LOGO             

 

 

 

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) 

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

        $ 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) 

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

          $ 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) 

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           $ 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) 

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

      $ 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) 

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

          $ 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) 

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

          $ 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) 

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

          $ 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) 

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

          $ 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) 

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the period ended February 28, 2023.

 

     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) 

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

        $ 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) 

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

        $ 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) 

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

          $ 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) 

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

          $ 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) 

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

        $ 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    

 

 

 

 


 

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

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) 

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

          $ 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) 

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

          $ 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) 

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the period ended February 28, 2023.

 

     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    

 

 

 

 


 

Invesco BulletShares 2029 Municipal Bond ETF (BSMT)–(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%       02/01/2029      $        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    

 

 

 

 


 

Invesco BulletShares 2030 Municipal Bond ETF (BSMU)

February 28, 2023

(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)

February 28, 2023

(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) 

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
   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) 

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

          $ -           $ 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)

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(d)

Annualized.

(e) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

    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) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(d) 

Annualized.

(e) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

    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)

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.

 

    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) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

Annualized.

(f)

Ratios include non-recurring costs associated with a proxy statement of 0.01%.

(g) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

    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) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(g) 

The net asset value total return from Fund Inception (August 9, 2018, the first day of trading on the Exchange) to August 31, 2018 was 0.30%. The market price total return from Fund Inception to August 31, 2018 was 0.30%.

(h) 

Annualized.

(i) 

Ratios include non-recurring costs associated with a proxy statement of 0.02%.

(j) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

    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)

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(f) 

The net asset value total return from Fund Inception (September 12, 2019, the first day of trading on the exchange) to August 31, 2020 was 10.96%. The market price total return from Fund Inception to August 31, 2020 was 10.45%.

(g) 

Annualized.

(h)

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

(i) 

Amount represents less than 0.5%.

 

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

 

    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) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

The net asset value total return from Fund Inception (September 16, 2020, the first day of trading on the exchange) to August 31, 2021 was 0.55%. The market price total return from Fund Inception to August 31, 2021 was 0.55%.

(f) 

Annualized.

(g) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

    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) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

The net asset value total return from Fund Inception (September 15, 2021, the first day of trading on the exchange) to August 31, 2022 was (16.25)%. The market price total return from Fund Inception to August 31, 2022 was (16.60)%.

(f) 

Annualized.

(g) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

    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) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

The net asset value total return from Fund Inception (September 8, 2022, the first day of trading on the exchange) to 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
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) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(d) 

Annualized.

(e) 

In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return.

(f) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

    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
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) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(d) 

Annualized.

(e) 

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) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

Annualized.

(f) 

Ratios include non-recurring costs associated with a proxy statement of 0.01%.

(g) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

    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) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

The net asset value total return from Fund Inception (August 9, 2018, the first day of trading on the Exchange) to August 31, 2018 was 0.48%. The market price total return from Fund Inception to August 31, 2018 was 0.56%.

(f) 

Annualized.

(g) 

Ratios include non-recurring costs associated with a proxy statement of 0.03%.

(h) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

    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) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

The net asset value total return from Fund Inception (September 12, 2019, the first day of trading on the exchange) to August 31, 2020 was 4.32%. The market price total return from Fund Inception to August 31, 2020 was 3.84%.

(f) 

Annualized.

(g) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

    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) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

The net asset value total return from Fund Inception (September 16, 2020, the first day of trading on the exchange) to August 31, 2021 was 6.72%. The market price total return from Fund Inception to August 31, 2021 was 6.92%.

(f) 

Annualized.

(g) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

    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) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

The net asset value total return from Fund Inception (September 15, 2021, the first day of trading on the exchange) to August 31, 2022 was (14.42)%. The market price total return from Fund Inception to August 31, 2022 was (14.87)%.

(f) 

Annualized.

(g) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

    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) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

The net asset value total return from Fund Inception (September 8, 2022, the first day of trading on the exchange) to 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) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(f) 

The net asset value total return from Fund Inception (September 25, 2019, the first day of trading on the exchange) to August 31, 2020 was 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) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

The net asset value total return from Fund Inception (September 25, 2019, the first day of trading on the exchange) to August 31, 2020 was 3.30%. The market price total return from Fund Inception to August 31, 2020 was 3.71%.

(f) 

Annualized.

(g) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

    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) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

The net asset value total return from Fund Inception (September 25, 2019, the first day of trading on the exchange) to August 31, 2020 was 4.19%. The market price total return from Fund Inception to August 31, 2020 was 4.44%.

(f) 

Annualized.

(g) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

    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) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

The net asset value total return from Fund Inception (September 25, 2019, the first day of trading on the exchange) to August 31, 2020 was 3.58%. The market price total return from Fund Inception to August 31, 2020 was 4.20%.

(f) 

Annualized.

(g) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

    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) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

The net asset value total return from Fund Inception (September 25, 2019, the first day of trading on the exchange) to August 31, 2020 was 3.02%. The market price total return from Fund Inception to August 31, 2020 was 3.46%.

(f) 

Annualized.

(g) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

    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) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(f) 

The net asset value total return from Fund Inception (September 25, 2019, the first day of trading on the exchange) to August 31, 2020 was 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) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(f) 

The net asset value total return from Fund Inception (September 25, 2019, the first day of trading on the exchange) to August 31, 2020 was 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) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

The net asset value total return from Fund Inception (September 16, 2020, the first day of trading on the exchange) to August 31, 2021 was 4.04%. The market price total return from Fund Inception to August 31, 2021 was 4.23%.

(f) 

Annualized.

(g) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

    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) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

The net asset value total return from Fund Inception (September 15, 2021, the first day of trading on the exchange) to August 31, 2022 was (15.51)%. The market price total return from Fund Inception to August 31, 2022 was (15.86)%.

(f) 

Annualized.

(g) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

    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) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

The net asset value total return from Fund Inception (March 1, 2023, the first day of trading on the exchange) to 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)

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e)

The net asset value total return from Fund Inception (October 4, 2018, the first day of trading on the Exchange) to August 31, 2019 was 9.68%. The market price total return from Fund Inception to August 31, 2019 was 9.57%.

(f)

Annualized.

(g)

Ratios are annualized except for non-recurring costs associated with a proxy statement of 0.03%.

(h)

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

    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)

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e)

The net asset value total return from Fund Inception (October 4, 2018, the first day of trading on the Exchange) to August 31, 2019 was 11.26%. The market price total return from Fund Inception to August 31, 2019 was 11.46%.

(f)

Annualized.

(g)

Ratios are annualized except for non-recurring costs associated with a proxy statement of 0.03%.

(h)

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

    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

 

    294    

 

 

 

 


 

 

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.

 

    295    

 

 

 

 


 

 

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

 

    296    

 

 

 

 


 

 

quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, a Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

B.

Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

The Funds may periodically participate in litigation related to a Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of a Fund’s NAV and, accordingly, they reduce a Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.

C.

Country Determination - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D.

Dividends and Distributions to Shareholders - Each Fund declares and pays dividends from net investment income, if any, to its shareholders monthly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in each Fund’s financial statements as a tax return of capital at fiscal year-end.

E.

Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.

The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F.

Expenses - Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest,

 

    297    

 

 

 

 


 

 

  acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser).

Expenses of the Trust that are excluded from a Fund’s unitary management fee and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from a Fund’s unitary management fee and are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.

To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.

G.

Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H.

Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Board member who is not an “interested person” (as defined in the 1940 Act) of the Trust (each, an “Independent Trustee”) is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I.

Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

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.

J.

Foreign Currency Translations - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. Each Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on

 

    298    

 

 

 

 


 

 

  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.

 

    299    

 

 

 

 


 

 

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       Open-End        
    ETF       Index Fund       Active Fund       Select
    Peer Group       Peer Group       Peer Group       Peer Group

Fund

 

(Number of Peers)

     

(Number of Peers)

     

(Number of Peers)

     

(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

 

    314    

 

 

 

 


 

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.

 

    315    

 

 

 

 


 

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.

 

    316    

 

 

 

 


 

 

 

 

 

©2023 Invesco Capital Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

   P-SIFT-SAR-1    invesco.com/ETFs