washington (State of) Health Care Facilities Authority (Providence St. Joseph Health), Series 2018 B, Ref. RB		5.00%		10/01/2031		100		109,085
Whatcom (County of), WA Bellingham School District No. 501, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2036		105		114,820

								2,109,893

West Virginia-0.94%
West Virginia (State of), Series 2018 B, GO Bonds		5.00%		06/01/2032		90		100,200
West Virginia (State of), Series 2018 B, GO Bonds		5.00%		06/01/2034		25		27,662
West Virginia (State of), Series 2018 B, GO Bonds		5.00%		12/01/2034		75		82,764
West Virginia (State of) (Bidding Group 2), Series 2018 B, GO Bonds		5.00%		06/01/2037		125		135,001
West Virginia (State of) (Bidding Group 2), Series 2018 B, GO Bonds		5.00%		12/01/2039		55		58,910
West Virginia (State of) (Bidding Group 2), Series 2018 B, GO Bonds		5.00%		12/01/2041		35		37,138
West Virginia (State of) Hospital Finance Authority (West Virginia University Health System Obligated Group), Series 2018 A, RB		5.00%		06/01/2052		105		104,767
West Virginia (State of) Parkways Authority, Series 2018, RB		5.00%		06/01/2043		40		41,905

								588,347

Wisconsin-0.53%
University of Wisconsin Hospitals & Clinics, Series 2018 A, Ref. RB		5.00%		04/01/2043		25		25,817
Wisconsin (State of), Series 2019 A, Ref. RB^(b)(c)		5.00%		05/01/2027		40		43,297
Wisconsin (State of), Series 2021-2, Ref. GO Bonds		5.00%		05/01/2028		55		61,069

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


		203

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

February 28, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Wisconsin-(continued)
Wisconsin (State of) Department of Transportation, Series 2017 1, Ref. RB		5.00%		07/01/2028	$	160	$	175,388
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Senior Credit Group), Series 2019, Ref. RB		5.00%		11/15/2028		25		27,659

								333,230

TOTAL INVESTMENTS IN SECURITIES^(d)-98.70% (Cost $63,379,638)								61,742,713
OTHER ASSETS LESS LIABILITIES-1.30%								811,389

NET ASSETS-100.00%							$	62,554,102


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

Notes to Schedule of Investments:

^(a)	Principal and/or interest payments are secured by the bond insurance company listed.

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

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

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


Portfolio Composition
Revenue Type Breakdown (% of the Fund’s Net Assets) as of February 28, 2023

Ad Valorem Property Tax			19.30

Sales Tax Revenue			13.07

Water Revenue			8.93

General Fund			7.88

Miscellaneous Revenue			6.82

College & University Revenue			6.19

Income Tax Revenue			6.19

Appropriations			5.99

Highway Tolls Revenue			5.81

Health, Hospital, Nursing Home Revenue			5.73

Revenue Types Each Less Than 3%			12.79

Other Assets Less Liabilities			1.30

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


		204

Invesco BulletShares 2029 Municipal Bond ETF (BSMT)

February 28, 2023

(Unaudited)

Schedule of Investments


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Municipal Obligations-98.53%
Alabama-0.49%
Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB		5.00%		11/01/2029	$	100	$	113,749
Madison (City of), AL Water & Wastewater Board, Series 2020, Ref. RB		3.00%		12/01/2050		100		73,834
University of Alabama (The), Series 2019 A, Ref. RB		4.00%		07/01/2034		45		46,888

								234,471

Arizona-1.17%
Arizona (State of), Series 2019 A, Ref. COP^(a)		5.00%		10/01/2029		15		17,125
Arizona (State of) Industrial Development Authority (NCCU Properties LLC), Series 2019 A, RB, (INS - BAM)^(b)		5.00%		06/01/2054		50		53,252
Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016, Ref. RB		5.00%		01/01/2029		30		33,372
Maricopa (County of), AZ Special Health Care District, Series 2018 C, GO Bonds		5.00%		07/01/2029		160		177,445
Phoenix Civic Improvement Corp., Series 2019 A, RB		5.00%		07/01/2045		125		130,517
Phoenix Civic Improvement Corp., Series 2019 A, RB		3.00%		07/01/2049		25		18,450
Phoenix Civic Improvement Corp., Series 2019, RB		5.00%		07/01/2044		125		132,205

								562,366

California-16.86%
Bay Area Toll Authority (San Francisco Bay Area), Series 2019 H, Ref. RB^(a)(c)		5.00%		04/01/2029		30		34,064
Bay Area Toll Authority (San Francisco Bay Area), Series 2019 S-8, Ref. RB^(a)(c)		5.00%		10/01/2029		70		80,236
California (State of), Series 2019, GO Bonds		5.00%		04/01/2032		220		247,965
California (State of), Series 2019, Ref. GO Bonds		5.00%		10/01/2029		75		85,625
California (State of), Series 2019, Ref. GO Bonds		5.00%		10/01/2031		825		938,234
California (State of), Series 2019, Ref. GO Bonds		5.00%		04/01/2032		25		28,178
California (State of), Series 2019, Ref. GO Bonds		5.00%		10/01/2032		50		56,808
California (State of), Series 2019, Ref. GO Bonds		5.00%		04/01/2035		355		395,398
California (State of), Series 2019, Ref. GO Bonds		4.00%		10/01/2039		300		301,937
California (State of), Series 2019, Ref. GO Bonds		5.00%		10/01/2039		40		43,834
California (State of), Series 2020, GO Bonds		5.00%		03/01/2029		130		146,841
California (State of) (Bidding Group B), Series 2020 B, Ref. GO Bonds		5.00%		11/01/2029		350		400,186
California (State of) Department of Veterans Affairs (Veteran’s Farm & Home Purchase), Series 2020 A, RB		2.45%		12/01/2045		50		34,504
California (State of) Department of Water Resources, Series 2019 BA, RB		5.00%		12/01/2029		20		22,902
California (State of) Department of Water Resources, Series 2019 BA, RB		5.00%		12/01/2030		25		28,610
California (State of) Department of Water Resources, Series 2019 BA, RB		5.00%		12/01/2032		10		11,395
California (State of) Department of Water Resources, Series 2019 BA, RB		5.00%		12/01/2033		35		39,774
California (State of) Department of Water Resources, Series 2020 BB, Ref. RB		5.00%		12/01/2029		50		57,790
California (State of) Department of Water Resources (Central Valley), Series 2018, Ref. RB		5.00%		12/01/2029		75		85,074
California (State of) Educational Facilities Authority (Stanford University), Series 2019 V-1, RB		5.00%		05/01/2029		50		57,107
California (State of) Infrastructure & Economic Development Bank (Academy Motion Picture Arts & Sciences Obligated Group), Series 2020 B, Ref. RB		5.00%		11/01/2029		350		399,348
California (State of) Infrastructure & Economic Development Bank (California State Teachers’ Retirement System Headquarters Expansion) (Green Bonds), Series 2019, RB		5.00%		08/01/2049		130		137,878
California (State of) Public Works Board (Various Capital), Series 2019 C, RB		5.00%		11/01/2029		75		85,803
California (State of) Public Works Board (Various Capital), Series 2019 C, RB		5.00%		11/01/2032		15		17,104
California (State of) Public Works Board (Various Capital), Series 2019 C, RB		5.00%		11/01/2033		50		56,796
California State University, Series 2019 A, RB		5.00%		11/01/2039		200		219,633
California State University, Series 2019 A, RB		5.00%		11/01/2040		100		109,369
California State University, Series 2019 A, RB		5.00%		11/01/2049		100		107,235
East Bay Municipal Utility District (Green Bonds), Series 2019 A, RB		5.00%		06/01/2049		200		215,627
Long Beach (City of), CA, Series 2019 A, RB		7.15%		05/15/2044		75		80,740
Los Angeles (City of), CA Department of Airports, Series 2020 A, Ref. RB		5.00%		05/15/2033		290		332,067
Los Angeles (City of), CA Department of Airports, Series 2020 A, Ref. RB		5.00%		05/15/2034		50		56,849
Los Angeles (City of), CA Department of Airports, Series 2020 A, Ref. RB		5.00%		05/15/2036		100		111,418

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


		205

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

February 28, 2023

(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%		05/15/2032	$	20	$	22,935
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2020 A, Ref. RB		5.00%		05/15/2039		75		82,211
Los Angeles (City of), CA Department of Water & Power, Series 2019 A, RB		5.00%		07/01/2036		40		44,221
Los Angeles (City of), CA Department of Water & Power, Series 2019 A, RB		5.00%		07/01/2045		100		106,877
Los Angeles (City of), CA Department of Water & Power, Series 2019 A, RB		5.00%		07/01/2049		100		106,048
Los Angeles (City of), CA Department of Water & Power, Series 2019 A, RB		5.25%		07/01/2049		120		129,136
Los Angeles (City of), CA Department of Water & Power, Series 2019 B, Ref. RB		5.00%		07/01/2030		35		39,473
Los Angeles (City of), CA Department of Water & Power, Series 2019 B, Ref. RB		5.00%		07/01/2032		20		22,533
Los Angeles (City of), CA Department of Water & Power, Series 2019 D, Ref. RB		5.00%		07/01/2044		235		252,905
Los Angeles (City of), CA Department of Water & Power, Series 2020 A, Ref. RB		5.00%		07/01/2029		25		28,458
Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB		4.00%		07/01/2029		100		108,352
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB		5.00%		06/01/2029		35		39,931
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB		5.00%		06/01/2029		45		51,313
Los Angeles (County of), CA Public Works Financing Authority, Series 2019 E-1, RB		5.00%		12/01/2049		75		80,347
Los Angeles Unified School District, Series 2016 B, Ref. GO Bonds		2.00%		07/01/2029		45		41,312
Los Angeles Unified School District, Series 2019 A, Ref. GO Bonds		5.00%		07/01/2029		95		108,261
Los Angeles Unified School District, Series 2019 A, Ref. GO Bonds		5.00%		07/01/2032		50		56,800
Metropolitan Water District of Southern California, Series 2019 A, Ref. RB		5.00%		07/01/2029		65		74,318
Metropolitan Water District of Southern California, Series 2019 A, Ref. RB		5.00%		07/01/2037		40		44,114
Metropolitan Water District of Southern California, Series 2019 A, Ref. RB		5.00%		07/01/2039		150		164,554
Metropolitan Water District of Southern California, Series 2020 A, RB		5.00%		10/01/2045		160		174,113
Orange (County of), CA Local Transportation Authority, Series 2019, RB		5.00%		02/15/2032		15		17,066
Orange (County of), CA Local Transportation Authority, Series 2019, RB		5.00%		02/15/2036		30		33,243
Orange (County of), CA Local Transportation Authority, Series 2019, RB		5.00%		02/15/2039		125		135,949
Rancho Santiago Community College District, Series 2005, GO Bonds, (INS - AGM)^(b)		5.13%		09/01/2029		35		40,294
Riverside (City of), CA, Series 2019 A, Ref. RB		5.00%		10/01/2036		55		60,886
Riverside (City of), CA, Series 2019 A, Ref. RB		5.00%		10/01/2037		100		110,131
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2019 G, RB		5.00%		08/15/2037		50		55,247
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2019 G, RB		5.00%		08/15/2039		100		109,601
San Diego (County of), CA Regional Airport Authority, Series 2019 A, Ref. RB		5.00%		07/01/2039		115		122,603
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019 D, Ref. RB		5.00%		05/01/2037		75		81,708
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019, RB		5.00%		05/01/2049		90		94,760
San Francisco Bay Area Rapid Transit District (Green Bonds), Series 2020 C-1, GO Bonds		4.00%		08/01/2035		70		73,339
San Jose (City of), CA, Series 2019 C, Ref. GO Bonds		5.00%		09/01/2029		40		45,510
San Jose (City of), CA, Series 2019 C, Ref. GO Bonds		5.00%		09/01/2030		220		250,448
University of California, Series 2018 AZ, Ref. RB		4.00%		05/15/2029		10		10,641
University of California (Limited), Series 2018 O, Ref. RB		4.00%		05/15/2029		40		42,484

								8,088,451

Colorado-2.49%
Adams & Arapahoe Joint School District No. 28J Aurora, Series 2021 A, GO Bonds		5.00%		12/01/2029		50		57,123
Arapahoe County School District No. 5 Cherry Creek, Series 2020, Ref. GO Bonds		5.00%		12/15/2029		25		28,498
Colorado (State of), Series 2018 A, COP		5.00%		12/15/2029		30		33,626
Colorado (State of), Series 2021 A, COP		5.00%		12/15/2029		30		33,900
Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group), Series 2019, Ref. RB		4.00%		11/15/2038		30		29,110
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A, Ref. RB		5.00%		08/01/2029		50		54,415
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB		5.00%		08/01/2032		55		59,168
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB		5.00%		08/01/2044		320		325,948
Colorado (State of) Health Facilities Authority (Sanford Health), Series 2019 A, Ref. RB		5.00%		11/01/2031		25		27,413
Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB		5.00%		01/01/2029		195		216,920
Colorado (State of) Regional Transportation District (Fastracks), Series 2013 A, Ref. RB		5.00%		11/01/2029		190		214,888
Colorado Springs (City of), CO, Series 2019 A, Ref. RB		5.00%		11/15/2029		15		17,123

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


		206

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

February 28, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Colorado-(continued)
Denver (City & County of), CO, Series 2020 B, Ref. GO Bonds		5.00%		08/01/2029	$	60	$	68,330
Pueblo City Schools, Series 2020, GO Bonds		5.00%		12/15/2039		25		27,225

								1,193,687

Connecticut-1.35%
Connecticut (State of), Series 2018 E, GO Bonds		5.00%		09/15/2029		35		38,770
Connecticut (State of), Series 2019 A, GO Bonds		5.00%		04/15/2029		150		168,279
Connecticut (State of), Series 2019 A, GO Bonds		5.00%		04/15/2039		125		134,503
Connecticut (State of), Series 2019 B, Ref. GO Bonds		5.00%		02/15/2029		5		5,593
Connecticut (State of), Series 2020 A, GO Bonds		5.00%		01/15/2029		50		55,835
Connecticut (State of), Series 2020 A, RB		5.00%		05/01/2029		55		61,948
Connecticut (State of), Series 2020 C, GO Bonds		4.00%		06/01/2029		25		26,528
Connecticut (State of) Health & Educational Facilities Authority, Series 1997, RB		5.00%		07/01/2029		75		85,704
Connecticut (State of) Health & Educational Facilities Authority (Yale University), Series 2017 B-1, Ref. RB		5.00%		07/01/2029		60		68,563

								645,723

Delaware-0.21%
Delaware (State of), Series 2020 A, GO Bonds		5.00%		01/01/2029		10		11,284
Delaware (State of) Transportation Authority, Series 2020, Ref. RB		5.00%		07/01/2029		80		91,217

								102,501

District of Columbia-3.13%
District of Columbia, Series 2019 A, GO Bonds		5.00%		10/15/2029		25		28,314
District of Columbia, Series 2019 A, GO Bonds		5.00%		10/15/2030		405		456,240
District of Columbia, Series 2019 A, GO Bonds		5.00%		10/15/2031		100		112,475
District of Columbia, Series 2019 A, GO Bonds		5.00%		10/15/2032		20		22,439
District of Columbia, Series 2019 A, GO Bonds		5.00%		10/15/2037		30		32,376
District of Columbia, Series 2019 A, GO Bonds		5.00%		10/15/2044		50		53,245
District of Columbia, Series 2019 A, RB		5.00%		03/01/2029		30		33,621
District of Columbia, Series 2019 A, RB		5.00%		03/01/2034		35		39,715
District of Columbia, Series 2019 A, RB		4.00%		03/01/2040		220		220,432
District of Columbia, Series 2019 C, Ref. RB		3.00%		10/01/2029		30		30,394
District of Columbia, Series 2019 C, Ref. RB		5.00%		10/01/2034		140		158,470
District of Columbia, Series 2020 A, RB		5.00%		03/01/2029		90		100,864
District of Columbia, Series 2022 C, Ref. RB		5.00%		12/01/2029		25		28,396
Washington Metropolitan Area Transit Authority, Series 2020 A, RB		5.00%		07/15/2029		165		185,796

								1,502,777

Florida-3.25%
Alachua (County of), FL Health Facilities Authority (Shands Teaching Hospital & Clinics, Inc.), Series 2019, RB		3.00%		12/01/2046		5		3,637
Broward (County of), FL, Series 2019 A, RB		5.00%		10/01/2040		100		107,859
Broward (County of), FL School Board, Series 2019 B, Ref. COP		5.00%		07/01/2029		100		112,098
Central Florida Expressway Authority, Series 2019 A, RB		5.00%		07/01/2044		10		10,468
Central Florida Expressway Authority, Series 2019 B, RB		5.00%		07/01/2038		70		75,457
Florida (State of) Department of Transportation, Series 2019 B, RB		3.00%		07/01/2049		15		11,354
Florida (State of) Department of Transportation, Series 2020 A, Ref. RB		5.00%		07/01/2029		130		146,287
Florida (State of) Higher Educational Facilities Financial Authority (St. Leo Univeristy), Series 2019, Ref. RB		5.00%		03/01/2039		100		92,322
Gainesville (City of), FL, Series 2019 A, RB		5.00%		10/01/2047		100		104,980
Jacksonville (City of), FL (Brooks Rehabilitation), Series 2020, Ref. RB		5.00%		11/01/2050		150		151,288
Lee Memorial Health System, Series 2019 A-1, Ref. RB		5.00%		04/01/2044		150		153,300
Orange (County of), FL Convention Center, Series 2017, Ref. RB.		5.00%		10/01/2029		100		111,986
Palm Beach County School District, Series 2018 C, Ref. COP		5.00%		08/01/2029		150		166,206
Polk County School District, Series 2019, RB		5.00%		10/01/2033		100		112,064
Tampa Bay (City of), FL Water, Series 2001 A, Ref. RB, (INS - NATL)^(b)		6.00%		10/01/2029		165		197,573

								1,556,879

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


		207

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

February 28, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Georgia-2.55%
Atlanta (City of), GA Department of Aviation, Series 2020 A, Ref. RB		5.00%		07/01/2029	$	120	$	134,664
Brookhaven (City of), GA Development Authority (Children’s Healthcare of Atlanta, Inc.), Series 2019 A, RB		3.00%		07/01/2046		50		37,848
Georgia (State of), Series 2018 A, GO Bonds		5.00%		07/01/2029		100		111,691
Georgia (State of) (Bidding Group 1), Series 2020 A, GO Bonds		5.00%		08/01/2029		70		79,941
Georgia (State of) Ports Authority, Series 2022, RB		5.00%		07/01/2029		20		22,679
Gwinnett (County of), GA Water & Sewerage Authority, Series 2019, Ref. RB		5.00%		08/01/2029		60		68,521
Gwinnett County School District, Series 2019, GO Bonds		5.00%		02/01/2041		195		211,394
Henry County School District, Series 2021, GO Bonds		4.00%		08/01/2029		25		26,852
Private Colleges & Universities Authority (Emory University), Series 2019 A, Ref. RB		5.00%		09/01/2037		30		32,942
Private Colleges & Universities Authority (Emory University), Series 2022 A, Ref. RB		5.00%		09/01/2029		200		227,481
Private Colleges & Universities Authority (Emory University) (Green Bonds), Series 2019, Ref. RB		5.00%		09/01/2048		250		267,616

								1,221,629

Hawaii-0.81%
Hawaii (State of), Series 2019 FW, GO Bonds		5.00%		01/01/2029		25		28,010
Hawaii (State of), Series 2019 FW, GO Bonds		5.00%		01/01/2034		60		66,871
Hawaii (State of), Series 2019 FW, GO Bonds		5.00%		01/01/2035		40		44,226
Hawaii (State of), Series 2019 FW, GO Bonds		5.00%		01/01/2038		180		195,400
Honolulu (City & County of), HI, Series 2019 A, RB		5.00%		07/01/2044		25		26,744
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2019 A, GO Bonds		5.00%		09/01/2029		25		27,944

								389,195

Idaho-0.36%
Idaho (State of) Housing & Finance Association, Series 2019, Ref. RB		5.00%		07/15/2035		40		43,911
Idaho (State of) Housing & Finance Association (Garvee), Series 2021 A, Ref. RB		5.00%		07/15/2029		115		129,067

								172,978

Illinois-5.45%
Chicago (City of), IL, Series 2019 A, GO Bonds		5.50%		01/01/2035		100		104,748
Chicago (City of), IL, Series 2021 B, Ref. GO Bonds		4.00%		01/01/2029		267		264,475
Chicago (City of), IL (O’Hare International Airport), Series 2018 B, RB		5.00%		01/01/2036		20		21,619
Chicago (City of), IL (O’Hare International Airport), Series 2018 B, RB		5.00%		01/01/2048		300		310,442
Chicago (City of), IL (O’Hare International Airport), Series 2018 B, RB		5.00%		01/01/2053		40		41,243
Chicago (City of), IL Transit Authority (FTA Section 5307 Urbanized Area Formula Funds), Series 2021, Ref. RB		5.00%		06/01/2029		200		215,118
Illinois (State of), Series 2018 A, GO Bonds		5.00%		05/01/2029		50		52,570
Illinois (State of) Finance Authority (Green Bonds), Series 2019, RB		5.00%		07/01/2037		210		229,485
Illinois (State of) Finance Authority (State Clean Water) (Green Bonds), Series 2019, RB		4.00%		07/01/2038		145		146,933
Illinois (State of) Finance Authority (University of Illinois at Urbana), Series 2019, RB		5.00%		10/01/2049		105		107,408
Illinois (State of) Toll Highway Authority, Series 2019 A, RB		5.00%		01/01/2044		300		315,576
Illinois (State of) Toll Highway Authority, Series 2019, Ref. RB		5.00%		01/01/2029		50		55,933
Kendall Kane & Will Counties Community Unit School District No. 308, Series 2020 A, Ref. GO Bonds, (INS - AGM)^(b)		5.00%		02/01/2029		145		160,234
Sales Tax Securitization Corp., Series 2017 A, Ref. RB		5.00%		01/01/2029		110		118,331
Sales Tax Securitization Corp., Series 2018 C, Ref. RB		5.00%		01/01/2043		85		88,374
Sales Tax Securitization Corp., Series 2018 C, Ref. RB		5.25%		01/01/2043		165		173,661
Sales Tax Securitization Corp., Series 2020 A, Ref. RB		5.00%		01/01/2029		75		81,998
Will (County of), IL, Series 2019, GO Bonds		4.00%		11/15/2047		130		124,718

								2,612,866

Indiana-1.49%
Indiana (State of) Finance Authority, Series 2016 C, Ref. RB		5.00%		06/01/2029		50		56,215
Indiana (State of) Finance Authority (Citizens Wastewater of Westfield), Series 2019, Ref. RB		5.00%		10/01/2048		150		158,127
Indiana (State of) Finance Authority (Green Bonds), Series 2017 C, Ref. RB		5.00%		02/01/2029		35		38,672
Indiana (State of) Finance Authority (Green Bonds), Series 2019 A, RB		5.00%		02/01/2033		85		95,416
Indiana (State of) Finance Authority (Green Bonds), Series 2019 A, RB		5.00%		02/01/2038		50		54,334
Indiana (State of) Finance Authority (Green Bonds), Series 2019 A, RB		5.00%		02/01/2039		45		48,692

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


		208

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

February 28, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Indiana-(continued)
Indianapolis Local Public Improvement Bond Bank (Courthouse and Jail), Series 2019 A, RB		5.00%		02/01/2049	$	150	$	157,571
Indianapolis Local Public Improvement Bond Bank (Courthouse and Jail), Series 2019 A, RB		5.00%		02/01/2054		100		104,473

								713,500

Iowa-0.21%
Iowa (State of), Series 2019 A, Ref. RB		5.00%		06/01/2029		70		79,043
Iowa (State of), Series 2019 A, Ref. RB		5.00%		06/01/2032		20		22,456

								101,499

Kansas-0.22%
University of Kansas Hospital Authority, Series 2019 A, RB		5.00%		09/01/2048		100		104,379

Kentucky-0.32%
Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.),
Series 2020 A, RB		5.00%		10/01/2038		150		155,257

Louisiana-0.69%
Louisiana (State of), Series 2019 A, GO Bonds		5.00%		03/01/2036		190		208,326
Louisiana (State of), Series 2019 A, GO Bonds		5.00%		03/01/2039		10		10,792
Louisiana (State of) (Garvee), Series 2019 A, RB		5.00%		09/01/2029		100		111,723

								330,841

Maryland-2.26%
Baltimore (City of), MD (Wastewater), Series 2019 A, RB		5.00%		07/01/2049		10		10,582
Maryland (State of), First Series 2019, GO Bonds		5.00%		03/15/2031		80		90,335
Maryland (State of), First Series 2019, GO Bonds		5.00%		03/15/2032		10		11,281
Maryland (State of), Series 2018 A, GO Bonds		5.00%		03/15/2029		15		16,622
Maryland (State of) (Bidding Group 1), Second Series 2021 A, GO Bonds		5.00%		08/01/2029		125		142,434
Maryland (State of) (Bidding Group 1), Series 2020 A, GO Bonds		5.00%		03/15/2029		30		33,946
Maryland (State of) (Bidding Group 1), Series 2020 A, GO Bonds		5.00%		08/01/2029		100		113,947
Maryland (State of) (Bidding Group 2), Series 2019 A, GO Bonds		5.00%		08/01/2031		95		107,935
Maryland (State of) Department of Transportation, Series 2021 A, RB		5.00%		10/01/2029		20		22,782
Maryland (State of) Health & Higher Educational Facilities Authority (Loyola University), Series 2019 A, Ref. RB		5.00%		10/01/2049		140		148,095
Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB		5.00%		07/01/2029		60		68,113
Montgomery (County of), MD, Series 2018 A, GO Bonds		5.00%		11/01/2029		100		112,175
Montgomery (County of), MD, Series 2020 B, Ref. GO Bonds		4.00%		11/01/2029		20		21,678
Montgomery (County of), MD, Series 2021 A, Ref. GO Bonds		5.00%		08/01/2029		45		51,305
Prince George’s (County of), MD, Series 2018 A, GO Bonds		5.00%		07/15/2029		80		89,249
Prince George’s (County of), MD, Series 2019 A, GO Bonds		4.00%		07/15/2032		20		21,461
Prince George’s (County of), MD, Series 2020 B, Ref. GO Bonds		5.00%		09/15/2029		20		22,854

								1,084,794

Massachusetts-5.48%
Massachusetts (Commonwealth of), Series 2018 B, GO Bonds		5.00%		01/01/2029		40		44,138
Massachusetts (Commonwealth of), Series 2018 B, Ref. GO Bonds		5.00%		07/01/2029		245		278,280
Massachusetts (Commonwealth of), Series 2019 A, GO Bonds		5.00%		01/01/2031		70		78,756
Massachusetts (Commonwealth of), Series 2019 A, GO Bonds		5.00%		01/01/2036		60		65,854
Massachusetts (Commonwealth of), Series 2019 A, GO Bonds		5.00%		01/01/2038		10		10,839
Massachusetts (Commonwealth of), Series 2019 A, GO Bonds		5.25%		01/01/2044		350		377,806
Massachusetts (Commonwealth of), Series 2019 C, GO Bonds		5.00%		05/01/2043		160		171,511
Massachusetts (Commonwealth of), Series 2019 C, GO Bonds		5.00%		05/01/2045		25		26,693
Massachusetts (Commonwealth of), Series 2019 C, Ref. GO Bonds		5.00%		05/01/2029		15		16,986
Massachusetts (Commonwealth of), Series 2019 G, GO Bonds		5.00%		09/01/2029		10		11,393
Massachusetts (Commonwealth of), Series 2020 A, GO Bonds		5.00%		03/01/2029		15		16,934
Massachusetts (Commonwealth of), Series 2020 E, GO Bonds		5.00%		11/01/2029		125		142,841
Massachusetts (Commonwealth of), Series 2020, GO Bonds		5.00%		07/01/2029		10		11,358
Massachusetts (Commonwealth of), Series 2022 A, Ref. GO Bonds		5.00%		10/01/2029		30		34,231
Massachusetts (Commonwealth of) (Rail Enhancement & Accelerated Bridge Program), Series 2019 A, RB		5.00%		06/01/2049		400		424,355
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2005 A, RB		5.00%		07/01/2029		20		22,729

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


		209

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

February 28, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Massachusetts-(continued)
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2005 B, RB, (INS - NATL)^(b)		5.50%		07/01/2029	$	25	$	29,136
Massachusetts (Commonwealth of) Bay Transportation Authority (Sustainability Bonds), Series 2021, Ref. RB		5.00%		07/01/2041		110		118,403
Massachusetts (Commonwealth of) Bay Transportation Authority (Sustainability Bonds), Series 2021, Ref. RB		5.00%		07/01/2042		30		32,184
Massachusetts (Commonwealth of) Department of Transportation (Contract Assistance), Series 2018 A, Ref. RB		5.00%		01/01/2029		40		44,976
Massachusetts (Commonwealth of) Development Finance Agency (Atrius Health), Series 2019 A, Ref. RB^(a)(c)		4.00%		06/01/2029		100		107,988
Massachusetts (Commonwealth of) Development Finance Agency (Harvard University), Series 2020 A, Ref. RB		5.00%		10/15/2029		35		40,124
Massachusetts (Commonwealth of) Port Authority, Series 2019 B, RB		5.00%		07/01/2044		25		26,730
Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2019 A, Ref. RB		5.00%		01/01/2032		115		127,649
Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2019 A, Ref. RB		5.00%		01/01/2034		105		116,133
Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2019 A, Ref. RB		5.00%		01/01/2035		40		43,889
Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2019 C, Ref. RB		5.00%		01/01/2035		15		16,585
Massachusetts (Commonwealth of) Water Resources Authority, Series 2007 B, Ref. RB, (INS - AGM)^(b).		5.25%		08/01/2029		25		28,838
University of Massachusetts Building Authority, Series 2020 1, RB		5.00%		11/01/2034		55		61,736
University of Massachusetts Building Authority, Series 2020 1, RB		5.00%		11/01/2050		95		100,981

								2,630,056

Michigan-2.00%
Detroit City School District, Series 2005 A, Ref. GO Bonds, (INS - AGM)^(b)		5.25%		05/01/2029		80		90,457
Great Lakes Water Authority, Series 2018 B, Ref. RB		5.00%		07/01/2029		95		107,255
Lansing (City of), MI Board of Water & Light, Series 2019 A, RB		5.00%		07/01/2048		145		151,815
Michigan (State of), Series 2020 B, RB		5.00%		11/15/2029		80		91,219
Michigan (State of) Building Authority (Facilities Program), Series 2019, Ref. RB		5.00%		04/15/2036		100		109,401
Michigan State University Board of Trustees, Series 2019 B, RB		5.00%		02/15/2048		385		406,937

								957,084

Minnesota-0.89%
Minnesota (State of), Series 2018 A, GO Bonds		5.00%		08/01/2029		25		27,994
Minnesota (State of), Series 2019 A, GO Bonds		5.00%		08/01/2031		25		28,530
Minnesota (State of), Series 2019 A, GO Bonds		5.00%		08/01/2032		85		96,855
Minnesota (State of), Series 2019 A, GO Bonds		5.00%		08/01/2033		65		73,758
Minnesota (State of), Series 2019 A, GO Bonds		5.00%		08/01/2039		35		38,533
Rochester (City of), MN (Mayo Clinic), Series 2016 B, Ref. RB		5.00%		11/15/2029		55		62,532
University of Minnesota, Series 2019 A, RB		5.00%		04/01/2044		90		96,465

								424,667

Mississippi-0.05%
Mississippi (State of), Series 2019 B, GO Bonds		4.00%		10/01/2037		25		25,193


Missouri-0.24%
Jackson County Reorganized School District No. 7, Series 2020, Ref. GO Bonds		4.00%		03/01/2031		50		52,564
Missouri (State of) Health & Educational Facilities Authority (SSM Health Care), Series 2022 A, RB		5.00%		06/01/2029		10		11,062
Springfield School District No. R-12, Series 2017, Ref. GO Bonds		4.00%		03/01/2029		50		52,662

								116,288

Nebraska-0.06%
Omaha (City of), NE Public Power District, Series 2018 A, RB		5.00%		02/01/2029		15		16,603
Omaha (City of), NE Public Power District, Series 2019 A, RB		5.00%		02/01/2033		10		11,231

								27,834

Nevada-1.09%
Clark (County of), NV, Series 2020 C, Ref. RB		5.00%		07/01/2029		130		146,609
Clark (County of), NV (Las Vegas McCarran International Airport), Series 2019, Ref. RB		5.00%		07/01/2029		30		33,648
Clark (County of), NV (Las Vegas McCarran International Airport), Series 2019, Ref. RB		5.00%		07/01/2031		105		117,511
Clark (County of), NV (Las Vegas McCarran International Airport), Series 2019, Ref. RB		5.00%		07/01/2033		35		39,001
Clark (County of), NV Department of Aviation, Series 2019 B, Ref. RB		5.00%		07/01/2031		50		55,958

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


		210

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

February 28, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Nevada-(continued)
Clark (County of), NV Department of Aviation, Series 2019 B, Ref. RB		5.00%		07/01/2032	$	20	$	22,362
Clark (County of), NV Department of Aviation, Series 2019 B, Ref. RB		5.00%		07/01/2035		100		110,180

								525,269

New Jersey-3.28%
Gloucester (County of), NJ Improvement Authority (The) (Rowan University), Series 2019, RB		5.00%		07/01/2044		25		26,788
New Jersey (State of), Series 2020 A, GO Bonds		5.00%		06/01/2029		235		264,784
New Jersey (State of), Series 2021, GO Bonds		2.00%		06/01/2029		250		225,700
New Jersey (State of) Economic Development Authority, Series 2019, RB		5.00%		06/15/2044		250		257,656
New Jersey (State of) Economic Development Authority (Transit Transportation), Series 2020, RB		5.00%		11/01/2044		225		231,785
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB		5.00%		12/15/2029		150		163,433
New Jersey (State of) Turnpike Authority, Series 2005 A, Ref. RB, (INS - AGM)^(b)		5.25%		01/01/2029		120		135,707
New Jersey (State of) Turnpike Authority, Series 2019 A, RB		5.00%		01/01/2048		255		267,898

								1,573,751

New Mexico-0.92%
New Mexico (State of) Finance Authority, Series 2021 A, RB		5.00%		06/15/2029		200		225,994
New Mexico (State of) Severance Tax Permanent Fund, Series 2021 A, RB		5.00%		07/01/2029		190		214,862

								440,856

New York-16.75%
Battery Park (City of), NY Authority, Series 2019 B, Ref. RB		5.00%		11/01/2038		100		109,773
Metropolitan Transportation Authority (Green Bonds), Series 2019 C, RB, (INS - BAM)^(b)		5.00%		11/15/2044		100		103,399
New York & New Jersey (States of) Port Authority, Series 2018, Ref. RB		5.00%		07/15/2029		40		44,561
New York & New Jersey (States of) Port Authority, Series 2019 217, RB		4.00%		11/01/2039		20		19,538
New York & New Jersey (States of) Port Authority, Series 2019, RB		5.00%		11/01/2044		220		235,260
New York & New Jersey (States of) Port Authority, Series 2019, Ref. RB		5.00%		09/01/2032		10		11,340
New York & New Jersey (States of) Port Authority, Two Hundred Thirteenth Series 2019, Ref. RB		5.00%		09/01/2031		55		62,503
New York & New Jersey (States of) Port Authority, Two Hundred Thirteenth Series 2019, Ref. RB		5.00%		09/01/2033		75		84,773
New York (City of), NY, Series 2019 B-1, GO Bonds		5.00%		10/01/2034		125		139,421
New York (City of), NY, Series 2019 E, Ref. GO Bonds		5.00%		08/01/2029		30		33,517
New York (City of), NY, Series 2019 E, Ref. GO Bonds		5.00%		08/01/2030		65		72,589
New York (City of), NY, Series 2019 E, Ref. GO Bonds		5.00%		08/01/2031		10		11,148
New York (City of), NY, Series 2020 A-1, Ref. GO Bonds		5.00%		08/01/2029		30		33,769
New York (City of), NY, Series 2020 B-1, GO Bonds		5.00%		10/01/2036		30		32,776
New York (City of), NY, Subseries 2008 L-6, GO Bonds		5.00%		04/01/2031		195		218,029
New York (City of), NY, Subseries 2019 A-1, GO Bonds		5.00%		08/01/2035		250		275,567
New York (City of), NY, Subseries 2019 A-1, GO Bonds		5.00%		08/01/2039		100		107,692
New York (City of), NY, Subseries 2019 A-1, GO Bonds		5.00%		08/01/2043		300		318,842
New York (City of), NY Municipal Water Finance Authority, Series 2019 BB-1, RB		5.00%		06/15/2049		200		212,975
New York (City of), NY Municipal Water Finance Authority, Series 2019 CC, Ref. RB		5.00%		06/15/2029		50		56,808
New York (City of), NY Municipal Water Finance Authority, Series 2019 CC-1, RB		5.00%		06/15/2044		105		112,594
New York (City of), NY Municipal Water Finance Authority, Series 2019, Ref. RB		5.00%		06/15/2032		35		40,075
New York (City of), NY Municipal Water Finance Authority, Series 2019, Ref. RB		5.00%		06/15/2040		135		146,491
New York (City of), NY Municipal Water Finance Authority, Series 2021 DD, Ref. RB		5.00%		06/15/2029		370		420,377
New York (City of), NY Municipal Water Finance Authority, Subseries 2019 EE-2, Ref. RB		5.00%		06/15/2040		270		291,470
New York (City of), NY Municipal Water Finance Authority, Subseries 2019 FF-2, Ref. RB		5.00%		06/15/2034		10		11,224
New York (City of), NY Municipal Water Finance Authority, Subseries 2019 FF-2, Ref. RB		5.00%		06/15/2038		50		54,548
New York (City of), NY Transitional Finance Authority, Series 2018 S-4A, Ref. RB		5.00%		07/15/2029		15		16,679
New York (City of), NY Transitional Finance Authority, Series 2019 B-1, RB		5.00%		11/01/2035		140		156,262
New York (City of), NY Transitional Finance Authority, Series 2019 C-1, RB		5.00%		11/01/2035		15		16,624
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB		5.00%		08/01/2029		45		50,823
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB		5.00%		11/01/2029		400		453,694
New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB		5.00%		07/15/2029		95		105,632
New York (City of), NY Transitional Finance Authority, Subseries 2019 A-2, RB		5.00%		05/01/2037		285		310,656
New York (City of), NY Transitional Finance Authority, Subseries 2019 A-2, RB		5.00%		05/01/2039		100		107,938
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB		5.00%		03/15/2032		95		106,158
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB		5.00%		03/15/2035		100		110,295
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB		5.00%		03/15/2037		35		38,009

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


		211

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

February 28, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York-(continued)
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB		5.00%		03/15/2038	$	100	$	108,037
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB		5.00%		03/15/2042		50		53,156
New York (State of) Dormitory Authority, Series 2019, RB		5.00%		07/01/2039		325		347,429
New York (State of) Dormitory Authority, Series 2020 A, RB, (INS - AGM)^(b)		5.00%		10/01/2029		25		27,850
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB		5.00%		03/15/2029		225		253,526
New York (State of) Dormitory Authority (Bid Group 2), Series 2019 A, Ref. RB		5.00%		03/15/2031		215		240,613
New York (State of) Dormitory Authority (Bid Group 3), Series 2019 A, Ref. RB		5.00%		03/15/2040		325		348,111
New York (State of) Dormitory Authority (Bid Group 3), Series 2019 A, Ref. RB		5.00%		03/15/2043		55		58,396
New York (State of) Dormitory Authority (Bid Group 4), Series 2019 A, Ref. RB		5.00%		03/15/2044		300		317,912
New York (State of) Dormitory Authority (Memorial Sloan Kettering Cancer), Series 2019, RB		5.00%		07/01/2035		35		38,500
New York (State of) Dormitory Authority (New York University), Series 2019 A, RB		5.00%		07/01/2029		25		28,427
New York (State of) Dormitory Authority (New York University), Series 2019 A, RB		5.00%		07/01/2034		15		16,881
New York (State of) Dormitory Authority (New York University), Series 2019 A, RB		5.00%		07/01/2038		10		10,898
New York (State of) Dormitory Authority (Rochester Institute of Technology), Series 2019 A, RB		5.00%		07/01/2049		190		200,832
New York (State of) Dormitory Authority (Rockefeller University), Series 2019 A, Ref. RB		5.00%		07/01/2035		55		61,266
New York (State of) Energy Research & Development Authority (New Yourk State Electric & Gas Corp.), Series 1994 D, Ref. RB		3.50%		10/01/2029		55		54,140
New York City Health and Hospitals Corp., Series 2021 A, Ref. RB		5.00%		02/15/2029		90		100,410
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2019 B, Ref. RB		5.00%		06/15/2044		70		75,381
New York State Urban Development Corp., Series 2019 A, Ref. RB		5.00%		03/15/2040		330		355,786
New York State Urban Development Corp., Series 2020, Ref. RB		5.00%		03/15/2029		120		134,858
New York State Urban Development Corp. (Bidding Group 4), Series 2020 E, Ref. RB		5.00%		03/15/2029		40		44,953
Onondaga (County of), NY Trust for Cultural Resources (Syracuse University), Series 2019, Ref. RB		5.00%		12/01/2040		90		97,903
Onondaga (County of), NY Trust for Cultural Resources (Syracuse University), Series 2019, Ref. RB		5.00%		12/01/2045		95		101,853
Triborough Bridge & Tunnel Authority, Series 2018 B, Ref. RB		5.00%		11/15/2029		25		28,375
Triborough Bridge & Tunnel Authority, Series 2022, RB		5.00%		05/15/2029		80		90,362
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2019 A, RB		5.00%		11/15/2049		100		105,543

								8,035,227

North Carolina-1.59%
Charlotte (City of), NC, Series 2018, Ref. RB		5.00%		07/01/2029		75		83,966
North Carolina (State of), Series 2019 A, RB		5.00%		05/01/2029		190		214,806
North Carolina (State of), Series 2019 A, RB		5.00%		05/01/2032		15		16,866
North Carolina (State of), Series 2019 A, RB		4.00%		05/01/2034		100		104,822
North Carolina (State of), Series 2020 B, RB		5.00%		05/01/2029		50		56,528
North Carolina (State of), Series 2022 A, RB		5.00%		05/01/2029		15		16,958
North Carolina (State of) (Garvee), Series 2019, RB		5.00%		03/01/2031		95		106,701
North Carolina (State of) (Garvee), Series 2019, RB		5.00%		03/01/2032		45		50,493
North Carolina (State of) (Garvee), Series 2019, RB		5.00%		03/01/2034		20		22,281
North Carolina (State of) Turnpike Authority, Series 2018, Ref. RB, (INS - AGM)^(b)		5.00%		01/01/2036		50		53,152
Wake (County of), NC, Series 2021, RB		5.00%		03/01/2029		30		33,851

								760,424

Ohio-2.81%
American Municipal Power, Inc. (Combined Hydroelectric), Series 2020 A, Ref. RB		5.00%		02/15/2029		25		27,647
Columbus (City of), OH, Series 2018 A, GO Bonds		5.00%		04/01/2029		50		56,090
Ohio (State of), Series 2019 A, GO Bonds		5.00%		06/15/2031		20		22,738
Ohio (State of), Series 2019 A, GO Bonds		5.00%		06/15/2037		55		60,603
Ohio (State of), Series 2019 A, GO Bonds		5.00%		06/15/2038		150		164,893
Ohio (State of), Series 2019, RB		5.00%		12/15/2029		50		56,996
Ohio (State of) Turnpike & Infrastructure Commission (Infrastructure), Series 2018 A, RB		5.00%		02/15/2029		60		66,321
Ohio (State of) Water Development Authority, Series 2019 A, RB		5.00%		06/01/2029		220		248,682
Ohio (State of) Water Development Authority, Series 2019, RB		5.00%		12/01/2039		100		109,862
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 B, RB		5.00%		12/01/2035		180		201,348
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 B, RB		5.00%		12/01/2037		85		93,804
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 B, RB		5.00%		12/01/2039		125		137,327

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


		212

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

February 28, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Ohio-(continued)
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 B, RB		5.00%		12/01/2044	$	40	$	43,175
Ohio State University (The), Series 2020 A, Ref. RB		5.00%		12/01/2029		50		57,156

								1,346,642


Oklahoma-0.05%
Canadian (County of), OK Educational Facilities Authority (Mustang Public Schools), Series 2017, RB		3.00%		09/01/2029		25		24,763


Oregon-1.17%
Multnomah (County of), OR, Series 2021 A, GO Bonds		5.00%		06/15/2029		190		215,516
Oregon (State of) (Article XI-Q State), Series 2019 A, GO Bonds		5.00%		05/01/2033		60		67,558
Oregon (State of) Department of Transportation, Series 2019 A, Ref. RB		5.00%		11/15/2036		150		166,259
Portland (City of), OR, Series 2019 A, Ref. RB		5.00%		03/01/2034		100		112,899

								562,232

Pennsylvania-4.94%
Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2019 A, Ref. RB		5.00%		07/15/2034		40		43,643
Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2019 A, Ref. RB		4.00%		07/15/2035		25		25,089
Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2019 A, Ref. RB		4.00%		07/15/2036		100		98,404
Delaware (State of) River Port Authority, Series 2018 A, RB		5.00%		01/01/2032		35		38,929
Delaware (State of) River Port Authority, Series 2018 A, RB		5.00%		01/01/2034		95		105,395
Delaware (State of) River Port Authority, Series 2018 A, RB		5.00%		01/01/2035		75		82,755
Delaware (State of) River Port Authority, Series 2018 A, RB		5.00%		01/01/2036		35		38,259
Lancaster (County of), PA Hospital Authority (Penn State Health), Series 2021, RB		5.00%		11/01/2051		200		204,986
Lehigh (County of), PA Industrial Development Authority (PPL Electric Utilities Corp.), Series 2016 A, Ref. RB		3.00%		09/01/2029		50		48,926
Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University), Series 2019, Ref. RB		5.00%		09/01/2031		55		59,668
Pennsylvania (Commonwealth of), First Series 2020, GO Bonds		5.00%		05/01/2029		150		168,858
Pennsylvania (Commonwealth of), First Series 2021, GO Bonds		5.00%		05/15/2029		35		39,427
Pennsylvania (Commonwealth of), Series 2019, Ref. GO Bonds		5.00%		07/15/2029		90		101,679
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB		5.00%		12/01/2044		340		358,869
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB		5.00%		12/01/2049		30		31,178
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019, Ref. RB		5.00%		12/01/2029		35		39,006
Philadelphia (City of), PA, Series 2019 B, GO Bonds		5.00%		02/01/2031		35		38,333
Philadelphia (City of), PA, Series 2019 B, GO Bonds		5.00%		02/01/2033		25		27,316
Philadelphia (City of), PA, Series 2019 B, GO Bonds		5.00%		02/01/2034		110		119,809
Philadelphia (City of), PA, Series 2019 B, GO Bonds		5.00%		02/01/2037		100		106,471
Philadelphia (City of), PA, Series 2019 B, GO Bonds		5.00%		02/01/2039		20		21,151
Philadelphia (City of), PA, Series 2019 B, RB		5.00%		11/01/2044		110		115,646
Philadelphia School District (The), Series 2019 A, GO Bonds		5.00%		09/01/2031		120		132,456
Southcentral Pennsylvania General Authority (WellSpan Health Obligated Group), Series 2019 A, Ref. RB		5.00%		06/01/2049		130		133,414
Upper Merion Area School District, Series 2021 A, GO Bonds		4.00%		01/15/2046		45		43,918
Wilkes-Barre Area School District, Series 2019, GO Bonds, (INS - BAM)^(b)		5.00%		04/15/2059		145		148,687

								2,372,272

Rhode Island-0.75%
Rhode Island Health & Educational Building Corp. (Brown University), Series 2019 A, Ref. RB		5.00%		09/01/2029		315		361,722

South Carolina-0.44%
South Carolina (State of) Transportation Infrastructure Bank, Series 2016 A, Ref. RB		3.00%		10/01/2029		75		72,381
Spartanburg County School District No. 7, Series 2019 D, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		03/01/2048		130		137,459

								209,840

Tennessee-0.21%
Chattanooga (City of), TN Health, Educational & Housing Facility Board (CommonSpirit Health), Series 2019 A-2, Ref. RB		5.00%		08/01/2044		100		101,582

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


		213

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

February 28, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Texas-6.75%
Austin (City of), TX, Series 2019 B, RB		5.00%		11/15/2044	$	100	$	106,484
Board of Regents of the University of Texas System, Series 2019 A, Ref. RB		5.00%		08/15/2032		40		44,802
Board of Regents of the University of Texas System, Series 2019 A, Ref. RB		5.00%		08/15/2033		100		111,775
Board of Regents of the University of Texas System, Series 2019 A, Ref. RB		5.00%		08/15/2038		40		43,702
Board of Regents of the University of Texas System, Series 2019 A, Ref. RB		5.00%		08/15/2039		30		32,662
Board of Regents of the University of Texas System, Series 2019 B, RB		5.00%		08/15/2029		150		169,146
Collin County Community College District, Series 2020 A, GO Bonds		5.00%		08/15/2031		100		113,814
Conroe Independent School District, Series 2020 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2029		30		33,767
Cypress-Fairbanks Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2031		20		22,552
Cypress-Fairbanks Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2032		60		67,592
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 A, Ref. RB		5.00%		11/01/2029		50		56,388
Dallas (City of), TX Area Rapid Transit, Series 2019, Ref. RB		5.00%		12/01/2029		35		39,548
Dallas (City of), TX Area Rapid Transit, Series 2019, Ref. RB		5.00%		12/01/2034		125		139,190
Dallas (City of), TX Independent School District, Series 2019 B, GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		02/15/2031		25		26,637
Dallas (County of), TX Hospital District, Series 2019, Ref. GO Bonds		5.00%		08/15/2029		75		82,484
Frisco Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		08/15/2036		75		82,627
Garland (City of), TX, Series 2019, Ref. RB		5.00%		03/01/2044		150		157,841
Houston (City of), TX, Series 2018 D, Ref. RB		5.00%		07/01/2029		35		38,633
Houston (City of), TX, Series 2019 A, Ref. GO Bonds		5.00%		03/01/2029		110		123,214
Lewisville Independent School District, Series 2020, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		08/15/2035		50		51,164
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2019, Ref. RB		5.00%		05/15/2032		20		22,105
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2019, Ref. RB		5.00%		05/15/2036		200		215,552
North Texas Municipal Water District, Series 2021 A, Ref. RB		5.00%		09/01/2029		10		11,349
North Texas Tollway Authority, Series 2019 A, Ref. RB		5.00%		01/01/2038		140		149,910
Permanent University Fund - University of Texas System, Series 2022, RB		5.00%		07/01/2029		60		67,963
Round Rock Independent School District, Series 2019 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		08/01/2032		50		53,370
San Antonio (City of), TX, Series 2019, Ref. GO Bonds		5.00%		08/01/2031		110		124,630
San Antonio (City of), TX, Series 2019, Ref. RB		4.00%		02/01/2029		25		26,227
Tarrant County Cultural Education Facilities Finance Corp. (Christus Health), Series 2018 B, RB		5.00%		07/01/2032		105		113,689
Tarrant County Cultural Education Facilities Finance Corp. (Cook Children’s Medical Center), Series 2020, Ref. RB		3.00%		12/01/2050		125		90,322
Texas (State of) Water Development Board, Series 2019, RB		5.00%		04/15/2031		130		147,588
Texas (State of) Water Development Board, Series 2019, RB		5.00%		04/15/2032		135		153,106
Texas (State of) Water Development Board, Series 2019, RB		4.00%		10/15/2036		125		127,241
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		94,761
Travis (County of), TX, Series 2019 A, Ctfs. Of Obligation		5.00%		03/01/2032		100		112,620
Trinity River Authority, Series 2020, Ref. RB		5.00%		08/01/2029		20		22,575
Webb (County of), TX, Series 2020, Ctfs. Of Obligation		4.00%		02/15/2045		15		14,347
Williamson (County of), TX, Series 2020, GO Bonds		4.00%		02/15/2040		150		148,081

								3,239,458

Utah-0.41%
Board of Regents of Utah University, Series 1998 A, Ref. RB, (INS - NATL)^(b)		5.50%		04/01/2029		100		110,728
Utah (State of), Series 2020, GO Bonds		5.00%		07/01/2029		75		84,746

								195,474

Virginia-1.13%
Charles City (County of), VA Economic Development Authority (Wate Management, Inc.), Series 2004 A, RB		2.88%		02/01/2029		30		27,449
Richmond (City of), VA, Series 2017 D, Ref. GO Bonds		5.00%		03/01/2029		10		11,307
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2017 E, Ref. RB		5.00%		02/01/2029		200		220,114

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


		214

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(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Virginia-(continued)
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2019 C, Ref. RB		5.00%		02/01/2029	$	30	$	33,757
Virginia (Commonwealth of) Public Building Authority, Series 2020 B, Ref. RB		5.00%		08/01/2029		40		45,452
Virginia (Commonwealth of) Public Building Authority, Series 2021 A-1, RB		5.00%		08/01/2029		180		204,536

								542,615

Washington-3.32%
Energy Northwest (Columbia Generating Station), Series 2019 A, Ref. RB		5.00%		07/01/2035		35		38,838
Energy Northwest (Columbia Generating Station), Series 2019 A, Ref. RB		5.00%		07/01/2037		100		109,338
Snohomish County School District No. 201 Snohomish, Series 2020, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2029		35		40,079
Washington (State of), Series 2019 A, GO Bonds		5.00%		08/01/2029		35		39,749
Washington (State of), Series 2019 A, GO Bonds		5.00%		08/01/2031		50		56,808
Washington (State of), Series 2019 A, GO Bonds		5.00%		08/01/2035		35		38,858
Washington (State of), Series 2019 A, GO Bonds		5.00%		08/01/2036		30		33,070
Washington (State of), Series 2019 A, GO Bonds		5.00%		08/01/2039		210		227,276
Washington (State of), Series 2019 A, GO Bonds		5.00%		08/01/2042		335		358,687
Washington (State of), Series 2019 A, GO Bonds		5.00%		08/01/2044		250		266,770
Washington (State of), Series 2019 C, GO Bonds		5.00%		02/01/2035		60		66,390
Washington (State of) (Bid Group 1), Series 2020 A, GO Bonds		5.00%		08/01/2029		145		164,674
Washington (State of) Health Care Facilities Authority (Commonspirit Health), Series 2019 A, Ref. RB		5.00%		08/01/2044		150		152,372

								1,592,909

West Virginia-0.64%
West Virginia (State of) (Bidding Group 2), Series 2019 A, GO Bonds		5.00%		12/01/2040		110		118,570
West Virginia (State of) (Bidding Group 2), Series 2019 A, GO Bonds		5.00%		12/01/2043		85		90,651
West Virginia (State of) Hospital Finance Authority (Cabell Huntington Hospital Obligated Group), Series 2018, Ref. RB		5.00%		01/01/2043		100		98,342

								307,563

Wisconsin-0.25%
Wisconsin (State of), Series 2020 1, Ref. GO Bonds		5.00%		05/01/2029		75		85,020
Wisconsin (State of), Series 2021-2, Ref. GO Bonds		5.00%		05/01/2029		30		34,008

								119,028

TOTAL INVESTMENTS IN SECURITIES^(d)-98.53% (Cost $48,647,929)								47,266,542
OTHER ASSETS LESS LIABILITIES-1.47%								706,935

NET ASSETS-100.00%							$	47,973,477


Investment Abbreviations:
AGM		-Assured Guaranty Municipal Corp.
BAM		-Build America Mutual Assurance Co.
CEP		-Credit Enhancement Provider
COP		-Certificates of Participation
Ctfs.		-Certificates
GO		-General Obligation
INS		-Insurer
NATL		-National Public Finance Guarantee Corp.
NCCU		-North Carolina Central university
RB		-Revenue Bonds
Ref.		-Refunding

Notes to Schedule of Investments:

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

^(b)	Principal and/or interest payments are secured by the bond insurance company listed.

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

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

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


		215

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

February 28, 2023

(Unaudited)


Portfolio Composition
Revenue Type Breakdown (% of the Fund’s Net Assets) as of February 28, 2023

Ad Valorem Property Tax			15.08

General Fund			10.93

Water Revenue			8.90

College & University Revenue			8.08

Income Tax Revenue			7.50

Sales Tax Revenue			7.31

Lease Revenue			6.15

Health, Hospital, Nursing Home Revenue			5.82

Miscellaneous Revenue			5.80

Highway Tolls Revenue			5.52

Port, Airport & Marina Revenue			5.24

Electric Power Revenue			3.98

Appropriations			3.66

Revenue Types Each Less Than 3%			4.56

Other Assets Less Liabilities			1.47

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


		216

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(Unaudited)

Schedule of Investments


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Municipal Obligations-98.17%
Alabama-1.50%
Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB		5.00%		11/01/2033	$	100	$	114,756
Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB		5.00%		11/01/2035		100		112,656
Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB		4.00%		11/01/2036		100		102,682
Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB		5.00%		11/01/2037		200		221,841

								551,935

Arizona-2.14%
Arizona (State of) Sports & Tourism Authority, Series 2022, Ref. RB, (INS - BAM)^(a)		5.00%		07/01/2030		100		111,181
Maricopa (County of), AZ Special Health Care District, Series 2021 D, GO Bonds		5.00%		07/01/2030		20		22,866
Phoenix Civic Improvement Corp., Series 2020 A, RB		5.00%		07/01/2044		135		146,526
Salt River Project Agricultural Improvement & Power District, Series 2019, RB		5.00%		01/01/2035		250		281,321
Salt River Project Agricultural Improvement & Power District, Series 2019, RB		5.00%		01/01/2037		205		227,301

								789,195

California-15.65%
California (State of), Series 2019, Ref. GO Bonds		5.00%		04/01/2030		90		103,677
California (State of), Series 2019, Ref. GO Bonds		5.00%		04/01/2030		20		22,595
California (State of), Series 2020, GO Bonds		5.00%		03/01/2030		25		28,758
California (State of), Series 2020, GO Bonds		5.00%		03/01/2034		200		227,596
California (State of), Series 2020, GO Bonds		5.00%		03/01/2034		250		284,495
California (State of), Series 2020, GO Bonds		4.00%		11/01/2035		100		103,962
California (State of), Series 2020, Ref. GO Bonds		4.00%		11/01/2030		40		43,318
California (State of), Series 2020, Ref. GO Bonds		5.00%		11/01/2030		60		69,812
California (State of), Series 2020, Ref. GO Bonds		5.00%		03/01/2032		50		57,335
California (State of), Series 2020, Ref. GO Bonds		5.00%		03/01/2035		250		281,859
California (State of), Series 2020, Ref. GO Bonds		4.00%		03/01/2036		100		102,680
California (State of), Series 2020, Ref. GO Bonds		4.00%		03/01/2038		175		176,925
California (State of), Series 2021, GO Bonds		5.00%		10/01/2030		250		290,476
California (State of), Series 2021, GO Bonds		5.00%		12/01/2035		80		90,796
California (State of), Series 2021, GO Bonds		5.00%		12/01/2043		60		65,744
California (State of), Series 2021, Ref. GO Bonds		5.00%		09/01/2030		40		46,411
California (State of) Department of Water Resources, Series 2020 BB, Ref. RB		5.00%		12/01/2033		75		87,450
California (State of) Department of Water Resources (Central Valley), Series 2021, RB		5.00%		12/01/2030		10		11,759
California (State of) Public Works Board, Series 2022 A, Ref. RB		5.00%		08/01/2030		60		69,560
California (State of) Public Works Board (Various Capital), Series 2019 C, RB		5.00%		11/01/2030		60		68,680
Chino Valley Unified School District, Series 2020 B, GO Bonds		5.00%		08/01/2055		45		48,282
Long Beach (City of), CA Bond Finance Authority, Series 2007 A, RB		5.50%		11/15/2030		50		54,549
Los Angeles (City of), CA Department of Airports, Series 2020 B, Ref. RB		5.00%		05/15/2034		200		229,247
Los Angeles (City of), CA Department of Airports, Series 2020 D, RB		5.00%		05/15/2044		10		10,841
Los Angeles (City of), CA Department of Water & Power, Series 2020 A, Ref. RB		5.00%		07/01/2040		260		287,040
Los Angeles (City of), CA Department of Water & Power, Series 2020 A, Ref. RB		5.00%		07/01/2050		200		214,869
Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB		4.00%		07/01/2030		75		81,851
Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB		5.00%		07/01/2040		40		44,051
Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB		5.00%		07/01/2034		10		11,569
Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB		5.00%		07/01/2037		5		5,608
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB		5.00%		06/01/2036		25		28,314
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB		5.00%		06/01/2037		140		157,675
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020, RB		5.00%		06/01/2033		25		28,961
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020, RB		5.00%		06/01/2034		155		178,728
Los Angeles (County of), CA Public Works Financing Authority (Green Bonds), Series 2020 A, RB		5.00%		12/01/2045		150		163,679
Los Angeles Unified School District, Series 2019 A, Ref. GO Bonds		5.00%		07/01/2030		65		73,962
Los Angeles Unified School District, Series 2020 A, Ref. GO Bonds		5.00%		07/01/2032		160		184,879
Los Angeles Unified School District, Series 2020 RYQ, GO Bonds		5.00%		07/01/2033		130		149,921
Metropolitan Water District of Southern California, Series 2020 C, Ref. RB		5.00%		07/01/2039		115		128,396

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


		217

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

February 28, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
Metropolitan Water District of Southern California, Series 2020 C, Ref. RB		5.00%		07/01/2040	$	90	$	99,730
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2019 G, RB		5.00%		08/15/2030		70		80,365
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2020 H, RB		5.00%		08/15/2038		25		27,839
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2020 H, RB		5.00%		08/15/2050		100		108,151
San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2021 A, RB		5.00%		10/15/2046		10		10,784
San Francisco (City of), CA Public Utilities Commission (Green Bonds), Series 2020 A, RB		5.00%		11/01/2050		180		194,155
Santa Rosa (City of), CA, Series 2020 A, RB		5.00%		09/01/2034		100		114,410
Turlock (City of), CA Irrigation District, Series 2020, Ref. RB		5.00%		01/01/2041		250		272,640
University of California, Series 2020 BE, Ref. RB		5.00%		05/15/2038		205		227,300
University of California, Series 2020 BE, Ref. RB		5.00%		05/15/2039		190		209,859
University of California, Series 2020 BE, Ref. RB		5.00%		05/15/2043		100		108,982

								5,770,525

Colorado-1.42%
Colorado (State of), Series 2020 A, COP		5.00%		12/15/2030		40		45,909
Colorado (State of), Series 2020 A, COP		5.00%		12/15/2033		25		28,633
Colorado (State of) Health Facilities Authority (Sanford Health), Series 2019 A, Ref. RB		5.00%		11/01/2030		70		77,110
Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB		4.00%		01/01/2036		45		45,904
Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB		4.00%		01/01/2037		20		20,223
Denver (City & County of), CO, Series 2020 A, GO Bonds		5.00%		08/01/2033		40		46,266
Denver (City & County of), CO, Series 2020 B, Ref. GO Bonds		5.00%		08/01/2030		180		208,680
Denver City & County School District No. 1, Series 2021, GO Bonds		5.00%		12/01/2038		25		27,864
Denver City & County School District No. 1, Series 2021, GO Bonds		5.00%		12/01/2039		20		22,200

								522,789

Connecticut-2.91%
Connecticut (State of), Series 2019 A, GO Bonds		5.00%		04/15/2030		100		111,559
Connecticut (State of), Series 2020 A, RB		5.00%		05/01/2038		245		269,228
Connecticut (State of), Series 2020 C, GO Bonds		4.00%		06/01/2037		250		251,670
Connecticut (State of), Series 2020 C, GO Bonds		4.00%		06/01/2038		250		250,954
Connecticut (State of), Series 2022 D, Ref. GO Bonds		5.00%		09/15/2030		165		189,142

								1,072,553

Delaware-1.81%
Delaware (State of), Series 2020 A, GO Bonds		5.00%		01/01/2030		250		287,554
Delaware (State of), Series 2020 A, GO Bonds		4.00%		01/01/2032		100		108,361
Delaware (State of) Transportation Authority, Series 2020, Ref. RB		5.00%		07/01/2030		235		272,899

								668,814

District of Columbia-2.22%
District of Columbia, Series 2019 A, RB		5.00%		03/01/2030		10		11,417
District of Columbia, Series 2019 C, Ref. RB		5.00%		10/01/2030		10		11,515
District of Columbia, Series 2020 A, RB		5.00%		03/01/2036		195		218,423
District of Columbia, Series 2020 A, RB		5.00%		03/01/2037		170		188,831
District of Columbia, Series 2020 B, Ref. RB		5.00%		10/01/2030		50		57,576
Washington Metropolitan Area Transit Authority, Series 2020 A, RB		5.00%		07/15/2035		100		112,391
Washington Metropolitan Area Transit Authority, Series 2020 A, RB		5.00%		07/15/2045		205		218,802

								818,955

Florida-2.75%
Broward (County of), FL School Board, Series 2020 A, COP		5.00%		07/01/2033		20		22,708
Florida (State of), Series 2021 A, Ref. GO Bonds		5.00%		07/01/2030		20		23,139
Florida (State of), Series 2021 B, Ref. GO Bonds		5.00%		06/01/2030		30		34,744
Jacksonville (City of), FL, Series 2015, Ref. RB		3.00%		10/01/2030		50		49,267
Miami-Dade (County of), FL, Series 2021, RB		5.00%		10/01/2030		35		40,329
Miami-Dade (County of), FL Transit System, Series 2020 A, RB		4.00%		07/01/2046		200		189,151
North Miami Beach (City of), FL, Series 2020 A, RB		5.00%		08/01/2049		250		268,022
Palm Beach County School District, Series 2020 A, COP		5.00%		08/01/2033		100		113,361

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


		218

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

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(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Florida-(continued)
Palm Beach County School District, Series 2020 A, COP		5.00%		08/01/2034	$	50	$	56,382
Tampa (City of), FL, Series 2020 A, RB		5.00%		10/01/2046		200		218,096

								1,015,199

Georgia-1.35%
DeKalb (County of), GA, Series 2022, Ref. RB		5.00%		10/01/2030		10		11,552
Georgia (State of) (Bid Group 2), Series 2020 A, GO Bonds		5.00%		08/01/2033		65		75,276
Georgia (State of) (Bidding Group 1), Series 2020 A, GO Bonds		5.00%		08/01/2032		10		11,607
Georgia (State of) (Bidding Group 1), Series 2020 A, GO Bonds		4.00%		08/01/2035		20		20,791
Georgia (State of) (Tranche 1), Series 2019 A, GO Bonds		5.00%		07/01/2030		35		39,826
Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB		5.00%		09/01/2032		15		17,159
Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB		5.00%		09/01/2033		250		285,276
Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB		4.00%		09/01/2035		35		36,147

								497,634

Hawaii-1.00%
Hawaii (State of), Series 2020 C, RB		5.00%		07/01/2050		125		132,082
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2020 B, Ref. GO Bonds		5.00%		03/01/2030		40		45,848
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2021, GO Bonds		5.00%		03/01/2030		165		189,123

								367,053

Illinois-4.05%
Chicago (City of), IL, Series 2020 A, Ref. GO Bonds		5.00%		01/01/2030		145		150,423
Chicago (City of), IL (O’Hare International Airport), Series 2020 A, Ref. RB		4.00%		01/01/2035		35		35,606
Chicago (City of), IL Metropolitan Water Reclamation District, Series 2021 C, Ref. GO Bonds		5.00%		12/01/2030		10		11,561
Cook (County of), IL, Series 2021 A, Ref. GO Bonds		5.00%		11/15/2033		200		222,869
Illinois (State of) Finance Authority (Advocate Health Care Network), Series 2008 A, Ref. RB		5.00%		11/01/2030		235		247,178
Illinois (State of) Toll Highway Authority, Series 2019 B, Ref. RB		5.00%		01/01/2030		15		17,112
Illinois (State of) Toll Highway Authority, Series 2019, Ref. RB		5.00%		01/01/2030		175		198,940
Sales Tax Securitization Corp., Series 2021 A, Ref. RB		5.00%		01/01/2030		550		608,646

								1,492,335

Indiana-1.04%
Indiana (State of) Finance Authority (Green Bonds), Series 2021 A, Ref. RB		5.00%		02/01/2030		80		91,506
Indiana (State of) Finance Authority (Ohio Valley Electrical Corp.), Series 2010 A, RB		3.00%		11/01/2030		150		133,657
Indiana (State of) Finance Authority (Ohio Valley Electrical Corp.), Series 2010 B, RB		2.50%		11/01/2030		100		85,920
Indiana (State of) Finance Authority (Stadium), Series 2022 A, Ref. RB		5.00%		02/01/2030		65		74,085

								385,168

Louisiana-0.58%
Louisiana (State of), Series 2019 A, GO Bonds		5.00%		03/01/2030		15		16,842
New Orleans (City of), LA, Series 2021 A, GO Bonds		5.00%		12/01/2046		75		78,304
New Orleans (City of), LA, Series 2021 A, GO Bonds		5.00%		12/01/2050		115		119,968

								215,114

Maryland-3.27%
Baltimore (City of), MD (Water), Series 2020 A, RB		5.00%		07/01/2050		100		106,513
Maryland (State of) (Bidding Group 1), Series 2020 A, GO Bonds		5.00%		03/15/2030		35		40,337
Maryland (State of) (Bidding Group 2), Second Series 2019 A, GO Bonds		5.00%		08/01/2030		45		51,139
Maryland (State of) (Bidding Group 2), Series 2020 A, GO Bonds		5.00%		03/15/2033		125		143,613
Maryland (State of) (Bidding Group 2), Series 2020 A, GO Bonds		5.00%		08/01/2034		250		286,912
Maryland (State of) (Bidding Group 2), Series 2020 A, GO Bonds		5.00%		08/01/2035		200		227,378
Maryland (State of) Department of Transportation, Series 2020, RB		5.00%		10/01/2033		15		17,308
Maryland (State of) Transportation Authority, Series 2020, RB		5.00%		07/01/2030		45		51,997
Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB		5.00%		07/01/2030		20		23,110
Montgomery (County of), MD, Series 2020 B, Ref. GO Bonds		4.00%		11/01/2030		100		109,164
Prince George’s (County of), MD, Series 2019 A, GO Bonds		5.00%		07/15/2030		130		147,946

								1,205,417

Massachusetts-6.21%
Massachusetts (Commonwealth of), Series 2019 A, GO Bonds		5.00%		01/01/2030		55		61,919

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


		219

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

February 28, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Massachusetts-(continued)
Massachusetts (Commonwealth of), Series 2020 C, GO Bonds		2.75%		03/01/2050	$	15	$	10,448
Massachusetts (Commonwealth of), Series 2020 E, GO Bonds		5.00%		11/01/2045		370		400,342
Massachusetts (Commonwealth of), Series 2020 E, GO Bonds		5.00%		11/01/2050		300		320,710
Massachusetts (Commonwealth of), Series 2020, GO Bonds		5.00%		07/01/2036		190		212,678
Massachusetts (Commonwealth of), Series 2020, GO Bonds		5.00%		07/01/2040		225		246,869
Massachusetts (Commonwealth of), Series 2020, GO Bonds		5.00%		07/01/2045		265		285,909
Massachusetts (Commonwealth of) (Rail Enhancement Program), Series 2021 B, RB		5.00%		06/01/2043		105		113,576
Massachusetts (Commonwealth of) (Rail Enhancement Program) (Sustainability Bonds), Series 2021 A, RB		5.00%		06/01/2051		35		37,361
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2007 A-1, Ref. RB		5.25%		07/01/2030		25		29,338
Massachusetts (Commonwealth of) Health & Educational Facilities Authority (Massachusetts Institute of Technology), Series 2004 M, RB		5.25%		07/01/2030		150		177,231
Massachusetts (Commonwealth of) School Building Authority (Social Bonds), Series 2020 A, RB		5.00%		08/15/2045		250		269,346
Massachusetts (Commonwealth of) School Building Authority (Social Bonds), Series 2020 A, RB		5.00%		08/15/2050		115		122,754

								2,288,481

Michigan-1.56%
Detroit City School District, Series 2005 A, Ref. GO Bonds, (INS - AGM)^(a)		5.25%		05/01/2030		205		235,917
Michigan (State of), Series 2020 B, RB		5.00%		11/15/2032		15		17,432
Michigan (State of), Series 2020 B, RB		5.00%		11/15/2033		185		214,328
Michigan (State of) Building Authority, Series 2020 I, Ref. RB		5.00%		10/15/2030		70		80,500
Walled Lake Consolidated School District, Series 2020, GO Bonds		5.00%		05/01/2050		25		26,548

								574,725

Minnesota-0.75%
Minnesota (State of), Series 2020 A, GO Bonds		5.00%		08/01/2035		50		56,845
Minnesota (State of), Series 2020 A, GO Bonds		5.00%		08/01/2040		140		155,386
Minnesota (State of), Series 2021 A, GO Bonds		5.00%		09/01/2030		25		29,062
Minnesota (State of), Series 2022 A, Ref. RB		5.00%		03/01/2030		30		34,489

								275,782

Missouri-1.10%
Curators of the University of Missouri (The), Series 2020 B, RB		5.00%		11/01/2030		125		145,253
St. Louis Municipal Finance Corp., Series 2020, RB, (INS - AGM)^(a)		5.00%		10/01/2049		250		260,527

								405,780

Nebraska-0.44%
Omaha (City of), NE Public Power District, Series 2021 A, RB		5.00%		02/01/2046		150		161,995

Nevada-0.22%
Clark (County of), NV, Series 2020 C, Ref. RB		5.00%		07/01/2030		70		80,032

New Jersey-2.04%
New Jersey (State of), Series 2021, GO Bonds		2.00%		06/01/2030		500		442,472
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB		5.00%		06/15/2050		300		309,214

								751,686

New Mexico-0.22%
New Mexico (State of) Finance Authority, Series 2021 A, RB		5.00%		06/15/2030		50		57,374
New Mexico (State of) Severance Tax Permanent Fund, Series 2022 A, RB		5.00%		07/01/2030		20		22,980

								80,354

New York-21.72%
Long Island (City of), NY Power Authority, Series 2020 A, Ref. RB		5.00%		09/01/2037		155		170,428
Metropolitan Transportation Authority (Green Bonds), Series 2020 C-1, RB		4.75%		11/15/2045		450		442,236
Metropolitan Transportation Authority (Green Bonds), Series 2020 C-1, RB		5.25%		11/15/2055		400		409,770
Nassau (County Of), NY Interim Finance Authority, Series 2021 A, Ref. RB		5.00%		11/15/2030		120		140,721
New York & New Jersey (States of) Port Authority, Two Hundred Twelfth Series 2019, Ref. RB		5.00%		09/01/2030		100		113,811
New York (City of), NY, Series 2008-1, GO Bonds		5.00%		04/01/2030		20		22,776
New York (City of), NY, Series 2020 A-1, Ref. GO Bonds		5.00%		08/01/2030		200		228,967
New York (City of), NY, Series 2020 C, GO Bonds		5.00%		08/01/2032		365		416,767
New York (City of), NY, Series 2020 C, GO Bonds		5.00%		08/01/2035		110		123,036

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


		220

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

February 28, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York-(continued)
New York (City of), NY, Series 2020 C-1, Ref. GO Bonds		5.00%		08/01/2030	$	95	$	108,759
New York (City of), NY, Series 2020 D-1, GO Bonds		5.00%		03/01/2043		100		106,656
New York (City of), NY, Series 2022 B-1, Ref. GO Bonds		5.00%		08/01/2030		75		85,862
New York (City of), NY, Subseries 2019 L-6, GO Bonds		5.00%		04/01/2030		55		61,580
New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020, Ref. RB, (INS - AGM)^(a)		4.00%		03/01/2032		200		205,376
New York (City of), NY Municipal Water Finance Authority, Series 2020 EE, Ref. RB		5.00%		06/15/2030		70		80,773
New York (City of), NY Municipal Water Finance Authority, Series 2020 GG, RB		5.00%		06/15/2030		65		75,003
New York (City of), NY Municipal Water Finance Authority, Series 2020, RB		5.00%		06/15/2030		100		115,390
New York (City of), NY Municipal Water Finance Authority, Series 2020, RB		5.00%		06/15/2032		35		40,937
New York (City of), NY Municipal Water Finance Authority, Series 2020, Ref. RB		5.00%		06/15/2050		150		159,256
New York (City of), NY Transitional Finance Authority, Series 2020, RB		5.00%		05/01/2033		240		275,957
New York (City of), NY Transitional Finance Authority, Series 2020, RB		5.00%		05/01/2034		200		228,624
New York (City of), NY Transitional Finance Authority, Series 2020, RB		5.00%		05/01/2034		30		34,294
New York (City of), NY Transitional Finance Authority, Series 2020, RB		5.00%		05/01/2037		60		66,514
New York (City of), NY Transitional Finance Authority, Series 2020, RB		5.00%		05/01/2041		50		54,380
New York (City of), NY Transitional Finance Authority, Series 2020, RB		3.00%		05/01/2046		100		77,596
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB		5.00%		11/01/2036		35		38,959
New York (City of), NY Trust for Cultural Resources (Lincoln Center for Performing Arts), Series 2020 A, Ref. RB		5.00%		12/01/2032		100		111,982
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB		5.00%		03/15/2030		115		128,734
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB		5.00%		02/15/2033		265		301,387
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB		5.00%		02/15/2034		780		881,345
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB		5.00%		02/15/2041		90		96,672
New York (State of) Dormitory Authority, Series 2021 A, RB, (INS - AGM)^(a)		5.00%		10/01/2030		20		22,692
New York (State of) Dormitory Authority, Series 2022 A, RB, (INS - BAM)^(a)		5.00%		10/01/2030		75		86,364
New York (State of) Dormitory Authority, Series 2022 A, RB, (INS - BAM)^(a)		5.00%		10/01/2042		15		16,373
New York (State of) Dormitory Authority (General Purpose), Series 2020 D, Ref. RB		5.00%		02/15/2048		15		15,877
New York (State of) Thruway Authority (Bidding Group 5), Series 2021 A-1, Ref. RB		5.00%		03/15/2030		185		212,568
New York State Urban Development Corp., Series 2020 A, RB		5.00%		03/15/2030		25		28,570
New York State Urban Development Corp., Series 2020 A, RB		5.00%		03/15/2036		500		556,555
New York State Urban Development Corp., Series 2020 C, Ref. RB		5.00%		03/15/2047		350		372,634
New York State Urban Development Corp., Series 2020, Ref. RB		5.00%		03/15/2032		10		11,524
New York State Urban Development Corp., Series 2020, Ref. RB		5.00%		03/15/2043		55		59,052
New York State Urban Development Corp., Series 2020, Ref. RB		5.00%		03/15/2044		115		123,107
New York State Urban Development Corp. (Bidding Group 1), Series 2021 A, Ref. RB		5.00%		03/15/2030		90		103,474
New York State Urban Development Corp. (Bidding Group 4), Series 2020 E, Ref. RB		5.00%		03/15/2030		200		228,562
Triborough Bridge & Tunnel Authority, Series 2018 B, Ref. RB		5.00%		11/15/2030		185		212,890
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2020 A, RB		5.00%		11/15/2049		500		532,781
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2020 A, RB		5.00%		11/15/2054		20		21,233

								8,008,804

North Carolina-2.65%
North Carolina (State of), Series 2019 B, GO Bonds		5.00%		06/01/2030		25		28,466
North Carolina (State of), Series 2020 A, GO Bonds		5.00%		06/01/2030		500		579,782
North Carolina (State of) Turnpike Authority, Series 2019, RB		5.00%		01/01/2043		250		257,656
North Carolina (State of) Turnpike Authority (Triangle Expressway), Series 2019, RB, (INS - AGM)^(a)		5.00%		01/01/2049		110		113,186

								979,090

Ohio-1.92%
American Municipal Power, Inc. (Prairie State Energy Campus), Series 2019, Ref. RB		5.00%		02/15/2033		15		16,719
Hamilton (County of), OH (UC Health), Series 2020, RB		5.00%		09/15/2050		200		200,979
Ohio (State of), Series 2021 B, Ref. GO Bonds		5.00%		09/15/2030		110		127,469
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 A, RB		5.00%		12/01/2040		200		219,243
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 A, RB		5.00%		12/01/2050		135		144,319

								708,729

Oregon-1.07%
Medford (City of), OR Hospital Facilities Authority (Asante), Series 2020 A, Ref. RB		5.00%		08/15/2050		150		155,214

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


		221

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

February 28, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Oregon-(continued)
Oregon (State of) Department of Transportation, Series 2020 A, RB		5.00%		11/15/2037	$	65	$	72,585
Oregon (State of) Department of Transportation, Series 2020 A, RB		5.00%		11/15/2039		90		99,337
Oregon (State of) Department of Transportation, Series 2020 A, RB		5.00%		11/15/2040		10		10,987
Portland (City of), OR, Series 2019 A, Ref. RB		5.00%		03/01/2030		50		56,832

								394,955

Pennsylvania-1.70%
Allegheny (County of), PA Higher Education Building Authority (Carnegie Mellon University), Series 2020, RB		5.00%		02/01/2030		25		28,613
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2020 B, RB		5.00%		12/01/2045		230		242,236
Philadelphia (City of), PA, Series 2020 A, RB		5.00%		11/01/2045		305		322,515
Philadelphia (City of), PA Authority for Industrial Development (Children’s Hospital of Philadelphia), Series 2021, Ref. RB		5.00%		07/01/2030		30		34,321

								627,685

Rhode Island-0.05%
Rhode Island Commerce Corp. (Garvee), Series 2020 A, RB		5.00%		05/15/2034		15		16,849

South Carolina-0.48%
South Carolina (State of) Public Service Authority, Series 2020 A, Ref. RB		5.00%		12/01/2032		90		98,142
South Carolina (State of) Transportation Infrastructure Bank, Series 2021 B, Ref. RB		5.00%		10/01/2030		70		80,297

								178,439


Tennessee-0.28%
Metropolitan Nashville Airport Authority (The), Series 2019 A, RB		5.00%		07/01/2054		100		103,853


Texas-6.83%
Board of Regents of the University of Texas System, Series 2020 A, Ref. RB		5.00%		08/15/2030		85		97,494
Cypress-Fairbanks Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2030		25		28,180
Dallas (City of), TX, Series 2020 C, Ref. RB		4.00%		10/01/2049		200		190,800
Dallas (City of), TX Area Rapid Transit, Series 2021 B, Ref. RB		5.00%		12/01/2047		250		268,092
Dallas College, Series 2022, GO Bonds		5.00%		02/15/2030		50		56,790
Harris (County of), TX Port Authority of Houston, Series 2020 A-2, Ref. GO Bonds		4.00%		10/01/2037		160		162,030
Houston (City of), TX, Series 2020 C, Ref. RB		4.00%		11/15/2036		40		40,638
Houston (City of), TX, Series 2020 C, Ref. RB		5.00%		11/15/2045		125		133,999
Lamar Consolidated Independent School District, Series 2020, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		02/15/2043		40		38,701
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, Ref. RB		5.00%		05/15/2051		60		62,383
Matagorda (County of), TX Navigation District No. 1 (AEP TEX), Series 2005 A, Ref. RB, (INS -AMBAC)^(a)		4.40%		05/01/2030		125		124,443
Permanent University Fund - University of Texas System, Series 2007 B, Ref. RB		5.25%		07/01/2030		250		292,648
Round Rock Independent School District, Series 2019 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		08/01/2030		210		238,650
San Antonio (City of), TX, Series 2019, Ref. RB		5.00%		02/01/2036		20		21,883
San Antonio (City of), TX Water System, Series 2020 A, Ref. RB		5.00%		05/15/2050		200		212,314
Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2020 A, Ref. RB		5.00%		08/15/2039		200		213,523
Texas (State of) Water Development Board, Series 2020, RB		5.00%		08/01/2030		125		144,007
Texas (State of) Water Development Board, Series 2020, RB		4.00%		10/15/2045		200		192,272

								2,518,847

Utah-0.54%
Utah (County of), UT (IHC Health Services, Inc.), Series 2020 A, RB		4.00%		05/15/2043		100		93,992
Utah (County of), UT (IHC Health Services, Inc.), Series 2020 A, RB		5.00%		05/15/2043		100		106,368

								200,360

Virginia-1.50%
Fairfax (County of), VA, Series 2020 A, Ref. GO Bonds		5.00%		10/01/2030		65		75,119
Fairfax (County of), VA, Series 2020 A, Ref. GO Bonds		5.00%		10/01/2031		100		115,509
Hampton (City of), VA Roads Transportation Accountability Commission, Series 2020 A, RB		5.00%		07/01/2050		150		161,350

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


		222

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

February 28, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Virginia-(continued)
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2019 C, Ref. RB		5.00%		02/01/2030	$	25	$	28,145
Virginia (Commonwealth of) Public Building Authority (Bidding Group 1), Series 2022 A, RB		5.00%		08/01/2030		150		173,462

								553,585

Washington-4.73%
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB		5.00%		11/01/2030		100		116,429
Energy Northwest (Columbia Generating Station), Series 2020 A, Ref. RB		5.00%		07/01/2037		125		138,303
Energy Northwest (Columbia Generating Station), Series 2020 A, Ref. RB		4.00%		07/01/2039		250		251,537
Energy Northwest (Columbia Generating Station), Series 2020 A, Ref. RB		5.00%		07/01/2039		100		109,934
King (County of), WA, Series 2021 A, GO Bonds		5.00%		01/01/2030		75		85,811
King County School District No. 411 Issaquah, Series 2020, GO Bonds, (CEP - Oregon School Bond Guaranty)		4.00%		12/01/2033		35		36,917
Washington (State of), Series 2019 A, GO Bonds		5.00%		08/01/2030		15		17,046
Washington (State of), Series 2019 C, GO Bonds		5.00%		02/01/2030		115		129,534
Washington (State of), Series 2020 A, GO Bonds		5.00%		08/01/2041		75		81,334
Washington (State of), Series 2020 A, GO Bonds		5.00%		08/01/2043		25		27,050
Washington (State of), Series 2020 C, GO Bonds		5.00%		02/01/2034		50		56,674
Washington (State of), Series 2020 C, GO Bonds		5.00%		02/01/2037		150		164,952
Washington (State of), Series 2020 C, GO Bonds		5.00%		02/01/2041		115		124,136
Washington (State of), Series 2021 A, Ref. GO Bonds		5.00%		06/01/2038		80		87,938
Washington (State of), Series 2021 A, Ref. GO Bonds		5.00%		06/01/2040		30		32,606
Washington (State of) (Bid Group 1), Series 2020 A, GO Bonds		5.00%		08/01/2032		70		80,787
Washington (State of) (Bid Group 1), Series 2020 A, GO Bonds		5.00%		08/01/2033		90		103,315
Washington (State of) Health Care Facilities Authority (Seattle Cancer Care Alliance), Series 2020, Ref. RB		5.00%		09/01/2050		100		101,583

								1,745,886

Wisconsin-0.47%
Wisconsin (State of), Series 2021 1, Ref. GO Bonds		5.00%		05/01/2030		150		173,148

TOTAL INVESTMENTS IN SECURITIES^(b)-98.17% (Cost $37,447,219)								36,201,751
OTHER ASSETS LESS LIABILITIES-1.83%								675,466

NET ASSETS-100.00%							$	36,877,217


Investment Abbreviations:
AGM		-Assured Guaranty Municipal Corp.
AMBAC		-American Municipal Bond Assurance Corp.
BAM		-Build America Mutual Assurance Co.
CEP		-Credit Enhancement Provider
COP		-Certificates of Participation
GO		-General Obligation
INS		-Insurer
RB		-Revenue Bonds
Ref.		-Refunding

Notes to Schedule of Investments:

^(a)	Principal and/or interest payments are secured by the bond insurance company listed.

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

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


		223

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

February 28, 2023

(Unaudited)


Portfolio Composition
Revenue Type Breakdown (% of the Fund’s Net Assets) as of February 28, 2023

Ad Valorem Property Tax			17.98

Income Tax Revenue			11.26

Water Revenue			10.66

Sales Tax Revenue			10.60

Miscellaneous Revenue			9.17

General Fund			8.86

Electric Power Revenue			4.46

College & University Revenue			4.33

Highway Tolls Revenue			3.67

Lease Revenue			3.50

Transit Revenue			3.21

Revenue Types Each Less Than 3%			10.47

Other Assets Less Liabilities			1.83

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


		224

Invesco BulletShares 2031 Municipal Bond ETF (BSMV)

February 28, 2023

(Unaudited)

Schedule of Investments


	Interest Rate	Maturity Date	Principal Amount (000)		Value
Municipal Obligations-98.50%
Alabama-0.41%
Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB	5.00%	11/01/2031	$	60	$	69,135

Arizona-1.38%
Mesa (City of), AZ, Series 2021, Ref. RB	4.00%	07/01/2035		65		66,900
Salt River Project Agricultural Improvement & Power District, Series 2020 A, Ref. RB	5.00%	01/01/2045		150		163,168

						230,068

Arkansas-0.71%
University of Arkansas, Series 2021 A, RB	5.00%	12/01/2045		110		117,834


California-14.86%
California (State of), Series 2019, Ref. GO Bonds	5.00%	04/01/2031		10		11,692
California (State of), Series 2020, Ref. GO Bonds	5.00%	03/01/2031		5		5,743
California (State of), Series 2020, Ref. GO Bonds	5.00%	11/01/2031		15		17,407
California (State of), Series 2021, GO Bonds	4.00%	10/01/2033		110		118,251
California (State of), Series 2021, GO Bonds	4.00%	10/01/2034		250		264,675
California (State of), Series 2021, GO Bonds	4.00%	10/01/2039		155		156,196
California (State of), Series 2021, Ref. GO Bonds	5.00%	09/01/2031		20		23,527
California (State of), Series 2021, Ref. GO Bonds	5.00%	09/01/2041		100		110,965
California (State of), Series 2021, Ref. GO Bonds	4.00%	10/01/2041		50		50,011
California (State of) (Bid Group C), Series 2021 C, Ref. GO Bonds	5.00%	10/01/2031		35		41,221
California (State of) Department of Water Resources, Series 2020 BB, Ref. RB	5.00%	12/01/2031		10		11,703
California (State of) Department of Water Resources (Central Valley), Series 2021, RB	5.00%	12/01/2031		15		17,703
California (State of) Department of Water Resources (Central Valley), Series 2021, RB	5.00%	12/01/2033		5		5,878
California (State of) Public Works Board (Green Bonds), Series 2021, RB	4.00%	11/01/2035		150		154,792
California (State of) Public Works Board (Various Capital), Series 2021 B, RB	5.00%	05/01/2034		25		28,883
California (State of) Public Works Board (Various Capital), Series 2021 B, RB	5.00%	05/01/2035		25		28,432
Contra Costa (County of), CA Transportation Authority, Series 2021 A, Ref. RB	4.00%	03/01/2034		50		54,408
Contra Costa (County of), CA Water District, Series 2021 W, Ref. RB	5.00%	10/01/2051		50		55,007
Foothill-De Anza Community College District, Series 2021 A, Ref. GO Bonds	3.00%	08/01/2039		30		25,795
Los Angeles (City of), CA Department of Airports, Series 2021 B, Ref. RB	5.00%	05/15/2045		20		21,680
Los Angeles (City of), CA Department of Airports, Series 2021 B, Ref. RB	5.00%	05/15/2048		45		48,420
Los Angeles (City of), CA Department of Water & Power, Series 2021 B, Ref. RB	5.00%	07/01/2037		250		282,236
Los Angeles (City of), CA Department of Water & Power, Series 2021, RB	5.00%	07/01/2045		30		32,778
Los Angeles (City of), CA Department of Water & Power, Series 2021, RB	5.00%	07/01/2051		100		107,896
Los Angeles (City of), CA Department of Water & Power, Series 2022, RB	5.00%	07/01/2041		50		55,159
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB	5.00%	06/01/2033		110		129,589
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB	5.00%	07/01/2038		100		112,829
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB	4.00%	06/01/2039		10		10,216
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB	5.00%	07/01/2041		20		22,262
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB	5.00%	07/01/2046		60		65,934
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020, RB	5.00%	06/01/2031		10		11,617
Los Angeles Unified School District, Series 2021 A, Ref. GO Bonds	5.00%	07/01/2031		10		11,672
San Diego (County of), CA Regional Airport Authority, Series 2021 A, RB	5.00%	07/01/2051		250		262,830
San Diego (County of), CA Regional Transportation Commission, Series 2021 B, Ref. RB	5.00%	04/01/2045		25		27,201
San Diego (County of), CA Water Authority (Green Bonds), Series 2021 B, Ref. RB	4.00%	05/01/2038		10		10,287
San Francisco (City & County of), CA (Moscone Convention Center Expansion), Series 2017 B, COP	3.00%	04/01/2031		65		64,679
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2021 B, Ref. RB	5.00%	05/01/2034		10		11,538
University of California (Limited), Series 2021 Q, Ref. RB	5.00%	05/15/2033		5		5,827

						2,476,939

Colorado-1.21%
Colorado (State of), Series 2021 A, COP	5.00%	12/15/2033		10		11,617
Colorado (State of), Series 2021 A, COP	5.00%	12/15/2034		10		11,530

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


		225

Invesco BulletShares 2031 Municipal Bond ETF (BSMV)–(continued)

February 28, 2023

(Unaudited)


	Interest Rate	Maturity Date	Principal Amount (000)		Value
Colorado-(continued)
Colorado (State of) Regional Transportation District (Denver Transit Partners Eagle P3), Series 2020 A, Ref. RB	4.00%	07/15/2034	$	5	$	4,988
Colorado (State of) Regional Transportation District (Denver Transit Partners Eagle P3), Series 2020 A, Ref. RB	4.00%	07/15/2036		10		9,691
Denver City & County School District No. 1, Series 2021, GO Bonds	5.00%	12/01/2031		10		11,650
Northern Colorado Water Conservancy District, Series 2022, COP	5.25%	07/01/2052		80		86,585
Regional Transportation District (Green Bonds), Series 2021, Ref. RB	4.00%	11/01/2039		65		65,633

						201,694

Connecticut-1.31%
Connecticut (State of), Series 2020 A, RB	5.00%	05/01/2031		5		5,713
Connecticut (State of), Series 2021 A, GO Bonds	4.00%	01/15/2031		15		16,130
Connecticut (State of), Series 2021 A, RB	5.00%	05/01/2033		25		28,845
Connecticut (State of), Series 2021 A, RB	5.00%	05/01/2034		20		22,966
Connecticut (State of), Series 2021 A, RB	4.00%	05/01/2036		130		132,501
Connecticut (State of), Series 2022 D, Ref. GO Bonds	5.00%	09/15/2031		10		11,555

						217,710

Delaware-0.93%
Delaware (State of), Series 2020 A, GO Bonds	5.00%	01/01/2031		135		155,258


District of Columbia-2.28%
District of Columbia, Series 2020 A, RB	5.00%	03/01/2031		15		17,230
District of Columbia, Series 2020 B, Ref. RB	5.00%	10/01/2031		60		70,664
District of Columbia, Series 2021 D, GO Bonds	5.00%	02/01/2035		25		28,106
Washington Metropolitan Area Transit Authority, Series 2020 A, RB	5.00%	07/15/2031		40		45,780
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB	5.00%	07/15/2031		10		11,619
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB	4.00%	07/15/2034		15		15,859
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB	5.00%	07/15/2041		175		191,275

						380,533

Florida-2.45%
Central Florida Expressway Authority, Series 2021 D, RB.	5.00%	07/01/2031		15		17,468
Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGM)^(a)	4.00%	07/01/2035		5		5,168
Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGM)^(a)	4.00%	07/01/2039		200		198,283
Florida (State of), Series 2021 A, Ref. GO Bonds	5.00%	06/01/2031		10		11,777
Florida (State of), Series 2021 A, Ref. GO Bonds	5.00%	07/01/2031		30		35,278
Florida Development Finance Corp. (Lakeland Regional Health System), Series 2021, Ref. RB	4.00%	11/15/2034		20		20,123
Jacksonville (City of), FL, Series 2015, Ref. RB	3.00%	10/01/2031		100		98,222
Miami-Dade (County of), FL, Series 2021, RB	3.00%	10/01/2036		5		4,463
Pasco (County Of), FL School Board, Series 2021 A, Ref. COP	5.00%	08/01/2031		15		17,270

						408,052

Georgia-1.95%
Georgia (State of) (Bid Group 2), Series 2020 A, GO Bonds	5.00%	08/01/2031		15		17,429
Georgia (State of) (Bid Group 2), Series 2021 A, Ref. GO Bonds	4.00%	07/01/2037		185		188,941
Georgia (State of) (Bidding Group 3), Series 2022 C, Ref. GO Bonds	5.00%	07/01/2031		100		118,002

						324,372

Hawaii-0.26%
Hawaii (State of) State Highway Fund, Series 2021, RB	5.00%	01/01/2041		40		43,969


Illinois-5.55%
Cook (County of), IL, Series 2021 A, Ref. GO Bonds	5.00%	11/15/2031		255		286,090
Illinois (State of), Series 2016, GO Bonds	4.00%	01/01/2031		85		85,042
Illinois (State of), Series 2016, GO Bonds	3.50%	06/01/2031		5		4,790
Illinois (State of), Series 2016, GO Bonds	4.13%	11/01/2031		190		190,601
Illinois (State of), Series 2021 A, GO Bonds	5.00%	03/01/2046		50		50,525
Illinois (State of), Series 2022 B, Ref. GO Bonds	5.00%	03/01/2031		40		42,743

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


		226

Invesco BulletShares 2031 Municipal Bond ETF (BSMV)–(continued)

February 28, 2023

(Unaudited)


	Interest Rate			Maturity Date		Principal Amount (000)		Value
Illinois-(continued)
Illinois (State of) Finance Authority (Green Bonds), Series 2020, RB		5.00	%		07/01/2035	$	10	$	11,297
Illinois (State of) Finance Authority (Green Bonds), Series 2020, RB		4.00	%		07/01/2038		250		254,017

									925,105

Indiana-2.18%
Crown Point Multi School Building Corp., Series 2021, RB, (CEP - Colorado Higher Education Intercept Program)		5.00	%		01/15/2040		100		109,048
Indiana (State of) Finance Authority (CWA Authority), Series 2021 1, Ref. RB		5.00	%		10/01/2031		30		35,056
Indiana (State of) Finance Authority (CWA Authority), Series 2021 1, Ref. RB		5.00	%		10/01/2037		20		22,387
Indiana (State of) Finance Authority (Stadium), Series 2022 A, Ref. RB		5.00	%		02/01/2031		30		34,660
Indianapolis Local Public Improvement Bond Bank, Series 2021 A, Ref. RB		5.00	%		06/01/2034		100		112,008
Indianapolis Local Public Improvement Bond Bank, Series 2021 A, Ref. RB, (INS - AGM)^(a)		4.00	%		06/01/2036		50		50,334

									363,493

Maryland-3.83%
Maryland (State of) (Bidding Group 1), Series 2020 A, GO Bonds		5.00	%		03/15/2031		10		11,528
Maryland (State of) (Bidding Group 2), Series 2021 A, GO Bonds		5.00	%		03/01/2035		250		287,819
Maryland (State of) Department of Transportation, Series 2016, RB		3.00	%		11/01/2031		40		38,661
Maryland (State of) Department of Transportation, Series 2019, RB		2.13	%		10/01/2031		60		53,796
Maryland (State of) Transportation Authority, Series 2020, RB.		5.00	%		07/01/2031		15		17,330
Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB		5.00	%		07/01/2046		120		129,982
Washington (State of) Suburban Sanitary Commission, Series 2017, Ref. RB		3.00	%		06/01/2031		100		99,474

									638,590

Massachusetts-5.36%
Massachusetts (Commonwealth of), Series 2021 A, Ref. RB		5.00	%		06/01/2041		155		170,157
Massachusetts (Commonwealth of), Series 2021 A, Ref. RB		5.00	%		06/01/2042		350		382,616
Massachusetts (Commonwealth of), Series 2021 D, GO Bonds		5.00	%		09/01/2048		300		323,737
Massachusetts (Commonwealth of) Port Authority, Series 2021 D, RB		5.00	%		07/01/2051		15		16,096

									892,606

Michigan-2.84%
Michigan (State of), Series 2020 B, RB		5.00	%		11/15/2031		15		17,452
Michigan (State of), Series 2021, RB		5.00	%		11/15/2033		200		235,362
Michigan (State of), Series 2021, RB		4.00	%		11/15/2037		60		60,937
Muskegon Public Schools, Series 2021 II, GO Bonds		5.00	%		05/01/2051		50		53,161
Wayne (County of), MI Airport Authority (Detroit Metropolitan Wayne County Airport), Series 2021 A, RB		5.00	%		12/01/2046		100		107,132

									474,044

Minnesota-0.53%
Minnesota (State of), Series 2020 A, GO Bonds		5.00	%		08/01/2031		35		40,642
Minnesota (State of), Series 2021 A, GO Bonds		4.00	%		09/01/2036		45		47,732

									88,374

Montana-1.49%
Forsyth (City of), MT (Puget Sound Energy), Series 2013 A, Ref. RB		3.90	%		03/01/2031		250		247,752


Nevada-0.07%
Clark (County of), NV Department of Aviation, Series 2021 A, RB		5.00	%		07/01/2033		10		11,486


New Jersey-2.64%
New Jersey (State of), Series 2020 A, GO Bonds		4.00	%		06/01/2031		255		275,459
New Jersey (State of) Transportation Trust Fund Authority, Series 2022 BB, RB		5.00	%		06/15/2031		50		55,951
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB		5.00	%		06/15/2036		100		108,048

									439,458

New Mexico-0.70%
New Mexico (State of) Severance Tax Permanent Fund, Series 2021 A, RB		5.00	%		07/01/2031		100		116,454


New York-20.38%
Hudson Yards Infrastructure Corp. (Green Bonds), Series 2021 A, Ref. RB		5.00	%		02/15/2031		25		29,056
Nassau (County Of), NY Interim Finance Authority, Series 2021 A, Ref. RB		4.00	%		11/15/2032		25		27,731

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


		227

Invesco BulletShares 2031 Municipal Bond ETF (BSMV)–(continued)

February 28, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York-(continued)
Nassau (County Of), NY Interim Finance Authority, Series 2021 A, Ref. RB		4.00%		11/15/2034	$	300	$	327,924
New York & New Jersey (States of) Port Authority, One Hundred Seventy Fifth Series 2012, RB		3.00%		12/01/2031		20		19,983
New York & New Jersey (States of) Port Authority, Series 2021 224, Ref. RB		5.00%		07/15/2033		35		40,978
New York & New Jersey (States of) Port Authority, Series 2021 224, Ref. RB		4.00%		07/15/2035		20		20,377
New York & New Jersey (States of) Port Authority, Series 2021 224, Ref. RB		4.00%		07/15/2037		15		14,898
New York & New Jersey (States of) Port Authority, Series 2021 224, Ref. RB		4.00%		07/15/2038		5		4,915
New York & New Jersey (States of) Port Authority, Series 2021, Ref. RB		4.00%		07/15/2040		90		87,518
New York (City of), NY, Series 2020 B-1, Ref. GO Bonds		5.00%		11/01/2031		225		258,419
New York (City of), NY, Series 2020 C-1, Ref. GO Bonds		5.00%		08/01/2031		35		40,058
New York (City of), NY, Series 2021 A-1, GO Bonds		5.00%		08/01/2036		100		111,925
New York (City of), NY, Series 2021 A-1, GO Bonds		5.00%		08/01/2047		115		122,742
New York (City of), NY, Series 2021 F-1, GO Bonds		5.00%		03/01/2036		15		16,759
New York (City of), NY, Series 2021 F-1, GO Bonds		5.00%		03/01/2042		165		177,850
New York (City of), NY, Series 2021 F-1, GO Bonds		4.00%		03/01/2047		10		9,454
New York (City of), NY Industrial Development Agency (Queens Baseball Stadium), Series 2021 A, Ref. RB, (INS - AGM)^(a)		5.00%		01/01/2031		50		55,973
New York (City of), NY Municipal Water Finance Authority, Series 2021 BB-1, Ref. RB		5.00%		06/15/2044		45		48,613
New York (City of), NY Municipal Water Finance Authority, Series 2021 CC-1, RB		5.00%		06/15/2051		55		58,561
New York (City of), NY Municipal Water Finance Authority, Series 2021 DD, Ref. RB		5.00%		06/15/2031		100		117,189
New York (City of), NY Municipal Water Finance Authority, Series 2021 DD, Ref. RB		4.00%		06/15/2036		10		10,242
New York (City of), NY Transitional Finance Authority, Series 2010 G-5, RB		5.00%		05/01/2031		40		46,237
New York (City of), NY Transitional Finance Authority, Series 2020, RB		5.00%		05/01/2031		30		34,678
New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB		5.00%		11/01/2033		40		46,449
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB		5.00%		02/01/2035		80		90,595
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB		5.00%		02/01/2036		90		100,933
New York (City of), NY Transitional Finance Authority, Series 2021, Ref. RB		5.00%		11/01/2031		215		250,321
New York (City of), NY Transitional Finance Authority, Series 2021, Ref. RB		5.00%		11/01/2034		150		171,565
New York (City of), NY Transitional Finance Authority, Subseries 2021 S-1, Ref. RB		5.00%		07/15/2031		10		11,692
New York (City of), NY Trust for Cultural Resources (Lincoln Center for Performing Arts), Series 2020 A, Ref. RB		5.00%		12/01/2031		20		22,450
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB		5.00%		03/15/2033		150		173,307
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB		5.00%		03/15/2035		10		11,346
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB		5.00%		03/15/2036		65		72,536
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB		4.00%		03/15/2040		30		29,435
New York (State of) Dormitory Authority (New York University), Series 2021 A, Ref. RB		5.00%		07/01/2051		75		79,932
New York (State of) Power Authority (Green Transmission), Series 2022, RB, (INS - AGM)^(a)		5.00%		11/15/2031		105		124,683
Triborough Bridge & Tunnel Authority, Series 2021 A-1, Ref. RB		5.00%		05/15/2051		25		26,695
Triborough Bridge & Tunnel Authority, Series 2021 C-1A, RB		5.00%		05/15/2039		10		11,082
Triborough Bridge & Tunnel Authority, Series 2021 C-1A, RB		5.00%		05/15/2040		10		11,010
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 A, RB		5.00%		11/15/2051		450		480,179

								3,396,290

North Carolina-1.29%
North Carolina (State of) (Build North Carolina Programs), Series 2020 B, RB		5.00%		05/01/2031		45		51,634
North Carolina (State of) Medical Care Commission (Presbyterian Homes), Series 2016 C, Ref. RB		5.00%		10/01/2031		45		45,720
Wake (County of), NC, Series 2021, RB		4.00%		03/01/2033		15		16,057
Wake (County of), NC, Series 2021, RB		4.00%		03/01/2038		100		100,745

								214,156

Ohio-2.84%
American Municipal Power, Inc. (Fremont Energy Center), Series 2021, Ref. RB		4.00%		02/15/2036		100		100,539
Montgomery (County of), OH (Kettering Health Network Obligated Group), Series 2021, Ref. RB		4.00%		08/01/2051		10		8,904
Ohio (State of), Series 2021 A, GO Bonds		4.00%		05/01/2038		35		36,130
Ohio (State of), Series 2021 B, Ref. GO Bonds		5.00%		09/15/2031		90		105,929
Ohio (State of) Turnpike & Infrastructure Commission, Series 2021 A, RB		5.00%		02/15/2051		50		53,514
Ohio (State of) Water Development Authority, Series 2021, RB		5.00%		06/01/2046		155		168,437

								473,453

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


		228

Invesco BulletShares 2031 Municipal Bond ETF (BSMV)–(continued)

February 28, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Oklahoma-0.64%
Cleveland (County of), OK Educational Facilities Authority (Moore Public Schools), Series 2021, RB		4.00%		06/01/2031	$	100	$	106,106


Pennsylvania-2.23%
Pennsylvania (Commonwealth of), First Series 2021, GO Bonds		5.00%		05/15/2031		20		23,106
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2021 A, Ref. RB		5.00%		08/15/2044		50		52,275
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 B, Ref. RB		5.00%		12/01/2046		95		99,914
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 C, Ref. RB		5.00%		12/01/2046		95		101,055
Philadelphia (City of), PA, Series 2021 C, RB		5.00%		10/01/2046		90		95,181

								371,531

South Carolina-0.65%
University of South Carolina (Campus Village), Series 2021 A, RB		5.00%		05/01/2046		100		107,595


Tennessee-1.58%
Clarksville (City of), TN, Series 2021 A, RB		5.00%		02/01/2045		105		113,555
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 A, RB		5.00%		05/15/2046		100		108,209
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 C, GO Bonds		4.00%		01/01/2031		30		32,256
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 C, GO Bonds		3.00%		01/01/2033		10		9,504

								263,524

Texas-5.08%
Board of Regents of the University of Texas System, Series 2021 A, Ref. RB		5.00%		08/15/2031		55		63,978
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020, Ref. RB		5.00%		11/01/2031		60		68,247
Georgetown (City of), TX, Series 2022, RB, (INS - AGM)^(a)		5.00%		08/15/2042		40		42,966
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, RB		5.00%		05/15/2046		100		103,088
North Texas Tollway Authority, Series 2021 B, RB		4.00%		01/01/2034		320		329,187
North Texas Tollway Authority, Series 2021 B, RB		4.00%		01/01/2035		75		76,613
San Antonio (City of), TX, Series 2021 A, RB		5.00%		02/01/2039		10		10,846
San Antonio (City of), TX, Series 2021 A, RB		5.00%		02/01/2041		30		32,128
Texas (State of) Water Development Board, Series 2020, RB		5.00%		08/01/2031		30		34,552
Texas (State of) Water Development Board, Series 2021, RB		5.00%		08/01/2031		25		29,250
Texas (State of) Water Development Board, Series 2021, RB		5.00%		08/01/2034		40		46,192
Trinity River Authority, Series 2020, Ref. RB		3.00%		08/01/2031		10		9,989

								847,036

Utah-2.07%
Granite School District Board of Education, Series 2021, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		06/01/2031		5		5,860
Intermountain Power Agency, Series 2022 A, Ref. RB		5.00%		07/01/2045		250		270,908
Salt Lake City (City of), UT, Series 2021 B, RB		5.00%		07/01/2046		65		68,743

								345,511

Virginia-1.33%
Virginia (Commonwealth of) Public Building Authority, Series 2021 A-1, RB		5.00%		08/01/2031		5		5,874
Virginia (Commonwealth of) Public Building Authority, Series 2021 A-1, RB		5.00%		08/01/2033		30		35,118
Virginia (Commonwealth of) Public Building Authority, Series 2021 A-2, RB		4.00%		08/01/2036		50		51,915
Virginia (Commonwealth of) Transportation Board (I-81 Regional Corridor), Series 2021, RB		5.00%		05/15/2057		120		129,020

								221,927

Washington-6.19%
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB		5.00%		11/01/2034		50		58,280
King (County of), WA, Series 2021 A, GO Bonds		5.00%		01/01/2031		50		58,111
Snohomish (County of), WA Public Utility District No. 1, Series 2021 A, RB		5.00%		12/01/2046		250		271,673
Tacoma (City of), WA (Green Bonds), Series 2021, Ref. RB		5.00%		01/01/2046		150		161,922
Washington (State of), Series 2021 R, Ref. GO Bonds		4.00%		08/01/2036		10		10,405
Washington (State of) (Bid Group 1), Series 2021 C, GO Bonds		5.00%		02/01/2035		10		11,385
Washington (State of) (Bid Group 1), Series 2021 C, GO Bonds		5.00%		02/01/2037		250		278,071
Washington (State of) (Bid Group 2), Series 2021 A, GO Bonds		5.00%		08/01/2040		165		181,317

								1,031,164

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


		229

Invesco BulletShares 2031 Municipal Bond ETF (BSMV)–(continued)

February 28, 2023

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
West Virginia-0.32%
West Virginia (State of) Parkways Authority, Series 2021, RB		5.00%		06/01/2047	$	50	$	53,381


Wisconsin-0.96%
Wisconsin (State of), Series 2021 1, Ref. GO Bonds		5.00%		05/01/2031		140		160,246

TOTAL INVESTMENTS IN SECURITIES^(b)-98.50% (Cost $17,228,366)								16,414,846
OTHER ASSETS LESS LIABILITIES-1.50%								250,125

NET ASSETS-100.00%							$	16,664,971


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, 2023

Sales Tax Revenue			15.57

Ad Valorem Property Tax			13.31

General Fund			8.75

Electric Power Revenue			8.65

Miscellaneous Revenue			8.48

Highway Tolls Revenue			8.13

Water Revenue			7.83

Lease Revenue			5.64

Income Tax Revenue			4.97

Port, Airport & Marina Revenue			4.83

Appropriations			3.40

Revenue Types Each Less Than 3%			8.94

Other Assets Less Liabilities			1.50

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


		230

Invesco BulletShares 2032 Municipal Bond ETF (BSMW)

February 28, 2023

(Unaudited)

Schedule of Investments


	Interest Rate	Maturity Date		Principal Amount (000)		Value
Municipal Obligations-98.13%

Alabama-2.15%
Alabama (State of) Corrections Institution Finance Authority, Series 2022, RB	5.00%		07/01/2042	$	100	$	107,405


Arizona-0.46%
Maricopa (County of), AZ Special Health Care District, Series 2021 D, GO Bonds	5.00%		07/01/2032		20		23,101


California-13.53%
Alameda (County of), CA Transportation Commission, Series 2022, RB	5.00%		03/01/2045		30		33,429
California (State of), Series 2007, Ref. GO Bonds, (INS - AGM)^(a)	5.25%		08/01/2032		50		59,560
California (State of), Series 2021, Ref. GO Bonds	5.00%		09/01/2032		5		5,870
California (State of), Series 2022, Ref. GO Bonds	5.00%		04/01/2037		10		11,388
California (State of), Series 2022, Ref. GO Bonds	5.00%		04/01/2042		250		278,355
California (State of), Series 2022, Ref. GO Bonds	5.00%		11/01/2042		10		11,195
California (State of) Infrastructure & Economic Development Bank, Series 2022, RB	5.00%		10/01/2052		100		110,539
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB	5.00%		07/01/2043		125		138,511
Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB	5.00%		07/01/2041		10		11,170
San Diego (County of), CA Water Authority, Series 2022 A, RB	5.00%		05/01/2047		15		16,531

							676,548

Colorado-2.56%
Denver City & County School District No. 1, Series 2022 A, GO Bonds	5.00%		12/01/2034		10		11,736
Denver City & County School District No. 1, Series 2022 A, GO Bonds	5.00%		12/01/2038		5		5,668
Denver City & County School District No. 1, Series 2022 A, GO Bonds	5.00%		12/01/2042		100		110,767

							128,171

District of Columbia-2.87%
District of Columbia, Series 2022 A, RB	5.00%		07/01/2040		5		5,569
District of Columbia, Series 2022 A, RB	5.00%		07/01/2041		25		27,716
District of Columbia, Series 2022 A, RB	5.00%		07/01/2042		100		110,349

							143,634

Florida-9.58%
Brevard (County of), FL Health Facilities Authority (Health First Obligated Group), Series 2022 A, Ref. RB	5.00%		04/01/2042		50		52,419
Central Florida Expressway Authority, Series 2016 A, Ref. RB	3.00%		07/01/2032		100		97,288
Florida (State of) Department of Transportation, Series 2022, RB	5.00%		07/01/2052		100		107,767
Tampa (City of), FL (Green Bonds), Series 2022 A, RB	5.00%		10/01/2052		100		109,356
Tampa (City of), FL (Green Bonds), Series 2022 A, RB	5.25%		10/01/2057		100		112,157

							478,987

Georgia-2.46%
DeKalb (County of), GA, Series 2022, Ref. RB	5.00%		10/01/2035		15		17,324
DeKalb (County of), GA, Series 2022, Ref. RB	5.00%		10/01/2039		15		16,813
DeKalb (County of), GA, Series 2022, Ref. RB	5.00%		10/01/2041		10		11,094
Georgia (State of) (Bidding Group 3), Series 2022 C, Ref. GO Bonds	5.00%		07/01/2032		65		77,839

							123,070

Illinois-8.89%
Illinois (State of) Finance Authority (Northshore Edward), Series 2022 A, Ref. RB	5.00%		08/15/2047		50		52,704
Illinois (State of) Finance Authority (Northshore Edward), Series 2022 A, Ref. RB	5.00%		08/15/2051		50		52,453
Illinois (State of) Finance Authority (University of Chicago Medical), Series 2022 A, RB	5.00%		08/15/2052		100		104,802
Illinois (State of) Toll Highway Authority, Series 2021 A, RB	5.00%		01/01/2046		220		234,470

							444,429

Indiana-0.44%
Indiana (State of) Finance Authority (Stadium), Series 2022 A, Ref. RB	5.00%		02/01/2032		5		5,813

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


		231

Invesco BulletShares 2032 Municipal Bond ETF (BSMW)–(continued)

February 28, 2023

(Unaudited)


	Interest Rate	Maturity Date		Principal Amount (000)		Value
Indiana-(continued)
Indiana (State of) Finance Authority (Stadium), Series 2022 A, Ref. RB	4.00%		02/01/2034	$	10	$	10,554
Indiana (State of) Finance Authority (Stadium), Series 2022 A, Ref. RB	5.00%		02/01/2035		5		5,718

							22,085


Maryland-1.41%
Maryland (State of) (Bidding Group 2), Series 2021 A, GO Bonds	5.00%		03/01/2032		20		23,405
Maryland (State of) (Bidding Group 2), Series 2022 A, GO Bonds	5.00%		06/01/2034		40		47,257

							70,662


Massachusetts-4.32%
Massachusetts (Commonwealth of), Series 2022 C, GO Bonds	5.00%		10/01/2052		200		216,211


Missouri-1.34%
Missouri (State of) Health & Educational Facilities Authority (St. Luke’s Health System, Inc.), Series 2016, Ref. RB	3.00%		11/15/2032		70		67,037


Nevada-0.78%
Las Vegas Valley Water District, Series 2021 C, GO Bonds	3.00%		06/01/2032		20		19,312
Las Vegas Valley Water District, Series 2022 C, Ref. GO Bonds	4.00%		06/01/2041		20		19,650

							38,962

New Jersey-1.07%
New Jersey (State of) Economic Development Authority (Portal North Bridge), Series 2022 A, RB	5.25%		11/01/2042		50		53,440


New York-22.69%
New York & New Jersey (States of) Port Authority, One Hundred Seventy Fifth Series 2012, RB	3.00%		12/01/2032		50		49,703
New York (City of), NY, Series 2022 A-1, GO Bonds	5.00%		09/01/2042		210		228,903
New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB	5.25%		11/01/2037		350		402,921
New York (State of) Thruway Authority (Bidding Group 1), Series 2022 A, Ref. RB	5.00%		03/15/2037		15		16,899
New York (State of) Thruway Authority (Bidding Group 1), Series 2022 A, Ref. RB	5.00%		03/15/2039		10		11,127
New York (State of) Thruway Authority (Green Bonds) (Bidding Group 1), Series 2022 C, RB	5.00%		03/15/2053		125		134,224
New York State Urban Development Corp., Series 2022, Ref. RB	5.00%		03/15/2041		100		109,630
Triborough Bridge & Tunnel Authority, Series 2022 A, RB	5.00%		11/15/2041		140		154,389
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, Ref. RB	5.00%		05/15/2047		25		26,953

							1,134,749

North Carolina-0.12%
Mecklenburg (County of), NC, Series 2022, GO Bonds	5.00%		09/01/2034		5		5,939


Oklahoma-2.26%
Cushing (City of), OK Educational Facilities Authority (Cushing Public Schools), Series 2022, RB	5.00%		09/01/2032		100		113,205


Pennsylvania-3.18%
Lehigh (County of), PA (Lehigh Valley Health Network), Series 2012, RB	3.25%		07/01/2032		30		29,405
Pennsylvania (Commonwealth of), Series 2022, GO Bonds	5.00%		10/01/2032		10		11,759
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2022 B, Ref. RB	5.25%		12/01/2052		15		16,281
Southeastern Pennsylvania Transportation Authority (Asset Improvement Program), Series 2022, RB	5.25%		06/01/2040		90		101,849

							159,294

South Carolina-0.99%
South Carolina (State of) Transportation Infrastructure Bank, Series 2012 B, Ref. RB	3.38%		10/01/2032		50		49,512


Texas-9.77%
Austin (City of), TX, Series 2022, Ref. RB	5.00%		11/15/2047		60		65,299
Corpus Christi (City of), TX, Series 2022 B, RB	5.00%		07/15/2052		5		5,365
Harris (County of), TX Port Authority of Houston, Series 2021, RB	5.00%		10/01/2051		10		10,723
New Braunfels (City of), TX, Series 2022, RB	5.00%		07/01/2053		100		107,405
Seguin (City of), TX, Series 2022 A, Ctfs. of Obligations	5.25%		09/01/2057		100		108,326
Tarrant County College District, Series 2022, GO Bonds	5.00%		08/15/2040		50		55,459
Texas (State of) Water Development Board, Series 2022, RB	4.75%		10/15/2042		100		106,191
Trinity River Authority, Series 2020, Ref. RB	3.00%		08/01/2032		30		29,774

							488,542

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


		232

Invesco BulletShares 2032 Municipal Bond ETF (BSMW)–(continued)

February 28, 2023

(Unaudited)


	Interest Rate	Maturity Date		Principal Amount (000)		Value
Utah-1.02%
University of Utah (The) (Green Bonds), Series 2022 B, RB	5.00%		08/01/2037	$	45	$	51,087


Virginia-2.80%
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2017, RB	3.00%		02/01/2032		120		117,377
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2022, RB	5.25%		02/01/2041		20		22,550

							139,927

Washington-3.44%
Snohomish County School District No. 6 Mukilteo, Series 2022, GO Bonds
(CEP - Oregon School Bond Guaranty)	5.00%		12/01/2034		20		23,635
Washington (State of) (Bid Group 2), Series 2022 A-2, GO Bonds	5.00%		08/01/2042		125		137,305
Washington (State of) (Bid Group 2), Series 2022 A-2, GO Bonds	5.00%		08/01/2043		10		10,964

							171,904


TOTAL INVESTMENTS IN SECURITIES^(b)-98.13% (Cost $4,906,330)							4,907,901
OTHER ASSETS LESS LIABILITIES-1.87%							93,694

NET ASSETS-100.00%						$	5,001,595


Investment Abbreviations:
AGM		-Assured Guaranty Municipal Corp.
CEP		-Credit Enhancement Provider
Ctfs.		-Certificates
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, 2023
Ad Valorem Property Tax			16.86
Income Tax Revenue			16.36
Highway Tolls Revenue			12.20
Water Revenue			9.68
Miscellaneous Revenue			7.74
General Fund			7.32
Health, Hospital, Nursing Home Revenue			6.59
Lease Revenue			5.92
Electric Power Revenue			4.92
Revenue Types Each Less Than 3%			10.54
Other Assets Less Liabilities			1.87

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


		233

Invesco BulletShares 2023 USD Emerging Markets Debt ETF (BSCE)

February 28, 2023

(Unaudited)

Schedule of Investments


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-80.23%
Brazil-5.81%
Banco do Brasil S.A.
4.88%, 04/19/2023^(a)	$	200,000	$	199,594
4.88%, 04/19/2023^(a)		200,000		199,594
Banco Nacional de Desenvolvimento Economico e Social
5.75%, 09/26/2023^(a)		200,000		199,837
5.75%, 09/26/2023^(a)		200,000		199,837
Itau Unibanco Holding S.A.
5.13%, 05/13/2023^(a)		400,000		398,956
5.13%, 05/13/2023^(a)		300,000		299,217

				1,497,035


Chile-1.74%
Inversiones CMPC S.A.
4.38%, 05/15/2023^(a)		200,000		199,400
4.38%, 05/15/2023^(a)		250,000		249,250

				448,650


China-8.48%
China Overseas Finance Cayman VII Ltd., 4.25%, 04/26/2023^(a)		200,000		199,523
CNOOC Finance (2013) Ltd., 3.00%, 05/09/2023		200,000		199,110
CNPC General Capital Ltd.
3.40%, 04/16/2023^(a)		200,000		199,535
3.40%, 04/16/2023^(a)		200,000		199,535
Industrial & Commercial Bank of China Ltd.
1.00%, 07/20/2023^(a)		200,000		196,770
1.00%, 09/09/2023^(a)		200,000		195,724
Sinopec Group Overseas Development (2013) Ltd.
4.38%, 10/17/2023^(a)		200,000		198,598
4.38%, 10/17/2023^(a)		200,000		198,598
State Grid Overseas Investment (2013) Ltd., 3.13%, 05/22/2023^(a)		200,000		199,059
State Grid Overseas Investment BVI Ltd.
3.75%, 05/02/2023^(a)		200,000		199,441
3.75%, 05/02/2023^(a)		200,000		199,440

				2,185,333


Colombia-0.77%
Colombia Government International Bond, 2.63%, 03/15/2023.		200,000		199,488


Egypt-1.13%
Egypt Government International Bond, 4.55%, 11/20/2023^(a)		300,000		290,799


Hungary-1.17%
Hungary Government International Bond, 5.75%, 11/22/2023		300,000		300,771


India-4.62%
IIFL Finance Ltd., 5.88%, 04/20/2023^(a)		200,000		198,000
Indian Oil Corp. Ltd., 5.75%, 08/01/2023^(a)		400,000		399,729
Muthoot Finance Ltd., 4.40%, 09/02/2023^(a)		400,000		394,200
Shriram Finance Ltd., 5.10%, 07/16/2023^(a)		200,000		198,470

				1,190,399


	Principal Amount		Value
Indonesia-8.53%
Indonesia Government International Bond
3.38%, 04/15/2023^(a)	$	200,000	$	199,560
3.38%, 04/15/2023^(a)		400,000		399,120
5.38%, 10/17/2023^(a)		200,000		200,528
5.38%, 10/17/2023^(a)		200,000		200,528
Perusahaan Penerbit SBSN Indonesia III
3.75%, 03/01/2023^(a)		300,000		300,000
3.75%, 03/01/2023^(a)		200,000		200,000
PT Pertamina (Persero)
4.30%, 05/20/2023^(a)		400,000		399,000
4.30%, 05/20/2023^(a)		300,000		299,250

				2,197,986


Ireland-0.39%
Park Aerospace Holdings Ltd., 4.50%, 03/15/2023^(a)		100,000		99,918


Mexico-2.12%
Alpek S.A.B. de C.V., 5.38%, 08/08/2023^(a)		200,000		199,122
Fresnillo PLC, 5.50%, 11/13/2023^(a)		200,000		199,258
Petroleos Mexicanos, 4.63%, 09/21/2023		150,000		148,608

				546,988


Peru-1.94%
Banco de Credito del Peru S.A.
4.25%, 04/01/2023^(a)		200,000		199,944
4.25%, 04/01/2023^(a)		300,000		299,916

				499,860


Philippines-5.42%
BDO Unibank, Inc., 2.95%, 03/06/2023^(a)		1,200,000		1,195,895
Rizal Commercial Banking Corp., 4.13%, 03/16/2023^(a)		200,000		199,650

				1,395,545


Poland-1.82%
Republic of Poland Government International Bond, 3.00%, 03/17/2023		470,000		469,735


Qatar-6.19%
AKCB Finance Ltd., 4.75%, 10/09/2023^(a)		200,000		199,040
CBQ Finance Ltd., 5.00%, 05/24/2023^(a)		200,000		199,766
Qatar Government International Bond
3.88%, 04/23/2023^(a)		800,000		798,460
3.88%, 04/23/2023^(a)		400,000		399,230

				1,596,496


Russia-0.36%
Mobile Telesystems OJSC Via MTS International Funding DAC, 5.00%, 05/30/2023^(a)		200,000		93,000
Vnesheconombank Via VEB Finance PLC, 5.94%, 11/21/2023^(a)(b)		650,000		0

				93,000


Saudi Arabia-2.27%
SABIC Capital II B.V., 4.00%, 10/10/2023^(a)		200,000		198,368
Saudi Arabian Oil Co., 1.25%, 11/24/2023^(a)		400,000		387,886

				586,254

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


		234

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

February 28, 2023

(Unaudited)


	Principal Amount		Value
South Africa-2.22%
Eskom Holdings SOC Ltd.
6.75%, 08/06/2023^(a)	$	200,000	$	199,250
6.75%, 08/06/2023^(a)		200,000		199,250
Growthpoint Properties International Pty. Ltd., 5.87%, 05/02/2023^(a)		175,000		174,230

				572,730

Supranational-7.19%
Asian Development Bank
2.75%, 03/17/2023		400,000		399,684
0.25%, 07/14/2023		435,000		427,365
0.25%, 10/06/2023		400,000		388,455
Asian Infrastructure Investment Bank (The), 0.25%, 09/29/2023.		250,000		243,048
IDB Trust Services Ltd., 3.39%, 09/26/2023^(a)		400,000		395,418

				1,853,970

Thailand-1.55%
Bangkok Bank PCL, 5.00%, 10/03/2023^(a)		200,000		199,487
Siam Commercial Bank PCL (The), 2.75%, 05/16/2023^(a)		200,000		198,899

				398,386

Turkey-8.92%
Arcelik A.S., 5.00%, 04/03/2023^(a)		200,000		199,849
Hazine Mustesarligi Varlik Kiralama A.S.
5.00%, 04/06/2023^(a)		200,000		200,150
5.00%, 04/06/2023^(a)		300,000		300,225
KOC Holding A.S.
5.25%, 03/15/2023^(a)		200,000		199,970
5.25%, 03/15/2023^(a)		200,000		199,970
Roenesans Gayrimenkul Yatirim A.S., 7.25%, 04/26/2023^(a)		200,000		198,520
Turkey Government International Bond
3.25%, 03/23/2023.		200,000		200,174
7.25%, 12/23/2023		300,000		301,067
Turkiye Garanti Bankasi A.S., 5.88%, 03/16/2023^(a)		200,000		200,093
Yapi ve Kredi Bankasi A.S.
6.10%, 03/16/2023^(a)		100,000		99,889
6.10%, 03/16/2023^(a)		200,000		199,778

				2,299,685


United Arab Emirates-7.59%
Abu Dhabi Government International Bond
0.75%, 09/02/2023^(a)		400,000		390,847
0.75%, 09/02/2023^(a)(c)		375,000		366,420


	Principal Amount		Value
United Arab Emirates-(continued)
ADCB Finance Cayman Ltd.
4.50%, 03/06/2023^(a)	$	200,000	$	199,852
4.00%, 03/29/2023^(a)		200,000		199,847
DP World Crescent Ltd.
3.91%, 05/31/2023^(a)		200,000		199,288
3.91%, 05/31/2023^(a)		200,000		199,288
Noor Sukuk Co. Ltd., 4.47%, 04/24/2023^(a)		200,000		199,743
SIB Sukuk Co. III Ltd., 4.23%, 04/18/2023^(a)		200,000		199,538

				1,954,823

Total U.S. Dollar Denominated Bonds & Notes (Cost $21,651,818)				20,677,851


U.S. Treasury Securities-10.06%
U.S. Treasury Bills-10.06%^(d)
4.53%, 03/28/2023 (Cost $2,591,201)		2,600,000		2,591,200
	Shares
Money Market Funds-8.63%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%^(e)(f) (Cost $2,225,250)		2,225,250		2,225,250

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.92% (Cost $26,468,269)				25,494,301


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-0.11%
Invesco Private Government Fund, 4.58%^(e)(f)(g)		8,122		8,122
Invesco Private Prime Fund, 4.83%^(e)(f)(g)		20,879		20,883

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $29,005)				29,005

TOTAL INVESTMENTS IN SECURITIES-99.03% (Cost $26,497,274)				25,523,306
OTHER ASSETS LESS LIABILITIES-0.97%				248,954

NET ASSETS-100.00%			$	25,772,260

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


		235

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

February 28, 2023

(Unaudited)

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, 2023 was $17,400,346, which represented 67.52% of the Fund’s Net Assets.

^(b)	Security valued using significant unobservable inputs (Level 3). See Note 5.

^(c)	All or a portion of this security was out on loan at February 28, 2023.

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

^(e)


	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	123,832		$	5,487,359		$	(3,385,941	)		$	-		$	-		$	2,225,250		$	10,150

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			-			84,954			(76,832	)			-			-			8,122			245	*

Invesco Private Prime Fund			-			217,422			(196,558	)			-			19			20,883			664	*


Total		$	123,832		$	5,789,735		$	(3,659,331	)		$	-		$	19		$	2,254,255		$	11,059

^*	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, 2023.

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


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2023

Financials			33.48

Sovereign Debt			22.19

Energy			10.20

[No caption available]			10.06

Materials			4.05

Utilities			3.85

Industrials			3.10

Sector Types Each Less Than 3%			3.36

Money Market Funds Plus Other Assets Less Liabilities			9.71

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


		236

Invesco BulletShares 2024 USD Emerging Markets Debt ETF (BSDE)

February 28, 2023

(Unaudited)

Schedule of Investments


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-97.65%
Brazil-4.94%
Banco do Brasil S.A.
4.75%, 03/20/2024^(a)	$	200,000	$	196,850
4.75%, 03/20/2024^(a)		200,000		196,850
Banco Nacional de Desenvolvimento Economico e Social, 4.75%, 05/09/2024^(a)		200,000		197,709
Banco Votorantim S.A.
4.50%, 09/24/2024^(a)		200,000		193,951
4.50%, 09/24/2024^(a)		200,000		193,951
Brazilian Government International Bond, 8.88%, 04/15/2024		100,000		103,677
Cemig Geracao e Transmissao S.A., 9.25%, 12/05/2024^(a)		200,000		203,224
Petrobras Global Finance B.V., 6.25%, 03/17/2024		90,000		90,358
Rio Oil Finance Trust
Series 2014-1, 9.25%, 07/06/2024^(a)		112,262		113,954
Series 2014-1, 9.25%, 07/06/2024^(a)		168,393		170,931

				1,661,455

Chile-1.12%
Empresa Nacional del Petroleo, 4.38%, 10/30/2024^(a)		200,000		195,020
Kenbourne Invest S.A., 6.88%, 11/26/2024^(a)		200,000		180,970

				375,990

China-8.67%
Alibaba Group Holding Ltd., 3.60%, 11/28/2024		200,000		193,655
BOC Aviation USA Corp., 1.63%, 04/29/2024^(a)		200,000		191,103
CCBL Cayman 1 Corp. Ltd., 3.50%, 05/16/2024^(a)		200,000		195,247
China Construction Bank Corp., 0.86%, 04/22/2024^(a)		200,000		190,072
China Government International Bond, 0.75%, 10/26/2024^(a)		200,000		186,844
CNAC HK Finbridge Co. Ltd., 3.38%, 06/19/2024^(a)		200,000		194,218
CNOOC Finance (2014) ULC, 4.25%, 04/30/2024		200,000		197,286
Export-Import Bank of China (The)
3.63%, 07/31/2024^(a)		200,000		195,822
3.63%, 07/31/2024^(a)		200,000		195,822
Sinopec Group Overseas Development (2014) Ltd., 4.38%, 04/10/2024^(a)		200,000		197,886
Sinopec Group Overseas Development (2018) Ltd., 2.50%, 08/08/2024^(a)		200,000		192,456
State Grid Overseas Investment (2014) Ltd.
4.13%, 05/07/2024^(a)		200,000		197,181
4.13%, 05/07/2024^(a)		200,000		197,181
Tencent Holdings Ltd.
3.28%, 04/11/2024^(a)		200,000		195,139
3.28%, 04/11/2024^(a)		200,000		195,148

				2,915,060


	Principal Amount		Value
Colombia-2.22%
Colombia Government International Bond
4.00%, 02/26/2024	$	400,000	$	393,694
8.13%, 05/21/2024		150,000		154,274
SURA Asset Management S.A., 4.88%, 04/17/2024^(a)		200,000		197,305

				745,273

Egypt-3.83%
Egypt Government International Bond
6.20%, 03/01/2024^(a)		200,000		193,446
6.20%, 03/01/2024^(a)		350,000		338,531
5.75%, 05/29/2024^(a)		200,000		190,500
5.75%, 05/29/2024^(a)		200,000		190,500
6.75%, 11/10/2024^(a)		400,000		375,940

				1,288,917

Hong Kong-0.59%
Bocom Leasing Management Hong Kong Co. Ltd., 4.38%, 01/22/2024^(a)		200,000		197,528

Hungary-1.19%
Hungary Government International Bond, 5.38%, 03/25/2024		400,000		399,820

India-6.21%
ABJA Investment Co. Pte. Ltd., 5.95%, 07/31/2024^(a)		200,000		199,514
Adani Green Energy Ltd.
4.38%, 09/08/2024^(a)		200,000		162,417
4.38%, 09/08/2024^(a)		200,000		162,417
Adani Green Energy UP Ltd./Prayatna Developers Pvt. Ltd./Parampujya Solar Energy Pvt. Ltd., 6.25%, 12/10/2024^(a)		200,000		188,750
Bharti Airtel International Netherlands B.V.
5.35%, 05/20/2024^(a)		200,000		199,002
5.35%, 05/20/2024^(a)		200,000		199,002
Export-Import Bank of India, 3.88%, 03/12/2024^(a)		200,000		196,443
JSW Steel Ltd., 5.95%, 04/18/2024^(a)		200,000		198,000
ONGC Videsh Ltd., 4.63%, 07/15/2024^(a)		200,000		197,163
Shriram Finance Ltd.
4.40%, 03/13/2024^(a)		200,000		193,918
4.40%, 03/13/2024^(a)(b)		200,000		193,918

				2,090,544

Indonesia-9.89%
Indika Energy Capital III Pte. Ltd., 5.88%, 11/09/2024^(a)		200,000		194,491
Indonesia Government International Bond
5.88%, 01/15/2024^(a)		400,000		404,000
5.88%, 01/15/2024^(a)		350,000		353,500
4.45%, 02/11/2024		200,000		199,170
Lembaga Pembiayaan Ekspor Indonesia, 3.88%, 04/06/2024^(a)		200,000		196,519
Perusahaan Penerbit SBSN Indonesia III
3.90%, 08/20/2024^(a)		200,000		197,465
3.90%, 08/20/2024^(a)		200,000		197,465
4.35%, 09/10/2024^(a)		200,000		199,350
4.35%, 09/10/2024^(a)		400,000		398,700

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


		237

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

February 28, 2023

(Unaudited)


	Principal Amount		Value
Indonesia-(continued)
PT Bank Mandiri (Persero) Tbk, 3.75%, 04/11/2024^(a)	$	200,000	$	195,495
PT Bank Rakyat Indonesia (Persero) Tbk, 3.95%, 03/28/2024^(a)		200,000		196,469
PT Pelabuhan Indonesia III (Persero), 4.88%, 10/01/2024^(a)		200,000		197,500
PT Perusahaan Gas Negara Tbk
5.13%, 05/16/2024^(a)		200,000		198,501
5.13%, 05/16/2024^(a)		200,000		198,501

				3,327,126

Ireland-0.73%
Park Aerospace Holdings Ltd.
5.50%, 02/15/2024^(a)		150,000		148,266
5.50%, 02/15/2024^(a)		100,000		98,825

				247,091

Malaysia-0.59%
RHB Bank Bhd., 3.77%, 02/19/2024^(a)		200,000		196,661


Mexico-6.88%
Alfa S.A.B. de C.V., 5.25%, 03/25/2024^(a)		200,000		200,004
Banco Inbursa S.A., Institucion De Banca Multiple Grupo, Financiero Inbursa
4.13%, 06/06/2024^(a)		200,000		196,138
4.13%, 06/06/2024^(a)		350,000		343,241
Comision Federal de Electricidad
4.88%, 01/15/2024^(a)		200,000		197,592
4.88%, 01/15/2024^(a)(b)		200,000		197,592
Gruma S.A.B. de C.V.
4.88%, 12/01/2024^(a)		200,000		197,950
4.88%, 12/01/2024^(a)		200,000		197,950
Grupo Bimbo S.A.B. de C.V., 3.88%, 06/27/2024^(a)		200,000		195,477
Petroleos Mexicanos, 4.88%, 01/18/2024^(b)		200,000		197,180
Trust Fibra Uno
5.25%, 12/15/2024^(a)		200,000		196,207
5.25%, 12/15/2024^(a)		200,000		196,207

				2,315,538

Philippines-3.33%
Bank of the Philippine Islands, 2.50%, 09/10/2024^(a)		200,000		191,798
Philippine Government International Bond, 4.20%, 01/21/2024		300,000		297,000
Philippine National Bank, 3.28%, 09/27/2024^(a)		200,000		191,303
Power Sector Assets and Liabilities Management Corp.
7.39%, 12/02/2024^(a)		200,000		207,505
7.39%, 12/02/2024^(a)		225,000		233,444

				1,121,050

Poland-1.18%
Republic of Poland Government International Bond, 4.00%, 01/22/2024		400,000		395,432


Qatar-4.67%
Qatar Government International Bond
3.38%, 03/14/2024^(a)		400,000		392,441
3.38%, 03/14/2024^(a)		500,000		490,551
QIB Sukuk Ltd., 3.98%, 03/26/2024^(a)		300,000		295,920


	Principal Amount		Value
Qatar-(continued)
QIIB Senior Sukuk Ltd., 4.26%, 03/05/2024^(a)	$	200,000	$	197,730
QNB Finance Ltd., 3.50%, 03/28/2024^(a)		200,000		195,830

				1,572,472

Saudi Arabia-7.25%
SA Global Sukuk Ltd., 0.95%, 06/17/2024^(a)(b)		200,000		189,089
Samba Funding Ltd., 2.75%, 10/02/2024^(a)		400,000		383,507
Saudi Arabian Oil Co., 2.88%, 04/16/2024^(a)		600,000		583,056
Saudi Electricity Global Sukuk Co. - 3
4.00%, 04/08/2024^(a)		500,000		492,262
4.00%, 04/08/2024^(a)		400,000		393,810
Saudi Electricity Global Sukuk Co. - 4, 4.22%, 01/27/2024^(a)		400,000		395,960

				2,437,684

South Africa-3.21%
MTN (Mauritius) Investments Ltd.
4.76%, 11/11/2024^(a)		200,000		193,800
4.76%, 11/11/2024^(a)		200,000		193,800
Republic of South Africa Government International Bond, 4.67%, 01/17/2024		300,000		296,387
Sasol Financing USA LLC, 5.88%, 03/27/2024		400,000		395,712

				1,079,699

Supranational-8.66%
African Export-Import Bank (The), 4.13%, 06/20/2024^(a)		200,000		194,690
Asian Development Bank
2.63%, 01/30/2024		350,000		341,448
1.63%, 03/15/2024		100,000		96,348
0.38%, 06/11/2024		350,000		329,357
4.13%, 09/27/2024		200,000		196,934
0.63%, 10/08/2024		250,000		233,182
1.50%, 10/18/2024		200,000		189,043
Asian Infrastructure Investment Bank (The), 2.25%, 05/16/2024		200,000		192,934
Black Sea Trade & Development Bank, 3.50%, 06/25/2024^(a)		200,000		185,688
IDB Trust Services Ltd.
2.84%, 04/25/2024^(a)		400,000		387,750
1.96%, 10/02/2024^(a)		400,000		379,322
New Development Bank (The), 0.63%, 07/22/2024^(a)		200,000		186,646

				2,913,342

Taiwan-0.58%
Competition Team Technologies Ltd., 3.75%, 03/12/2024^(a)		200,000		196,171


Thailand-1.17%
Bangkok Bank PCL, 4.05%, 03/19/2024^(a)		200,000		197,051
Siam Commercial Bank PCL (The), 3.90%, 02/11/2024^(a)		200,000		197,156

				394,207

Turkey-9.49%
Hazine Mustesarligi Varlik Kiralama A.S., 4.49%, 11/25/2024^(a)		200,000		189,147
Mersin Uluslararasi Liman Isletmeciligi A.S.
5.38%, 11/15/2024^(a)		200,000		191,947
5.38%, 11/15/2024^(a)		200,000		191,947

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


		238

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

February 28, 2023

(Unaudited)


	Principal Amount		Value
Turkey-(continued)
QNB Finansbank A.S., 6.88%, 09/07/2024^(a)	$	200,000	$	201,020
Turk Telekomunikasyon A.S., 4.88%, 06/19/2024^(a)		200,000		188,770
Turkey Government International Bond
5.75%, 03/22/2024		200,000		195,670
6.35%, 08/10/2024		400,000		390,585
5.60%, 11/14/2024		600,000		573,180
Turkiye Ihracat Kredi Bankasi A.S., 8.25%, 01/24/2024^(a)		200,000		198,840
Turkiye Is Bankasi A.S.
6.13%, 04/25/2024^(a)		100,000		97,538
6.13%, 04/25/2024^(a)		200,000		195,076
Turkiye Petrol Rafinerileri A.S.
4.50%, 10/18/2024^(a)		200,000		190,052
4.50%, 10/18/2024^(a)		200,000		190,052
Turkiye Vakiflar Bankasi T.A.O., 8.13%, 03/28/2024^(a)		200,000		199,628

				3,193,452

United Arab Emirates-10.08%
Abu Dhabi Government International Bond
2.13%, 09/30/2024^(a)		200,000		190,812
2.13%, 09/30/2024^(a)		300,000		286,218
Abu Dhabi National Energy Co. PJSC, 3.88%, 05/06/2024^(a)		200,000		196,464
BOS Funding Ltd., 4.00%, 09/18/2024^(a)		200,000		192,751
DAE Funding LLC
1.55%, 08/01/2024^(a)		200,000		187,369
1.55%, 08/01/2024^(a)		200,000		187,369
DIFC Sukuk Ltd., 4.33%, 11/12/2024^(a)		200,000		197,336
EMG Sukuk Ltd., 4.56%, 06/18/2024^(a)		200,000		197,750
Emirates Development Bank PJSC, 3.52%, 03/06/2024^(a)		200,000		195,919
Emirates Telecommunications Group Co. PJSC, 3.50%, 06/18/2024^(a)		200,000		195,843
Fab Sukuk Co. Ltd., 3.88%, 01/22/2024^(a)		200,000		197,258
MAF Global Securities Ltd., 4.75%, 05/07/2024^(a)		200,000		197,620
Mashreqbank PSC, 4.25%, 02/26/2024^(a)		200,000		196,981


	Principal Amount		Value
United Arab Emirates-(continued)
MDGH GMTN (RSC) Ltd.
3.00%, 04/19/2024^(a)	$	200,000	$	194,593
2.50%, 11/07/2024^(a)		200,000		190,824
2.50%, 11/07/2024^(a)		200,000		190,824
Sharjah Sukuk Ltd., 3.76%, 09/17/2024^(a)		200,000		196,000

				3,391,931

Vietnam-1.17%
Vietnam Government International Bond, 4.80%, 11/19/2024^(a)		400,000		393,419

Total U.S. Dollar Denominated Bonds & Notes (Cost $33,896,647)				32,849,862

	Shares
Money Market Funds-1.11%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%^(c)(d) (Cost $374,800)		374,800		374,800

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.76% (Cost $34,271,447)				33,224,662


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-1.82%
Invesco Private Government Fund, 4.58%^(c)(d)(e)		170,943		170,943
Invesco Private Prime Fund, 4.83%^(c)(d)(e)		439,488		439,576

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $610,534)				610,519

TOTAL INVESTMENTS IN SECURITIES-100.58% (Cost $34,881,981)				33,835,181
OTHER ASSETS LESS LIABILITIES-(0.58)%				(194,779	)

NET ASSETS-100.00%			$	33,640,402

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, 2023 was $26,797,536, which represented 79.66% of the Fund’s Net Assets.

^(b)	All or a portion of this security was out on loan at February 28, 2023.

^(c)


	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)			Realized Gain			Value February 28, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	1,441,337		$	(1,066,537	)		$	-		$	-		$	374,800		$	2,541

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


		239

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

February 28, 2023

(Unaudited)


	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 28, 2023			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	463,653		$	669,623		$	(962,333	)		$	-			$	-		$	170,943		$	3,548	*

Invesco Private Prime Fund			1,192,252			1,138,902			(1,891,587	)			(100	)			109			439,576			9,709	*


Total		$	1,655,905		$	3,249,862		$	(3,920,457	)		$	(100	)		$	109		$	985,319		$	15,798

*	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, 2023.

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


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2023

Financials			36.41

Sovereign Debt			26.61

Utilities			10.05

Energy			7.19

Communication Services			5.18

Industrials			4.60

Sector Types Each Less Than 3%			7.61

Money Market Funds Plus Other Assets Less Liabilities			2.35

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


		240

(This Page Intentionally Left Blank)


		241

Statements of Assets and Liabilities

February 28, 2023

(Unaudited)


	Invesco BulletShares 2023 Corporate Bond ETF (BSCN)				Invesco BulletShares 2024 Corporate Bond ETF (BSCO)				Invesco BulletShares 2025 Corporate Bond ETF (BSCP)				Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)
Assets:
Unaffiliated investments in securities, at value^(a)		$	2,480,892,928			$	3,925,774,397			$	2,431,974,315			$	1,656,779,505
Affiliated investments in securities, at value			286,952,040				231,292,902				289,327,376				173,662,263
Cash			5,852,520				-				-				-
Deposits with brokers:
Cash segregated as collateral			-				303,333				809,429				-
Receivable for:
Dividends and interest			21,184,181				34,933,628				22,585,143				14,276,217
Securities lending			3,470				28,632				46,714				29,236
Investments sold			-				-				-				-
Fund shares sold			-				287,923				160,196,295				11,301,576

Total assets			2,794,885,139				4,192,620,815				2,904,939,272				1,856,048,797


Liabilities:
Due to custodian			-				14,770				-				-
Payable for:
Investments purchased			67,656,855				287,923				160,097,272				11,293,020
Collateral upon return of securities loaned			-				227,940,974				287,575,443				172,200,589
Collateral upon receipt of securities in-kind			-				303,333				809,429				-
Fund shares repurchased			-				-				-				-
Accrued unitary management fees			193,040				301,990				172,537				127,282
Accrued tax expenses			-				-				-				-

Total liabilities			67,849,895				228,848,990				448,654,681				183,620,891

Net Assets		$	2,727,035,244			$	3,963,771,825			$	2,456,284,591			$	1,672,427,906


Net assets consist of:
Shares of beneficial interest		$	2,751,295,627			$	4,092,141,134			$	2,563,058,502			$	1,771,847,399
Distributable earnings (loss)			(24,260,383	)			(128,369,309	)			(106,773,911	)			(99,419,493	)

Net Assets		$	2,727,035,244			$	3,963,771,825			$	2,456,284,591			$	1,672,427,906

Shares outstanding (unlimited amount authorized, $0.01 par value)			129,600,000				193,650,000				122,400,000				88,800,000
Net asset value		$	21.04			$	20.47			$	20.07			$	18.83

Market price		$	21.05			$	20.48			$	20.09			$	18.85

Unaffiliated investments in securities, at cost		$	2,503,482,260			$	4,048,372,262			$	2,536,282,439			$	1,754,823,842

Affiliated investments in securities, at cost		$	286,952,040			$	231,296,441			$	289,333,360			$	173,664,611

^(a)Includes securities on loan with an aggregate value of:		$	-			$	220,096,171			$	278,209,136			$	166,908,495

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


		242


Invesco BulletShares 2027 Corporate Bond ETF (BSCR)				Invesco BulletShares 2028 Corporate Bond ETF (BSCS)				Invesco BulletShares 2029 Corporate Bond ETF (BSCT)				Invesco BulletShares 2030 Corporate Bond ETF (BSCU)				Invesco BulletShares 2031 Corporate Bond ETF (BSCV)				Invesco BulletShares 2032 Corporate Bond ETF (BSCW)				Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN)

	$	790,865,110			$	514,116,859			$	225,739,315			$	161,663,693			$	98,314,561			$	29,350,311			$	696,749,060
		197,226,065				98,594,931				31,336,866				21,672,620				2,518,217				484,612				33,056,551
		-				-				-				-				-				-				2,059,687

		256,993				184,904				1,139,937				422,891				120,272				-				-

		8,039,850				5,314,439				2,706,213				1,319,528				893,234				363,674				10,299,329
		45,043				20,114				9,799				3,569				1,557				190				15,965
		-				-				-				-				-				-				1,642,276
		242,919				8,946,928				25,730				4,818,321				33,123				5,942,211				-

		996,675,980				627,178,175				260,957,860				189,900,622				101,880,964				36,140,998				743,822,868



		-				-				-				-				-				-				-

		242,919				8,987,653				25,730				4,825,102				33,123				5,946,192				2,059,687
		195,828,060				98,190,874				31,187,963				21,608,431				2,462,543				476,487				2,320,243
		256,993				184,904				1,139,937				422,891				120,272				-				-
		-				-				-				-				-				-				70,207
		59,875				38,942				16,879				12,112				7,326				1,785				233,628
		-				-				-				-				-				1,009				-

		196,387,847				107,402,373				32,370,509				26,868,536				2,623,264				6,425,473				4,683,765

	$	800,288,133			$	519,775,802			$	228,587,351			$	163,032,086			$	99,257,700			$	29,715,525			$	739,139,103


	$	851,491,667			$	557,482,163			$	253,247,038			$	178,740,401			$	105,452,614			$	30,337,920			$	794,053,468
		(51,203,534	)			(37,706,361	)			(24,659,687	)			(15,708,315	)			(6,194,914	)			(622,395	)			(54,914,365	)

	$	800,288,133			$	519,775,802			$	228,587,351			$	163,032,086			$	99,257,700			$	29,715,525			$	739,139,103


		42,300,000				26,550,001				12,900,001				10,200,001				6,300,001				1,500,001				31,500,000
	$	18.92			$	19.58			$	17.72			$	15.98			$	15.76			$	19.81			$	23.46

	$	18.94			$	19.60			$	17.74			$	15.98			$	15.76			$	19.82			$	23.48

	$	841,685,791			$	550,804,986			$	250,150,618			$	177,140,306			$	104,853,899			$	29,914,451			$	699,637,398

	$	197,231,844			$	98,599,160			$	31,338,845			$	21,674,118			$	2,518,407			$	484,612			$	33,056,715

	$	189,317,963			$	94,962,139			$	30,074,521			$	20,930,463			$	2,389,990			$	462,714			$	2,228,744


		243

Statements of Assets and Liabilities–(continued)

February 28, 2023

(Unaudited)


	Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)				Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)				Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)				Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)
Assets:
Unaffiliated investments in securities, at value^(a)		$	523,793,429			$	453,753,379			$	257,654,302			$	80,157,596
Affiliated investments in securities, at value			168,348,681				44,602,683				44,064,058				12,973,941
Cash			96,890				1,352,138				52,560				-
Deposits with brokers:
Cash segregated as collateral			-				1,117,269				-				115,569
Receivable for:
Dividends and interest			8,878,619				8,140,113				4,225,787				1,385,131
Securities lending			169,212				7,328				26,987				7,510
Investments sold			-				10,974,722				3,072,994				231,418
Fund shares sold			-				3,297,847				4,528,254				107,092
Other assets			-				-				-				-

Total assets			701,286,831				523,245,479				313,624,942				94,978,257


Liabilities:
Due to custodian			-				-				-				-
Payable for:
Investments purchased			16,856,416				9,818,186				7,666,581				107,092
Collateral upon return of securities loaned			116,335,340				40,568,439				43,231,432				12,941,318
Collateral upon receipt of securities in-kind			-				1,117,269				-				115,568
Accrued unitary management fees			178,857				147,439				82,384				26,011

Total liabilities			133,370,613				51,651,333				50,980,397				13,189,989

Net Assets		$	567,916,218			$	471,594,146			$	262,644,545			$	81,788,268


Net assets consist of:
Shares of beneficial interest		$	616,053,726			$	502,330,499			$	283,945,799			$	88,428,517
Distributable earnings (loss)			(48,137,508	)			(30,736,353	)			(21,301,254	)			(6,640,249	)

Net Assets		$	567,916,218			$	471,594,146			$	262,644,545			$	81,788,268

Shares outstanding (unlimited amount authorized, $0.01 par value)			25,400,000				21,100,000				11,600,001				3,800,001
Net asset value		$	22.36			$	22.35			$	22.64			$	21.52

Market price		$	22.38			$	22.36			$	22.63			$	21.51

Unaffiliated investments in securities, at cost		$	536,062,453			$	470,926,964			$	272,145,385			$	84,877,945

Affiliated investments in securities, at cost		$	168,354,288			$	44,605,191			$	44,066,709			$	12,974,789

^(a)Includes securities on loan with an aggregate value of:		$	111,725,115			$	38,642,194			$	41,518,052			$	12,425,560

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


		244


Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)				Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)				Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU)				Invesco BulletShares 2023 Municipal Bond ETF (BSMN)				Invesco BulletShares 2024 Municipal Bond ETF (BSMO)				Invesco BulletShares 2025 Municipal Bond ETF (BSMP)				Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)

	$	34,808,629			$	13,764,554			$	4,713,587			$	166,480,765			$	167,506,192			$	136,108,292			$	96,672,992
		4,383,845				586,570				18,783				-				-				-				-
		-				-				-				4,178,595				404,359				68,503				309,542

		-				-				-				-				-				-				-

		531,857				219,200				77,510				1,997,071				2,008,100				1,655,808				1,100,603
		3,022				543				3				-				-				-				-
		125,513				60,123				39,338				276,783				-				-				40,681
		-				-				-				-				-				-				-
		-				-				-				236				-				-				-

		39,852,866				14,630,990				4,849,221				172,933,450				169,918,651				137,832,603				98,123,818


		16,826				-				-				-				-				-				-

		-				-				-				5,000,294				-				100,238				90,538
		4,384,034				542,639				-				-				-				-				-
		-				-				-				-				-				-				-
		11,513				4,605				1,587				23,222				23,392				18,845				13,377

		4,412,373				547,244				1,587				5,023,516				23,392				119,083				103,915

	$	35,440,493			$	14,083,746			$	4,847,634			$	167,909,934			$	169,895,259			$	137,713,520			$	98,019,903



	$	39,166,335			$	15,869,176			$	5,000,025			$	168,729,981			$	172,137,395			$	141,193,369			$	100,692,864
		(3,725,842	)			(1,785,430	)			(152,391	)			(820,047	)			(2,242,136	)			(3,479,849	)			(2,672,961	)

	$	35,440,493			$	14,083,746			$	4,847,634			$	167,909,934			$	169,895,259			$	137,713,520			$	98,019,903


		1,700,001				700,001				200,001				6,700,001				6,900,001				5,700,001				4,200,001
	$	20.85			$	20.12			$	24.24			$	25.06			$	24.62			$	24.16			$	23.34

	$	20.87			$	20.12			$	24.28			$	25.09			$	24.70			$	24.23			$	23.41

	$	38,090,450			$	15,337,699			$	4,792,381			$	167,375,276			$	169,848,928			$	139,266,901			$	99,075,784

	$	4,384,034			$	586,613			$	18,783			$	-			$	-			$	-			$	-

	$	4,186,354			$	519,975			$	-			$	-			$	-			$	-			$	-


		245

Statements of Assets and Liabilities–(continued)

February 28, 2023

(Unaudited)


	Invesco BulletShares 2027 Municipal Bond ETF (BSMR)				Invesco BulletShares 2028 Municipal Bond ETF (BSMS)				Invesco BulletShares 2029 Municipal Bond ETF (BSMT)				Invesco BulletShares 2030 Municipal Bond ETF (BSMU)
Assets:
Unaffiliated investments in securities, at value^(a)		$	78,529,784			$	61,742,713			$	47,266,542			$	36,201,751
Affiliated investments in securities, at value			-				-				-				-
Cash.			230,393				107,343				163,514				271,092
Foreign currencies, at value			-				-				-				-
Receivable for:
Dividends and interest			861,265				712,633				550,149				409,302
Securities lending			-				-				-				-
Fund shares sold			-				-				-				-
Other assets			-				3				3				-

Total assets			79,621,442				62,562,692				47,980,208				36,882,145


Liabilities:
Payable for:
Investments purchased			-				-				-				-
Collateral upon return of securities loaned			-				-				-				-
Accrued unitary management fees			11,048				8,590				6,731				4,928

Total liabilities			11,048				8,590				6,731				4,928

Net Assets		$	79,610,394			$	62,554,102			$	47,973,477			$	36,877,217


Net assets consist of:
Shares of beneficial interest		$	81,135,238			$	64,626,202			$	49,931,447			$	39,012,377
Distributable earnings (loss)			(1,524,844	)			(2,072,100	)			(1,957,970	)			(2,135,160	)

Net Assets		$	79,610,394			$	62,554,102			$	47,973,477			$	36,877,217

Shares outstanding (unlimited amount authorized, $0.01 par value)			3,400,001				2,700,001				2,100,001				1,700,001
Net asset value		$	23.41			$	23.17			$	22.84			$	21.69

Market price		$	23.49			$	23.24			$	22.91			$	21.75

Unaffiliated investments in securities, at cost		$	80,101,630			$	63,379,638			$	48,647,929			$	37,447,219

Affiliated investments in securities, at cost		$	-			$	-			$	-			$	-

Foreign currencies, 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.


		246


Invesco BulletShares 2031 Municipal Bond ETF (BSMV)				Invesco BulletShares 2032 Municipal Bond ETF (BSMW)			Invesco BulletShares 2023 USD Emerging Markets Debt ETF (BSCE)				Invesco BulletShares 2024 USD Emerging Markets Debt ETF (BSDE)

	$	16,414,846			$	4,907,901		$	23,269,051			$	32,849,862
		-				-			2,254,255				985,319
		110,207				25			-				-
		-				-			154				592

		182,942				50,648			283,334				422,106
		-				-			129				545
		-				5,000,000			-				-
		-				-			-				-

		16,707,995				9,958,574			25,806,923				34,258,424




		40,681				4,956,979			-				-
		-				-			29,005				610,534
		2,343				-			5,658				7,488
		43,024				4,956,979			34,663				618,022

	$	16,664,971			$	5,001,595		$	25,772,260			$	33,640,402





	$	18,379,242			$	5,000,024		$	29,152,463			$	35,871,469
		(1,714,271	)			1,571			(3,380,203	)			(2,231,067	)

	$	16,664,971			$	5,001,595		$	25,772,260			$	33,640,402

		800,001				200,001			1,100,001				1,400,001
	$	20.83			$	25.01		$	23.43			$	24.03

	$	20.92			$	-		$	23.36			$	23.99

	$	17,228,366			$	4,906,330		$	24,243,019			$	33,896,647

	$	-			$	-		$	2,254,255			$	985,334

	$	-			$	-		$	151			$	575

	$	-			$	-		$	28,336			$	591,410


		247

Statements of Operations

For the six months ended February 28, 2023

(Unaudited)


	Invesco BulletShares 2023 Corporate Bond ETF (BSCN)				Invesco BulletShares 2024 Corporate Bond ETF (BSCO)				Invesco BulletShares 2025 Corporate Bond ETF (BSCP)				Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)
Investment income:
Unaffiliated interest income		$	25,750,083			$	48,740,693			$	26,983,373			$	22,687,826
Affiliated dividend income			1,576,226				191,403				90,708				52,117
Securities lending income, net			120,532				211,166				274,168				202,543
Foreign withholding tax			-				-				-				-

Total investment income			27,446,841				49,143,262				27,348,249				22,942,486


Expenses:
Unitary management fees			1,314,759				1,773,024				931,729				694,900
Tax expenses			-				-				-				-

Total expenses			1,314,759				1,773,024				931,729				694,900

Less: Waivers			(31,424	)			(4,399	)			(2,245	)			(1,357	)

Net expenses			1,283,335				1,768,625				929,484				693,543

Net investment income			26,163,506				47,374,637				26,418,765				22,248,943


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(1,071,117	)			(908,042	)			(849,967	)			(212,828	)
Affiliated investment securities			11,350				36,616				24,923				34,002
In-kind redemptions			(89,267	)			(500,658	)			116,917				(83,524	)

Net realized gain (loss)			(1,149,034	)			(1,372,084	)			(708,127	)			(262,350	)

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			13,619,756				(34,352,626	)			(29,071,518	)			(26,289,553	)
Affiliated investment securities			(3,597	)			(8,242	)			(11,045	)			(5,410	)

Change in net unrealized appreciation (depreciation)			13,616,159				(34,360,868	)			(29,082,563	)			(26,294,963	)

Net realized and unrealized gain (loss)			12,467,125				(35,732,952	)			(29,790,690	)			(26,557,313	)

Net increase (decrease) in net assets resulting from operations		$	38,630,631			$	11,641,685			$	(3,371,925	)		$	(4,308,370	)

^(a)	For the period September 6, 2022 (commencement of investment operations) through February 28, 2023.

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


		248


Invesco BulletShares 2027 Corporate Bond ETF (BSCR)				Invesco BulletShares 2028 Corporate Bond ETF (BSCS)				Invesco BulletShares 2029 Corporate Bond ETF (BSCT)				Invesco BulletShares 2030 Corporate Bond ETF (BSCU)				Invesco BulletShares 2031 Corporate Bond ETF (BSCV)				Invesco BulletShares 2032 Corporate Bond ETF (BSCW)^(a)				Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN)

	$	10,023,994			$	7,244,921			$	2,997,039			$	2,524,724			$	1,368,446			$	293,525			$	18,453,150
		36,619				43,044				12,386				7,553				2,648				1,219				567,113
		273,333				110,113				38,139				18,511				7,320				190				174,526
		-				-				-				-				-				(68	)			-

		10,333,946				7,398,078				3,047,564				2,550,788				1,378,414				294,866				19,194,789



		302,340				199,455				88,531				65,205				30,920				5,774				1,499,210
		-				-				-				-				-				1,009				-

		302,340				199,455				88,531				65,205				30,920				6,783				1,499,210

		(841	)			(953	)			(301	)			(179	)			(64	)			(30	)			(11,864	)

		301,499				198,502				88,230				65,026				30,856				6,753				1,487,346

		10,032,447				7,199,576				2,959,334				2,485,762				1,347,558				288,113				17,707,443




		(620,137	)			(639,664	)			(155,826	)			(50,031	)			(47,474	)			(74,206	)			(20,362,343	)
		23,443				14,161				3,268				3,683				390				-				18,786
		-				-				-				-				426,580				-				(679,279	)

		(596,694	)			(625,503	)			(152,558	)			(46,348	)			379,496				(74,206	)			(21,022,836	)


		(12,711,679	)			(5,692,742	)			(4,611,850	)			(3,035,404	)			(2,428,806	)			(564,140	)			26,964,995
		(10,751	)			(7,582	)			(2,552	)			(1,786	)			(204	)			-				(4,365	)

		(12,722,430	)			(5,700,324	)			(4,614,402	)			(3,037,190	)			(2,429,010	)			(564,140	)			26,960,630

		(13,319,124	)			(6,325,827	)			(4,766,960	)			(3,083,538	)			(2,049,514	)			(638,346	)			5,937,794

	$	(3,286,677	)		$	873,749			$	(1,807,626	)		$	(597,776	)		$	(701,956	)		$	(350,233	)		$	23,645,237


		249

Statements of Operations–(continued)

For the six months ended February 28, 2023

(Unaudited)


	Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)				Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)				Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)				Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)
Investment income:
Unaffiliated interest income		$	14,503,473			$	13,333,045			$	6,866,285			$	1,907,267
Affiliated dividend income			264,034				108,790				29,794				9,585
Securities lending income, net			688,801				130,315				139,771				32,101

Total investment income			15,456,308				13,572,150				7,035,850				1,948,953


Expenses:
Unitary management fees			1,057,797				881,861				446,215				124,649

Less: Waivers			(5,644	)			(2,578	)			(723	)			(229	)

Net expenses			1,052,153				879,283				445,492				124,420

Net investment income			14,404,155				12,692,867				6,590,358				1,824,533


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(10,682,260	)			(5,873,770	)			(3,185,637	)			(987,690	)
Affiliated investment securities			17,841				8,121				7,600				1,873
In-kind redemptions			343,327				263,296				(105,928	)			-

Net realized gain (loss)			(10,321,092	)			(5,602,353	)			(3,283,965	)			(985,817	)

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			14,065,206				5,593,314				2,222,331				589,527
Affiliated investment securities			(9,616	)			(5,400	)			(4,795	)			(1,178	)

Change in net unrealized appreciation (depreciation)			14,055,590				5,587,914				2,217,536				588,349

Net realized and unrealized gain (loss)			3,734,498				(14,439	)			(1,066,429	)			(397,468	)

Net increase in net assets resulting from operations		$	18,138,653			$	12,678,428			$	5,523,929			$	1,427,065

^(a)	For the period September 6, 2022 (commencement of investment operations) through February 28, 2023.

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


		250


Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)				Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)				Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU)^(a)				Invesco BulletShares 2023 Municipal Bond ETF (BSMN)				Invesco BulletShares 2024 Municipal Bond ETF (BSMO)				Invesco BulletShares 2025 Municipal Bond ETF (BSMP)				Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)

	$	923,782			$	362,993			$	178,732			$	1,230,832			$	1,365,090			$	1,128,207			$	858,945
		4,111				1,730				1,144				-				-				-				-
		9,355				3,505				3				-				-				-				-

		937,248				368,228				179,879				1,230,832				1,365,090				1,128,207				858,945



		58,679				23,920				9,816				113,253				117,559				95,488				61,508

		(105	)			(42	)			(25	)			-				-				-				-

		58,574				23,878				9,791				113,253				117,559				95,488				61,508

		878,674				344,350				170,088				1,117,579				1,247,531				1,032,719				797,437




		(404,835	)			(120,401	)			(72,642	)			(8,640	)			(25,890	)			(293,587	)			(70,226	)
		457				66				-				-				-				-				-
		-				(53,897	)			-				-				-				-				-

		(404,378	)			(174,232	)			(72,642	)			(8,640	)			(25,890	)			(293,587	)			(70,226	)


		(132,109	)			(101,251	)			(78,794	)			69,996				(672,563	)			(452,390	)			(380,228	)
		(273	)			(56	)			-				-				-				-				-

		(132,382	)			(101,307	)			(78,794	)			69,996				(672,563	)			(452,390	)			(380,228	)

		(536,760	)			(275,539	)			(151,436	)			61,356				(698,453	)			(745,977	)			(450,454	)

	$	341,914			$	68,811			$	18,652			$	1,178,935			$	549,078			$	286,742			$	346,983


		251

Statements of Operations–(continued)

For the six months ended February 28, 2023

(Unaudited)


	Invesco BulletShares 2027 Municipal Bond ETF (BSMR)				Invesco BulletShares 2028 Municipal Bond ETF (BSMS)				Invesco BulletShares 2029 Municipal Bond ETF (BSMT)				Invesco BulletShares 2030 Municipal Bond ETF (BSMU)
Investment income:
Unaffiliated interest income		$	675,906			$	499,217			$	411,131			$	412,868
Affiliated dividend income			-				-				-				-
Securities lending income, net			-				-				-				-

Total investment income			675,906				499,217				411,131				412,868


Expenses:
Unitary management fees.			46,227				35,711				28,687				26,174

Less: Waivers			-				-				-				-

Net expenses			46,227				35,711				28,687				26,174

Net investment income			629,679				463,506				382,444				386,694


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(9,178	)			(250,511	)			(251,013	)			(210,900	)
Affiliated investment securities			-				-				-				-
In-kind redemptions			-				-				-				-

Net realized gain (loss)			(9,178	)			(250,511	)			(251,013	)			(210,900	)

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			(67,382	)			339,797				336,360				151,085
Affiliated investment securities			-				-				-				-
Foreign currencies			-				-				-				-

Change in net unrealized appreciation (depreciation)			(67,382	)			339,797				336,360				151,085

Net realized and unrealized gain (loss)			(76,560	)			89,286				85,347				(59,815	)

Net increase in net assets resulting from operations		$	553,119			$	552,792			$	467,791			$	326,879

^(b)	For the period February 27, 2023 (commencement of investment operations) through February 28, 2023.

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


		252


Invesco BulletShares 2031 Municipal Bond ETF (BSMV)				Invesco BulletShares 2032 Municipal Bond ETF (BSMW)^(b)			Invesco BulletShares 2023 USD Emerging Markets Debt ETF (BSCE)				Invesco BulletShares 2024 USD Emerging Markets Debt ETF (BSDE)

	$	176,822			$	-		$	339,338			$	689,146
		-				-			10,150				2,541
		-				-			459				4,505

		176,822				-			349,947				696,192



		11,757				-			38,376				53,824

		-				-			(203	)			(59	)

		11,757				-			38,173				53,765

		165,065				-			311,774				642,427




		(73,825	)			-			(26,527	)			7,387
		-				-			19				109
		-				-			(74,247	)			(169,599	)

		(73,825	)			-			(100,755	)			(162,103	)


		5,149				1,571			277,653				(64,544	)
		-				-			-				(100	)
		-				-			3				29

		5,149				1,571			277,656				(64,615	)

		(68,676	)			1,571			176,901				(226,718	)

	$	96,389			$	1,571		$	488,675			$	415,709


		253

Statements of Changes in Net Assets

For the six months ended February 28, 2023 and the year ended August 31, 2022

(Unaudited)


	Invesco BulletShares 2023 Corporate Bond ETF (BSCN)								Invesco BulletShares 2024 Corporate Bond ETF (BSCO)
	Six Months Ended February 28, 2023				Year Ended August 31, 2022				Six Months Ended February 28, 2023				Year Ended August 31, 2022
Operations:
Net investment income		$	26,163,506			$	31,662,160			$	47,374,637			$	43,331,147
Net realized gain (loss)			(1,149,034	)			582,904				(1,372,084	)			(3,778,907	)
Change in net unrealized appreciation (depreciation)			13,616,159				(74,338,444	)			(34,360,868	)			(135,305,391	)

Net increase (decrease) in net assets resulting from operations			38,630,631				(42,093,380	)			11,641,685				(95,753,151	)


Distributions to Shareholders from:
Distributable earnings.			(25,454,149	)			(37,787,625	)			(46,968,398	)			(45,949,587	)


Shareholder Transactions:
Proceeds from shares sold			385,656,416				539,242,118				801,314,428				1,893,989,566
Value of shares repurchased			(160,128,734	)			(76,260,378	)			(101,691,417	)			(84,849,119	)

Net increase in net assets resulting from share transactions			225,527,682				462,981,740				699,623,011				1,809,140,447

Net increase in net assets			238,704,164				383,100,735				664,296,298				1,667,437,709


Net assets:
Beginning of period			2,488,331,080				2,105,230,345				3,299,475,527				1,632,037,818

End of period		$	2,727,035,244			$	2,488,331,080			$	3,963,771,825			$	3,299,475,527


Changes in Shares Outstanding:
Shares sold			18,450,000				25,350,000				39,150,000				89,850,000
Shares repurchased			(7,650,000	)			(3,600,000	)			(4,950,000	)			(4,050,000	)
Shares outstanding, beginning of period			118,800,000				97,050,000				159,450,000				73,650,000

Shares outstanding, end of period			129,600,000				118,800,000				193,650,000				159,450,000

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


		254


Invesco BulletShares 2025 Corporate Bond ETF (BSCP)								Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)								Invesco BulletShares 2027 Corporate Bond ETF (BSCR)								Invesco BulletShares 2028 Corporate Bond ETF (BSCS)
Six Months Ended February 28, 2023				Year Ended August 31, 2022				Six Months Ended February 28, 2023				Year Ended August 31, 2022				Six Months Ended February 28, 2023				Year Ended August 31, 2022				Six Months Ended February 28, 2023				Year Ended August 31, 2022

	$	26,418,765			$	24,392,663			$	22,248,943			$	17,875,906			$	10,032,447			$	9,147,165			$	7,199,576			$	5,348,625
		(708,127	)			(1,979,894	)			(262,350	)			(487,218	)			(596,694	)			83,696				(625,503	)			(430,227	)
		(29,082,563	)			(103,464,527	)			(26,294,963	)			(88,801,017	)			(12,722,430	)			(50,909,214	)			(5,700,324	)			(34,773,113	)


		(3,371,925	)			(81,051,758	)			(4,308,370	)			(71,412,329	)			(3,286,677	)			(41,678,353	)			873,749				(29,854,715	)



		(26,285,189	)			(26,353,632	)			(22,077,369	)			(17,893,415	)			(9,987,501	)			(9,217,189	)			(7,144,257	)			(5,392,141	)



		848,798,856				717,998,538				540,392,361				812,928,433				334,035,749				192,035,822				252,591,969				82,775,900
		(27,255,477	)			(3,059,546	)			(20,033,392	)			(124,053,130	)			-				(14,911,677	)			-				-


		821,543,379				714,938,992				520,358,969				688,875,303				334,035,749				177,124,145				252,591,969				82,775,900

		791,886,265				607,533,602				493,973,230				599,569,559				320,761,571				126,228,603				246,321,461				47,529,044



		1,664,398,326				1,056,864,724				1,178,454,676				578,885,117				479,526,562				353,297,959				273,454,341				225,925,297

	$	2,456,284,591			$	1,664,398,326			$	1,672,427,906			$	1,178,454,676			$	800,288,133			$	479,526,562			$	519,775,802			$	273,454,341



		42,150,000				34,350,000				28,650,000				40,650,000				17,550,000				9,450,000				12,900,000				3,900,000
		(1,350,000	)			(150,000	)			(1,050,000	)			(6,300,000	)			-				(750,000	)			-				-
		81,600,000				47,400,000				61,200,000				26,850,000				24,750,000				16,050,000				13,650,001				9,750,001

		122,400,000				81,600,000				88,800,000				61,200,000				42,300,000				24,750,000				26,550,001				13,650,001


		255

Statements of Changes in Net Assets–(continued)

For the six months ended February 28, 2023 and the year ended August 31, 2022

(Unaudited)


	Invesco BulletShares 2029 Corporate Bond ETF (BSCT)								Invesco BulletShares 2030 Corporate Bond ETF (BSCU)
	Six Months Ended February 28, 2023				Year Ended August 31, 2022				Six Months Ended February 28, 2023				Year Ended August 31, 2022
Operations:
Net investment income		$	2,959,334			$	2,841,478			$	2,485,762			$	1,596,184
Net realized gain (loss)			(152,558	)			(1,040,126	)			(46,348	)			(183,411	)
Change in net unrealized appreciation (depreciation)			(4,614,402	)			(20,589,075	)			(3,037,190	)			(12,301,573	)

Net increase (decrease) in net assets resulting from operations			(1,807,626	)			(18,787,723	)			(597,776	)			(10,888,800	)


Distributions to Shareholders from:
Distributable earnings			(2,911,350	)			(2,861,504	)			(2,531,816	)			(1,543,157	)


Shareholder Transactions:
Proceeds from shares sold			104,844,790				52,115,317				64,796,910				87,105,399
Value of shares repurchased			-				(14,213,573	)			-				-

Net increase in net assets resulting from share transactions			104,844,790				37,901,744				64,796,910				87,105,399

Net increase in net assets			100,125,814				16,252,517				61,667,318				74,673,442


Net assets:
Beginning of period			128,461,537				112,209,020				101,364,768				26,691,326

End of period		$	228,587,351			$	128,461,537			$	163,032,086			$	101,364,768


Changes in Shares Outstanding:
Shares sold			5,850,000				2,550,000				4,050,000				4,800,000
Shares repurchased			-				(750,000	)			-				-
Shares outstanding, beginning of period			7,050,001				5,250,001				6,150,001				1,350,001

Shares outstanding, end of period			12,900,001				7,050,001				10,200,001				6,150,001

^(a)	For the period September 6, 2022 (commencement of investment operations) through February 28, 2023.

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


		256


Invesco BulletShares 2031 Corporate Bond ETF (BSCV)								Invesco BulletShares 2032 Corporate Bond ETF (BSCW)				Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN)								Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)
Six Months Ended February 28, 2023				Period Ended August 31, 2022				Period Ended February 28, 2023^(a)				Six Months Ended February 28, 2023				Year Ended August 31, 2022				Six Months Ended February 28, 2023				Year Ended August 31, 2022

	$	1,347,558			$	500,915			$	288,113			$	17,707,443			$	25,202,258			$	14,404,155			$	18,950,399
		379,496				(11,528	)			(74,206	)			(21,022,836	)			(23,366,965	)			(10,321,092	)			(25,566,209	)
		(2,429,010	)			(4,110,518	)			(564,140	)			26,960,630				(38,781,890	)			14,055,590				(31,679,438	)


		(701,956	)			(3,621,131	)			(350,233	)			23,645,237				(36,946,597	)			18,138,653				(38,295,248	)



		(1,374,354	)			(497,473	)			(272,162	)			(18,365,156	)			(24,466,310	)			(14,534,893	)			(18,591,105	)



		69,284,987				43,387,217				33,172,561				140,233,999				334,867,605				122,587,199				296,465,790
		(7,219,590	)			-				(2,834,641	)			(103,001,893	)			(254,596,094	)			(40,056,502	)			(121,652,218	)


		62,065,397				43,387,217				30,337,920				37,232,106				80,271,511				82,530,697				174,813,572

		59,989,087				39,268,613				29,715,525				42,512,187				18,858,604				86,134,457				117,927,219



		39,268,613				-				-				696,626,916				677,768,312				481,781,761				363,854,542

	$	99,257,700			$	39,268,613			$	29,715,525			$	739,139,103			$	696,626,916			$	567,916,218			$	481,781,761



		4,350,000				2,400,001				1,650,001				6,000,000				13,800,000				5,500,000				12,600,000
		(450,000	)			-				(150,000	)			(4,400,000	)			(10,600,000	)			(1,800,000	)			(5,400,000	)
		2,400,001				-				-				29,900,000				26,700,000				21,700,000				14,500,000

		6,300,001				2,400,001				1,500,001				31,500,000				29,900,000				25,400,000				21,700,000


		257

Statements of Changes in Net Assets–(continued)

For the six months ended February 28, 2023 and the year ended August 31, 2022

(Unaudited)


	Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)								Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)
	Six Months Ended February 28, 2023				Year Ended August 31, 2022				Six Months Ended February 28, 2023				Year Ended August 31, 2022
Operations:
Net investment income		$	12,692,867			$	15,763,276			$	6,590,358			$	7,895,552
Net realized gain (loss)			(5,602,353	)			(5,201,851	)			(3,283,965	)			(2,594,718	)
Change in net unrealized appreciation (depreciation)			5,587,914				(27,991,796	)			2,217,536				(18,035,349	)

Net increase (decrease) in net assets resulting from operations			12,678,428				(17,430,371	)			5,523,929				(12,734,515	)


Distributions to Shareholders from:
Distributable earnings			(12,817,074	)			(15,661,665	)			(6,568,817	)			(7,842,075	)


Shareholder Transactions:
Proceeds from shares sold			95,847,228				200,113,063				77,392,116				164,423,468
Value of shares repurchased			(24,500,663	)			(59,529,955	)			(4,531,533	)			(68,785,831	)

Net increase in net assets resulting from share transactions			71,346,565				140,583,108				72,860,583				95,637,637

Net increase in net assets			71,207,919				107,491,072				71,815,695				75,061,047


Net assets:
Beginning of period			400,386,227				292,895,155				190,828,850				115,767,803

End of period		$	471,594,146			$	400,386,227			$	262,644,545			$	190,828,850


Changes in Shares Outstanding:
Shares sold			4,300,000				8,600,000				3,400,000				6,800,000
Shares repurchased			(1,100,000	)			(2,600,000	)			(200,000	)			(2,900,000	)
Shares outstanding, beginning of period			17,900,000				11,900,000				8,400,001				4,500,001

Shares outstanding, end of period			21,100,000				17,900,000				11,600,001				8,400,001

^(a)	For the period September 6, 2022 (commencement of investment operations) through February 28, 2023.

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


		258


Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)								Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)								Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)								Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU)
Six Months Ended February 28, 2023				Year Ended August 31, 2022				Six Months Ended February 28, 2023				Year Ended August 31, 2022				Six Months Ended February 28, 2023				Period Ended August 31, 2022				Period Ended February 28, 2023^(a)

	$	1,824,533			$	2,089,010			$	878,674			$	950,471			$	344,350			$	409,826			$	170,088
		(985,817	)			(1,708,704	)			(404,378	)			(174,696	)			(174,232	)			(286,994	)			(72,642	)
		588,349				(5,627,068	)			(132,382	)			(3,295,823	)			(101,307	)			(1,471,881	)			(78,794	)


		1,427,065				(5,246,762	)			341,914				(2,520,048	)			68,811				(1,349,049	)			18,652



		(1,784,016	)			(2,291,447	)			(875,128	)			(1,017,390	)			(335,797	)			(414,289	)			(171,043	)



		36,764,922				46,007,122				12,654,552				24,854,397				8,148,627				16,537,165				5,000,025
		-				(36,597,116	)			-				(13,344,911	)			(1,979,925	)			(6,591,797	)			-


		36,764,922				9,410,006				12,654,552				11,509,486				6,168,702				9,945,368				5,000,025

		36,407,971				1,871,797				12,121,338				7,972,048				5,901,716				8,182,030				4,847,634



		45,380,297				43,508,500				23,319,155				15,347,107				8,182,030				-				-

	$	81,788,268			$	45,380,297			$	35,440,493			$	23,319,155			$	14,083,746			$	8,182,030			$	4,847,634



		1,700,000				2,000,000				600,000				1,100,000				400,000				700,001				200,001
		-				(1,600,000	)			-				(600,000	)			(100,000	)			(300,000	)			-
		2,100,001				1,700,001				1,100,001				600,001				400,001				-				-

		3,800,001				2,100,001				1,700,001				1,100,001				700,001				400,001				200,001


		259

Statements of Changes in Net Assets–(continued)

For the six months ended February 28, 2023 and the year ended August 31, 2022

(Unaudited)


	Invesco BulletShares 2023 Municipal Bond ETF (BSMN)								Invesco BulletShares 2024 Municipal Bond ETF (BSMO)
	Six Months Ended February 28, 2023				Year Ended August 31, 2022				Six Months Ended February 28, 2023				Year Ended August 31, 2022
Operations:
Net investment income		$	1,117,579			$	371,043			$	1,247,531			$	467,336
Net realized gain (loss)			(8,640	)			(1,529	)			(25,890	)			(9,713	)
Change in net unrealized appreciation (depreciation)			69,996				(1,224,223	)			(672,563	)			(2,044,958	)

Net increase (decrease) in net assets resulting from operations			1,178,935				(854,709	)			549,078				(1,587,335	)


Distributions to Shareholders from:
Distributable earnings			(1,100,841	)			(303,153	)			(1,223,944	)			(354,891	)


Shareholder Transactions:
Proceeds from shares sold			72,505,261				60,292,358				76,293,614				59,772,394
Transaction fees			181,263				150,731				190,734				149,431

Net increase in net assets resulting from share transactions			72,686,524				60,443,089				76,484,348				59,921,825

Net increase in net assets			72,764,618				59,285,227				75,809,482				57,979,599


Net assets:
Beginning of period			95,145,316				35,860,089				94,085,777				36,106,178

End of period		$	167,909,934			$	95,145,316			$	169,895,259			$	94,085,777


Changes in Shares Outstanding:
Shares sold			2,900,000				2,400,000				3,100,000				2,400,000
Shares outstanding, beginning of period			3,800,001				1,400,001				3,800,001				1,400,001

Shares outstanding, end of period			6,700,001				3,800,001				6,900,001				3,800,001

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


		260


Invesco BulletShares 2025 Municipal Bond ETF (BSMP)								Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)								Invesco BulletShares 2027 Municipal Bond ETF (BSMR)								Invesco BulletShares 2028 Municipal Bond ETF (BSMS)
Six Months Ended February 28, 2023				Year Ended August 31, 2022				Six Months Ended February 28, 2023				Year Ended August 31, 2022				Six Months Ended February 28, 2023				Year Ended August 31, 2022				Six Months Ended February 28, 2023				Year Ended August 31, 2022

	$	1,032,719			$	505,448			$	797,437			$	418,755			$	629,679			$	250,611			$	463,506			$	272,732
		(293,587	)			(39,891	)			(70,226	)			(213,595	)			(9,178	)			3,202				(250,511	)			(194,358	)
		(452,390	)			(3,191,154	)			(380,228	)			(2,591,519	)			(67,382	)			(1,828,206	)			339,797				(2,338,971	)

		286,742				(2,725,597	)			346,983				(2,386,359	)			553,119				(1,574,393	)			552,792				(2,260,597	)



		(1,032,677	)			(493,252	)			(814,044	)			(388,496	)			(586,543	)			(240,954	)			(453,812	)			(296,320	)



		62,772,153				39,618,160				55,906,189				21,770,235				53,591,175				9,570,573				41,409,876				5,072,845
		156,930				99,045				139,765				54,426				133,978				23,926				103,525				6,473

		62,929,083				39,717,205				56,045,954				21,824,661				53,725,153				9,594,499				41,513,401				5,079,318

		62,183,148				36,498,356				55,578,893				19,049,806				53,691,729				7,779,152				41,612,381				2,522,401



		75,530,372				39,032,016				42,441,010				23,391,204				25,918,665				18,139,513				20,941,721				18,419,320

	$	137,713,520			$	75,530,372			$	98,019,903			$	42,441,010			$	79,610,394			$	25,918,665			$	62,554,102			$	20,941,721



		2,600,000				1,600,000				2,400,000				900,000				2,300,000				400,000				1,800,000				200,000
		3,100,001				1,500,001				1,800,001				900,001				1,100,001				700,001				900,001				700,001

		5,700,001				3,100,001				4,200,001				1,800,001				3,400,001				1,100,001				2,700,001				900,001


		261

Statements of Changes in Net Assets–(continued)

For the six months ended February 28, 2023 and the year ended August 31, 2022

(Unaudited)


	Invesco BulletShares 2029 Municipal Bond ETF (BSMT)								Invesco BulletShares 2030 Municipal Bond ETF (BSMU)
	Six Months Ended February 28, 2023				Year Ended August 31, 2022				Six Months Ended February 28, 2023				Year Ended August 31, 2022
Operations:
Net investment income		$	382,444			$	252,159			$	386,694			$	236,260
Net realized gain (loss)			(251,013	)			(347,797	)			(210,900	)			(683,550	)
Change in net unrealized appreciation (depreciation)			336,360				(1,972,703	)			151,085				(1,529,268	)

Net increase (decrease) in net assets resulting from operations			467,791				(2,068,341	)			326,879				(1,976,558	)


Distributions to Shareholders from:
Distributable earnings			(362,479	)			(250,501	)			(392,371	)			(226,881	)


Shareholder Transactions:
Proceeds from shares sold			29,480,295				4,909,723				13,031,881				18,351,538
Value of shares repurchased			-				-				-				-
Transaction fees			73,701				12,274				32,580				45,879

Net increase (decrease) in net assets resulting from share transactions			29,553,996				4,921,997				13,064,461				18,397,417

Net increase (decrease) in net assets			29,659,308				2,603,155				12,998,969				16,193,978


Net assets:
Beginning of period			18,314,169				15,711,014				23,878,248				7,684,270

End of period		$	47,973,477			$	18,314,169			$	36,877,217			$	23,878,248


Changes in Shares Outstanding:
Shares sold			1,300,000				200,000				600,000				800,000
Shares repurchased			-				-				-				-
Shares outstanding, beginning of period			800,001				600,001				1,100,001				300,001

Shares outstanding, end of period			2,100,001				800,001				1,700,001				1,100,001

^(b)	For the period February 27, 2023 (commencement of investment operations) through February 28, 2023.

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


		262


Invesco BulletShares 2031 Municipal Bond ETF (BSMV)								Invesco BulletShares 2032 Municipal Bond ETF (BSMW)			Invesco BulletShares 2023 USD Emerging Markets Debt ETF (BSCE)								Invesco BulletShares 2024 USD Emerging Markets Debt ETF (BSDE)
Six Months Ended February 28, 2023				Period Ended August 31, 2022				Period Ended February 28, 2023^(b)			Six Months Ended February 28, 2023				Year Ended August 31, 2022				Six Months Ended February 28, 2023				Year Ended August 31, 2022

	$	165,065			$	157,617			$	-		$	311,774			$	737,657			$	642,427			$	1,004,867
		(73,825	)			(832,344	)			-			(100,755	)			(2,230,388	)			(162,103	)			(752,213	)
		5,149				(818,669	)			1,571			277,656				(1,769,013	)			(64,615	)			(1,835,239	)


		96,389				(1,493,396	)			1,571			488,675				(3,261,744	)			415,709				(1,582,585	)



		(163,640	)			(153,624	)			-			(334,967	)			(737,419	)			(680,372	)			(987,367	)



		4,288,421				14,057,456				5,000,024			-				7,505,405				-				29,731,210
		-				-				-			(6,983,718	)			(2,328,866	)			(7,197,155	)			(9,702,562	)
		10,721				22,644				-			-				-				-				-


		4,299,142				14,080,100				5,000,024			(6,983,718	)			5,176,539				(7,197,155	)			20,028,648

		4,231,891				12,433,080				5,001,595			(6,830,010	)			1,177,376				(7,461,818	)			17,458,696



		12,433,080				-				-			32,602,270				31,424,894				41,102,220				23,643,524

	$	16,664,971			$	12,433,080			$	5,001,595		$	25,772,260			$	32,602,270			$	33,640,402			$	41,102,220



		200,000				600,001				200,001			-				300,000				-				1,200,000
		-				-				-			(300,000	)			(100,000	)			(300,000	)			(400,000	)
		600,001				-				-			1,400,001				1,200,001				1,700,001				900,001

		800,001				600,001				200,001			1,100,001				1,400,001				1,400,001				1,700,001


		263

Financial Highlights

Invesco BulletShares 2023 Corporate Bond ETF (BSCN)


	Six Months Ended February 28, 2023				Years Ended August 31,																Three Months Ended August 31,				Year Ended May 31,
	(Unaudited)				2022				2021				2020				2019				2018				2018
Per Share Operating Performance:
Net asset value at beginning of period		$	20.95			$	21.69			$	21.86			$	21.30			$	20.27			$	20.27			$	20.97

Net investment income^(a)			0.21				0.29				0.38				0.56				0.64				0.15				0.58
Net realized and unrealized gain (loss) on investments			0.08				(0.68	)			(0.16	)			0.57				1.03				0.02				(0.68	)

Total from investment operations			0.29				(0.39	)			0.22				1.13				1.67				0.17				(0.10	)

Distributions to shareholders from:
Net investment income			(0.20	)			(0.29	)			(0.39	)			(0.57	)			(0.64	)			(0.17	)			(0.56	)
Net realized gains			-				(0.06	)			(0.00	)^(b)			(0.00	)^(b)			(0.00	)^(b)			-				(0.04	)

Total distributions			(0.20	)			(0.35	)			(0.39	)			(0.57	)			(0.64	)			(0.17	)			(0.60	)

Net asset value at end of period		$	21.04			$	20.95			$	21.69			$	21.86			$	21.30			$	20.27			$	20.27

Market price at end of period^(c)		$	21.05			$	20.94			$	21.71			$	21.88			$	21.35			$	20.31			$	20.30

Net Asset Value Total Return^(d)			1.39	%			(1.81	)%			1.01	%			5.43	%			8.44	%			0.84	%			(0.50	)%
Market Price Total Return^(d)			1.49	%			(1.95	)%			1.02	%			5.28	%			8.47	%			0.88	%			(0.65	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	2,727,035			$	2,488,331			$	2,105,230			$	1,341,078			$	824,159			$	383,069			$	349,603
Ratio to average net assets of:
Expenses, after Waivers			0.10	%^(e)			0.10	%			0.10	%			0.10	%			0.10	%			0.10	%^(e)			0.21	%
Expenses, prior to Waivers			0.10	%^(e)			0.10	%			0.10	%			0.10	%			0.10	%			0.10	%^(e)			0.22	%
Net investment income			1.99	%^(e)			1.37	%			1.75	%			2.63	%			3.11	%			3.00	%^(e)			2.80	%
Portfolio turnover rate^(f)			3	%			16	%			12	%			9	%			6	%			0	%^(g)			7	%

^(a)	Based on average shares outstanding.

^(b)	Amount represents less than $0.005.

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

^(d)

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(e)	Annualized.

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

^(g)	Amount represents less than 0.5%.

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


		264

Financial Highlights–(continued)

Invesco BulletShares 2024 Corporate Bond ETF (BSCO)


	Six Months Ended February 28, 2023				Years Ended August 31,																Three Months Ended August 31,				Year Ended May 31,
	(Unaudited)				2022				2021				2020				2019				2018				2018
Per Share Operating Performance:
Net asset value at beginning of period		$	20.69			$	22.16			$	22.26			$	21.44			$	20.15			$	20.13			$	20.88

Net investment income^(a)			0.27				0.41				0.44				0.58				0.68				0.17				0.64
Net realized and unrealized gain (loss) on investments			(0.22	)			(1.45	)			(0.09	)			0.83				1.30				0.03				(0.76	)

Total from investment operations			0.05				(1.04	)			0.35				1.41				1.98				0.20				(0.12	)

Distributions to shareholders from:
Net investment income			(0.27	)			(0.39	)			(0.45	)			(0.59	)			(0.69	)			(0.18	)			(0.63	)
Net realized gains			-				(0.04	)			-				-				-				-				-

Total distributions			(0.27	)			(0.43	)			(0.45	)			(0.59	)			(0.69	)			(0.18	)			(0.63	)

Net asset value at end of period		$	20.47			$	20.69			$	22.16			$	22.26			$	21.44			$	20.15			$	20.13

Market price at end of period^(b)		$	20.48			$	20.67			$	22.18			$	22.28			$	21.50			$	20.20			$	20.18

Net Asset Value Total Return^(c)			0.23	%			(4.76	)%			1.59	%			6.72	%			10.08	%			1.01	%			(0.62	)%
Market Price Total Return^(c)			0.38	%			(4.93	)%			1.59	%			6.51	%			10.11	%			1.01	%			(0.58	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	3,963,772			$	3,299,476			$	1,632,038			$	1,085,251			$	575,698			$	311,363			$	292,963
Ratio to average net assets of:
Expenses, after Waivers			0.10	%^(d)			0.10	%			0.10	%			0.10	%			0.10	%			0.10	%^(d)			0.21	%
Expenses, prior to Waivers			0.10	%^(d)			0.10	%			0.10	%			0.10	%			0.10	%			0.10	%^(d)			0.22	%
Net investment income			2.67	%^(d)			1.93	%			2.00	%			2.70	%			3.29	%			3.29	%^(d)			3.10	%
Portfolio turnover rate^(e)			1	%			11	%			7	%			6	%			5	%			2	%			5	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

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


		265

Financial Highlights–(continued)

Invesco BulletShares 2025 Corporate Bond ETF (BSCP)


	Six Months Ended February 28, 2023				Years Ended August 31,																Three Months Ended August 31,				Year Ended May 31,
	(Unaudited)				2022				2021				2020				2019				2018				2018
Per Share Operating Performance:
Net asset value at beginning of period		$	20.40			$	22.30			$	22.44			$	21.41			$	19.89			$	19.84			$	20.67

Net investment income^(a)			0.28				0.41				0.41				0.60				0.70				0.17				0.64
Net realized and unrealized gain (loss) on investments			(0.33	)			(1.88	)			(0.13	)			1.05				1.51				0.07				(0.85	)

Total from investment operations			(0.05	)			(1.47	)			0.28				1.65				2.21				0.24				(0.21	)

Distributions to shareholders from:
Net investment income			(0.28	)			(0.39	)			(0.42	)			(0.62	)			(0.69	)			(0.19	)			(0.62	)
Net realized gains			-				(0.04	)			-				-				-				-				-

Total distributions			(0.28	)			(0.43	)			(0.42	)			(0.62	)			(0.69	)			(0.19	)			(0.62	)

Net asset value at end of period		$	20.07			$	20.40			$	22.30			$	22.44			$	21.41			$	19.89			$	19.84

Market price at end of period^(b)		$	20.09			$	20.37			$	22.31			$	22.45			$	21.44			$	19.96			$	19.85

Net Asset Value Total Return^(c)			(0.25	)%			(6.63	)%			1.25	%			7.86	%			11.39	%			1.19	%			(1.04	)%
Market Price Total Return^(c)			(0.01	)%			(6.81	)%			1.25	%			7.75	%			11.14	%			1.50	%			(1.19	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	2,456,285			$	1,664,398			$	1,056,865			$	632,834			$	311,561			$	116,344			$	104,181
Ratio to average net assets of:
Expenses			0.10	%^(d)			0.10	%			0.10	%			0.10	%			0.10	%			0.10	%^(d)			0.22	%
Net investment income			2.84	%^(d)			1.93	%			1.85	%			2.77	%			3.42	%			3.38	%^(d)			3.14	%
Portfolio turnover rate^(e)			1	%			10	%			8	%			9	%			3	%			1	%			14	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

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


		266

Financial Highlights–(continued)

Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)


	Six Months Ended February 28, 2023				Years Ended August 31,																Three Months Ended August 31,				Year Ended May 31,
	(Unaudited)				2022				2021				2020				2019				2018				2018
Per Share Operating Performance:
Net asset value at beginning of period		$	19.26			$	21.56			$	21.75			$	20.57			$	18.84			$	18.82			$	19.66

Net investment income^(a)			0.30				0.43				0.43				0.57				0.66				0.16				0.61
Net realized and unrealized gain (loss) on investments			(0.44	)			(2.31	)			(0.18	)			1.20				1.71				0.04				(0.89	)

Total from investment operations			(0.14	)			(1.88	)			0.25				1.77				2.37				0.20				(0.28	)

Distributions to shareholders from:
Net investment income			(0.29	)			(0.42	)			(0.44	)			(0.58	)			(0.66	)			(0.18	)			(0.59	)
Net realized gains			-				(0.00	)^(b)			-				(0.02	)			(0.00	)^(b)			-				(0.00	)^(b)

Total distributions			(0.29	)			(0.42	)			(0.44	)			(0.60	)			(0.66	)			(0.18	)			(0.59	)

Transaction fees^(a)			-				-				-				0.01				0.02				-				0.03

Net asset value at end of period		$	18.83			$	19.26			$	21.56			$	21.75			$	20.57			$	18.84			$	18.82

Market price at end of period^(c)		$	18.85			$	19.21			$	21.58			$	21.78			$	20.62			$	18.88			$	18.81

Net Asset Value Total Return^(d)			(0.71	)%			(8.79	)%			1.16	%			8.85	%			13.05	%			1.07	%			(1.28	)%
Market Price Total Return^(d)			(0.35	)%			(9.11	)%			1.11	%			8.73	%			13.07	%			1.34	%			(1.50	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,672,428			$	1,178,455			$	578,885			$	293,682			$	132,679			$	53,693			$	53,638
Ratio to average net assets of:
Expenses, after Waivers			0.10	%^(e)			0.10	%			0.10	%			0.10	%			0.10	%			0.10	%^(e)			0.21	%
Expenses, prior to Waivers			0.10	%			0.10	%			0.10	%			0.10	%			0.10	%			0.10	%^(e)			0.22	%
Net investment income			3.20	%^(e)			2.17	%			2.01	%			2.76	%			3.42	%			3.41	%^(e)			3.16	%
Portfolio turnover rate^(f)			0	%^(g)			4	%			2	%			7	%			4	%			0	%			0	%^(g)

^(a)	Based on average shares outstanding.

^(b)	Amount represents less than $0.005.

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

^(d)

^(e)	Annualized.

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

^(g)	Amount represents less than 0.5%.

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


		267

Financial Highlights–(continued)

Invesco BulletShares 2027 Corporate Bond ETF (BSCR)


	Six Months Ended February 28, 2023				Years Ended August 31,																Three Months Ended August 31,				For the Period September 27, 2017^(a) Through May 31,
	(Unaudited)				2022				2021				2020				2019				2018				2018
Per Share Operating Performance:
Net asset value at beginning of period		$	19.37			$	22.01			$	22.06			$	20.99			$	19.13			$	19.10			$	19.99

Net investment income^(b)			0.31				0.46				0.47				0.60				0.71				0.17				0.44
Net realized and unrealized gain (loss) on investments			(0.45	)			(2.64	)			(0.05	)			1.08				1.84				0.04				(1.03	)

Total from investment operations			(0.14	)			(2.18	)			0.42				1.68				2.55				0.21				(0.59	)

Distributions to shareholders from:
Net investment income			(0.30	)			(0.45	)			(0.47	)			(0.61	)			(0.72	)			(0.19	)			(0.34	)
Net realized gains			(0.01	)			(0.01	)			-				(0.01	)			-				-				-

Total distributions			(0.31	)			(0.46	)			(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		$	18.92			$	19.37			$	22.01			$	22.06			$	20.99			$	19.13			$	19.10

Market price at end of period^(c)		$	18.94			$	19.29			$	22.04			$	22.07			$	21.05			$	19.16			$	19.09

Net Asset Value Total Return^(d)			(0.76	)%			(9.99	)%			1.94	%			8.25	%			13.87	%			1.16	%			(2.77	)%
Market Price Total Return^(d)			(0.24	)%			(10.48	)%			2.04	%			7.98	%			14.01	%			1.37	%			(2.82	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	800,288			$	479,527			$	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	%			0.10	%			0.11	%^(f)			0.10	%^(e)			0.19	%^(e)
Expenses, prior to Waivers			0.10	%^(e)			0.10	%			0.10	%			0.10	%			0.11	%^(f)			0.10	%^(e)			0.20	%^(e)
Net investment income			3.32	%^(e)			2.26	%			2.15	%			2.83	%			3.64	%^(f)			3.60	%^(e)			3.35	%^(e)
Portfolio turnover rate^(g)			1	%			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)

^(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.


		268

Financial Highlights–(continued)

Invesco BulletShares 2028 Corporate Bond ETF (BSCS)


	Six Months Ended February 28, 2023				Years Ended August 31,																For the Period August 7, 2018^(a) Through August 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Operating Performance:
Net asset value at beginning of period		$	20.03			$	23.17			$	23.25			$	22.11			$	20.06			$	20.00

Net investment income^(b)			0.35				0.47				0.52				0.64				0.77				0.05
Net realized and unrealized gain (loss) on investments			(0.46	)			(3.13	)			(0.09	)^(c)			1.12				1.97				0.01

Total from investment operations			(0.11	)			(2.66	)			0.43				1.76				2.74				0.06

Distributions to shareholders from:
Net investment income			(0.34	)			(0.47	)			(0.51	)			(0.65	)			(0.76	)			-
Net realized gains			-				(0.01	)			-				(0.00	)^(d)			-				-

Total distributions			(0.34	)			(0.48	)			(0.51	)			(0.65	)			(0.76	)			-

Transaction fees^(b)			-				-				-				0.03				0.07				-

Net asset value at end of period		$	19.58			$	20.03			$	23.17			$	23.25			$	22.11			$	20.06

Market price at end of period^(e)		$	19.60			$	19.96			$	23.18			$	23.25			$	22.17			$	20.09

Net Asset Value Total Return^(f)			(0.56	)%			(11.62	)%			1.90	%			8.33	%			14.38	%			0.30	%^(g)
Market Price Total Return^(f)			(0.11	)%			(11.96	)%			1.95	%			8.03	%			14.51	%			0.45	%^(g)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	519,776			$	273,454			$	225,925			$	129,018			$	36,483			$	6,018
Ratio to average net assets of:
Expenses			0.10	%^(h)			0.10	%			0.10	%			0.10	%			0.12	%⁽ⁱ⁾			0.10	%^(h)
Net investment income			3.61	%^(h)			2.20	%			2.24	%			2.89	%			3.74	%⁽ⁱ⁾			3.91	%^(h)
Portfolio turnover rate^(j)			2	%			7	%			2	%			3	%			1	%			0	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

^(c)	Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments.

^(d)	Amount represents less than $0.005.

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

^(f)

^(g)	The net asset value total return from Fund Inception (August 9, 2018, the first day of trading on the Exchange) to August 31, 2018 was 0.30%. The market price total return from Fund Inception to August 31, 2018 was 0.30%.

^(h)	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.


		269

Financial Highlights–(continued)

Invesco BulletShares 2029 Corporate Bond ETF (BSCT)


	Six Months Ended February 28, 2023				Years Ended August 31,								For the Period September 10, 2019^(a) Through August 31,
	(Unaudited)				2022				2021				2020
Per Share Operating Performance:
Net asset value at beginning of period		$	18.22			$	21.37			$	21.51			$	20.00

Net investment income^(b)			0.29				0.43				0.42				0.51
Net realized and unrealized gain (loss) on investments			(0.51	)			(3.15	)			(0.14	)			1.47

Total from investment operations.			(0.22	)			(2.72	)			0.28				1.98

Distributions to shareholders from:
Net investment income			(0.28	)			(0.43	)			(0.42	)			(0.51	)
Net realized gains			-				(0.00	)^(c)			-				-

Total distributions			(0.28	)			(0.43	)			(0.42	)			(0.51	)

Transaction fees^(b)			-				-				-				0.04

Net asset value at end of period		$	17.72			$	18.22			$	21.37			$	21.51

Market price at end of period^(d)		$	17.74			$	18.14			$	21.39			$	21.51

Net Asset Value Total Return^(e)			(1.20	)%			(12.84	)%			1.31	%			10.29	%^(f)
Market Price Total Return^(e)			(0.66	)%			(13.30	)%			1.41	%			10.28	%^(f)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	228,587			$	128,462			$	112,209			$	25,815
Ratio to average net assets of:
Expenses			0.10	%^(g)			0.10	%			0.10	%			0.10	%^(g)
Net investment income			3.34	%^(g)			2.19	%			1.98	%			2.55	%^(g)
Portfolio turnover rate^(h)			1	%			6	%			0	%⁽ⁱ⁾			1	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

^(c)	Amount represents less than $0.005.

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

^(e)

^(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.


		270

Financial Highlights–(continued)

Invesco BulletShares 2030 Corporate Bond ETF (BSCU)


	Six Months Ended February 28, 2023 (Unaudited)				Year Ended August 31, 2022				For the Period September 14, 2020^(a) Through August 31, 2021
Per Share Operating Performance:
Net asset value at beginning of period		$	16.48			$	19.77			$	20.00

Net investment income^(b)			0.30				0.45				0.36
Net realized and unrealized gain (loss) on investments			(0.50	)			(3.32	)			(0.27	)

Total from investment operations			(0.20	)			(2.87	)			0.09

Distributions to shareholders from:
Net investment income			(0.30	)			(0.42	)			(0.32	)

Net asset value at end of period		$	15.98			$	16.48			$	19.77

Market price at end of period^(c)		$	15.98			$	16.38			$	19.79

Net Asset Value Total Return^(d)			(1.19	)%			(14.67	)%			0.45	%^(e)
Market Price Total Return^(d)			(0.59	)%			(15.27	)%			0.55	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	163,032			$	101,365			$	26,691
Ratio to average net assets of:
Expenses			0.10	%^(f)			0.10	%			0.10	%^(f)
Net investment income			3.81	%^(f)			2.60	%			1.89	%^(f)
Portfolio turnover rate^(g)			0	%			3	%			3	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(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.


		271

Financial Highlights–(continued)

Invesco BulletShares 2031 Corporate Bond ETF (BSCV)


					For the Period
	Six Months Ended				September 13, 2021^(a)
	February 28,				Through
	2023				August 31,
	(Unaudited)				2022
Per Share Operating Performance:
Net asset value at beginning of period		$	16.36			$	20.00

Net investment income^(b)			0.34				0.47
Net realized and unrealized gain (loss) on investments			(0.61	)			(3.68	)

Total from investment operations			(0.27	)			(3.21	)

Distributions to shareholders from:
Net investment income			(0.33	)			(0.43	)

Net asset value at end of period		$	15.76			$	16.36

Market price at end of period^(c)		$	15.76			$	16.30

Net Asset Value Total Return^(d)			(1.63	)%			(16.17	)%^(e)
Market Price Total Return^(d)			(1.27	)%			(16.48	)%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	99,258			$	39,269
Ratio to average net assets of:
Expenses			0.10	%^(f)			0.10	%^(f)
Net investment income			4.36	%^(f)			2.81	%^(f)
Portfolio turnover rate^(g)			0	%			1	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	The net asset value total return from Fund Inception (September 15, 2021, the first day of trading on the exchange) to August 31, 2022 was (16.25)%. The market price total return from Fund Inception to August 31, 2022 was (16.60)%.

^(f)	Annualized.

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

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


		272

Financial Highlights–(continued)

Invesco BulletShares 2032 Corporate Bond ETF (BSCW)


	For the Period
	September 6, 2022^(a)
	Through
	February 28,
	2023
	(Unaudited)
Per Share Operating Performance:
Net asset value at beginning of period		$	20.00

Net investment income^(b)			0.48
Net realized and unrealized gain on investments			(0.28	)

Total from investment operations			0.20

Distributions to shareholders from:
Net investment income			(0.39	)

Net asset value at end of period		$	19.81

Market price at end of period^(c)		$	19.82

Net Asset Value Total Return^(d)			1.03	%^(e)
Market Price Total Return^(d)			1.08	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	29,716
Ratio to average net assets of:
Expenses			0.12	%^(f)
Net investment income			4.99	%^(f)
Portfolio turnover rate^(g)			20	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	The net asset value total return from Fund Inception (September 8, 2022, the first day of trading on the exchange) to February 28, 2023 was 0.62%. The market price total return from Fund Inception to February 28, 2023 was 0.78%.

^(f)	Annualized.

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

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


		273

Financial Highlights–(continued)

Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN)


	Six Months Ended February 28, 2023				Years Ended August 31,																Three Months Ended August 31,				Year Ended May 31, 2018
	(Unaudited)				2022				2021				2020				2019				2018				Year Ended May 31, 2018
Per Share Operating Performance:
Net asset value at beginning of period		$	23.30			$	25.38			$	24.83			$	25.92			$	26.14			$	25.98			$	26.95

Net investment income^(a)			0.57				0.87				1.00				1.26				1.45				0.35				1.43
Net realized and unrealized gain (loss) on investments			0.18				(2.11	)			0.57				(1.09	)			(0.22	)			0.20				(0.93	)

Total from investment operations			0.75				(1.24	)			1.57				0.17				1.23				0.55				0.50

Distributions to shareholders from:
Net investment income			(0.59	)			(0.84	)			(1.02	)			(1.27	)			(1.47	)			(0.39	)			(1.43	)
Net realized gains			-				-				-				-				(0.02	)			-				(0.04	)

Total distributions			(0.59	)			(0.84	)			(1.02	)			(1.27	)			(1.49	)			(0.39	)			(1.47	)

Transaction fees^(a)			-				-				-				0.01				0.04				-				-

Net asset value at end of period		$	23.46			$	23.30			$	25.38			$	24.83			$	25.92			$	26.14			$	25.98

Market price at end of period^(b)		$	23.48			$	23.26			$	25.38			$	24.81			$	25.98			$	26.22			$	25.93

Net Asset Value Total Return^(c)			3.28	%			(4.95	)%			6.43	%			0.84	%			5.06	%			2.14	%			1.90	%
Market Price Total Return^(c)			3.55	%			(5.11	)%			6.51	%			0.54	%			4.97	%			2.65	%			1.40	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	739,139			$	696,627			$	677,768			$	389,907			$	243,691			$	112,421			$	101,314
Ratio to average net assets of:
Expenses, after Waivers			0.42	%^(d)			0.42	%			0.42	%^(e)			0.41	%			0.42	%			0.42	%^(d)			0.43	%
Expenses, prior to Waivers			0.42	%^(d)			0.42	%			0.42	%^(e)			0.42	%
Net investment income			4.96	%^(d)			3.55	%			3.97	%			5.10	%			5.64	%			5.39	%^(d)			5.45	%
Portfolio turnover rate^(f)			44	%			48	%			39	%			47	%			19	%			6	%			18	%

^(a)	Based on average shares outstanding.

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

^(c)

^(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.


		274

Financial Highlights–(continued)

Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)


	Six Months Ended February 28, 2023				Years Ended August 31,																Three Months Ended August 31,				Year Ended May 31, 2018
	(Unaudited)				2022				2021				2020				2019				2018				Year Ended May 31, 2018
Per Share Operating Performance:
Net asset value at beginning of period		$	22.20			$	25.09			$	24.34			$	25.20			$	24.85			$	24.67			$	25.67

Net investment income^(a)			0.63				1.00				1.06				1.17				1.34				0.33				1.30
Net realized and unrealized gain (loss) on investments			0.16				(2.91	)			0.75				(0.87	)			0.39				0.21				(1.02	)

Total from investment operations			0.79				(1.91	)			1.81				0.30				1.73				0.54				0.28

Distributions to shareholders from:
Net investment income			(0.63	)			(0.98	)			(1.06	)			(1.18	)			(1.37	)			(0.36	)			(1.27	)
Net realized gains			-				-				-				-				(0.05	)			-				(0.05	)

Total distributions			(0.63	)			(0.98	)			(1.06	)			(1.18	)			(1.42	)			(0.36	)			(1.32	)

Transaction fees^(a)			-				-				-				0.02				0.04				-				0.04

Net asset value at end of period		$	22.36			$	22.20			$	25.09			$	24.34			$	25.20			$	24.85			$	24.67

Market price at end of period^(b)		$	22.38			$	22.14			$	25.10			$	24.34			$	25.22			$	24.92			$	24.71

Net Asset Value Total Return^(c)			3.63	%			(7.76	)%			7.60	%			1.45	%			7.44	%			2.22	%			1.21	%
Market Price Total Return^(c)			4.00	%			(8.04	)%			7.64	%			1.38	%			7.22	%			2.34	%			1.44	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	567,916			$	481,782			$	363,855			$	175,241			$	98,261			$	47,210			$	41,936
Ratio to average net assets of:
Expenses, after Waivers			0.42	%^(d)			0.42	%			0.42	%			0.42	%			0.42	%^(e)			0.42	%^(d)			0.44	%
Expenses, prior to Waivers			0.42	%^(d)			0.42	%			0.42	%			0.42	%			0.43	%^(e)
Net investment income			5.72	%^(d)			4.24	%			4.26	%			4.84	%			5.43	%^(e)			5.30	%^(d)			5.14	%
Portfolio turnover rate^(f)			36	%			58	%			52	%			34	%			22	%			8	%			24	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

^(e)	Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(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.


		275

Financial Highlights–(continued)

Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)


	Six Months Ended February 28, 2023				Years Ended August 31,																Three Months Ended August 31,				For the Period September 27, 2017^(a) Through May 31, 2018
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Operating Performance:
Net asset value at beginning of period		$	22.37			$	24.61			$	23.77			$	24.48			$	24.28			$	23.96			$	25.01

Net investment income^(b)			0.67				1.10				1.10				1.27				1.43				0.38				0.90
Net realized and unrealized gain (loss) on investments			(0.02	)			(2.26	)			0.85				(0.71	)			0.15				0.31				(1.29	)

Total from investment operations			0.65				(1.16	)			1.95				0.56				1.58				0.69				(0.39	)

Distributions to shareholders from:
Net investment income			(0.67	)			(1.08	)			(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		$	22.35			$	22.37			$	24.61			$	23.77			$	24.48			$	24.28			$	23.96

Market price at end of period^(c)		$	22.36			$	22.28			$	24.63			$	23.74			$	24.53			$	24.31			$	24.03

Net Asset Value Total Return^(d)			2.96	%			(4.84	)%			8.37	%			2.58	%			7.06	%			2.94	%			(1.31	)%
Market Price Total Return^(d)			3.42	%			(5.29	)%			8.60	%			2.26	%			7.15	%			2.76	%			(1.03	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	471,594			$	400,386			$	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	%			0.42	%^(f)			0.42	%^(e)			0.42	%^(e)
Expenses, prior to Waivers			0.42	%^(e)			0.42	%			0.42	%			0.42	%			0.43	%^(f)
Net investment income			6.05	%^(e)			4.66	%			4.52	%			5.42	%			5.98	%^(f)			6.33	%^(e)			5.50	%^(e)
Portfolio turnover rate^(g)			16	%			42	%			57	%			26	%			14	%			9	%			5	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	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.


		276

Financial Highlights–(continued)

Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)


	Six Months Ended February 28, 2023				Years Ended August 31,																For the Period August 7, 2018^(a) Through August 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Operating Performance:
Net asset value at beginning of period		$	22.72			$	25.73			$	24.93			$	25.70			$	25.14			$	25.00

Net investment income^(b)			0.69				1.18				1.12				1.24				1.45				0.09
Net realized and unrealized gain (loss) on investments			(0.09	)			(3.02	)			0.80				(0.74	)			0.51				0.05

Total from investment operations			0.60				(1.84	)			1.92				0.50				1.96				0.14

Distributions to shareholders from:
Net investment income.			(0.68	)			(1.17	)			(1.12	)			(1.28	)			(1.51	)			-
Net realized gains			-				-				-				(0.02	)			-				-

Total distributions			(0.68	)			(1.17	)			(1.12	)			(1.30	)			(1.51	)			-

Transaction fees^(b)			-				-				-				0.03				0.11				-

Net asset value at end of period		$	22.64			$	22.72			$	25.73			$	24.93			$	25.70			$	25.14

Market price at end of period^(c)		$	22.63			$	22.59			$	25.74			$	24.88			$	25.75			$	25.15

Net Asset Value Total Return^(d)			2.70	%			(7.33	)%			7.86	%			2.31	%			8.62	%			0.56	%^(e)
Market Price Total Return^(d)			3.24	%			(7.89	)%			8.12	%			1.91	%			8.80	%			0.60	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	262,645			$	190,829			$	115,768			$	74,780			$	25,702			$	5,029
Ratio to average net assets of:
Expenses, after Waivers			0.42	%^(f)			0.42	%			0.42	%			0.42	%			0.44	%^(g)			0.42	%^(f)
Expenses, prior to Waivers			0.42	%^(f)			0.42	%			0.42	%			0.42	%			0.45	%^(g)
Net investment income			6.20	%^(f)			4.88	%			4.41	%			5.07	%			5.79	%^(g)			5.54	%^(f)
Portfolio turnover rate^(h)			9	%			32	%			37	%			35	%			48	%			0	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	The net asset value total return from Fund Inception (August 9, 2018, the first day of trading on the Exchange) to August 31, 2018 was 0.48%. The market price total return from Fund Inception to August 31, 2018 was 0.56%.

^(f)	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.


		277

Financial Highlights–(continued)

Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)


	Six Months Ended February 28, 2023				Years Ended August 31,								For the Period September 10, 2019^(a) Through August 31,
	(Unaudited)				2022				2021				2020
Per Share Operating Performance:
Net asset value at beginning of period		$	21.61			$	25.59			$	24.91			$	25.00

Net investment income^(b)			0.65				1.08				1.08				1.15
Net realized and unrealized gain (loss) on investments			(0.12	)			(3.85	)			0.70				(0.27	)

Total from investment operations			0.53				(2.77	)			1.78				0.88

Distributions to shareholders from:
Net investment income			(0.62	)			(1.10	)			(1.10	)			(1.06	)
Net realized gains			-				(0.11	)			-				-

Total distributions			(0.62	)			(1.21	)			(1.10	)			(1.06	)

Transaction fees^(b)			-				-				-				0.09

Net asset value at end of period		$	21.52			$	21.61			$	25.59			$	24.91

Market price at end of period^(c)		$	21.51			$	21.48			$	25.61			$	24.84

Net Asset Value Total Return^(d)			2.51	%			(11.14	)%			7.29	%			4.12	%^(e)
Market Price Total Return^(d)			3.07	%			(11.75	)%			7.68	%			3.84	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	81,788			$	45,380			$	43,509			$	19,925
Ratio to average net assets of:
Expenses, after Waivers			0.42	%^(f)			0.42	%			0.42	%			0.41	%^(f)
Expenses, prior to Waivers			0.42	%^(f)			0.42	%			0.42	%			0.42	%^(f)
Net investment income			6.15	%^(f)			4.52	%			4.25	%			4.90	%^(f)
Portfolio turnover rate^(g)			6	%			25	%			33	%			56	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(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.


		278

Financial Highlights–(continued)

Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)


	Six Months Ended February 28, 2023 (Unaudited)				Year Ended August 31, 2022				For the Period September 14, 2020^(a) Through August 31, 2021
Per Share Operating Performance:
Net asset value at beginning of period		$	21.20			$	25.58			$	25.00

Net investment income^(b)			0.65				1.16				1.03
Net realized and unrealized gain (loss) on investments			(0.36	)			(4.30	)			0.51

Total from investment operations			0.29				(3.14	)			1.54

Distributions to shareholders from:
Net investment income			(0.64	)			(1.14	)			(0.96	)
Net realized gains			-				(0.10	)			-

Total distributions			(0.64	)			(1.24	)			(0.96	)

Net asset value at end of period		$	20.85			$	21.20			$	25.58

Market price at end of period^(c)		$	20.87			$	21.13			$	25.61

Net Asset Value Total Return^(d)			1.42	%			(12.60	)%			6.25	%^(e)
Market Price Total Return^(d)			1.84	%			(12.99	)%			6.37	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	35,440			$	23,319			$	15,347
Ratio to average net assets of:
Expenses			0.42	%^(f)			0.42	%			0.43	%^(f)
Net investment income			6.29	%^(f)			4.99	%			4.21	%^(f)
Portfolio turnover rate^(g)			5	%			17	%			33	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(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.


		279

Financial Highlights–(continued)

Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)


	Six Months Ended February 28, 2023 (Unaudited)				For the Period September 13, 2021^(a) Through August 31, 2022
Per Share Operating Performance:
Net asset value at beginning of period		$	20.46			$	25.00

Net investment income^(b)			0.60				1.07
Net realized and unrealized gain (loss) on investments			(0.36	)			(4.59	)

Total from investment operations			0.24				(3.52	)

Distributions to shareholders from:
Net investment income			(0.58	)			(1.02	)

Net asset value at end of period		$	20.12			$	20.46

Market price at end of period^(c)		$	20.12			$	20.41

Net Asset Value Total Return^(d)			1.26	%			(14.35	)%^(e)
Market Price Total Return^(d)			1.44	%			(14.56	)%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	14,084			$	8,182
Ratio to average net assets of:
Expenses			0.42	%^(f)			0.42	%^(f)
Net investment income			6.05	%^(f)			5.01	%^(f)
Portfolio turnover rate^(g)			4	%			10	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	The net asset value total return from Fund Inception (September 15, 2021, the first day of trading on the exchange) to August 31, 2022 was (14.42)%. The market price total return from Fund Inception to August 31, 2022 was (14.87)%.

^(f)	Annualized.

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

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


		280

Financial Highlights–(continued)

Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU)


	For the Period September 6, 2022^(a) Through February 28, 2023 (Unaudited)
Per Share Operating Performance:
Net asset value at beginning of period		$	25.00

Net investment income^(b)			0.86
Net realized and unrealized gain (loss) on investments.			(0.76	)

Total from investment operations			0.10

Distributions to shareholders from:
Net investment income			(0.86	)

Net asset value at end of period.		$	24.24

Market price at end of period^(c)		$	24.28

Net Asset Value Total Return^(d)			0.42	%^(e)
Market Price Total Return^(d)			0.59	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	4,848
Ratio to average net assets of:
Expenses			0.42	%^(f)
Net investment income			7.28	%^(f)
Portfolio turnover rate^(g)			5	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	The net asset value total return from Fund Inception (September 8, 2022, the first day of trading on the exchange) to February 28, 2023 was 0.38%. The market price total return from Fund Inception to February 28, 2023 was (0.65)%.

^(f)	Annualized.

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

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


		281

Financial Highlights–(continued)

Invesco BulletShares 2023 Municipal Bond ETF (BSMN)


	Six Months Ended February 28, 2023				Years Ended August 31,								For the Period September 23, 2019^(a) Through August 31,
	(Unaudited)				2022				2021				2020
Per Share Operating Performance:
Net asset value at beginning of period		$	25.04			$	25.61			$	25.47			$	25.00

Net investment income^(b)			0.22				0.19				0.14				0.26
Net realized and unrealized gain (loss) on investments			(0.03	)^(c)			(0.70	)			0.09				0.47

Total from investment operations			0.19				(0.51	)			0.23				0.73

Distributions to shareholders from:
Net investment income			(0.21	)			(0.14	)			(0.14	)			(0.26	)

Transaction fees^(b)			0.04				0.08				0.05				-

Net asset value at end of period		$	25.06			$	25.04			$	25.61			$	25.47

Market price at end of period^(d)		$	25.09			$	25.10			$	25.69			$	25.53

Net Asset Value Total Return^(e)			0.92	%			(1.70	)%			1.12	%			2.94	%^(f)
Market Price Total Return^(e)			0.80	%			(1.77	)%			1.19	%			3.18	%^(f)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	167,910			$	95,145			$	35,860			$	15,284
Ratio to average net assets of:
Expenses			0.18	%^(g)			0.18	%			0.18	%			0.18	%^(g)
Net investment income			1.78	%^(g)			0.74	%			0.55	%			1.08	%^(g)
Portfolio turnover rate^(h)			15	%			4	%			0	%			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)	The mean between the last bid and ask prices.

^(e)

^(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 3.03%. The market price total return from Fund Inception to August 31, 2020 was 3.14%.

^(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.


		282

Financial Highlights–(continued)

Invesco BulletShares 2024 Municipal Bond ETF (BSMO)


	Six Months Ended February 28, 2023				Years Ended August 31,								For the Period September 23, 2019^(a) Through August 31,
	(Unaudited)				2022				2021				2020
Per Share Operating Performance:
Net asset value at beginning of period		$	24.76			$	25.79			$	25.52			$	25.00

Net investment income^(b)			0.23				0.22				0.17				0.30
Net realized and unrealized gain (loss) on investments			(0.19	)			(1.17	)			0.22				0.52

Total from investment operations			0.04				(0.95	)			0.39				0.82

Distributions to shareholders from:
Net investment income			(0.22	)			(0.15	)			(0.18	)			(0.30	)

Transaction fees^(b)			0.04				0.07				0.06				-

Net asset value at end of period		$	24.62			$	24.76			$	25.79			$	25.52

Market price at end of period^(c)		$	24.70			$	24.83			$	25.87			$	25.62

Net Asset Value Total Return^(d)			0.32	%			(3.40	)%			1.77	%			3.30	%^(e)
Market Price Total Return^(d)			0.36	%			(3.43	)%			1.69	%			3.71	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	169,895			$	94,086			$	36,106			$	12,762
Ratio to average net assets of:
Expenses			0.18	%^(f)			0.18	%			0.18	%			0.18	%^(f)
Net investment income			1.91	%^(f)			0.90	%			0.67	%			1.26	%^(f)
Portfolio turnover rate^(g)			2	%			1	%			0	%			0	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	The net asset value total return from Fund Inception (September 25, 2019, the first day of trading on the exchange) to August 31, 2020 was 3.30%. The market price total return from Fund Inception to August 31, 2020 was 3.71%.

^(f)	Annualized.

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

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


		283

Financial Highlights–(continued)

Invesco BulletShares 2025 Municipal Bond ETF (BSMP)


	Six Months Ended February 28, 2023				Years Ended August 31,								For the Period September 23, 2019^(a) Through August 31,
	(Unaudited)				2022				2021				2020
Per Share Operating Performance:
Net asset value at beginning of period		$	24.36			$	26.02			$	25.71			$	25.00

Net investment income^(b)			0.23				0.24				0.22				0.33
Net realized and unrealized gain (loss) on investments			(0.25	)			(1.73	)			0.25				0.71

Total from investment operations			(0.02	)			(1.49	)			0.47				1.04

Distributions to shareholders from:
Net investment income			(0.22	)			(0.22	)			(0.23	)			(0.33	)

Transaction fees^(b)			0.04				0.05				0.07				-

Net asset value at end of period		$	24.16			$	24.36			$	26.02			$	25.71

Market price at end of period^(c)		$	24.23			$	24.40			$	26.08			$	25.78

Net Asset Value Total Return^(d)			0.09	%			(5.56	)%			2.12	%			4.19	%^(e)
Market Price Total Return^(d)			0.21	%			(5.62	)%			2.08	%			4.48	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	137,714			$	75,530			$	39,032			$	10,282
Ratio to average net assets of:
Expenses			0.18	%^(f)			0.18	%			0.18	%			0.18	%^(f)
Net investment income			1.95	%^(f)			0.97	%			0.84	%			1.39	%^(f)
Portfolio turnover rate^(g)			5	%			2	%			0	%			0	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	The net asset value total return from Fund Inception (September 25, 2019, the first day of trading on the exchange) to August 31, 2020 was 4.19%. The market price total return from Fund Inception to August 31, 2020 was 4.44%.

^(f)	Annualized.

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

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


		284

Financial Highlights–(continued)

Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)


	Six Months Ended February 28, 2023				Years Ended August 31,								For the Period September 23, 2019^(a) Through August 31,
	(Unaudited)				2022				2021				2020
Per Share Operating Performance:
Net asset value at beginning of period		$	23.58			$	25.99			$	25.48			$	25.00

Net investment income^(b)			0.27				0.33				0.31				0.40
Net realized and unrealized gain (loss) on investments			(0.30	)			(2.48	)			0.49				0.48

Total from investment operations			(0.03	)			(2.15	)			0.80				0.88

Distributions to shareholders from:
Net investment income			(0.26	)			(0.30	)			(0.32	)			(0.40	)

Transaction fees^(b)			0.05				0.04				0.03				-

Net asset value at end of period		$	23.34			$	23.58			$	25.99			$	25.48

Market price at end of period^(c)		$	23.41			$	23.61			$	26.07			$	25.54

Net Asset Value Total Return^(d)			0.11	%			(8.16	)%			3.27	%			3.58	%^(e)
Market Price Total Return^(d)			0.28	%			(8.32	)%			3.34	%			3.83	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	98,020			$	42,441			$	23,391			$	12,740
Ratio to average net assets of:
Expenses			0.18	%^(f)			0.18	%			0.18	%			0.18	%^(f)
Net investment income			2.33	%^(f)			1.36	%			1.22	%			1.70	%^(f)
Portfolio turnover rate^(g)			4	%			11	%			0	%			0	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	The net asset value total return from Fund Inception (September 25, 2019, the first day of trading on the exchange) to August 31, 2020 was 3.58%. The market price total return from Fund Inception to August 31, 2020 was 4.20%.

^(f)	Annualized.

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

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


		285

Financial Highlights–(continued)

Invesco BulletShares 2027 Municipal Bond ETF (BSMR)


	Six Months Ended February 28, 2023				Years Ended August 31,								For the Period September 23, 2019^(a) Through August 31,
	(Unaudited)				2022				2021				2020
Per Share Operating Performance:
Net asset value at beginning of period		$	23.56			$	25.91			$	25.34			$	25.00

Net investment income^(b)			0.28				0.30				0.26				0.37
Net realized and unrealized gain (loss) on investments			(0.25	)			(2.40	)			0.57				0.26

Total from investment operations			0.03				(2.10	)			0.83				0.63

Distributions to shareholders from:
Net investment income			(0.24	)			(0.28	)			(0.27	)			(0.36	)
Return of capital			-				-				-				(0.04	)

Total distributions			(0.24	)			(0.28	)			(0.27	)			(0.40	)

Transaction fees^(b)			0.06				0.03				0.01				0.11

Net asset value at end of period		$	23.41			$	23.56			$	25.91			$	25.34

Market price at end of period^(c)		$	23.49			$	23.58			$	25.95			$	25.42

Net Asset Value Total Return^(d)			0.40	%			(8.03	)%			3.32	%			3.02	%^(e)
Market Price Total Return^(d)			0.65	%			(8.09	)%			3.15	%			3.34	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	79,610			$	25,919			$	18,140			$	15,204
Ratio to average net assets of:
Expenses			0.18	%^(f)			0.18	%			0.18	%			0.18	%^(f)
Net investment income			2.45	%^(f)			1.23	%			1.03	%			1.58	%^(f)
Portfolio turnover rate^(g)			1	%			9	%			0	%			0	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(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.


		286

Financial Highlights–(continued)

Invesco BulletShares 2028 Municipal Bond ETF (BSMS)


	Six Months Ended February 28, 2023				Years Ended August 31,								For the Period September 23, 2019^(a) Through August 31,
	(Unaudited)				2022				2021				2020
Per Share Operating Performance:
Net asset value at beginning of period		$	23.27			$	26.31			$	25.70			$	25.00

Net investment income^(b)			0.27				0.34				0.38				0.43
Net realized and unrealized gain (loss) on investments			(0.19	)^(c)			(3.03	)			0.55				0.69

Total from investment operations			0.08				(2.69	)			0.93				1.12

Distributions to shareholders from:
Net investment income			(0.24	)			(0.33	)			(0.40	)			(0.42	)
Net realized gains			-				(0.03	)			-				-

Total distributions			(0.24	)			(0.36	)			(0.40	)			(0.42	)

Transaction fees^(b)			0.06				0.01				0.08				-

Net asset value at end of period		$	23.17			$	23.27			$	26.31			$	25.70

Market price at end of period^(d)		$	23.24			$	23.27			$	26.36			$	25.76

Net Asset Value Total Return^(e)			0.59	%			(10.23	)%			3.95	%			4.56	%^(f)
Market Price Total Return^(e)			0.89	%			(10.41	)%			3.91	%			4.80	%^(f)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	62,554			$	20,942			$	18,419			$	5,141
Ratio to average net assets of:
Expenses			0.18	%^(g)			0.18	%			0.18	%			0.18	%^(g)
Net investment income			2.34	%^(g)			1.36	%			1.45	%			1.80	%^(g)
Portfolio turnover rate^(h)			4	%			6	%			4	%			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)	The mean between the last bid and ask prices.

^(e)

^(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 4.48%. The market price total return from Fund Inception to August 31, 2020 was 4.68%.

^(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.


		287

Financial Highlights–(continued)

Invesco BulletShares 2029 Municipal Bond ETF (BSMT)


	Six Months Ended February 28, 2023				Years Ended August 31,								For the Period September 23, 2019^(a) Through August 31,
	(Unaudited)				2022				2021				2020
Per Share Operating Performance:
Net asset value at beginning of period		$	22.89			$	26.18			$	25.67			$	25.00

Net investment income^(b)			0.27				0.36				0.36				0.44
Net realized and unrealized gain (loss) on investments			(0.13	)^(c)			(3.31	)			0.47				0.67

Total from investment operations			0.14				(2.95	)			0.83				1.11

Distributions to shareholders from:
Net investment income			(0.24	)			(0.36	)			(0.39	)			(0.44	)

Transaction fees^(b)			0.05				0.02				0.07				-

Net asset value at end of period		$	22.84			$	22.89			$	26.18			$	25.67

Market price at end of period^(d)		$	22.91			$	22.91			$	26.24			$	25.70

Net Asset Value Total Return^(e)			0.82	%			(11.28	)%			3.52	%			4.52	%^(f)
Market Price Total Return^(e)			1.04	%			(11.41	)%			3.63	%			4.64	%^(f)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	47,973			$	18,314			$	15,711			$	5,133
Ratio to average net assets of:
Expenses			0.18	%^(g)			0.18	%			0.18	%			0.18	%^(g)
Net investment income			2.40	%^(g)			1.48	%			1.40	%			1.88	%^(g)
Portfolio turnover rate^(h)			7	%			13	%			0	%			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)	The mean between the last bid and ask prices.

^(e)

^(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 4.60%. The market price total return from Fund Inception to August 31, 2020 was 4.68%.

^(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.


		288

Financial Highlights–(continued)

Invesco BulletShares 2030 Municipal Bond ETF (BSMU)


	Six Months Ended February 28, 2023				Year Ended August 31,				For the Period September 14, 2020^(a) Through August 31,
	(Unaudited)				2022				2021
Per Share Operating Performance:
Net asset value at beginning of period		$	21.71			$	25.61			$	25.00

Net investment income^(b)			0.28				0.44				0.37
Net realized and unrealized gain (loss) on investments			(0.04	)			(4.01	)			0.59

Total from investment operations			0.24				(3.57	)			0.96

Distributions to shareholders from:
Net investment income			(0.28	)			(0.41	)			(0.35	)

Transaction fees^(b)			0.02				0.08				-

Net asset value at end of period		$	21.69			$	21.71			$	25.61

Market price at end of period^(c)		$	21.75			$	21.72			$	25.69

Net Asset Value Total Return^(d)			1.20	%			(13.72	)%			3.87	%^(e)
Market Price Total Return^(d)			1.44	%			(13.95	)%			4.19	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	36,877			$	23,878			$	7,684
Ratio to average net assets of:
Expenses			0.18	%^(f)			0.18	%			0.18	%^(f)
Net investment income			2.66	%^(f)			1.89	%			1.52	%^(f)
Portfolio turnover rate^(g)			4	%			28	%			0	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	The net asset value total return from Fund Inception (September 16, 2020, the first day of trading on the exchange) to August 31, 2021 was 4.04%. The market price total return from Fund Inception to August 31, 2021 was 4.23%.

^(f)	Annualized.

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

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


		289

Financial Highlights–(continued)

Invesco BulletShares 2031 Municipal Bond ETF (BSMV)


					For the Period
	Six Months Ended				September 13, 2021^(a)
	February 28,				Through
	2023				August 31,
	(Unaudited)				2022
Per Share Operating Performance:
Net asset value at beginning of period		$	20.72			$	25.00

Net investment income^(b)			0.26				0.41
Net realized and unrealized gain (loss) on investments			0.09				(4.37	)

Total from investment operations			0.35				(3.96	)

Distributions to shareholders from:
Net investment income			(0.26	)			(0.38	)

Transaction fees^(b)			0.02				0.06

Net asset value at end of period		$	20.83			$	20.72

Market price at end of period^(c)		$	20.92			$	20.70

Net Asset Value Total Return^(d)			1.80	%			(15.72	)%^(e)
Market Price Total Return^(d)			2.34	%			(15.80	)%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	16,665			$	12,433
Ratio to average net assets of:
Expenses			0.18	%^(f)			0.18	%^(f)
Net investment income			2.53	%^(f)			1.93	%^(f)
Portfolio turnover rate^(g)			6	%			52	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	The net asset value total return from Fund Inception (September 15, 2021, the first day of trading on the exchange) to August 31, 2022 was (15.51)%. The market price total return from Fund Inception to August 31, 2022 was (15.86)%.

^(f)	Annualized.

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

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


		290

Financial Highlights–(continued)

Invesco BulletShares 2032 Municipal Bond ETF (BSMW)


	For the Period February 27, 2023^(a) Through February 28, 2023 (Unaudited)
Per Share Operating Performance:
Net asset value at beginning of period		$	25.00

Net investment income^(b)			-
Net realized and unrealized gain on investments			0.01

Total from investment operations			0.01

Net asset value at end of period		$	25.01

Market price at end of period^(c)		$	0.00

Net Asset Value Total Return^(d)			0.04	%^(e)
Market Price Total Return^(d)			0.00	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	5,002
Ratio to average net assets of:
Expenses			-	%^(f)
Net investment income			-	%^(f)
Portfolio turnover rate^(g)			0	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	The net asset value total return from Fund Inception (March 1, 2023, the first day of trading on the exchange) to February 28, 2023 was .00%. The market price total return from Fund Inception to February 28, 2023 was .00%.

^(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.


		291

Financial Highlights–(continued)

Invesco BulletShares 2023 USD Emerging Markets Debt ETF (BSCE)


	Six Months Ended February 28, 2023				Years Ended August 31,												For the Period October 2, 2018^(a) Through August 31,
	(Unaudited)				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	23.29			$	26.19			$	26.06			$	26.17			$	25.00

Net investment income^(b)			0.27				0.53				0.68				1.03				0.98
Net realized and unrealized gain (loss) on investments			0.17				(2.90	)			0.23				(0.01	)			1.17

Total from investment operations			0.44				(2.37	)			0.91				1.02				2.15

Distributions to shareholders from:
Net investment income			(0.30	)			(0.53	)			(0.78	)			(1.03	)			(0.98	)
Net realized gains			-				-				-				(0.10	)			-

Total distributions			(0.30	)			(0.53	)			(0.78	)			(1.13	)			(0.98	)

Net asset value at end of period		$	23.43			$	23.29			$	26.19			$	26.06			$	26.17

Market price at end of period^(c)		$	23.36			$	23.25			$	26.23			$	26.13			$	26.19

Net Asset Value Total Return^(d)			1.89	%			(9.14	)%			3.55	%			4.05	%			8.79	%^(e)
Market Price Total Return^(d)			1.76	%			(9.43	)%			3.42	%			4.25	%			8.87	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	25,772			$	32,602			$	31,425			$	10,426			$	10,466
Ratio to average net assets of:
Expenses			0.29	%^(f)			0.29	%			0.29	%			0.29	%			0.32	%^(g)
Net investment income			2.36	%^(f)			2.16	%			2.60	%			3.97	%			4.24	%^(g)
Portfolio turnover rate^(h)			0	%			15	%			19	%			11	%			16	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	The net asset value total return from Fund Inception (October 4, 2018, the first day of trading on the Exchange) to August 31, 2019 was 9.68%. The market price total return from Fund Inception to August 31, 2019 was 9.57%.

^(f)	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.


		292

Financial Highlights–(continued)

Invesco BulletShares 2024 USD Emerging Markets Debt ETF (BSDE)


	Six Months Ended February 28, 2023				Years Ended August 31,												For the Period October 2, 2018^(a) Through August 31,
	(Unaudited)				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	24.18			$	26.27			$	25.99			$	26.44			$	25.00

Net investment income^(b)			0.41				0.79				0.81				1.01				1.05
Net realized and unrealized gain (loss) on investments			(0.12	)			(2.10	)			0.29				(0.41	)			1.46

Total from investment operations			0.29				(1.31	)			1.10				0.60				2.51

Distributions to shareholders from:
Net investment income			(0.44	)			(0.78	)			(0.82	)			(1.02	)			(1.07	)
Net realized gains			-				-				-				(0.10	)			-

Total distributions			(0.44	)			(0.78	)			(0.82	)			(1.12	)			(1.07	)

Transaction fees^(b)			-				-				-				0.07				-

Net asset value at end of period		$	24.03			$	24.18			$	26.27			$	25.99			$	26.44

Market price at end of period^(c)		$	23.99			$	24.17			$	26.28			$	26.05			$	26.53

Net Asset Value Total Return^(d)			1.21	%			(5.05	)%			4.31	%			2.65	%			10.29	%^(e)
Market Price Total Return^(d)			1.09	%			(5.13	)%			4.11	%			2.57	%			10.66	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	33,640			$	41,102			$	23,644			$	15,592			$	10,575
Ratio to average net assets of:
Expenses			0.29	%^(f)			0.29	%			0.29	%			0.29	%			0.32	%^(g)
Net investment income			3.46	%^(f)			3.17	%			3.11	%			3.91	%			4.52	%^(g)
Portfolio turnover rate^(h)			1	%			15	%			22	%			39	%			10	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	The net asset value total return from Fund Inception (October 4, 2018, the first day of trading on the Exchange) to August 31, 2019 was 11.26%. The market price total return from Fund Inception to August 31, 2019 was 11.46%.

^(f)	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.


		293

Notes to Financial Statements

Invesco Exchange-Traded Self-Indexed Fund Trust

February 28, 2023

(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 2023 Corporate Bond ETF (BSCN)		“BulletShares 2023 Corporate Bond ETF”

Invesco BulletShares 2024 Corporate Bond ETF (BSCO)		“BulletShares 2024 Corporate Bond ETF”

Invesco BulletShares 2025 Corporate Bond ETF (BSCP)		“BulletShares 2025 Corporate Bond ETF”

Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)		“BulletShares 2026 Corporate Bond ETF”

Invesco BulletShares 2027 Corporate Bond ETF (BSCR)		“BulletShares 2027 Corporate Bond ETF”

Invesco BulletShares 2028 Corporate Bond ETF (BSCS)		“BulletShares 2028 Corporate Bond ETF”

Invesco BulletShares 2029 Corporate Bond ETF (BSCT)		“BulletShares 2029 Corporate Bond ETF”

Invesco BulletShares 2030 Corporate Bond ETF (BSCU)		“BulletShares 2030 Corporate Bond ETF”

Invesco BulletShares 2031 Corporate Bond ETF (BSCV)		“BulletShares 2031 Corporate Bond ETF”

Invesco BulletShares 2032 Corporate Bond ETF (BSCW)		“BulletShares 2032 Corporate Bond ETF”

Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN)		“BulletShares 2023 High Yield Corporate Bond ETF”

Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)		“BulletShares 2024 High Yield Corporate Bond ETF”

Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)		“BulletShares 2025 High Yield Corporate Bond ETF”

Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)		“BulletShares 2026 High Yield Corporate Bond ETF”

Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)		“BulletShares 2027 High Yield Corporate Bond ETF”

Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)		“BulletShares 2028 High Yield Corporate Bond ETF”

Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)		“BulletShares 2029 High Yield Corporate Bond ETF”

Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU)		“BulletShares 2030 High Yield Corporate Bond ETF”

Invesco BulletShares 2023 Municipal Bond ETF (BSMN)		“BulletShares 2023 Municipal Bond ETF”

Invesco BulletShares 2024 Municipal Bond ETF (BSMO)		“BulletShares 2024 Municipal Bond ETF”

Invesco BulletShares 2025 Municipal Bond ETF (BSMP)		“BulletShares 2025 Municipal Bond ETF”

Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)		“BulletShares 2026 Municipal Bond ETF”

Invesco BulletShares 2027 Municipal Bond ETF (BSMR)		“BulletShares 2027 Municipal Bond ETF”

Invesco BulletShares 2028 Municipal Bond ETF (BSMS)		“BulletShares 2028 Municipal Bond ETF”

Invesco BulletShares 2029 Municipal Bond ETF (BSMT)		“BulletShares 2029 Municipal Bond ETF”

Invesco BulletShares 2030 Municipal Bond ETF (BSMU)		“BulletShares 2030 Municipal Bond ETF”

Invesco BulletShares 2031 Municipal Bond ETF (BSMV)		“BulletShares 2031 Municipal Bond ETF”

Invesco BulletShares 2032 Municipal Bond ETF (BSMW)		“BulletShares 2032 Municipal Bond ETF”

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 LLC.

BulletShares 2023 USD Emerging Markets Debt ETF and BulletShares 2024 USD Emerging Markets Debt ETF liquidated and terminated on April 6, 2023. In connection with the liquidation of the Funds, each Fund made a cash distribution of its net assets to then-current shareholders after making appropriate provisions for any of its liabilities.

The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units of each Fund (except for BulletShares 2023 Municipal Bond ETF, BulletShares 2024 Municipal Bond ETF, BulletShares 2025 Municipal Bond ETF, BulletShares 2026 Municipal Bond ETF, BulletShares 2027 Municipal Bond ETF, BulletShares 2028 Municipal Bond ETF, BulletShares 2029 Municipal Bond ETF, BulletShares 2030 Municipal Bond ETF, BulletShares 2031 Municipal Bond ETF and BulletShares 2032 Municipal Bond ETF (collectively, the “BulletShares Municipal Bond ETFs”)) are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). Creation Units of the BulletShares Municipal Bond ETFs are issued and redeemed principally in exchange for the


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deposit or delivery of cash. Except when aggregated in Creation Units by authorized participants (“APs”), the Shares are not individually redeemable securities of the Funds.

The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):


Fund		Underlying Index

BulletShares 2023 Corporate Bond ETF		Nasdaq BulletShares^® USD Corporate Bond 2023 Index

BulletShares 2024 Corporate Bond ETF		Nasdaq BulletShares^® USD Corporate Bond 2024 Index

BulletShares 2025 Corporate Bond ETF		Nasdaq BulletShares^® USD Corporate Bond 2025 Index

BulletShares 2026 Corporate Bond ETF		Nasdaq BulletShares^® USD Corporate Bond 2026 Index

BulletShares 2027 Corporate Bond ETF		Nasdaq BulletShares^® USD Corporate Bond 2027 Index

BulletShares 2028 Corporate Bond ETF		Nasdaq BulletShares^® USD Corporate Bond 2028 Index

BulletShares 2029 Corporate Bond ETF		Nasdaq BulletShares^® USD Corporate Bond 2029 Index

BulletShares 2030 Corporate Bond ETF		Nasdaq BulletShares^® USD Corporate Bond 2030 Index

BulletShares 2031 Corporate Bond ETF		Nasdaq BulletShares^® USD Corporate Bond 2031 Index

BulletShares 2032 Corporate Bond ETF		Nasdaq BulletShares^® USD Corporate Bond 2032 Index

BulletShares 2023 High Yield Corporate Bond ETF		Nasdaq BulletShares^® USD High Yield Corporate Bond 2023 Index

BulletShares 2024 High Yield Corporate Bond ETF		Nasdaq BulletShares^® USD High Yield Corporate Bond 2024 Index

BulletShares 2025 High Yield Corporate Bond ETF		Nasdaq BulletShares^® USD High Yield Corporate Bond 2025 Index

BulletShares 2026 High Yield Corporate Bond ETF		Nasdaq BulletShares^® USD High Yield Corporate Bond 2026 Index

BulletShares 2027 High Yield Corporate Bond ETF		Nasdaq BulletShares^® USD High Yield Corporate Bond 2027 Index

BulletShares 2028 High Yield Corporate Bond ETF		Nasdaq BulletShares^® USD High Yield Corporate Bond 2028 Index

BulletShares 2029 High Yield Corporate Bond ETF		Nasdaq BulletShares^® USD High Yield Corporate Bond 2029 Index

BulletShares 2030 High Yield Corporate Bond ETF		Nasdaq BulletShares^® USD High Yield Corporate Bond 2030 Index

BulletShares 2023 Municipal Bond ETF		Invesco BulletShares^® Municipal Bond 2023 Index

BulletShares 2024 Municipal Bond ETF		Invesco BulletShares^® Municipal Bond 2024 Index

BulletShares 2025 Municipal Bond ETF		Invesco BulletShares^® Municipal Bond 2025 Index

BulletShares 2026 Municipal Bond ETF		Invesco BulletShares^® Municipal Bond 2026 Index

BulletShares 2027 Municipal Bond ETF		Invesco BulletShares^® Municipal Bond 2027 Index

BulletShares 2028 Municipal Bond ETF		Invesco BulletShares^® Municipal Bond 2028 Index

BulletShares 2029 Municipal Bond ETF		Invesco BulletShares^® Municipal Bond 2029 Index

BulletShares 2030 Municipal Bond ETF		Invesco BulletShares^® Municipal Bond 2030 Index

BulletShares 2031 Municipal Bond ETF		Invesco BulletShares^® Municipal Bond 2031 Index

BulletShares 2032 Municipal Bond ETF		Nasdaq BulletShares^® Municipal Bond 2032 Index

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 is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Variable rate senior loan interests are fair valued using quotes provided by an independent pricing service. Quotes provided by the pricing service may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading characteristics, institution-size trading in similar groups of securities and other market data.


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Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

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

Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Capital Management LLC (the “Adviser”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange (“NYSE”), closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American depositary receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

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

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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

Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The price a Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market


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quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, a Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

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

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of a Fund’s NAV and, accordingly, they reduce a Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.

Country Determination - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

Dividends and Distributions to Shareholders - Each Fund declares and pays dividends from net investment income, if any, to its shareholders monthly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in each Fund’s financial statements as a tax return of capital at fiscal year-end.

Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.

The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

Expenses - Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest,


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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.

Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Board member who is not an “interested person” (as defined in the 1940 Act) of the Trust (each, an “Independent Trustee”) is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also serves as a lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended February 28, 2023, there were no affiliated securities lending transactions with Invesco.

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


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investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on a Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.

Each Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which a Fund invests.

K.	Other Risks

Authorized Participant Concentration Risk. Only APs may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts, may increase the risk that APs may not be able to effectively create or redeem Creation Units or the risk that the Shares may be halted and/or delisted.

Call Risk. If interest rates fall, it is possible that issuers of callable securities with high interest coupons will “call” (or prepay) their bonds before their maturity date. If an issuer exercises such a call during a period of declining interest rates, a Fund may have to replace such called security with a lower yielding security. If that were to happen, such Fund’s net investment income could fall.

Cash Transaction Risk. Most exchange-traded funds (“ETFs”) generally make in-kind redemptions to avoid being taxed at the fund level on gains on the distributed portfolio securities. However, unlike most ETFs, 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 Fixed-Income Market Conditions Risk. Increases in the federal funds and equivalent foreign interest rates or other changes to monetary policy or regulatory actions may expose fixed-income markets to heightened volatility and reduced liquidity for certain fixed-income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed-income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed-income markets. As a result, the value of a Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal redemptions by APs which could potentially increase a Fund’s portfolio turnover rate and transaction costs.

Emerging Markets Investment Risk. For certain Funds, investments in the securities of issuers in emerging market countries involve risks often not associated with investments in the securities of issuers in developed countries. Securities in emerging markets may be subject to greater price fluctuations than securities in more developed markets. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. In addition, information about such companies may be less available and reliable. Emerging markets usually are subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than are more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging markets securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably, and the ability to bring and enforce actions, or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent and subject to sudden change. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information. In addition, lack of relevant data and reliable public information, including financial information, about securities in emerging markets may contribute to incorrect weightings and data and computational errors when a Fund’s index provider selects securities for inclusion in the Fund’s Underlying Index or rebalances the Underlying Index.


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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.

Foreign Fixed-Income Investment Risk. For certain Funds, investments in fixed-income securities of non-U.S. issuers are subject to the same risks as other debt securities, notably credit risk, market risk, interest rate risk and liquidity risk, while also facing risks beyond those associated with investments in U.S. securities. For example, foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information, and less reliable financial information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities also are subject to the risks of expropriation, nationalization, political instability or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs.

Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule.

Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.

Market Disruption Risks Related to Russia-Ukraine Conflict. Following Russia’s invasion of Ukraine in late February 2022, various countries, including the United States, as well as Northern Atlantic Treaty Organization (NATO) member countries and the European Union, issued broad-ranging economic sanctions against Russia. The war in Ukraine (and the potential for further sanctions in response to Russia’s continued military activity) may escalate. These and other corresponding events, have had, and could continue to have, severe negative effects on regional and global economic and financial markets, including increased volatility, reduced liquidity and overall uncertainty. The negative impacts may be particularly acute in certain sectors including, but not limited to, energy and financials. Russia may take additional counter measures or retaliatory actions (including cyberattacks), which could exacerbate negative consequences on global financial markets. The duration of the conflict and corresponding sanctions and related events cannot be predicted. The foregoing may result in a negative impact on Fund performance and the value of an investment in a Fund, even beyond any direct investment exposure a Fund may have to Russian issuers or the adjoining geographic regions.

Market Risk. Securities in each Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in an Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflict, acts of terrorism, economic crisis or other events could result in increased premiums or discounts to each Fund’s NAV.


		300

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 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. If a Fund is non-diversified and therefore can invest a greater portion of its respective assets in securities of individual issuers than can a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.

Non-Investment Grade Securities Risk. Non-investment grade securities (commonly known as “junk bonds” or “high yield bonds”) and unrated securities of comparable credit quality are considered speculative and are subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments, interest rate sensitivity, negative perceptions of the non-investment grade securities markets generally, real or perceived adverse economic and competitive industry conditions and less secondary market liquidity. If the issuer of non-investment grade securities defaults, a Fund may incur additional expenses to seek recovery.

Sampling Risk. Certain Funds’ use of a representative sampling approach may result in the Fund holding a smaller number of securities than are in its respective Underlying Index. As a result, an adverse development with respect to an issuer of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in its Underlying Index. To the extent the assets in the Fund are smaller, these risks will be greater.

U.S. Government Obligations Risk. Certain Funds may invest in U.S. government obligations issued or guaranteed by the U.S. Government, its agencies and instrumentalities, including bills, notes and bonds issued by the U.S. Treasury. U.S. Government securities include securities that are issued or guaranteed by the United States Treasury, by various agencies of the U.S. Government, or by various instrumentalities which have been established or sponsored by the U.S. Government. U.S. Treasury securities are backed by the “full faith and credit” of the United States. Securities issued or guaranteed by federal agencies and U.S. Government-sponsored instrumentalities may or may not be backed by the full faith and credit of the United States. In the case of those U.S. Government securities not backed by the full faith and credit of the United States, the investor must look principally to the agency or instrumentality issuing or guaranteeing the security for ultimate repayment, and may not be able to assert a claim against the United States itself in the event that the agency or instrumentality does not meet its commitment. The U.S. Government, its agencies and instrumentalities do not guarantee the market value of their securities, and consequently, the value of such securities may fluctuate. Additionally, 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.

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.


		301

NOTE 3–Investment Advisory Agreement and Other Agreements

The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services.

Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:


	Unitary Management Fees (as a % of average daily net assets)

BulletShares 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 2032 Corporate Bond ETF		0.10	%

BulletShares 2023 High Yield Corporate Bond ETF		0.42	%

BulletShares 2024 High Yield Corporate Bond ETF		0.42	%

BulletShares 2025 High Yield Corporate Bond ETF		0.42	%

BulletShares 2026 High Yield Corporate Bond ETF		0.42	%

BulletShares 2027 High Yield Corporate Bond ETF		0.42	%

BulletShares 2028 High Yield Corporate Bond ETF		0.42	%

BulletShares 2029 High Yield Corporate Bond ETF		0.42	%

BulletShares 2030 High Yield Corporate Bond ETF		0.42	%

BulletShares 2023 Municipal Bond ETF		0.18	%

BulletShares 2024 Municipal Bond ETF		0.18	%

BulletShares 2025 Municipal Bond ETF		0.18	%

BulletShares 2026 Municipal Bond ETF		0.18	%

BulletShares 2027 Municipal Bond ETF		0.18	%

BulletShares 2028 Municipal Bond ETF		0.18	%

BulletShares 2029 Municipal Bond ETF		0.18	%

BulletShares 2030 Municipal Bond ETF		0.18	%

BulletShares 2031 Municipal Bond ETF		0.18	%

BulletShares 2032 Municipal Bond ETF		0.18	%

BulletShares 2023 USD Emerging Markets Debt ETF		0.29	%

BulletShares 2024 USD Emerging Markets Debt ETF		0.29	%

Through at least August 31, 2025, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. This waiver does not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the six months ended February 28, 2023, the Adviser waived fees for each Fund in the following amounts:



BulletShares 2023 Corporate Bond ETF	$	31,424

BulletShares 2024 Corporate Bond ETF		4,399

BulletShares 2025 Corporate Bond ETF		2,245

BulletShares 2026 Corporate Bond ETF		1,357


		302



BulletShares 2027 Corporate Bond ETF	$	841

BulletShares 2028 Corporate Bond ETF		953

BulletShares 2029 Corporate Bond ETF		301

BulletShares 2030 Corporate Bond ETF		179

BulletShares 2031 Corporate Bond ETF		64

BulletShares 2032 Corporate Bond ETF*		30

BulletShares 2023 High Yield Corporate Bond ETF		11,864

BulletShares 2024 High Yield Corporate Bond ETF		5,644

BulletShares 2025 High Yield Corporate Bond ETF		2,578

BulletShares 2026 High Yield Corporate Bond ETF		723

BulletShares 2027 High Yield Corporate Bond ETF		229

BulletShares 2028 High Yield Corporate Bond ETF		105

BulletShares 2029 High Yield Corporate Bond ETF		42

BulletShares 2030 High Yield Corporate Bond ETF*		25

BulletShares 2023 Municipal Bond ETF		-

BulletShares 2024 Municipal Bond ETF		-

BulletShares 2025 Municipal Bond ETF		-

BulletShares 2026 Municipal Bond ETF		-

BulletShares 2027 Municipal Bond ETF		-

BulletShares 2028 Municipal Bond ETF		-

BulletShares 2029 Municipal Bond ETF		-

BulletShares 2030 Municipal Bond ETF		-

BulletShares 2031 Municipal Bond ETF		-

BulletShares 2032 Municipal Bond ETF**		-

BulletShares 2023 USD Emerging Markets Debt ETF		203

BulletShares 2024 USD Emerging Markets Debt ETF		59

*	For the period September 6, 2022 (commencement of investment operations) through February 28, 2023.

**	For the period February 27, 2023 (commencement of investment operations) through February 28, 2023.

The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.

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

“Nasdaq” is a trademark of The Nasdaq OMX Group, Inc. and has been licensed for use in the name of each Underlying Index by the Licensor. “BulletShares^®” and the name of each Underlying Index are trademarks of the Licensor and have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in any of the Funds.

The Trust has entered into service agreements whereby BNYM, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.

NOTE 4–Security Transactions with Affiliated Funds

Each Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Invesco ETF from or to another fund that is or could be considered an “affiliated person” by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security’s “current market price”, as provided for in these procedures and Rule 17a-7.

For the six months ended February 28, 2023, the following Funds engaged in transactions with affiliates as listed below:


	Securities Purchases	Securities Sales	Net Realized Gains (Losses)

BulletShares 2023 Corporate Bond ETF	$38,080,857	$ -	$ -

BulletShares 2024 Corporate Bond ETF	10,432,338	-	-

BulletShares 2025 Corporate Bond ETF	4,911,500	2,361,717	16,321

BulletShares 2026 Corporate Bond ETF	1,983,303	-	-

BulletShares 2027 Corporate Bond ETF	1,010,776	1,410,150	(15,518)


		303


	Securities Purchases	Securities Sales	Net Realized Gains (Losses)

BulletShares 2028 Corporate Bond ETF	$ 496,863	$ -	$ -

BulletShares 2029 Corporate Bond ETF	408,189	698,732	(4,255)

BulletShares 2023 High Yield Corporate Bond ETF	29,020,285	65,268,163	(2,243,834)

BulletShares 2024 High Yield Corporate Bond ETF	9,079,940	11,010,699	(634,622)

BulletShares 2025 High Yield Corporate Bond ETF	16,471,447	24,039,055	(509,883)

BulletShares 2026 High Yield Corporate Bond ETF	11,817,052	7,055,461	(144,577)

BulletShares 2027 High Yield Corporate Bond ETF	3,242,357	2,480,687	(59,775)

BulletShares 2028 High Yield Corporate Bond ETF	386,291	496,863	(67,719)

BulletShares 2029 High Yield Corporate Bond ETF	114,043	-	-

BulletShares 2023 Municipal Bond ETF	796,197	1,035,234	(5,663)

BulletShares 2024 Municipal Bond ETF	152,560	192,048	(3,015)

BulletShares 2025 Municipal Bond ETF	1,589,217	552,663	(2,774)

BulletShares 2026 Municipal Bond ETF	219,503	352,494	6,543

BulletShares 2027 Municipal Bond ETF	215,308	354,466	(7,375)

BulletShares 2028 Municipal Bond ETF	73,607	-	-

BulletShares 2029 Municipal Bond ETF	-	265,930	417

BulletShares 2030 Municipal Bond ETF	-	25,035	(70)

BulletShares 2031 Municipal Bond ETF	572,605	165,370	(571)

NOTE 5–Additional Valuation Information

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


Level 1 –		Prices are determined using quoted prices in an active market for identical assets.

Level 2 –		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 –		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of February 28, 2023, for each Fund (except for BulletShares 2028 High Yield Corporate Bond ETF and the BulletShares Municipal Bond ETFs). As of February 28, 2023, all of the securities in BulletShares 2028 High Yield Corporate Bond ETF and the BulletShares Municipal Bond ETFs were valued based on Level 2 inputs (see the Schedules of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1			Level 2			Level 3			Total

BulletShares 2023 Corporate Bond ETF

Investments in Securities

U.S. Dollar Denominated Bonds & Notes		$	-		$	2,480,892,928		$	-		$	2,480,892,928

Money Market Funds			286,952,040			-			-			286,952,040


Total Investments		$	286,952,040		$	2,480,892,928		$	-		$	2,767,844,968


BulletShares 2024 Corporate Bond ETF

Investments in Securities

U.S. Dollar Denominated Bonds & Notes		$	-		$	3,925,774,397		$	-		$	3,925,774,397

Money Market Funds			3,355,467			227,937,435			-			231,292,902


Total Investments		$	3,355,467		$	4,153,711,832		$	-		$	4,157,067,299


		304


	Level 1			Level 2			Level 3			Total

BulletShares 2025 Corporate Bond ETF

Investments in Securities

U.S. Dollar Denominated Bonds & Notes		$	-		$	2,431,974,315		$	-		$	2,431,974,315

Money Market Funds			1,757,917			287,569,459			-			289,327,376


Total Investments		$	1,757,917		$	2,719,543,774		$	-		$	2,721,301,691


BulletShares 2026 Corporate Bond ETF

Investments in Securities

U.S. Dollar Denominated Bonds & Notes		$	-		$	1,656,779,505		$	-		$	1,656,779,505

Money Market Funds			1,464,022			172,198,241			-			173,662,263


Total Investments		$	1,464,022		$	1,828,977,746		$	-		$	1,830,441,768


BulletShares 2027 Corporate Bond ETF

Investments in Securities

U.S. Dollar Denominated Bonds & Notes		$	-		$	790,865,110		$	-		$	790,865,110

Money Market Funds			1,403,784			195,822,281			-			197,226,065


Total Investments		$	1,403,784		$	986,687,391		$	-		$	988,091,175


BulletShares 2028 Corporate Bond ETF

Investments in Securities

U.S. Dollar Denominated Bonds & Notes		$	-		$	514,116,859		$	-		$	514,116,859

Money Market Funds			408,286			98,186,645			-			98,594,931


Total Investments		$	408,286		$	612,303,504		$	-		$	612,711,790


BulletShares 2029 Corporate Bond ETF

Investments in Securities

U.S. Dollar Denominated Bonds & Notes		$	-		$	225,739,315		$	-		$	225,739,315

Money Market Funds			150,882			31,185,984			-			31,336,866


Total Investments		$	150,882		$	256,925,299		$	-		$	257,076,181


BulletShares 2030 Corporate Bond ETF

Investments in Securities

U.S. Dollar Denominated Bonds & Notes		$	-		$	161,663,693		$	-		$	161,663,693

Money Market Funds			65,687			21,606,933			-			21,672,620


Total Investments		$	65,687		$	183,270,626		$	-		$	183,336,313


BulletShares 2031 Corporate Bond ETF

Investments in Securities

U.S. Dollar Denominated Bonds & Notes		$	-		$	98,314,561		$	-		$	98,314,561

Money Market Funds			55,864			2,462,353			-			2,518,217


Total Investments		$	55,864		$	100,776,914		$	-		$	100,832,778


BulletShares 2032 Corporate Bond ETF

Investments in Securities

U.S. Dollar Denominated Bonds & Notes		$	-		$	29,350,311		$	-		$	29,350,311

Money Market Funds			8,125			476,487			-			484,612


Total Investments		$	8,125		$	29,826,798		$	-		$	29,834,923


BulletShares 2023 High Yield Corporate Bond ETF

Investments in Securities

U.S. Dollar Denominated Bonds & Notes		$	-		$	571,923,310		$	-		$	571,923,310

U.S. Treasury Securities			-			124,825,750			-			124,825,750

Money Market Funds			30,736,472			2,320,079			-			33,056,551


Total Investments		$	30,736,472		$	699,069,139		$	-		$	729,805,611


BulletShares 2024 High Yield Corporate Bond ETF

Investments in Securities

U.S. Dollar Denominated Bonds & Notes		$	-		$	523,793,429		$	0		$	523,793,429

Money Market Funds			52,018,948			116,329,733			-			168,348,681


Total Investments		$	52,018,948		$	640,123,162		$	0		$	692,142,110


		305


	Level 1			Level 2			Level 3			Total

BulletShares 2025 High Yield Corporate Bond ETF

Investments in Securities

U.S. Dollar Denominated Bonds & Notes		$	-		$	453,753,379		$	-		$	453,753,379

Money Market Funds			4,036,752			40,565,931			-			44,602,683


Total Investments		$	4,036,752		$	494,319,310		$	-		$	498,356,062


BulletShares 2026 High Yield Corporate Bond ETF

Investments in Securities

U.S. Dollar Denominated Bonds & Notes		$	-		$	257,654,302		$	-		$	257,654,302

Money Market Funds			835,277			43,228,781			-			44,064,058


Total Investments		$	835,277		$	300,883,083		$	-		$	301,718,360


BulletShares 2027 High Yield Corporate Bond ETF

Investments in Securities

U.S. Dollar Denominated Bonds & Notes		$	-		$	80,157,596		$	-		$	80,157,596

Money Market Funds			33,471			12,940,470			-			12,973,941


Total Investments		$	33,471		$	93,098,066		$	-		$	93,131,537


BulletShares 2029 High Yield Corporate Bond ETF

Investments in Securities

U.S. Dollar Denominated Bonds & Notes		$	-		$	13,764,554		$	-		$	13,764,554

Money Market Funds			43,974			542,596			-			586,570


Total Investments		$	43,974		$	14,307,150		$	-		$	14,351,124


BulletShares 2030 High Yield Corporate Bond ETF

Investments in Securities

U.S. Dollar Denominated Bonds & Notes		$	-		$	4,713,587		$	-		$	4,713,587

Money Market Funds			18,783			-			-			18,783


Total Investments		$	18,783		$	4,713,587		$	-		$	4,732,370


BulletShares 2023 USD Emerging Markets Debt ETF

Investments in Securities

U.S. Dollar Denominated Bonds & Notes		$	-		$	20,677,851		$	0		$	20,677,851

U.S. Treasury Securities			-			2,591,200			-			2,591,200

Money Market Funds			2,225,250			29,005			-			2,254,255


Total Investments		$	2,225,250		$	23,298,056		$	0		$	25,523,306


BulletShares 2024 USD Emerging Markets Debt ETF

Investments in Securities

U.S. Dollar Denominated Bonds & Notes		$	-		$	32,849,862		$	-		$	32,849,862

Money Market Funds			374,800			610,519			-			985,319


Total Investments		$	374,800		$	33,460,381		$	-		$	33,835,181

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, 2022, as follows:


	No expiration
	Short-Term		Long-Term		Total*

BulletShares 2023 Corporate Bond ETF	$	-	$	-	$	-

BulletShares 2024 Corporate Bond ETF		-		-		-

BulletShares 2025 Corporate Bond ETF		1,767,059		92,112		1,859,171


		306


	No expiration
	Short-Term		Long-Term		Total*

BulletShares 2026 Corporate Bond ETF	$	1,131,013	$	3,227	$	1,134,240

BulletShares 2027 Corporate Bond ETF		-		-		-

BulletShares 2028 Corporate Bond ETF		-		-		-

BulletShares 2029 Corporate Bond ETF		32,710		108,373		141,083

BulletShares 2030 Corporate Bond ETF		165,539		25,485		191,024

BulletShares 2031 Corporate Bond ETF		11,528		-		11,528

BulletShares 2023 High Yield Corporate Bond ETF		19,685,880		11,299,834		30,985,714

BulletShares 2024 High Yield Corporate Bond ETF		18,282,000		7,487,076		25,769,076

BulletShares 2025 High Yield Corporate Bond ETF		5,711,104		2,163,416		7,874,520

BulletShares 2026 High Yield Corporate Bond ETF		3,161,943		436,453		3,598,396

BulletShares 2027 High Yield Corporate Bond ETF		421,286		539,412		960,698

BulletShares 2028 High Yield Corporate Bond ETF		49,604		5,498		55,102

BulletShares 2029 High Yield Corporate Bond ETF		46,563		-		46,563

BulletShares 2023 Municipal Bond ETF		1,529		-		1,529

BulletShares 2024 Municipal Bond ETF		8,406		1,307		9,713

BulletShares 2025 Municipal Bond ETF		26,585		13,306		39,891

BulletShares 2026 Municipal Bond ETF		176,980		36,615		213,595

BulletShares 2027 Municipal Bond ETF		-		-		-

BulletShares 2028 Municipal Bond ETF		69,635		124,723		194,358

BulletShares 2029 Municipal Bond ETF		237,275		110,522		347,797

BulletShares 2030 Municipal Bond ETF		324,931		358,619		683,550

BulletShares 2031 Municipal Bond ETF		832,344		-		832,344

BulletShares 2023 USD Emerging Markets Debt ETF		675,368		1,604,561		2,279,929

BulletShares 2024 USD Emerging Markets Debt ETF		712,380		294,532		1,006,912

*	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, 2023, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:


	Purchases		Sales

BulletShares 2023 Corporate Bond ETF	$	63,651,484	$	507,659,487

BulletShares 2024 Corporate Bond ETF		41,024,303		33,132,398

BulletShares 2025 Corporate Bond ETF		23,831,055		14,549,492

BulletShares 2026 Corporate Bond ETF		6,928,032		6,688,880

BulletShares 2027 Corporate Bond ETF		6,455,798		7,083,115

BulletShares 2028 Corporate Bond ETF		6,518,665		6,958,434

BulletShares 2029 Corporate Bond ETF		2,112,183		1,575,280

BulletShares 2030 Corporate Bond ETF		-		525,197

BulletShares 2031 Corporate Bond ETF		-		205,561

BulletShares 2032 Corporate Bond ETF*		5,898,833		2,733,026

BulletShares 2023 High Yield Corporate Bond ETF		246,121,255		492,779,117

BulletShares 2024 High Yield Corporate Bond ETF		173,962,120		204,741,756

BulletShares 2025 High Yield Corporate Bond ETF		67,445,603		71,903,089

BulletShares 2026 High Yield Corporate Bond ETF		22,459,982		20,013,312

BulletShares 2027 High Yield Corporate Bond ETF		4,037,724		3,855,122

BulletShares 2028 High Yield Corporate Bond ETF		1,542,626		1,436,271

BulletShares 2029 High Yield Corporate Bond ETF		401,281		467,866

BulletShares 2030 High Yield Corporate Bond ETF*		5,051,178		217,437

BulletShares 2023 Municipal Bond ETF		60,629,003		14,880,886

BulletShares 2024 Municipal Bond ETF		79,202,204		2,257,022

BulletShares 2025 Municipal Bond ETF		68,777,525		5,244,299


		307


	Purchases		Sales

BulletShares 2026 Municipal Bond ETF	$	58,888,525	$	3,019,966

BulletShares 2027 Municipal Bond ETF		54,037,341		586,106

BulletShares 2028 Municipal Bond ETF		42,890,113		1,546,105

BulletShares 2029 Municipal Bond ETF		31,753,141		2,232,994

BulletShares 2030 Municipal Bond ETF		14,170,840		1,185,361

BulletShares 2031 Municipal Bond ETF		5,075,938		733,865

BulletShares 2032 Municipal Bond ETF**		4,906,330		-

BulletShares 2023 USD Emerging Markets Debt ETF		-		3,831,060

BulletShares 2024 USD Emerging Markets Debt ETF		283,635		735,903

*	For the period September 6, 2022 (commencement of investment operations) through February 28, 2023.

**	For the period February 27, 2023 (commencement of investment operations) through February 28, 2023.

For the six months ended February 28, 2023, in-kind transactions associated with creations and redemptions were as follows:


	In-kind Purchases		In-kind Sales

BulletShares 2023 Corporate Bond ETF	$	31,972,462	$	53,322,965

BulletShares 2024 Corporate Bond ETF		785,037,249		100,990,444

BulletShares 2025 Corporate Bond ETF		841,849,419		27,111,347

BulletShares 2026 Corporate Bond ETF		536,353,194		19,885,985

BulletShares 2027 Corporate Bond ETF		330,951,490		-

BulletShares 2028 Corporate Bond ETF		250,779,626		-

BulletShares 2029 Corporate Bond ETF		103,798,579		-

BulletShares 2030 Corporate Bond ETF		64,380,647		-

BulletShares 2031 Corporate Bond ETF		68,458,503		7,161,072

BulletShares 2032 Corporate Bond ETF*		26,776,389		-

BulletShares 2023 High Yield Corporate Bond ETF		102,587,144		58,570,209

BulletShares 2024 High Yield Corporate Bond ETF		120,781,066		38,962,820

BulletShares 2025 High Yield Corporate Bond ETF		94,020,133		24,126,329

BulletShares 2026 High Yield Corporate Bond ETF		75,398,270		4,600,008

BulletShares 2027 High Yield Corporate Bond ETF		35,974,106		-

BulletShares 2028 High Yield Corporate Bond ETF		12,348,133		-

BulletShares 2029 High Yield Corporate Bond ETF		8,011,048		1,947,126

BulletShares 2030 High Yield Corporate 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 2031 Municipal Bond ETF		-		-

BulletShares 2032 Municipal Bond ETF**		-		-

BulletShares 2023 USD Emerging Markets Debt ETF		-		6,104,394

BulletShares 2024 USD Emerging Markets Debt ETF		-		6,848,384

*	For the period September 6, 2022 (commencement of investment operations) through February 28, 2023.

**	For the period February 27, 2023 (commencement of investment operations) through February 28, 2023.

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


		308

As of February 28, 2023, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:


	Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)			Cost

BulletShares 2023 Corporate Bond ETF	$	54,318	$	(22,795,444	)	$	(22,741,126	)	$	2,790,586,094

BulletShares 2024 Corporate Bond ETF		16,507		(122,757,930	)		(122,741,423	)		4,279,808,722

BulletShares 2025 Corporate Bond ETF		228,456		(104,568,645	)		(104,340,189	)		2,825,641,880

BulletShares 2026 Corporate Bond ETF		156,212		(98,367,209	)		(98,210,997	)		1,928,652,765

BulletShares 2027 Corporate Bond ETF		248,262		(51,082,189	)		(50,833,927	)		1,038,925,102

BulletShares 2028 Corporate Bond ETF		49,486		(36,772,773	)		(36,723,287	)		649,435,077

BulletShares 2029 Corporate Bond ETF		16,056		(24,435,383	)		(24,419,327	)		281,495,508

BulletShares 2030 Corporate Bond ETF		2,270		(15,480,381	)		(15,478,111	)		198,814,424

BulletShares 2031 Corporate Bond ETF		28,334		(6,567,862	)		(6,539,528	)		107,372,306

BulletShares 2032 Corporate Bond ETF*		7,763		(571,903	)		(564,140	)		30,399,063

BulletShares 2023 High Yield Corporate Bond ETF		561,920		(3,549,368	)		(2,987,448	)		732,793,059

BulletShares 2024 High Yield Corporate Bond ETF		555,246		(12,850,686	)		(12,295,440	)		704,437,550

BulletShares 2025 High Yield Corporate Bond ETF		1,394,779		(18,638,404	)		(17,243,625	)		515,599,687

BulletShares 2026 High Yield Corporate Bond ETF		529,578		(15,030,740	)		(14,501,162	)		316,219,522

BulletShares 2027 High Yield Corporate Bond ETF		156,595		(4,890,846	)		(4,734,251	)		97,865,788

BulletShares 2028 High Yield Corporate Bond ETF		123,276		(3,405,286	)		(3,282,010	)		42,474,484

BulletShares 2029 High Yield Corporate Bond ETF		18,340		(1,591,528	)		(1,573,188	)		15,924,312

BulletShares 2030 High Yield Corporate Bond ETF*		36,598		(115,392	)		(78,794	)		4,811,164

BulletShares 2023 Municipal Bond ETF		24,800		(919,311	)		(894,511	)		167,375,276

BulletShares 2024 Municipal Bond ETF		50,207		(2,392,943	)		(2,342,736	)		169,848,928

BulletShares 2025 Municipal Bond ETF		137,763		(3,296,372	)		(3,158,609	)		139,266,901

BulletShares 2026 Municipal Bond ETF		233,520		(2,645,479	)		(2,411,959	)		99,084,951

BulletShares 2027 Municipal Bond ETF		373,893		(1,945,739	)		(1,571,846	)		80,101,630

BulletShares 2028 Municipal Bond ETF		376,906		(2,013,831	)		(1,636,925	)		63,379,638

BulletShares 2029 Municipal Bond ETF		305,520		(1,686,907	)		(1,381,387	)		48,647,929

BulletShares 2030 Municipal Bond ETF		86,157		(1,331,625	)		(1,245,468	)		37,447,219

BulletShares 2031 Municipal Bond ETF		29,040		(842,560	)		(813,520	)		17,228,366

BulletShares 2032 Municipal Bond ETF*		8,053		(6,482	)		1,571			4,906,330

BulletShares 2023 USD Emerging Markets Debt ETF		8,465		(996,381	)		(987,916	)		26,511,222

BulletShares 2024 USD Emerging Markets Debt ETF		22,617		(1,069,417	)		(1,046,800	)		34,881,981

*	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

The Adviser, as a result of each Fund’s unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Funds. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.

The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.

NOTE 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 APs are permitted to purchase or redeem Creation Units from the Funds. For each Fund (except for the BulletShares Municipal Bond ETFs), such transactions are generally in exchange for Deposit Securities. However, for such Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances. For the BulletShares Municipal Bond ETFs, such transactions are principally in exchange for the deposit or delivery of cash.


		309

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

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

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


		310

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 for the entire period ended September 1, 2022 through February 28, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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


	Beginning Account Value September 1, 2022			Ending Account Value February 28, 2023			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾

Invesco BulletShares 2023 Corporate Bond ETF (BSCN)

Actual		$	1,000.00		$	1,013.90		0.10	%		$	0.50

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			1,002.30		0.10				0.50

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			997.50		0.10				0.50

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			992.90		0.10				0.49

Hypothetical (5% return before expenses)			1,000.00			1,024.30		0.10				0.50

Invesco BulletShares 2027 Corporate Bond ETF (BSCR)

Actual			1,000.00			992.40		0.10				0.49

Hypothetical (5% return before expenses)			1,000.00			1,024.30		0.10				0.50


		311

Calculating your ongoing Fund expenses–(continued)


	Beginning Account Value September 1, 2022			Ending Account Value February 28, 2023				Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾

Invesco BulletShares 2028 Corporate Bond ETF (BSCS)

Actual		$	1,000.00		$	994.40			0.10	%		$	0.49

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			988.00			0.10				0.49

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			988.10			0.10				0.49

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			983.70			0.10				0.49

Hypothetical (5% return before expenses)			1,000.00			1,024.30			0.10				0.50

Invesco BulletShares 2032 Corporate Bond ETF (BSCW)

Actual			1,000.00			1,010.30	⁽²⁾		0.12				0.58	⁽³⁾

Hypothetical (5% return before expenses)			1,000.00			1,024.20	⁽²⁾		0.12				0.60	⁽³⁾

Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN)

Actual			1,000.00			1,032.80			0.42				2.12

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			1,036.30			0.42				2.12

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			1,029.60			0.42				2.11

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			1,027.00			0.42				2.11

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			1,025.10			0.42				2.11

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			1,014.20			0.42				2.10

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			1,012.60			0.42				2.10

Hypothetical (5% return before expenses)			1,000.00			1,022.71			0.42				2.11

Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU)

Actual			1,000.00			1,004.20	⁽²⁾		0.42				2.03	⁽³⁾

Hypothetical (5% return before expenses)			1,000.00			1,022.71	⁽²⁾		0.42				2.11	⁽³⁾

Invesco BulletShares 2023 Municipal Bond ETF (BSMN)

Actual			1,000.00			1,009.20			0.18				0.90

Hypothetical (5% return before expenses)			1,000.00			1,023.90			0.18				0.90

Invesco BulletShares 2024 Municipal Bond ETF (BSMO)

Actual			1,000.00			1,003.20			0.18				0.89

Hypothetical (5% return before expenses)			1,000.00			1,023.90			0.18				0.90


		312

Calculating your ongoing Fund expenses–(continued)


	Beginning Account Value September 1, 2022			Ending Account Value February 28, 2023				Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾

Invesco BulletShares 2025 Municipal Bond ETF (BSMP)

Actual		$	1,000.00		$	1,000.90			0.18	%		$	0.89

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			1,001.10			0.18				0.89

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			1,004.00			0.18				0.89

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			1,005.90			0.18				0.90

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			1,008.20			0.18				0.90

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			1,012.00			0.18				0.90

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			1,018.00			0.18				0.90

Hypothetical (5% return before expenses)			1,000.00			1,023.90			0.18				0.90

Invesco BulletShares 2032 Municipal Bond ETF (BSMW)

Actual			1,000.00			1,000.40	⁽⁴⁾		0.00				0.00	⁽⁵⁾

Hypothetical (5% return before expenses)			1,000.00			1,024.79	⁽⁴⁾		0.00				0.00	⁽⁵⁾

Invesco BulletShares 2023 USD Emerging Markets Debt ETF (BSCE)

Actual			1,000.00			1,018.90			0.29				1.45

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			1,012.10			0.29				1.45

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, 2023. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365.

⁽²⁾

The actual ending account value is based on the actual total return of the Fund for the period September 6, 2022 (commencement of investment operations) through February 28, 2023, 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 6, 2022 (commencement of investment operations) to February 28, 2023. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 176/365. 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.

⁽⁴⁾

The actual ending account value is based on the actual total return of the Fund for the period February 27, 2023 (commencement of investment operations) through February 28, 2023, 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.

⁽⁵⁾

Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the period February 27, 2023 (commencement of investment operations) to February 28, 2023. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 1/365. 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.


		313

Approval of Investment Advisory Contracts

At a meeting held on June 21, 2022, the Board of Trustees of the Invesco Exchange-Traded Self-Indexed Fund Trust (the “Trust”), including the Independent Trustees, approved the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for Invesco BulletShares 2030 High Yield Corporate Bond ETF, Invesco BulletShares 2032 Corporate Bond ETF and Invesco BulletShares 2032 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 further 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 the portfolio managers of each Fund also manage 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 portfolio managers of each Fund. The Trustees also noted other information the Board received and considered at its March 15, 2022 and April 6, 2022 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 managed by the Adviser 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 Investment Advisory 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:

Passive

Open-End

ETF

Index Fund

Active Fund

Select

Peer Group

Fund

(Number of Peers)

Invesco BulletShares 2030 High Yield Corporate Bond ETF

Higher than

median (27)

Lower than

median (1)

Lower than

median (110)

Higher than

median (6)

Invesco BulletShares 2032 Corporate Bond ETF

Same as

median (31)

Higher than

median (3)

Lower than

median (54)

Same as

median (10)

Invesco BulletShares 2032 Municipal Bond ETF

Same as

median (8)

N/A (0)

Lower than

median (58)

Same as

median (6)

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.

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


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Approval of Investment Advisory Contracts–(continued)

noted other information the Board received and considered at its March 15, 2022 and April 6, 2022 meetings regarding 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 will receive from its relationship with the Funds, and noted that the Adviser will not be a party to any soft dollar, commission recapture or directed brokerage arrangements with respect to the Funds. 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, advisory fees for affiliated money market cash management vehicles and fees as the Funds’ direct securities lending agent. The Trustees also considered that Invesco Distributors, Inc. and Invesco Indexing LLC, affiliates of the Adviser, will serve as each Fund’s distributor and index provider and will be paid a distribution fee and licensing fee, respectively, by the Adviser. The Board concluded that each Fund’s unitary advisory fee was reasonable, taking into account any ancillary benefits 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 Investment Advisory 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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invesco.com/ETFs