# EDGAR Filing Document

**Accession Number:** 0001657201
**File Stem:** 0001657201-26-000141
**Filing Date:** 2026-1
**Character Count:** 3057387
**Document Hash:** 0889be8b6c0aadca3bd1310194432dd1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001657201-26-000141.hdr.sgml**: 20260129

**ACCESSION NUMBER**: 0001657201-26-000141

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260129

**DATE AS OF CHANGE**: 20260129

**PERIOD START**: 20260831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Invesco Exchange-Traded Self-Indexed Fund Trust
- **CENTRAL INDEX KEY:** 0001657201

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23304
- **FILM NUMBER:** 26575347

**BUSINESS ADDRESS:**
- **STREET 1:** 3500 LACEY ROAD
- **STREET 2:** SUITE 700
- **CITY:** DOWNERS GROVE
- **STATE:** IL
- **ZIP:** 60515
- **BUSINESS PHONE:** 800-983-0903

**MAIL ADDRESS:**
- **STREET 1:** 3500 LACEY ROAD
- **STREET 2:** SUITE 700
- **CITY:** DOWNERS GROVE
- **STATE:** IL
- **ZIP:** 60515

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PowerShares Exchange-Traded Self-Indexed Fund Trust
- **DATE OF NAME CHANGE:** 20151030

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PowerShares Exchange-Traded Fund Trust III
- **DATE OF NAME CHANGE:** 20151030

## Series and Classes Contracts Data

### Invesco BulletShares 2029 High Yield Corporate Bond ETF (Series ID: S000073019)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000229788 | Invesco BulletShares 2029 High Yield Corporate Bond ETF |  |

## Nport-Ex

Schedule of Investments<sup>(a)</sup>

**Invesco BulletShares 2025 Corporate Bond ETF (BSCP)**

November 30, 2025

*(Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes-7.18%** | **U.S. Dollar Denominated Bonds & Notes-7.18%** | **U.S. Dollar Denominated Bonds & Notes-7.18%** |
| **Banks-0.90%** | **Banks-0.90%** | **Banks-0.90%** |
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC (United <br> Kingdom), 4.58%, 12/10/2025<br>| $20958000 | &nbsp;&nbsp; $20955898 |
| **Broadline Retail-0.84%** | **Broadline Retail-0.84%** | **Broadline Retail-0.84%** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc., 4.60%, <br> 12/01/2025<br>| 19730000 | &nbsp;&nbsp; 19730000 |
| **Electric Utilities-0.74%** | **Electric Utilities-0.74%** | **Electric Utilities-0.74%** |
| &nbsp;&nbsp;&nbsp; Duke Energy Corp., 5.00%, <br> 12/08/2025<br>| 7890000 | &nbsp;&nbsp; 7890780 |
| &nbsp;&nbsp;&nbsp; Florida Power & Light Co., 3.13%, <br> 12/01/2025<br>| 9471000 | &nbsp;&nbsp; 9471000 |
|  |  | &nbsp;&nbsp; 17361780 |
| **Financial Services-2.69%** | **Financial Services-2.69%** | **Financial Services-2.69%** |
| Visa, Inc., 3.15%, 12/14/2025 | 63140000 | &nbsp;&nbsp; 63108566 |
| **Health Care Providers & Services-0.34%** | **Health Care Providers & Services-0.34%** | **Health Care Providers & Services-0.34%** |
| McKesson Corp., 0.90%, 12/03/2025 | 7888000 | &nbsp;&nbsp; 7886436 |
| **Insurance-0.91%** | **Insurance-0.91%** | **Insurance-0.91%** |
| &nbsp;&nbsp;&nbsp; Allstate Corp. (The), 0.75%, <br> 12/15/2025<br>| 9471000 | &nbsp;&nbsp; 9457742 |
| Aon Global Ltd., 3.88%, 12/15/2025 | 11834000 | &nbsp;&nbsp; 11832078 |
|  |  | &nbsp;&nbsp; 21289820 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Life Sciences Tools & Services-0.29%** | **Life Sciences Tools & Services-0.29%** | **Life Sciences Tools & Services-0.29%** |
| Illumina, Inc., 5.80%, 12/12/2025 | $6890000 | &nbsp;&nbsp; $6891779 |
| **Wireless Telecommunication Services-0.47%** | **Wireless Telecommunication Services-0.47%** | **Wireless Telecommunication Services-0.47%** |
| &nbsp;&nbsp;&nbsp; Rogers Communications, Inc. (Canada), <br> 3.63%, 12/15/2025<br>| 11046000 | &nbsp;&nbsp; 11042676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $168,252,411) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $168,252,411) | &nbsp;&nbsp; 168266955 |
|  | **Shares** |  |
| **Money Market Funds-93.80%** |  |  |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency <br> Portfolio, Institutional Class, <br> 3.91%<sup>(b)(c)</sup> <br>(Cost $2,198,097,964)<br>| 2198097964 | &nbsp;&nbsp; 2198097964 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-100.98% <br>(Cost $2,366,350,375) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-100.98% <br>(Cost $2,366,350,375) | &nbsp;&nbsp; 2366364919 |
| OTHER ASSETS LESS LIABILITIES-(0.98)% | OTHER ASSETS LESS LIABILITIES-(0.98)% | &nbsp;&nbsp; (23049754)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $2343315165 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the three months ended November 30, 2025.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**November 30, 2025**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco <br> Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp;&nbsp; $1274791055 | &nbsp;&nbsp;&nbsp; $1241779380 | &nbsp;&nbsp;&nbsp; $(318472471)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $2198097964 | &nbsp;&nbsp;&nbsp; $19388725 |
| **Investments** <br> **Purchased with** <br> **Cash Collateral** <br> **from Securities** <br> **on Loan:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private <br> Government Fund<br>| &nbsp;&nbsp;&nbsp; 6138502 | &nbsp;&nbsp;&nbsp; 1515810 | &nbsp;&nbsp;&nbsp; (7654312)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 20,726<br> \*<br>|
| &nbsp;&nbsp; Invesco Private <br> Prime Fund<br>| &nbsp;&nbsp;&nbsp; 15969157 | &nbsp;&nbsp;&nbsp; 3580151 | &nbsp;&nbsp;&nbsp; (19549352)<br>| &nbsp;&nbsp;&nbsp; (1357)<br>| &nbsp;&nbsp;&nbsp; 1401 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 55,651<br> \*<br>|
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; $1296898714 | &nbsp;&nbsp;&nbsp; $1246875341 | &nbsp;&nbsp;&nbsp; $(345676135)<br>| &nbsp;&nbsp;&nbsp; $(1357)<br>| &nbsp;&nbsp;&nbsp; $1401 | &nbsp;&nbsp;&nbsp; $2198097964 | &nbsp;&nbsp;&nbsp; $19465102 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(c)</sup> The rate shown is the 7-day SEC standardized yield as of November 30, 2025.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

See accompanying notes which are an integral part of this schedule.

------

Schedule of Investments<sup>(a)</sup>

**Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)**

November 30, 2025

*(Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes-98.70%** | **U.S. Dollar Denominated Bonds & Notes-98.70%** | **U.S. Dollar Denominated Bonds & Notes-98.70%** |
| **Aerospace & Defense-2.38%** | **Aerospace & Defense-2.38%** | **Aerospace & Defense-2.38%** |
| Boeing Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 2.75%, 02/01/2026 | $12487000 | &nbsp;&nbsp; $12451618 |
| &nbsp;&nbsp;&nbsp; 2.20%, 02/04/2026 | 49482000 | &nbsp;&nbsp; 49284363 |
| General Dynamics Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 1.15%, 06/01/2026<sup>(b)</sup> | 4450000 | &nbsp;&nbsp; 4390159 |
| &nbsp;&nbsp;&nbsp; 2.13%, 08/15/2026<sup>(b)</sup> | 4489000 | &nbsp;&nbsp; 4433473 |
| &nbsp;&nbsp;&nbsp; Lockheed Martin Corp., 3.55%, <br> 01/15/2026<br>| 8877000 | &nbsp;&nbsp; 8870502 |
| RTX Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/27/2026 | 4443000 | &nbsp;&nbsp; 4447979 |
| &nbsp;&nbsp;&nbsp; 2.65%, 11/01/2026 | 6369000 | &nbsp;&nbsp; 6294429 |
| &nbsp;&nbsp;&nbsp; 5.75%, 11/08/2026 | 11248000 | &nbsp;&nbsp; 11414477 |
|  |  | &nbsp;&nbsp; 101587000 |
| **Air Freight & Logistics-0.26%** | **Air Freight & Logistics-0.26%** | **Air Freight & Logistics-0.26%** |
| FedEx Corp., 3.25%, 04/01/2026<sup>(b)</sup> | 6729000 | &nbsp;&nbsp; 6710209 |
| &nbsp;&nbsp;&nbsp; United Parcel Service, Inc., 2.40%, <br> 11/15/2026<br>| 4489000 | &nbsp;&nbsp; 4429341 |
|  |  | &nbsp;&nbsp; 11139550 |
| **Automobiles-4.48%** | **Automobiles-4.48%** | **Automobiles-4.48%** |
| American Honda Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 01/09/2026 | 7521000 | &nbsp;&nbsp; 7525696 |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/12/2026 | 4447000 | &nbsp;&nbsp; 4449664 |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/07/2026 | 8521000 | &nbsp;&nbsp; 8584297 |
| &nbsp;&nbsp;&nbsp; 1.30%, 09/09/2026 | 6729000 | &nbsp;&nbsp; 6597458 |
| &nbsp;&nbsp;&nbsp; 2.30%, 09/09/2026 | 4489000 | &nbsp;&nbsp; 4431064 |
| &nbsp;&nbsp;&nbsp; 4.40%, 10/05/2026<sup>(b)</sup> | 6281000 | &nbsp;&nbsp; 6302730 |
| Ford Motor Co., 4.35%, 12/08/2026 | 13498000 | &nbsp;&nbsp; 13463439 |
| Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp; 4.39%, 01/08/2026 | 10661000 | &nbsp;&nbsp; 10659301 |
| &nbsp;&nbsp;&nbsp; 6.95%, 03/06/2026 | 11696000 | &nbsp;&nbsp; 11748437 |
| &nbsp;&nbsp;&nbsp; 6.95%, 06/10/2026<sup>(b)</sup> | 7944000 | &nbsp;&nbsp; 8026030 |
| &nbsp;&nbsp;&nbsp; 2.70%, 08/10/2026 | 13259000 | &nbsp;&nbsp; 13085904 |
| &nbsp;&nbsp;&nbsp; 5.13%, 11/05/2026<sup>(b)</sup> | 10800000 | &nbsp;&nbsp; 10854131 |
| PACCAR Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.45%, 03/30/2026<sup>(b)</sup> | 4448000 | &nbsp;&nbsp; 4455693 |
| &nbsp;&nbsp;&nbsp; 5.20%, 11/09/2026 | 4489000 | &nbsp;&nbsp; 4545490 |
| Toyota Motor Corp. (Japan) |  |  |
| &nbsp;&nbsp;&nbsp; 1.34%, 03/25/2026<sup>(b)</sup> | 8871000 | &nbsp;&nbsp; 8799662 |
| &nbsp;&nbsp;&nbsp; 5.28%, 07/13/2026 | 4425000 | &nbsp;&nbsp; 4457150 |
| Toyota Motor Credit Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 01/05/2026 | 7979000 | &nbsp;&nbsp; 7983115 |
| &nbsp;&nbsp;&nbsp; 0.80%, 01/09/2026<sup>(b)</sup> | 6197000 | &nbsp;&nbsp; 6175198 |
| &nbsp;&nbsp;&nbsp; 5.20%, 05/15/2026 | 6729000 | &nbsp;&nbsp; 6767854 |
| &nbsp;&nbsp;&nbsp; 4.45%, 05/18/2026 | 12478000 | &nbsp;&nbsp; 12506206 |
| &nbsp;&nbsp;&nbsp; 1.13%, 06/18/2026<sup>(b)</sup> | 8999000 | &nbsp;&nbsp; 8866176 |
| &nbsp;&nbsp;&nbsp; 4.55%, 08/07/2026 | 6729000 | &nbsp;&nbsp; 6759052 |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/14/2026 | 5833000 | &nbsp;&nbsp; 5876567 |
| &nbsp;&nbsp;&nbsp; 5.40%, 11/20/2026<sup>(b)</sup> | 8093000 | &nbsp;&nbsp; 8216993 |
|  |  | &nbsp;&nbsp; 191137307 |
| **Banks-22.97%** | **Banks-22.97%** | **Banks-22.97%** |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.45%, 03/03/2026 | 17987000 | &nbsp;&nbsp; 18008409 |
| &nbsp;&nbsp;&nbsp; 3.50%, 04/19/2026 | 22487000 | &nbsp;&nbsp; 22439340 |
| &nbsp;&nbsp;&nbsp; 4.25%, 10/22/2026 | 17987000 | &nbsp;&nbsp; 18027474 |
| &nbsp;&nbsp;&nbsp; Bank of America N.A., 5.53%, <br> 08/18/2026<br>| 17994000 | &nbsp;&nbsp; 18165274 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Banks-(continued)** | **Banks-(continued)** | **Banks-(continued)** |
| Bank of Montreal (Canada) |  |  |
| &nbsp;&nbsp;&nbsp; 5.30%, 06/05/2026<sup>(b)</sup> | $12144000 | &nbsp;&nbsp; $12218483 |
| &nbsp;&nbsp;&nbsp; 5.27%, 12/11/2026<sup>(b)</sup> | 10342000 | &nbsp;&nbsp; 10483361 |
| Bank of Nova Scotia (The) (Canada) |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/02/2026 | 11092000 | &nbsp;&nbsp; 11099913 |
| &nbsp;&nbsp;&nbsp; 1.05%, 03/02/2026 | 8551000 | &nbsp;&nbsp; 8486352 |
| &nbsp;&nbsp;&nbsp; 1.35%, 06/24/2026<sup>(b)</sup> | 6729000 | &nbsp;&nbsp; 6634415 |
| &nbsp;&nbsp;&nbsp; 1.30%, 09/15/2026<sup>(b)</sup> | 8093000 | &nbsp;&nbsp; 7926114 |
| &nbsp;&nbsp;&nbsp; 5.35%, 12/07/2026 | 10342000 | &nbsp;&nbsp; 10482724 |
| &nbsp;&nbsp;&nbsp; Barclays PLC (United Kingdom), 5.20%, <br> 05/12/2026<br>| 18445000 | &nbsp;&nbsp; 18517633 |
| BPCE S.A. (France), 3.38%, 12/02/2026 | 5385000 | &nbsp;&nbsp; 5355913 |
| &nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce <br> (Canada), 5.93%, 10/02/2026<sup>(b)</sup><br>| 7625000 | &nbsp;&nbsp; 7747434 |
| Capital One N.A., 3.45%, 07/27/2026 | 8997000 | &nbsp;&nbsp; 8958060 |
| Citibank N.A. |  |  |
| &nbsp;&nbsp;&nbsp; 5.44%, 04/30/2026 | 17938000 | &nbsp;&nbsp; 18022287 |
| &nbsp;&nbsp;&nbsp; 4.93%, 08/06/2026 | 13557000 | &nbsp;&nbsp; 13630727 |
| &nbsp;&nbsp;&nbsp; 5.49%, 12/04/2026<sup>(b)</sup> | 17937000 | &nbsp;&nbsp; 18188116 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.70%, 01/12/2026 | 17937000 | &nbsp;&nbsp; 17929552 |
| &nbsp;&nbsp;&nbsp; 4.60%, 03/09/2026 | 13448000 | &nbsp;&nbsp; 13463177 |
| &nbsp;&nbsp;&nbsp; 3.40%, 05/01/2026<sup>(b)</sup> | 17937000 | &nbsp;&nbsp; 17886985 |
| &nbsp;&nbsp;&nbsp; 3.20%, 10/21/2026 | 26906000 | &nbsp;&nbsp; 26710916 |
| &nbsp;&nbsp;&nbsp; 4.30%, 11/20/2026 | 8969000 | &nbsp;&nbsp; 8985548 |
| &nbsp;&nbsp;&nbsp; Cooperatieve Rabobank U.A. <br> (Netherlands)<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.85%, 01/09/2026 | 9082000 | &nbsp;&nbsp; 9087740 |
| &nbsp;&nbsp;&nbsp; 3.75%, 07/21/2026 | 13504000 | &nbsp;&nbsp; 13456666 |
| &nbsp;&nbsp;&nbsp; 4.33%, 08/28/2026 | 4481000 | &nbsp;&nbsp; 4497076 |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/05/2026<sup>(b)</sup> | 6281000 | &nbsp;&nbsp; 6366008 |
| &nbsp;&nbsp;&nbsp; Fifth Third Bank N.A., 3.85%, <br> 03/15/2026<br>| 6725000 | &nbsp;&nbsp; 6715774 |
| HSBC Holdings PLC (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp; 4.30%, 03/08/2026 | 15816000 | &nbsp;&nbsp; 15827862 |
| &nbsp;&nbsp;&nbsp; 4.38%, 11/23/2026 | 8027000 | &nbsp;&nbsp; 8051509 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp; 3.30%, 04/01/2026 | 22497000 | &nbsp;&nbsp; 22441126 |
| &nbsp;&nbsp;&nbsp; 3.20%, 06/15/2026 | 16094000 | &nbsp;&nbsp; 16021165 |
| &nbsp;&nbsp;&nbsp; 2.95%, 10/01/2026<sup>(b)</sup> | 26986000 | &nbsp;&nbsp; 26774614 |
| &nbsp;&nbsp;&nbsp; 7.63%, 10/15/2026<sup>(b)</sup> | 5862000 | &nbsp;&nbsp; 6047228 |
| &nbsp;&nbsp;&nbsp; 4.13%, 12/15/2026 | 18764000 | &nbsp;&nbsp; 18793813 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase Bank N.A., 5.11%, <br> 12/08/2026<br>| 24676000 | &nbsp;&nbsp; 24952662 |
| KeyBank N.A. |  |  |
| &nbsp;&nbsp;&nbsp; 4.70%, 01/26/2026 | 4422000 | &nbsp;&nbsp; 4423185 |
| &nbsp;&nbsp;&nbsp; 3.40%, 05/20/2026 | 5300000 | &nbsp;&nbsp; 5274185 |
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC (United <br> Kingdom), 4.65%, 03/24/2026<br>| 13465000 | &nbsp;&nbsp; 13473010 |
| &nbsp;&nbsp;&nbsp; Manufacturers & Traders Trust Co., <br> 4.65%, 01/27/2026<br>| 11480000 | &nbsp;&nbsp; 11482608 |
| &nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. <br> (Japan)<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.85%, 03/01/2026 | 21372000 | &nbsp;&nbsp; 21358287 |
| &nbsp;&nbsp;&nbsp; 2.76%, 09/13/2026<sup>(b)</sup> | 8997000 | &nbsp;&nbsp; 8914211 |
| &nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. (Japan), <br> 2.84%, 09/13/2026<sup>(b)</sup><br>| 9033000 | &nbsp;&nbsp; 8952069 |
| Morgan Stanley Bank N.A. |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 04/21/2026<sup>(b)</sup> | 13287000 | &nbsp;&nbsp; 13311813 |
| &nbsp;&nbsp;&nbsp; 5.88%, 10/30/2026<sup>(b)</sup> | 14858000 | &nbsp;&nbsp; 15102125 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Banks-(continued)** | **Banks-(continued)** | **Banks-(continued)** | **Banks-(continued)** |
| &nbsp;&nbsp;&nbsp; NatWest Group PLC (United Kingdom), <br> 4.80%, 04/05/2026<br>| $| 13296000 | &nbsp;&nbsp; $13325778 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The), <br> 1.15%, 08/13/2026<br>|  | 6193000 | &nbsp;&nbsp; 6075648 |
| Royal Bank of Canada (Canada) |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 01/12/2026 |  | 8999000 | &nbsp;&nbsp; 9007974 |
| &nbsp;&nbsp;&nbsp; 1.15%, 07/14/2026<sup>(b)</sup> |  | 6729000 | &nbsp;&nbsp; 6612599 |
| &nbsp;&nbsp;&nbsp; 5.20%, 07/20/2026 |  | 8999000 | &nbsp;&nbsp; 9069747 |
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. <br> (Japan)<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 0.95%, 01/12/2026 |  | 8965000 | &nbsp;&nbsp; 8929998 |
| &nbsp;&nbsp;&nbsp; 5.46%, 01/13/2026 |  | 16146000 | &nbsp;&nbsp; 16162850 |
| &nbsp;&nbsp;&nbsp; 3.78%, 03/09/2026 |  | 13448000 | &nbsp;&nbsp; 13440718 |
| &nbsp;&nbsp;&nbsp; 5.88%, 07/13/2026 |  | 7708000 | &nbsp;&nbsp; 7794380 |
| &nbsp;&nbsp;&nbsp; 2.63%, 07/14/2026 |  | 20177000 | &nbsp;&nbsp; 20003393 |
| &nbsp;&nbsp;&nbsp; 1.40%, 09/17/2026 |  | 17937000 | &nbsp;&nbsp; 17572082 |
| &nbsp;&nbsp;&nbsp; 3.01%, 10/19/2026<sup>(b)</sup> |  | 13448000 | &nbsp;&nbsp; 13335432 |
| Toronto-Dominion Bank (The) (Canada) |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.10%, 01/09/2026 |  | 6729000 | &nbsp;&nbsp; 6735345 |
| &nbsp;&nbsp;&nbsp; 5.53%, 07/17/2026 |  | 16196000 | &nbsp;&nbsp; 16352090 |
| &nbsp;&nbsp;&nbsp; 5.26%, 12/11/2026 |  | 4489000 | &nbsp;&nbsp; 4548525 |
| &nbsp;&nbsp;&nbsp; 4.57%, 12/17/2026 |  | 12592000 | &nbsp;&nbsp; 12675087 |
| Truist Bank |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.30%, 05/15/2026 |  | 6684000 | &nbsp;&nbsp; 6660116 |
| &nbsp;&nbsp;&nbsp; 3.80%, 10/30/2026 |  | 7486000 | &nbsp;&nbsp; 7464698 |
| U.S. Bancorp |  |  |  |
| &nbsp;&nbsp;&nbsp; Series V, 2.38%, 07/22/2026 |  | 12144000 | &nbsp;&nbsp; 12032319 |
| &nbsp;&nbsp;&nbsp; Series W, 3.10%, 04/27/2026 |  | 8834000 | &nbsp;&nbsp; 8800787 |
| UBS AG (Switzerland) |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.25%, 06/01/2026 |  | 8706000 | &nbsp;&nbsp; 8591931 |
| &nbsp;&nbsp;&nbsp; 1.25%, 08/07/2026 |  | 14676000 | &nbsp;&nbsp; 14426091 |
| Wells Fargo & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 04/22/2026 |  | 31488000 | &nbsp;&nbsp; 31347775 |
| &nbsp;&nbsp;&nbsp; 4.10%, 06/03/2026 |  | 21922000 | &nbsp;&nbsp; 21921102 |
| &nbsp;&nbsp;&nbsp; 3.00%, 10/23/2026 |  | 31049000 | &nbsp;&nbsp; 30759903 |
| Wells Fargo Bank N.A. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.81%, 01/15/2026 |  | 15915000 | &nbsp;&nbsp; 15919505 |
| &nbsp;&nbsp;&nbsp; 5.45%, 08/07/2026 |  | 19789000 | &nbsp;&nbsp; 19963165 |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/11/2026<sup>(b)</sup> |  | 20237000 | &nbsp;&nbsp; 20502329 |
|  |  |  | &nbsp;&nbsp; 980724310 |
| **Beverages-1.33%** | **Beverages-1.33%** | **Beverages-1.33%** | **Beverages-1.33%** |
| &nbsp;&nbsp;&nbsp; Constellation Brands, Inc., 3.70%, <br> 12/06/2026<br>|  | 5395000 | &nbsp;&nbsp; 5381728 |
| &nbsp;&nbsp;&nbsp; Diageo Capital PLC (United Kingdom), <br> 5.38%, 10/05/2026<sup>(b)</sup><br>|  | 7267000 | &nbsp;&nbsp; 7343936 |
| &nbsp;&nbsp;&nbsp; Molson Coors Beverage Co., 3.00%, <br> 07/15/2026<br>|  | 17987000 | &nbsp;&nbsp; 17873557 |
| PepsiCo, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.55%, 02/13/2026<sup>(b)</sup> |  | 4489000 | &nbsp;&nbsp; 4490882 |
| &nbsp;&nbsp;&nbsp; 2.85%, 02/24/2026<sup>(b)</sup> |  | 6675000 | &nbsp;&nbsp; 6654858 |
| &nbsp;&nbsp;&nbsp; 2.38%, 10/06/2026 |  | 8890000 | &nbsp;&nbsp; 8786270 |
| &nbsp;&nbsp;&nbsp; 5.13%, 11/10/2026 |  | 6281000 | &nbsp;&nbsp; 6351354 |
|  |  |  | &nbsp;&nbsp; 56882585 |
| **Biotechnology-2.40%** | **Biotechnology-2.40%** | **Biotechnology-2.40%** | **Biotechnology-2.40%** |
| AbbVie, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.20%, 05/14/2026 |  | 17987053 | &nbsp;&nbsp; 17933577 |
| &nbsp;&nbsp;&nbsp; 2.95%, 11/21/2026 |  | 35902000 | &nbsp;&nbsp; 35573137 |
| Amgen, Inc., 2.60%, 08/19/2026 |  | 11248000 | &nbsp;&nbsp; 11146068 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Biotechnology-(continued)** | **Biotechnology-(continued)** | **Biotechnology-(continued)** | **Biotechnology-(continued)** |
| &nbsp;&nbsp;&nbsp; Gilead Sciences, Inc., 3.65%, <br> 03/01/2026<br>| $| 24525000 | &nbsp;&nbsp; $24495767 |
| &nbsp;&nbsp;&nbsp; Shire Acquisitions Investments Ireland <br> DAC, 3.20%, 09/23/2026<br>|  | 13460000 | &nbsp;&nbsp; 13369605 |
|  |  |  | &nbsp;&nbsp; 102518154 |
| **Broadline Retail-0.73%** | **Broadline Retail-0.73%** | **Broadline Retail-0.73%** | **Broadline Retail-0.73%** |
| Amazon.com, Inc., 1.00%, 05/12/2026 |  | 24736000 | &nbsp;&nbsp; 24422997 |
| eBay, Inc., 1.40%, 05/10/2026 |  | 6729000 | &nbsp;&nbsp; 6653329 |
|  |  |  | &nbsp;&nbsp; 31076326 |
| **Building Products-0.10%** | **Building Products-0.10%** | **Building Products-0.10%** | **Building Products-0.10%** |
| &nbsp;&nbsp;&nbsp; Johnson Controls International PLC, <br> 3.90%, 02/14/2026<br>|  | 4320000 | &nbsp;&nbsp; 4315834 |
| **Capital Markets-6.74%** | **Capital Markets-6.74%** | **Capital Markets-6.74%** | **Capital Markets-6.74%** |
| &nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc., 2.88%, <br> 09/15/2026<br>|  | 4428000 | &nbsp;&nbsp; 4392436 |
| Ares Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 01/15/2026 |  | 10198000 | &nbsp;&nbsp; 10187847 |
| &nbsp;&nbsp;&nbsp; 2.15%, 07/15/2026 |  | 8805000 | &nbsp;&nbsp; 8672560 |
| Bank of New York Mellon Corp. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp; 0.75%, 01/28/2026 |  | 6190000 | &nbsp;&nbsp; 6157766 |
| &nbsp;&nbsp;&nbsp; 2.80%, 05/04/2026 |  | 6729000 | &nbsp;&nbsp; 6692756 |
| &nbsp;&nbsp;&nbsp; 2.45%, 08/17/2026 |  | 6729000 | &nbsp;&nbsp; 6660302 |
| &nbsp;&nbsp;&nbsp; 1.05%, 10/15/2026<sup>(b)</sup> |  | 4489000 | &nbsp;&nbsp; 4382160 |
| Blackstone Secured Lending Fund |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 01/15/2026 |  | 7055000 | &nbsp;&nbsp; 7044849 |
| &nbsp;&nbsp;&nbsp; 2.75%, 09/16/2026 |  | 6274000 | &nbsp;&nbsp; 6184928 |
| Blue Owl Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/15/2026 |  | 4430000 | &nbsp;&nbsp; 4421253 |
| &nbsp;&nbsp;&nbsp; 3.40%, 07/15/2026 |  | 8895000 | &nbsp;&nbsp; 8826141 |
| &nbsp;&nbsp;&nbsp; Brookfield Finance, Inc. (Canada), 4.25%, <br> 06/02/2026<br>|  | 4430000 | &nbsp;&nbsp; 4430861 |
| Charles Schwab Corp. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp; 0.90%, 03/11/2026 |  | 11148000 | &nbsp;&nbsp; 11053563 |
| &nbsp;&nbsp;&nbsp; 1.15%, 05/13/2026 |  | 8921000 | &nbsp;&nbsp; 8809276 |
| &nbsp;&nbsp;&nbsp; 5.88%, 08/24/2026 |  | 8922000 | &nbsp;&nbsp; 9029389 |
| &nbsp;&nbsp;&nbsp; Deutsche Bank AG (Germany), 1.69%, <br> 03/19/2026<br>|  | 7214000 | &nbsp;&nbsp; 7162937 |
| &nbsp;&nbsp;&nbsp; FS KKR Capital Corp., 3.40%, <br> 01/15/2026<br>|  | 8843000 | &nbsp;&nbsp; 8824274 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs BDC, Inc., 2.88%, <br> 01/15/2026<sup>(b)</sup><br>|  | 4424000 | &nbsp;&nbsp; 4412945 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The), 3.50%, <br> 11/16/2026<br>|  | 24736000 | &nbsp;&nbsp; 24634069 |
| Morgan Stanley |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 01/27/2026 |  | 26906000 | &nbsp;&nbsp; 26893582 |
| &nbsp;&nbsp;&nbsp; 3.13%, 07/27/2026 |  | 26906000 | &nbsp;&nbsp; 26756935 |
| &nbsp;&nbsp;&nbsp; 6.25%, 08/09/2026 |  | 6491000 | &nbsp;&nbsp; 6590881 |
| &nbsp;&nbsp;&nbsp; 4.35%, 09/08/2026 |  | 20177000 | &nbsp;&nbsp; 20228978 |
| Nasdaq, Inc., 3.85%, 06/30/2026<sup>(b)</sup> |  | 3955000 | &nbsp;&nbsp; 3951798 |
| Nomura Holdings, Inc. (Japan) |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.71%, 01/09/2026 |  | 5380000 | &nbsp;&nbsp; 5387014 |
| &nbsp;&nbsp;&nbsp; 1.65%, 07/14/2026 |  | 11263000 | &nbsp;&nbsp; 11092058 |
| State Street Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.65%, 05/19/2026 |  | 6624000 | &nbsp;&nbsp; 6586133 |
| &nbsp;&nbsp;&nbsp; 5.27%, 08/03/2026<sup>(b)</sup> |  | 10750000 | &nbsp;&nbsp; 10835105 |
| &nbsp;&nbsp;&nbsp; UBS Group AG (Switzerland), 4.55%, <br> 04/17/2026<br>|  | 17534000 | &nbsp;&nbsp; 17566841 |
|  |  |  | &nbsp;&nbsp; 287869637 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Chemicals-0.78%** | **Chemicals-0.78%** | **Chemicals-0.78%** |
| Ecolab, Inc., 2.70%, 11/01/2026<sup>(b)</sup> | $6729000 | &nbsp;&nbsp; $6658782 |
| EIDP, Inc., 4.50%, 05/15/2026<sup>(b)</sup> | 5385000 | &nbsp;&nbsp; 5385398 |
| FMC Corp., 3.20%, 10/01/2026<sup>(b)</sup> | 4479000 | &nbsp;&nbsp; 4421551 |
| Linde, Inc., 3.20%, 01/30/2026 | 6420000 | &nbsp;&nbsp; 6410291 |
| PPG Industries, Inc., 1.20%, 03/15/2026 | 6281000 | &nbsp;&nbsp; 6227871 |
| Westlake Corp., 3.60%, 08/15/2026 | 4000000 | &nbsp;&nbsp; 3979786 |
|  |  | &nbsp;&nbsp; 33083679 |
| **Commercial Services & Supplies-0.46%** | **Commercial Services & Supplies-0.46%** | **Commercial Services & Supplies-0.46%** |
| &nbsp;&nbsp;&nbsp; CDW LLC/CDW Finance Corp., 2.67%, <br> 12/01/2026<br>| 8969000 | &nbsp;&nbsp; 8824056 |
| &nbsp;&nbsp;&nbsp; Republic Services, Inc., 2.90%, <br> 07/01/2026<br>| 4489000 | &nbsp;&nbsp; 4462666 |
| Veralto Corp., 5.50%, 09/18/2026 | 6281000 | &nbsp;&nbsp; 6340497 |
|  |  | &nbsp;&nbsp; 19627219 |
| **Communications Equipment-0.68%** | **Communications Equipment-0.68%** | **Communications Equipment-0.68%** |
| Cisco Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 02/26/2026 | 8870000 | &nbsp;&nbsp; 8886841 |
| &nbsp;&nbsp;&nbsp; 2.95%, 02/28/2026<sup>(b)</sup> | 6729000 | &nbsp;&nbsp; 6709697 |
| &nbsp;&nbsp;&nbsp; 2.50%, 09/20/2026<sup>(b)</sup> | 13498300 | &nbsp;&nbsp; 13363696 |
|  |  | &nbsp;&nbsp; 28960234 |
| **Consumer Finance-2.24%** | **Consumer Finance-2.24%** | **Consumer Finance-2.24%** |
| American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 02/13/2026<sup>(b)</sup> | 10646000 | &nbsp;&nbsp; 10657315 |
| &nbsp;&nbsp;&nbsp; 1.65%, 11/04/2026<sup>(b)</sup> | 9894000 | &nbsp;&nbsp; 9693578 |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp., 3.75%, <br> 07/28/2026<br>| 13498000 | &nbsp;&nbsp; 13456232 |
| General Motors Financial Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 1.25%, 01/08/2026 | 13498000 | &nbsp;&nbsp; 13454973 |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/01/2026 | 11104650 | &nbsp;&nbsp; 11109766 |
| &nbsp;&nbsp;&nbsp; 5.40%, 04/06/2026 | 14842000 | &nbsp;&nbsp; 14904925 |
| &nbsp;&nbsp;&nbsp; 1.50%, 06/10/2026 | 11248000 | &nbsp;&nbsp; 11090201 |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/06/2026 | 6729000 | &nbsp;&nbsp; 6722219 |
| &nbsp;&nbsp;&nbsp; Synchrony Financial, 3.70%, <br> 08/04/2026<br>| 4489000 | &nbsp;&nbsp; 4470726 |
|  |  | &nbsp;&nbsp; 95559935 |
| **Consumer Staples Distribution & Retail-1.10%** | **Consumer Staples Distribution & Retail-1.10%** | **Consumer Staples Distribution & Retail-1.10%** |
| Kroger Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/01/2026 | 4489000 | &nbsp;&nbsp; 4482167 |
| &nbsp;&nbsp;&nbsp; 2.65%, 10/15/2026 | 6729000 | &nbsp;&nbsp; 6649995 |
| Sysco Corp., 3.30%, 07/15/2026<sup>(b)</sup> | 8999000 | &nbsp;&nbsp; 8960663 |
| Target Corp., 2.50%, 04/15/2026 | 8999000 | &nbsp;&nbsp; 8949404 |
| Walmart, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/15/2026 | 6667000 | &nbsp;&nbsp; 6670038 |
| &nbsp;&nbsp;&nbsp; 1.05%, 09/17/2026<sup>(b)</sup> | 11248000 | &nbsp;&nbsp; 11017089 |
|  |  | &nbsp;&nbsp; 46729356 |
| **Containers & Packaging-0.42%** | **Containers & Packaging-0.42%** | **Containers & Packaging-0.42%** |
| Berry Global, Inc., 1.57%, 01/15/2026 | 13613000 | &nbsp;&nbsp; 13567122 |
| &nbsp;&nbsp;&nbsp; Sonoco Products Co., 4.45%, <br> 09/01/2026<br>| 4489000 | &nbsp;&nbsp; 4492815 |
|  |  | &nbsp;&nbsp; 18059937 |
| **Diversified Telecommunication Services-0.79%** | **Diversified Telecommunication Services-0.79%** | **Diversified Telecommunication Services-0.79%** |
| AT&T, Inc., 1.70%, 03/25/2026 | 26746000 | &nbsp;&nbsp; 26545792 |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc., 1.45%, <br> 03/20/2026<br>| 7322000 | &nbsp;&nbsp; 7316339 |
|  |  | &nbsp;&nbsp; 33862131 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Electric Utilities-3.54%** | **Electric Utilities-3.54%** | **Electric Utilities-3.54%** |
| &nbsp;&nbsp;&nbsp; Commonwealth Edison Co., 2.55%, <br> 06/15/2026<br>| $4489000 | &nbsp;&nbsp; $4456626 |
| &nbsp;&nbsp;&nbsp; Duke Energy Carolinas LLC, 2.95%, <br> 12/01/2026<sup>(b)</sup><br>| 5385000 | &nbsp;&nbsp; 5343179 |
| Duke Energy Corp., 2.65%, 09/01/2026 | 13448000 | &nbsp;&nbsp; 13308155 |
| &nbsp;&nbsp;&nbsp; Emera US Finance L.P. (Canada), 3.55%, <br> 06/15/2026<br>| 6729000 | &nbsp;&nbsp; 6700524 |
| &nbsp;&nbsp;&nbsp; Entergy Arkansas LLC, 3.50%, <br> 04/01/2026<br>| 5385000 | &nbsp;&nbsp; 5373925 |
| Entergy Corp., 2.95%, 09/01/2026 | 6729000 | &nbsp;&nbsp; 6671303 |
| Exelon Corp., 3.40%, 04/15/2026 | 6729000 | &nbsp;&nbsp; 6710140 |
| &nbsp;&nbsp;&nbsp; Florida Power & Light Co., 4.45%, <br> 05/15/2026<sup>(b)</sup><br>| 4489000 | &nbsp;&nbsp; 4495332 |
| &nbsp;&nbsp;&nbsp; Fortis, Inc. (Canada), 3.06%, <br> 10/04/2026<br>| 9861000 | &nbsp;&nbsp; 9772302 |
| &nbsp;&nbsp;&nbsp; National Rural Utilities Cooperative <br> Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.45%, 03/13/2026<sup>(b)</sup> | 5385000 | &nbsp;&nbsp; 5386989 |
| &nbsp;&nbsp;&nbsp; 1.00%, 06/15/2026 | 5385000 | &nbsp;&nbsp; 5298761 |
| &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc., <br> 4.95%, 01/29/2026<br>| 8969000 | &nbsp;&nbsp; 8977559 |
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., 3.15%, <br> 01/01/2026<br>| 17259451 | &nbsp;&nbsp; 17237053 |
| &nbsp;&nbsp;&nbsp; PPL Capital Funding, Inc., 3.10%, <br> 05/15/2026<br>| 5750000 | &nbsp;&nbsp; 5723590 |
| &nbsp;&nbsp;&nbsp; San Diego Gas & Electric Co., 2.50%, <br> 05/15/2026<br>| 4432000 | &nbsp;&nbsp; 4400103 |
| Southern California Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp; 5.35%, 03/01/2026 | 5313000 | &nbsp;&nbsp; 5325708 |
| &nbsp;&nbsp;&nbsp; 4.40%, 09/06/2026 | 4489000 | &nbsp;&nbsp; 4495954 |
| Southern Co. (The), 3.25%, 07/01/2026 | 15698000 | &nbsp;&nbsp; 15626494 |
| &nbsp;&nbsp;&nbsp; Southwestern Electric Power Co., <br> Series N, 1.65%, 03/15/2026<br>| 4489000 | &nbsp;&nbsp; 4456838 |
| &nbsp;&nbsp;&nbsp; Virginia Electric & Power Co., Series A, <br> 3.15%, 01/15/2026<br>| 6729000 | &nbsp;&nbsp; 6718975 |
| Xcel Energy, Inc., 3.35%, 12/01/2026 | 4489000 | &nbsp;&nbsp; 4458778 |
|  |  | &nbsp;&nbsp; 150938288 |
| **Electrical Equipment-0.38%** | **Electrical Equipment-0.38%** | **Electrical Equipment-0.38%** |
| &nbsp;&nbsp;&nbsp; Emerson Electric Co., 0.88%, <br> 10/15/2026<br>| 6729000 | &nbsp;&nbsp; 6556650 |
| &nbsp;&nbsp;&nbsp; Regal Rexnord Corp., 6.05%, <br> 02/15/2026<br>| 9742000 | &nbsp;&nbsp; 9764946 |
|  |  | &nbsp;&nbsp; 16321596 |
| **Electronic Equipment, Instruments & Components-0.57%** | **Electronic Equipment, Instruments & Components-0.57%** | **Electronic Equipment, Instruments & Components-0.57%** |
| Avnet, Inc., 4.63%, 04/15/2026<sup>(b)</sup> | 4889000 | &nbsp;&nbsp; 4887699 |
| Jabil, Inc., 1.70%, 04/15/2026<sup>(b)</sup> | 4489000 | &nbsp;&nbsp; 4448219 |
| TD SYNNEX Corp., 1.75%, 08/09/2026 | 6272000 | &nbsp;&nbsp; 6165326 |
| &nbsp;&nbsp;&nbsp; Tyco Electronics Group S.A. <br> (Switzerland), 4.50%, 02/13/2026<br>| 4489000 | &nbsp;&nbsp; 4491293 |
| Vontier Corp., 1.80%, 04/01/2026<sup>(b)</sup> | 4413000 | &nbsp;&nbsp; 4373477 |
|  |  | &nbsp;&nbsp; 24366014 |
| **Energy Equipment & Services-0.12%** | **Energy Equipment & Services-0.12%** | **Energy Equipment & Services-0.12%** |
| &nbsp;&nbsp;&nbsp; Baker Hughes Holdings LLC/Baker <br> Hughes Co-Obligor, Inc., 2.06%, <br> 12/15/2026<br>| 5375000 | &nbsp;&nbsp; 5272589 |
| **Entertainment-1.06%** | **Entertainment-1.06%** | **Entertainment-1.06%** |
| Netflix, Inc., 4.38%, 11/15/2026 | 8999000 | &nbsp;&nbsp; 9044173 |
| &nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc., <br> 5.00%, 03/28/2026<br>| 4937000 | &nbsp;&nbsp; 4947925 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Entertainment-(continued)** | **Entertainment-(continued)** | **Entertainment-(continued)** | **Entertainment-(continued)** |
| TWDC Enterprises 18 Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/13/2026 | $| 8999000 | &nbsp;&nbsp; $8978167 |
| &nbsp;&nbsp;&nbsp; 1.85%, 07/30/2026<sup>(b)</sup> |  | 8999000 | &nbsp;&nbsp; 8884055 |
| &nbsp;&nbsp;&nbsp; Walt Disney Co. (The), 1.75%, <br> 01/13/2026<sup>(b)</sup><br>|  | 13385000 | &nbsp;&nbsp; 13349057 |
|  |  |  | &nbsp;&nbsp; 45203377 |
| **Financial Services-3.91%** | **Financial Services-3.91%** | **Financial Services-3.91%** | **Financial Services-3.91%** |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust (Ireland)<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 1.75%, 01/30/2026 |  | 9009000 | &nbsp;&nbsp; 8973047 |
| &nbsp;&nbsp;&nbsp; 2.45%, 10/29/2026 |  | 33635000 | &nbsp;&nbsp; 33132830 |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., 3.13%, <br> 03/15/2026<br>|  | 22397000 | &nbsp;&nbsp; 22345181 |
| &nbsp;&nbsp;&nbsp; Blackstone Private Credit Fund, 2.63%, <br> 12/15/2026<sup>(b)</sup><br>|  | 11129000 | &nbsp;&nbsp; 10905664 |
| Block, Inc., 2.75%, 06/01/2026 |  | 8969000 | &nbsp;&nbsp; 8906057 |
| &nbsp;&nbsp;&nbsp; Fidelity National Information Services, <br> Inc., 1.15%, 03/01/2026<sup>(b)</sup><br>|  | 11248000 | &nbsp;&nbsp; 11164333 |
| Fiserv, Inc., 3.20%, 07/01/2026 |  | 17987000 | &nbsp;&nbsp; 17876789 |
| Global Payments, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.20%, 03/01/2026 |  | 9752000 | &nbsp;&nbsp; 9675854 |
| &nbsp;&nbsp;&nbsp; 4.80%, 04/01/2026 |  | 6728569 | &nbsp;&nbsp; 6731933 |
| Mastercard, Inc., 2.95%, 11/21/2026 |  | 6729000 | &nbsp;&nbsp; 6676374 |
| &nbsp;&nbsp;&nbsp; PayPal Holdings, Inc., 2.65%, <br> 10/01/2026<sup>(b)</sup><br>|  | 11109000 | &nbsp;&nbsp; 10994388 |
| &nbsp;&nbsp;&nbsp; State Street Bank and Trust Co., 4.59%, <br> 11/25/2026<br>|  | 10410000 | &nbsp;&nbsp; 10483563 |
| Voya Financial, Inc., 3.65%, 06/15/2026 |  | 3968000 | &nbsp;&nbsp; 3958774 |
| &nbsp;&nbsp;&nbsp; Western Union Co. (The), 1.35%, <br> 03/15/2026<br>|  | 5315000 | &nbsp;&nbsp; 5267696 |
|  |  |  | &nbsp;&nbsp; 167092483 |
| **Food Products-1.32%** | **Food Products-1.32%** | **Food Products-1.32%** | **Food Products-1.32%** |
| &nbsp;&nbsp;&nbsp; Archer-Daniels-Midland Co., 2.50%, <br> 08/11/2026<br>|  | 8999000 | &nbsp;&nbsp; 8912173 |
| &nbsp;&nbsp;&nbsp; Bunge Ltd. Finance Corp., 3.25%, <br> 08/15/2026<sup>(b)</sup><br>|  | 6281000 | &nbsp;&nbsp; 6244981 |
| &nbsp;&nbsp;&nbsp; Conagra Brands, Inc., 5.30%, <br> 10/01/2026<br>|  | 4489000 | &nbsp;&nbsp; 4532010 |
| Hershey Co. (The), 2.30%, 08/15/2026 |  | 4489000 | &nbsp;&nbsp; 4440822 |
| Ingredion, Inc., 3.20%, 10/01/2026 |  | 4489000 | &nbsp;&nbsp; 4457191 |
| Kellanova, 3.25%, 04/01/2026 |  | 6671000 | &nbsp;&nbsp; 6651390 |
| &nbsp;&nbsp;&nbsp; Kraft Heinz Foods Co. (The), 3.00%, <br> 06/01/2026<br>|  | 16867000 | &nbsp;&nbsp; 16771400 |
| &nbsp;&nbsp;&nbsp; McCormick & Co., Inc., 0.90%, <br> 02/15/2026<br>|  | 4489000 | &nbsp;&nbsp; 4457944 |
|  |  |  | &nbsp;&nbsp; 56467911 |
| **Gas Utilities-0.11%** | **Gas Utilities-0.11%** | **Gas Utilities-0.11%** | **Gas Utilities-0.11%** |
| &nbsp;&nbsp;&nbsp; Southern California Gas Co., Series TT, <br> 2.60%, 06/15/2026<br>|  | 4489000 | &nbsp;&nbsp; 4455463 |
| **Ground Transportation-0.82%** | **Ground Transportation-0.82%** | **Ground Transportation-0.82%** | **Ground Transportation-0.82%** |
| &nbsp;&nbsp;&nbsp; Canadian National Railway Co. (Canada), <br> 2.75%, 03/01/2026<br>|  | 4489000 | &nbsp;&nbsp; 4475028 |
| &nbsp;&nbsp;&nbsp; Canadian Pacific Railway Co. (Canada), <br> 1.75%, 12/02/2026<br>|  | 8969000 | &nbsp;&nbsp; 8773116 |
| CSX Corp., 2.60%, 11/01/2026 |  | 6281000 | &nbsp;&nbsp; 6204027 |
| &nbsp;&nbsp;&nbsp; Norfolk Southern Corp., 2.90%, <br> 06/15/2026<br>|  | 5385000 | &nbsp;&nbsp; 5354601 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Ground Transportation-(continued)** | **Ground Transportation-(continued)** | **Ground Transportation-(continued)** | **Ground Transportation-(continued)** |
| Union Pacific Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/21/2026 | $| 4432000 | &nbsp;&nbsp; $4435768 |
| &nbsp;&nbsp;&nbsp; 2.75%, 03/01/2026 |  | 5833000 | &nbsp;&nbsp; 5813364 |
|  |  |  | &nbsp;&nbsp; 35055904 |
| **Health Care Equipment & Supplies-0.72%** | **Health Care Equipment & Supplies-0.72%** | **Health Care Equipment & Supplies-0.72%** | **Health Care Equipment & Supplies-0.72%** |
| &nbsp;&nbsp;&nbsp; Abbott Laboratories, 3.75%, <br> 11/30/2026<br>|  | 15290000 | &nbsp;&nbsp; 15287945 |
| &nbsp;&nbsp;&nbsp; Baxter International, Inc., 2.60%, <br> 08/15/2026<br>|  | 6664000 | &nbsp;&nbsp; 6581342 |
| Stryker Corp., 3.50%, 03/15/2026 |  | 8999000 | &nbsp;&nbsp; 8981821 |
|  |  |  | &nbsp;&nbsp; 30851108 |
| **Health Care Providers & Services-2.92%** | **Health Care Providers & Services-2.92%** | **Health Care Providers & Services-2.92%** | **Health Care Providers & Services-2.92%** |
| &nbsp;&nbsp;&nbsp; Cardinal Health, Inc., 4.70%, <br> 11/15/2026<br>|  | 4489000 | &nbsp;&nbsp; 4521468 |
| Cigna Group (The) |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/25/2026 |  | 9350000 | &nbsp;&nbsp; 9350243 |
| &nbsp;&nbsp;&nbsp; 1.25%, 03/15/2026 |  | 4937000 | &nbsp;&nbsp; 4896491 |
| CVS Health Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/20/2026 |  | 13498000 | &nbsp;&nbsp; 13512874 |
| &nbsp;&nbsp;&nbsp; 2.88%, 06/01/2026<sup>(b)</sup> |  | 15738000 | &nbsp;&nbsp; 15636515 |
| &nbsp;&nbsp;&nbsp; Elevance Health, Inc., 1.50%, <br> 03/15/2026<br>|  | 6719000 | &nbsp;&nbsp; 6668654 |
| HCA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/15/2026 |  | 13498000 | &nbsp;&nbsp; 13508526 |
| &nbsp;&nbsp;&nbsp; 5.38%, 09/01/2026 |  | 8999000 | &nbsp;&nbsp; 9023504 |
| &nbsp;&nbsp;&nbsp; Laboratory Corp. of America Holdings, <br> 1.55%, 06/01/2026<br>|  | 4489000 | &nbsp;&nbsp; 4430707 |
| McKesson Corp., 1.30%, 08/15/2026<sup>(b)</sup> |  | 4489000 | &nbsp;&nbsp; 4407412 |
| &nbsp;&nbsp;&nbsp; Quest Diagnostics, Inc., 3.45%, <br> 06/01/2026<br>|  | 4431000 | &nbsp;&nbsp; 4417041 |
| UnitedHealth Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.25%, 01/15/2026 |  | 4422000 | &nbsp;&nbsp; 4405407 |
| &nbsp;&nbsp;&nbsp; 3.10%, 03/15/2026 |  | 8880000 | &nbsp;&nbsp; 8859066 |
| &nbsp;&nbsp;&nbsp; 1.15%, 05/15/2026 |  | 8881000 | &nbsp;&nbsp; 8766695 |
| &nbsp;&nbsp;&nbsp; 4.75%, 07/15/2026<sup>(b)</sup> |  | 5823000 | &nbsp;&nbsp; 5852281 |
| &nbsp;&nbsp;&nbsp; Universal Health Services, Inc., 1.65%, <br> 09/01/2026<sup>(b)</sup><br>|  | 6281000 | &nbsp;&nbsp; 6150388 |
|  |  |  | &nbsp;&nbsp; 124407272 |
| **Health Care REITs-0.39%** | **Health Care REITs-0.39%** | **Health Care REITs-0.39%** | **Health Care REITs-0.39%** |
| Healthpeak OP LLC, 3.25%, 07/15/2026 |  | 5833000 | &nbsp;&nbsp; 5806595 |
| Ventas Realty L.P., 4.13%, 01/15/2026 |  | 4429000 | &nbsp;&nbsp; 4426433 |
| Welltower OP LLC, 4.25%, 04/01/2026 |  | 6227000 | &nbsp;&nbsp; 6226674 |
|  |  |  | &nbsp;&nbsp; 16459702 |
| **Hotels, Restaurants & Leisure-0.84%** | **Hotels, Restaurants & Leisure-0.84%** | **Hotels, Restaurants & Leisure-0.84%** | **Hotels, Restaurants & Leisure-0.84%** |
| &nbsp;&nbsp;&nbsp; Booking Holdings, Inc., 3.60%, <br> 06/01/2026<br>|  | 8987000 | &nbsp;&nbsp; 8964836 |
| Expedia Group, Inc., 5.00%, 02/15/2026 |  | 6622029 | &nbsp;&nbsp; 6623520 |
| &nbsp;&nbsp;&nbsp; Marriott International, Inc., Series R, <br> 3.13%, 06/15/2026<br>|  | 6729000 | &nbsp;&nbsp; 6697664 |
| Starbucks Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/2026<sup>(b)</sup> |  | 8896000 | &nbsp;&nbsp; 8904091 |
| &nbsp;&nbsp;&nbsp; 2.45%, 06/15/2026 |  | 4489000 | &nbsp;&nbsp; 4450921 |
|  |  |  | &nbsp;&nbsp; 35641032 |
| **Household Durables-0.12%** | **Household Durables-0.12%** | **Household Durables-0.12%** | **Household Durables-0.12%** |
| DR Horton, Inc., 1.30%, 10/15/2026 |  | 5385000 | &nbsp;&nbsp; 5261877 |
| **Household Products-0.75%** | **Household Products-0.75%** | **Household Products-0.75%** | **Household Products-0.75%** |
| &nbsp;&nbsp;&nbsp; Colgate-Palmolive Co., 4.80%, <br> 03/02/2026<sup>(b)</sup><br>|  | 4489000 | &nbsp;&nbsp; 4498497 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Household Products-(continued)** | **Household Products-(continued)** | **Household Products-(continued)** | **Household Products-(continued)** |
| Procter & Gamble Co. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.10%, 01/26/2026<sup>(b)</sup> | $| 5751000 | &nbsp;&nbsp; $5749840 |
| &nbsp;&nbsp;&nbsp; 2.70%, 02/02/2026 |  | 5317000 | &nbsp;&nbsp; 5304780 |
| &nbsp;&nbsp;&nbsp; 1.00%, 04/23/2026 |  | 8841000 | &nbsp;&nbsp; 8740754 |
| &nbsp;&nbsp;&nbsp; 2.45%, 11/03/2026 |  | 7849000 | &nbsp;&nbsp; 7760367 |
|  |  |  | &nbsp;&nbsp; 32054238 |
| **Independent Power and Renewable Electricity Producers-0.17%** | **Independent Power and Renewable Electricity Producers-0.17%** | **Independent Power and Renewable Electricity Producers-0.17%** | **Independent Power and Renewable Electricity Producers-0.17%** |
| AES Corp. (The), 1.38%, 01/15/2026 |  | 7085000 | &nbsp;&nbsp; 7048207 |
| **Industrial Conglomerates-0.45%** | **Industrial Conglomerates-0.45%** | **Industrial Conglomerates-0.45%** | **Industrial Conglomerates-0.45%** |
| 3M Co., 2.25%, 09/19/2026<sup>(b)</sup> |  | 5833000 | &nbsp;&nbsp; 5753443 |
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc., 2.50%, <br> 11/01/2026<br>|  | 13498000 | &nbsp;&nbsp; 13333131 |
|  |  |  | &nbsp;&nbsp; 19086574 |
| **Insurance-1.40%** | **Insurance-1.40%** | **Insurance-1.40%** | **Insurance-1.40%** |
| &nbsp;&nbsp;&nbsp; Allstate Corp. (The), 3.28%, <br> 12/15/2026<br>|  | 4927000 | &nbsp;&nbsp; 4893960 |
| &nbsp;&nbsp;&nbsp; Arch Capital Finance LLC, 4.01%, <br> 12/15/2026<br>|  | 4479000 | &nbsp;&nbsp; 4478643 |
| &nbsp;&nbsp;&nbsp; Chubb INA Holdings LLC, 3.35%, <br> 05/03/2026<br>|  | 13325000 | &nbsp;&nbsp; 13289797 |
| &nbsp;&nbsp;&nbsp; CNA Financial Corp., 4.50%, <br> 03/01/2026<br>|  | 4443000 | &nbsp;&nbsp; 4443000 |
| Loews Corp., 3.75%, 04/01/2026<sup>(b)</sup> |  | 4444000 | &nbsp;&nbsp; 4436123 |
| &nbsp;&nbsp;&nbsp; Manulife Financial Corp. (Canada), 4.15%, <br> 03/04/2026<br>|  | 8831000 | &nbsp;&nbsp; 8828857 |
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc., 3.75%, <br> 03/14/2026<br>|  | 5301000 | &nbsp;&nbsp; 5295576 |
| &nbsp;&nbsp;&nbsp; Old Republic International Corp., 3.88%, <br> 08/26/2026<sup>(b)</sup><br>|  | 4927000 | &nbsp;&nbsp; 4916399 |
| &nbsp;&nbsp;&nbsp; Prudential Financial, Inc., 1.50%, <br> 03/10/2026<br>|  | 4479000 | &nbsp;&nbsp; 4447327 |
| &nbsp;&nbsp;&nbsp; Trinity Acquisition PLC, 4.40%, <br> 03/15/2026<sup>(b)</sup><br>|  | 4858000 | &nbsp;&nbsp; 4858384 |
|  |  |  | &nbsp;&nbsp; 59888066 |
| **Interactive Media & Services-0.42%** | **Interactive Media & Services-0.42%** | **Interactive Media & Services-0.42%** | **Interactive Media & Services-0.42%** |
| Alphabet, Inc., 2.00%, 08/15/2026 |  | 17987000 | &nbsp;&nbsp; 17764614 |
| **IT Services-0.87%** | **IT Services-0.87%** | **IT Services-0.87%** | **IT Services-0.87%** |
| &nbsp;&nbsp;&nbsp; CGI, Inc. (Canada), 1.45%, <br> 09/14/2026<sup>(b)</sup><br>|  | 5382000 | &nbsp;&nbsp; 5275055 |
| &nbsp;&nbsp;&nbsp; DXC Technology Co., 1.80%, <br> 09/15/2026<br>|  | 6281000 | &nbsp;&nbsp; 6159013 |
| International Business Machines Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/06/2026 |  | 7499000 | &nbsp;&nbsp; 7502794 |
| &nbsp;&nbsp;&nbsp; 3.45%, 02/19/2026 |  | 12144000 | &nbsp;&nbsp; 12124915 |
| &nbsp;&nbsp;&nbsp; Kyndryl Holdings, Inc., 2.05%, <br> 10/15/2026<br>|  | 5963000 | &nbsp;&nbsp; 5846621 |
|  |  |  | &nbsp;&nbsp; 36908398 |
| **Leisure Products-0.11%** | **Leisure Products-0.11%** | **Leisure Products-0.11%** | **Leisure Products-0.11%** |
| Hasbro, Inc., 3.55%, 11/19/2026 |  | 4848000 | &nbsp;&nbsp; 4827431 |
| **Life Sciences Tools & Services-0.45%** | **Life Sciences Tools & Services-0.45%** | **Life Sciences Tools & Services-0.45%** | **Life Sciences Tools & Services-0.45%** |
| Illumina, Inc., 4.65%, 09/09/2026 |  | 4489000 | &nbsp;&nbsp; 4502464 |
| Thermo Fisher Scientific, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 08/10/2026<sup>(b)</sup> |  | 5385000 | &nbsp;&nbsp; 5420363 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/05/2026 |  | 8969000 | &nbsp;&nbsp; 9061649 |
|  |  |  | &nbsp;&nbsp; 18984476 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Machinery-2.98%** | **Machinery-2.98%** | **Machinery-2.98%** |
| Caterpillar Financial Services Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 01/06/2026 | $8093000 | &nbsp;&nbsp; $8097646 |
| &nbsp;&nbsp;&nbsp; 5.05%, 02/27/2026<sup>(b)</sup> | 7177000 | &nbsp;&nbsp; 7194126 |
| &nbsp;&nbsp;&nbsp; 0.90%, 03/02/2026<sup>(b)</sup> | 6729000 | &nbsp;&nbsp; 6675731 |
| &nbsp;&nbsp;&nbsp; 4.35%, 05/15/2026 | 13040000 | &nbsp;&nbsp; 13064858 |
| &nbsp;&nbsp;&nbsp; 1.15%, 09/14/2026<sup>(b)</sup> | 4489000 | &nbsp;&nbsp; 4396187 |
| &nbsp;&nbsp;&nbsp; 4.45%, 10/16/2026 | 6729000 | &nbsp;&nbsp; 6768342 |
| CNH Industrial Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp; 1.88%, 01/15/2026 | 4427000 | &nbsp;&nbsp; 4411798 |
| &nbsp;&nbsp;&nbsp; 1.45%, 07/15/2026<sup>(b)</sup> | 5385000 | &nbsp;&nbsp; 5294563 |
| Fortive Corp., 3.15%, 06/15/2026 | 8093000 | &nbsp;&nbsp; 8047134 |
| &nbsp;&nbsp;&nbsp; Illinois Tool Works, Inc., 2.65%, <br> 11/15/2026<br>| 8999000 | &nbsp;&nbsp; 8903175 |
| John Deere Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 01/09/2026 | 10760000 | &nbsp;&nbsp; 10766646 |
| &nbsp;&nbsp;&nbsp; 0.70%, 01/15/2026 | 8000000 | &nbsp;&nbsp; 7966460 |
| &nbsp;&nbsp;&nbsp; 5.05%, 03/03/2026<sup>(b)</sup> | 4937000 | &nbsp;&nbsp; 4950068 |
| &nbsp;&nbsp;&nbsp; 4.75%, 06/08/2026<sup>(b)</sup> | 5311000 | &nbsp;&nbsp; 5333622 |
| &nbsp;&nbsp;&nbsp; 2.65%, 06/10/2026 | 4489000 | &nbsp;&nbsp; 4459934 |
| &nbsp;&nbsp;&nbsp; 1.05%, 06/17/2026<sup>(b)</sup> | 4868000 | &nbsp;&nbsp; 4793613 |
| &nbsp;&nbsp;&nbsp; 5.15%, 09/08/2026 | 4937000 | &nbsp;&nbsp; 4983570 |
| Wabtec Corp., 3.45%, 11/15/2026 | 6729000 | &nbsp;&nbsp; 6689814 |
| Xylem, Inc., 3.25%, 11/01/2026<sup>(b)</sup> | 4489000 | &nbsp;&nbsp; 4458342 |
|  |  | &nbsp;&nbsp; 127255629 |
| **Media-0.73%** | **Media-0.73%** | **Media-0.73%** |
| Comcast Corp., 3.15%, 03/01/2026 | 18860000 | &nbsp;&nbsp; 18819183 |
| &nbsp;&nbsp;&nbsp; Omnicom Group, Inc./Omnicom Capital, <br> Inc., 3.60%, 04/15/2026<sup>(b)</sup><br>| 12485000 | &nbsp;&nbsp; 12457579 |
|  |  | &nbsp;&nbsp; 31276762 |
| **Multi-Utilities-0.90%** | **Multi-Utilities-0.90%** | **Multi-Utilities-0.90%** |
| Ameren Corp., 5.70%, 12/01/2026 | 5385000 | &nbsp;&nbsp; 5466867 |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc., 1.45%, <br> 06/01/2026<sup>(b)</sup><br>| 4489000 | &nbsp;&nbsp; 4429802 |
| &nbsp;&nbsp;&nbsp; Dominion Energy, Inc., Series A, 1.45%, <br> 04/15/2026<br>| 5056000 | &nbsp;&nbsp; 5005359 |
| DTE Electric Co., 4.85%, 12/01/2026 | 4489000 | &nbsp;&nbsp; 4538307 |
| DTE Energy Co., 2.85%, 10/01/2026<sup>(b)</sup> | 5343000 | &nbsp;&nbsp; 5290396 |
| Sempra, 5.40%, 08/01/2026 | 4937000 | &nbsp;&nbsp; 4970647 |
| &nbsp;&nbsp;&nbsp; WEC Energy Group, Inc., 4.75%, <br> 01/09/2026<br>| 8848000 | &nbsp;&nbsp; 8850845 |
|  |  | &nbsp;&nbsp; 38552223 |
| **Office REITs-0.42%** | **Office REITs-0.42%** | **Office REITs-0.42%** |
| Boston Properties L.P. |  |  |
| &nbsp;&nbsp;&nbsp; 3.65%, 02/01/2026 | 8969000 | &nbsp;&nbsp; 8957084 |
| &nbsp;&nbsp;&nbsp; 2.75%, 10/01/2026 | 8969000 | &nbsp;&nbsp; 8860659 |
|  |  | &nbsp;&nbsp; 17817743 |
| **Oil, Gas & Consumable Fuels-6.02%** | **Oil, Gas & Consumable Fuels-6.02%** | **Oil, Gas & Consumable Fuels-6.02%** |
| &nbsp;&nbsp;&nbsp; Boardwalk Pipelines L.P., 5.95%, <br> 06/01/2026<br>| 4927000 | &nbsp;&nbsp; 4949084 |
| Chevron Corp., 2.95%, 05/16/2026 | 20157000 | &nbsp;&nbsp; 20069964 |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc., 3.25%, <br> 12/01/2026<br>| 6718000 | &nbsp;&nbsp; 6663052 |
| Enbridge, Inc. (Canada) |  |  |
| &nbsp;&nbsp;&nbsp; 1.60%, 10/04/2026<sup>(b)</sup> | 4479000 | &nbsp;&nbsp; 4389257 |
| &nbsp;&nbsp;&nbsp; 5.90%, 11/15/2026 | 6719000 | &nbsp;&nbsp; 6826156 |
| &nbsp;&nbsp;&nbsp; 4.25%, 12/01/2026 | 6719000 | &nbsp;&nbsp; 6731008 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Oil, Gas & Consumable Fuels-(continued)** | **Oil, Gas & Consumable Fuels-(continued)** | **Oil, Gas & Consumable Fuels-(continued)** | **Oil, Gas & Consumable Fuels-(continued)** |
| Energy Transfer L.P. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/15/2026 | $| 8958954 | &nbsp;&nbsp; $8960112 |
| &nbsp;&nbsp;&nbsp; 3.90%, 07/15/2026 |  | 4927000 | &nbsp;&nbsp; 4920354 |
| &nbsp;&nbsp;&nbsp; 6.05%, 12/01/2026 |  | 8959000 | &nbsp;&nbsp; 9115970 |
| Enterprise Products Operating LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.05%, 01/10/2026 |  | 6625000 | &nbsp;&nbsp; 6630083 |
| &nbsp;&nbsp;&nbsp; 3.70%, 02/15/2026<sup>(b)</sup> |  | 7839000 | &nbsp;&nbsp; 7829556 |
| &nbsp;&nbsp;&nbsp; EOG Resources, Inc., 4.15%, <br> 01/15/2026<br>|  | 6624000 | &nbsp;&nbsp; 6623920 |
| &nbsp;&nbsp;&nbsp; Equinor ASA (Norway), 1.75%, <br> 01/22/2026<br>|  | 6637000 | &nbsp;&nbsp; 6615501 |
| &nbsp;&nbsp;&nbsp; Expand Energy Corp., 5.38%, <br> 02/01/2029<br>|  | 5690000 | &nbsp;&nbsp; 5703048 |
| Exxon Mobil Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.04%, 03/01/2026 |  | 22197000 | &nbsp;&nbsp; 22146159 |
| &nbsp;&nbsp;&nbsp; 2.28%, 08/16/2026<sup>(b)</sup> |  | 8959000 | &nbsp;&nbsp; 8863171 |
| &nbsp;&nbsp;&nbsp; Kinder Morgan, Inc., 1.75%, <br> 11/15/2026<br>|  | 4479000 | &nbsp;&nbsp; 4386292 |
| MPLX L.P., 1.75%, 03/01/2026 |  | 13316000 | &nbsp;&nbsp; 13231310 |
| ONEOK, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.85%, 01/15/2026 |  | 5279000 | &nbsp;&nbsp; 5281557 |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2026 |  | 5715000 | &nbsp;&nbsp; 5715000 |
| &nbsp;&nbsp;&nbsp; 5.55%, 11/01/2026 |  | 6719000 | &nbsp;&nbsp; 6797174 |
| Ovintiv, Inc., 5.38%, 01/01/2026 |  | 4080000 | &nbsp;&nbsp; 4082156 |
| Phillips 66, 1.30%, 02/15/2026 |  | 4479000 | &nbsp;&nbsp; 4453713 |
| &nbsp;&nbsp;&nbsp; Pioneer Natural Resources Co., 1.13%, <br> 01/15/2026<br>|  | 6719000 | &nbsp;&nbsp; 6694549 |
| &nbsp;&nbsp;&nbsp; Plains All American Pipeline L.P./PAA <br> Finance Corp., 4.50%, 12/15/2026<br>|  | 6719000 | &nbsp;&nbsp; 6739034 |
| &nbsp;&nbsp;&nbsp; Sabine Pass Liquefaction LLC, 5.88%, <br> 06/30/2026<br>|  | 4411000 | &nbsp;&nbsp; 4416268 |
| Shell International Finance B.V. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.88%, 05/10/2026 |  | 15462000 | &nbsp;&nbsp; 15387105 |
| &nbsp;&nbsp;&nbsp; 2.50%, 09/12/2026 |  | 8959000 | &nbsp;&nbsp; 8868115 |
| &nbsp;&nbsp;&nbsp; Spectra Energy Partners L.P., 3.38%, <br> 10/15/2026<br>|  | 5375000 | &nbsp;&nbsp; 5344958 |
| &nbsp;&nbsp;&nbsp; Targa Resources Partners L.P./Targa <br> Resources Partners Finance Corp., <br> 6.88%, 01/15/2029<br>|  | 6031000 | &nbsp;&nbsp; 6117428 |
| &nbsp;&nbsp;&nbsp; Transcontinental Gas Pipe Line Co. LLC, <br> 7.85%, 02/01/2026<br>|  | 8884049 | &nbsp;&nbsp; 8887345 |
| &nbsp;&nbsp;&nbsp; Valero Energy Corp., 3.40%, <br> 09/15/2026<br>|  | 3783000 | &nbsp;&nbsp; 3763371 |
| &nbsp;&nbsp;&nbsp; Williams Cos., Inc. (The), 5.40%, <br> 03/02/2026<br>|  | 9854000 | &nbsp;&nbsp; 9888774 |
|  |  |  | &nbsp;&nbsp; 257090544 |
| **Passenger Airlines-0.14%** | **Passenger Airlines-0.14%** | **Passenger Airlines-0.14%** | **Passenger Airlines-0.14%** |
| &nbsp;&nbsp;&nbsp; Delta Air Lines, Inc., 7.38%, <br> 01/15/2026<sup>(b)</sup><br>|  | 6101000 | &nbsp;&nbsp; 6107075 |
| **Personal Care Products-0.30%** | **Personal Care Products-0.30%** | **Personal Care Products-0.30%** | **Personal Care Products-0.30%** |
| Kenvue, Inc., 5.35%, 03/22/2026<sup>(b)</sup> |  | 6670000 | &nbsp;&nbsp; 6688018 |
| &nbsp;&nbsp;&nbsp; Unilever Capital Corp. (United Kingdom), <br> 2.00%, 07/28/2026<sup>(b)</sup><br>|  | 6284000 | &nbsp;&nbsp; 6209780 |
|  |  |  | &nbsp;&nbsp; 12897798 |
| **Pharmaceuticals-2.27%** | **Pharmaceuticals-2.27%** | **Pharmaceuticals-2.27%** | **Pharmaceuticals-2.27%** |
| &nbsp;&nbsp;&nbsp; AstraZeneca Finance LLC (United <br> Kingdom), 1.20%, 05/28/2026<sup>(b)</sup><br>|  | 11248000 | &nbsp;&nbsp; 11103949 |
| &nbsp;&nbsp;&nbsp; AstraZeneca PLC (United Kingdom), <br> 0.70%, 04/08/2026<br>|  | 10800000 | &nbsp;&nbsp; 10677969 |
| Eli Lilly and Co., 5.00%, 02/27/2026<sup>(b)</sup> |  | 6636000 | &nbsp;&nbsp; 6636666 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Pharmaceuticals-(continued)** | **Pharmaceuticals-(continued)** | **Pharmaceuticals-(continued)** | **Pharmaceuticals-(continued)** |
| &nbsp;&nbsp;&nbsp; Johnson & Johnson, 2.45%, <br> 03/01/2026<br>| $| 17987000 | &nbsp;&nbsp; $17923360 |
| Merck & Co., Inc., 0.75%, 02/24/2026<sup>(b)</sup> |  | 8999000 | &nbsp;&nbsp; 8928696 |
| Pfizer, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.75%, 06/03/2026 |  | 11061000 | &nbsp;&nbsp; 10994323 |
| &nbsp;&nbsp;&nbsp; 3.00%, 12/15/2026 |  | 15600000 | &nbsp;&nbsp; 15485327 |
| &nbsp;&nbsp;&nbsp; Utah Acquisition Sub, Inc., 3.95%, <br> 06/15/2026<br>|  | 15049000 | &nbsp;&nbsp; 14997646 |
|  |  |  | &nbsp;&nbsp; 96747936 |
| **Professional Services-0.27%** | **Professional Services-0.27%** | **Professional Services-0.27%** | **Professional Services-0.27%** |
| &nbsp;&nbsp;&nbsp; Broadridge Financial Solutions, Inc., <br> 3.40%, 06/27/2026<br>|  | 4489000 | &nbsp;&nbsp; 4467823 |
| Concentrix Corp., 6.65%, 08/02/2026 |  | 7074000 | &nbsp;&nbsp; 7148882 |
|  |  |  | &nbsp;&nbsp; 11616705 |
| **Residential REITs-0.21%** | **Residential REITs-0.21%** | **Residential REITs-0.21%** | **Residential REITs-0.21%** |
| &nbsp;&nbsp;&nbsp; Camden Property Trust, 5.85%, <br> 11/03/2026<br>|  | 4489000 | &nbsp;&nbsp; 4557857 |
| ERP Operating L.P., 2.85%, 11/01/2026 |  | 4489000 | &nbsp;&nbsp; 4447912 |
|  |  |  | &nbsp;&nbsp; 9005769 |
| **Retail REITs-0.92%** | **Retail REITs-0.92%** | **Retail REITs-0.92%** | **Retail REITs-0.92%** |
| &nbsp;&nbsp;&nbsp; Brixmor Operating Partnership L.P., <br> 4.13%, 06/15/2026<br>|  | 5385000 | &nbsp;&nbsp; 5381787 |
| &nbsp;&nbsp;&nbsp; Kimco Realty OP LLC, 2.80%, <br> 10/01/2026<br>|  | 4489000 | &nbsp;&nbsp; 4448098 |
| Realty Income Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.05%, 01/13/2026 |  | 4450000 | &nbsp;&nbsp; 4450436 |
| &nbsp;&nbsp;&nbsp; 4.88%, 06/01/2026 |  | 5347000 | &nbsp;&nbsp; 5358786 |
| &nbsp;&nbsp;&nbsp; 4.13%, 10/15/2026 |  | 5833000 | &nbsp;&nbsp; 5836355 |
| Simon Property Group L.P. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.30%, 01/15/2026 |  | 7177000 | &nbsp;&nbsp; 7171012 |
| &nbsp;&nbsp;&nbsp; 3.25%, 11/30/2026 |  | 6729000 | &nbsp;&nbsp; 6688839 |
|  |  |  | &nbsp;&nbsp; 39335313 |
| **Semiconductors & Semiconductor Equipment-1.41%** | **Semiconductors & Semiconductor Equipment-1.41%** | **Semiconductors & Semiconductor Equipment-1.41%** | **Semiconductors & Semiconductor Equipment-1.41%** |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc., 4.21%, <br> 09/24/2026<sup>(b)</sup><br>|  | 7849000 | &nbsp;&nbsp; 7873245 |
| &nbsp;&nbsp;&nbsp; Analog Devices, Inc., 3.50%, <br> 12/05/2026<sup>(b)</sup><br>|  | 8073000 | &nbsp;&nbsp; 8048258 |
| Intel Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 02/10/2026 |  | 13376000 | &nbsp;&nbsp; 13392151 |
| &nbsp;&nbsp;&nbsp; 2.60%, 05/19/2026 |  | 8875995 | &nbsp;&nbsp; 8813109 |
| &nbsp;&nbsp;&nbsp; Marvell Technology, Inc., 1.65%, <br> 04/15/2026<br>|  | 4425000 | &nbsp;&nbsp; 4383521 |
| NVIDIA Corp., 3.20%, 09/16/2026 |  | 8999000 | &nbsp;&nbsp; 8958022 |
| &nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc., 1.80%, <br> 06/01/2026<br>|  | 4426000 | &nbsp;&nbsp; 4365269 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc., 1.13%, <br> 09/15/2026<sup>(b)</sup><br>|  | 4430000 | &nbsp;&nbsp; 4340537 |
|  |  |  | &nbsp;&nbsp; 60174112 |
| **Software-2.75%** | **Software-2.75%** | **Software-2.75%** | **Software-2.75%** |
| Fortinet, Inc., 1.00%, 03/15/2026<sup>(b)</sup> |  | 4489000 | &nbsp;&nbsp; 4442118 |
| Intuit, Inc., 5.25%, 09/15/2026 |  | 6729000 | &nbsp;&nbsp; 6794324 |
| Microsoft Corp., 2.40%, 08/08/2026 |  | 35987000 | &nbsp;&nbsp; 35632849 |
| Oracle Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.65%, 03/25/2026 |  | 24666000 | &nbsp;&nbsp; 24469567 |
| &nbsp;&nbsp;&nbsp; 2.65%, 07/15/2026<sup>(b)</sup> |  | 26906000 | &nbsp;&nbsp; 26660307 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Software-(continued)** | **Software-(continued)** | **Software-(continued)** | **Software-(continued)** |
| &nbsp;&nbsp;&nbsp; Roper Technologies, Inc., 3.80%, <br> 12/15/2026<br>| $| 6281000 | &nbsp;&nbsp; $6267350 |
| VMware LLC, 1.40%, 08/15/2026 |  | 13498000 | &nbsp;&nbsp; 13261685 |
|  |  |  | &nbsp;&nbsp; 117528200 |
| **Specialized REITs-1.64%** | **Specialized REITs-1.64%** | **Specialized REITs-1.64%** | **Specialized REITs-1.64%** |
| American Tower Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.40%, 02/15/2026 |  | 4439000 | &nbsp;&nbsp; 4439156 |
| &nbsp;&nbsp;&nbsp; 1.60%, 04/15/2026 |  | 6281000 | &nbsp;&nbsp; 6223510 |
| &nbsp;&nbsp;&nbsp; 1.45%, 09/15/2026<sup>(b)</sup> |  | 5385000 | &nbsp;&nbsp; 5275569 |
| &nbsp;&nbsp;&nbsp; 3.38%, 10/15/2026 |  | 8999000 | &nbsp;&nbsp; 8946782 |
| Crown Castle, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.45%, 02/15/2026 |  | 8093000 | &nbsp;&nbsp; 8091909 |
| &nbsp;&nbsp;&nbsp; 3.70%, 06/15/2026 |  | 6729000 | &nbsp;&nbsp; 6707401 |
| &nbsp;&nbsp;&nbsp; 1.05%, 07/15/2026 |  | 8999000 | &nbsp;&nbsp; 8824984 |
| Equinix, Inc., 1.45%, 05/15/2026<sup>(b)</sup> |  | 6195000 | &nbsp;&nbsp; 6118634 |
| &nbsp;&nbsp;&nbsp; Extra Space Storage L.P., 3.50%, <br> 07/01/2026<br>|  | 5162000 | &nbsp;&nbsp; 5140093 |
| Public Storage Operating Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 0.88%, 02/15/2026 |  | 4431000 | &nbsp;&nbsp; 4399322 |
| &nbsp;&nbsp;&nbsp; 1.50%, 11/09/2026<sup>(b)</sup> |  | 5833000 | &nbsp;&nbsp; 5705235 |
|  |  |  | &nbsp;&nbsp; 69872595 |
| **Specialty Retail-2.49%** | **Specialty Retail-2.49%** | **Specialty Retail-2.49%** | **Specialty Retail-2.49%** |
| Dell International LLC/EMC Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.02%, 06/15/2026<sup>(b)</sup> |  | 4475000 | &nbsp;&nbsp; 4502212 |
| &nbsp;&nbsp;&nbsp; 4.90%, 10/01/2026 |  | 15497500 | &nbsp;&nbsp; 15581991 |
| Home Depot, Inc. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 04/01/2026<sup>(b)</sup> |  | 11696000 | &nbsp;&nbsp; 11655262 |
| &nbsp;&nbsp;&nbsp; 5.15%, 06/25/2026 |  | 13498000 | &nbsp;&nbsp; 13593925 |
| &nbsp;&nbsp;&nbsp; 2.13%, 09/15/2026<sup>(b)</sup> |  | 8999000 | &nbsp;&nbsp; 8883811 |
| &nbsp;&nbsp;&nbsp; 4.95%, 09/30/2026 |  | 6728500 | &nbsp;&nbsp; 6781698 |
| Lowe's Cos., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 04/01/2026 |  | 8999000 | &nbsp;&nbsp; 9014794 |
| &nbsp;&nbsp;&nbsp; 2.50%, 04/15/2026 |  | 11973000 | &nbsp;&nbsp; 11905153 |
| O'Reilly Automotive, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.55%, 03/15/2026 |  | 4489000 | &nbsp;&nbsp; 4480542 |
| &nbsp;&nbsp;&nbsp; 5.75%, 11/20/2026 |  | 6729000 | &nbsp;&nbsp; 6833979 |
| Ross Stores, Inc., 0.88%, 04/15/2026<sup>(b)</sup> |  | 4419000 | &nbsp;&nbsp; 4363546 |
| &nbsp;&nbsp;&nbsp; TJX Cos., Inc. (The), 2.25%, <br> 09/15/2026<sup>(b)</sup><br>|  | 8969000 | &nbsp;&nbsp; 8859996 |
|  |  |  | &nbsp;&nbsp; 106456909 |
| **Technology Hardware, Storage & Peripherals-2.73%** | **Technology Hardware, Storage & Peripherals-2.73%** | **Technology Hardware, Storage & Peripherals-2.73%** | **Technology Hardware, Storage & Peripherals-2.73%** |
| Apple, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 0.70%, 02/08/2026 |  | 22487000 | &nbsp;&nbsp; 22352425 |
| &nbsp;&nbsp;&nbsp; 3.25%, 02/23/2026 |  | 28832000 | &nbsp;&nbsp; 28787401 |
| &nbsp;&nbsp;&nbsp; 2.45%, 08/04/2026 |  | 20237000 | &nbsp;&nbsp; 20053227 |
| &nbsp;&nbsp;&nbsp; 2.05%, 09/11/2026<sup>(b)</sup> |  | 17987000 | &nbsp;&nbsp; 17751043 |
| Hewlett Packard Enterprise Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.75%, 04/01/2026 |  | 6639000 | &nbsp;&nbsp; 6586625 |
| &nbsp;&nbsp;&nbsp; 4.45%, 09/25/2026 |  | 11248000 | &nbsp;&nbsp; 11283690 |
| HP, Inc., 1.45%, 06/17/2026<sup>(b)</sup> |  | 4636000 | &nbsp;&nbsp; 4569183 |
| &nbsp;&nbsp;&nbsp; IBM International Capital Pte. Ltd., <br> 4.70%, 02/05/2026<br>|  | 5319000 | &nbsp;&nbsp; 5323675 |
|  |  |  | &nbsp;&nbsp; 116707269 |
| **Textiles, Apparel & Luxury Goods-0.21%** | **Textiles, Apparel & Luxury Goods-0.21%** | **Textiles, Apparel & Luxury Goods-0.21%** | **Textiles, Apparel & Luxury Goods-0.21%** |
| NIKE, Inc., 2.38%, 11/01/2026<sup>(b)</sup> |  | 8999000 | &nbsp;&nbsp; 8885461 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Tobacco-1.29%** | **Tobacco-1.29%** | **Tobacco-1.29%** |
| Altria Group, Inc., 2.63%, 09/16/2026 | $4489000 | &nbsp;&nbsp; $4439218 |
| &nbsp;&nbsp;&nbsp; B.A.T. Capital Corp. (United Kingdom), <br> 3.22%, 09/06/2026<br>| 8999000 | &nbsp;&nbsp; 8939984 |
| &nbsp;&nbsp;&nbsp; B.A.T. International Finance PLC (United <br> Kingdom), 1.67%, 03/25/2026<br>| 13498000 | &nbsp;&nbsp; 13391193 |
| Philip Morris International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 02/13/2026 | 15157000 | &nbsp;&nbsp; 15170842 |
| &nbsp;&nbsp;&nbsp; 2.75%, 02/25/2026 | 6672000 | &nbsp;&nbsp; 6651137 |
| &nbsp;&nbsp;&nbsp; 0.88%, 05/01/2026<sup>(b)</sup> | 6729000 | &nbsp;&nbsp; 6642008 |
|  |  | &nbsp;&nbsp; 55234382 |
| **Trading Companies & Distributors-0.68%** | **Trading Companies & Distributors-0.68%** | **Trading Companies & Distributors-0.68%** |
| Air Lease Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 2.88%, 01/15/2026 | 12882000 | &nbsp;&nbsp; 12858006 |
| &nbsp;&nbsp;&nbsp; 5.30%, 06/25/2026<sup>(b)</sup> | 5385000 | &nbsp;&nbsp; 5418141 |
| &nbsp;&nbsp;&nbsp; 1.88%, 08/15/2026 | 10760000 | &nbsp;&nbsp; 10582541 |
|  |  | &nbsp;&nbsp; 28858688 |
| **Wireless Telecommunication Services-1.04%** | **Wireless Telecommunication Services-1.04%** | **Wireless Telecommunication Services-1.04%** |
| &nbsp;&nbsp;&nbsp; Rogers Communications, Inc. (Canada), <br> 2.90%, 11/15/2026<br>| 4489000 | &nbsp;&nbsp; 4437293 |
| T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2.25%, 02/15/2026 | 16057000 | &nbsp;&nbsp; 15986430 |
| &nbsp;&nbsp;&nbsp; 2.63%, 04/15/2026 | 10703000 | &nbsp;&nbsp; 10648150 |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/01/2028<sup>(b)</sup> | 13379000 | &nbsp;&nbsp; 13388490 |
|  |  | &nbsp;&nbsp; 44460363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $4,205,169,757) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $4,205,169,757) | &nbsp;&nbsp; 4213371290 |
|  | **Shares** |  |
| **Money Market Funds-1.19%** |  |  |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, <br> Institutional Class, 3.91%<sup>(c)(d)</sup> <br>(Cost $50,814,047)<br>| 50814047 | &nbsp;&nbsp; 50814047 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.89% <br>(Cost $4,255,983,804) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.89% <br>(Cost $4,255,983,804) | &nbsp;&nbsp; 4264185337 |
| **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** |
| **Money Market Funds-4.08%** | **Money Market Funds-4.08%** | **Money Market Funds-4.08%** |
| &nbsp;&nbsp;&nbsp; Invesco Private Government Fund, <br> 4.00%<sup>(c)(d)(e)</sup><br>| 42422514 | &nbsp;&nbsp; 42422514 |
| &nbsp;&nbsp;&nbsp; Invesco Private Prime Fund, <br> 4.12%<sup>(c)(d)(e)</sup><br>| 131774476 | &nbsp;&nbsp; 131814008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $174,236,953) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $174,236,953) | &nbsp;&nbsp; 174236522 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-103.97% <br>(Cost $4,430,220,757) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-103.97% <br>(Cost $4,430,220,757) | &nbsp;&nbsp; 4438421859 |
| OTHER ASSETS LESS LIABILITIES-(3.97)% | OTHER ASSETS LESS LIABILITIES-(3.97)% | &nbsp;&nbsp; (169290467)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $4269131392 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)—(continued)**

November 30, 2025

*(Unaudited)*

Investment Abbreviations: <br> REIT -Real Estate Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | All or a portion of this security was out on loan at November 30, 2025. |
| <sup>(c)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the three months ended November 30, 2025.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**November 30, 2025**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government <br> & Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp;&nbsp; $8482547 | &nbsp;&nbsp;&nbsp; $153130278 | &nbsp;&nbsp;&nbsp; $(110798778)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $50814047 | &nbsp;&nbsp;&nbsp; $306039 |
| **Investments** <br> **Purchased with** <br> **Cash Collateral** <br> **from Securities on** <br> **Loan:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private <br> Government Fund<br>| &nbsp;&nbsp;&nbsp; 70321420 | &nbsp;&nbsp;&nbsp; 53394391 | &nbsp;&nbsp;&nbsp; (81293297)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 42422514 | &nbsp;&nbsp;&nbsp; 579,677<br> \*<br>|
| &nbsp;&nbsp; Invesco Private <br> Prime Fund<br>| &nbsp;&nbsp;&nbsp; 183133851 | &nbsp;&nbsp;&nbsp; 143834501 | &nbsp;&nbsp;&nbsp; (195154946)<br>| &nbsp;&nbsp;&nbsp; (14305)<br>| &nbsp;&nbsp;&nbsp; 14907 | &nbsp;&nbsp;&nbsp; 131814008 | &nbsp;&nbsp;&nbsp; 1,561,650<br> \*<br>|
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; $261937818 | &nbsp;&nbsp;&nbsp; $350359170 | &nbsp;&nbsp;&nbsp; $(387247021)<br>| &nbsp;&nbsp;&nbsp; $(14305)<br>| &nbsp;&nbsp;&nbsp; $14907 | &nbsp;&nbsp;&nbsp; $225050569 | &nbsp;&nbsp;&nbsp; $2447366 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(d)</sup> The rate shown is the 7-day SEC standardized yield as of November 30, 2025. <br> <sup>(e)</sup> 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.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

See accompanying notes which are an integral part of this schedule.

------

Schedule of Investments<sup>(a)</sup>

**Invesco BulletShares 2027 Corporate Bond ETF (BSCR)**

November 30, 2025

*(Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes-98.85%** | **U.S. Dollar Denominated Bonds & Notes-98.85%** | **U.S. Dollar Denominated Bonds & Notes-98.85%** |
| **Aerospace & Defense-2.03%** | **Aerospace & Defense-2.03%** | **Aerospace & Defense-2.03%** |
| Boeing Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 5.04%, 05/01/2027 | $18698000 | &nbsp;&nbsp; $18884974 |
| &nbsp;&nbsp;&nbsp; 6.26%, 05/01/2027 | 9318000 | &nbsp;&nbsp; 9577604 |
| General Dynamics Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 04/01/2027 | 7000000 | &nbsp;&nbsp; 6981529 |
| &nbsp;&nbsp;&nbsp; 2.63%, 11/15/2027<sup>(b)</sup> | 4668000 | &nbsp;&nbsp; 4573025 |
| &nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc., 5.90%, <br> 02/01/2027<br>| 5823000 | &nbsp;&nbsp; 5952796 |
| &nbsp;&nbsp;&nbsp; Huntington Ingalls Industries, Inc., 3.48%, <br> 12/01/2027<br>| 5598000 | &nbsp;&nbsp; 5526716 |
| &nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc., 5.40%, <br> 01/15/2027<br>| 11660000 | &nbsp;&nbsp; 11836760 |
| &nbsp;&nbsp;&nbsp; Lockheed Martin Corp., 5.10%, <br> 11/15/2027<sup>(b)</sup><br>| 6979000 | &nbsp;&nbsp; 7142827 |
| &nbsp;&nbsp;&nbsp; Northrop Grumman Corp., 3.20%, <br> 02/01/2027<br>| 7005000 | &nbsp;&nbsp; 6946396 |
| RTX Corp., 3.13%, 05/04/2027 | 10267000 | &nbsp;&nbsp; 10147940 |
|  |  | &nbsp;&nbsp; 87570567 |
| **Air Freight & Logistics-0.21%** | **Air Freight & Logistics-0.21%** | **Air Freight & Logistics-0.21%** |
| &nbsp;&nbsp;&nbsp; United Parcel Service, Inc., 3.05%, <br> 11/15/2027<br>| 9334000 | &nbsp;&nbsp; 9213292 |
| **Automobile Components-0.51%** | **Automobile Components-0.51%** | **Automobile Components-0.51%** |
| BorgWarner, Inc., 2.65%, 07/01/2027<sup>(b)</sup> | 10259000 | &nbsp;&nbsp; 10047361 |
| Lear Corp., 3.80%, 09/15/2027 | 5130000 | &nbsp;&nbsp; 5094872 |
| &nbsp;&nbsp;&nbsp; United Rentals (North America), Inc., <br> 3.88%, 11/15/2027<br>| 7007000 | &nbsp;&nbsp; 6938796 |
|  |  | &nbsp;&nbsp; 22081029 |
| **Automobiles-5.63%** | **Automobiles-5.63%** | **Automobiles-5.63%** |
| American Honda Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 2.35%, 01/08/2027<sup>(b)</sup> | 4662000 | &nbsp;&nbsp; 4577520 |
| &nbsp;&nbsp;&nbsp; 4.90%, 03/12/2027 | 6535000 | &nbsp;&nbsp; 6604198 |
| &nbsp;&nbsp;&nbsp; 4.55%, 07/09/2027 | 8400000 | &nbsp;&nbsp; 8482359 |
| &nbsp;&nbsp;&nbsp; 4.90%, 07/09/2027 | 6533000 | &nbsp;&nbsp; 6625721 |
| &nbsp;&nbsp;&nbsp; 4.45%, 10/22/2027 | 6997000 | &nbsp;&nbsp; 7056052 |
| Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp; 4.27%, 01/09/2027 | 8396000 | &nbsp;&nbsp; 8360016 |
| &nbsp;&nbsp;&nbsp; 5.80%, 03/05/2027 | 13998000 | &nbsp;&nbsp; 14168529 |
| &nbsp;&nbsp;&nbsp; 5.85%, 05/17/2027 | 13966000 | &nbsp;&nbsp; 14162654 |
| &nbsp;&nbsp;&nbsp; 4.95%, 05/28/2027 | 13992000 | &nbsp;&nbsp; 14027130 |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/17/2027 | 11641000 | &nbsp;&nbsp; 11526219 |
| &nbsp;&nbsp;&nbsp; 3.82%, 11/02/2027 | 7002000 | &nbsp;&nbsp; 6875008 |
| &nbsp;&nbsp;&nbsp; 7.35%, 11/04/2027 | 13967000 | &nbsp;&nbsp; 14587315 |
| General Motors Co. |  |  |
| &nbsp;&nbsp;&nbsp; 4.20%, 10/01/2027 | 6998000 | &nbsp;&nbsp; 7007253 |
| &nbsp;&nbsp;&nbsp; 6.80%, 10/01/2027 | 9329000 | &nbsp;&nbsp; 9709097 |
| &nbsp;&nbsp;&nbsp; Honda Motor Co. Ltd. (Japan), 2.53%, <br> 03/10/2027<br>| 9333000 | &nbsp;&nbsp; 9165077 |
| PACCAR Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/13/2027<sup>(b)</sup> | 4662000 | &nbsp;&nbsp; 4745768 |
| &nbsp;&nbsp;&nbsp; 4.45%, 08/06/2027 | 6530000 | &nbsp;&nbsp; 6609728 |
| &nbsp;&nbsp;&nbsp; Toyota Motor Corp. (Japan), 4.19%, <br> 06/30/2027<br>| 4667000 | &nbsp;&nbsp; 4695433 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Automobiles-(continued)** | **Automobiles-(continued)** | **Automobiles-(continued)** | **Automobiles-(continued)** |
| Toyota Motor Credit Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.60%, 01/08/2027<sup>(b)</sup> | $| 6054000 | &nbsp;&nbsp; $6110687 |
| &nbsp;&nbsp;&nbsp; 3.20%, 01/11/2027 |  | 7048000 | &nbsp;&nbsp; 6997968 |
| &nbsp;&nbsp;&nbsp; 1.90%, 01/13/2027 |  | 6997000 | &nbsp;&nbsp; 6851601 |
| &nbsp;&nbsp;&nbsp; 3.05%, 03/22/2027 |  | 13058000 | &nbsp;&nbsp; 12920385 |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/14/2027 |  | 9334000 | &nbsp;&nbsp; 9427858 |
| &nbsp;&nbsp;&nbsp; 1.15%, 08/13/2027<sup>(b)</sup> |  | 5593000 | &nbsp;&nbsp; 5349508 |
| &nbsp;&nbsp;&nbsp; 4.55%, 09/20/2027 |  | 9334000 | &nbsp;&nbsp; 9448060 |
| &nbsp;&nbsp;&nbsp; 4.35%, 10/08/2027<sup>(b)</sup> |  | 11660000 | &nbsp;&nbsp; 11772142 |
| &nbsp;&nbsp;&nbsp; 5.45%, 11/10/2027 |  | 6529000 | &nbsp;&nbsp; 6725232 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 03/19/2027<sup>(b)</sup> |  | 8398000 | &nbsp;&nbsp; 8523362 |
|  |  |  | &nbsp;&nbsp; 243111880 |
| **Banks-12.61%** | **Banks-12.61%** | **Banks-12.61%** | **Banks-12.61%** |
| Banco Santander S.A. (Spain) |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 04/11/2027 |  | 9422000 | &nbsp;&nbsp; 9443236 |
| &nbsp;&nbsp;&nbsp; 5.29%, 08/18/2027<sup>(b)</sup> |  | 16361000 | &nbsp;&nbsp; 16657879 |
| Bank of America Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 10/21/2027<sup>(b)</sup> |  | 23125000 | &nbsp;&nbsp; 22887591 |
| &nbsp;&nbsp;&nbsp; Series L, 4.18%, 11/25/2027 |  | 18688000 | &nbsp;&nbsp; 18714725 |
| Bank of Montreal (Canada) |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.65%, 03/08/2027<sup>(b)</sup> |  | 11660000 | &nbsp;&nbsp; 11478371 |
| &nbsp;&nbsp;&nbsp; 5.37%, 06/04/2027<sup>(b)</sup> |  | 6993000 | &nbsp;&nbsp; 7145993 |
| &nbsp;&nbsp;&nbsp; Series H, 4.70%, 09/14/2027<sup>(b)</sup> |  | 9314000 | &nbsp;&nbsp; 9437705 |
| Bank of Nova Scotia (The) (Canada) |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.95%, 02/02/2027<sup>(b)</sup> |  | 6993000 | &nbsp;&nbsp; 6841862 |
| &nbsp;&nbsp;&nbsp; 2.95%, 03/11/2027 |  | 6531000 | &nbsp;&nbsp; 6454405 |
| &nbsp;&nbsp;&nbsp; 5.40%, 06/04/2027<sup>(b)</sup> |  | 7933000 | &nbsp;&nbsp; 8105799 |
| &nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce <br> (Canada)<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.45%, 04/07/2027 |  | 9334000 | &nbsp;&nbsp; 9282017 |
| &nbsp;&nbsp;&nbsp; 5.24%, 06/28/2027<sup>(b)</sup> |  | 12572000 | &nbsp;&nbsp; 12820860 |
| Citibank N.A., 4.58%, 05/29/2027 |  | 20989000 | &nbsp;&nbsp; 21193529 |
| Citigroup, Inc., 4.45%, 09/29/2027 |  | 35993000 | &nbsp;&nbsp; 36177407 |
| &nbsp;&nbsp;&nbsp; Cooperatieve Rabobank U.A. <br> (Netherlands)<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.04%, 03/05/2027 |  | 6053000 | &nbsp;&nbsp; 6144049 |
| &nbsp;&nbsp;&nbsp; 4.37%, 05/27/2027 |  | 4664000 | &nbsp;&nbsp; 4703294 |
| Fifth Third Bancorp, 2.55%, 05/05/2027 |  | 6987000 | &nbsp;&nbsp; 6844547 |
| &nbsp;&nbsp;&nbsp; Fifth Third Bank N.A., 2.25%, <br> 02/01/2027<sup>(b)</sup><br>|  | 5587000 | &nbsp;&nbsp; 5479484 |
| HSBC USA, Inc., 5.29%, 03/04/2027 |  | 9329000 | &nbsp;&nbsp; 9478545 |
| JPMorgan Chase & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 04/29/2027 |  | 4662000 | &nbsp;&nbsp; 4923749 |
| &nbsp;&nbsp;&nbsp; 4.25%, 10/01/2027 |  | 13992000 | &nbsp;&nbsp; 14094778 |
| &nbsp;&nbsp;&nbsp; 3.63%, 12/01/2027 |  | 10259000 | &nbsp;&nbsp; 10196524 |
| KeyBank N.A., 5.85%, 11/15/2027<sup>(b)</sup> |  | 9328000 | &nbsp;&nbsp; 9616716 |
| KeyCorp, 2.25%, 04/06/2027 |  | 7466000 | &nbsp;&nbsp; 7281588 |
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC (United <br> Kingdom), 3.75%, 01/11/2027<br>|  | 11660000 | &nbsp;&nbsp; 11632008 |
| &nbsp;&nbsp;&nbsp; Manufacturers and Traders Trust Co., <br> 3.40%, 08/17/2027<br>|  | 4666000 | &nbsp;&nbsp; 4605537 |
| &nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. <br> (Japan)<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.68%, 02/22/2027 |  | 9314000 | &nbsp;&nbsp; 9291020 |
| &nbsp;&nbsp;&nbsp; 3.29%, 07/25/2027<sup>(b)</sup> |  | 9309000 | &nbsp;&nbsp; 9222508 |
| Mizuho Financial Group, Inc. (Japan) |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.66%, 02/28/2027<sup>(b)</sup> |  | 4712000 | &nbsp;&nbsp; 4697145 |
| &nbsp;&nbsp;&nbsp; 3.17%, 09/11/2027<sup>(b)</sup> |  | 10260000 | &nbsp;&nbsp; 10130008 |
| PNC Bank N.A., 3.10%, 10/25/2027 |  | 9314000 | &nbsp;&nbsp; 9195449 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The), <br> 3.15%, 05/19/2027<br>|  | 6997000 | &nbsp;&nbsp; 6923804 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2027 Corporate Bond ETF (BSCR)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Banks-(continued)** | **Banks-(continued)** | **Banks-(continued)** | **Banks-(continued)** |
| Royal Bank of Canada (Canada) |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 01/19/2027<sup>(b)</sup> | $| 11665000 | &nbsp;&nbsp; $11792573 |
| &nbsp;&nbsp;&nbsp; 2.05%, 01/21/2027<sup>(b)</sup> |  | 4652000 | &nbsp;&nbsp; 4561751 |
| &nbsp;&nbsp;&nbsp; 3.63%, 05/04/2027<sup>(b)</sup> |  | 11192000 | &nbsp;&nbsp; 11163164 |
| &nbsp;&nbsp;&nbsp; 4.24%, 08/03/2027 |  | 11663000 | &nbsp;&nbsp; 11739559 |
| &nbsp;&nbsp;&nbsp; 6.00%, 11/01/2027<sup>(b)</sup> |  | 12620000 | &nbsp;&nbsp; 13110887 |
| &nbsp;&nbsp;&nbsp; Santander Holdings USA, Inc., 4.40%, <br> 07/13/2027<br>|  | 9783000 | &nbsp;&nbsp; 9813509 |
| &nbsp;&nbsp;&nbsp; Standard Chartered Bank of New York <br> (United Kingdom), 4.85%, <br> 12/03/2027<sup>(b)</sup><br>|  | 4699000 | &nbsp;&nbsp; 4799247 |
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. <br> (Japan)<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.45%, 01/11/2027<sup>(b)</sup> |  | 11660000 | &nbsp;&nbsp; 11594279 |
| &nbsp;&nbsp;&nbsp; 2.17%, 01/14/2027 |  | 4762000 | &nbsp;&nbsp; 4670285 |
| &nbsp;&nbsp;&nbsp; 3.36%, 07/12/2027<sup>(b)</sup> |  | 16328000 | &nbsp;&nbsp; 16202964 |
| &nbsp;&nbsp;&nbsp; 3.35%, 10/18/2027 |  | 7002000 | &nbsp;&nbsp; 6931425 |
| Toronto-Dominion Bank (The) (Canada) |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.95%, 01/12/2027<sup>(b)</sup> |  | 6997000 | &nbsp;&nbsp; 6853410 |
| &nbsp;&nbsp;&nbsp; 2.80%, 03/10/2027 |  | 10269000 | &nbsp;&nbsp; 10119653 |
| &nbsp;&nbsp;&nbsp; 4.98%, 04/05/2027 |  | 7931000 | &nbsp;&nbsp; 8035621 |
| &nbsp;&nbsp;&nbsp; 4.11%, 06/08/2027 |  | 13996000 | &nbsp;&nbsp; 14021209 |
| &nbsp;&nbsp;&nbsp; 4.69%, 09/15/2027 |  | 13967000 | &nbsp;&nbsp; 14143952 |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp., 1.13%, <br> 08/03/2027<br>|  | 6982000 | &nbsp;&nbsp; 6668565 |
| &nbsp;&nbsp;&nbsp; U.S. Bancorp, Series X, 3.15%, <br> 04/27/2027<sup>(b)</sup><br>|  | 12134000 | &nbsp;&nbsp; 12021203 |
| &nbsp;&nbsp;&nbsp; UBS AG (Switzerland), 5.00%, <br> 07/09/2027<br>|  | 2150000 | &nbsp;&nbsp; 2191596 |
| Wells Fargo & Co., 4.30%, 07/22/2027 |  | 23342000 | &nbsp;&nbsp; 23446309 |
|  |  |  | &nbsp;&nbsp; 544983293 |
| **Beverages-1.74%** | **Beverages-1.74%** | **Beverages-1.74%** | **Beverages-1.74%** |
| Coca-Cola Co. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.38%, 03/25/2027<sup>(b)</sup> |  | 9334000 | &nbsp;&nbsp; 9301183 |
| &nbsp;&nbsp;&nbsp; 2.90%, 05/25/2027 |  | 4667000 | &nbsp;&nbsp; 4617420 |
| &nbsp;&nbsp;&nbsp; 1.45%, 06/01/2027 |  | 13996000 | &nbsp;&nbsp; 13545883 |
| Constellation Brands, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 05/09/2027 |  | 4662000 | &nbsp;&nbsp; 4628623 |
| &nbsp;&nbsp;&nbsp; 4.35%, 05/09/2027 |  | 5597000 | &nbsp;&nbsp; 5619504 |
| &nbsp;&nbsp;&nbsp; Diageo Capital PLC (United Kingdom), <br> 5.30%, 10/24/2027<sup>(b)</sup><br>|  | 6986000 | &nbsp;&nbsp; 7158492 |
| &nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc., 5.10%, <br> 03/15/2027<br>|  | 6998000 | &nbsp;&nbsp; 7073817 |
| PepsiCo, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.40%, 02/07/2027 |  | 4665000 | &nbsp;&nbsp; 4700545 |
| &nbsp;&nbsp;&nbsp; 2.63%, 03/19/2027<sup>(b)</sup> |  | 4662000 | &nbsp;&nbsp; 4594734 |
| &nbsp;&nbsp;&nbsp; 3.00%, 10/15/2027 |  | 13996000 | &nbsp;&nbsp; 13829247 |
|  |  |  | &nbsp;&nbsp; 75069448 |
| **Biotechnology-1.49%** | **Biotechnology-1.49%** | **Biotechnology-1.49%** | **Biotechnology-1.49%** |
| AbbVie, Inc., 4.80%, 03/15/2027<sup>(b)</sup> |  | 21037000 | &nbsp;&nbsp; 21273012 |
| Amgen, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.20%, 02/21/2027 |  | 16077000 | &nbsp;&nbsp; 15728962 |
| &nbsp;&nbsp;&nbsp; 3.20%, 11/02/2027 |  | 9326000 | &nbsp;&nbsp; 9203377 |
| Gilead Sciences, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.95%, 03/01/2027 |  | 11664000 | &nbsp;&nbsp; 11545805 |
| &nbsp;&nbsp;&nbsp; 1.20%, 10/01/2027 |  | 6997000 | &nbsp;&nbsp; 6686094 |
|  |  |  | &nbsp;&nbsp; 64437250 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Broadline Retail-2.06%** | **Broadline Retail-2.06%** | **Broadline Retail-2.06%** |
| Amazon.com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.30%, 04/13/2027 | $18664000 | &nbsp;&nbsp; $18562765 |
| &nbsp;&nbsp;&nbsp; 1.20%, 06/03/2027<sup>(b)</sup> | 11640000 | &nbsp;&nbsp; 11224417 |
| &nbsp;&nbsp;&nbsp; 3.15%, 08/22/2027<sup>(b)</sup> | 32716000 | &nbsp;&nbsp; 32438203 |
| &nbsp;&nbsp;&nbsp; 4.55%, 12/01/2027 | 18662000 | &nbsp;&nbsp; 18956689 |
| eBay, Inc., 3.60%, 06/05/2027 | 7933000 | &nbsp;&nbsp; 7885569 |
|  |  | &nbsp;&nbsp; 89067643 |
| **Building Products-0.24%** | **Building Products-0.24%** | **Building Products-0.24%** |
| Carlisle Cos., Inc., 3.75%, 12/01/2027<sup>(b)</sup> | 5591000 | &nbsp;&nbsp; 5563445 |
| Owens Corning, 5.50%, 06/15/2027<sup>(b)</sup> | 4664000 | &nbsp;&nbsp; 4758869 |
|  |  | &nbsp;&nbsp; 10322314 |
| **Capital Markets-5.75%** | **Capital Markets-5.75%** | **Capital Markets-5.75%** |
| Ares Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 01/15/2027 | 8400000 | &nbsp;&nbsp; 8620521 |
| &nbsp;&nbsp;&nbsp; 2.88%, 06/15/2027<sup>(b)</sup> | 4665000 | &nbsp;&nbsp; 4555631 |
| Bank of New York Mellon Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 2.05%, 01/26/2027 | 7933000 | &nbsp;&nbsp; 7776372 |
| &nbsp;&nbsp;&nbsp; 3.25%, 05/16/2027 | 6998000 | &nbsp;&nbsp; 6946022 |
| BlackRock, Inc., 3.20%, 03/15/2027 | 6527000 | &nbsp;&nbsp; 6484988 |
| &nbsp;&nbsp;&nbsp; Blackstone Secured Lending Fund, <br> 2.13%, 02/15/2027<br>| 5782000 | &nbsp;&nbsp; 5607467 |
| &nbsp;&nbsp;&nbsp; Blue Owl Capital Corp., 2.63%, <br> 01/15/2027<br>| 4664000 | &nbsp;&nbsp; 4545344 |
| &nbsp;&nbsp;&nbsp; Blue Owl Credit Income Corp., 7.75%, <br> 09/16/2027<br>| 5586000 | &nbsp;&nbsp; 5794487 |
| &nbsp;&nbsp;&nbsp; Cboe Global Markets, Inc., 3.65%, <br> 01/12/2027<br>| 6073000 | &nbsp;&nbsp; 6050533 |
| Charles Schwab Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 3.20%, 03/02/2027<sup>(b)</sup> | 6031000 | &nbsp;&nbsp; 5976524 |
| &nbsp;&nbsp;&nbsp; 2.45%, 03/03/2027 | 14023000 | &nbsp;&nbsp; 13766895 |
| &nbsp;&nbsp;&nbsp; 3.30%, 04/01/2027 | 6959000 | &nbsp;&nbsp; 6905401 |
| &nbsp;&nbsp;&nbsp; FactSet Research Systems, Inc., 2.90%, <br> 03/01/2027<br>| 4661000 | &nbsp;&nbsp; 4579144 |
| &nbsp;&nbsp;&nbsp; FS KKR Capital Corp., 3.25%, <br> 07/15/2027<br>| 4665000 | &nbsp;&nbsp; 4494963 |
| Goldman Sachs Group, Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 5.95%, 01/15/2027 | 7542000 | &nbsp;&nbsp; 7706004 |
| &nbsp;&nbsp;&nbsp; 3.85%, 01/26/2027 | 28005000 | &nbsp;&nbsp; 27955521 |
| &nbsp;&nbsp;&nbsp; Jefferies Financial Group, Inc., 4.85%, <br> 01/15/2027<sup>(b)</sup><br>| 6988000 | &nbsp;&nbsp; 7029463 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 01/20/2027 | 27994000 | &nbsp;&nbsp; 27908715 |
| &nbsp;&nbsp;&nbsp; 3.95%, 04/23/2027 | 18662000 | &nbsp;&nbsp; 18664090 |
| Nomura Holdings, Inc. (Japan) |  |  |
| &nbsp;&nbsp;&nbsp; 2.33%, 01/22/2027 | 11660000 | &nbsp;&nbsp; 11426934 |
| &nbsp;&nbsp;&nbsp; 5.59%, 07/02/2027 | 4555000 | &nbsp;&nbsp; 4650642 |
| &nbsp;&nbsp;&nbsp; 5.39%, 07/06/2027 | 4734000 | &nbsp;&nbsp; 4821560 |
| &nbsp;&nbsp;&nbsp; Northern Trust Corp., 4.00%, <br> 05/10/2027<sup>(b)</sup><br>| 9325000 | &nbsp;&nbsp; 9340202 |
| S&P Global, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2.95%, 01/22/2027 | 4667000 | &nbsp;&nbsp; 4619930 |
| &nbsp;&nbsp;&nbsp; 2.45%, 03/01/2027 | 11516000 | &nbsp;&nbsp; 11312738 |
| State Street Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.99%, 03/18/2027 | 9329000 | &nbsp;&nbsp; 9456406 |
| &nbsp;&nbsp;&nbsp; 4.33%, 10/22/2027<sup>(b)</sup> | 11193000 | &nbsp;&nbsp; 11312566 |
|  |  | &nbsp;&nbsp; 248309063 |
| **Chemicals-1.09%** | **Chemicals-1.09%** | **Chemicals-1.09%** |
| &nbsp;&nbsp;&nbsp; Air Products and Chemicals, Inc., 1.85%, <br> 05/15/2027<br>| 6064000 | &nbsp;&nbsp; 5899627 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2027 Corporate Bond ETF (BSCR)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Chemicals-(continued)** | **Chemicals-(continued)** | **Chemicals-(continued)** | **Chemicals-(continued)** |
| Albemarle Corp., 4.65%, 06/01/2027<sup>(b)</sup> | $| 6064000 | &nbsp;&nbsp; $6082217 |
| Ecolab, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.65%, 02/01/2027 |  | 4665000 | &nbsp;&nbsp; 4549859 |
| &nbsp;&nbsp;&nbsp; 3.25%, 12/01/2027 |  | 4665000 | &nbsp;&nbsp; 4617397 |
| &nbsp;&nbsp;&nbsp; LYB International Finance II B.V., 3.50%, <br> 03/02/2027<sup>(b)</sup><br>|  | 5522000 | &nbsp;&nbsp; 5491399 |
| Mosaic Co. (The), 4.05%, 11/15/2027<sup>(b)</sup> |  | 6549000 | &nbsp;&nbsp; 6550392 |
| &nbsp;&nbsp;&nbsp; Sherwin-Williams Co. (The), 3.45%, <br> 06/01/2027<br>|  | 14026000 | &nbsp;&nbsp; 13904347 |
|  |  |  | &nbsp;&nbsp; 47095238 |
| **Commercial Services & Supplies-0.68%** | **Commercial Services & Supplies-0.68%** | **Commercial Services & Supplies-0.68%** | **Commercial Services & Supplies-0.68%** |
| Cintas Corp. No. 2, 3.70%, 04/01/2027 |  | 9330000 | &nbsp;&nbsp; 9304655 |
| &nbsp;&nbsp;&nbsp; Republic Services, Inc., 3.38%, <br> 11/15/2027<br>|  | 6061000 | &nbsp;&nbsp; 6013042 |
| Waste Management, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 07/03/2027 |  | 6998000 | &nbsp;&nbsp; 7114307 |
| &nbsp;&nbsp;&nbsp; 3.15%, 11/15/2027 |  | 6983000 | &nbsp;&nbsp; 6891962 |
|  |  |  | &nbsp;&nbsp; 29323966 |
| **Communications Equipment-0.54%** | **Communications Equipment-0.54%** | **Communications Equipment-0.54%** | **Communications Equipment-0.54%** |
| &nbsp;&nbsp;&nbsp; Cisco Systems, Inc., 4.80%, <br> 02/26/2027<sup>(b)</sup><br>|  | 18622000 | &nbsp;&nbsp; 18845035 |
| &nbsp;&nbsp;&nbsp; Nokia OYJ (Finland), 4.38%, <br> 06/12/2027<br>|  | 4665000 | &nbsp;&nbsp; 4685605 |
|  |  |  | &nbsp;&nbsp; 23530640 |
| **Construction & Engineering-0.13%** | **Construction & Engineering-0.13%** | **Construction & Engineering-0.13%** | **Construction & Engineering-0.13%** |
| &nbsp;&nbsp;&nbsp; Quanta Services, Inc., 4.75%, <br> 08/09/2027<br>|  | 5604000 | &nbsp;&nbsp; 5663094 |
| **Construction Materials-0.11%** | **Construction Materials-0.11%** | **Construction Materials-0.11%** | **Construction Materials-0.11%** |
| &nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc., 3.50%, <br> 12/15/2027<br>|  | 4616000 | &nbsp;&nbsp; 4573880 |
| **Consumer Finance-3.89%** | **Consumer Finance-3.89%** | **Consumer Finance-3.89%** | **Consumer Finance-3.89%** |
| Ally Financial, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 06/09/2027 |  | 6988000 | &nbsp;&nbsp; 7026809 |
| &nbsp;&nbsp;&nbsp; 7.10%, 11/15/2027 |  | 6986000 | &nbsp;&nbsp; 7319429 |
| American Express Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.55%, 03/04/2027<sup>(b)</sup> |  | 16330000 | &nbsp;&nbsp; 16067405 |
| &nbsp;&nbsp;&nbsp; 3.30%, 05/03/2027 |  | 15430500 | &nbsp;&nbsp; 15315364 |
| &nbsp;&nbsp;&nbsp; 5.85%, 11/05/2027<sup>(b)</sup> |  | 14005000 | &nbsp;&nbsp; 14505618 |
| Capital One Financial Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.10%, 02/09/2027 |  | 9334000 | &nbsp;&nbsp; 9328542 |
| &nbsp;&nbsp;&nbsp; 3.75%, 03/09/2027 |  | 12593000 | &nbsp;&nbsp; 12541249 |
| &nbsp;&nbsp;&nbsp; 3.65%, 05/11/2027 |  | 9338000 | &nbsp;&nbsp; 9288515 |
| General Motors Financial Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.35%, 01/17/2027 |  | 11637000 | &nbsp;&nbsp; 11655091 |
| &nbsp;&nbsp;&nbsp; 2.35%, 02/26/2027 |  | 9334000 | &nbsp;&nbsp; 9132841 |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/09/2027<sup>(b)</sup> |  | 11687000 | &nbsp;&nbsp; 11806567 |
| &nbsp;&nbsp;&nbsp; 5.40%, 05/08/2027 |  | 11203000 | &nbsp;&nbsp; 11392217 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2027 |  | 4662000 | &nbsp;&nbsp; 4720011 |
| &nbsp;&nbsp;&nbsp; 5.35%, 07/15/2027 |  | 10244000 | &nbsp;&nbsp; 10420898 |
| &nbsp;&nbsp;&nbsp; 2.70%, 08/20/2027 |  | 8380000 | &nbsp;&nbsp; 8175420 |
| &nbsp;&nbsp;&nbsp; Synchrony Financial, 3.95%, <br> 12/01/2027<br>|  | 9329000 | &nbsp;&nbsp; 9258804 |
|  |  |  | &nbsp;&nbsp; 167954780 |
| **Consumer Staples Distribution & Retail-1.48%** | **Consumer Staples Distribution & Retail-1.48%** | **Consumer Staples Distribution & Retail-1.48%** | **Consumer Staples Distribution & Retail-1.48%** |
| Costco Wholesale Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 05/18/2027<sup>(b)</sup> |  | 9334540 | &nbsp;&nbsp; 9264254 |
| &nbsp;&nbsp;&nbsp; 1.38%, 06/20/2027<sup>(b)</sup> |  | 11660000 | &nbsp;&nbsp; 11271684 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Consumer Staples Distribution & Retail-(continued)** | **Consumer Staples Distribution & Retail-(continued)** | **Consumer Staples Distribution & Retail-(continued)** | **Consumer Staples Distribution & Retail-(continued)** |
| &nbsp;&nbsp;&nbsp; Dollar General Corp., 4.63%, <br> 11/01/2027<sup>(b)</sup><br>| $| 5170000 | &nbsp;&nbsp; $5212195 |
| Kroger Co. (The), 3.70%, 08/01/2027 |  | 5598000 | &nbsp;&nbsp; 5577871 |
| Sysco Corp., 3.25%, 07/15/2027 |  | 6998000 | &nbsp;&nbsp; 6916379 |
| Target Corp., 1.95%, 01/15/2027<sup>(b)</sup> |  | 9329000 | &nbsp;&nbsp; 9142748 |
| Walmart, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.10%, 04/28/2027 |  | 6998000 | &nbsp;&nbsp; 7046878 |
| &nbsp;&nbsp;&nbsp; 3.95%, 09/09/2027<sup>(b)</sup> |  | 9331000 | &nbsp;&nbsp; 9380180 |
|  |  |  | &nbsp;&nbsp; 63812189 |
| **Containers & Packaging-0.11%** | **Containers & Packaging-0.11%** | **Containers & Packaging-0.11%** | **Containers & Packaging-0.11%** |
| &nbsp;&nbsp;&nbsp; Packaging Corp. of America, 3.40%, <br> 12/15/2027<sup>(b)</sup><br>|  | 4665000 | &nbsp;&nbsp; 4622166 |
| **Diversified REITs-0.21%** | **Diversified REITs-0.21%** | **Diversified REITs-0.21%** | **Diversified REITs-0.21%** |
| &nbsp;&nbsp;&nbsp; Digital Realty Trust L.P., 3.70%, <br> 08/15/2027<br>|  | 9311000 | &nbsp;&nbsp; 9249370 |
| **Diversified Telecommunication Services-1.95%** | **Diversified Telecommunication Services-1.95%** | **Diversified Telecommunication Services-1.95%** | **Diversified Telecommunication Services-1.95%** |
| AT&T, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 03/01/2027<sup>(b)</sup> |  | 13909000 | &nbsp;&nbsp; 13937963 |
| &nbsp;&nbsp;&nbsp; 2.30%, 06/01/2027 |  | 23343000 | &nbsp;&nbsp; 22754812 |
| &nbsp;&nbsp;&nbsp; Telefonica Emisiones S.A. (Spain), 4.10%, <br> 03/08/2027<br>|  | 11657000 | &nbsp;&nbsp; 11644385 |
| TELUS Corp. (Canada) |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.80%, 02/16/2027 |  | 5591000 | &nbsp;&nbsp; 5503270 |
| &nbsp;&nbsp;&nbsp; 3.70%, 09/15/2027<sup>(b)</sup> |  | 4654000 | &nbsp;&nbsp; 4620852 |
| Verizon Communications, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 03/16/2027 |  | 21623000 | &nbsp;&nbsp; 21664929 |
| &nbsp;&nbsp;&nbsp; 3.00%, 03/22/2027 |  | 4310000 | &nbsp;&nbsp; 4297115 |
|  |  |  | &nbsp;&nbsp; 84423326 |
| **Electric Utilities-4.12%** | **Electric Utilities-4.12%** | **Electric Utilities-4.12%** | **Electric Utilities-4.12%** |
| &nbsp;&nbsp;&nbsp; Alabama Power Co., 3.75%, <br> 09/01/2027<sup>(b)</sup><br>|  | 5120000 | &nbsp;&nbsp; 5119689 |
| American Electric Power Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 11/01/2027 |  | 4657000 | &nbsp;&nbsp; 4800292 |
| &nbsp;&nbsp;&nbsp; 3.20%, 11/13/2027 |  | 4654000 | &nbsp;&nbsp; 4586878 |
| Duke Energy Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.85%, 01/05/2027 |  | 5587000 | &nbsp;&nbsp; 5632891 |
| &nbsp;&nbsp;&nbsp; 3.15%, 08/15/2027 |  | 6998000 | &nbsp;&nbsp; 6898627 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/08/2027 |  | 4662000 | &nbsp;&nbsp; 4741907 |
| &nbsp;&nbsp;&nbsp; Duke Energy Florida LLC, 3.20%, <br> 01/15/2027<br>|  | 6064000 | &nbsp;&nbsp; 6024073 |
| &nbsp;&nbsp;&nbsp; Duke Energy Progress LLC, 4.35%, <br> 03/06/2027<br>|  | 4662000 | &nbsp;&nbsp; 4693889 |
| &nbsp;&nbsp;&nbsp; Edison International, 5.75%, <br> 06/15/2027<br>|  | 5587000 | &nbsp;&nbsp; 5683988 |
| Eversource Energy |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.90%, 03/01/2027 |  | 6064000 | &nbsp;&nbsp; 5965985 |
| &nbsp;&nbsp;&nbsp; 4.60%, 07/01/2027 |  | 5597000 | &nbsp;&nbsp; 5629411 |
| Exelon Corp., 2.75%, 03/15/2027 |  | 6012000 | &nbsp;&nbsp; 5906338 |
| &nbsp;&nbsp;&nbsp; FirstEnergy Corp., Series B, 3.90%, <br> 07/15/2027<br>|  | 13996000 | &nbsp;&nbsp; 13926068 |
| Georgia Power Co., 5.00%, 02/23/2027 |  | 4657000 | &nbsp;&nbsp; 4717877 |
| ITC Holdings Corp., 3.35%, 11/15/2027 |  | 4644000 | &nbsp;&nbsp; 4578792 |
| &nbsp;&nbsp;&nbsp; National Rural Utilities Cooperative <br> Finance Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 02/05/2027 |  | 5593000 | &nbsp;&nbsp; 5643471 |
| &nbsp;&nbsp;&nbsp; 4.12%, 09/16/2027 |  | 5130000 | &nbsp;&nbsp; 5152133 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2027 Corporate Bond ETF (BSCR)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Electric Utilities-(continued)** | **Electric Utilities-(continued)** | **Electric Utilities-(continued)** | **Electric Utilities-(continued)** |
| NextEra Energy Capital Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.88%, 01/15/2027 | $| 9327000 | &nbsp;&nbsp; $9105211 |
| &nbsp;&nbsp;&nbsp; 3.55%, 05/01/2027 |  | 13901000 | &nbsp;&nbsp; 13803345 |
| &nbsp;&nbsp;&nbsp; 4.63%, 07/15/2027 |  | 11660000 | &nbsp;&nbsp; 11780671 |
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., 2.10%, <br> 08/01/2027<sup>(b)</sup><br>|  | 9334000 | &nbsp;&nbsp; 9005255 |
| Southern California Edison Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 02/01/2027 |  | 4655000 | &nbsp;&nbsp; 4683629 |
| &nbsp;&nbsp;&nbsp; 5.85%, 11/01/2027 |  | 7086000 | &nbsp;&nbsp; 7278644 |
| &nbsp;&nbsp;&nbsp; Series D, 4.70%, 06/01/2027 |  | 5606000 | &nbsp;&nbsp; 5642675 |
| Virginia Electric & Power Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 3.50%, 03/15/2027 |  | 6987000 | &nbsp;&nbsp; 6950375 |
| &nbsp;&nbsp;&nbsp; Series B, 3.75%, 05/15/2027 |  | 5597000 | &nbsp;&nbsp; 5582611 |
| Xcel Energy, Inc., 1.75%, 03/15/2027 |  | 4660000 | &nbsp;&nbsp; 4525056 |
|  |  |  | &nbsp;&nbsp; 178059781 |
| **Electrical Equipment-0.10%** | **Electrical Equipment-0.10%** | **Electrical Equipment-0.10%** | **Electrical Equipment-0.10%** |
| &nbsp;&nbsp;&nbsp; Emerson Electric Co., 1.80%, <br> 10/15/2027<sup>(b)</sup><br>|  | 4667000 | &nbsp;&nbsp; 4503833 |
| **Electronic Equipment, Instruments & Components-0.58%** | **Electronic Equipment, Instruments & Components-0.58%** | **Electronic Equipment, Instruments & Components-0.58%** | **Electronic Equipment, Instruments & Components-0.58%** |
| Amphenol Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.05%, 04/05/2027 |  | 6531000 | &nbsp;&nbsp; 6627373 |
| &nbsp;&nbsp;&nbsp; 3.80%, 11/15/2027 |  | 7000000 | &nbsp;&nbsp; 6993230 |
| Jabil, Inc., 4.25%, 05/15/2027 |  | 4672000 | &nbsp;&nbsp; 4676720 |
| &nbsp;&nbsp;&nbsp; Keysight Technologies, Inc., 4.60%, <br> 04/06/2027<br>|  | 6529000 | &nbsp;&nbsp; 6558312 |
|  |  |  | &nbsp;&nbsp; 24855635 |
| **Energy Equipment & Services-0.29%** | **Energy Equipment & Services-0.29%** | **Energy Equipment & Services-0.29%** | **Energy Equipment & Services-0.29%** |
| &nbsp;&nbsp;&nbsp; Baker Hughes Holdings LLC/Baker <br> Hughes Co-Obligor, Inc., 3.34%, <br> 12/15/2027<br>|  | 12560000 | &nbsp;&nbsp; 12416230 |
| **Entertainment-0.45%** | **Entertainment-0.45%** | **Entertainment-0.45%** | **Entertainment-0.45%** |
| &nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc., <br> 3.70%, 04/14/2027<br>|  | 5598000 | &nbsp;&nbsp; 5569719 |
| &nbsp;&nbsp;&nbsp; TWDC Enterprises 18 Corp., 2.95%, <br> 06/15/2027<br>|  | 9328000 | &nbsp;&nbsp; 9223310 |
| &nbsp;&nbsp;&nbsp; Walt Disney Co. (The), 3.70%, <br> 03/23/2027<br>|  | 4660000 | &nbsp;&nbsp; 4654305 |
|  |  |  | &nbsp;&nbsp; 19447334 |
| **Financial Services-3.40%** | **Financial Services-3.40%** | **Financial Services-3.40%** | **Financial Services-3.40%** |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust (Ireland)<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.10%, 01/15/2027<sup>(b)</sup> |  | 8401000 | &nbsp;&nbsp; 8563262 |
| &nbsp;&nbsp;&nbsp; 6.45%, 04/15/2027 |  | 14039000 | &nbsp;&nbsp; 14443384 |
| &nbsp;&nbsp;&nbsp; 3.65%, 07/21/2027 |  | 9334000 | &nbsp;&nbsp; 9261638 |
| &nbsp;&nbsp;&nbsp; 4.63%, 10/15/2027<sup>(b)</sup> |  | 5617000 | &nbsp;&nbsp; 5658249 |
| &nbsp;&nbsp;&nbsp; BlackRock Funding, Inc., 4.60%, <br> 07/26/2027<br>|  | 7466000 | &nbsp;&nbsp; 7563062 |
| &nbsp;&nbsp;&nbsp; Blackstone Private Credit Fund, 3.25%, <br> 03/15/2027<br>|  | 9281000 | &nbsp;&nbsp; 9116124 |
| &nbsp;&nbsp;&nbsp; Corebridge Financial, Inc., 3.65%, <br> 04/05/2027<sup>(b)</sup><br>|  | 11598000 | &nbsp;&nbsp; 11510884 |
| Fiserv, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.15%, 03/15/2027 |  | 7015000 | &nbsp;&nbsp; 7081335 |
| &nbsp;&nbsp;&nbsp; 2.25%, 06/01/2027 |  | 9334000 | &nbsp;&nbsp; 9060593 |
| Global Payments, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.15%, 01/15/2027 |  | 7013000 | &nbsp;&nbsp; 6850188 |
| &nbsp;&nbsp;&nbsp; 4.95%, 08/15/2027 |  | 4667000 | &nbsp;&nbsp; 4710682 |
| LPL Holdings, Inc., 5.70%, 05/20/2027 |  | 4642000 | &nbsp;&nbsp; 4730701 |
| Mastercard, Inc., 3.30%, 03/26/2027 |  | 9334000 | &nbsp;&nbsp; 9280790 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Financial Services-(continued)** | **Financial Services-(continued)** | **Financial Services-(continued)** | **Financial Services-(continued)** |
| ORIX Corp. (Japan) |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.70%, 07/18/2027 | $| 4665000 | &nbsp;&nbsp; $4640117 |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/13/2027<sup>(b)</sup> |  | 4645000 | &nbsp;&nbsp; 4725091 |
| &nbsp;&nbsp;&nbsp; PayPal Holdings, Inc., 3.90%, <br> 06/01/2027<sup>(b)</sup><br>|  | 4654000 | &nbsp;&nbsp; 4656978 |
| Visa, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.90%, 04/15/2027 |  | 13991000 | &nbsp;&nbsp; 13665682 |
| &nbsp;&nbsp;&nbsp; 0.75%, 08/15/2027<sup>(b)</sup> |  | 4652000 | &nbsp;&nbsp; 4434205 |
| &nbsp;&nbsp;&nbsp; 2.75%, 09/15/2027<sup>(b)</sup> |  | 6988000 | &nbsp;&nbsp; 6882987 |
|  |  |  | &nbsp;&nbsp; 146835952 |
| **Food Products-1.96%** | **Food Products-1.96%** | **Food Products-1.96%** | **Food Products-1.96%** |
| &nbsp;&nbsp;&nbsp; Bunge Ltd. Finance Corp., 3.75%, <br> 09/25/2027<br>|  | 5602000 | &nbsp;&nbsp; 5582013 |
| &nbsp;&nbsp;&nbsp; Campbell's Co. (The), 5.20%, <br> 03/19/2027<sup>(b)</sup><br>|  | 4664000 | &nbsp;&nbsp; 4728956 |
| &nbsp;&nbsp;&nbsp; Conagra Brands, Inc., 1.38%, <br> 11/01/2027<br>|  | 9325000 | &nbsp;&nbsp; 8843752 |
| General Mills, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.70%, 01/30/2027<sup>(b)</sup> |  | 4665000 | &nbsp;&nbsp; 4700879 |
| &nbsp;&nbsp;&nbsp; 3.20%, 02/10/2027<sup>(b)</sup> |  | 7006000 | &nbsp;&nbsp; 6940449 |
| &nbsp;&nbsp;&nbsp; Hormel Foods Corp., 4.80%, <br> 03/30/2027<br>|  | 4665000 | &nbsp;&nbsp; 4720452 |
| &nbsp;&nbsp;&nbsp; JM Smucker Co. (The), 3.38%, <br> 12/15/2027<br>|  | 4665000 | &nbsp;&nbsp; 4615050 |
| Kellanova, 3.40%, 11/15/2027 |  | 5602000 | &nbsp;&nbsp; 5553077 |
| &nbsp;&nbsp;&nbsp; Kraft Heinz Foods Co. (The), 3.88%, <br> 05/15/2027<br>|  | 12590000 | &nbsp;&nbsp; 12545612 |
| &nbsp;&nbsp;&nbsp; McCormick & Co., Inc., 3.40%, <br> 08/15/2027<br>|  | 6998000 | &nbsp;&nbsp; 6933431 |
| &nbsp;&nbsp;&nbsp; Mondelez International, Inc., 2.63%, <br> 03/17/2027<br>|  | 6997000 | &nbsp;&nbsp; 6874442 |
| Tyson Foods, Inc., 3.55%, 06/02/2027 |  | 12597000 | &nbsp;&nbsp; 12493657 |
|  |  |  | &nbsp;&nbsp; 84531770 |
| **Gas Utilities-0.26%** | **Gas Utilities-0.26%** | **Gas Utilities-0.26%** | **Gas Utilities-0.26%** |
| &nbsp;&nbsp;&nbsp; Atmos Energy Corp., 3.00%, <br> 06/15/2027<br>|  | 4662000 | &nbsp;&nbsp; 4609295 |
| &nbsp;&nbsp;&nbsp; Southern California Gas Co., 2.95%, <br> 04/15/2027<br>|  | 6527000 | &nbsp;&nbsp; 6436997 |
|  |  |  | &nbsp;&nbsp; 11046292 |
| **Ground Transportation-0.50%** | **Ground Transportation-0.50%** | **Ground Transportation-0.50%** | **Ground Transportation-0.50%** |
| &nbsp;&nbsp;&nbsp; Burlington Northern Santa Fe LLC, <br> 3.25%, 06/15/2027<br>|  | 4656000 | &nbsp;&nbsp; 4625733 |
| CSX Corp., 3.25%, 06/01/2027 |  | 7928000 | &nbsp;&nbsp; 7859567 |
| Union Pacific Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.15%, 02/05/2027 |  | 4655000 | &nbsp;&nbsp; 4567830 |
| &nbsp;&nbsp;&nbsp; 3.00%, 04/15/2027 |  | 4666000 | &nbsp;&nbsp; 4614617 |
|  |  |  | &nbsp;&nbsp; 21667747 |
| **Health Care Equipment & Supplies-1.30%** | **Health Care Equipment & Supplies-1.30%** | **Health Care Equipment & Supplies-1.30%** | **Health Care Equipment & Supplies-1.30%** |
| &nbsp;&nbsp;&nbsp; Baxter International, Inc., 1.92%, <br> 02/01/2027<br>|  | 13408000 | &nbsp;&nbsp; 13065237 |
| &nbsp;&nbsp;&nbsp; Becton, Dickinson and Co., 3.70%, <br> 06/06/2027<br>|  | 16059000 | &nbsp;&nbsp; 15970129 |
| &nbsp;&nbsp;&nbsp; GE HealthCare Technologies, Inc., 5.65%, <br> 11/15/2027<br>|  | 16327000 | &nbsp;&nbsp; 16803419 |
| Stryker Corp., 4.55%, 02/10/2027 |  | 4665000 | &nbsp;&nbsp; 4700111 |
| &nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc., 4.70%, <br> 02/19/2027<sup>(b)</sup><br>|  | 5596000 | &nbsp;&nbsp; 5634973 |
|  |  |  | &nbsp;&nbsp; 56173869 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2027 Corporate Bond ETF (BSCR)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Health Care Providers & Services-4.47%** | **Health Care Providers & Services-4.47%** | **Health Care Providers & Services-4.47%** |
| &nbsp;&nbsp;&nbsp; Cardinal Health, Inc., 3.41%, <br> 06/15/2027<br>| $11412000 | &nbsp;&nbsp; $11309721 |
| Cencora, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.45%, 12/15/2027<sup>(b)</sup> | 6999000 | &nbsp;&nbsp; 6922984 |
| &nbsp;&nbsp;&nbsp; 4.63%, 12/15/2027 | 4654000 | &nbsp;&nbsp; 4714224 |
| Centene Corp., 4.25%, 12/15/2027<sup>(b)</sup> | 22352000 | &nbsp;&nbsp; 22094968 |
| Cigna Group (The) |  |  |
| &nbsp;&nbsp;&nbsp; 3.40%, 03/01/2027 | 12379000 | &nbsp;&nbsp; 12289463 |
| &nbsp;&nbsp;&nbsp; 3.05%, 10/15/2027 | 5084000 | &nbsp;&nbsp; 5005378 |
| &nbsp;&nbsp;&nbsp; CommonSpirit Health, 6.07%, <br> 11/01/2027<sup>(b)</sup><br>| 4705000 | &nbsp;&nbsp; 4863953 |
| CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 04/01/2027<sup>(b)</sup> | 6988000 | &nbsp;&nbsp; 6942351 |
| &nbsp;&nbsp;&nbsp; 1.30%, 08/21/2027 | 21009000 | &nbsp;&nbsp; 20038531 |
| &nbsp;&nbsp;&nbsp; Elevance Health, Inc., 3.65%, <br> 12/01/2027<sup>(b)</sup><br>| 14937000 | &nbsp;&nbsp; 14835699 |
| HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2027<sup>(b)</sup> | 11193000 | &nbsp;&nbsp; 11217549 |
| &nbsp;&nbsp;&nbsp; 3.13%, 03/15/2027 | 9331000 | &nbsp;&nbsp; 9209866 |
| Humana, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 1.35%, 02/03/2027<sup>(b)</sup> | 5259000 | &nbsp;&nbsp; 5092735 |
| &nbsp;&nbsp;&nbsp; 3.95%, 03/15/2027 | 4357000 | &nbsp;&nbsp; 4343480 |
| &nbsp;&nbsp;&nbsp; Icon Investments Six DAC, 5.81%, <br> 05/08/2027<br>| 7077000 | &nbsp;&nbsp; 7219892 |
| &nbsp;&nbsp;&nbsp; Kaiser Foundation Hospitals, 3.15%, <br> 05/01/2027<br>| 5360000 | &nbsp;&nbsp; 5313784 |
| &nbsp;&nbsp;&nbsp; Laboratory Corp. of America Holdings, <br> 3.60%, 09/01/2027<br>| 5607000 | &nbsp;&nbsp; 5577101 |
| &nbsp;&nbsp;&nbsp; SSM Health Care Corp., Series A, 3.82%, <br> 06/01/2027<br>| 4677000 | &nbsp;&nbsp; 4669750 |
| UnitedHealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.45%, 01/15/2027 | 6987000 | &nbsp;&nbsp; 6951960 |
| &nbsp;&nbsp;&nbsp; 3.38%, 04/15/2027<sup>(b)</sup> | 5838000 | &nbsp;&nbsp; 5798638 |
| &nbsp;&nbsp;&nbsp; 4.60%, 04/15/2027 | 4654000 | &nbsp;&nbsp; 4692861 |
| &nbsp;&nbsp;&nbsp; 3.70%, 05/15/2027 | 5586000 | &nbsp;&nbsp; 5573796 |
| &nbsp;&nbsp;&nbsp; 2.95%, 10/15/2027<sup>(b)</sup> | 8841000 | &nbsp;&nbsp; 8701762 |
|  |  | &nbsp;&nbsp; 193380446 |
| **Health Care REITs-0.36%** | **Health Care REITs-0.36%** | **Health Care REITs-0.36%** |
| &nbsp;&nbsp;&nbsp; Healthcare Realty Holdings L.P., 3.75%, <br> 07/01/2027<br>| 4664000 | &nbsp;&nbsp; 4628537 |
| &nbsp;&nbsp;&nbsp; Omega Healthcare Investors, Inc., 4.50%, <br> 04/01/2027<sup>(b)</sup><br>| 6530000 | &nbsp;&nbsp; 6553699 |
| &nbsp;&nbsp;&nbsp; Welltower OP LLC, 2.70%, <br> 02/15/2027<sup>(b)</sup><br>| 4662000 | &nbsp;&nbsp; 4598335 |
|  |  | &nbsp;&nbsp; 15780571 |
| **Hotels, Restaurants & Leisure-1.51%** | **Hotels, Restaurants & Leisure-1.51%** | **Hotels, Restaurants & Leisure-1.51%** |
| &nbsp;&nbsp;&nbsp; Darden Restaurants, Inc., 3.85%, <br> 05/01/2027<sup>(b)</sup><br>| 4677000 | &nbsp;&nbsp; 4661022 |
| Expedia Group, Inc., 4.63%, 08/01/2027 | 6984000 | &nbsp;&nbsp; 7030935 |
| Hyatt Hotels Corp., 5.75%, 01/30/2027 | 5600000 | &nbsp;&nbsp; 5687445 |
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp., 5.90%, <br> 06/01/2027<br>| 6997000 | &nbsp;&nbsp; 7128708 |
| &nbsp;&nbsp;&nbsp; Marriott International, Inc., 5.00%, <br> 10/15/2027<sup>(b)</sup><br>| 9351000 | &nbsp;&nbsp; 9517991 |
| McDonald's Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 03/01/2027 | 7935000 | &nbsp;&nbsp; 7891894 |
| &nbsp;&nbsp;&nbsp; 3.50%, 07/01/2027 | 9326000 | &nbsp;&nbsp; 9264148 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Hotels, Restaurants & Leisure-(continued)** | **Hotels, Restaurants & Leisure-(continued)** | **Hotels, Restaurants & Leisure-(continued)** | **Hotels, Restaurants & Leisure-(continued)** |
| Starbucks Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.85%, 02/08/2027 | $| 9334000 | &nbsp;&nbsp; $9415710 |
| &nbsp;&nbsp;&nbsp; 2.00%, 03/12/2027 |  | 4665000 | &nbsp;&nbsp; 4548850 |
|  |  |  | &nbsp;&nbsp; 65146703 |
| **Household Durables-0.36%** | **Household Durables-0.36%** | **Household Durables-0.36%** | **Household Durables-0.36%** |
| D.R. Horton, Inc., 1.40%, 10/15/2027<sup>(b)</sup> |  | 4671000 | &nbsp;&nbsp; 4465672 |
| &nbsp;&nbsp;&nbsp; Leggett & Platt, Inc., 3.50%, <br> 11/15/2027<sup>(b)</sup><br>|  | 4663000 | &nbsp;&nbsp; 4570963 |
| Lennar Corp., 4.75%, 11/29/2027 |  | 6533000 | &nbsp;&nbsp; 6587623 |
|  |  |  | &nbsp;&nbsp; 15624258 |
| **Household Products-0.71%** | **Household Products-0.71%** | **Household Products-0.71%** | **Household Products-0.71%** |
| &nbsp;&nbsp;&nbsp; Colgate-Palmolive Co., 3.10%, <br> 08/15/2027<br>|  | 4667000 | &nbsp;&nbsp; 4625431 |
| &nbsp;&nbsp;&nbsp; Kimberly-Clark Corp., 1.05%, <br> 09/15/2027<br>|  | 5600000 | &nbsp;&nbsp; 5345364 |
| Procter & Gamble Co. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.90%, 02/01/2027 |  | 9334000 | &nbsp;&nbsp; 9151047 |
| &nbsp;&nbsp;&nbsp; 2.80%, 03/25/2027 |  | 4669000 | &nbsp;&nbsp; 4616981 |
| &nbsp;&nbsp;&nbsp; 2.85%, 08/11/2027<sup>(b)</sup> |  | 6998000 | &nbsp;&nbsp; 6915708 |
|  |  |  | &nbsp;&nbsp; 30654531 |
| **Independent Power and Renewable Electricity Producers-0.15%** | **Independent Power and Renewable Electricity Producers-0.15%** | **Independent Power and Renewable Electricity Producers-0.15%** | **Independent Power and Renewable Electricity Producers-0.15%** |
| NSTAR Electric Co., 3.20%, 05/15/2027 |  | 6532000 | &nbsp;&nbsp; 6464563 |
| **Industrial Conglomerates-0.79%** | **Industrial Conglomerates-0.79%** | **Industrial Conglomerates-0.79%** | **Industrial Conglomerates-0.79%** |
| 3M Co., 2.88%, 10/15/2027<sup>(b)</sup> |  | 7928000 | &nbsp;&nbsp; 7785849 |
| Eaton Corp., 3.10%, 09/15/2027 |  | 6535000 | &nbsp;&nbsp; 6464575 |
| Honeywell International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.10%, 03/01/2027<sup>(b)</sup> |  | 9342000 | &nbsp;&nbsp; 9030049 |
| &nbsp;&nbsp;&nbsp; 4.65%, 07/30/2027<sup>(b)</sup> |  | 10736000 | &nbsp;&nbsp; 10872356 |
|  |  |  | &nbsp;&nbsp; 34152829 |
| **Insurance-1.76%** | **Insurance-1.76%** | **Insurance-1.76%** | **Insurance-1.76%** |
| &nbsp;&nbsp;&nbsp; American National Group, Inc., 5.00%, <br> 06/15/2027<br>|  | 4653000 | &nbsp;&nbsp; 4686242 |
| Aon Corp., 8.21%, 01/01/2027<sup>(b)</sup> |  | 4826000 | &nbsp;&nbsp; 5024126 |
| &nbsp;&nbsp;&nbsp; Aon Corp./Aon Global Holdings PLC, <br> 2.85%, 05/28/2027<sup>(b)</sup><br>|  | 5602000 | &nbsp;&nbsp; 5505090 |
| &nbsp;&nbsp;&nbsp; Aon North America, Inc., 5.13%, <br> 03/01/2027<br>|  | 5587000 | &nbsp;&nbsp; 5654994 |
| &nbsp;&nbsp;&nbsp; Arthur J. Gallagher & Co., 4.60%, <br> 12/15/2027<sup>(b)</sup><br>|  | 6987000 | &nbsp;&nbsp; 7058756 |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway Finance Corp., <br> 2.30%, 03/15/2027<sup>(b)</sup><br>|  | 6999000 | &nbsp;&nbsp; 6881606 |
| &nbsp;&nbsp;&nbsp; Brighthouse Financial, Inc., 3.70%, <br> 06/22/2027<br>|  | 7062000 | &nbsp;&nbsp; 6906836 |
| &nbsp;&nbsp;&nbsp; CNA Financial Corp., 3.45%, <br> 08/15/2027<br>|  | 4659000 | &nbsp;&nbsp; 4610714 |
| &nbsp;&nbsp;&nbsp; Manulife Financial Corp. (Canada), 2.48%, <br> 05/19/2027<sup>(b)</sup><br>|  | 4674000 | &nbsp;&nbsp; 4576922 |
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc., 4.55%, <br> 11/08/2027<sup>(b)</sup><br>|  | 8871000 | &nbsp;&nbsp; 8974459 |
| Progressive Corp. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.45%, 01/15/2027 |  | 4671000 | &nbsp;&nbsp; 4600278 |
| &nbsp;&nbsp;&nbsp; 2.50%, 03/15/2027 |  | 4661000 | &nbsp;&nbsp; 4583396 |
| &nbsp;&nbsp;&nbsp; Willis North America, Inc., 4.65%, <br> 06/15/2027<br>|  | 7006000 | &nbsp;&nbsp; 7059477 |
|  |  |  | &nbsp;&nbsp; 76122896 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2027 Corporate Bond ETF (BSCR)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Interactive Media & Services-0.78%** | **Interactive Media & Services-0.78%** | **Interactive Media & Services-0.78%** |
| Alphabet, Inc., 0.80%, 08/15/2027<sup>(b)</sup> | $9346000 | &nbsp;&nbsp; $8923783 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., 3.50%, <br> 08/15/2027<br>| 24851000 | &nbsp;&nbsp; 24776428 |
|  |  | &nbsp;&nbsp; 33700211 |
| **IT Services-0.79%** | **IT Services-0.79%** | **IT Services-0.79%** |
| International Business Machines Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.30%, 01/27/2027 | 4683000 | &nbsp;&nbsp; 4651819 |
| &nbsp;&nbsp;&nbsp; 2.20%, 02/09/2027 | 6064000 | &nbsp;&nbsp; 5945129 |
| &nbsp;&nbsp;&nbsp; 1.70%, 05/15/2027 | 11637000 | &nbsp;&nbsp; 11290513 |
| &nbsp;&nbsp;&nbsp; 4.15%, 07/27/2027 | 6998000 | &nbsp;&nbsp; 7040838 |
| VeriSign, Inc., 4.75%, 07/15/2027<sup>(b)</sup> | 5129000 | &nbsp;&nbsp; 5129200 |
|  |  | &nbsp;&nbsp; 34057499 |
| **Leisure Products-0.10%** | **Leisure Products-0.10%** | **Leisure Products-0.10%** |
| Hasbro, Inc., 3.50%, 09/15/2027 | 4429000 | &nbsp;&nbsp; 4379471 |
| **Life Sciences Tools & Services-0.37%** | **Life Sciences Tools & Services-0.37%** | **Life Sciences Tools & Services-0.37%** |
| &nbsp;&nbsp;&nbsp; Agilent Technologies, Inc., 4.20%, <br> 09/09/2027<br>| 5601000 | &nbsp;&nbsp; 5618152 |
| Illumina, Inc., 5.75%, 12/13/2027 | 4668000 | &nbsp;&nbsp; 4794843 |
| &nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc., 4.80%, <br> 11/21/2027<sup>(b)</sup><br>| 5607000 | &nbsp;&nbsp; 5710376 |
|  |  | &nbsp;&nbsp; 16123371 |
| **Machinery-3.17%** | **Machinery-3.17%** | **Machinery-3.17%** |
| Caterpillar Financial Services Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 1.70%, 01/08/2027 | 4666000 | &nbsp;&nbsp; 4564567 |
| &nbsp;&nbsp;&nbsp; 4.50%, 01/08/2027 | 4666000 | &nbsp;&nbsp; 4702213 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/14/2027 | 7933000 | &nbsp;&nbsp; 8067360 |
| &nbsp;&nbsp;&nbsp; 3.60%, 08/12/2027<sup>(b)</sup> | 6526000 | &nbsp;&nbsp; 6513047 |
| &nbsp;&nbsp;&nbsp; 1.10%, 09/14/2027<sup>(b)</sup> | 7000000 | &nbsp;&nbsp; 6686463 |
| &nbsp;&nbsp;&nbsp; 4.40%, 10/15/2027<sup>(b)</sup> | 6066000 | &nbsp;&nbsp; 6138825 |
| &nbsp;&nbsp;&nbsp; 4.60%, 11/15/2027<sup>(b)</sup> | 8862000 | &nbsp;&nbsp; 9006279 |
| &nbsp;&nbsp;&nbsp; CNH Industrial Capital LLC, 4.50%, <br> 10/08/2027<br>| 4668000 | &nbsp;&nbsp; 4701028 |
| &nbsp;&nbsp;&nbsp; CNH Industrial N.V., 3.85%, <br> 11/15/2027<sup>(b)</sup><br>| 4661000 | &nbsp;&nbsp; 4644851 |
| Ingersoll Rand, Inc., 5.20%, 06/15/2027 | 6528000 | &nbsp;&nbsp; 6631796 |
| John Deere Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 01/08/2027<sup>(b)</sup> | 6987000 | &nbsp;&nbsp; 7041835 |
| &nbsp;&nbsp;&nbsp; 1.70%, 01/11/2027 | 4665000 | &nbsp;&nbsp; 4560523 |
| &nbsp;&nbsp;&nbsp; 4.85%, 03/05/2027 | 5135000 | &nbsp;&nbsp; 5201515 |
| &nbsp;&nbsp;&nbsp; 2.35%, 03/08/2027<sup>(b)</sup> | 4664000 | &nbsp;&nbsp; 4583763 |
| &nbsp;&nbsp;&nbsp; 1.75%, 03/09/2027 | 4667000 | &nbsp;&nbsp; 4548219 |
| &nbsp;&nbsp;&nbsp; 4.90%, 06/11/2027<sup>(b)</sup> | 6527000 | &nbsp;&nbsp; 6639183 |
| &nbsp;&nbsp;&nbsp; 4.20%, 07/15/2027 | 7463000 | &nbsp;&nbsp; 7514660 |
| &nbsp;&nbsp;&nbsp; 2.80%, 09/08/2027 | 4665000 | &nbsp;&nbsp; 4590516 |
| &nbsp;&nbsp;&nbsp; 4.15%, 09/15/2027<sup>(b)</sup> | 8398000 | &nbsp;&nbsp; 8456660 |
| &nbsp;&nbsp;&nbsp; Otis Worldwide Corp., 2.29%, <br> 04/05/2027<br>| 4668000 | &nbsp;&nbsp; 4564242 |
| Parker-Hannifin Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 03/01/2027 | 6521000 | &nbsp;&nbsp; 6471493 |
| &nbsp;&nbsp;&nbsp; 4.25%, 09/15/2027 | 11193000 | &nbsp;&nbsp; 11276273 |
|  |  | &nbsp;&nbsp; 137105311 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Media-1.01%** | **Media-1.01%** | **Media-1.01%** |
| Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 2.35%, 01/15/2027 | $12757000 | &nbsp;&nbsp; $12534098 |
| &nbsp;&nbsp;&nbsp; 3.30%, 02/01/2027 | 11390400 | &nbsp;&nbsp; 11301961 |
| &nbsp;&nbsp;&nbsp; 3.30%, 04/01/2027 | 7296000 | &nbsp;&nbsp; 7233194 |
| &nbsp;&nbsp;&nbsp; 5.35%, 11/15/2027 | 6820000 | &nbsp;&nbsp; 7005886 |
| &nbsp;&nbsp;&nbsp; Paramount Global, 2.90%, <br> 01/15/2027<sup>(b)</sup><br>| 5456000 | &nbsp;&nbsp; 5365856 |
|  |  | &nbsp;&nbsp; 43440995 |
| **Metals & Mining-0.38%** | **Metals & Mining-0.38%** | **Metals & Mining-0.38%** |
| &nbsp;&nbsp;&nbsp; ArcelorMittal S.A. (Luxembourg), 6.55%, <br> 11/29/2027<br>| 11194000 | &nbsp;&nbsp; 11660795 |
| Nucor Corp., 4.30%, 05/23/2027 | 4662000 | &nbsp;&nbsp; 4685521 |
|  |  | &nbsp;&nbsp; 16346316 |
| **Multi-Utilities-1.00%** | **Multi-Utilities-1.00%** | **Multi-Utilities-1.00%** |
| Ameren Corp., 1.95%, 03/15/2027 | 4664000 | &nbsp;&nbsp; 4542933 |
| DTE Energy Co., 4.95%, 07/01/2027 | 11193000 | &nbsp;&nbsp; 11331484 |
| NiSource, Inc., 3.49%, 05/15/2027 | 9328000 | &nbsp;&nbsp; 9264033 |
| &nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc., <br> 5.85%, 11/15/2027<br>| 6535000 | &nbsp;&nbsp; 6758218 |
| Sempra, 3.25%, 06/15/2027 | 6997000 | &nbsp;&nbsp; 6895204 |
| &nbsp;&nbsp;&nbsp; WEC Energy Group, Inc., 1.38%, <br> 10/15/2027<sup>(b)</sup><br>| 4665000 | &nbsp;&nbsp; 4447939 |
|  |  | &nbsp;&nbsp; 43239811 |
| **Office REITs-0.17%** | **Office REITs-0.17%** | **Office REITs-0.17%** |
| &nbsp;&nbsp;&nbsp; Boston Properties L.P., 6.75%, <br> 12/01/2027<br>| 7006000 | &nbsp;&nbsp; 7339182 |
| **Oil, Gas & Consumable Fuels-6.48%** | **Oil, Gas & Consumable Fuels-6.48%** | **Oil, Gas & Consumable Fuels-6.48%** |
| &nbsp;&nbsp;&nbsp; Boardwalk Pipelines L.P., 4.45%, <br> 07/15/2027<br>| 4667000 | &nbsp;&nbsp; 4682521 |
| BP Capital Markets America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.54%, 04/06/2027<sup>(b)</sup> | 4665000 | &nbsp;&nbsp; 4648957 |
| &nbsp;&nbsp;&nbsp; 5.02%, 11/17/2027 | 10726000 | &nbsp;&nbsp; 10953638 |
| &nbsp;&nbsp;&nbsp; BP Capital Markets PLC, 3.28%, <br> 09/19/2027<br>| 14027000 | &nbsp;&nbsp; 13900969 |
| &nbsp;&nbsp;&nbsp; Canadian Natural Resources Ltd. <br> (Canada), 3.85%, 06/01/2027<br>| 11660000 | &nbsp;&nbsp; 11614096 |
| &nbsp;&nbsp;&nbsp; Cheniere Corpus Christi Holdings LLC, <br> 5.13%, 06/30/2027<br>| 11214000 | &nbsp;&nbsp; 11328915 |
| Chevron Corp., 2.00%, 05/11/2027 | 9334000 | &nbsp;&nbsp; 9108098 |
| &nbsp;&nbsp;&nbsp; Chevron U.S.A., Inc., 1.02%, <br> 08/12/2027<sup>(b)</sup><br>| 6998000 | &nbsp;&nbsp; 6691736 |
| Chevron USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.41%, 02/26/2027 | 6998000 | &nbsp;&nbsp; 7060004 |
| &nbsp;&nbsp;&nbsp; 3.95%, 08/13/2027<sup>(b)</sup> | 4660000 | &nbsp;&nbsp; 4682861 |
| &nbsp;&nbsp;&nbsp; Coterra Energy, Inc., 3.90%, <br> 05/15/2027<br>| 6413000 | &nbsp;&nbsp; 6390551 |
| &nbsp;&nbsp;&nbsp; DCP Midstream Operating L.P., 5.63%, <br> 07/15/2027<br>| 4651000 | &nbsp;&nbsp; 4747942 |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc., 5.20%, <br> 04/18/2027<br>| 7933000 | &nbsp;&nbsp; 8046865 |
| Enbridge, Inc. (Canada) |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/05/2027 | 6998000 | &nbsp;&nbsp; 7092738 |
| &nbsp;&nbsp;&nbsp; 3.70%, 07/15/2027 | 6532000 | &nbsp;&nbsp; 6491742 |
| Energy Transfer L.P. |  |  |
| &nbsp;&nbsp;&nbsp; 4.40%, 03/15/2027 | 6530000 | &nbsp;&nbsp; 6540781 |
| &nbsp;&nbsp;&nbsp; 4.20%, 04/15/2027 | 5587000 | &nbsp;&nbsp; 5586003 |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2027 | 6995000 | &nbsp;&nbsp; 6978059 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2027 Corporate Bond ETF (BSCR)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Oil, Gas & Consumable Fuels-(continued)** | **Oil, Gas & Consumable Fuels-(continued)** | **Oil, Gas & Consumable Fuels-(continued)** | **Oil, Gas & Consumable Fuels-(continued)** |
| Enterprise Products Operating LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.60%, 01/11/2027 | $| 9328000 | &nbsp;&nbsp; $9394535 |
| &nbsp;&nbsp;&nbsp; 3.95%, 02/15/2027 |  | 5355000 | &nbsp;&nbsp; 5357486 |
| EQT Corp., 3.90%, 10/01/2027 |  | 8737000 | &nbsp;&nbsp; 8687842 |
| &nbsp;&nbsp;&nbsp; Equinor ASA (Norway), 3.00%, <br> 04/06/2027<sup>(b)</sup><br>|  | 4645000 | &nbsp;&nbsp; 4604268 |
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp., 3.29%, <br> 03/19/2027<sup>(b)</sup><br>|  | 9328000 | &nbsp;&nbsp; 9279785 |
| Hess Corp., 4.30%, 04/01/2027 |  | 9334000 | &nbsp;&nbsp; 9369742 |
| MPLX L.P., 4.13%, 03/01/2027 |  | 11662000 | &nbsp;&nbsp; 11653247 |
| Occidental Petroleum Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.50%, 07/15/2027 |  | 4562000 | &nbsp;&nbsp; 4783348 |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2027<sup>(b)</sup> |  | 5607000 | &nbsp;&nbsp; 5713000 |
| ONEOK, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/13/2027 |  | 4662500 | &nbsp;&nbsp; 4657253 |
| &nbsp;&nbsp;&nbsp; 4.25%, 09/24/2027 |  | 11660000 | &nbsp;&nbsp; 11695577 |
| Phillips 66 Co., 4.95%, 12/01/2027 |  | 6995000 | &nbsp;&nbsp; 7120623 |
| &nbsp;&nbsp;&nbsp; Sabine Pass Liquefaction LLC, 5.00%, <br> 03/15/2027<sup>(b)</sup><br>|  | 13997000 | &nbsp;&nbsp; 14080505 |
| &nbsp;&nbsp;&nbsp; South Bow USA Infrastructure <br> Holdings LLC (Canada), 4.91%, <br> 09/01/2027<br>|  | 6530000 | &nbsp;&nbsp; 6581934 |
| &nbsp;&nbsp;&nbsp; Targa Resources Corp., 5.20%, <br> 07/01/2027<br>|  | 7020000 | &nbsp;&nbsp; 7134111 |
| TC PipeLines L.P., 3.90%, 05/25/2027 |  | 4669000 | &nbsp;&nbsp; 4654173 |
| &nbsp;&nbsp;&nbsp; Valero Energy Corp., 2.15%, <br> 09/15/2027<br>|  | 5253000 | &nbsp;&nbsp; 5075484 |
| &nbsp;&nbsp;&nbsp; Williams Cos., Inc. (The), 3.75%, <br> 06/15/2027<br>|  | 13525000 | &nbsp;&nbsp; 13436456 |
|  |  |  | &nbsp;&nbsp; 279825845 |
| **Passenger Airlines-0.38%** | **Passenger Airlines-0.38%** | **Passenger Airlines-0.38%** | **Passenger Airlines-0.38%** |
| &nbsp;&nbsp;&nbsp; Southwest Airlines Co., 5.13%, <br> 06/15/2027<br>|  | 16084000 | &nbsp;&nbsp; 16267561 |
| **Personal Care Products-0.48%** | **Personal Care Products-0.48%** | **Personal Care Products-0.48%** | **Personal Care Products-0.48%** |
| &nbsp;&nbsp;&nbsp; Estee Lauder Cos., Inc. (The), 3.15%, <br> 03/15/2027<br>|  | 4654000 | &nbsp;&nbsp; 4607145 |
| Unilever Capital Corp. (United Kingdom) |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.90%, 05/05/2027<sup>(b)</sup> |  | 9369000 | &nbsp;&nbsp; 9268221 |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/12/2027 |  | 6986000 | &nbsp;&nbsp; 7040719 |
|  |  |  | &nbsp;&nbsp; 20916085 |
| **Pharmaceuticals-3.80%** | **Pharmaceuticals-3.80%** | **Pharmaceuticals-3.80%** | **Pharmaceuticals-3.80%** |
| &nbsp;&nbsp;&nbsp; AstraZeneca Finance LLC (United <br> Kingdom), 4.80%, 02/26/2027<br>|  | 11641000 | &nbsp;&nbsp; 11780283 |
| &nbsp;&nbsp;&nbsp; AstraZeneca PLC (United Kingdom), <br> 3.13%, 06/12/2027<br>|  | 6997000 | &nbsp;&nbsp; 6932935 |
| Bristol-Myers Squibb Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 02/27/2027 |  | 4787000 | &nbsp;&nbsp; 4762377 |
| &nbsp;&nbsp;&nbsp; 1.13%, 11/13/2027<sup>(b)</sup> |  | 9334000 | &nbsp;&nbsp; 8889789 |
| Eli Lilly and Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/09/2027<sup>(b)</sup> |  | 9334000 | &nbsp;&nbsp; 9411457 |
| &nbsp;&nbsp;&nbsp; 3.10%, 05/15/2027 |  | 3748000 | &nbsp;&nbsp; 3716890 |
| &nbsp;&nbsp;&nbsp; 4.15%, 08/14/2027 |  | 6998000 | &nbsp;&nbsp; 7050590 |
| &nbsp;&nbsp;&nbsp; Haleon US Capital LLC, 3.38%, <br> 03/24/2027<br>|  | 18355000 | &nbsp;&nbsp; 18192414 |
| Johnson & Johnson |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 03/01/2027 |  | 6999000 | &nbsp;&nbsp; 7071424 |
| &nbsp;&nbsp;&nbsp; 2.95%, 03/03/2027 |  | 9334000 | &nbsp;&nbsp; 9252867 |
| &nbsp;&nbsp;&nbsp; 0.95%, 09/01/2027<sup>(b)</sup> |  | 13995000 | &nbsp;&nbsp; 13377126 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Pharmaceuticals-(continued)** | **Pharmaceuticals-(continued)** | **Pharmaceuticals-(continued)** | **Pharmaceuticals-(continued)** |
| Merck & Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.70%, 06/10/2027<sup>(b)</sup> | $| 13972000 | &nbsp;&nbsp; $13567209 |
| &nbsp;&nbsp;&nbsp; 3.85%, 09/15/2027 |  | 7000000 | &nbsp;&nbsp; 7024811 |
| Novartis Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 02/14/2027 |  | 11662000 | &nbsp;&nbsp; 11431752 |
| &nbsp;&nbsp;&nbsp; 3.10%, 05/17/2027<sup>(b)</sup> |  | 9334000 | &nbsp;&nbsp; 9261145 |
| &nbsp;&nbsp;&nbsp; Royalty Pharma PLC, 1.75%, <br> 09/02/2027<br>|  | 9334000 | &nbsp;&nbsp; 8962381 |
| Viatris, Inc., 2.30%, 06/22/2027<sup>(b)</sup> |  | 6978000 | &nbsp;&nbsp; 6740399 |
| Zoetis, Inc., 3.00%, 09/12/2027 |  | 6998000 | &nbsp;&nbsp; 6893247 |
|  |  |  | &nbsp;&nbsp; 164319096 |
| **Professional Services-0.16%** | **Professional Services-0.16%** | **Professional Services-0.16%** | **Professional Services-0.16%** |
| Equifax, Inc., 5.10%, 12/15/2027 |  | 6998000 | &nbsp;&nbsp; 7126395 |
| **Residential REITs-0.13%** | **Residential REITs-0.13%** | **Residential REITs-0.13%** | **Residential REITs-0.13%** |
| &nbsp;&nbsp;&nbsp; Mid-America Apartments L.P., 3.60%, <br> 06/01/2027<br>|  | 5607000 | &nbsp;&nbsp; 5582195 |
| **Retail REITs-0.81%** | **Retail REITs-0.81%** | **Retail REITs-0.81%** | **Retail REITs-0.81%** |
| Realty Income Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 01/15/2027 |  | 5597000 | &nbsp;&nbsp; 5537223 |
| &nbsp;&nbsp;&nbsp; 3.95%, 08/15/2027 |  | 5536000 | &nbsp;&nbsp; 5535253 |
| &nbsp;&nbsp;&nbsp; Regency Centers L.P., 3.60%, <br> 02/01/2027<br>|  | 4901000 | &nbsp;&nbsp; 4877327 |
| Simon Property Group L.P. |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.38%, 01/15/2027<sup>(b)</sup> |  | 5126000 | &nbsp;&nbsp; 4980843 |
| &nbsp;&nbsp;&nbsp; 3.38%, 06/15/2027 |  | 7001000 | &nbsp;&nbsp; 6950919 |
| &nbsp;&nbsp;&nbsp; 3.38%, 12/01/2027 |  | 7001000 | &nbsp;&nbsp; 6934804 |
|  |  |  | &nbsp;&nbsp; 34816369 |
| **Semiconductors & Semiconductor Equipment-1.91%** | **Semiconductors & Semiconductor Equipment-1.91%** | **Semiconductors & Semiconductor Equipment-1.91%** | **Semiconductors & Semiconductor Equipment-1.91%** |
| &nbsp;&nbsp;&nbsp; Applied Materials, Inc., 3.30%, <br> 04/01/2027<br>|  | 11193000 | &nbsp;&nbsp; 11126863 |
| Broadcom, Inc., 5.05%, 07/12/2027<sup>(b)</sup> |  | 11689000 | &nbsp;&nbsp; 11890841 |
| Intel Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 03/25/2027 |  | 9336000 | &nbsp;&nbsp; 9294715 |
| &nbsp;&nbsp;&nbsp; 3.15%, 05/11/2027 |  | 9326000 | &nbsp;&nbsp; 9206227 |
| &nbsp;&nbsp;&nbsp; 3.75%, 08/05/2027 |  | 11660000 | &nbsp;&nbsp; 11580991 |
| QUALCOMM, Inc., 3.25%, 05/20/2027<sup>(b)</sup> |  | 18676000 | &nbsp;&nbsp; 18544626 |
| Texas Instruments, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.60%, 02/08/2027<sup>(b)</sup> |  | 6065000 | &nbsp;&nbsp; 6116048 |
| &nbsp;&nbsp;&nbsp; 2.90%, 11/03/2027<sup>(b)</sup> |  | 4664000 | &nbsp;&nbsp; 4607421 |
|  |  |  | &nbsp;&nbsp; 82367732 |
| **Software-3.61%** | **Software-3.61%** | **Software-3.61%** | **Software-3.61%** |
| &nbsp;&nbsp;&nbsp; Accenture Capital, Inc., 3.90%, <br> 10/04/2027<sup>(b)</sup><br>|  | 10259000 | &nbsp;&nbsp; 10289721 |
| Adobe, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.15%, 02/01/2027 |  | 7928000 | &nbsp;&nbsp; 7788574 |
| &nbsp;&nbsp;&nbsp; 4.85%, 04/04/2027<sup>(b)</sup> |  | 4654000 | &nbsp;&nbsp; 4719933 |
| Autodesk, Inc., 3.50%, 06/15/2027 |  | 4668000 | &nbsp;&nbsp; 4638632 |
| &nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc., 4.20%, <br> 09/10/2027<br>|  | 4662000 | &nbsp;&nbsp; 4683745 |
| Intuit, Inc., 1.35%, 07/15/2027<sup>(b)</sup> |  | 4662000 | &nbsp;&nbsp; 4487751 |
| Microsoft Corp., 3.30%, 02/06/2027 |  | 37339000 | &nbsp;&nbsp; 37214216 |
| Oracle Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.80%, 04/01/2027 |  | 21033000 | &nbsp;&nbsp; 20624668 |
| &nbsp;&nbsp;&nbsp; 3.25%, 11/15/2027<sup>(b)</sup> |  | 25673000 | &nbsp;&nbsp; 25144889 |
| &nbsp;&nbsp;&nbsp; Roper Technologies, Inc., 1.40%, <br> 09/15/2027<br>|  | 6529000 | &nbsp;&nbsp; 6238957 |
| Synopsys, Inc., 4.55%, 04/01/2027 |  | 9339000 | &nbsp;&nbsp; 9405716 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2027 Corporate Bond ETF (BSCR)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Software-(continued)** | **Software-(continued)** | **Software-(continued)** | **Software-(continued)** |
| VMware LLC, 3.90%, 08/21/2027 | $| 11670000 | &nbsp;&nbsp; $11653913 |
| Workday, Inc., 3.50%, 04/01/2027 |  | 9344000 | &nbsp;&nbsp; 9279521 |
|  |  |  | &nbsp;&nbsp; 156170236 |
| **Specialized REITs-1.36%** | **Specialized REITs-1.36%** | **Specialized REITs-1.36%** | **Specialized REITs-1.36%** |
| American Tower Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.75%, 01/15/2027 |  | 6998000 | &nbsp;&nbsp; 6899727 |
| &nbsp;&nbsp;&nbsp; 3.65%, 03/15/2027 |  | 6064000 | &nbsp;&nbsp; 6023646 |
| &nbsp;&nbsp;&nbsp; 3.55%, 07/15/2027 |  | 7008000 | &nbsp;&nbsp; 6944735 |
| Crown Castle, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/01/2027<sup>(b)</sup> |  | 4660000 | &nbsp;&nbsp; 4644616 |
| &nbsp;&nbsp;&nbsp; 2.90%, 03/15/2027 |  | 6981000 | &nbsp;&nbsp; 6863431 |
| &nbsp;&nbsp;&nbsp; 3.65%, 09/01/2027 |  | 9329000 | &nbsp;&nbsp; 9246058 |
| &nbsp;&nbsp;&nbsp; Public Storage Operating Co., 3.09%, <br> 09/15/2027<br>|  | 4672000 | &nbsp;&nbsp; 4612081 |
| &nbsp;&nbsp;&nbsp; SBA Communications Corp., 3.88%, <br> 02/15/2027<br>|  | 13707000 | &nbsp;&nbsp; 13653141 |
|  |  |  | &nbsp;&nbsp; 58887435 |
| **Specialty Retail-1.66%** | **Specialty Retail-1.66%** | **Specialty Retail-1.66%** | **Specialty Retail-1.66%** |
| AutoZone, Inc., 3.75%, 06/01/2027<sup>(b)</sup> |  | 5597000 | &nbsp;&nbsp; 5573229 |
| Home Depot, Inc. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.50%, 04/15/2027 |  | 6996000 | &nbsp;&nbsp; 6878897 |
| &nbsp;&nbsp;&nbsp; 2.88%, 04/15/2027 |  | 6998000 | &nbsp;&nbsp; 6919350 |
| &nbsp;&nbsp;&nbsp; 4.88%, 06/25/2027<sup>(b)</sup> |  | 9334000 | &nbsp;&nbsp; 9490662 |
| &nbsp;&nbsp;&nbsp; 2.80%, 09/14/2027<sup>(b)</sup> |  | 9334000 | &nbsp;&nbsp; 9181838 |
| &nbsp;&nbsp;&nbsp; Lowe`s Cos., Inc., 3.95%, <br> 10/15/2027<sup>(b)</sup><br>|  | 6050000 | &nbsp;&nbsp; 6044795 |
| Lowe's Cos., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.35%, 04/01/2027 |  | 6994000 | &nbsp;&nbsp; 6936670 |
| &nbsp;&nbsp;&nbsp; 3.10%, 05/03/2027 |  | 13992000 | &nbsp;&nbsp; 13818050 |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc., 3.60%, <br> 09/01/2027<br>|  | 7001000 | &nbsp;&nbsp; 6954333 |
|  |  |  | &nbsp;&nbsp; 71797824 |
| **Technology Hardware, Storage & Peripherals-2.56%** | **Technology Hardware, Storage & Peripherals-2.56%** | **Technology Hardware, Storage & Peripherals-2.56%** | **Technology Hardware, Storage & Peripherals-2.56%** |
| Apple, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.35%, 02/09/2027 |  | 20996500 | &nbsp;&nbsp; 20908073 |
| &nbsp;&nbsp;&nbsp; 3.20%, 05/11/2027<sup>(b)</sup> |  | 18658000 | &nbsp;&nbsp; 18546026 |
| &nbsp;&nbsp;&nbsp; 3.00%, 06/20/2027 |  | 9334000 | &nbsp;&nbsp; 9242035 |
| &nbsp;&nbsp;&nbsp; 2.90%, 09/12/2027 |  | 18658000 | &nbsp;&nbsp; 18426355 |
| &nbsp;&nbsp;&nbsp; 3.00%, 11/13/2027<sup>(b)</sup> |  | 13991000 | &nbsp;&nbsp; 13852820 |
| Hewlett Packard Enterprise Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.05%, 09/15/2027<sup>(b)</sup> |  | 8380000 | &nbsp;&nbsp; 8374074 |
| &nbsp;&nbsp;&nbsp; 4.40%, 09/25/2027 |  | 11660000 | &nbsp;&nbsp; 11714140 |
| &nbsp;&nbsp;&nbsp; IBM International Capital Pte. Ltd., <br> 4.60%, 02/05/2027<sup>(b)</sup><br>|  | 4664000 | &nbsp;&nbsp; 4697715 |
| NetApp, Inc., 2.38%, 06/22/2027<sup>(b)</sup> |  | 5136000 | &nbsp;&nbsp; 5011190 |
|  |  |  | &nbsp;&nbsp; 110772428 |
| **Textiles, Apparel & Luxury Goods-0.21%** | **Textiles, Apparel & Luxury Goods-0.21%** | **Textiles, Apparel & Luxury Goods-0.21%** | **Textiles, Apparel & Luxury Goods-0.21%** |
| NIKE, Inc., 2.75%, 03/27/2027<sup>(b)</sup> |  | 9329000 | &nbsp;&nbsp; 9209978 |
| **Tobacco-0.96%** | **Tobacco-0.96%** | **Tobacco-0.96%** | **Tobacco-0.96%** |
| &nbsp;&nbsp;&nbsp; B.A.T. Capital Corp. (United Kingdom), <br> 4.70%, 04/02/2027<br>|  | 8400000 | &nbsp;&nbsp; 8452354 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Tobacco-(continued)** | **Tobacco-(continued)** | **Tobacco-(continued)** |
| Philip Morris International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/12/2027<sup>(b)</sup> | 6999000 | &nbsp;&nbsp; $7066627 |
| &nbsp;&nbsp;&nbsp; 3.13%, 08/17/2027<sup>(b)</sup> | 4660000 | &nbsp;&nbsp; 4603584 |
| &nbsp;&nbsp;&nbsp; 4.38%, 11/01/2027 | 7048000 | &nbsp;&nbsp; 7112466 |
| &nbsp;&nbsp;&nbsp; 5.13%, 11/17/2027 | 13990000 | &nbsp;&nbsp; 14287594 |
|  |  | &nbsp;&nbsp; 41522625 |
| **Trading Companies & Distributors-0.53%** | **Trading Companies & Distributors-0.53%** | **Trading Companies & Distributors-0.53%** |
| Air Lease Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 2.20%, 01/15/2027<sup>(b)</sup> | 6998000 | &nbsp;&nbsp; 6838773 |
| &nbsp;&nbsp;&nbsp; 3.63%, 04/01/2027<sup>(b)</sup> | 4656000 | &nbsp;&nbsp; 4593075 |
| &nbsp;&nbsp;&nbsp; 3.63%, 12/01/2027 | 4662000 | &nbsp;&nbsp; 4598994 |
| &nbsp;&nbsp;&nbsp; 5.85%, 12/15/2027 | 6531000 | &nbsp;&nbsp; 6723049 |
|  |  | &nbsp;&nbsp; 22753891 |
| **Water Utilities-0.24%** | **Water Utilities-0.24%** | **Water Utilities-0.24%** |
| &nbsp;&nbsp;&nbsp; American Water Capital Corp., 2.95%, <br> 09/01/2027<br>| 5597000 | &nbsp;&nbsp; 5510254 |
| &nbsp;&nbsp;&nbsp; Essential Utilities, Inc., 4.80%, <br> 08/15/2027<br>| 4662000 | &nbsp;&nbsp; 4713109 |
|  |  | &nbsp;&nbsp; 10223363 |
| **Wireless Telecommunication Services-0.27%** | **Wireless Telecommunication Services-0.27%** | **Wireless Telecommunication Services-0.27%** |
| &nbsp;&nbsp;&nbsp; Rogers Communications, Inc. (Canada), <br> 3.20%, 03/15/2027<sup>(b)</sup><br>| 12023000 | &nbsp;&nbsp; 11866002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $4,241,070,823) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $4,241,070,823) | &nbsp;&nbsp; 4271436895 |
|  | **Shares** |  |
| **Money Market Funds-0.48%** |  |  |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, <br> Institutional Class, 3.91%<sup>(c)(d)</sup> <br>(Cost $20,900,791)<br>| 20900791 | &nbsp;&nbsp; 20900791 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.33% <br>(Cost $4,261,971,614) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.33% <br>(Cost $4,261,971,614) | &nbsp;&nbsp; 4292337686 |
| **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** |
| **Money Market Funds-8.34%** | **Money Market Funds-8.34%** | **Money Market Funds-8.34%** |
| &nbsp;&nbsp;&nbsp; Invesco Private Government Fund, <br> 4.00%<sup>(c)(d)(e)</sup><br>| 98236513 | &nbsp;&nbsp; 98236513 |
| &nbsp;&nbsp;&nbsp; Invesco Private Prime Fund, <br> 4.12%<sup>(c)(d)(e)</sup><br>| 261919161 | &nbsp;&nbsp; 261997737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $360,238,016) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $360,238,016) | &nbsp;&nbsp; 360234250 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-107.67% <br>(Cost $4,622,209,630) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-107.67% <br>(Cost $4,622,209,630) | &nbsp;&nbsp; 4652571936 |
| OTHER ASSETS LESS LIABILITIES-(7.67)% | OTHER ASSETS LESS LIABILITIES-(7.67)% | &nbsp;&nbsp; (331276664)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $4321295272 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2027 Corporate Bond ETF (BSCR)—(continued)**

November 30, 2025

*(Unaudited)*

Investment Abbreviations: <br> REIT -Real Estate Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | All or a portion of this security was out on loan at November 30, 2025. |
| <sup>(c)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the three months ended November 30, 2025.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**November 30, 2025**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government <br> & Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp;&nbsp; $1145113 | &nbsp;&nbsp;&nbsp; $98179794 | &nbsp;&nbsp;&nbsp; $(78424116)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $20900791 | &nbsp;&nbsp;&nbsp; $179549 |
| **Investments** <br> **Purchased with** <br> **Cash Collateral** <br> **from Securities on** <br> **Loan:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private <br> Government Fund<br>| &nbsp;&nbsp;&nbsp; 106041096 | &nbsp;&nbsp;&nbsp; 128704411 | &nbsp;&nbsp;&nbsp; (136508994)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 98236513 | &nbsp;&nbsp;&nbsp; 1,144,199<br> \*<br>|
| &nbsp;&nbsp; Invesco Private <br> Prime Fund<br>| &nbsp;&nbsp;&nbsp; 275917356 | &nbsp;&nbsp;&nbsp; 322475223 | &nbsp;&nbsp;&nbsp; (336391516)<br>| &nbsp;&nbsp;&nbsp; (23452)<br>| &nbsp;&nbsp;&nbsp; 20126 | &nbsp;&nbsp;&nbsp; 261997737 | &nbsp;&nbsp;&nbsp; 3,080,690<br> \*<br>|
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; $383103565 | &nbsp;&nbsp;&nbsp; $549359428 | &nbsp;&nbsp;&nbsp; $(551324626)<br>| &nbsp;&nbsp;&nbsp; $(23452)<br>| &nbsp;&nbsp;&nbsp; $20126 | &nbsp;&nbsp;&nbsp; $381135041 | &nbsp;&nbsp;&nbsp; $4404438 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(d)</sup> The rate shown is the 7-day SEC standardized yield as of November 30, 2025. <br> <sup>(e)</sup> 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.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

See accompanying notes which are an integral part of this schedule.

------

Schedule of Investments<sup>(a)</sup>

**Invesco BulletShares 2028 Corporate Bond ETF (BSCS)**

November 30, 2025

*(Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes-99.03%** | **U.S. Dollar Denominated Bonds & Notes-99.03%** | **U.S. Dollar Denominated Bonds & Notes-99.03%** |
| **Aerospace & Defense-2.49%** | **Aerospace & Defense-2.49%** | **Aerospace & Defense-2.49%** |
| Boeing Co. (The), 3.25%, 02/01/2028<sup>(b)</sup> | $8327500 | &nbsp;&nbsp; $8182203 |
| &nbsp;&nbsp;&nbsp; General Dynamics Corp., 3.75%, <br> 05/15/2028<br>| 7508000 | &nbsp;&nbsp; 7527835 |
| HEICO Corp., 5.25%, 08/01/2028 | 4507000 | &nbsp;&nbsp; 4646523 |
| &nbsp;&nbsp;&nbsp; Huntington Ingalls Industries, Inc., 2.04%, <br> 08/16/2028<br>| 4541000 | &nbsp;&nbsp; 4293242 |
| &nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc., 4.40%, <br> 06/15/2028<br>| 6442000 | &nbsp;&nbsp; 6493931 |
| Lockheed Martin Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.45%, 05/15/2028<sup>(b)</sup> | 3785000 | &nbsp;&nbsp; 3837711 |
| &nbsp;&nbsp;&nbsp; 4.15%, 08/15/2028 | 3790000 | &nbsp;&nbsp; 3817141 |
| &nbsp;&nbsp;&nbsp; Northrop Grumman Corp., 3.25%, <br> 01/15/2028<br>| 15148000 | &nbsp;&nbsp; 14931896 |
| RTX Corp., 4.13%, 11/16/2028 | 22533000 | &nbsp;&nbsp; 22611239 |
|  |  | &nbsp;&nbsp; 76341721 |
| **Air Freight & Logistics-0.15%** | **Air Freight & Logistics-0.15%** | **Air Freight & Logistics-0.15%** |
| &nbsp;&nbsp;&nbsp; C.H. Robinson Worldwide, Inc., 4.20%, <br> 04/15/2028<br>| 4548000 | &nbsp;&nbsp; 4562914 |
| **Automobiles-4.27%** | **Automobiles-4.27%** | **Automobiles-4.27%** |
| American Honda Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.70%, 01/12/2028 | 3785000 | &nbsp;&nbsp; 3837615 |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/15/2028<sup>(b)</sup> | 3783000 | &nbsp;&nbsp; 3746743 |
| &nbsp;&nbsp;&nbsp; 4.55%, 03/03/2028<sup>(b)</sup> | 4926000 | &nbsp;&nbsp; 4987080 |
| &nbsp;&nbsp;&nbsp; 2.00%, 03/24/2028 | 5683000 | &nbsp;&nbsp; 5432753 |
| &nbsp;&nbsp;&nbsp; 5.13%, 07/07/2028 | 6055000 | &nbsp;&nbsp; 6221546 |
| &nbsp;&nbsp;&nbsp; 4.25%, 09/01/2028<sup>(b)</sup> | 5300000 | &nbsp;&nbsp; 5329752 |
| &nbsp;&nbsp;&nbsp; 5.65%, 11/15/2028 | 6062000 | &nbsp;&nbsp; 6331724 |
| Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp; 2.90%, 02/16/2028 | 5678000 | &nbsp;&nbsp; 5449628 |
| &nbsp;&nbsp;&nbsp; 5.92%, 03/20/2028<sup>(b)</sup> | 7570000 | &nbsp;&nbsp; 7740783 |
| &nbsp;&nbsp;&nbsp; 6.80%, 05/12/2028 | 11268000 | &nbsp;&nbsp; 11738286 |
| &nbsp;&nbsp;&nbsp; 6.80%, 11/07/2028 | 11365000 | &nbsp;&nbsp; 11901146 |
| General Motors Co. |  |  |
| &nbsp;&nbsp;&nbsp; 5.35%, 04/15/2028 | 5680000 | &nbsp;&nbsp; 5825795 |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028<sup>(b)</sup> | 5685000 | &nbsp;&nbsp; 5798797 |
| &nbsp;&nbsp;&nbsp; Honda Motor Co. Ltd. (Japan), 4.44%, <br> 07/08/2028<br>| 5306000 | &nbsp;&nbsp; 5358223 |
| &nbsp;&nbsp;&nbsp; PACCAR Financial Corp., 4.55%, <br> 03/03/2028<sup>(b)</sup><br>| 4547000 | &nbsp;&nbsp; 4624529 |
| Toyota Motor Corp. (Japan) |  |  |
| &nbsp;&nbsp;&nbsp; 5.12%, 07/13/2028<sup>(b)</sup> | 3758000 | &nbsp;&nbsp; 3879743 |
| &nbsp;&nbsp;&nbsp; 3.67%, 07/20/2028 | 3785000 | &nbsp;&nbsp; 3775639 |
| Toyota Motor Credit Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.05%, 01/11/2028 | 3785000 | &nbsp;&nbsp; 3725339 |
| &nbsp;&nbsp;&nbsp; 4.63%, 01/12/2028 | 7570000 | &nbsp;&nbsp; 7690954 |
| &nbsp;&nbsp;&nbsp; 1.90%, 04/06/2028 | 5685000 | &nbsp;&nbsp; 5447043 |
| &nbsp;&nbsp;&nbsp; 4.05%, 09/05/2028 | 6060000 | &nbsp;&nbsp; 6085149 |
| &nbsp;&nbsp;&nbsp; 5.25%, 09/11/2028<sup>(b)</sup> | 5685000 | &nbsp;&nbsp; 5895113 |
|  |  | &nbsp;&nbsp; 130823380 |
| **Banks-12.09%** | **Banks-12.09%** | **Banks-12.09%** |
| Banco Santander S.A. (Spain) |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 04/12/2028<sup>(b)</sup> | 9331000 | &nbsp;&nbsp; 9375870 |
| &nbsp;&nbsp;&nbsp; 5.59%, 08/08/2028 | 11339000 | &nbsp;&nbsp; 11768230 |
| &nbsp;&nbsp;&nbsp; 6.61%, 11/07/2028<sup>(b)</sup> | 9500000 | &nbsp;&nbsp; 10144200 |
| Bank of Montreal (Canada) |  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 02/01/2028<sup>(b)</sup> | 9084000 | &nbsp;&nbsp; 9326582 |
| &nbsp;&nbsp;&nbsp; 5.72%, 09/25/2028<sup>(b)</sup> | 7569000 | &nbsp;&nbsp; 7906835 |
| &nbsp;&nbsp;&nbsp; Bank of Nova Scotia (The) (Canada), <br> 5.25%, 06/12/2028<br>| 5685000 | &nbsp;&nbsp; 5863924 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Banks-(continued)** | **Banks-(continued)** | **Banks-(continued)** | **Banks-(continued)** |
| &nbsp;&nbsp;&nbsp; Barclays PLC (United Kingdom), 4.84%, <br> 05/09/2028<br>| $| 15148000 | &nbsp;&nbsp; $15246258 |
| &nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce <br> (Canada)<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/28/2028<sup>(b)</sup> |  | 7578000 | &nbsp;&nbsp; 7762112 |
| &nbsp;&nbsp;&nbsp; 5.99%, 10/03/2028<sup>(b)</sup> |  | 5300000 | &nbsp;&nbsp; 5583434 |
| Capital One N.A., 4.65%, 09/13/2028 |  | 6821000 | &nbsp;&nbsp; 6930106 |
| Citibank N.A., 5.80%, 09/29/2028 |  | 18937000 | &nbsp;&nbsp; 19881202 |
| Citigroup, Inc., 4.13%, 07/25/2028 |  | 15902000 | &nbsp;&nbsp; 15908623 |
| &nbsp;&nbsp;&nbsp; Cooperatieve Rabobank U.A. <br> (Netherlands)<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 01/21/2028<sup>(b)</sup> |  | 5216000 | &nbsp;&nbsp; 5342521 |
| &nbsp;&nbsp;&nbsp; 3.96%, 10/17/2028<sup>(b)</sup> |  | 3783000 | &nbsp;&nbsp; 3798052 |
| Fifth Third Bancorp, 3.95%, 03/14/2028 |  | 4927000 | &nbsp;&nbsp; 4919246 |
| HSBC USA, Inc., 4.65%, 06/03/2028<sup>(b)</sup> |  | 6815000 | &nbsp;&nbsp; 6930485 |
| KeyCorp, 4.10%, 04/30/2028 |  | 5676000 | &nbsp;&nbsp; 5680838 |
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC (United <br> Kingdom), 4.38%, 03/22/2028<br>|  | 11358000 | &nbsp;&nbsp; 11435944 |
| &nbsp;&nbsp;&nbsp; Manufacturers & Traders Trust Co., <br> 4.70%, 01/27/2028<sup>(b)</sup><br>|  | 9084000 | &nbsp;&nbsp; 9213552 |
| &nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. <br> (Japan)<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.96%, 03/02/2028<sup>(b)</sup> |  | 9766000 | &nbsp;&nbsp; 9777512 |
| &nbsp;&nbsp;&nbsp; 4.05%, 09/11/2028<sup>(b)</sup> |  | 7511000 | &nbsp;&nbsp; 7542710 |
| &nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. (Japan), <br> 4.02%, 03/05/2028<br>|  | 9770000 | &nbsp;&nbsp; 9797978 |
| &nbsp;&nbsp;&nbsp; National Bank of Canada (Canada), <br> 5.60%, 12/18/2028<br>|  | 7577000 | &nbsp;&nbsp; 7920554 |
| PNC Bank N.A. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 01/22/2028<sup>(b)</sup> |  | 5306000 | &nbsp;&nbsp; 5250899 |
| &nbsp;&nbsp;&nbsp; 4.05%, 07/26/2028<sup>(b)</sup> |  | 9464000 | &nbsp;&nbsp; 9475416 |
| &nbsp;&nbsp;&nbsp; Regions Financial Corp., 1.80%, <br> 08/12/2028<sup>(b)</sup><br>|  | 4886000 | &nbsp;&nbsp; 4607417 |
| Royal Bank of Canada (Canada) |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 01/12/2028<sup>(b)</sup> |  | 5685000 | &nbsp;&nbsp; 5809517 |
| &nbsp;&nbsp;&nbsp; 5.20%, 08/01/2028 |  | 7569000 | &nbsp;&nbsp; 7815740 |
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. <br> (Japan)<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.52%, 01/13/2028 |  | 14389000 | &nbsp;&nbsp; 14849342 |
| &nbsp;&nbsp;&nbsp; 3.54%, 01/17/2028 |  | 5684000 | &nbsp;&nbsp; 5642543 |
| &nbsp;&nbsp;&nbsp; 5.80%, 07/13/2028<sup>(b)</sup> |  | 5685000 | &nbsp;&nbsp; 5934572 |
| &nbsp;&nbsp;&nbsp; 3.94%, 07/19/2028 |  | 5633000 | &nbsp;&nbsp; 5642094 |
| &nbsp;&nbsp;&nbsp; 5.72%, 09/14/2028 |  | 8336000 | &nbsp;&nbsp; 8698995 |
| &nbsp;&nbsp;&nbsp; 1.90%, 09/17/2028 |  | 15148000 | &nbsp;&nbsp; 14306940 |
| Synovus Bank, 5.63%, 02/15/2028 |  | 3785000 | &nbsp;&nbsp; 3864239 |
| Toronto-Dominion Bank (The) (Canada) |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.16%, 01/10/2028 |  | 9469000 | &nbsp;&nbsp; 9684075 |
| &nbsp;&nbsp;&nbsp; 4.86%, 01/31/2028 |  | 9464000 | &nbsp;&nbsp; 9631775 |
| &nbsp;&nbsp;&nbsp; 4.57%, 06/02/2028 |  | 7570000 | &nbsp;&nbsp; 7671220 |
| &nbsp;&nbsp;&nbsp; 5.52%, 07/17/2028<sup>(b)</sup> |  | 9464000 | &nbsp;&nbsp; 9819395 |
| &nbsp;&nbsp;&nbsp; 4.11%, 10/13/2028 |  | 7571000 | &nbsp;&nbsp; 7590169 |
| U.S. Bancorp, 3.90%, 04/26/2028 |  | 6442000 | &nbsp;&nbsp; 6453994 |
| UBS AG (Switzerland) |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 02/15/2028 |  | 7100000 | &nbsp;&nbsp; 7648006 |
| &nbsp;&nbsp;&nbsp; 5.65%, 09/11/2028 |  | 11269000 | &nbsp;&nbsp; 11783083 |
|  |  |  | &nbsp;&nbsp; 370236199 |
| **Beverages-1.44%** | **Beverages-1.44%** | **Beverages-1.44%** | **Beverages-1.44%** |
| Coca-Cola Co. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.50%, 03/05/2028<sup>(b)</sup> |  | 5685000 | &nbsp;&nbsp; 5427087 |
| &nbsp;&nbsp;&nbsp; 1.00%, 03/15/2028<sup>(b)</sup> |  | 9843000 | &nbsp;&nbsp; 9282209 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2028 Corporate Bond ETF (BSCS)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Beverages-(continued)** | **Beverages-(continued)** | **Beverages-(continued)** | **Beverages-(continued)** |
| &nbsp;&nbsp;&nbsp; Constellation Brands, Inc., 3.60%, <br> 02/15/2028<br>| $| 5300000 | &nbsp;&nbsp; $5250898 |
| &nbsp;&nbsp;&nbsp; Diageo Capital PLC (United Kingdom), <br> 3.88%, 05/18/2028<br>|  | 3785000 | &nbsp;&nbsp; 3784644 |
| &nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc., 4.35%, <br> 05/15/2028<br>|  | 3790000 | &nbsp;&nbsp; 3802734 |
| PepsiCo, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.45%, 02/07/2028<sup>(b)</sup> |  | 5684000 | &nbsp;&nbsp; 5771092 |
| &nbsp;&nbsp;&nbsp; 3.60%, 02/18/2028 |  | 5683000 | &nbsp;&nbsp; 5668961 |
| &nbsp;&nbsp;&nbsp; 4.45%, 05/15/2028<sup>(b)</sup> |  | 4918000 | &nbsp;&nbsp; 4999095 |
|  |  |  | &nbsp;&nbsp; 43986720 |
| **Biotechnology-1.55%** | **Biotechnology-1.55%** | **Biotechnology-1.55%** | **Biotechnology-1.55%** |
| AbbVie, Inc., 4.65%, 03/15/2028 |  | 9469000 | &nbsp;&nbsp; 9628851 |
| Amgen, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.15%, 03/02/2028 |  | 28401000 | &nbsp;&nbsp; 29073771 |
| &nbsp;&nbsp;&nbsp; 1.65%, 08/15/2028<sup>(b)</sup> |  | 9350000 | &nbsp;&nbsp; 8797895 |
|  |  |  | &nbsp;&nbsp; 47500517 |
| **Broadline Retail-0.96%** | **Broadline Retail-0.96%** | **Broadline Retail-0.96%** | **Broadline Retail-0.96%** |
| Amazon.com, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.65%, 05/12/2028 |  | 17037000 | &nbsp;&nbsp; 16222907 |
| &nbsp;&nbsp;&nbsp; 3.90%, 11/20/2028 |  | 13258000 | &nbsp;&nbsp; 13312432 |
|  |  |  | &nbsp;&nbsp; 29535339 |
| **Building Products-0.27%** | **Building Products-0.27%** | **Building Products-0.27%** | **Building Products-0.27%** |
| &nbsp;&nbsp;&nbsp; Lennox International, Inc., 5.50%, <br> 09/15/2028<br>|  | 3785000 | &nbsp;&nbsp; 3919310 |
| Masco Corp., 1.50%, 02/15/2028 |  | 4547000 | &nbsp;&nbsp; 4290241 |
|  |  |  | &nbsp;&nbsp; 8209551 |
| **Capital Markets-5.21%** | **Capital Markets-5.21%** | **Capital Markets-5.21%** | **Capital Markets-5.21%** |
| &nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc., 5.70%, <br> 12/15/2028<br>|  | 4547000 | &nbsp;&nbsp; 4766569 |
| &nbsp;&nbsp;&nbsp; Ares Capital Corp., 2.88%, <br> 06/15/2028<sup>(b)</sup><br>|  | 9464000 | &nbsp;&nbsp; 9035432 |
| &nbsp;&nbsp;&nbsp; Ares Management Corp., 6.38%, <br> 11/10/2028<br>|  | 3786000 | &nbsp;&nbsp; 4006768 |
| &nbsp;&nbsp;&nbsp; Ares Strategic Income Fund, 5.70%, <br> 03/15/2028<br>|  | 7566000 | &nbsp;&nbsp; 7669593 |
| Bank of New York Mellon Corp. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.40%, 01/29/2028 |  | 5683041 | &nbsp;&nbsp; 5641323 |
| &nbsp;&nbsp;&nbsp; 3.85%, 04/28/2028 |  | 6821000 | &nbsp;&nbsp; 6848952 |
| &nbsp;&nbsp;&nbsp; 1.65%, 07/14/2028 |  | 3784000 | &nbsp;&nbsp; 3587595 |
| &nbsp;&nbsp;&nbsp; 3.00%, 10/30/2028 |  | 3791000 | &nbsp;&nbsp; 3689760 |
| Blackstone Secured Lending Fund |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.35%, 04/13/2028 |  | 5306000 | &nbsp;&nbsp; 5360216 |
| &nbsp;&nbsp;&nbsp; 2.85%, 09/30/2028<sup>(b)</sup> |  | 4844666 | &nbsp;&nbsp; 4581433 |
| &nbsp;&nbsp;&nbsp; Blue Owl Credit Income Corp., 7.95%, <br> 06/13/2028<br>|  | 4926000 | &nbsp;&nbsp; 5217632 |
| &nbsp;&nbsp;&nbsp; Brookfield Finance, Inc. (Canada), 3.90%, <br> 01/25/2028<br>|  | 7948000 | &nbsp;&nbsp; 7921078 |
| Charles Schwab Corp. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.20%, 01/25/2028 |  | 5299000 | &nbsp;&nbsp; 5225236 |
| &nbsp;&nbsp;&nbsp; 2.00%, 03/20/2028 |  | 9471000 | &nbsp;&nbsp; 9097315 |
| CME Group, Inc., 3.75%, 06/15/2028<sup>(b)</sup> |  | 3784000 | &nbsp;&nbsp; 3786737 |
| &nbsp;&nbsp;&nbsp; FS KKR Capital Corp., 3.13%, <br> 10/12/2028<br>|  | 5685000 | &nbsp;&nbsp; 5262995 |
| &nbsp;&nbsp;&nbsp; Golub Capital BDC, Inc., 7.05%, <br> 12/05/2028<sup>(b)</sup><br>|  | 5210000 | &nbsp;&nbsp; 5487316 |
| &nbsp;&nbsp;&nbsp; HPS Corporate Lending Fund, 5.45%, <br> 01/14/2028<sup>(b)</sup><br>|  | 5684000 | &nbsp;&nbsp; 5729772 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Capital Markets-(continued)** | **Capital Markets-(continued)** | **Capital Markets-(continued)** | **Capital Markets-(continued)** |
| &nbsp;&nbsp;&nbsp; Jefferies Financial Group, Inc., 5.88%, <br> 07/21/2028<br>| $| 7569000 | &nbsp;&nbsp; $7852540 |
| &nbsp;&nbsp;&nbsp; Marex Group PLC (United Kingdom), <br> 5.83%, 05/08/2028<sup>(b)</sup><br>|  | 3790000 | &nbsp;&nbsp; 3848130 |
| Nasdaq, Inc., 5.35%, 06/28/2028 |  | 6668000 | &nbsp;&nbsp; 6880591 |
| Nomura Holdings, Inc. (Japan) |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.84%, 01/18/2028 |  | 4164000 | &nbsp;&nbsp; 4305525 |
| &nbsp;&nbsp;&nbsp; 6.07%, 07/12/2028<sup>(b)</sup> |  | 6821000 | &nbsp;&nbsp; 7130527 |
| &nbsp;&nbsp;&nbsp; 2.17%, 07/14/2028 |  | 7578000 | &nbsp;&nbsp; 7209059 |
| &nbsp;&nbsp;&nbsp; Northern Trust Corp., 3.65%, <br> 08/03/2028<sup>(b)</sup><br>|  | 3785000 | &nbsp;&nbsp; 3775983 |
| S&P Global, Inc., 4.75%, 08/01/2028<sup>(b)</sup> |  | 5258000 | &nbsp;&nbsp; 5361498 |
| State Street Corp., 4.54%, 02/28/2028 |  | 10222000 | &nbsp;&nbsp; 10377934 |
|  |  |  | &nbsp;&nbsp; 159657509 |
| **Chemicals-0.91%** | **Chemicals-0.91%** | **Chemicals-0.91%** | **Chemicals-0.91%** |
| &nbsp;&nbsp;&nbsp; Air Products and Chemicals, Inc., 4.30%, <br> 06/11/2028<sup>(b)</sup><br>|  | 4547000 | &nbsp;&nbsp; 4595217 |
| Ecolab, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/15/2028 |  | 3790000 | &nbsp;&nbsp; 3895476 |
| &nbsp;&nbsp;&nbsp; 4.30%, 06/15/2028<sup>(b)</sup> |  | 3783000 | &nbsp;&nbsp; 3822131 |
| &nbsp;&nbsp;&nbsp; Nutrien Ltd. (Canada), 4.90%, <br> 03/27/2028<sup>(b)</sup><br>|  | 5680000 | &nbsp;&nbsp; 5783626 |
| &nbsp;&nbsp;&nbsp; PPG Industries, Inc., 3.75%, <br> 03/15/2028<sup>(b)</sup><br>|  | 5983000 | &nbsp;&nbsp; 5970310 |
| &nbsp;&nbsp;&nbsp; Sherwin-Williams Co. (The), 4.30%, <br> 08/15/2028<br>|  | 3790000 | &nbsp;&nbsp; 3814623 |
|  |  |  | &nbsp;&nbsp; 27881383 |
| **Commercial Services & Supplies-0.86%** | **Commercial Services & Supplies-0.86%** | **Commercial Services & Supplies-0.86%** | **Commercial Services & Supplies-0.86%** |
| &nbsp;&nbsp;&nbsp; CDW LLC/CDW Finance Corp., 3.28%, <br> 12/01/2028<br>|  | 3785000 | &nbsp;&nbsp; 3663009 |
| &nbsp;&nbsp;&nbsp; Republic Services, Inc., 3.95%, <br> 05/15/2028<sup>(b)</sup><br>|  | 6063018 | &nbsp;&nbsp; 6078214 |
| Veralto Corp., 5.35%, 09/18/2028 |  | 5297000 | &nbsp;&nbsp; 5470999 |
| Waste Management, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.15%, 03/15/2028 |  | 3791000 | &nbsp;&nbsp; 3570213 |
| &nbsp;&nbsp;&nbsp; 4.50%, 03/15/2028 |  | 7569000 | &nbsp;&nbsp; 7676092 |
|  |  |  | &nbsp;&nbsp; 26458527 |
| **Communications Equipment-0.43%** | **Communications Equipment-0.43%** | **Communications Equipment-0.43%** | **Communications Equipment-0.43%** |
| &nbsp;&nbsp;&nbsp; Cisco Systems, Inc., 4.55%, <br> 02/24/2028<sup>(b)</sup><br>|  | 7569000 | &nbsp;&nbsp; 7697785 |
| &nbsp;&nbsp;&nbsp; Motorola Solutions, Inc., 4.60%, <br> 02/23/2028<br>|  | 5299000 | &nbsp;&nbsp; 5355812 |
|  |  |  | &nbsp;&nbsp; 13053597 |
| **Construction & Engineering-0.12%** | **Construction & Engineering-0.12%** | **Construction & Engineering-0.12%** | **Construction & Engineering-0.12%** |
| &nbsp;&nbsp;&nbsp; Quanta Services, Inc., 4.30%, <br> 08/09/2028<br>|  | 3785000 | &nbsp;&nbsp; 3807131 |
| **Consumer Finance-1.98%** | **Consumer Finance-1.98%** | **Consumer Finance-1.98%** | **Consumer Finance-1.98%** |
| &nbsp;&nbsp;&nbsp; Ally Financial, Inc., 2.20%, <br> 11/02/2028<sup>(b)</sup><br>|  | 5645000 | &nbsp;&nbsp; 5305580 |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp., 3.80%, <br> 01/31/2028<br>|  | 10604000 | &nbsp;&nbsp; 10549188 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2028 Corporate Bond ETF (BSCS)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Consumer Finance-(continued)** | **Consumer Finance-(continued)** | **Consumer Finance-(continued)** | **Consumer Finance-(continued)** |
| General Motors Financial Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/09/2028<sup>(b)</sup> | $| 7511000 | &nbsp;&nbsp; $7780336 |
| &nbsp;&nbsp;&nbsp; 5.05%, 04/04/2028 |  | 9084000 | &nbsp;&nbsp; 9250746 |
| &nbsp;&nbsp;&nbsp; 2.40%, 04/10/2028 |  | 7572000 | &nbsp;&nbsp; 7266990 |
| &nbsp;&nbsp;&nbsp; 5.80%, 06/23/2028 |  | 10222000 | &nbsp;&nbsp; 10598664 |
| &nbsp;&nbsp;&nbsp; 2.40%, 10/15/2028 |  | 7511000 | &nbsp;&nbsp; 7160440 |
| &nbsp;&nbsp;&nbsp; 4.20%, 10/27/2028 |  | 2619000 | &nbsp;&nbsp; 2620931 |
|  |  |  | &nbsp;&nbsp; 60532875 |
| **Consumer Staples Distribution & Retail-1.53%** | **Consumer Staples Distribution & Retail-1.53%** | **Consumer Staples Distribution & Retail-1.53%** | **Consumer Staples Distribution & Retail-1.53%** |
| Dollar General Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 05/01/2028 |  | 3789000 | &nbsp;&nbsp; 3790929 |
| &nbsp;&nbsp;&nbsp; 5.20%, 07/05/2028 |  | 3791000 | &nbsp;&nbsp; 3888064 |
| Dollar Tree, Inc., 4.20%, 05/15/2028 |  | 9464000 | &nbsp;&nbsp; 9460402 |
| Target Corp., 4.35%, 06/15/2028<sup>(b)</sup> |  | 3788000 | &nbsp;&nbsp; 3831470 |
| Walmart, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.90%, 04/15/2028 |  | 5645000 | &nbsp;&nbsp; 5681796 |
| &nbsp;&nbsp;&nbsp; 3.70%, 06/26/2028<sup>(b)</sup> |  | 11109000 | &nbsp;&nbsp; 11139900 |
| &nbsp;&nbsp;&nbsp; 1.50%, 09/22/2028<sup>(b)</sup> |  | 9468000 | &nbsp;&nbsp; 8948185 |
|  |  |  | &nbsp;&nbsp; 46740746 |
| **Containers & Packaging-0.14%** | **Containers & Packaging-0.14%** | **Containers & Packaging-0.14%** | **Containers & Packaging-0.14%** |
| WRKCo, Inc., 4.00%, 03/15/2028<sup>(b)</sup> |  | 4356000 | &nbsp;&nbsp; 4352845 |
| **Distributors-0.20%** | **Distributors-0.20%** | **Distributors-0.20%** | **Distributors-0.20%** |
| LKQ Corp., 5.75%, 06/15/2028<sup>(b)</sup> |  | 6059000 | &nbsp;&nbsp; 6265838 |
| **Diversified REITs-0.83%** | **Diversified REITs-0.83%** | **Diversified REITs-0.83%** | **Diversified REITs-0.83%** |
| CubeSmart L.P., 2.25%, 12/15/2028 |  | 4168000 | &nbsp;&nbsp; 3950981 |
| Digital Realty Trust L.P. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.55%, 01/15/2028 |  | 6818000 | &nbsp;&nbsp; 7018960 |
| &nbsp;&nbsp;&nbsp; 4.45%, 07/15/2028 |  | 4866000 | &nbsp;&nbsp; 4906789 |
| &nbsp;&nbsp;&nbsp; VICI Properties L.P., 4.75%, <br> 02/15/2028<br>|  | 9464000 | &nbsp;&nbsp; 9561905 |
|  |  |  | &nbsp;&nbsp; 25438635 |
| **Diversified Telecommunication Services-1.03%** | **Diversified Telecommunication Services-1.03%** | **Diversified Telecommunication Services-1.03%** | **Diversified Telecommunication Services-1.03%** |
| AT&T, Inc., 1.65%, 02/01/2028 |  | 17037000 | &nbsp;&nbsp; 16204008 |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc., 2.10%, <br> 03/22/2028<br>|  | 16130000 | &nbsp;&nbsp; 15476317 |
|  |  |  | &nbsp;&nbsp; 31680325 |
| **Electric Utilities-6.64%** | **Electric Utilities-6.64%** | **Electric Utilities-6.64%** | **Electric Utilities-6.64%** |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway Energy Co., 3.25%, <br> 04/15/2028<br>|  | 4545000 | &nbsp;&nbsp; 4475173 |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy Houston Electric LLC, <br> 5.20%, 10/01/2028<br>|  | 3787000 | &nbsp;&nbsp; 3912359 |
| &nbsp;&nbsp;&nbsp; Commonwealth Edison Co., 3.70%, <br> 08/15/2028<sup>(b)</sup><br>|  | 4167000 | &nbsp;&nbsp; 4150729 |
| &nbsp;&nbsp;&nbsp; Constellation Energy Generation LLC, <br> 5.60%, 03/01/2028<sup>(b)</sup><br>|  | 5645000 | &nbsp;&nbsp; 5836147 |
| Duke Energy Corp., 4.30%, 03/15/2028 |  | 6821000 | &nbsp;&nbsp; 6856301 |
| &nbsp;&nbsp;&nbsp; Duke Energy Florida LLC, 3.80%, <br> 07/15/2028<br>|  | 4547000 | &nbsp;&nbsp; 4546968 |
| &nbsp;&nbsp;&nbsp; Duke Energy Progress LLC, 3.70%, <br> 09/01/2028<br>|  | 3789000 | &nbsp;&nbsp; 3772002 |
| Edison International |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 03/15/2028 |  | 4169000 | &nbsp;&nbsp; 4121755 |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/15/2028<sup>(b)</sup> |  | 4472000 | &nbsp;&nbsp; 4538156 |
| Entergy Corp., 1.90%, 06/15/2028 |  | 4926000 | &nbsp;&nbsp; 4675504 |
| Eversource Energy, 5.45%, 03/01/2028 |  | 9843000 | &nbsp;&nbsp; 10083645 |
| Exelon Corp., 5.15%, 03/15/2028 |  | 7571000 | &nbsp;&nbsp; 7743511 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Electric Utilities-(continued)** | **Electric Utilities-(continued)** | **Electric Utilities-(continued)** | **Electric Utilities-(continued)** |
| Florida Power & Light Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.05%, 04/01/2028 | $| 7571000 | &nbsp;&nbsp; $7768818 |
| &nbsp;&nbsp;&nbsp; 4.40%, 05/15/2028 |  | 5677000 | &nbsp;&nbsp; 5754102 |
| Georgia Power Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.65%, 05/16/2028 |  | 5683000 | &nbsp;&nbsp; 5775081 |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2028 |  | 5680000 | &nbsp;&nbsp; 5694128 |
| &nbsp;&nbsp;&nbsp; National Rural Utilities Cooperative <br> Finance Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.40%, 02/07/2028<sup>(b)</sup> |  | 5299000 | &nbsp;&nbsp; 5245271 |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/07/2028 |  | 4547000 | &nbsp;&nbsp; 4616218 |
| &nbsp;&nbsp;&nbsp; 4.80%, 03/15/2028 |  | 4545000 | &nbsp;&nbsp; 4625997 |
| &nbsp;&nbsp;&nbsp; Series D, 4.15%, 08/25/2028 |  | 5303000 | &nbsp;&nbsp; 5334593 |
| NextEra Energy Capital Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.85%, 02/04/2028<sup>(b)</sup> |  | 7575000 | &nbsp;&nbsp; 7715840 |
| &nbsp;&nbsp;&nbsp; 4.90%, 02/28/2028<sup>(b)</sup> |  | 9468000 | &nbsp;&nbsp; 9647092 |
| &nbsp;&nbsp;&nbsp; 1.90%, 06/15/2028 |  | 11356000 | &nbsp;&nbsp; 10800707 |
| &nbsp;&nbsp;&nbsp; Oncor Electric Delivery Co. LLC, 4.30%, <br> 05/15/2028<br>|  | 4548000 | &nbsp;&nbsp; 4583745 |
| Pacific Gas and Electric Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 06/15/2028 |  | 6063000 | &nbsp;&nbsp; 5867161 |
| &nbsp;&nbsp;&nbsp; 3.75%, 07/01/2028 |  | 6632000 | &nbsp;&nbsp; 6541315 |
| &nbsp;&nbsp;&nbsp; Pacific Gas And Electric Co., 5.00%, <br> 06/04/2028<br>|  | 6060000 | &nbsp;&nbsp; 6161273 |
| PG&E Corp., 5.00%, 07/01/2028 |  | 7571000 | &nbsp;&nbsp; 7520523 |
| &nbsp;&nbsp;&nbsp; San Diego Gas & Electric Co., 4.95%, <br> 08/15/2028<br>|  | 4547000 | &nbsp;&nbsp; 4657894 |
| Southern California Edison Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.30%, 03/01/2028 |  | 5683000 | &nbsp;&nbsp; 5796825 |
| &nbsp;&nbsp;&nbsp; 5.65%, 10/01/2028 |  | 4167000 | &nbsp;&nbsp; 4314325 |
| Southern Co. (The), 4.85%, 06/15/2028 |  | 5683000 | &nbsp;&nbsp; 5788453 |
| &nbsp;&nbsp;&nbsp; Southwestern Electric Power Co., <br> Series M, 4.10%, 09/15/2028<br>|  | 4358000 | &nbsp;&nbsp; 4357170 |
| &nbsp;&nbsp;&nbsp; Virginia Electric & Power Co., Series A, <br> 3.80%, 04/01/2028<br>|  | 5306000 | &nbsp;&nbsp; 5290752 |
| Xcel Energy, Inc., 4.00%, 06/15/2028<sup>(b)</sup> |  | 4773000 | &nbsp;&nbsp; 4770398 |
|  |  |  | &nbsp;&nbsp; 203339931 |
| **Electrical Equipment-0.55%** | **Electrical Equipment-0.55%** | **Electrical Equipment-0.55%** | **Electrical Equipment-0.55%** |
| &nbsp;&nbsp;&nbsp; Emerson Electric Co., 2.00%, <br> 12/21/2028<br>|  | 7577000 | &nbsp;&nbsp; 7178114 |
| &nbsp;&nbsp;&nbsp; Regal Rexnord Corp., 6.05%, <br> 04/15/2028<br>|  | 9460000 | &nbsp;&nbsp; 9793338 |
|  |  |  | &nbsp;&nbsp; 16971452 |
| **Electronic Equipment, Instruments & Components-1.22%** | **Electronic Equipment, Instruments & Components-1.22%** | **Electronic Equipment, Instruments & Components-1.22%** | **Electronic Equipment, Instruments & Components-1.22%** |
| Amphenol Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 06/12/2028 |  | 5685000 | &nbsp;&nbsp; 5749788 |
| &nbsp;&nbsp;&nbsp; 3.90%, 11/15/2028 |  | 2000000 | &nbsp;&nbsp; 2001228 |
| &nbsp;&nbsp;&nbsp; Arrow Electronics, Inc., 3.88%, <br> 01/12/2028<br>|  | 3789000 | &nbsp;&nbsp; 3761745 |
| Avnet, Inc., 6.25%, 03/15/2028<sup>(b)</sup> |  | 3785000 | &nbsp;&nbsp; 3928194 |
| Jabil, Inc., 3.95%, 01/12/2028 |  | 3786000 | &nbsp;&nbsp; 3776718 |
| TD SYNNEX Corp., 2.38%, 08/09/2028 |  | 4548000 | &nbsp;&nbsp; 4330324 |
| &nbsp;&nbsp;&nbsp; Teledyne Technologies, Inc., 2.25%, <br> 04/01/2028<br>|  | 5306000 | &nbsp;&nbsp; 5087378 |
| &nbsp;&nbsp;&nbsp; Trane Technologies Holdco, Inc., 3.75%, <br> 08/21/2028<br>|  | 4169000 | &nbsp;&nbsp; 4154931 |
| Trimble, Inc., 4.90%, 06/15/2028 |  | 4549000 | &nbsp;&nbsp; 4620331 |
|  |  |  | &nbsp;&nbsp; 37410637 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2028 Corporate Bond ETF (BSCS)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Energy Equipment & Services-0.12%** | **Energy Equipment & Services-0.12%** | **Energy Equipment & Services-0.12%** |
| &nbsp;&nbsp;&nbsp; Patterson-UTI Energy, Inc., 3.95%, <br> 02/01/2028<br>| $3651000 | &nbsp;&nbsp; $3593375 |
| **Entertainment-0.93%** | **Entertainment-0.93%** | **Entertainment-0.93%** |
| Netflix, Inc., 5.88%, 11/15/2028<sup>(b)</sup> | 14300000 | &nbsp;&nbsp; 15085775 |
| &nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc., <br> 4.95%, 03/28/2028<br>| 6063000 | &nbsp;&nbsp; 6175057 |
| &nbsp;&nbsp;&nbsp; Walt Disney Co. (The), 2.20%, <br> 01/13/2028<sup>(b)</sup><br>| 7573000 | &nbsp;&nbsp; 7339205 |
|  |  | &nbsp;&nbsp; 28600037 |
| **Financial Services-3.59%** | **Financial Services-3.59%** | **Financial Services-3.59%** |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust (Ireland)<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 01/23/2028 | 4168000 | &nbsp;&nbsp; 4148550 |
| &nbsp;&nbsp;&nbsp; 4.88%, 04/01/2028<sup>(b)</sup> | 5685000 | &nbsp;&nbsp; 5779082 |
| &nbsp;&nbsp;&nbsp; 5.75%, 06/06/2028<sup>(b)</sup> | 7569000 | &nbsp;&nbsp; 7851631 |
| &nbsp;&nbsp;&nbsp; 3.00%, 10/29/2028 | 28397000 | &nbsp;&nbsp; 27497876 |
| &nbsp;&nbsp;&nbsp; Blackstone Private Credit Fund, 7.30%, <br> 11/27/2028<br>| 4897000 | &nbsp;&nbsp; 5208116 |
| Block Financial LLC, 2.50%, 07/15/2028 | 3785000 | &nbsp;&nbsp; 3607682 |
| &nbsp;&nbsp;&nbsp; Fidelity National Information Services, <br> Inc., 1.65%, 03/01/2028<sup>(b)</sup><br>| 5676000 | &nbsp;&nbsp; 5369989 |
| Fiserv, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.45%, 03/02/2028 | 6737000 | &nbsp;&nbsp; 6893073 |
| &nbsp;&nbsp;&nbsp; 5.38%, 08/21/2028 | 5297000 | &nbsp;&nbsp; 5432664 |
| &nbsp;&nbsp;&nbsp; Global Payments, Inc., 4.50%, <br> 11/15/2028<br>| 8000000 | &nbsp;&nbsp; 8028613 |
| LPL Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 04/03/2028 | 3790000 | &nbsp;&nbsp; 3845799 |
| &nbsp;&nbsp;&nbsp; 6.75%, 11/17/2028 | 5685000 | &nbsp;&nbsp; 6068798 |
| Mastercard, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.10%, 01/15/2028 | 5685000 | &nbsp;&nbsp; 5727940 |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/26/2028 | 3755000 | &nbsp;&nbsp; 3741941 |
| &nbsp;&nbsp;&nbsp; 4.88%, 03/09/2028<sup>(b)</sup> | 5683000 | &nbsp;&nbsp; 5822880 |
| &nbsp;&nbsp;&nbsp; MGIC Investment Corp., 5.25%, <br> 08/15/2028<br>| 4884000 | &nbsp;&nbsp; 4884123 |
|  |  | &nbsp;&nbsp; 109908757 |
| **Food Products-1.66%** | **Food Products-1.66%** | **Food Products-1.66%** |
| &nbsp;&nbsp;&nbsp; Campbell's Co. (The), 4.15%, <br> 03/15/2028<br>| 7578552 | &nbsp;&nbsp; 7596654 |
| General Mills, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.20%, 04/17/2028 | 10601000 | &nbsp;&nbsp; 10635005 |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/17/2028<sup>(b)</sup> | 3786000 | &nbsp;&nbsp; 3931865 |
| Hershey Co. (The), 4.55%, 02/24/2028 | 3790000 | &nbsp;&nbsp; 3855200 |
| &nbsp;&nbsp;&nbsp; Hormel Foods Corp., 1.70%, <br> 06/03/2028<sup>(b)</sup><br>| 5678000 | &nbsp;&nbsp; 5383390 |
| &nbsp;&nbsp;&nbsp; J.M. Smucker Co. (The), 5.90%, <br> 11/15/2028<br>| 5678000 | &nbsp;&nbsp; 5956951 |
| Kellanova, 4.30%, 05/15/2028 | 4543000 | &nbsp;&nbsp; 4574777 |
| Mondelez International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 05/06/2028 | 5302000 | &nbsp;&nbsp; 5332239 |
| &nbsp;&nbsp;&nbsp; 4.13%, 05/07/2028 | 3493000 | &nbsp;&nbsp; 3505428 |
|  |  | &nbsp;&nbsp; 50771509 |
| **Gas Utilities-0.23%** | **Gas Utilities-0.23%** | **Gas Utilities-0.23%** |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy Resources Corp., <br> 5.25%, 03/01/2028<sup>(b)</sup><br>| 6820000 | &nbsp;&nbsp; 6997510 |
| **Ground Transportation-0.88%** | **Ground Transportation-0.88%** | **Ground Transportation-0.88%** |
| &nbsp;&nbsp;&nbsp; Canadian Pacific Railway Co. (Canada), <br> 4.00%, 06/01/2028<br>| 3785000 | &nbsp;&nbsp; 3790399 |
| CSX Corp., 3.80%, 03/01/2028 | 6059000 | &nbsp;&nbsp; 6053081 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Ground Transportation-(continued)** | **Ground Transportation-(continued)** | **Ground Transportation-(continued)** | **Ground Transportation-(continued)** |
| Ryder System, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.65%, 03/01/2028<sup>(b)</sup> | $| 3787000 | &nbsp;&nbsp; $3914064 |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/01/2028 |  | 4927000 | &nbsp;&nbsp; 5063439 |
| &nbsp;&nbsp;&nbsp; Union Pacific Corp., 3.95%, <br> 09/10/2028<sup>(b)</sup><br>|  | 7992300 | &nbsp;&nbsp; 8006001 |
|  |  |  | &nbsp;&nbsp; 26826984 |
| **Health Care Equipment & Supplies-1.65%** | **Health Care Equipment & Supplies-1.65%** | **Health Care Equipment & Supplies-1.65%** | **Health Care Equipment & Supplies-1.65%** |
| &nbsp;&nbsp;&nbsp; Abbott Laboratories, 1.15%, <br> 01/30/2028<br>|  | 4925000 | &nbsp;&nbsp; 4667350 |
| &nbsp;&nbsp;&nbsp; Baxter International, Inc., 2.27%, <br> 12/01/2028<sup>(b)</sup><br>|  | 9461000 | &nbsp;&nbsp; 8911771 |
| &nbsp;&nbsp;&nbsp; Becton, Dickinson and Co., 4.69%, <br> 02/13/2028<br>|  | 6062000 | &nbsp;&nbsp; 6140941 |
| &nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp., 4.30%, <br> 06/15/2028<br>|  | 4548000 | &nbsp;&nbsp; 4566093 |
| &nbsp;&nbsp;&nbsp; Medtronic Global Holdings S.C.A., 4.25%, <br> 03/30/2028<sup>(b)</sup><br>|  | 7578000 | &nbsp;&nbsp; 7630817 |
| Stryker Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.70%, 02/10/2028 |  | 5302000 | &nbsp;&nbsp; 5387242 |
| &nbsp;&nbsp;&nbsp; 3.65%, 03/07/2028 |  | 4547000 | &nbsp;&nbsp; 4531292 |
| &nbsp;&nbsp;&nbsp; 4.85%, 12/08/2028 |  | 4542000 | &nbsp;&nbsp; 4657993 |
| &nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc., 5.35%, <br> 12/01/2028<br>|  | 3788000 | &nbsp;&nbsp; 3921066 |
|  |  |  | &nbsp;&nbsp; 50414565 |
| **Health Care Providers & Services-4.95%** | **Health Care Providers & Services-4.95%** | **Health Care Providers & Services-4.95%** | **Health Care Providers & Services-4.95%** |
| Centene Corp., 2.45%, 07/15/2028 |  | 17423000 | &nbsp;&nbsp; 16256896 |
| Cigna Group (The), 4.38%, 10/15/2028 |  | 28757177 | &nbsp;&nbsp; 29048266 |
| CVS Health Corp., 4.30%, 03/25/2028 |  | 37864000 | &nbsp;&nbsp; 37974156 |
| Elevance Health, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.10%, 03/01/2028 |  | 9462990 | &nbsp;&nbsp; 9468219 |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/15/2028 |  | 5681000 | &nbsp;&nbsp; 5669837 |
| HCA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2028<sup>(b)</sup> |  | 5306000 | &nbsp;&nbsp; 5408821 |
| &nbsp;&nbsp;&nbsp; 5.20%, 06/01/2028<sup>(b)</sup> |  | 7571000 | &nbsp;&nbsp; 7764783 |
| &nbsp;&nbsp;&nbsp; 5.63%, 09/01/2028 |  | 11358000 | &nbsp;&nbsp; 11730992 |
| Humana, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 03/01/2028 |  | 3739000 | &nbsp;&nbsp; 3864446 |
| &nbsp;&nbsp;&nbsp; 5.75%, 12/01/2028 |  | 3789000 | &nbsp;&nbsp; 3945217 |
| UnitedHealth Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/15/2028 |  | 7571000 | &nbsp;&nbsp; 7785217 |
| &nbsp;&nbsp;&nbsp; 3.85%, 06/15/2028 |  | 8706000 | &nbsp;&nbsp; 8696621 |
| &nbsp;&nbsp;&nbsp; 4.40%, 06/15/2028<sup>(b)</sup> |  | 3785000 | &nbsp;&nbsp; 3832418 |
|  |  |  | &nbsp;&nbsp; 151445889 |
| **Health Care REITs-0.60%** | **Health Care REITs-0.60%** | **Health Care REITs-0.60%** | **Health Care REITs-0.60%** |
| &nbsp;&nbsp;&nbsp; Healthpeak OP LLC, 2.13%, <br> 12/01/2028<br>|  | 3786000 | &nbsp;&nbsp; 3568138 |
| &nbsp;&nbsp;&nbsp; Omega Healthcare Investors, Inc., 4.75%, <br> 01/15/2028<br>|  | 4169000 | &nbsp;&nbsp; 4208272 |
| Ventas Realty L.P., 4.00%, 03/01/2028 |  | 4922000 | &nbsp;&nbsp; 4913221 |
| Welltower OP LLC, 4.25%, 04/15/2028 |  | 5683000 | &nbsp;&nbsp; 5727940 |
|  |  |  | &nbsp;&nbsp; 18417571 |
| **Hotels, Restaurants & Leisure-1.86%** | **Hotels, Restaurants & Leisure-1.86%** | **Hotels, Restaurants & Leisure-1.86%** | **Hotels, Restaurants & Leisure-1.86%** |
| &nbsp;&nbsp;&nbsp; Booking Holdings, Inc., 3.55%, <br> 03/15/2028<br>|  | 3785000 | &nbsp;&nbsp; 3756581 |
| Expedia Group, Inc., 3.80%, 02/15/2028 |  | 7577750 | &nbsp;&nbsp; 7528654 |
| Hyatt Hotels Corp., 5.05%, 03/30/2028 |  | 3785000 | &nbsp;&nbsp; 3853865 |
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp., 5.63%, <br> 06/15/2028<br>|  | 7577000 | &nbsp;&nbsp; 7751656 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2028 Corporate Bond ETF (BSCS)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Hotels, Restaurants & Leisure-(continued)** | **Hotels, Restaurants & Leisure-(continued)** | **Hotels, Restaurants & Leisure-(continued)** | **Hotels, Restaurants & Leisure-(continued)** |
| &nbsp;&nbsp;&nbsp; Marriott International, Inc., 5.55%, <br> 10/15/2028<sup>(b)</sup><br>| $| 5306000 | &nbsp;&nbsp; $5521970 |
| McDonald's Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.80%, 04/01/2028 |  | 7948514 | &nbsp;&nbsp; 7933186 |
| &nbsp;&nbsp;&nbsp; 4.80%, 08/14/2028 |  | 4547000 | &nbsp;&nbsp; 4643821 |
| Starbucks Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 03/01/2028 |  | 4546000 | &nbsp;&nbsp; 4502808 |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/15/2028 |  | 5680000 | &nbsp;&nbsp; 5738963 |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/15/2028 |  | 5683000 | &nbsp;&nbsp; 5682665 |
|  |  |  | &nbsp;&nbsp; 56914169 |
| **Household Durables-0.16%** | **Household Durables-0.16%** | **Household Durables-0.16%** | **Household Durables-0.16%** |
| &nbsp;&nbsp;&nbsp; Mohawk Industries, Inc., 5.85%, <br> 09/18/2028<br>|  | 4546000 | &nbsp;&nbsp; 4745692 |
| **Household Products-0.40%** | **Household Products-0.40%** | **Household Products-0.40%** | **Household Products-0.40%** |
| Clorox Co. (The), 3.90%, 05/15/2028<sup>(b)</sup> |  | 3785000 | &nbsp;&nbsp; 3785788 |
| &nbsp;&nbsp;&nbsp; Colgate-Palmolive Co., 4.60%, <br> 03/01/2028<br>|  | 3785000 | &nbsp;&nbsp; 3856578 |
| &nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The), 3.95%, <br> 01/26/2028<sup>(b)</sup><br>|  | 4540000 | &nbsp;&nbsp; 4572219 |
|  |  |  | &nbsp;&nbsp; 12214585 |
| **Independent Power and Renewable Electricity Producers-0.23%** | **Independent Power and Renewable Electricity Producers-0.23%** | **Independent Power and Renewable Electricity Producers-0.23%** | **Independent Power and Renewable Electricity Producers-0.23%** |
| AES Corp. (The), 5.45%, 06/01/2028<sup>(b)</sup> |  | 6821000 | &nbsp;&nbsp; 6982231 |
| **Industrial Conglomerates-0.40%** | **Industrial Conglomerates-0.40%** | **Industrial Conglomerates-0.40%** | **Industrial Conglomerates-0.40%** |
| 3M Co., 3.63%, 09/14/2028<sup>(b)</sup> |  | 4547000 | &nbsp;&nbsp; 4518140 |
| Eaton Corp., 4.35%, 05/18/2028 |  | 3785000 | &nbsp;&nbsp; 3831797 |
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc., 4.95%, <br> 02/15/2028<sup>(b)</sup><br>|  | 3787000 | &nbsp;&nbsp; 3876166 |
|  |  |  | &nbsp;&nbsp; 12226103 |
| **Insurance-0.40%** | **Insurance-0.40%** | **Insurance-0.40%** | **Insurance-0.40%** |
| &nbsp;&nbsp;&nbsp; Brown & Brown, Inc., 4.70%, <br> 06/23/2028<br>|  | 3788000 | &nbsp;&nbsp; 3827374 |
| &nbsp;&nbsp;&nbsp; Lincoln National Corp., 3.80%, <br> 03/01/2028<sup>(b)</sup><br>|  | 3785000 | &nbsp;&nbsp; 3761492 |
| &nbsp;&nbsp;&nbsp; Willis North America, Inc., 4.50%, <br> 09/15/2028<br>|  | 4548000 | &nbsp;&nbsp; 4585273 |
|  |  |  | &nbsp;&nbsp; 12174139 |
| **Interactive Media & Services-0.44%** | **Interactive Media & Services-0.44%** | **Interactive Media & Services-0.44%** | **Interactive Media & Services-0.44%** |
| Alphabet, Inc., 3.88%, 11/15/2028 |  | 2000000 | &nbsp;&nbsp; 2012269 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., 4.60%, <br> 05/15/2028<sup>(b)</sup><br>|  | 11268000 | &nbsp;&nbsp; 11489938 |
|  |  |  | &nbsp;&nbsp; 13502207 |
| **IT Services-0.65%** | **IT Services-0.65%** | **IT Services-0.65%** | **IT Services-0.65%** |
| &nbsp;&nbsp;&nbsp; DXC Technology Co., 2.38%, <br> 09/15/2028<sup>(b)</sup><br>|  | 4926000 | &nbsp;&nbsp; 4636218 |
| International Business Machines Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/06/2028 |  | 7569000 | &nbsp;&nbsp; 7659730 |
| &nbsp;&nbsp;&nbsp; 4.65%, 02/10/2028 |  | 7578000 | &nbsp;&nbsp; 7694548 |
|  |  |  | &nbsp;&nbsp; 19990496 |
| **Life Sciences Tools & Services-0.28%** | **Life Sciences Tools & Services-0.28%** | **Life Sciences Tools & Services-0.28%** | **Life Sciences Tools & Services-0.28%** |
| Revvity, Inc., 1.90%, 09/15/2028<sup>(b)</sup> |  | 3759000 | &nbsp;&nbsp; 3536993 |
| &nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc., 1.75%, <br> 10/15/2028<br>|  | 5300000 | &nbsp;&nbsp; 4997194 |
|  |  |  | &nbsp;&nbsp; 8534187 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Machinery-2.55%** | **Machinery-2.55%** | **Machinery-2.55%** |
| Caterpillar Financial Services Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.95%, 11/14/2028 | $3000000 | &nbsp;&nbsp; $3008558 |
| &nbsp;&nbsp;&nbsp; Series K, 4.10%, 08/15/2028<sup>(b)</sup> | 5680000 | &nbsp;&nbsp; 5723275 |
| CNH Industrial Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 03/21/2028 | 3790000 | &nbsp;&nbsp; 3841076 |
| &nbsp;&nbsp;&nbsp; 4.55%, 04/10/2028 | 4547000 | &nbsp;&nbsp; 4586606 |
| Ingersoll Rand, Inc., 5.40%, 08/14/2028 | 3785000 | &nbsp;&nbsp; 3918192 |
| John Deere Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.65%, 01/07/2028 | 3785000 | &nbsp;&nbsp; 3852897 |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/20/2028<sup>(b)</sup> | 8336000 | &nbsp;&nbsp; 8504055 |
| &nbsp;&nbsp;&nbsp; 4.90%, 03/03/2028<sup>(b)</sup> | 4926000 | &nbsp;&nbsp; 5047369 |
| &nbsp;&nbsp;&nbsp; 1.50%, 03/06/2028<sup>(b)</sup> | 3785000 | &nbsp;&nbsp; 3598515 |
| &nbsp;&nbsp;&nbsp; 4.95%, 07/14/2028 | 11358000 | &nbsp;&nbsp; 11673220 |
| &nbsp;&nbsp;&nbsp; Series I, 4.25%, 06/05/2028 | 5301000 | &nbsp;&nbsp; 5360797 |
| &nbsp;&nbsp;&nbsp; Otis Worldwide Corp., 5.25%, <br> 08/16/2028<br>| 5683000 | &nbsp;&nbsp; 5863638 |
| Wabtec Corp., 4.70%, 09/15/2028 | 9464000 | &nbsp;&nbsp; 9580993 |
| Xylem, Inc., 1.95%, 01/30/2028 | 3789000 | &nbsp;&nbsp; 3638279 |
|  |  | &nbsp;&nbsp; 78197470 |
| **Marine Transportation-0.12%** | **Marine Transportation-0.12%** | **Marine Transportation-0.12%** |
| Kirby Corp., 4.20%, 03/01/2028 | 3695000 | &nbsp;&nbsp; 3698141 |
| **Media-1.18%** | **Media-1.18%** | **Media-1.18%** |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/<br> Charter Communications Operating <br> Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 02/15/2028 | 7571000 | &nbsp;&nbsp; 7461147 |
| &nbsp;&nbsp;&nbsp; 4.20%, 03/15/2028 | 9468000 | &nbsp;&nbsp; 9416248 |
| Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.15%, 02/15/2028 | 9832000 | &nbsp;&nbsp; 9660040 |
| &nbsp;&nbsp;&nbsp; 3.55%, 05/01/2028 | 5941000 | &nbsp;&nbsp; 5893196 |
| Paramount Global, 3.38%, 02/15/2028 | 3788000 | &nbsp;&nbsp; 3704391 |
|  |  | &nbsp;&nbsp; 36135022 |
| **Metals & Mining-0.35%** | **Metals & Mining-0.35%** | **Metals & Mining-0.35%** |
| Freeport-McMoRan, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 03/01/2028 | 3678000 | &nbsp;&nbsp; 3670132 |
| &nbsp;&nbsp;&nbsp; 4.38%, 08/01/2028 | 3278000 | &nbsp;&nbsp; 3275628 |
| Nucor Corp., 3.95%, 05/01/2028 | 3785000 | &nbsp;&nbsp; 3787484 |
|  |  | &nbsp;&nbsp; 10733244 |
| **Multi-Utilities-1.61%** | **Multi-Utilities-1.61%** | **Multi-Utilities-1.61%** |
| &nbsp;&nbsp;&nbsp; Dominion Energy, Inc., 4.60%, <br> 05/15/2028<br>| 7529000 | &nbsp;&nbsp; 7627924 |
| &nbsp;&nbsp;&nbsp; DTE Electric Co., Series A, 1.90%, <br> 04/01/2028<br>| 4318000 | &nbsp;&nbsp; 4132129 |
| DTE Energy Co., 4.88%, 06/01/2028 | 7957000 | &nbsp;&nbsp; 8103311 |
| &nbsp;&nbsp;&nbsp; National Grid PLC (United Kingdom), <br> 5.60%, 06/12/2028<br>| 5301000 | &nbsp;&nbsp; 5479927 |
| NiSource, Inc., 5.25%, 03/30/2028<sup>(b)</sup> | 7948000 | &nbsp;&nbsp; 8155996 |
| &nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc., <br> 5.88%, 10/15/2028<br>| 4546000 | &nbsp;&nbsp; 4760467 |
| Sempra, 3.40%, 02/01/2028 | 7570609 | &nbsp;&nbsp; 7459762 |
| &nbsp;&nbsp;&nbsp; WEC Energy Group, Inc., 2.20%, <br> 12/15/2028<br>| 3785000 | &nbsp;&nbsp; 3587868 |
|  |  | &nbsp;&nbsp; 49307384 |
| **Oil, Gas & Consumable Fuels-5.50%** | **Oil, Gas & Consumable Fuels-5.50%** | **Oil, Gas & Consumable Fuels-5.50%** |
| &nbsp;&nbsp;&nbsp; BP Capital Markets PLC, 3.72%, <br> 11/28/2028<br>| 6008000 | &nbsp;&nbsp; 5975928 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2028 Corporate Bond ETF (BSCS)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Oil, Gas & Consumable Fuels-(continued)** | **Oil, Gas & Consumable Fuels-(continued)** | **Oil, Gas & Consumable Fuels-(continued)** | **Oil, Gas & Consumable Fuels-(continued)** |
| Chevron USA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.85%, 01/15/2028 | $| 4533000 | &nbsp;&nbsp; $4544698 |
| &nbsp;&nbsp;&nbsp; 4.48%, 02/26/2028 |  | 7578000 | &nbsp;&nbsp; 7700244 |
| &nbsp;&nbsp;&nbsp; 4.05%, 08/13/2028<sup>(b)</sup> |  | 4921000 | &nbsp;&nbsp; 4967275 |
| &nbsp;&nbsp;&nbsp; Continental Resources, Inc., 4.38%, <br> 01/15/2028<br>|  | 7576000 | &nbsp;&nbsp; 7551660 |
| &nbsp;&nbsp;&nbsp; Enbridge, Inc. (Canada), 6.00%, <br> 11/15/2028<br>|  | 5685000 | &nbsp;&nbsp; 5978446 |
| Energy Transfer L.P. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.55%, 02/15/2028 |  | 7576000 | &nbsp;&nbsp; 7798209 |
| &nbsp;&nbsp;&nbsp; 4.95%, 05/15/2028 |  | 6058500 | &nbsp;&nbsp; 6160416 |
| &nbsp;&nbsp;&nbsp; 4.95%, 06/15/2028 |  | 7544028 | &nbsp;&nbsp; 7676325 |
| &nbsp;&nbsp;&nbsp; 6.10%, 12/01/2028 |  | 3785000 | &nbsp;&nbsp; 3981862 |
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, <br> 4.30%, 06/20/2028<br>|  | 3786000 | &nbsp;&nbsp; 3818002 |
| &nbsp;&nbsp;&nbsp; EOG Resources, Inc., 4.40%, <br> 07/15/2028<br>|  | 3787000 | &nbsp;&nbsp; 3834196 |
| EQT Corp., 5.70%, 04/01/2028 |  | 3785000 | &nbsp;&nbsp; 3910662 |
| Equinor ASA (Norway) |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 06/02/2028<sup>(b)</sup> |  | 4128000 | &nbsp;&nbsp; 4170714 |
| &nbsp;&nbsp;&nbsp; 3.63%, 09/10/2028<sup>(b)</sup> |  | 7513000 | &nbsp;&nbsp; 7487421 |
| &nbsp;&nbsp;&nbsp; Kinder Morgan, Inc., 4.30%, <br> 03/01/2028<br>|  | 9470750 | &nbsp;&nbsp; 9526435 |
| MPLX L.P., 4.00%, 03/15/2028 |  | 9464000 | &nbsp;&nbsp; 9440431 |
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp., 6.38%, <br> 09/01/2028<sup>(b)</sup><br>|  | 4377000 | &nbsp;&nbsp; 4595091 |
| ONEOK, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.55%, 07/15/2028 |  | 6063000 | &nbsp;&nbsp; 6113919 |
| &nbsp;&nbsp;&nbsp; 5.65%, 11/01/2028 |  | 5683000 | &nbsp;&nbsp; 5904506 |
| Ovintiv, Inc., 5.65%, 05/15/2028 |  | 5306000 | &nbsp;&nbsp; 5467387 |
| Phillips 66, 3.90%, 03/15/2028 |  | 6058000 | &nbsp;&nbsp; 6030164 |
| &nbsp;&nbsp;&nbsp; Sabine Pass Liquefaction LLC, 4.20%, <br> 03/15/2028<sup>(b)</sup><br>|  | 10221000 | &nbsp;&nbsp; 10241497 |
| &nbsp;&nbsp;&nbsp; TransCanada PipeLines Ltd. (Canada), <br> 4.25%, 05/15/2028<sup>(b)</sup><br>|  | 10600000 | &nbsp;&nbsp; 10630649 |
| &nbsp;&nbsp;&nbsp; Valero Energy Corp., 4.35%, <br> 06/01/2028<br>|  | 4436000 | &nbsp;&nbsp; 4462196 |
| &nbsp;&nbsp;&nbsp; Valero Energy Partners L.P., 4.50%, <br> 03/15/2028<br>|  | 3455000 | &nbsp;&nbsp; 3480526 |
| &nbsp;&nbsp;&nbsp; Williams Cos., Inc. (The), 5.30%, <br> 08/15/2028<br>|  | 6821000 | &nbsp;&nbsp; 7030088 |
|  |  |  | &nbsp;&nbsp; 168478947 |
| **Passenger Airlines-0.54%** | **Passenger Airlines-0.54%** | **Passenger Airlines-0.54%** | **Passenger Airlines-0.54%** |
| Delta Air Lines, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 04/19/2028 |  | 3109000 | &nbsp;&nbsp; 3116405 |
| &nbsp;&nbsp;&nbsp; 4.95%, 07/10/2028 |  | 7570000 | &nbsp;&nbsp; 7687411 |
| &nbsp;&nbsp;&nbsp; Southwest Airlines Co., 4.38%, <br> 11/15/2028<br>|  | 5580000 | &nbsp;&nbsp; 5581029 |
|  |  |  | &nbsp;&nbsp; 16384845 |
| **Personal Care Products-0.93%** | **Personal Care Products-0.93%** | **Personal Care Products-0.93%** | **Personal Care Products-0.93%** |
| &nbsp;&nbsp;&nbsp; Estee Lauder Cos., Inc. (The), 4.38%, <br> 05/15/2028<sup>(b)</sup><br>|  | 5306000 | &nbsp;&nbsp; 5363802 |
| Kenvue, Inc., 5.05%, 03/22/2028 |  | 7578000 | &nbsp;&nbsp; 7753623 |
| Unilever Capital Corp. (United Kingdom) |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 03/22/2028 |  | 9843000 | &nbsp;&nbsp; 9776806 |
| &nbsp;&nbsp;&nbsp; 4.88%, 09/08/2028 |  | 5301000 | &nbsp;&nbsp; 5452977 |
|  |  |  | &nbsp;&nbsp; 28347208 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Pharmaceuticals-4.05%** | **Pharmaceuticals-4.05%** | **Pharmaceuticals-4.05%** |
| &nbsp;&nbsp;&nbsp; AstraZeneca Finance LLC (United <br> Kingdom)<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 03/03/2028 | $8327000 | &nbsp;&nbsp; $8520910 |
| &nbsp;&nbsp;&nbsp; 1.75%, 05/28/2028 | 9464000 | &nbsp;&nbsp; 9016848 |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co., 3.90%, <br> 02/20/2028<br>| 10839000 | &nbsp;&nbsp; 10863051 |
| Eli Lilly and Co. |  |  |
| &nbsp;&nbsp;&nbsp; 4.55%, 02/12/2028<sup>(b)</sup> | 7578000 | &nbsp;&nbsp; 7716224 |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/15/2028<sup>(b)</sup> | 7570000 | &nbsp;&nbsp; 7622603 |
| &nbsp;&nbsp;&nbsp; GlaxoSmithKline Capital, Inc. (United <br> Kingdom), 3.88%, 05/15/2028<br>| 13251786 | &nbsp;&nbsp; 13250953 |
| Johnson & Johnson |  |  |
| &nbsp;&nbsp;&nbsp; 2.90%, 01/15/2028 | 11359000 | &nbsp;&nbsp; 11191655 |
| &nbsp;&nbsp;&nbsp; 4.55%, 03/01/2028<sup>(b)</sup> | 5678000 | &nbsp;&nbsp; 5784203 |
| Merck & Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.05%, 05/17/2028 | 3786000 | &nbsp;&nbsp; 3815956 |
| &nbsp;&nbsp;&nbsp; 1.90%, 12/10/2028<sup>(b)</sup> | 7571000 | &nbsp;&nbsp; 7158235 |
| &nbsp;&nbsp;&nbsp; Novartis Capital Corp., 3.90%, <br> 11/05/2028<br>| 500000 | &nbsp;&nbsp; 502171 |
| Pfizer, Inc., 3.60%, 09/15/2028<sup>(b)</sup> | 7578441 | &nbsp;&nbsp; 7568076 |
| Sanofi S.A., 3.63%, 06/19/2028 | 7577842 | &nbsp;&nbsp; 7552852 |
| &nbsp;&nbsp;&nbsp; Takeda Pharmaceutical Co. Ltd. (Japan), <br> 5.00%, 11/26/2028<br>| 12979000 | &nbsp;&nbsp; 13298085 |
| Zoetis, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.15%, 08/17/2028 | 6439000 | &nbsp;&nbsp; 6482215 |
| &nbsp;&nbsp;&nbsp; 3.90%, 08/20/2028 | 3785000 | &nbsp;&nbsp; 3789052 |
|  |  | &nbsp;&nbsp; 124133089 |
| **Professional Services-0.77%** | **Professional Services-0.77%** | **Professional Services-0.77%** |
| &nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc., 1.70%, <br> 05/15/2028<sup>(b)</sup><br>| 7578000 | &nbsp;&nbsp; 7222688 |
| Concentrix Corp., 6.60%, 08/02/2028<sup>(b)</sup> | 6056000 | &nbsp;&nbsp; 6252512 |
| Equifax, Inc., 5.10%, 06/01/2028 | 5306000 | &nbsp;&nbsp; 5416897 |
| &nbsp;&nbsp;&nbsp; Jacobs Engineering Group, Inc., 6.35%, <br> 08/18/2028<br>| 4547000 | &nbsp;&nbsp; 4802853 |
|  |  | &nbsp;&nbsp; 23694950 |
| **Residential REITs-0.39%** | **Residential REITs-0.39%** | **Residential REITs-0.39%** |
| &nbsp;&nbsp;&nbsp; American Homes 4 Rent L.P., 4.25%, <br> 02/15/2028<br>| 3786000 | &nbsp;&nbsp; 3794857 |
| ERP Operating L.P., 3.50%, 03/01/2028 | 3791000 | &nbsp;&nbsp; 3754949 |
| &nbsp;&nbsp;&nbsp; Invitation Homes Operating Partnership <br> L.P., 2.30%, 11/15/2028<br>| 4508000 | &nbsp;&nbsp; 4285921 |
|  |  | &nbsp;&nbsp; 11835727 |
| **Retail REITs-0.47%** | **Retail REITs-0.47%** | **Retail REITs-0.47%** |
| Realty Income Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.40%, 01/15/2028 | 4532000 | &nbsp;&nbsp; 4486340 |
| &nbsp;&nbsp;&nbsp; 3.65%, 01/15/2028 | 4074000 | &nbsp;&nbsp; 4052252 |
| &nbsp;&nbsp;&nbsp; Simon Property Group L.P., 1.75%, <br> 02/01/2028<br>| 6055000 | &nbsp;&nbsp; 5788853 |
|  |  | &nbsp;&nbsp; 14327445 |
| **Semiconductors & Semiconductor Equipment-3.10%** | **Semiconductors & Semiconductor Equipment-3.10%** | **Semiconductors & Semiconductor Equipment-3.10%** |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc., 4.32%, <br> 03/24/2028<br>| 4737000 | &nbsp;&nbsp; 4789409 |
| Analog Devices, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 06/15/2028 | 6442000 | &nbsp;&nbsp; 6494817 |
| &nbsp;&nbsp;&nbsp; 1.70%, 10/01/2028<sup>(b)</sup> | 5678000 | &nbsp;&nbsp; 5350303 |
| &nbsp;&nbsp;&nbsp; Broadcom Corp./Broadcom Cayman <br> Finance Ltd., 3.50%, 01/15/2028<sup>(b)</sup><br>| 5885000 | &nbsp;&nbsp; 5836154 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2028 Corporate Bond ETF (BSCS)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Semiconductors & Semiconductor Equipment-(continued)** | **Semiconductors & Semiconductor Equipment-(continued)** | **Semiconductors & Semiconductor Equipment-(continued)** | **Semiconductors & Semiconductor Equipment-(continued)** |
| Broadcom, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.95%, 02/15/2028<sup>(b)</sup> | $| 5633000 | &nbsp;&nbsp; $5402319 |
| &nbsp;&nbsp;&nbsp; 4.15%, 02/15/2028<sup>(b)</sup> |  | 6631000 | &nbsp;&nbsp; 6664271 |
| &nbsp;&nbsp;&nbsp; 4.80%, 04/15/2028<sup>(b)</sup> |  | 8327000 | &nbsp;&nbsp; 8488013 |
| Intel Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 02/10/2028 |  | 13259000 | &nbsp;&nbsp; 13463868 |
| &nbsp;&nbsp;&nbsp; 1.60%, 08/12/2028 |  | 7578000 | &nbsp;&nbsp; 7098541 |
| &nbsp;&nbsp;&nbsp; Marvell Technology, Inc., 2.45%, <br> 04/15/2028<sup>(b)</sup><br>|  | 5683000 | &nbsp;&nbsp; 5471390 |
| &nbsp;&nbsp;&nbsp; Microchip Technology, Inc., 4.90%, <br> 03/15/2028<br>|  | 7572000 | &nbsp;&nbsp; 7683013 |
| NVIDIA Corp., 1.55%, 06/15/2028 |  | 9464000 | &nbsp;&nbsp; 8986354 |
| &nbsp;&nbsp;&nbsp; NXP B.V./NXP Funding LLC/NXP USA, <br> Inc. (Netherlands), 4.30%, <br> 08/19/2028<br>|  | 3790000 | &nbsp;&nbsp; 3801659 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc., 4.60%, <br> 02/15/2028<br>|  | 5299000 | &nbsp;&nbsp; 5385619 |
|  |  |  | &nbsp;&nbsp; 94915730 |
| **Software-2.78%** | **Software-2.78%** | **Software-2.78%** | **Software-2.78%** |
| Adobe, Inc., 4.75%, 01/17/2028<sup>(b)</sup> |  | 6062000 | &nbsp;&nbsp; 6189191 |
| Intuit, Inc., 5.13%, 09/15/2028<sup>(b)</sup> |  | 5683000 | &nbsp;&nbsp; 5869737 |
| Oracle Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.30%, 03/25/2028 |  | 15149000 | &nbsp;&nbsp; 14453044 |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/06/2028 |  | 5683000 | &nbsp;&nbsp; 5694909 |
| &nbsp;&nbsp;&nbsp; 4.80%, 08/03/2028 |  | 11358000 | &nbsp;&nbsp; 11471181 |
| Roper Technologies, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.20%, 09/15/2028 |  | 6063000 | &nbsp;&nbsp; 6082741 |
| &nbsp;&nbsp;&nbsp; 4.25%, 09/15/2028 |  | 3785000 | &nbsp;&nbsp; 3803439 |
| Salesforce, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.70%, 04/11/2028 |  | 11362000 | &nbsp;&nbsp; 11359466 |
| &nbsp;&nbsp;&nbsp; 1.50%, 07/15/2028<sup>(b)</sup> |  | 7571000 | &nbsp;&nbsp; 7157905 |
| Synopsys, Inc., 4.65%, 04/01/2028 |  | 7569000 | &nbsp;&nbsp; 7673943 |
| VMware LLC, 1.80%, 08/15/2028<sup>(b)</sup> |  | 5677000 | &nbsp;&nbsp; 5358575 |
|  |  |  | &nbsp;&nbsp; 85114131 |
| **Specialized REITs-2.46%** | **Specialized REITs-2.46%** | **Specialized REITs-2.46%** | **Specialized REITs-2.46%** |
| American Tower Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.60%, 01/15/2028 |  | 5265000 | &nbsp;&nbsp; 5212383 |
| &nbsp;&nbsp;&nbsp; 1.50%, 01/31/2028 |  | 4883000 | &nbsp;&nbsp; 4623401 |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/15/2028 |  | 5260000 | &nbsp;&nbsp; 5414042 |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/15/2028 |  | 4927000 | &nbsp;&nbsp; 5065483 |
| &nbsp;&nbsp;&nbsp; 5.80%, 11/15/2028 |  | 5635000 | &nbsp;&nbsp; 5884667 |
| Crown Castle, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/11/2028 |  | 7572000 | &nbsp;&nbsp; 7687460 |
| &nbsp;&nbsp;&nbsp; 3.80%, 02/15/2028 |  | 7569000 | &nbsp;&nbsp; 7494911 |
| &nbsp;&nbsp;&nbsp; 4.80%, 09/01/2028<sup>(b)</sup> |  | 4543000 | &nbsp;&nbsp; 4605442 |
| Equinix, Inc., 1.55%, 03/15/2028 |  | 4926000 | &nbsp;&nbsp; 4657089 |
| &nbsp;&nbsp;&nbsp; Extra Space Storage L.P., 5.70%, <br> 04/01/2028<br>|  | 6057000 | &nbsp;&nbsp; 6265294 |
| &nbsp;&nbsp;&nbsp; GLP Capital L.P./GLP Financing II, Inc., <br> 5.75%, 06/01/2028<br>|  | 3786000 | &nbsp;&nbsp; 3897112 |
| Prologis L.P., 4.88%, 06/15/2028<sup>(b)</sup> |  | 5683000 | &nbsp;&nbsp; 5820060 |
| Public Storage Operating Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.85%, 05/01/2028<sup>(b)</sup> |  | 4926000 | &nbsp;&nbsp; 4699927 |
| &nbsp;&nbsp;&nbsp; 1.95%, 11/09/2028 |  | 4168000 | &nbsp;&nbsp; 3948929 |
|  |  |  | &nbsp;&nbsp; 75276200 |
| **Specialty Retail-1.99%** | **Specialty Retail-1.99%** | **Specialty Retail-1.99%** | **Specialty Retail-1.99%** |
| AutoZone, Inc., 6.25%, 11/01/2028 |  | 3746000 | &nbsp;&nbsp; 3971296 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Specialty Retail-(continued)** | **Specialty Retail-(continued)** | **Specialty Retail-(continued)** | **Specialty Retail-(continued)** |
| Dell International LLC/EMC Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/01/2028 | $| 7570000 | &nbsp;&nbsp; $7745232 |
| &nbsp;&nbsp;&nbsp; 4.75%, 04/01/2028 |  | 7569000 | &nbsp;&nbsp; 7673481 |
| Home Depot, Inc. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp; 0.90%, 03/15/2028<sup>(b)</sup> |  | 3785000 | &nbsp;&nbsp; 3560765 |
| &nbsp;&nbsp;&nbsp; 1.50%, 09/15/2028<sup>(b)</sup> |  | 7511000 | &nbsp;&nbsp; 7062778 |
| &nbsp;&nbsp;&nbsp; 3.75%, 09/15/2028 |  | 3790000 | &nbsp;&nbsp; 3790028 |
| &nbsp;&nbsp;&nbsp; Lowe`s Cos., Inc., 4.00%, <br> 10/15/2028<sup>(b)</sup><br>|  | 5678000 | &nbsp;&nbsp; 5680530 |
| Lowe's Cos., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.30%, 04/15/2028<sup>(b)</sup> |  | 7569490 | &nbsp;&nbsp; 7116064 |
| &nbsp;&nbsp;&nbsp; 1.70%, 09/15/2028 |  | 7571000 | &nbsp;&nbsp; 7112951 |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc., 4.35%, <br> 06/01/2028<sup>(b)</sup><br>|  | 3787000 | &nbsp;&nbsp; 3821084 |
| &nbsp;&nbsp;&nbsp; TJX Cos., Inc. (The), 1.15%, <br> 05/15/2028<br>|  | 3782000 | &nbsp;&nbsp; 3545816 |
|  |  |  | &nbsp;&nbsp; 61080025 |
| **Technology Hardware, Storage & Peripherals-2.44%** | **Technology Hardware, Storage & Peripherals-2.44%** | **Technology Hardware, Storage & Peripherals-2.44%** | **Technology Hardware, Storage & Peripherals-2.44%** |
| Apple, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.20%, 02/08/2028<sup>(b)</sup> |  | 18937000 | &nbsp;&nbsp; 17963922 |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/10/2028<sup>(b)</sup> |  | 11361000 | &nbsp;&nbsp; 11452778 |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/12/2028 |  | 11359000 | &nbsp;&nbsp; 11452777 |
| &nbsp;&nbsp;&nbsp; 1.40%, 08/05/2028<sup>(b)</sup> |  | 17282000 | &nbsp;&nbsp; 16303782 |
| Hewlett Packard Enterprise Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/2028 |  | 4168000 | &nbsp;&nbsp; 4284014 |
| &nbsp;&nbsp;&nbsp; 4.15%, 09/15/2028 |  | 6439000 | &nbsp;&nbsp; 6439058 |
| HP, Inc., 4.75%, 01/15/2028<sup>(b)</sup> |  | 6813000 | &nbsp;&nbsp; 6903385 |
|  |  |  | &nbsp;&nbsp; 74799716 |
| **Tobacco-1.82%** | **Tobacco-1.82%** | **Tobacco-1.82%** | **Tobacco-1.82%** |
| Altria Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 02/04/2028<sup>(b)</sup> |  | 3782000 | &nbsp;&nbsp; 3847862 |
| &nbsp;&nbsp;&nbsp; 6.20%, 11/01/2028 |  | 3785000 | &nbsp;&nbsp; 4003924 |
| &nbsp;&nbsp;&nbsp; B.A.T. Capital Corp. (United Kingdom), <br> 2.26%, 03/25/2028<br>|  | 13255500 | &nbsp;&nbsp; 12726084 |
| &nbsp;&nbsp;&nbsp; B.A.T. International Finance PLC (United <br> Kingdom), 4.45%, 03/16/2028<br>|  | 7572000 | &nbsp;&nbsp; 7633103 |
| Philip Morris International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 02/15/2028 |  | 11739000 | &nbsp;&nbsp; 11965249 |
| &nbsp;&nbsp;&nbsp; 3.13%, 03/02/2028<sup>(b)</sup> |  | 3784950 | &nbsp;&nbsp; 3718627 |
| &nbsp;&nbsp;&nbsp; 4.13%, 04/28/2028 |  | 5685000 | &nbsp;&nbsp; 5709548 |
| &nbsp;&nbsp;&nbsp; 5.25%, 09/07/2028 |  | 4926000 | &nbsp;&nbsp; 5084841 |
| &nbsp;&nbsp;&nbsp; 3.88%, 10/27/2028 |  | 1000000 | &nbsp;&nbsp; 997545 |
|  |  |  | &nbsp;&nbsp; 55686783 |
| **Trading Companies & Distributors-0.29%** | **Trading Companies & Distributors-0.29%** | **Trading Companies & Distributors-0.29%** | **Trading Companies & Distributors-0.29%** |
| Air Lease Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.30%, 02/01/2028<sup>(b)</sup> |  | 5302000 | &nbsp;&nbsp; 5397366 |
| &nbsp;&nbsp;&nbsp; 2.10%, 09/01/2028 |  | 3785750 | &nbsp;&nbsp; 3561541 |
|  |  |  | &nbsp;&nbsp; 8958907 |
| **Water Utilities-0.15%** | **Water Utilities-0.15%** | **Water Utilities-0.15%** | **Water Utilities-0.15%** |
| &nbsp;&nbsp;&nbsp; American Water Capital Corp., 3.75%, <br> 09/01/2028<br>|  | 4736000 | &nbsp;&nbsp; 4719499 |
| **Wireless Telecommunication Services-1.24%** | **Wireless Telecommunication Services-1.24%** | **Wireless Telecommunication Services-1.24%** | **Wireless Telecommunication Services-1.24%** |
| &nbsp;&nbsp;&nbsp; Sprint Capital Corp., 6.88%, <br> 11/15/2028<br>|  | 18630000 | &nbsp;&nbsp; 20069247 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2028 Corporate Bond ETF (BSCS)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Wireless Telecommunication Services-(continued)** | **Wireless Telecommunication Services-(continued)** | **Wireless Telecommunication Services-(continued)** | **Wireless Telecommunication Services-(continued)** |
| T-Mobile USA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 03/15/2028<sup>(b)</sup> | $| 7571000 | &nbsp;&nbsp; $7717472 |
| &nbsp;&nbsp;&nbsp; 4.80%, 07/15/2028<sup>(b)</sup> |  | 6814000 | &nbsp;&nbsp; 6937982 |
| &nbsp;&nbsp;&nbsp; Vodafone Group PLC (United Kingdom), <br> 4.38%, 05/30/2028<br>|  | 3210000 | &nbsp;&nbsp; 3264128 |
|  |  |  | &nbsp;&nbsp; 37988829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $2,989,797,264) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $2,989,797,264) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $2,989,797,264) | &nbsp;&nbsp; 3032861070 |
|  | **Shares** | **Shares** |  |
| **Money Market Funds-0.48%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, <br> Institutional Class, 3.91%<sup>(c)(d)</sup> <br>(Cost $14,653,755)<br>|  | 14653755 | &nbsp;&nbsp; 14653755 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.51% <br>(Cost $3,004,451,019) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.51% <br>(Cost $3,004,451,019) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.51% <br>(Cost $3,004,451,019) | &nbsp;&nbsp; 3047514825 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** |
| **Money Market Funds-10.14%** | **Money Market Funds-10.14%** | **Money Market Funds-10.14%** |
| &nbsp;&nbsp;&nbsp; Invesco Private Government Fund, <br> 4.00%<sup>(c)(d)(e)</sup><br>| 86014872 | &nbsp;&nbsp; $86014872 |
| &nbsp;&nbsp;&nbsp; Invesco Private Prime Fund, <br> 4.12%<sup>(c)(d)(e)</sup><br>| 224614416 | &nbsp;&nbsp; 224681800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $310,698,299) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $310,698,299) | &nbsp;&nbsp; 310696672 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-109.65% <br>(Cost $3,315,149,318) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-109.65% <br>(Cost $3,315,149,318) | &nbsp;&nbsp; 3358211497 |
| OTHER ASSETS LESS LIABILITIES-(9.65)% | OTHER ASSETS LESS LIABILITIES-(9.65)% | &nbsp;&nbsp; (295549839)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $3062661658 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Investment Abbreviations: <br> REIT -Real Estate Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | All or a portion of this security was out on loan at November 30, 2025. |
| <sup>(c)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the three months ended November 30, 2025.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**November 30, 2025**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government <br> & Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp;&nbsp; $1132936 | &nbsp;&nbsp;&nbsp; $58697259 | &nbsp;&nbsp;&nbsp; $(45176440)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $14653755 | &nbsp;&nbsp;&nbsp; $113090 |
| **Investments** <br> **Purchased with** <br> **Cash Collateral** <br> **from Securities on** <br> **Loan:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private <br> Government Fund<br>| &nbsp;&nbsp;&nbsp; 109653873 | &nbsp;&nbsp;&nbsp; 87810791 | &nbsp;&nbsp;&nbsp; (111449792)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 86014872 | &nbsp;&nbsp;&nbsp; 976,112<br> \*<br>|
| &nbsp;&nbsp; Invesco Private <br> Prime Fund<br>| &nbsp;&nbsp;&nbsp; 290130447 | &nbsp;&nbsp;&nbsp; 216006742 | &nbsp;&nbsp;&nbsp; (281455271)<br>| &nbsp;&nbsp;&nbsp; (22197)<br>| &nbsp;&nbsp;&nbsp; 22079 | &nbsp;&nbsp;&nbsp; 224681800 | &nbsp;&nbsp;&nbsp; 2,630,794<br> \*<br>|
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; $400917256 | &nbsp;&nbsp;&nbsp; $362514792 | &nbsp;&nbsp;&nbsp; $(438081503)<br>| &nbsp;&nbsp;&nbsp; $(22197)<br>| &nbsp;&nbsp;&nbsp; $22079 | &nbsp;&nbsp;&nbsp; $325350427 | &nbsp;&nbsp;&nbsp; $3719996 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(d)</sup> The rate shown is the 7-day SEC standardized yield as of November 30, 2025. <br> <sup>(e)</sup> 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.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

See accompanying notes which are an integral part of this schedule.

------

Schedule of Investments<sup>(a)</sup>

**Invesco BulletShares 2029 Corporate Bond ETF (BSCT)**

November 30, 2025

*(Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes-98.67%** | **U.S. Dollar Denominated Bonds & Notes-98.67%** | **U.S. Dollar Denominated Bonds & Notes-98.67%** |
| **Aerospace & Defense-1.65%** | **Aerospace & Defense-1.65%** | **Aerospace & Defense-1.65%** |
| Boeing Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 3.20%, 03/01/2029<sup>(b)</sup> | $6641000 | &nbsp;&nbsp; $6424940 |
| &nbsp;&nbsp;&nbsp; 6.30%, 05/01/2029 | 9958000 | &nbsp;&nbsp; 10593281 |
| &nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc., 3.00%, <br> 01/15/2029<br>| 4630000 | &nbsp;&nbsp; 4495346 |
| &nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc., 5.05%, <br> 06/01/2029<br>| 4984000 | &nbsp;&nbsp; 5134482 |
| &nbsp;&nbsp;&nbsp; Lockheed Martin Corp., 4.50%, <br> 02/15/2029<br>| 4322000 | &nbsp;&nbsp; 4393758 |
| &nbsp;&nbsp;&nbsp; Northrop Grumman Corp., 4.60%, <br> 02/01/2029<br>| 3326000 | &nbsp;&nbsp; 3386309 |
| RTX Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 01/15/2029 | 3323000 | &nbsp;&nbsp; 3489512 |
| &nbsp;&nbsp;&nbsp; 7.50%, 09/15/2029 | 2755000 | &nbsp;&nbsp; 3078898 |
|  |  | &nbsp;&nbsp; 40996526 |
| **Air Freight & Logistics-0.53%** | **Air Freight & Logistics-0.53%** | **Air Freight & Logistics-0.53%** |
| FedEx Corp., 3.10%, 08/05/2029 | 4170000 | &nbsp;&nbsp; 4016657 |
| &nbsp;&nbsp;&nbsp; GXO Logistics, Inc., 6.25%, <br> 05/06/2029<sup>(b)</sup><br>| 3983000 | &nbsp;&nbsp; 4184749 |
| &nbsp;&nbsp;&nbsp; United Parcel Service, Inc., 3.40%, <br> 03/15/2029<br>| 4986000 | &nbsp;&nbsp; 4917665 |
|  |  | &nbsp;&nbsp; 13119071 |
| **Automobile Components-0.28%** | **Automobile Components-0.28%** | **Automobile Components-0.28%** |
| &nbsp;&nbsp;&nbsp; Aptiv Swiss Holdings Ltd., 4.65%, <br> 09/13/2029<sup>(b)</sup><br>| 3434000 | &nbsp;&nbsp; 3501686 |
| BorgWarner, Inc., 4.95%, 08/15/2029<sup>(b)</sup> | 3324000 | &nbsp;&nbsp; 3402608 |
|  |  | &nbsp;&nbsp; 6904294 |
| **Automobiles-3.87%** | **Automobiles-3.87%** | **Automobiles-3.87%** |
| American Honda Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 2.25%, 01/12/2029 | 4319000 | &nbsp;&nbsp; 4084742 |
| &nbsp;&nbsp;&nbsp; 4.90%, 03/13/2029<sup>(b)</sup> | 4978000 | &nbsp;&nbsp; 5100044 |
| &nbsp;&nbsp;&nbsp; 4.40%, 09/05/2029<sup>(b)</sup> | 4964000 | &nbsp;&nbsp; 5012655 |
| Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp; 2.90%, 02/10/2029 | 4980000 | &nbsp;&nbsp; 4659042 |
| &nbsp;&nbsp;&nbsp; 5.80%, 03/08/2029<sup>(b)</sup> | 10625000 | &nbsp;&nbsp; 10833970 |
| &nbsp;&nbsp;&nbsp; 5.11%, 05/03/2029 | 9872000 | &nbsp;&nbsp; 9846631 |
| &nbsp;&nbsp;&nbsp; 5.30%, 09/06/2029 | 5978000 | &nbsp;&nbsp; 6008322 |
| &nbsp;&nbsp;&nbsp; 5.88%, 11/07/2029<sup>(b)</sup> | 8300000 | &nbsp;&nbsp; 8493743 |
| &nbsp;&nbsp;&nbsp; General Motors Co., 5.40%, <br> 10/15/2029<sup>(b)</sup><br>| 6638000 | &nbsp;&nbsp; 6885170 |
| &nbsp;&nbsp;&nbsp; PACCAR Financial Corp., 4.60%, <br> 01/31/2029<sup>(b)</sup><br>| 3982000 | &nbsp;&nbsp; 4072374 |
| &nbsp;&nbsp;&nbsp; Toyota Motor Corp. (Japan), 2.76%, <br> 07/02/2029<br>| 3322000 | &nbsp;&nbsp; 3191479 |
| Toyota Motor Credit Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.65%, 01/05/2029 | 5309000 | &nbsp;&nbsp; 5422616 |
| &nbsp;&nbsp;&nbsp; 3.65%, 01/08/2029<sup>(b)</sup> | 3320000 | &nbsp;&nbsp; 3289654 |
| &nbsp;&nbsp;&nbsp; 5.05%, 05/16/2029 | 6644000 | &nbsp;&nbsp; 6867908 |
| &nbsp;&nbsp;&nbsp; 4.45%, 06/29/2029 | 5318000 | &nbsp;&nbsp; 5394971 |
| &nbsp;&nbsp;&nbsp; 4.55%, 08/09/2029 | 6641000 | &nbsp;&nbsp; 6767825 |
|  |  | &nbsp;&nbsp; 95931146 |
| **Banks-6.32%** | **Banks-6.32%** | **Banks-6.32%** |
| &nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria S.A. <br> (Spain), 5.38%, 03/13/2029<sup>(b)</sup><br>| 6660000 | &nbsp;&nbsp; 6910984 |
| &nbsp;&nbsp;&nbsp; Bank of Nova Scotia (The) (Canada), <br> 5.45%, 08/01/2029<br>| 4646000 | &nbsp;&nbsp; 4854432 |
| &nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce <br> (Canada), 5.26%, 04/08/2029<sup>(b)</sup><br>| 7634000 | &nbsp;&nbsp; 7922844 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Banks-(continued)** | **Banks-(continued)** | **Banks-(continued)** | **Banks-(continued)** |
| Citibank N.A., 4.84%, 08/06/2029<sup>(b)</sup> | $| 9968000 | &nbsp;&nbsp; $10232031 |
| &nbsp;&nbsp;&nbsp; Cooperatieve Rabobank U.A. <br> (Netherlands)<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 01/09/2029<sup>(b)</sup> |  | 3324000 | &nbsp;&nbsp; 3415201 |
| &nbsp;&nbsp;&nbsp; 4.49%, 10/17/2029<sup>(b)</sup> |  | 4984000 | &nbsp;&nbsp; 5094869 |
| KeyCorp, 2.55%, 10/01/2029 |  | 4981000 | &nbsp;&nbsp; 4702866 |
| &nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. <br> (Japan)<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.74%, 03/07/2029 |  | 9963000 | &nbsp;&nbsp; 9886184 |
| &nbsp;&nbsp;&nbsp; 3.20%, 07/18/2029 |  | 11622000 | &nbsp;&nbsp; 11255500 |
| &nbsp;&nbsp;&nbsp; National Bank of Canada (Canada), <br> 4.50%, 10/10/2029<br>|  | 6615000 | &nbsp;&nbsp; 6705532 |
| PNC Bank N.A., 2.70%, 10/22/2029 |  | 4979000 | &nbsp;&nbsp; 4718167 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The), <br> 3.45%, 04/23/2029<sup>(b)</sup><br>|  | 9959000 | &nbsp;&nbsp; 9817140 |
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada (Canada), 4.95%, <br> 02/01/2029<sup>(b)</sup><br>|  | 6643000 | &nbsp;&nbsp; 6839103 |
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. <br> (Japan)<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 2.47%, 01/14/2029<sup>(b)</sup> |  | 3301000 | &nbsp;&nbsp; 3155433 |
| &nbsp;&nbsp;&nbsp; 5.32%, 07/09/2029 |  | 4985000 | &nbsp;&nbsp; 5183902 |
| &nbsp;&nbsp;&nbsp; 3.04%, 07/16/2029 |  | 16601000 | &nbsp;&nbsp; 15993882 |
| &nbsp;&nbsp;&nbsp; 2.72%, 09/27/2029<sup>(b)</sup> |  | 3325000 | &nbsp;&nbsp; 3164146 |
| Toronto-Dominion Bank (The) (Canada) |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.99%, 04/05/2029 |  | 5974000 | &nbsp;&nbsp; 6141921 |
| &nbsp;&nbsp;&nbsp; 4.78%, 12/17/2029 |  | 6638000 | &nbsp;&nbsp; 6806706 |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp., 3.88%, <br> 03/19/2029<br>|  | 4318000 | &nbsp;&nbsp; 4275396 |
| Wells Fargo & Co., 4.15%, 01/24/2029 |  | 16601000 | &nbsp;&nbsp; 16648999 |
| &nbsp;&nbsp;&nbsp; Zions Bancorporation N.A., 3.25%, <br> 10/29/2029<br>|  | 3313000 | &nbsp;&nbsp; 3096079 |
|  |  |  | &nbsp;&nbsp; 156821317 |
| **Beverages-2.55%** | **Beverages-2.55%** | **Beverages-2.55%** | **Beverages-2.55%** |
| &nbsp;&nbsp;&nbsp; Anheuser-Busch InBev Worldwide, Inc. <br> (Belgium), 4.75%, 01/23/2029<br>|  | 19454000 | &nbsp;&nbsp; 19897473 |
| &nbsp;&nbsp;&nbsp; Coca-Cola Co. (The), 2.13%, <br> 09/06/2029<br>|  | 6645000 | &nbsp;&nbsp; 6264891 |
| &nbsp;&nbsp;&nbsp; Coca-Cola Consolidated, Inc., 5.25%, <br> 06/01/2029<br>|  | 4646000 | &nbsp;&nbsp; 4817450 |
| &nbsp;&nbsp;&nbsp; Diageo Capital PLC (United Kingdom), <br> 2.38%, 10/24/2029<br>|  | 6643000 | &nbsp;&nbsp; 6252882 |
| Keurig Dr Pepper, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.05%, 03/15/2029 |  | 4977000 | &nbsp;&nbsp; 5081512 |
| &nbsp;&nbsp;&nbsp; 3.95%, 04/15/2029<sup>(b)</sup> |  | 6646000 | &nbsp;&nbsp; 6568121 |
| PepsiCo, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.10%, 01/15/2029 |  | 4984000 | &nbsp;&nbsp; 5018509 |
| &nbsp;&nbsp;&nbsp; 7.00%, 03/01/2029 |  | 3392000 | &nbsp;&nbsp; 3711682 |
| &nbsp;&nbsp;&nbsp; 4.50%, 07/17/2029 |  | 5644000 | &nbsp;&nbsp; 5779298 |
|  |  |  | &nbsp;&nbsp; 63391818 |
| **Biotechnology-2.83%** | **Biotechnology-2.83%** | **Biotechnology-2.83%** | **Biotechnology-2.83%** |
| AbbVie, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 03/15/2029<sup>(b)</sup> |  | 16609000 | &nbsp;&nbsp; 17050373 |
| &nbsp;&nbsp;&nbsp; 3.20%, 11/21/2029 |  | 36113000 | &nbsp;&nbsp; 35038588 |
| Amgen, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/22/2029 |  | 4979000 | &nbsp;&nbsp; 4824630 |
| &nbsp;&nbsp;&nbsp; 4.05%, 08/18/2029 |  | 8300000 | &nbsp;&nbsp; 8289833 |
| &nbsp;&nbsp;&nbsp; Gilead Sciences, Inc., 4.80%, <br> 11/15/2029<br>|  | 4986000 | &nbsp;&nbsp; 5140474 |
|  |  |  | &nbsp;&nbsp; 70343898 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2029 Corporate Bond ETF (BSCT)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Broadline Retail-0.88%** | **Broadline Retail-0.88%** | **Broadline Retail-0.88%** |
| Amazon.com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.45%, 04/13/2029<sup>(b)</sup> | $9966000 | &nbsp;&nbsp; $9855366 |
| &nbsp;&nbsp;&nbsp; 4.65%, 12/01/2029 | 9959000 | &nbsp;&nbsp; 10242371 |
| eBay, Inc., 4.25%, 03/06/2029 | 1658000 | &nbsp;&nbsp; 1665432 |
|  |  | &nbsp;&nbsp; 21763169 |
| **Building Products-0.58%** | **Building Products-0.58%** | **Building Products-0.58%** |
| &nbsp;&nbsp;&nbsp; CRH SMW Finance DAC, 5.20%, <br> 05/21/2029<sup>(b)</sup><br>| 4984000 | &nbsp;&nbsp; 5150807 |
| &nbsp;&nbsp;&nbsp; Fortune Brands Innovations, Inc., 3.25%, <br> 09/15/2029<br>| 4650000 | &nbsp;&nbsp; 4484497 |
| &nbsp;&nbsp;&nbsp; Johnson Controls International PLC/Tyco <br> Fire & Security Finance S.C.A., 5.50%, <br> 04/19/2029<br>| 4645000 | &nbsp;&nbsp; 4850385 |
|  |  | &nbsp;&nbsp; 14485689 |
| **Capital Markets-5.04%** | **Capital Markets-5.04%** | **Capital Markets-5.04%** |
| Ares Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 03/01/2029<sup>(b)</sup> | 6640000 | &nbsp;&nbsp; 6824742 |
| &nbsp;&nbsp;&nbsp; 5.95%, 07/15/2029<sup>(b)</sup> | 5649000 | &nbsp;&nbsp; 5811649 |
| &nbsp;&nbsp;&nbsp; Ares Strategic Income Fund, 6.35%, <br> 08/15/2029<sup>(b)</sup><br>| 4645000 | &nbsp;&nbsp; 4794112 |
| &nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. (The), <br> 3.30%, 08/23/2029<br>| 4982000 | &nbsp;&nbsp; 4851080 |
| BlackRock, Inc., 3.25%, 04/30/2029 | 6641000 | &nbsp;&nbsp; 6516241 |
| &nbsp;&nbsp;&nbsp; Blue Owl Capital Corp., 5.95%, <br> 03/15/2029<sup>(b)</sup><br>| 6619000 | &nbsp;&nbsp; 6704446 |
| Blue Owl Credit Income Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 7.75%, 01/15/2029<sup>(b)</sup> | 3657000 | &nbsp;&nbsp; 3869779 |
| &nbsp;&nbsp;&nbsp; 6.60%, 09/15/2029 | 5971000 | &nbsp;&nbsp; 6144436 |
| &nbsp;&nbsp;&nbsp; Blue Owl Technology Finance Corp., <br> 6.75%, 04/04/2029<sup>(b)</sup><br>| 4649000 | &nbsp;&nbsp; 4735445 |
| &nbsp;&nbsp;&nbsp; Brookfield Finance, Inc. (Canada), 4.85%, <br> 03/29/2029<br>| 6639000 | &nbsp;&nbsp; 6761013 |
| Charles Schwab Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/01/2029<sup>(b)</sup> | 3983000 | &nbsp;&nbsp; 3999746 |
| &nbsp;&nbsp;&nbsp; 3.25%, 05/22/2029 | 3984000 | &nbsp;&nbsp; 3881648 |
| &nbsp;&nbsp;&nbsp; Deutsche Bank AG (Germany), 5.41%, <br> 05/10/2029<br>| 6639000 | &nbsp;&nbsp; 6916713 |
| &nbsp;&nbsp;&nbsp; FS KKR Capital Corp., 6.88%, <br> 08/15/2029<sup>(b)</sup><br>| 3976000 | &nbsp;&nbsp; 4042865 |
| &nbsp;&nbsp;&nbsp; Golub Capital BDC, Inc., 6.00%, <br> 07/15/2029<sup>(b)</sup><br>| 4982000 | &nbsp;&nbsp; 5082463 |
| &nbsp;&nbsp;&nbsp; HPS Corporate Lending Fund, 6.75%, <br> 01/30/2029<sup>(b)</sup><br>| 3610000 | &nbsp;&nbsp; 3765360 |
| Lazard Group LLC, 4.38%, 03/11/2029 | 3321000 | &nbsp;&nbsp; 3332359 |
| &nbsp;&nbsp;&nbsp; Marex Group PLC (United Kingdom), <br> 6.40%, 11/04/2029<sup>(b)</sup><br>| 3981000 | &nbsp;&nbsp; 4113793 |
| Nomura Holdings, Inc. (Japan) |  |  |
| &nbsp;&nbsp;&nbsp; 2.71%, 01/22/2029 | 3324000 | &nbsp;&nbsp; 3179265 |
| &nbsp;&nbsp;&nbsp; 5.61%, 07/06/2029<sup>(b)</sup> | 3949000 | &nbsp;&nbsp; 4124054 |
| &nbsp;&nbsp;&nbsp; Northern Trust Corp., 3.15%, <br> 05/03/2029<br>| 3320000 | &nbsp;&nbsp; 3241190 |
| S&P Global, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2.70%, 03/01/2029 | 8153000 | &nbsp;&nbsp; 7827719 |
| &nbsp;&nbsp;&nbsp; 4.25%, 05/01/2029<sup>(b)</sup> | 6116000 | &nbsp;&nbsp; 6161177 |
| &nbsp;&nbsp;&nbsp; 2.50%, 12/01/2029 | 3321000 | &nbsp;&nbsp; 3134046 |
| &nbsp;&nbsp;&nbsp; Sixth Street Lending Partners, 6.50%, <br> 03/11/2029<sup>(b)</sup><br>| 4985000 | &nbsp;&nbsp; 5184437 |
|  |  | &nbsp;&nbsp; 124999778 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Chemicals-1.58%** | **Chemicals-1.58%** | **Chemicals-1.58%** |
| &nbsp;&nbsp;&nbsp; Air Products and Chemicals, Inc., 4.60%, <br> 02/08/2029<sup>(b)</sup><br>| $4980000 | &nbsp;&nbsp; $5081726 |
| &nbsp;&nbsp;&nbsp; Dow Chemical Co. (The), 7.38%, <br> 11/01/2029<br>| 4282000 | &nbsp;&nbsp; 4738849 |
| &nbsp;&nbsp;&nbsp; Eastman Chemical Co., 5.00%, <br> 08/01/2029<sup>(b)</sup><br>| 4979000 | &nbsp;&nbsp; 5076391 |
| FMC Corp., 3.45%, 10/01/2029 | 3322000 | &nbsp;&nbsp; 3026136 |
| &nbsp;&nbsp;&nbsp; Huntsman International LLC, 4.50%, <br> 05/01/2029<sup>(b)</sup><br>| 4943000 | &nbsp;&nbsp; 4731526 |
| Mosaic Co. (The), 4.35%, 01/15/2029 | 1953000 | &nbsp;&nbsp; 1959369 |
| &nbsp;&nbsp;&nbsp; Nutrien Ltd. (Canada), 4.20%, <br> 04/01/2029<br>| 4984000 | &nbsp;&nbsp; 4982424 |
| Olin Corp., 5.63%, 08/01/2029<sup>(b)</sup> | 4446000 | &nbsp;&nbsp; 4462446 |
| &nbsp;&nbsp;&nbsp; Sherwin-Williams Co. (The), 2.95%, <br> 08/15/2029<sup>(b)</sup><br>| 5310000 | &nbsp;&nbsp; 5094656 |
|  |  | &nbsp;&nbsp; 39153523 |
| **Commercial Services & Supplies-0.52%** | **Commercial Services & Supplies-0.52%** | **Commercial Services & Supplies-0.52%** |
| &nbsp;&nbsp;&nbsp; CDW LLC/CDW Finance Corp., 3.25%, <br> 02/15/2029<br>| 4653000 | &nbsp;&nbsp; 4470948 |
| &nbsp;&nbsp;&nbsp; Waste Connections, Inc., 3.50%, <br> 05/01/2029<sup>(b)</sup><br>| 3317000 | &nbsp;&nbsp; 3272233 |
| &nbsp;&nbsp;&nbsp; Waste Management, Inc., 4.88%, <br> 02/15/2029<br>| 4977000 | &nbsp;&nbsp; 5122155 |
|  |  | &nbsp;&nbsp; 12865336 |
| **Communications Equipment-1.04%** | **Communications Equipment-1.04%** | **Communications Equipment-1.04%** |
| &nbsp;&nbsp;&nbsp; Cisco Systems, Inc., 4.85%, <br> 02/26/2029<sup>(b)</sup><br>| 16605000 | &nbsp;&nbsp; 17069773 |
| &nbsp;&nbsp;&nbsp; Juniper Networks, Inc., 3.75%, <br> 08/15/2029<br>| 3324000 | &nbsp;&nbsp; 3251683 |
| &nbsp;&nbsp;&nbsp; Motorola Solutions, Inc., 4.60%, <br> 05/23/2029<sup>(b)</sup><br>| 5312000 | &nbsp;&nbsp; 5380427 |
|  |  | &nbsp;&nbsp; 25701883 |
| **Construction & Engineering-0.15%** | **Construction & Engineering-0.15%** | **Construction & Engineering-0.15%** |
| MasTec, Inc., 5.90%, 06/15/2029 | 3655000 | &nbsp;&nbsp; 3824268 |
| **Construction Materials-0.28%** | **Construction Materials-0.28%** | **Construction Materials-0.28%** |
| &nbsp;&nbsp;&nbsp; Amcor Group Finance PLC, 5.45%, <br> 05/23/2029<br>| 3322000 | &nbsp;&nbsp; 3438707 |
| &nbsp;&nbsp;&nbsp; Vulcan Materials Co., 4.95%, <br> 12/01/2029<br>| 3317000 | &nbsp;&nbsp; 3411259 |
|  |  | &nbsp;&nbsp; 6849966 |
| **Consumer Finance-1.92%** | **Consumer Finance-1.92%** | **Consumer Finance-1.92%** |
| &nbsp;&nbsp;&nbsp; American Express Co., 4.05%, <br> 05/03/2029<sup>(b)</sup><br>| 6642000 | &nbsp;&nbsp; 6687965 |
| General Motors Financial Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.80%, 01/07/2029 | 9965000 | &nbsp;&nbsp; 10387025 |
| &nbsp;&nbsp;&nbsp; 5.65%, 01/17/2029<sup>(b)</sup> | 3326000 | &nbsp;&nbsp; 3450934 |
| &nbsp;&nbsp;&nbsp; 4.30%, 04/06/2029 | 7303000 | &nbsp;&nbsp; 7290893 |
| &nbsp;&nbsp;&nbsp; 5.55%, 07/15/2029 | 8301000 | &nbsp;&nbsp; 8607621 |
| &nbsp;&nbsp;&nbsp; 4.90%, 10/06/2029<sup>(b)</sup> | 6639000 | &nbsp;&nbsp; 6749722 |
| &nbsp;&nbsp;&nbsp; Synchrony Financial, 5.15%, <br> 03/19/2029<br>| 4315000 | &nbsp;&nbsp; 4385745 |
|  |  | &nbsp;&nbsp; 47559905 |
| **Consumer Staples Distribution & Retail-0.90%** | **Consumer Staples Distribution & Retail-0.90%** | **Consumer Staples Distribution & Retail-0.90%** |
| &nbsp;&nbsp;&nbsp; Ahold Finance USA LLC (Netherlands), <br> 6.88%, 05/01/2029<br>| 3320000 | &nbsp;&nbsp; 3613601 |
| Kroger Co. (The), 4.50%, 01/15/2029 | 3982000 | &nbsp;&nbsp; 4042539 |
| Sysco Corp., 5.75%, 01/17/2029 | 3323000 | &nbsp;&nbsp; 3481112 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2029 Corporate Bond ETF (BSCT)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Consumer Staples Distribution & Retail-(continued)** | **Consumer Staples Distribution & Retail-(continued)** | **Consumer Staples Distribution & Retail-(continued)** | **Consumer Staples Distribution & Retail-(continued)** |
| Target Corp., 3.38%, 04/15/2029<sup>(b)</sup> | $| 6638000 | &nbsp;&nbsp; $6525175 |
| Walmart, Inc., 3.25%, 07/08/2029 |  | 4867000 | &nbsp;&nbsp; 4795269 |
|  |  |  | &nbsp;&nbsp; 22457696 |
| **Containers & Packaging-0.50%** | **Containers & Packaging-0.50%** | **Containers & Packaging-0.50%** | **Containers & Packaging-0.50%** |
| &nbsp;&nbsp;&nbsp; Packaging Corp. of America, 3.00%, <br> 12/15/2029<sup>(b)</sup><br>|  | 3319000 | &nbsp;&nbsp; 3186638 |
| &nbsp;&nbsp;&nbsp; Sonoco Products Co., 4.60%, <br> 09/01/2029<sup>(b)</sup><br>|  | 3990000 | &nbsp;&nbsp; 4030118 |
| WRKCo, Inc., 4.90%, 03/15/2029<sup>(b)</sup> |  | 4983000 | &nbsp;&nbsp; 5090644 |
|  |  |  | &nbsp;&nbsp; 12307400 |
| **Distributors-0.20%** | **Distributors-0.20%** | **Distributors-0.20%** | **Distributors-0.20%** |
| &nbsp;&nbsp;&nbsp; Genuine Parts Co., 4.95%, <br> 08/15/2029<sup>(b)</sup><br>|  | 4982000 | &nbsp;&nbsp; 5060279 |
| **Diversified REITs-0.24%** | **Diversified REITs-0.24%** | **Diversified REITs-0.24%** | **Diversified REITs-0.24%** |
| &nbsp;&nbsp;&nbsp; Digital Realty Trust L.P., 3.60%, <br> 07/01/2029<br>|  | 5975000 | &nbsp;&nbsp; 5865867 |
| **Diversified Telecommunication Services-1.88%** | **Diversified Telecommunication Services-1.88%** | **Diversified Telecommunication Services-1.88%** | **Diversified Telecommunication Services-1.88%** |
| AT&T, Inc., 4.35%, 03/01/2029 |  | 19926000 | &nbsp;&nbsp; 20043786 |
| Verizon Communications, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 02/08/2029<sup>(b)</sup> |  | 6622000 | &nbsp;&nbsp; 6593722 |
| &nbsp;&nbsp;&nbsp; 4.02%, 12/03/2029 |  | 20100000 | &nbsp;&nbsp; 19957180 |
|  |  |  | &nbsp;&nbsp; 46594688 |
| **Electric Utilities-5.38%** | **Electric Utilities-5.38%** | **Electric Utilities-5.38%** | **Electric Utilities-5.38%** |
| AEP Texas, Inc., 5.45%, 05/15/2029 |  | 3325000 | &nbsp;&nbsp; 3459186 |
| &nbsp;&nbsp;&nbsp; American Electric Power Co., Inc., 5.20%, <br> 01/15/2029<br>|  | 6645000 | &nbsp;&nbsp; 6866567 |
| Avangrid, Inc., 3.80%, 06/01/2029 |  | 4981000 | &nbsp;&nbsp; 4919834 |
| Duke Energy Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.85%, 01/05/2029 |  | 4318000 | &nbsp;&nbsp; 4413035 |
| &nbsp;&nbsp;&nbsp; 3.40%, 06/15/2029 |  | 3985000 | &nbsp;&nbsp; 3894562 |
| &nbsp;&nbsp;&nbsp; Duke Energy Florida LLC, 2.50%, <br> 12/01/2029<br>|  | 4654000 | &nbsp;&nbsp; 4400212 |
| &nbsp;&nbsp;&nbsp; Duke Energy Progress LLC, 3.45%, <br> 03/15/2029<sup>(b)</sup><br>|  | 3986000 | &nbsp;&nbsp; 3927570 |
| Edison International |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.45%, 06/15/2029 |  | 3321000 | &nbsp;&nbsp; 3378535 |
| &nbsp;&nbsp;&nbsp; 6.95%, 11/15/2029<sup>(b)</sup> |  | 3655000 | &nbsp;&nbsp; 3894662 |
| Evergy, Inc., 2.90%, 09/15/2029 |  | 5313000 | &nbsp;&nbsp; 5069317 |
| Eversource Energy |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.95%, 02/01/2029 |  | 5314000 | &nbsp;&nbsp; 5562482 |
| &nbsp;&nbsp;&nbsp; Series O, 4.25%, 04/01/2029 |  | 3320000 | &nbsp;&nbsp; 3318588 |
| Exelon Corp., 5.15%, 03/15/2029 |  | 4315000 | &nbsp;&nbsp; 4445143 |
| &nbsp;&nbsp;&nbsp; Florida Power & Light Co., 5.15%, <br> 06/15/2029<br>|  | 4981000 | &nbsp;&nbsp; 5183644 |
| &nbsp;&nbsp;&nbsp; MidAmerican Energy Co., 3.65%, <br> 04/15/2029<sup>(b)</sup><br>|  | 5642000 | &nbsp;&nbsp; 5585825 |
| &nbsp;&nbsp;&nbsp; National Rural Utilities Cooperative <br> Finance Corp., 4.85%, 02/07/2029<br>|  | 3325000 | &nbsp;&nbsp; 3408836 |
| &nbsp;&nbsp;&nbsp; Nevada Power Co., Series CC, 3.70%, <br> 05/01/2029<sup>(b)</sup><br>|  | 3322000 | &nbsp;&nbsp; 3277728 |
| NextEra Energy Capital Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 03/15/2029<sup>(b)</sup> |  | 5976000 | &nbsp;&nbsp; 6130058 |
| &nbsp;&nbsp;&nbsp; 3.50%, 04/01/2029 |  | 3239000 | &nbsp;&nbsp; 3181797 |
| &nbsp;&nbsp;&nbsp; 2.75%, 11/01/2029 |  | 6598000 | &nbsp;&nbsp; 6280707 |
| &nbsp;&nbsp;&nbsp; Oncor Electric Delivery Co. LLC, 4.65%, <br> 11/01/2029<br>|  | 3650000 | &nbsp;&nbsp; 3724925 |
| Pacific Gas and Electric Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.10%, 01/15/2029 |  | 5649000 | &nbsp;&nbsp; 5906865 |
| &nbsp;&nbsp;&nbsp; 5.55%, 05/15/2029 |  | 5641000 | &nbsp;&nbsp; 5835065 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Electric Utilities-(continued)** | **Electric Utilities-(continued)** | **Electric Utilities-(continued)** | **Electric Utilities-(continued)** |
| PacifiCorp, 5.10%, 02/15/2029<sup>(b)</sup> | $| 3323000 | &nbsp;&nbsp; $3387895 |
| Southern California Edison Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.15%, 06/01/2029 |  | 3988000 | &nbsp;&nbsp; 4069346 |
| &nbsp;&nbsp;&nbsp; Series A, 4.20%, 03/01/2029 |  | 3323000 | &nbsp;&nbsp; 3305551 |
| Southern Co. (The), 5.50%, 03/15/2029 |  | 6644000 | &nbsp;&nbsp; 6909787 |
| &nbsp;&nbsp;&nbsp; Tampa Electric Co., 4.90%, <br> 03/01/2029<sup>(b)</sup><br>|  | 3323000 | &nbsp;&nbsp; 3407143 |
| &nbsp;&nbsp;&nbsp; Virginia Electric & Power Co., Series A, <br> 2.88%, 07/15/2029<br>|  | 3322000 | &nbsp;&nbsp; 3193893 |
| Xcel Energy, Inc., 2.60%, 12/01/2029 |  | 3320000 | &nbsp;&nbsp; 3115411 |
|  |  |  | &nbsp;&nbsp; 133454169 |
| **Electronic Equipment, Instruments & Components-0.55%** | **Electronic Equipment, Instruments & Components-0.55%** | **Electronic Equipment, Instruments & Components-0.55%** | **Electronic Equipment, Instruments & Components-0.55%** |
| Amphenol Corp., 4.35%, 06/01/2029 |  | 3323000 | &nbsp;&nbsp; 3363527 |
| &nbsp;&nbsp;&nbsp; Arrow Electronics, Inc., 5.15%, <br> 08/21/2029<br>|  | 3321000 | &nbsp;&nbsp; 3406913 |
| &nbsp;&nbsp;&nbsp; Keysight Technologies, Inc., 3.00%, <br> 10/30/2029<sup>(b)</sup><br>|  | 3318000 | &nbsp;&nbsp; 3175561 |
| TD SYNNEX Corp., 4.30%, 01/17/2029 |  | 3650000 | &nbsp;&nbsp; 3651701 |
|  |  |  | &nbsp;&nbsp; 13597702 |
| **Energy Equipment & Services-0.27%** | **Energy Equipment & Services-0.27%** | **Energy Equipment & Services-0.27%** | **Energy Equipment & Services-0.27%** |
| &nbsp;&nbsp;&nbsp; Baker Hughes Holdings LLC/Baker <br> Hughes Co-Obligor, Inc., 3.14%, <br> 11/07/2029<sup>(b)</sup><br>|  | 3489000 | &nbsp;&nbsp; 3373434 |
| NOV, Inc., 3.60%, 12/01/2029<sup>(b)</sup> |  | 3326000 | &nbsp;&nbsp; 3246574 |
|  |  |  | &nbsp;&nbsp; 6620008 |
| **Entertainment-0.73%** | **Entertainment-0.73%** | **Entertainment-0.73%** | **Entertainment-0.73%** |
| Netflix, Inc., 6.38%, 05/15/2029 |  | 5311000 | &nbsp;&nbsp; 5714315 |
| &nbsp;&nbsp;&nbsp; Walt Disney Co. (The), 2.00%, <br> 09/01/2029<sup>(b)</sup><br>|  | 13283000 | &nbsp;&nbsp; 12414712 |
|  |  |  | &nbsp;&nbsp; 18129027 |
| **Financial Services-4.15%** | **Financial Services-4.15%** | **Financial Services-4.15%** | **Financial Services-4.15%** |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust (Ireland)<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.10%, 01/19/2029 |  | 5313000 | &nbsp;&nbsp; 5443759 |
| &nbsp;&nbsp;&nbsp; 4.63%, 09/10/2029<sup>(b)</sup> |  | 8639000 | &nbsp;&nbsp; 8746651 |
| &nbsp;&nbsp;&nbsp; Apollo Debt Solutions BDC, 6.90%, <br> 04/13/2029<sup>(b)</sup><br>|  | 6630000 | &nbsp;&nbsp; 6958106 |
| &nbsp;&nbsp;&nbsp; BlackRock Funding, Inc., 4.70%, <br> 03/14/2029<br>|  | 3323000 | &nbsp;&nbsp; 3408245 |
| &nbsp;&nbsp;&nbsp; Blackstone Private Credit Fund, 4.00%, <br> 01/15/2029<sup>(b)</sup><br>|  | 4263000 | &nbsp;&nbsp; 4148378 |
| &nbsp;&nbsp;&nbsp; Corebridge Financial, Inc., 3.85%, <br> 04/05/2029<br>|  | 6645000 | &nbsp;&nbsp; 6546837 |
| &nbsp;&nbsp;&nbsp; Enact Holdings, Inc., 6.25%, <br> 05/28/2029<sup>(b)</sup><br>|  | 4961000 | &nbsp;&nbsp; 5205799 |
| &nbsp;&nbsp;&nbsp; Fidelity National Information Services, <br> Inc., 3.75%, 05/21/2029<br>|  | 3089000 | &nbsp;&nbsp; 3030968 |
| Fiserv, Inc., 3.50%, 07/01/2029 |  | 19924000 | &nbsp;&nbsp; 19283421 |
| &nbsp;&nbsp;&nbsp; Global Payments, Inc., 5.30%, <br> 08/15/2029<br>|  | 3311000 | &nbsp;&nbsp; 3389419 |
| Mastercard, Inc., 2.95%, 06/01/2029 |  | 6640000 | &nbsp;&nbsp; 6446055 |
| &nbsp;&nbsp;&nbsp; ORIX Corp. (Japan), 4.65%, <br> 09/10/2029<sup>(b)</sup><br>|  | 4651000 | &nbsp;&nbsp; 4736429 |
| &nbsp;&nbsp;&nbsp; PayPal Holdings, Inc., 2.85%, <br> 10/01/2029<sup>(b)</sup><br>|  | 9961000 | &nbsp;&nbsp; 9542464 |
| &nbsp;&nbsp;&nbsp; Radian Group, Inc., 6.20%, <br> 05/15/2029<sup>(b)</sup><br>|  | 4156000 | &nbsp;&nbsp; 4355304 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2029 Corporate Bond ETF (BSCT)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Financial Services-(continued)** | **Financial Services-(continued)** | **Financial Services-(continued)** | **Financial Services-(continued)** |
| &nbsp;&nbsp;&nbsp; RELX Capital, Inc. (United Kingdom), <br> 4.00%, 03/18/2029<br>| $| 6309000 | &nbsp;&nbsp; $6297569 |
| &nbsp;&nbsp;&nbsp; State Street Bank and Trust Co., 4.78%, <br> 11/23/2029<br>|  | 5312000 | &nbsp;&nbsp; 5479024 |
|  |  |  | &nbsp;&nbsp; 103018428 |
| **Food Products-1.12%** | **Food Products-1.12%** | **Food Products-1.12%** | **Food Products-1.12%** |
| &nbsp;&nbsp;&nbsp; Bunge Ltd. Finance Corp., 4.20%, <br> 09/17/2029<br>|  | 5309000 | &nbsp;&nbsp; 5312729 |
| &nbsp;&nbsp;&nbsp; Campbell's Co. (The), 5.20%, <br> 03/21/2029<sup>(b)</sup><br>|  | 3985000 | &nbsp;&nbsp; 4102908 |
| &nbsp;&nbsp;&nbsp; JBS USA Holding Lux S.a.r.l./JBS USA <br> Food Co./JBS Lux Co. S.a.r.l., 3.00%, <br> 02/02/2029<br>|  | 3982000 | &nbsp;&nbsp; 3840180 |
| &nbsp;&nbsp;&nbsp; Mondelez International, Inc., 4.75%, <br> 02/20/2029<sup>(b)</sup><br>|  | 3650000 | &nbsp;&nbsp; 3734876 |
| Tyson Foods, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.35%, 03/01/2029 |  | 6645000 | &nbsp;&nbsp; 6665078 |
| &nbsp;&nbsp;&nbsp; 5.40%, 03/15/2029 |  | 3989000 | &nbsp;&nbsp; 4128321 |
|  |  |  | &nbsp;&nbsp; 27784092 |
| **Gas Utilities-0.16%** | **Gas Utilities-0.16%** | **Gas Utilities-0.16%** | **Gas Utilities-0.16%** |
| &nbsp;&nbsp;&nbsp; Piedmont Natural Gas Co., Inc., 3.50%, <br> 06/01/2029<br>|  | 3988000 | &nbsp;&nbsp; 3917971 |
| **Ground Transportation-0.62%** | **Ground Transportation-0.62%** | **Ground Transportation-0.62%** | **Ground Transportation-0.62%** |
| CSX Corp., 4.25%, 03/15/2029 |  | 6314000 | &nbsp;&nbsp; 6379665 |
| Ryder System, Inc., 5.38%, 03/15/2029 |  | 3651000 | &nbsp;&nbsp; 3786628 |
| Union Pacific Corp., 3.70%, 03/01/2029 |  | 5144000 | &nbsp;&nbsp; 5112548 |
|  |  |  | &nbsp;&nbsp; 15278841 |
| **Health Care Equipment & Supplies-1.21%** | **Health Care Equipment & Supplies-1.21%** | **Health Care Equipment & Supplies-1.21%** | **Health Care Equipment & Supplies-1.21%** |
| Becton, Dickinson and Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.87%, 02/08/2029 |  | 4154000 | &nbsp;&nbsp; 4239383 |
| &nbsp;&nbsp;&nbsp; 5.08%, 06/07/2029 |  | 3982000 | &nbsp;&nbsp; 4100633 |
| &nbsp;&nbsp;&nbsp; DH Europe Finance II S.a.r.l., 2.60%, <br> 11/15/2029<br>|  | 5311000 | &nbsp;&nbsp; 5044919 |
| &nbsp;&nbsp;&nbsp; GE HealthCare Technologies, Inc., 4.80%, <br> 08/14/2029<br>|  | 6644000 | &nbsp;&nbsp; 6798065 |
| Solventum Corp., 5.40%, 03/01/2029 |  | 4667000 | &nbsp;&nbsp; 4827564 |
| Stryker Corp., 4.25%, 09/11/2029 |  | 4978000 | &nbsp;&nbsp; 5020781 |
|  |  |  | &nbsp;&nbsp; 30031345 |
| **Health Care Providers & Services-5.45%** | **Health Care Providers & Services-5.45%** | **Health Care Providers & Services-5.45%** | **Health Care Providers & Services-5.45%** |
| Cardinal Health, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 02/15/2029<sup>(b)</sup> |  | 4318000 | &nbsp;&nbsp; 4453378 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2029 |  | 4980000 | &nbsp;&nbsp; 5125982 |
| Cencora, Inc., 4.85%, 12/15/2029 |  | 3986000 | &nbsp;&nbsp; 4088893 |
| Centene Corp., 4.63%, 12/15/2029<sup>(b)</sup> |  | 21764000 | &nbsp;&nbsp; 21057656 |
| Cigna Group (The), 5.00%, 05/15/2029 |  | 6641000 | &nbsp;&nbsp; 6826964 |
| &nbsp;&nbsp;&nbsp; CommonSpirit Health, 3.35%, <br> 10/01/2029<br>|  | 5950000 | &nbsp;&nbsp; 5771240 |
| CVS Health Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/30/2029 |  | 6638000 | &nbsp;&nbsp; 6792769 |
| &nbsp;&nbsp;&nbsp; 5.40%, 06/01/2029 |  | 6639000 | &nbsp;&nbsp; 6890348 |
| Elevance Health, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.15%, 06/15/2029 |  | 3985000 | &nbsp;&nbsp; 4114623 |
| &nbsp;&nbsp;&nbsp; 2.88%, 09/15/2029 |  | 5482000 | &nbsp;&nbsp; 5236066 |
| HCA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 02/01/2029 |  | 6639000 | &nbsp;&nbsp; 6918038 |
| &nbsp;&nbsp;&nbsp; 3.38%, 03/15/2029 |  | 3318000 | &nbsp;&nbsp; 3236956 |
| &nbsp;&nbsp;&nbsp; 4.13%, 06/15/2029 |  | 13282000 | &nbsp;&nbsp; 13255679 |
| Humana, Inc., 3.70%, 03/23/2029 |  | 3919000 | &nbsp;&nbsp; 3847200 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Health Care Providers & Services-(continued)** | **Health Care Providers & Services-(continued)** | **Health Care Providers & Services-(continued)** | **Health Care Providers & Services-(continued)** |
| &nbsp;&nbsp;&nbsp; Icon Investments Six DAC, 5.85%, <br> 05/08/2029<br>| $| 4978000 | &nbsp;&nbsp; $5199425 |
| &nbsp;&nbsp;&nbsp; Laboratory Corp. of America Holdings, <br> 2.95%, 12/01/2029<br>|  | 4321000 | &nbsp;&nbsp; 4115566 |
| McKesson Corp., 4.25%, 09/15/2029 |  | 3320000 | &nbsp;&nbsp; 3346927 |
| Quest Diagnostics, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.20%, 06/30/2029 |  | 3321000 | &nbsp;&nbsp; 3337432 |
| &nbsp;&nbsp;&nbsp; 4.63%, 12/15/2029 |  | 3986000 | &nbsp;&nbsp; 4057937 |
| UnitedHealth Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/15/2029 |  | 8307000 | &nbsp;&nbsp; 8371163 |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/15/2029 |  | 5982000 | &nbsp;&nbsp; 5991685 |
| &nbsp;&nbsp;&nbsp; Universal Health Services, Inc., 4.63%, <br> 10/15/2029<br>|  | 3326000 | &nbsp;&nbsp; 3348498 |
|  |  |  | &nbsp;&nbsp; 135384425 |
| **Health Care REITs-0.77%** | **Health Care REITs-0.77%** | **Health Care REITs-0.77%** | **Health Care REITs-0.77%** |
| Healthpeak OP LLC, 3.50%, 07/15/2029 |  | 4314000 | &nbsp;&nbsp; 4202478 |
| &nbsp;&nbsp;&nbsp; Omega Healthcare Investors, Inc., 3.63%, <br> 10/01/2029<br>|  | 3323000 | &nbsp;&nbsp; 3210159 |
| Ventas Realty L.P., 4.40%, 01/15/2029 |  | 4982000 | &nbsp;&nbsp; 5009841 |
| Welltower OP LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.05%, 01/15/2029 |  | 3323000 | &nbsp;&nbsp; 3133358 |
| &nbsp;&nbsp;&nbsp; 4.13%, 03/15/2029 |  | 3650000 | &nbsp;&nbsp; 3661303 |
|  |  |  | &nbsp;&nbsp; 19217139 |
| **Hotels, Restaurants & Leisure-1.06%** | **Hotels, Restaurants & Leisure-1.06%** | **Hotels, Restaurants & Leisure-1.06%** | **Hotels, Restaurants & Leisure-1.06%** |
| &nbsp;&nbsp;&nbsp; Hyatt Hotels Corp., 5.25%, <br> 06/30/2029<sup>(b)</sup><br>|  | 3973000 | &nbsp;&nbsp; 4090993 |
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp., 6.00%, <br> 08/15/2029<br>|  | 3307000 | &nbsp;&nbsp; 3463602 |
| Marriott International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 04/15/2029 |  | 5316000 | &nbsp;&nbsp; 5442728 |
| &nbsp;&nbsp;&nbsp; 4.88%, 05/15/2029 |  | 3322000 | &nbsp;&nbsp; 3395977 |
| McDonald's Corp., 5.00%, 05/17/2029 |  | 3326000 | &nbsp;&nbsp; 3431788 |
| Starbucks Corp., 3.55%, 08/15/2029 |  | 6644000 | &nbsp;&nbsp; 6535044 |
|  |  |  | &nbsp;&nbsp; 26360132 |
| **Household Durables-0.13%** | **Household Durables-0.13%** | **Household Durables-0.13%** | **Household Durables-0.13%** |
| &nbsp;&nbsp;&nbsp; Leggett & Platt, Inc., 4.40%, <br> 03/15/2029<sup>(b)</sup><br>|  | 3319000 | &nbsp;&nbsp; 3263723 |
| **Household Products-0.62%** | **Household Products-0.62%** | **Household Products-0.62%** | **Household Products-0.62%** |
| Clorox Co. (The), 4.40%, 05/01/2029 |  | 3325000 | &nbsp;&nbsp; 3365106 |
| &nbsp;&nbsp;&nbsp; Kimberly-Clark Corp., 3.20%, <br> 04/25/2029<br>|  | 4654000 | &nbsp;&nbsp; 4547143 |
| Procter & Gamble Co. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.35%, 01/29/2029 |  | 3982000 | &nbsp;&nbsp; 4062860 |
| &nbsp;&nbsp;&nbsp; 4.15%, 10/24/2029<sup>(b)</sup> |  | 3318000 | &nbsp;&nbsp; 3374362 |
|  |  |  | &nbsp;&nbsp; 15349471 |
| **Industrial Conglomerates-0.80%** | **Industrial Conglomerates-0.80%** | **Industrial Conglomerates-0.80%** | **Industrial Conglomerates-0.80%** |
| 3M Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.38%, 03/01/2029 |  | 5295000 | &nbsp;&nbsp; 5193306 |
| &nbsp;&nbsp;&nbsp; 2.38%, 08/26/2029 |  | 6640000 | &nbsp;&nbsp; 6262549 |
| Honeywell International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/15/2029 |  | 4986000 | &nbsp;&nbsp; 5032072 |
| &nbsp;&nbsp;&nbsp; 4.88%, 09/01/2029<sup>(b)</sup> |  | 3319000 | &nbsp;&nbsp; 3423787 |
|  |  |  | &nbsp;&nbsp; 19911714 |
| **Insurance-2.73%** | **Insurance-2.73%** | **Insurance-2.73%** | **Insurance-2.73%** |
| &nbsp;&nbsp;&nbsp; Allstate Corp. (The), 5.05%, <br> 06/24/2029<br>|  | 3311000 | &nbsp;&nbsp; 3426047 |
| &nbsp;&nbsp;&nbsp; American National Group, Inc., 5.75%, <br> 10/01/2029<br>|  | 3983000 | &nbsp;&nbsp; 4124663 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2029 Corporate Bond ETF (BSCT)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Insurance-(continued)** | **Insurance-(continued)** | **Insurance-(continued)** | **Insurance-(continued)** |
| Aon Corp., 3.75%, 05/02/2029 | $| 4986000 | &nbsp;&nbsp; $4927746 |
| &nbsp;&nbsp;&nbsp; Aon North America, Inc., 5.15%, <br> 03/01/2029<br>|  | 6638000 | &nbsp;&nbsp; 6838429 |
| &nbsp;&nbsp;&nbsp; Arthur J. Gallagher & Co., 4.85%, <br> 12/15/2029<br>|  | 4982000 | &nbsp;&nbsp; 5094437 |
| &nbsp;&nbsp;&nbsp; Chubb INA Holdings LLC, 4.65%, <br> 08/15/2029<br>|  | 4649000 | &nbsp;&nbsp; 4758215 |
| &nbsp;&nbsp;&nbsp; CNA Financial Corp., 3.90%, <br> 05/01/2029<br>|  | 3324000 | &nbsp;&nbsp; 3296544 |
| &nbsp;&nbsp;&nbsp; CNO Financial Group, Inc., 5.25%, <br> 05/30/2029<br>|  | 3321000 | &nbsp;&nbsp; 3382498 |
| &nbsp;&nbsp;&nbsp; F&G Annuities & Life, Inc., 6.50%, <br> 06/04/2029<br>|  | 3655000 | &nbsp;&nbsp; 3813631 |
| &nbsp;&nbsp;&nbsp; Hartford Insurance Group, Inc. (The), <br> 2.80%, 08/19/2029<sup>(b)</sup><br>|  | 3983000 | &nbsp;&nbsp; 3804053 |
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc., 4.38%, <br> 03/15/2029<br>|  | 9968000 | &nbsp;&nbsp; 10084733 |
| &nbsp;&nbsp;&nbsp; PartnerRe Finance B LLC, 3.70%, <br> 07/02/2029<sup>(b)</sup><br>|  | 3322000 | &nbsp;&nbsp; 3263318 |
| &nbsp;&nbsp;&nbsp; Principal Financial Group, Inc., 3.70%, <br> 05/15/2029<br>|  | 3324000 | &nbsp;&nbsp; 3271614 |
| &nbsp;&nbsp;&nbsp; Progressive Corp. (The), 4.00%, <br> 03/01/2029<br>|  | 3651000 | &nbsp;&nbsp; 3664934 |
| &nbsp;&nbsp;&nbsp; Reinsurance Group of America, Inc., <br> 3.90%, 05/15/2029<br>|  | 3983000 | &nbsp;&nbsp; 3945510 |
|  |  |  | &nbsp;&nbsp; 67696372 |
| **Interactive Media & Services-0.27%** | **Interactive Media & Services-0.27%** | **Interactive Media & Services-0.27%** | **Interactive Media & Services-0.27%** |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., 4.30%, <br> 08/15/2029<sup>(b)</sup><br>|  | 6643000 | &nbsp;&nbsp; 6744516 |
| **IT Services-0.85%** | **IT Services-0.85%** | **IT Services-0.85%** | **IT Services-0.85%** |
| &nbsp;&nbsp;&nbsp; International Business Machines Corp., <br> 3.50%, 05/15/2029<br>|  | 21582000 | &nbsp;&nbsp; 21218663 |
| **Leisure Products-0.38%** | **Leisure Products-0.38%** | **Leisure Products-0.38%** | **Leisure Products-0.38%** |
| Hasbro, Inc., 3.90%, 11/19/2029<sup>(b)</sup> |  | 5954000 | &nbsp;&nbsp; 5849826 |
| Polaris, Inc., 6.95%, 03/15/2029<sup>(b)</sup> |  | 3326000 | &nbsp;&nbsp; 3539594 |
|  |  |  | &nbsp;&nbsp; 9389420 |
| **Life Sciences Tools & Services-1.08%** | **Life Sciences Tools & Services-1.08%** | **Life Sciences Tools & Services-1.08%** | **Life Sciences Tools & Services-1.08%** |
| IQVIA, Inc., 6.25%, 02/01/2029 |  | 8302000 | &nbsp;&nbsp; 8758261 |
| Revvity, Inc., 3.30%, 09/15/2029<sup>(b)</sup> |  | 5622000 | &nbsp;&nbsp; 5427471 |
| Thermo Fisher Scientific, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/31/2029<sup>(b)</sup> |  | 6643000 | &nbsp;&nbsp; 6853654 |
| &nbsp;&nbsp;&nbsp; 2.60%, 10/01/2029 |  | 5974000 | &nbsp;&nbsp; 5682887 |
|  |  |  | &nbsp;&nbsp; 26722273 |
| **Machinery-3.35%** | **Machinery-3.35%** | **Machinery-3.35%** | **Machinery-3.35%** |
| Caterpillar Financial Services Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.85%, 02/27/2029 |  | 3985000 | &nbsp;&nbsp; 4106524 |
| &nbsp;&nbsp;&nbsp; 4.38%, 08/16/2029<sup>(b)</sup> |  | 3988000 | &nbsp;&nbsp; 4053655 |
| &nbsp;&nbsp;&nbsp; 4.70%, 11/15/2029 |  | 5978000 | &nbsp;&nbsp; 6148555 |
| Caterpillar, Inc., 2.60%, 09/19/2029 |  | 3318000 | &nbsp;&nbsp; 3172314 |
| CNH Industrial Capital LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/12/2029 |  | 3324000 | &nbsp;&nbsp; 3443174 |
| &nbsp;&nbsp;&nbsp; 5.10%, 04/20/2029<sup>(b)</sup> |  | 3982000 | &nbsp;&nbsp; 4080958 |
| Cummins, Inc., 4.90%, 02/20/2029 |  | 3306000 | &nbsp;&nbsp; 3410268 |
| Deere & Co., 5.38%, 10/16/2029 |  | 3308000 | &nbsp;&nbsp; 3492881 |
| IDEX Corp., 4.95%, 09/01/2029 |  | 3322000 | &nbsp;&nbsp; 3404169 |
| Ingersoll Rand, Inc., 5.18%, 06/15/2029 |  | 4986000 | &nbsp;&nbsp; 5170658 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Machinery-(continued)** | **Machinery-(continued)** | **Machinery-(continued)** | **Machinery-(continued)** |
| John Deere Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 01/16/2029 | $| 6646000 | &nbsp;&nbsp; $6763292 |
| &nbsp;&nbsp;&nbsp; 3.45%, 03/07/2029<sup>(b)</sup> |  | 3987000 | &nbsp;&nbsp; 3942240 |
| &nbsp;&nbsp;&nbsp; 3.35%, 04/18/2029 |  | 3990000 | &nbsp;&nbsp; 3922239 |
| &nbsp;&nbsp;&nbsp; 4.85%, 06/11/2029 |  | 5641000 | &nbsp;&nbsp; 5812792 |
| Nordson Corp., 4.50%, 12/15/2029 |  | 3982000 | &nbsp;&nbsp; 4010761 |
| Parker-Hannifin Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 06/14/2029 |  | 6638000 | &nbsp;&nbsp; 6480444 |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/15/2029<sup>(b)</sup> |  | 6642000 | &nbsp;&nbsp; 6751244 |
| &nbsp;&nbsp;&nbsp; Trane Technologies Financing Ltd., <br> 3.80%, 03/21/2029<br>|  | 4977000 | &nbsp;&nbsp; 4942955 |
|  |  |  | &nbsp;&nbsp; 83109123 |
| **Media-1.61%** | **Media-1.61%** | **Media-1.61%** | **Media-1.61%** |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/<br> Charter Communications Operating <br> Capital Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 2.25%, 01/15/2029 |  | 8276000 | &nbsp;&nbsp; 7698121 |
| &nbsp;&nbsp;&nbsp; 5.05%, 03/30/2029 |  | 8299000 | &nbsp;&nbsp; 8381869 |
| &nbsp;&nbsp;&nbsp; 6.10%, 06/01/2029 |  | 9966000 | &nbsp;&nbsp; 10394023 |
| Comcast Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.55%, 01/15/2029<sup>(b)</sup> |  | 5978000 | &nbsp;&nbsp; 6063845 |
| &nbsp;&nbsp;&nbsp; 5.10%, 06/01/2029<sup>(b)</sup> |  | 3987000 | &nbsp;&nbsp; 4126044 |
| &nbsp;&nbsp;&nbsp; Paramount Global, 4.20%, <br> 06/01/2029<sup>(b)</sup><br>|  | 3324000 | &nbsp;&nbsp; 3269249 |
|  |  |  | &nbsp;&nbsp; 39933151 |
| **Metals & Mining-0.13%** | **Metals & Mining-0.13%** | **Metals & Mining-0.13%** | **Metals & Mining-0.13%** |
| &nbsp;&nbsp;&nbsp; ArcelorMittal S.A. (Luxembourg), 4.25%, <br> 07/16/2029<sup>(b)</sup><br>|  | 3308000 | &nbsp;&nbsp; 3319757 |
| **Multi-Utilities-1.64%** | **Multi-Utilities-1.64%** | **Multi-Utilities-1.64%** | **Multi-Utilities-1.64%** |
| Ameren Corp., 5.00%, 01/15/2029 |  | 4649000 | &nbsp;&nbsp; 4761214 |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc., 5.40%, <br> 06/01/2029<br>|  | 4386000 | &nbsp;&nbsp; 4549886 |
| Consumers Energy Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 02/15/2029<sup>(b)</sup> |  | 3325000 | &nbsp;&nbsp; 3417073 |
| &nbsp;&nbsp;&nbsp; 4.60%, 05/30/2029 |  | 3988000 | &nbsp;&nbsp; 4059861 |
| DTE Energy Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.10%, 03/01/2029 |  | 7974000 | &nbsp;&nbsp; 8189911 |
| &nbsp;&nbsp;&nbsp; Series C, 3.40%, 06/15/2029 |  | 3184000 | &nbsp;&nbsp; 3099665 |
| NiSource, Inc., 5.20%, 07/01/2029 |  | 3988000 | &nbsp;&nbsp; 4122828 |
| &nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc., <br> 5.20%, 04/01/2029<br>|  | 4977000 | &nbsp;&nbsp; 5132447 |
| Sempra, 3.70%, 04/01/2029<sup>(b)</sup> |  | 3326000 | &nbsp;&nbsp; 3277057 |
|  |  |  | &nbsp;&nbsp; 40609942 |
| **Office REITs-0.22%** | **Office REITs-0.22%** | **Office REITs-0.22%** | **Office REITs-0.22%** |
| &nbsp;&nbsp;&nbsp; Boston Properties L.P., 3.40%, <br> 06/21/2029<br>|  | 5644000 | &nbsp;&nbsp; 5453572 |
| **Oil, Gas & Consumable Fuels-7.77%** | **Oil, Gas & Consumable Fuels-7.77%** | **Oil, Gas & Consumable Fuels-7.77%** | **Oil, Gas & Consumable Fuels-7.77%** |
| &nbsp;&nbsp;&nbsp; Boardwalk Pipelines L.P., 4.80%, <br> 05/03/2029<br>|  | 3321000 | &nbsp;&nbsp; 3366559 |
| BP Capital Markets America, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.70%, 04/10/2029 |  | 8306000 | &nbsp;&nbsp; 8479698 |
| &nbsp;&nbsp;&nbsp; 4.97%, 10/17/2029 |  | 4983000 | &nbsp;&nbsp; 5142320 |
| &nbsp;&nbsp;&nbsp; 4.87%, 11/25/2029 |  | 4322000 | &nbsp;&nbsp; 4447366 |
| &nbsp;&nbsp;&nbsp; Canadian Natural Resources Ltd. <br> (Canada), 5.00%, 12/15/2029<br>|  | 2500000 | &nbsp;&nbsp; 2561393 |
| &nbsp;&nbsp;&nbsp; Cheniere Energy Partners L.P., 4.50%, <br> 10/01/2029<br>|  | 9966000 | &nbsp;&nbsp; 9966136 |
| Chevron USA, Inc., 3.25%, 10/15/2029 |  | 3320000 | &nbsp;&nbsp; 3251960 |
| ConocoPhillips Co., 6.95%, 04/15/2029 |  | 4684000 | &nbsp;&nbsp; 5120660 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2029 Corporate Bond ETF (BSCT)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Oil, Gas & Consumable Fuels-(continued)** | **Oil, Gas & Consumable Fuels-(continued)** | **Oil, Gas & Consumable Fuels-(continued)** | **Oil, Gas & Consumable Fuels-(continued)** |
| &nbsp;&nbsp;&nbsp; DCP Midstream Operating L.P., 5.13%, <br> 05/15/2029<sup>(b)</sup><br>| $| 3985000 | &nbsp;&nbsp; $4080363 |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc., 3.50%, <br> 12/01/2029<br>|  | 6076000 | &nbsp;&nbsp; 5895953 |
| Enbridge, Inc. (Canada) |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.30%, 04/05/2029 |  | 4980000 | &nbsp;&nbsp; 5142208 |
| &nbsp;&nbsp;&nbsp; 3.13%, 11/15/2029<sup>(b)</sup> |  | 6646000 | &nbsp;&nbsp; 6374693 |
| Energy Transfer L.P. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/15/2029 |  | 9967000 | &nbsp;&nbsp; 10259736 |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/2029 |  | 6645000 | &nbsp;&nbsp; 6859921 |
| &nbsp;&nbsp;&nbsp; 4.15%, 09/15/2029 |  | 3628000 | &nbsp;&nbsp; 3607566 |
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, <br> 3.13%, 07/31/2029<br>|  | 8305000 | &nbsp;&nbsp; 8060115 |
| EQT Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 01/15/2029 |  | 4880000 | &nbsp;&nbsp; 4885142 |
| &nbsp;&nbsp;&nbsp; 6.38%, 04/01/2029 |  | 3960000 | &nbsp;&nbsp; 4101058 |
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp., 2.44%, <br> 08/16/2029<sup>(b)</sup><br>|  | 8299000 | &nbsp;&nbsp; 7938665 |
| Kinder Morgan, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2029 |  | 8307000 | &nbsp;&nbsp; 8516415 |
| &nbsp;&nbsp;&nbsp; 5.10%, 08/01/2029 |  | 3325000 | &nbsp;&nbsp; 3426043 |
| MPLX L.P., 4.80%, 02/15/2029 |  | 4985000 | &nbsp;&nbsp; 5068559 |
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp., 5.20%, <br> 08/01/2029<br>|  | 7939000 | &nbsp;&nbsp; 8142096 |
| ONEOK, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.35%, 03/15/2029 |  | 4654000 | &nbsp;&nbsp; 4668742 |
| &nbsp;&nbsp;&nbsp; 4.40%, 10/15/2029<sup>(b)</sup> |  | 3983000 | &nbsp;&nbsp; 3999794 |
| Phillips 66 Co., 3.15%, 12/15/2029 |  | 3774000 | &nbsp;&nbsp; 3624173 |
| &nbsp;&nbsp;&nbsp; Shell Finance US, Inc., 2.38%, <br> 11/07/2029<br>|  | 7138000 | &nbsp;&nbsp; 6734748 |
| &nbsp;&nbsp;&nbsp; Shell International Finance B.V., 2.38%, <br> 11/07/2029<sup>(b)</sup><br>|  | 2823000 | &nbsp;&nbsp; 2668576 |
| &nbsp;&nbsp;&nbsp; South Bow USA Infrastructure <br> Holdings LLC (Canada), 5.03%, <br> 10/01/2029<br>|  | 6640000 | &nbsp;&nbsp; 6742420 |
| Targa Resources Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.35%, 01/15/2029 |  | 50000 | &nbsp;&nbsp; 50176 |
| &nbsp;&nbsp;&nbsp; 6.15%, 03/01/2029 |  | 6640000 | &nbsp;&nbsp; 7007181 |
| &nbsp;&nbsp;&nbsp; TotalEnergies Capital International S.A. <br> (France), 3.46%, 02/19/2029<br>|  | 8301000 | &nbsp;&nbsp; 8174310 |
| &nbsp;&nbsp;&nbsp; Valero Energy Corp., 4.00%, <br> 04/01/2029<br>|  | 2916000 | &nbsp;&nbsp; 2899779 |
| &nbsp;&nbsp;&nbsp; Western Midstream Operating L.P., <br> 6.35%, 01/15/2029<sup>(b)</sup><br>|  | 3969000 | &nbsp;&nbsp; 4189533 |
| &nbsp;&nbsp;&nbsp; Williams Cos., Inc. (The), 4.90%, <br> 03/15/2029<br>|  | 7303000 | &nbsp;&nbsp; 7460078 |
|  |  |  | &nbsp;&nbsp; 192914135 |
| **Paper & Forest Products-0.15%** | **Paper & Forest Products-0.15%** | **Paper & Forest Products-0.15%** | **Paper & Forest Products-0.15%** |
| &nbsp;&nbsp;&nbsp; Georgia-Pacific LLC, 7.75%, <br> 11/15/2029<sup>(b)</sup><br>|  | 3326000 | &nbsp;&nbsp; 3772276 |
| **Passenger Airlines-0.12%** | **Passenger Airlines-0.12%** | **Passenger Airlines-0.12%** | **Passenger Airlines-0.12%** |
| &nbsp;&nbsp;&nbsp; Delta Air Lines, Inc., 3.75%, <br> 10/28/2029<br>|  | 3142000 | &nbsp;&nbsp; 3074876 |
| **Personal Care Products-0.38%** | **Personal Care Products-0.38%** | **Personal Care Products-0.38%** | **Personal Care Products-0.38%** |
| &nbsp;&nbsp;&nbsp; Estee Lauder Cos., Inc. (The), 2.38%, <br> 12/01/2029<sup>(b)</sup><br>|  | 4321000 | &nbsp;&nbsp; 4050732 |
| &nbsp;&nbsp;&nbsp; Unilever Capital Corp. (United Kingdom), <br> 2.13%, 09/06/2029<sup>(b)</sup><br>|  | 5643000 | &nbsp;&nbsp; 5307538 |
|  |  |  | &nbsp;&nbsp; 9358270 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Pharmaceuticals-3.77%** | **Pharmaceuticals-3.77%** | **Pharmaceuticals-3.77%** |
| &nbsp;&nbsp;&nbsp; AstraZeneca Finance LLC (United <br> Kingdom), 4.85%, 02/26/2029<br>| $8302000 | &nbsp;&nbsp; $8543045 |
| &nbsp;&nbsp;&nbsp; AstraZeneca PLC (United Kingdom), <br> 4.00%, 01/17/2029<sup>(b)</sup><br>| 6640000 | &nbsp;&nbsp; 6661891 |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co., 4.90%, <br> 02/22/2029<sup>(b)</sup><br>| 4798000 | &nbsp;&nbsp; 4935288 |
| Eli Lilly and Co. |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/09/2029 | 6647000 | &nbsp;&nbsp; 6782975 |
| &nbsp;&nbsp;&nbsp; 3.38%, 03/15/2029<sup>(b)</sup> | 6180000 | &nbsp;&nbsp; 6098134 |
| &nbsp;&nbsp;&nbsp; 4.20%, 08/14/2029 | 6644000 | &nbsp;&nbsp; 6723835 |
| &nbsp;&nbsp;&nbsp; GlaxoSmithKline Capital PLC (United <br> Kingdom), 3.38%, 06/01/2029<br>| 6647000 | &nbsp;&nbsp; 6525321 |
| &nbsp;&nbsp;&nbsp; Haleon US Capital LLC, 3.38%, <br> 03/24/2029<br>| 6618000 | &nbsp;&nbsp; 6456641 |
| &nbsp;&nbsp;&nbsp; Johnson & Johnson, 4.80%, <br> 06/01/2029<br>| 7639000 | &nbsp;&nbsp; 7904971 |
| Merck & Co., Inc., 3.40%, 03/07/2029 | 11626000 | &nbsp;&nbsp; 11448127 |
| &nbsp;&nbsp;&nbsp; Novartis Capital Corp., 3.80%, <br> 09/18/2029<sup>(b)</sup><br>| 6646000 | &nbsp;&nbsp; 6631340 |
| Pfizer, Inc., 3.45%, 03/15/2029<sup>(b)</sup> | 11619000 | &nbsp;&nbsp; 11494289 |
| &nbsp;&nbsp;&nbsp; Royalty Pharma PLC, 5.15%, <br> 09/02/2029<br>| 3325000 | &nbsp;&nbsp; 3417561 |
|  |  | &nbsp;&nbsp; 93623418 |
| **Professional Services-0.37%** | **Professional Services-0.37%** | **Professional Services-0.37%** |
| &nbsp;&nbsp;&nbsp; Broadridge Financial Solutions, Inc., <br> 2.90%, 12/01/2029<br>| 4978000 | &nbsp;&nbsp; 4729579 |
| Equifax, Inc., 4.80%, 09/15/2029<sup>(b)</sup> | 4315000 | &nbsp;&nbsp; 4387894 |
|  |  | &nbsp;&nbsp; 9117473 |
| **Real Estate Management & Development-0.14%** | **Real Estate Management & Development-0.14%** | **Real Estate Management & Development-0.14%** |
| &nbsp;&nbsp;&nbsp; CBRE Services, Inc., 5.50%, <br> 04/01/2029<sup>(b)</sup><br>| 3318000 | &nbsp;&nbsp; 3446482 |
| **Residential REITs-0.44%** | **Residential REITs-0.44%** | **Residential REITs-0.44%** |
| &nbsp;&nbsp;&nbsp; Camden Property Trust, 3.15%, <br> 07/01/2029<br>| 3986000 | &nbsp;&nbsp; 3854968 |
| ERP Operating L.P., 3.00%, 07/01/2029 | 3982000 | &nbsp;&nbsp; 3843002 |
| Essex Portfolio L.P., 4.00%, 03/01/2029 | 3325000 | &nbsp;&nbsp; 3310091 |
|  |  | &nbsp;&nbsp; 11008061 |
| **Retail REITs-0.60%** | **Retail REITs-0.60%** | **Retail REITs-0.60%** |
| Realty Income Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 06/15/2029 | 3319000 | &nbsp;&nbsp; 3233973 |
| &nbsp;&nbsp;&nbsp; 3.10%, 12/15/2029<sup>(b)</sup> | 3958000 | &nbsp;&nbsp; 3815932 |
| &nbsp;&nbsp;&nbsp; Simon Property Group L.P., 2.45%, <br> 09/13/2029<br>| 8307000 | &nbsp;&nbsp; 7857604 |
|  |  | &nbsp;&nbsp; 14907509 |
| **Semiconductors & Semiconductor Equipment-3.22%** | **Semiconductors & Semiconductor Equipment-3.22%** | **Semiconductors & Semiconductor Equipment-3.22%** |
| &nbsp;&nbsp;&nbsp; Applied Materials, Inc., 4.80%, <br> 06/15/2029<br>| 4653000 | &nbsp;&nbsp; 4781278 |
| Broadcom, Inc., 5.05%, 07/12/2029 | 14943000 | &nbsp;&nbsp; 15445159 |
| Intel Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/05/2029 | 5643000 | &nbsp;&nbsp; 5592679 |
| &nbsp;&nbsp;&nbsp; 2.45%, 11/15/2029 | 13285000 | &nbsp;&nbsp; 12415182 |
| KLA Corp., 4.10%, 03/15/2029<sup>(b)</sup> | 5313000 | &nbsp;&nbsp; 5332799 |
| &nbsp;&nbsp;&nbsp; Lam Research Corp., 4.00%, <br> 03/15/2029<sup>(b)</sup><br>| 6639000 | &nbsp;&nbsp; 6650985 |
| &nbsp;&nbsp;&nbsp; Marvell Technology, Inc., 5.75%, <br> 02/15/2029<br>| 3317000 | &nbsp;&nbsp; 3467458 |
| &nbsp;&nbsp;&nbsp; Microchip Technology, Inc., 5.05%, <br> 03/15/2029<br>| 6647000 | &nbsp;&nbsp; 6788486 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2029 Corporate Bond ETF (BSCT)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Semiconductors & Semiconductor Equipment-(continued)** | **Semiconductors & Semiconductor Equipment-(continued)** | **Semiconductors & Semiconductor Equipment-(continued)** | **Semiconductors & Semiconductor Equipment-(continued)** |
| &nbsp;&nbsp;&nbsp; Micron Technology, Inc., 5.33%, <br> 02/06/2029<br>| $| 4648000 | &nbsp;&nbsp; $4798969 |
| Qorvo, Inc., 4.38%, 10/15/2029 |  | 5616000 | &nbsp;&nbsp; 5547149 |
| Texas Instruments, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.60%, 02/08/2029<sup>(b)</sup> |  | 4314000 | &nbsp;&nbsp; 4414182 |
| &nbsp;&nbsp;&nbsp; 2.25%, 09/04/2029<sup>(b)</sup> |  | 4978000 | &nbsp;&nbsp; 4696349 |
|  |  |  | &nbsp;&nbsp; 79930675 |
| **Software-2.66%** | **Software-2.66%** | **Software-2.66%** | **Software-2.66%** |
| &nbsp;&nbsp;&nbsp; Accenture Capital, Inc., 4.05%, <br> 10/04/2029<br>|  | 7974000 | &nbsp;&nbsp; 7993606 |
| Adobe, Inc., 4.80%, 04/04/2029 |  | 4981000 | &nbsp;&nbsp; 5123979 |
| AppLovin Corp., 5.13%, 12/01/2029 |  | 6643000 | &nbsp;&nbsp; 6797066 |
| Atlassian Corp., 5.25%, 05/15/2029 |  | 3326000 | &nbsp;&nbsp; 3414705 |
| &nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc., 4.30%, <br> 09/10/2029<br>|  | 6647000 | &nbsp;&nbsp; 6682857 |
| &nbsp;&nbsp;&nbsp; CrowdStrike Holdings, Inc., 3.00%, <br> 02/15/2029<sup>(b)</sup><br>|  | 4979000 | &nbsp;&nbsp; 4776500 |
| Oracle Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.20%, 09/27/2029 |  | 9961000 | &nbsp;&nbsp; 9831581 |
| &nbsp;&nbsp;&nbsp; 6.15%, 11/09/2029 |  | 8300000 | &nbsp;&nbsp; 8717376 |
| Roper Technologies, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.95%, 09/15/2029 |  | 4648000 | &nbsp;&nbsp; 4450111 |
| &nbsp;&nbsp;&nbsp; 4.50%, 10/15/2029 |  | 3321000 | &nbsp;&nbsp; 3358433 |
| Workday, Inc., 3.70%, 04/01/2029<sup>(b)</sup> |  | 4986000 | &nbsp;&nbsp; 4924794 |
|  |  |  | &nbsp;&nbsp; 66071008 |
| **Specialized REITs-1.97%** | **Specialized REITs-1.97%** | **Specialized REITs-1.97%** | **Specialized REITs-1.97%** |
| American Tower Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 02/15/2029 |  | 4322000 | &nbsp;&nbsp; 4447395 |
| &nbsp;&nbsp;&nbsp; 3.95%, 03/15/2029 |  | 3984000 | &nbsp;&nbsp; 3952150 |
| &nbsp;&nbsp;&nbsp; 3.80%, 08/15/2029 |  | 10960000 | &nbsp;&nbsp; 10799829 |
| Crown Castle, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.30%, 02/15/2029 |  | 3985000 | &nbsp;&nbsp; 3977326 |
| &nbsp;&nbsp;&nbsp; 5.60%, 06/01/2029 |  | 4981000 | &nbsp;&nbsp; 5177994 |
| &nbsp;&nbsp;&nbsp; 4.90%, 09/01/2029 |  | 3653000 | &nbsp;&nbsp; 3710928 |
| &nbsp;&nbsp;&nbsp; GLP Capital L.P./GLP Financing II, Inc., <br> 5.30%, 01/15/2029<br>|  | 4981000 | &nbsp;&nbsp; 5076177 |
| Public Storage Operating Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 01/15/2029<sup>(b)</sup> |  | 3326000 | &nbsp;&nbsp; 3442581 |
| &nbsp;&nbsp;&nbsp; 3.39%, 05/01/2029<sup>(b)</sup> |  | 3317000 | &nbsp;&nbsp; 3259023 |
| Weyerhaeuser Co., 4.00%, 11/15/2029 |  | 4978000 | &nbsp;&nbsp; 4940607 |
|  |  |  | &nbsp;&nbsp; 48784010 |
| **Specialty Retail-2.46%** | **Specialty Retail-2.46%** | **Specialty Retail-2.46%** | **Specialty Retail-2.46%** |
| AutoNation, Inc., 4.45%, 01/15/2029 |  | 2000000 | &nbsp;&nbsp; 2005795 |
| AutoZone, Inc., 5.10%, 07/15/2029 |  | 3986000 | &nbsp;&nbsp; 4113880 |
| Dell International LLC/EMC Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.15%, 02/15/2029 |  | 4980000 | &nbsp;&nbsp; 4974413 |
| &nbsp;&nbsp;&nbsp; 5.30%, 10/01/2029 |  | 11587000 | &nbsp;&nbsp; 11970195 |
| Home Depot, Inc. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 04/15/2029 |  | 4984000 | &nbsp;&nbsp; 5131612 |
| &nbsp;&nbsp;&nbsp; 2.95%, 06/15/2029 |  | 11628000 | &nbsp;&nbsp; 11267053 |
| &nbsp;&nbsp;&nbsp; 4.75%, 06/25/2029 |  | 8301000 | &nbsp;&nbsp; 8518774 |
| Lowe's Cos., Inc., 3.65%, 04/05/2029 |  | 9965000 | &nbsp;&nbsp; 9822675 |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc., 3.90%, <br> 06/01/2029<br>|  | 3324000 | &nbsp;&nbsp; 3296711 |
|  |  |  | &nbsp;&nbsp; 61101108 |
| **Technology Hardware, Storage & Peripherals-1.71%** | **Technology Hardware, Storage & Peripherals-1.71%** | **Technology Hardware, Storage & Peripherals-1.71%** | **Technology Hardware, Storage & Peripherals-1.71%** |
| Apple, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 08/08/2029<sup>(b)</sup> |  | 6647000 | &nbsp;&nbsp; 6541530 |
| &nbsp;&nbsp;&nbsp; 2.20%, 09/11/2029 |  | 11627000 | &nbsp;&nbsp; 10989260 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Technology Hardware, Storage & Peripherals-(continued)** | **Technology Hardware, Storage & Peripherals-(continued)** | **Technology Hardware, Storage & Peripherals-(continued)** |
| &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co., 4.55%, <br> 10/15/2029<br>| 11625000 | &nbsp;&nbsp; $11709342 |
| HP, Inc., 4.00%, 04/15/2029 | 6643000 | &nbsp;&nbsp; 6579361 |
| &nbsp;&nbsp;&nbsp; IBM International Capital Pte. Ltd., <br> 4.60%, 02/05/2029<sup>(b)</sup><br>| 3320000 | &nbsp;&nbsp; 3380822 |
| &nbsp;&nbsp;&nbsp; Western Digital Corp., 2.85%, <br> 02/01/2029<br>| 3322000 | &nbsp;&nbsp; 3160101 |
|  |  | &nbsp;&nbsp; 42360416 |
| **Tobacco-1.68%** | **Tobacco-1.68%** | **Tobacco-1.68%** |
| Altria Group, Inc., 4.80%, 02/14/2029 | 12662000 | &nbsp;&nbsp; 12880426 |
| &nbsp;&nbsp;&nbsp; B.A.T. Capital Corp. (United Kingdom), <br> 3.46%, 09/06/2029<br>| 3319000 | &nbsp;&nbsp; 3229572 |
| &nbsp;&nbsp;&nbsp; B.A.T. International Finance PLC (United <br> Kingdom), 5.93%, 02/02/2029<sup>(b)</sup><br>| 6643000 | &nbsp;&nbsp; 6988871 |
| Philip Morris International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.38%, 08/15/2029 | 4981000 | &nbsp;&nbsp; 4864125 |
| &nbsp;&nbsp;&nbsp; 4.63%, 11/01/2029<sup>(b)</sup> | 4978000 | &nbsp;&nbsp; 5071552 |
| &nbsp;&nbsp;&nbsp; 5.63%, 11/17/2029<sup>(b)</sup> | 8306000 | &nbsp;&nbsp; 8755060 |
|  |  | &nbsp;&nbsp; 41789606 |
| **Trading Companies & Distributors-0.27%** | **Trading Companies & Distributors-0.27%** | **Trading Companies & Distributors-0.27%** |
| Air Lease Corp., 5.10%, 03/01/2029<sup>(b)</sup> | 3324000 | &nbsp;&nbsp; 3377363 |
| GATX Corp., 4.70%, 04/01/2029 | 3325000 | &nbsp;&nbsp; 3371658 |
|  |  | &nbsp;&nbsp; 6749021 |
| **Water Utilities-0.14%** | **Water Utilities-0.14%** | **Water Utilities-0.14%** |
| &nbsp;&nbsp;&nbsp; American Water Capital Corp., 3.45%, <br> 06/01/2029<br>| 3657000 | &nbsp;&nbsp; 3593383 |
| **Wireless Telecommunication Services-1.80%** | **Wireless Telecommunication Services-1.80%** | **Wireless Telecommunication Services-1.80%** |
| &nbsp;&nbsp;&nbsp; Rogers Communications, Inc. (Canada), <br> 5.00%, 02/15/2029<br>| 8300000 | &nbsp;&nbsp; 8466197 |
| T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.85%, 01/15/2029<sup>(b)</sup> | 6640000 | &nbsp;&nbsp; 6792847 |
| &nbsp;&nbsp;&nbsp; 2.63%, 02/15/2029 | 6618000 | &nbsp;&nbsp; 6315104 |
| &nbsp;&nbsp;&nbsp; 2.40%, 03/15/2029 | 3321000 | &nbsp;&nbsp; 3146562 |
| &nbsp;&nbsp;&nbsp; 3.38%, 04/15/2029 | 15613000 | &nbsp;&nbsp; 15220812 |
| &nbsp;&nbsp;&nbsp; 4.20%, 10/01/2029<sup>(b)</sup> | 4650000 | &nbsp;&nbsp; 4667003 |
|  |  | &nbsp;&nbsp; 44608525 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-98.67% <br>(Cost $2,406,253,528) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-98.67% <br>(Cost $2,406,253,528) | &nbsp;&nbsp; 2448722745 |
|  | **Shares** |  |
| **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** |
| **Money Market Funds-12.46%** | **Money Market Funds-12.46%** | **Money Market Funds-12.46%** |
| &nbsp;&nbsp;&nbsp; Invesco Private Government Fund, <br> 4.00%<sup>(c)(d)(e)</sup><br>| 86136098 | &nbsp;&nbsp; 86136098 |
| &nbsp;&nbsp;&nbsp; Invesco Private Prime Fund, <br> 4.12%<sup>(c)(d)(e)</sup><br>| 223074778 | &nbsp;&nbsp; 223141700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $309,277,419) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $309,277,419) | &nbsp;&nbsp; 309277798 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-111.13% <br>(Cost $2,715,530,947) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-111.13% <br>(Cost $2,715,530,947) | &nbsp;&nbsp; 2758000543 |
| OTHER ASSETS LESS LIABILITIES-(11.13)% | OTHER ASSETS LESS LIABILITIES-(11.13)% | &nbsp;&nbsp; (276154324)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $2481846219 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2029 Corporate Bond ETF (BSCT)—(continued)**

November 30, 2025

*(Unaudited)*

Investment Abbreviations: <br> REIT -Real Estate Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | All or a portion of this security was out on loan at November 30, 2025. |
| <sup>(c)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the three months ended November 30, 2025.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**November 30, 2025**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government <br> & Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp;&nbsp; $3388830 | &nbsp;&nbsp;&nbsp; $26752507 | &nbsp;&nbsp;&nbsp; $(30141337)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $73237 |
| **Investments** <br> **Purchased with** <br> **Cash Collateral** <br> **from Securities on** <br> **Loan:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private <br> Government Fund<br>| &nbsp;&nbsp;&nbsp; 85111069 | &nbsp;&nbsp;&nbsp; 78092219 | &nbsp;&nbsp;&nbsp; (77067190)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 86136098 | &nbsp;&nbsp;&nbsp; 843,350<br> \*<br>|
| &nbsp;&nbsp; Invesco Private <br> Prime Fund<br>| &nbsp;&nbsp;&nbsp; 221338592 | &nbsp;&nbsp;&nbsp; 181613348 | &nbsp;&nbsp;&nbsp; (179809446)<br>| &nbsp;&nbsp;&nbsp; (14691)<br>| &nbsp;&nbsp;&nbsp; 13897 | &nbsp;&nbsp;&nbsp; 223141700 | &nbsp;&nbsp;&nbsp; 2,272,476<br> \*<br>|
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; $309838491 | &nbsp;&nbsp;&nbsp; $286458074 | &nbsp;&nbsp;&nbsp; $(287017973)<br>| &nbsp;&nbsp;&nbsp; $(14691)<br>| &nbsp;&nbsp;&nbsp; $13897 | &nbsp;&nbsp;&nbsp; $309277798 | &nbsp;&nbsp;&nbsp; $3189063 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(d)</sup> The rate shown is the 7-day SEC standardized yield as of November 30, 2025. <br> <sup>(e)</sup> 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.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

See accompanying notes which are an integral part of this schedule.

------

Schedule of Investments<sup>(a)</sup>

**Invesco BulletShares 2030 Corporate Bond ETF (BSCU)**

November 30, 2025

*(Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes-99.01%** | **U.S. Dollar Denominated Bonds & Notes-99.01%** | **U.S. Dollar Denominated Bonds & Notes-99.01%** |
| **Aerospace & Defense-2.54%** | **Aerospace & Defense-2.54%** | **Aerospace & Defense-2.54%** |
| Boeing Co. (The), 5.15%, 05/01/2030 | $26849000 | &nbsp;&nbsp; $27681511 |
| General Electric Co., 4.30%, 07/29/2030 | 5962000 | &nbsp;&nbsp; 6031052 |
| &nbsp;&nbsp;&nbsp; Huntington Ingalls Industries, Inc., 5.35%, <br> 01/15/2030<br>| 2988000 | &nbsp;&nbsp; 3098061 |
| &nbsp;&nbsp;&nbsp; Lockheed Martin Corp., 4.40%, <br> 08/15/2030<br>| 4480000 | &nbsp;&nbsp; 4543574 |
| &nbsp;&nbsp;&nbsp; Northrop Grumman Corp., 4.65%, <br> 07/15/2030<br>| 2982000 | &nbsp;&nbsp; 3044476 |
| RTX Corp., 2.25%, 07/01/2030<sup>(b)</sup> | 5955000 | &nbsp;&nbsp; 5491952 |
| Textron, Inc., 3.00%, 06/01/2030 | 3871000 | &nbsp;&nbsp; 3675961 |
|  |  | &nbsp;&nbsp; 53566587 |
| **Air Freight & Logistics-0.14%** | **Air Freight & Logistics-0.14%** | **Air Freight & Logistics-0.14%** |
| &nbsp;&nbsp;&nbsp; United Parcel Service, Inc., 4.65%, <br> 10/15/2030<sup>(b)</sup><br>| 2976000 | &nbsp;&nbsp; 3056234 |
| **Automobile Components-0.20%** | **Automobile Components-0.20%** | **Automobile Components-0.20%** |
| &nbsp;&nbsp;&nbsp; Magna International, Inc. (Canada), <br> 2.45%, 06/15/2030<br>| 4473000 | &nbsp;&nbsp; 4140253 |
| **Automobiles-3.78%** | **Automobiles-3.78%** | **Automobiles-3.78%** |
| American Honda Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 03/05/2030<sup>(b)</sup> | 2975000 | &nbsp;&nbsp; 3041974 |
| &nbsp;&nbsp;&nbsp; 4.60%, 04/17/2030 | 4172000 | &nbsp;&nbsp; 4234071 |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/04/2030<sup>(b)</sup> | 3879000 | &nbsp;&nbsp; 3901849 |
| &nbsp;&nbsp;&nbsp; 5.85%, 10/04/2030 | 2955000 | &nbsp;&nbsp; 3149527 |
| Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp; 7.35%, 03/06/2030 | 6860000 | &nbsp;&nbsp; 7365191 |
| &nbsp;&nbsp;&nbsp; 7.20%, 06/10/2030<sup>(b)</sup> | 5068000 | &nbsp;&nbsp; 5444538 |
| &nbsp;&nbsp;&nbsp; 5.73%, 09/05/2030 | 7460000 | &nbsp;&nbsp; 7594859 |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/13/2030 | 9849000 | &nbsp;&nbsp; 9283538 |
| General Motors Co., 5.63%, 04/15/2030 | 4478000 | &nbsp;&nbsp; 4677096 |
| &nbsp;&nbsp;&nbsp; Honda Motor Co. Ltd. (Japan), 4.69%, <br> 07/08/2030<br>| 7759000 | &nbsp;&nbsp; 7863100 |
| &nbsp;&nbsp;&nbsp; Toyota Motor Corp. (Japan), 4.45%, <br> 06/30/2030<br>| 2980000 | &nbsp;&nbsp; 3029335 |
| Toyota Motor Credit Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 01/09/2030 | 4178000 | &nbsp;&nbsp; 4318810 |
| &nbsp;&nbsp;&nbsp; 4.80%, 05/15/2030 | 4474000 | &nbsp;&nbsp; 4595010 |
| &nbsp;&nbsp;&nbsp; 4.55%, 05/17/2030<sup>(b)</sup> | 4180000 | &nbsp;&nbsp; 4266299 |
| &nbsp;&nbsp;&nbsp; 5.55%, 11/20/2030 | 6560000 | &nbsp;&nbsp; 6973588 |
|  |  | &nbsp;&nbsp; 79738785 |
| **Banks-5.62%** | **Banks-5.62%** | **Banks-5.62%** |
| Banco Santander S.A. (Spain) |  |  |
| &nbsp;&nbsp;&nbsp; 5.57%, 01/17/2030 | 5963000 | &nbsp;&nbsp; 6239356 |
| &nbsp;&nbsp;&nbsp; 3.49%, 05/28/2030<sup>(b)</sup> | 6000000 | &nbsp;&nbsp; 5797105 |
| &nbsp;&nbsp;&nbsp; Bank of Nova Scotia (The) (Canada), <br> 4.85%, 02/01/2030<br>| 7462000 | &nbsp;&nbsp; 7655491 |
| Citibank N.A., 4.91%, 05/29/2030<sup>(b)</sup> | 14903000 | &nbsp;&nbsp; 15375622 |
| &nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc., 3.25%, <br> 04/30/2030<br>| 4471000 | &nbsp;&nbsp; 4263403 |
| &nbsp;&nbsp;&nbsp; Huntington National Bank (The), 5.65%, <br> 01/10/2030<sup>(b)</sup><br>| 5328000 | &nbsp;&nbsp; 5593556 |
| &nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. <br> (Japan)<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.56%, 02/25/2030 | 6854000 | &nbsp;&nbsp; 6427169 |
| &nbsp;&nbsp;&nbsp; 2.05%, 07/17/2030<sup>(b)</sup> | 7449000 | &nbsp;&nbsp; 6781839 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Banks-(continued)** | **Banks-(continued)** | **Banks-(continued)** | **Banks-(continued)** |
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. <br> (Japan)<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.71%, 01/13/2030 | $| 8049000 | &nbsp;&nbsp; $8506672 |
| &nbsp;&nbsp;&nbsp; 2.75%, 01/15/2030 |  | 7446000 | &nbsp;&nbsp; 7038797 |
| &nbsp;&nbsp;&nbsp; 5.24%, 04/15/2030<sup>(b)</sup> |  | 4728000 | &nbsp;&nbsp; 4922590 |
| &nbsp;&nbsp;&nbsp; 2.13%, 07/08/2030 |  | 8855000 | &nbsp;&nbsp; 8086054 |
| &nbsp;&nbsp;&nbsp; 5.85%, 07/13/2030<sup>(b)</sup> |  | 3838000 | &nbsp;&nbsp; 4103840 |
| &nbsp;&nbsp;&nbsp; 2.14%, 09/23/2030 |  | 3752000 | &nbsp;&nbsp; 3401485 |
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The) (Canada), <br> 4.81%, 06/03/2030<br>|  | 6853000 | &nbsp;&nbsp; 7012038 |
| Truist Bank, 2.25%, 03/11/2030 |  | 7392000 | &nbsp;&nbsp; 6792597 |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp., 1.95%, <br> 06/05/2030<br>|  | 4469000 | &nbsp;&nbsp; 4063512 |
| U.S. Bancorp, 1.38%, 07/22/2030<sup>(b)</sup> |  | 7452000 | &nbsp;&nbsp; 6603091 |
|  |  |  | &nbsp;&nbsp; 118664217 |
| **Beverages-2.24%** | **Beverages-2.24%** | **Beverages-2.24%** | **Beverages-2.24%** |
| &nbsp;&nbsp;&nbsp; Coca-Cola Co. (The), 1.65%, <br> 06/01/2030<sup>(b)</sup><br>|  | 8941000 | &nbsp;&nbsp; 8109825 |
| Constellation Brands, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.88%, 05/01/2030<sup>(b)</sup> |  | 3572000 | &nbsp;&nbsp; 3365771 |
| &nbsp;&nbsp;&nbsp; 4.80%, 05/01/2030<sup>(b)</sup> |  | 2981000 | &nbsp;&nbsp; 3036211 |
| &nbsp;&nbsp;&nbsp; Diageo Capital PLC (United Kingdom), <br> 2.00%, 04/29/2030<br>|  | 5955000 | &nbsp;&nbsp; 5447486 |
| &nbsp;&nbsp;&nbsp; Diageo Investment Corp. (United <br> Kingdom), 5.13%, 08/15/2030<br>|  | 4473000 | &nbsp;&nbsp; 4651432 |
| Keurig Dr Pepper, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.20%, 05/01/2030 |  | 4469500 | &nbsp;&nbsp; 4242802 |
| &nbsp;&nbsp;&nbsp; 4.60%, 05/15/2030 |  | 2983000 | &nbsp;&nbsp; 2999439 |
| PepsiCo, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.60%, 02/07/2030 |  | 5960000 | &nbsp;&nbsp; 6113319 |
| &nbsp;&nbsp;&nbsp; 1.63%, 05/01/2030<sup>(b)</sup> |  | 5962000 | &nbsp;&nbsp; 5409396 |
| &nbsp;&nbsp;&nbsp; 4.30%, 07/23/2030 |  | 3877000 | &nbsp;&nbsp; 3929591 |
|  |  |  | &nbsp;&nbsp; 47305272 |
| **Biotechnology-2.39%** | **Biotechnology-2.39%** | **Biotechnology-2.39%** | **Biotechnology-2.39%** |
| AbbVie, Inc., 4.88%, 03/15/2030<sup>(b)</sup> |  | 5960000 | &nbsp;&nbsp; 6161170 |
| Amgen, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.45%, 02/21/2030 |  | 7450000 | &nbsp;&nbsp; 6949681 |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/02/2030 |  | 16396000 | &nbsp;&nbsp; 17043538 |
| Biogen, Inc., 2.25%, 05/01/2030<sup>(b)</sup> |  | 8955000 | &nbsp;&nbsp; 8244343 |
| &nbsp;&nbsp;&nbsp; Gilead Sciences, Inc., 1.65%, <br> 10/01/2030<sup>(b)</sup><br>|  | 5960000 | &nbsp;&nbsp; 5338938 |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc., 1.75%, <br> 09/15/2030<br>|  | 7451000 | &nbsp;&nbsp; 6654328 |
|  |  |  | &nbsp;&nbsp; 50391998 |
| **Broadline Retail-0.76%** | **Broadline Retail-0.76%** | **Broadline Retail-0.76%** | **Broadline Retail-0.76%** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc., 1.50%, <br> 06/03/2030<sup>(b)</sup><br>|  | 11921000 | &nbsp;&nbsp; 10762784 |
| eBay, Inc., 2.70%, 03/11/2030 |  | 5658000 | &nbsp;&nbsp; 5322315 |
|  |  |  | &nbsp;&nbsp; 16085099 |
| **Building Products-0.52%** | **Building Products-0.52%** | **Building Products-0.52%** | **Building Products-0.52%** |
| &nbsp;&nbsp;&nbsp; CRH SMW Finance DAC, 5.13%, <br> 01/09/2030<br>|  | 7450000 | &nbsp;&nbsp; 7687481 |
| &nbsp;&nbsp;&nbsp; Johnson Controls International PLC/Tyco <br> Fire & Security Finance S.C.A., 1.75%, <br> 09/15/2030<br>|  | 3722000 | &nbsp;&nbsp; 3330930 |
|  |  |  | &nbsp;&nbsp; 11018411 |
| **Capital Markets-4.15%** | **Capital Markets-4.15%** | **Capital Markets-4.15%** | **Capital Markets-4.15%** |
| Ares Capital Corp., 5.50%, 09/01/2030 |  | 4470000 | &nbsp;&nbsp; 4513413 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2030 Corporate Bond ETF (BSCU)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Capital Markets-(continued)** | **Capital Markets-(continued)** | **Capital Markets-(continued)** | **Capital Markets-(continued)** |
| &nbsp;&nbsp;&nbsp; Ares Strategic Income Fund, 5.60%, <br> 02/15/2030<br>| $| 4465000 | &nbsp;&nbsp; $4490068 |
| BGC Group, Inc., 6.15%, 04/02/2030 |  | 4180000 | &nbsp;&nbsp; 4310699 |
| &nbsp;&nbsp;&nbsp; Blackstone Secured Lending Fund, <br> 5.30%, 06/30/2030<br>|  | 2957000 | &nbsp;&nbsp; 2965972 |
| &nbsp;&nbsp;&nbsp; Blue Owl Capital Corp., 6.20%, <br> 07/15/2030<br>|  | 2980000 | &nbsp;&nbsp; 3042051 |
| &nbsp;&nbsp;&nbsp; Blue Owl Credit Income Corp., 5.80%, <br> 03/15/2030<br>|  | 5948000 | &nbsp;&nbsp; 5939385 |
| &nbsp;&nbsp;&nbsp; Brookfield Finance, Inc. (Canada), 4.35%, <br> 04/15/2030<sup>(b)</sup><br>|  | 4476000 | &nbsp;&nbsp; 4497787 |
| &nbsp;&nbsp;&nbsp; Cboe Global Markets, Inc., 1.63%, <br> 12/15/2030<br>|  | 2980000 | &nbsp;&nbsp; 2640903 |
| &nbsp;&nbsp;&nbsp; CI Financial Corp. (Canada), 3.20%, <br> 12/17/2030<br>|  | 5413000 | &nbsp;&nbsp; 4879921 |
| CME Group, Inc., 4.40%, 03/15/2030<sup>(b)</sup> |  | 4480000 | &nbsp;&nbsp; 4543619 |
| &nbsp;&nbsp;&nbsp; Franklin Resources, Inc., 1.60%, <br> 10/30/2030<br>|  | 5070000 | &nbsp;&nbsp; 4479992 |
| &nbsp;&nbsp;&nbsp; FS KKR Capital Corp., 6.13%, <br> 01/15/2030<sup>(b)</sup><br>|  | 4180000 | &nbsp;&nbsp; 4156313 |
| &nbsp;&nbsp;&nbsp; Golub Capital Private Credit Fund, 5.88%, <br> 05/01/2030<br>|  | 2987000 | &nbsp;&nbsp; 3033213 |
| Nomura Holdings, Inc. (Japan) |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 07/01/2030 |  | 4475000 | &nbsp;&nbsp; 4560295 |
| &nbsp;&nbsp;&nbsp; 2.68%, 07/16/2030 |  | 5956000 | &nbsp;&nbsp; 5513319 |
| Northern Trust Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.95%, 05/01/2030 |  | 5960000 | &nbsp;&nbsp; 5470149 |
| &nbsp;&nbsp;&nbsp; 4.15%, 11/19/2030 |  | 1738000 | &nbsp;&nbsp; 1744955 |
| S&P Global, Inc., 1.25%, 08/15/2030<sup>(b)</sup> |  | 3573000 | &nbsp;&nbsp; 3147767 |
| &nbsp;&nbsp;&nbsp; Sixth Street Lending Partners, 5.75%, <br> 01/15/2030<sup>(b)</sup><br>|  | 3580000 | &nbsp;&nbsp; 3628141 |
| State Street Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.73%, 02/28/2030 |  | 3875000 | &nbsp;&nbsp; 3976071 |
| &nbsp;&nbsp;&nbsp; 4.83%, 04/24/2030 |  | 5963000 | &nbsp;&nbsp; 6152213 |
|  |  |  | &nbsp;&nbsp; 87686246 |
| **Chemicals-1.28%** | **Chemicals-1.28%** | **Chemicals-1.28%** | **Chemicals-1.28%** |
| &nbsp;&nbsp;&nbsp; Air Products and Chemicals, Inc., 2.05%, <br> 05/15/2030<sup>(b)</sup><br>|  | 5359000 | &nbsp;&nbsp; 4939813 |
| &nbsp;&nbsp;&nbsp; Dow Chemical Co. (The), 2.10%, <br> 11/15/2030<br>|  | 4870000 | &nbsp;&nbsp; 4310158 |
| EIDP, Inc., 2.30%, 07/15/2030<sup>(b)</sup> |  | 2980000 | &nbsp;&nbsp; 2765981 |
| Linde, Inc., 1.10%, 08/10/2030 |  | 4173000 | &nbsp;&nbsp; 3668230 |
| &nbsp;&nbsp;&nbsp; LYB International Finance III LLC, 2.25%, <br> 10/01/2030<br>|  | 2984000 | &nbsp;&nbsp; 2662809 |
| &nbsp;&nbsp;&nbsp; Nutrien Ltd. (Canada), 2.95%, <br> 05/13/2030<br>|  | 2987000 | &nbsp;&nbsp; 2829307 |
| Sherwin-Williams Co. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.30%, 05/15/2030 |  | 2978000 | &nbsp;&nbsp; 2753800 |
| &nbsp;&nbsp;&nbsp; 4.50%, 08/15/2030<sup>(b)</sup> |  | 2980000 | &nbsp;&nbsp; 3011245 |
|  |  |  | &nbsp;&nbsp; 26941343 |
| **Commercial Services & Supplies-0.89%** | **Commercial Services & Supplies-0.89%** | **Commercial Services & Supplies-0.89%** | **Commercial Services & Supplies-0.89%** |
| &nbsp;&nbsp;&nbsp; CDW LLC/CDW Finance Corp., 5.10%, <br> 03/01/2030<br>|  | 3585000 | &nbsp;&nbsp; 3663200 |
| Republic Services, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.30%, 03/01/2030 |  | 3575000 | &nbsp;&nbsp; 3330682 |
| &nbsp;&nbsp;&nbsp; 4.75%, 07/15/2030 |  | 2981000 | &nbsp;&nbsp; 3062807 |
| Waste Management, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/15/2030 |  | 4468000 | &nbsp;&nbsp; 4564021 |
| &nbsp;&nbsp;&nbsp; 4.65%, 03/15/2030<sup>(b)</sup> |  | 4172000 | &nbsp;&nbsp; 4273460 |
|  |  |  | &nbsp;&nbsp; 18894170 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Communications Equipment-0.69%** | **Communications Equipment-0.69%** | **Communications Equipment-0.69%** |
| &nbsp;&nbsp;&nbsp; Cisco Systems, Inc., 4.75%, <br> 02/24/2030<sup>(b)</sup><br>| $5963000 | &nbsp;&nbsp; $6138457 |
| Motorola Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.85%, 08/15/2030 | 3580000 | &nbsp;&nbsp; 3656273 |
| &nbsp;&nbsp;&nbsp; 2.30%, 11/15/2030 | 5361000 | &nbsp;&nbsp; 4864398 |
|  |  | &nbsp;&nbsp; 14659128 |
| **Construction & Engineering-0.27%** | **Construction & Engineering-0.27%** | **Construction & Engineering-0.27%** |
| &nbsp;&nbsp;&nbsp; Quanta Services, Inc., 2.90%, <br> 10/01/2030<br>| 5960000 | &nbsp;&nbsp; 5601164 |
| **Construction Materials-0.33%** | **Construction Materials-0.33%** | **Construction Materials-0.33%** |
| &nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc., Series CB, <br> 2.50%, 03/15/2030<br>| 2850000 | &nbsp;&nbsp; 2657649 |
| &nbsp;&nbsp;&nbsp; Vulcan Materials Co., 3.50%, <br> 06/01/2030<br>| 4465000 | &nbsp;&nbsp; 4339341 |
|  |  | &nbsp;&nbsp; 6996990 |
| **Consumer Finance-1.24%** | **Consumer Finance-1.24%** | **Consumer Finance-1.24%** |
| General Motors Financial Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.35%, 01/07/2030 | 7157000 | &nbsp;&nbsp; 7389224 |
| &nbsp;&nbsp;&nbsp; 5.85%, 04/06/2030<sup>(b)</sup> | 5965000 | &nbsp;&nbsp; 6283459 |
| &nbsp;&nbsp;&nbsp; 3.60%, 06/21/2030 | 6553000 | &nbsp;&nbsp; 6308892 |
| &nbsp;&nbsp;&nbsp; 5.45%, 07/15/2030<sup>(b)</sup> | 5965000 | &nbsp;&nbsp; 6208473 |
|  |  | &nbsp;&nbsp; 26190048 |
| **Consumer Staples Distribution & Retail-1.21%** | **Consumer Staples Distribution & Retail-1.21%** | **Consumer Staples Distribution & Retail-1.21%** |
| &nbsp;&nbsp;&nbsp; Costco Wholesale Corp., 1.60%, <br> 04/20/2030<br>| 10429000 | &nbsp;&nbsp; 9476923 |
| Kroger Co. (The), 2.20%, 05/01/2030<sup>(b)</sup> | 2950000 | &nbsp;&nbsp; 2719217 |
| Sysco Corp., 5.10%, 09/23/2030 | 4174000 | &nbsp;&nbsp; 4313156 |
| Walmart, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/15/2030<sup>(b)</sup> | 2980000 | &nbsp;&nbsp; 3017214 |
| &nbsp;&nbsp;&nbsp; 4.35%, 04/28/2030 | 5964000 | &nbsp;&nbsp; 6081459 |
|  |  | &nbsp;&nbsp; 25607969 |
| **Containers & Packaging-0.64%** | **Containers & Packaging-0.64%** | **Containers & Packaging-0.64%** |
| &nbsp;&nbsp;&nbsp; Amcor Flexibles North America, Inc., <br> 2.63%, 06/19/2030<br>| 2978000 | &nbsp;&nbsp; 2765256 |
| &nbsp;&nbsp;&nbsp; Avery Dennison Corp., 2.65%, <br> 04/30/2030<br>| 2978000 | &nbsp;&nbsp; 2789630 |
| &nbsp;&nbsp;&nbsp; Smurfit Kappa Treasury Unlimited Co. <br> (Ireland), 5.20%, 01/15/2030<br>| 4451000 | &nbsp;&nbsp; 4602310 |
| &nbsp;&nbsp;&nbsp; Sonoco Products Co., 3.13%, <br> 05/01/2030<sup>(b)</sup><br>| 3576000 | &nbsp;&nbsp; 3392787 |
|  |  | &nbsp;&nbsp; 13549983 |
| **Distributors-0.12%** | **Distributors-0.12%** | **Distributors-0.12%** |
| Genuine Parts Co., 1.88%, 11/01/2030 | 2971000 | &nbsp;&nbsp; 2603573 |
| **Diversified Consumer Services-0.27%** | **Diversified Consumer Services-0.27%** | **Diversified Consumer Services-0.27%** |
| &nbsp;&nbsp;&nbsp; Leland Stanford Junior University (The), <br> Series 2025, 4.15%, 08/01/2030<br>| 2988000 | &nbsp;&nbsp; 3014132 |
| &nbsp;&nbsp;&nbsp; Yale University, Series 2020, 1.48%, <br> 04/15/2030<br>| 2984000 | &nbsp;&nbsp; 2692935 |
|  |  | &nbsp;&nbsp; 5707067 |
| **Diversified REITs-0.29%** | **Diversified REITs-0.29%** | **Diversified REITs-0.29%** |
| &nbsp;&nbsp;&nbsp; VICI Properties L.P., 4.95%, <br> 02/15/2030<br>| 5963000 | &nbsp;&nbsp; 6036304 |
| **Diversified Telecommunication Services-0.73%** | **Diversified Telecommunication Services-0.73%** | **Diversified Telecommunication Services-0.73%** |
| AT&T, Inc., 4.70%, 08/15/2030<sup>(b)</sup> | 5964000 | &nbsp;&nbsp; 6082060 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2030 Corporate Bond ETF (BSCU)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Diversified Telecommunication Services-(continued)** | **Diversified Telecommunication Services-(continued)** | **Diversified Telecommunication Services-(continued)** | **Diversified Telecommunication Services-(continued)** |
| Verizon Communications, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.50%, 09/18/2030<sup>(b)</sup> | $| 5958000 | &nbsp;&nbsp; $5252834 |
| &nbsp;&nbsp;&nbsp; 1.68%, 10/30/2030<sup>(b)</sup> |  | 4670000 | &nbsp;&nbsp; 4140485 |
|  |  |  | &nbsp;&nbsp; 15475379 |
| **Electric Utilities-5.16%** | **Electric Utilities-5.16%** | **Electric Utilities-5.16%** | **Electric Utilities-5.16%** |
| &nbsp;&nbsp;&nbsp; AEP Texas, Inc., Series I, 2.10%, <br> 07/01/2030<sup>(b)</sup><br>|  | 3576000 | &nbsp;&nbsp; 3264219 |
| &nbsp;&nbsp;&nbsp; Alabama Power Co., Series 20-A, 1.45%, <br> 09/15/2030<sup>(b)</sup><br>|  | 3577000 | &nbsp;&nbsp; 3173298 |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway Energy Co., 3.70%, <br> 07/15/2030<sup>(b)</sup><br>|  | 6552000 | &nbsp;&nbsp; 6450860 |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy Houston Electric LLC, <br> 4.80%, 03/15/2030<sup>(b)</sup><br>|  | 2955000 | &nbsp;&nbsp; 3034409 |
| &nbsp;&nbsp;&nbsp; Duke Energy Carolinas LLC, 2.45%, <br> 02/01/2030<br>|  | 2986000 | &nbsp;&nbsp; 2808634 |
| &nbsp;&nbsp;&nbsp; Duke Energy Corp., 2.45%, <br> 06/01/2030<sup>(b)</sup><br>|  | 5022000 | &nbsp;&nbsp; 4659788 |
| &nbsp;&nbsp;&nbsp; Duke Energy Florida LLC, 1.75%, <br> 06/15/2030<br>|  | 2983000 | &nbsp;&nbsp; 2693833 |
| &nbsp;&nbsp;&nbsp; Edison International, 6.25%, <br> 03/15/2030<sup>(b)</sup><br>|  | 3252000 | &nbsp;&nbsp; 3400987 |
| Entergy Corp., 2.80%, 06/15/2030 |  | 3576000 | &nbsp;&nbsp; 3357658 |
| Eversource Energy |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.45%, 12/15/2030 |  | 3577000 | &nbsp;&nbsp; 3568821 |
| &nbsp;&nbsp;&nbsp; Series R, 1.65%, 08/15/2030<sup>(b)</sup> |  | 3573000 | &nbsp;&nbsp; 3151681 |
| FirstEnergy Corp., 2.65%, 03/01/2030 |  | 3574000 | &nbsp;&nbsp; 3324168 |
| &nbsp;&nbsp;&nbsp; Florida Power & Light Co., 4.63%, <br> 05/15/2030<br>|  | 2982000 | &nbsp;&nbsp; 3046021 |
| Georgia Power Co., 4.55%, 03/15/2030 |  | 3580000 | &nbsp;&nbsp; 3649102 |
| &nbsp;&nbsp;&nbsp; National Rural Utilities Cooperative <br> Finance Corp., 4.95%, 02/07/2030<br>|  | 2960000 | &nbsp;&nbsp; 3059660 |
| NextEra Energy Capital Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/28/2030<sup>(b)</sup> |  | 3579000 | &nbsp;&nbsp; 3697080 |
| &nbsp;&nbsp;&nbsp; 5.05%, 03/15/2030<sup>(b)</sup> |  | 5960000 | &nbsp;&nbsp; 6163821 |
| &nbsp;&nbsp;&nbsp; 2.25%, 06/01/2030 |  | 10479000 | &nbsp;&nbsp; 9642208 |
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., 4.55%, <br> 07/01/2030<br>|  | 18478000 | &nbsp;&nbsp; 18422616 |
| PG&E Corp., 5.25%, 07/01/2030<sup>(b)</sup> |  | 5970000 | &nbsp;&nbsp; 5917194 |
| &nbsp;&nbsp;&nbsp; San Diego Gas & Electric Co., Series VVV, <br> 1.70%, 10/01/2030<br>|  | 4772000 | &nbsp;&nbsp; 4258555 |
| &nbsp;&nbsp;&nbsp; Southern California Edison Co., 5.25%, <br> 03/15/2030<br>|  | 5074000 | &nbsp;&nbsp; 5213511 |
| &nbsp;&nbsp;&nbsp; Wisconsin Electric Power Co., 4.15%, <br> 10/15/2030<br>|  | 2980000 | &nbsp;&nbsp; 2982495 |
|  |  |  | &nbsp;&nbsp; 108940619 |
| **Electrical Equipment-0.59%** | **Electrical Equipment-0.59%** | **Electrical Equipment-0.59%** | **Electrical Equipment-0.59%** |
| &nbsp;&nbsp;&nbsp; Acuity Brands Lighting, Inc., 2.15%, <br> 12/15/2030<sup>(b)</sup><br>|  | 2982000 | &nbsp;&nbsp; 2700792 |
| &nbsp;&nbsp;&nbsp; Emerson Electric Co., 1.95%, <br> 10/15/2030<br>|  | 2980000 | &nbsp;&nbsp; 2715268 |
| &nbsp;&nbsp;&nbsp; Regal Rexnord Corp., 6.30%, <br> 02/15/2030<br>|  | 6550000 | &nbsp;&nbsp; 6961095 |
|  |  |  | &nbsp;&nbsp; 12377155 |
| **Electronic Equipment, Instruments & Components-0.47%** | **Electronic Equipment, Instruments & Components-0.47%** | **Electronic Equipment, Instruments & Components-0.47%** | **Electronic Equipment, Instruments & Components-0.47%** |
| Jabil, Inc., 3.60%, 01/15/2030 |  | 2950000 | &nbsp;&nbsp; 2847875 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Electronic Equipment, Instruments & Components-(continued)** | **Electronic Equipment, Instruments & Components-(continued)** | **Electronic Equipment, Instruments & Components-(continued)** | **Electronic Equipment, Instruments & Components-(continued)** |
| &nbsp;&nbsp;&nbsp; Keysight Technologies, Inc., 5.35%, <br> 07/30/2030<br>| $| 4479000 | &nbsp;&nbsp; $4673018 |
| &nbsp;&nbsp;&nbsp; Teledyne FLIR LLC, 2.50%, <br> 08/01/2030<sup>(b)</sup><br>|  | 2623000 | &nbsp;&nbsp; 2432969 |
|  |  |  | &nbsp;&nbsp; 9953862 |
| **Energy Equipment & Services-0.53%** | **Energy Equipment & Services-0.53%** | **Energy Equipment & Services-0.53%** | **Energy Equipment & Services-0.53%** |
| &nbsp;&nbsp;&nbsp; Baker Hughes Holdings LLC/Baker <br> Hughes Co-Obligor, Inc., 4.49%, <br> 05/01/2030<br>|  | 2956000 | &nbsp;&nbsp; 2992649 |
| Halliburton Co., 2.92%, 03/01/2030<sup>(b)</sup> |  | 5971000 | &nbsp;&nbsp; 5668301 |
| &nbsp;&nbsp;&nbsp; Schlumberger Investment S.A., 2.65%, <br> 06/26/2030<br>|  | 2701000 | &nbsp;&nbsp; 2538145 |
|  |  |  | &nbsp;&nbsp; 11199095 |
| **Financial Services-2.85%** | **Financial Services-2.85%** | **Financial Services-2.85%** | **Financial Services-2.85%** |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust (Ireland)<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.15%, 09/30/2030 |  | 5075000 | &nbsp;&nbsp; 5454866 |
| &nbsp;&nbsp;&nbsp; 4.38%, 11/15/2030<sup>(b)</sup> |  | 3580000 | &nbsp;&nbsp; 3576350 |
| &nbsp;&nbsp;&nbsp; Blackstone Private Credit Fund, 5.05%, <br> 09/10/2030<sup>(b)</sup><br>|  | 2980000 | &nbsp;&nbsp; 2939776 |
| &nbsp;&nbsp;&nbsp; Blackstone Reg Finance Co. L.L.C., <br> 4.30%, 11/03/2030<br>|  | 3370000 | &nbsp;&nbsp; 3373375 |
| &nbsp;&nbsp;&nbsp; Block Financial LLC, 3.88%, <br> 08/15/2030<sup>(b)</sup><br>|  | 3877000 | &nbsp;&nbsp; 3755102 |
| Fiserv, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 03/15/2030 |  | 5070000 | &nbsp;&nbsp; 5102659 |
| &nbsp;&nbsp;&nbsp; 2.65%, 06/01/2030 |  | 5961000 | &nbsp;&nbsp; 5485777 |
| &nbsp;&nbsp;&nbsp; Global Payments, Inc., 2.90%, <br> 05/15/2030<br>|  | 5959000 | &nbsp;&nbsp; 5524878 |
| LPL Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 03/15/2030<sup>(b)</sup> |  | 4479000 | &nbsp;&nbsp; 4591016 |
| &nbsp;&nbsp;&nbsp; 5.15%, 06/15/2030 |  | 2982000 | &nbsp;&nbsp; 3049850 |
| &nbsp;&nbsp;&nbsp; ORIX Corp.. (Japan), 4.45%, <br> 09/09/2030<br>|  | 2980000 | &nbsp;&nbsp; 2997455 |
| &nbsp;&nbsp;&nbsp; PayPal Holdings, Inc., 2.30%, <br> 06/01/2030<br>|  | 5960000 | &nbsp;&nbsp; 5522281 |
| RELX Capital, Inc. (United Kingdom) |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 03/27/2030 |  | 4469000 | &nbsp;&nbsp; 4567530 |
| &nbsp;&nbsp;&nbsp; 3.00%, 05/22/2030 |  | 4465000 | &nbsp;&nbsp; 4250341 |
|  |  |  | &nbsp;&nbsp; 60191256 |
| **Food Products-2.18%** | **Food Products-2.18%** | **Food Products-2.18%** | **Food Products-2.18%** |
| &nbsp;&nbsp;&nbsp; Bunge Ltd. Finance Corp., 4.55%, <br> 08/04/2030<br>|  | 3880000 | &nbsp;&nbsp; 3928150 |
| &nbsp;&nbsp;&nbsp; Campbell's Co. (The), 2.38%, <br> 04/24/2030<br>|  | 2983000 | &nbsp;&nbsp; 2749270 |
| &nbsp;&nbsp;&nbsp; Conagra Brands, Inc., 5.00%, <br> 08/01/2030<sup>(b)</sup><br>|  | 2984000 | &nbsp;&nbsp; 3028352 |
| General Mills, Inc., 4.88%, 01/30/2030 |  | 4470000 | &nbsp;&nbsp; 4586922 |
| Hershey Co. (The), 4.75%, 02/24/2030 |  | 2979000 | &nbsp;&nbsp; 3062577 |
| &nbsp;&nbsp;&nbsp; Hormel Foods Corp., 1.80%, <br> 06/11/2030<sup>(b)</sup><br>|  | 5964000 | &nbsp;&nbsp; 5403520 |
| Ingredion, Inc., 2.90%, 06/01/2030 |  | 3578000 | &nbsp;&nbsp; 3366917 |
| &nbsp;&nbsp;&nbsp; JM Smucker Co. (The), 2.38%, <br> 03/15/2030<sup>(b)</sup><br>|  | 2978000 | &nbsp;&nbsp; 2770862 |
| Kellanova, 2.10%, 06/01/2030 |  | 2982000 | &nbsp;&nbsp; 2728351 |
| &nbsp;&nbsp;&nbsp; Kraft Heinz Foods Co. (The), 3.75%, <br> 04/01/2030<sup>(b)</sup><br>|  | 4410000 | &nbsp;&nbsp; 4319305 |
| &nbsp;&nbsp;&nbsp; McCormick & Co., Inc., 2.50%, <br> 04/15/2030<br>|  | 2980000 | &nbsp;&nbsp; 2777915 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2030 Corporate Bond ETF (BSCU)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Food Products-(continued)** | **Food Products-(continued)** | **Food Products-(continued)** | **Food Products-(continued)** |
| Mondelez International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.75%, 04/13/2030 | $| 4473000 | &nbsp;&nbsp; $4224335 |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/06/2030 |  | 2979000 | &nbsp;&nbsp; 3013872 |
|  |  |  | &nbsp;&nbsp; 45960348 |
| **Gas Utilities-0.44%** | **Gas Utilities-0.44%** | **Gas Utilities-0.44%** | **Gas Utilities-0.44%** |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy Resources Corp., <br> 1.75%, 10/01/2030<br>|  | 2977000 | &nbsp;&nbsp; 2656468 |
| &nbsp;&nbsp;&nbsp; National Fuel Gas Co., 5.50%, <br> 03/15/2030<br>|  | 2980000 | &nbsp;&nbsp; 3087524 |
| &nbsp;&nbsp;&nbsp; Southern California Gas Co., Series XX, <br> 2.55%, 02/01/2030<br>|  | 3816000 | &nbsp;&nbsp; 3596868 |
|  |  |  | &nbsp;&nbsp; 9340860 |
| **Ground Transportation-1.05%** | **Ground Transportation-1.05%** | **Ground Transportation-1.05%** | **Ground Transportation-1.05%** |
| Canadian Pacific Railway Co. (Canada) |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.05%, 03/05/2030<sup>(b)</sup> |  | 2982000 | &nbsp;&nbsp; 2740237 |
| &nbsp;&nbsp;&nbsp; 4.80%, 03/30/2030<sup>(b)</sup> |  | 3577000 | &nbsp;&nbsp; 3672185 |
| &nbsp;&nbsp;&nbsp; J.B. Hunt Transport Services, Inc., <br> 4.90%, 03/15/2030<br>|  | 4474000 | &nbsp;&nbsp; 4576649 |
| &nbsp;&nbsp;&nbsp; Norfolk Southern Corp., 5.05%, <br> 08/01/2030<br>|  | 3580000 | &nbsp;&nbsp; 3721395 |
| &nbsp;&nbsp;&nbsp; Uber Technologies, Inc., 4.30%, <br> 01/15/2030<br>|  | 7460000 | &nbsp;&nbsp; 7503999 |
|  |  |  | &nbsp;&nbsp; 22214465 |
| **Health Care Equipment & Supplies-2.13%** | **Health Care Equipment & Supplies-2.13%** | **Health Care Equipment & Supplies-2.13%** | **Health Care Equipment & Supplies-2.13%** |
| &nbsp;&nbsp;&nbsp; Abbott Laboratories, 1.40%, <br> 06/30/2030<sup>(b)</sup><br>|  | 3869000 | &nbsp;&nbsp; 3475108 |
| &nbsp;&nbsp;&nbsp; Becton, Dickinson and Co., 2.82%, <br> 05/20/2030<br>|  | 4466000 | &nbsp;&nbsp; 4214721 |
| &nbsp;&nbsp;&nbsp; Boston Scientific Corp., 2.65%, <br> 06/01/2030<br>|  | 7148000 | &nbsp;&nbsp; 6744881 |
| &nbsp;&nbsp;&nbsp; DENTSPLY SIRONA, Inc., 3.25%, <br> 06/01/2030<sup>(b)</sup><br>|  | 4477000 | &nbsp;&nbsp; 4136170 |
| &nbsp;&nbsp;&nbsp; GE HealthCare Technologies, Inc., 5.86%, <br> 03/15/2030<br>|  | 7428000 | &nbsp;&nbsp; 7869956 |
| &nbsp;&nbsp;&nbsp; Smith & Nephew PLC (United Kingdom), <br> 2.03%, 10/14/2030<br>|  | 5360000 | &nbsp;&nbsp; 4819997 |
| Stryker Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.85%, 02/10/2030 |  | 4770000 | &nbsp;&nbsp; 4912976 |
| &nbsp;&nbsp;&nbsp; 1.95%, 06/15/2030 |  | 5955000 | &nbsp;&nbsp; 5420546 |
| &nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc., 5.05%, <br> 02/19/2030<br>|  | 3285000 | &nbsp;&nbsp; 3391849 |
|  |  |  | &nbsp;&nbsp; 44986204 |
| **Health Care Providers & Services-5.46%** | **Health Care Providers & Services-5.46%** | **Health Care Providers & Services-5.46%** | **Health Care Providers & Services-5.46%** |
| &nbsp;&nbsp;&nbsp; Cardinal Health, Inc., 4.50%, <br> 09/15/2030<br>|  | 3576000 | &nbsp;&nbsp; 3614071 |
| Cencora, Inc., 2.80%, 05/15/2030<sup>(b)</sup> |  | 2956000 | &nbsp;&nbsp; 2792372 |
| Centene Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.38%, 02/15/2030 |  | 11886000 | &nbsp;&nbsp; 10934370 |
| &nbsp;&nbsp;&nbsp; 3.00%, 10/15/2030 |  | 13110000 | &nbsp;&nbsp; 11707427 |
| Cigna Group (The) |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.40%, 03/15/2030 |  | 8339000 | &nbsp;&nbsp; 7754539 |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/15/2030 |  | 5970000 | &nbsp;&nbsp; 6017477 |
| &nbsp;&nbsp;&nbsp; CommonSpirit Health, 2.78%, <br> 10/01/2030<br>|  | 3274000 | &nbsp;&nbsp; 3059360 |
| CVS Health Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 02/21/2030 |  | 8941000 | &nbsp;&nbsp; 9207458 |
| &nbsp;&nbsp;&nbsp; 1.75%, 08/21/2030<sup>(b)</sup> |  | 7458000 | &nbsp;&nbsp; 6633850 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Health Care Providers & Services-(continued)** | **Health Care Providers & Services-(continued)** | **Health Care Providers & Services-(continued)** | **Health Care Providers & Services-(continued)** |
| Elevance Health, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/2030 | $| 4477000 | &nbsp;&nbsp; $4574143 |
| &nbsp;&nbsp;&nbsp; 2.25%, 05/15/2030 |  | 6551000 | &nbsp;&nbsp; 6028206 |
| HCA, Inc., 5.25%, 03/01/2030<sup>(b)</sup> |  | 4474000 | &nbsp;&nbsp; 4634150 |
| &nbsp;&nbsp;&nbsp; Laboratory Corp. of America Holdings, <br> 4.35%, 04/01/2030<br>|  | 3874000 | &nbsp;&nbsp; 3885254 |
| McKesson Corp., 4.65%, 05/30/2030 |  | 3876000 | &nbsp;&nbsp; 3954631 |
| &nbsp;&nbsp;&nbsp; Sutter Health, Series 20-A, 2.29%, <br> 08/15/2030<br>|  | 4173000 | &nbsp;&nbsp; 3851452 |
| UnitedHealth Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 01/15/2030 |  | 7456000 | &nbsp;&nbsp; 7661274 |
| &nbsp;&nbsp;&nbsp; 5.30%, 02/15/2030<sup>(b)</sup> |  | 7457000 | &nbsp;&nbsp; 7797049 |
| &nbsp;&nbsp;&nbsp; 2.00%, 05/15/2030 |  | 7463000 | &nbsp;&nbsp; 6830598 |
| &nbsp;&nbsp;&nbsp; Universal Health Services, Inc., 2.65%, <br> 10/15/2030<br>|  | 4763000 | &nbsp;&nbsp; 4345676 |
|  |  |  | &nbsp;&nbsp; 115283357 |
| **Health Care REITs-0.46%** | **Health Care REITs-0.46%** | **Health Care REITs-0.46%** | **Health Care REITs-0.46%** |
| &nbsp;&nbsp;&nbsp; Omega Healthcare Investors, Inc., 5.20%, <br> 07/01/2030<br>|  | 3579000 | &nbsp;&nbsp; 3649019 |
| &nbsp;&nbsp;&nbsp; Welltower OP LLC, 4.50%, <br> 07/01/2030<sup>(b)</sup><br>|  | 5959000 | &nbsp;&nbsp; 6041770 |
|  |  |  | &nbsp;&nbsp; 9690789 |
| **Hotel & Resort REITs-0.20%** | **Hotel & Resort REITs-0.20%** | **Hotel & Resort REITs-0.20%** | **Hotel & Resort REITs-0.20%** |
| &nbsp;&nbsp;&nbsp; Host Hotels & Resorts L.P., Series I, <br> 3.50%, 09/15/2030<br>|  | 4472000 | &nbsp;&nbsp; 4251344 |
| **Hotels, Restaurants & Leisure-1.61%** | **Hotels, Restaurants & Leisure-1.61%** | **Hotels, Restaurants & Leisure-1.61%** | **Hotels, Restaurants & Leisure-1.61%** |
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp., 6.00%, <br> 06/14/2030<br>|  | 2981000 | &nbsp;&nbsp; 3128858 |
| Marriott International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 03/15/2030 |  | 2984000 | &nbsp;&nbsp; 3051877 |
| &nbsp;&nbsp;&nbsp; Series FF, 4.63%, 06/15/2030<sup>(b)</sup> |  | 5966000 | &nbsp;&nbsp; 6059825 |
| McDonald's Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.13%, 03/01/2030 |  | 4470000 | &nbsp;&nbsp; 4132694 |
| &nbsp;&nbsp;&nbsp; 4.60%, 05/15/2030 |  | 3574000 | &nbsp;&nbsp; 3646874 |
| Starbucks Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.25%, 03/12/2030 |  | 4465000 | &nbsp;&nbsp; 4130452 |
| &nbsp;&nbsp;&nbsp; 4.80%, 05/15/2030<sup>(b)</sup> |  | 2980000 | &nbsp;&nbsp; 3048617 |
| &nbsp;&nbsp;&nbsp; 2.55%, 11/15/2030<sup>(b)</sup> |  | 7450000 | &nbsp;&nbsp; 6897058 |
|  |  |  | &nbsp;&nbsp; 34096255 |
| **Household Durables-0.73%** | **Household Durables-0.73%** | **Household Durables-0.73%** | **Household Durables-0.73%** |
| D.R. Horton, Inc., 4.85%, 10/15/2030<sup>(b)</sup> |  | 2980000 | &nbsp;&nbsp; 3056014 |
| Lennar Corp., 5.20%, 07/30/2030<sup>(b)</sup> |  | 4171000 | &nbsp;&nbsp; 4308799 |
| &nbsp;&nbsp;&nbsp; Mohawk Industries, Inc., 3.63%, <br> 05/15/2030<sup>(b)</sup><br>|  | 2982000 | &nbsp;&nbsp; 2893951 |
| NVR, Inc., 3.00%, 05/15/2030 |  | 5369000 | &nbsp;&nbsp; 5114524 |
|  |  |  | &nbsp;&nbsp; 15373288 |
| **Household Products-0.78%** | **Household Products-0.78%** | **Household Products-0.78%** | **Household Products-0.78%** |
| Clorox Co. (The), 1.80%, 05/15/2030<sup>(b)</sup> |  | 2980000 | &nbsp;&nbsp; 2691591 |
| &nbsp;&nbsp;&nbsp; Colgate-Palmolive Co., 4.20%, <br> 05/01/2030<br>|  | 2966000 | &nbsp;&nbsp; 3004640 |
| Procter & Gamble Co. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.05%, 05/01/2030 |  | 4172000 | &nbsp;&nbsp; 4200241 |
| &nbsp;&nbsp;&nbsp; 1.20%, 10/29/2030 |  | 7453000 | &nbsp;&nbsp; 6581427 |
|  |  |  | &nbsp;&nbsp; 16477899 |
| **Independent Power and Renewable Electricity Producers-0.16%** | **Independent Power and Renewable Electricity Producers-0.16%** | **Independent Power and Renewable Electricity Producers-0.16%** | **Independent Power and Renewable Electricity Producers-0.16%** |
| &nbsp;&nbsp;&nbsp; Southern Power Co., Series A, 4.25%, <br> 10/01/2030<br>|  | 3280000 | &nbsp;&nbsp; 3276033 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2030 Corporate Bond ETF (BSCU)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Industrial Conglomerates-0.85%** | **Industrial Conglomerates-0.85%** | **Industrial Conglomerates-0.85%** |
| 3M Co., 4.80%, 03/15/2030 | $3282000 | &nbsp;&nbsp; $3368846 |
| &nbsp;&nbsp;&nbsp; Eaton Capital Unlimited Co., 4.45%, <br> 05/09/2030<br>| 2984000 | &nbsp;&nbsp; 3020791 |
| Honeywell International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.70%, 02/01/2030<sup>(b)</sup> | 5957000 | &nbsp;&nbsp; 6103022 |
| &nbsp;&nbsp;&nbsp; 1.95%, 06/01/2030 | 5963000 | &nbsp;&nbsp; 5451479 |
|  |  | &nbsp;&nbsp; 17944138 |
| **Insurance-3.09%** | **Insurance-3.09%** | **Insurance-3.09%** |
| Alleghany Corp., 3.63%, 05/15/2030 | 2983000 | &nbsp;&nbsp; 2923884 |
| &nbsp;&nbsp;&nbsp; Allstate Corp. (The), 1.45%, <br> 12/15/2030<br>| 3574000 | &nbsp;&nbsp; 3122345 |
| &nbsp;&nbsp;&nbsp; American International Group, Inc., <br> 4.85%, 05/07/2030<br>| 3733000 | &nbsp;&nbsp; 3825860 |
| Aon Corp., 2.80%, 05/15/2030 | 5957000 | &nbsp;&nbsp; 5615427 |
| Berkshire Hathaway Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 1.85%, 03/12/2030<sup>(b)</sup> | 2987000 | &nbsp;&nbsp; 2749841 |
| &nbsp;&nbsp;&nbsp; 1.45%, 10/15/2030 | 4470000 | &nbsp;&nbsp; 3983963 |
| &nbsp;&nbsp;&nbsp; Brighthouse Financial, Inc., 5.63%, <br> 05/15/2030<sup>(b)</sup><br>| 3663000 | &nbsp;&nbsp; 3701540 |
| &nbsp;&nbsp;&nbsp; Brown & Brown, Inc., 4.90%, <br> 06/23/2030<br>| 4770000 | &nbsp;&nbsp; 4836410 |
| &nbsp;&nbsp;&nbsp; CNA Financial Corp., 2.05%, <br> 08/15/2030<br>| 2975000 | &nbsp;&nbsp; 2682310 |
| &nbsp;&nbsp;&nbsp; Fidelity National Financial, Inc., 3.40%, <br> 06/15/2030<sup>(b)</sup><br>| 3874000 | &nbsp;&nbsp; 3695045 |
| Loews Corp., 3.20%, 05/15/2030 | 2984000 | &nbsp;&nbsp; 2862621 |
| Marsh & McLennan Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.65%, 03/15/2030 | 5960000 | &nbsp;&nbsp; 6081998 |
| &nbsp;&nbsp;&nbsp; 2.25%, 11/15/2030 | 4466000 | &nbsp;&nbsp; 4079092 |
| &nbsp;&nbsp;&nbsp; Principal Financial Group, Inc., 2.13%, <br> 06/15/2030<br>| 3578000 | &nbsp;&nbsp; 3258264 |
| &nbsp;&nbsp;&nbsp; Prudential Financial, Inc., 2.10%, <br> 03/10/2030<sup>(b)</sup><br>| 2982000 | &nbsp;&nbsp; 2771492 |
| &nbsp;&nbsp;&nbsp; Prudential Funding (Asia) PLC (Hong <br> Kong), 3.13%, 04/14/2030<sup>(b)</sup><br>| 5957000 | &nbsp;&nbsp; 5724385 |
| &nbsp;&nbsp;&nbsp; Reinsurance Group of America, Inc., <br> 3.15%, 06/15/2030<br>| 3578000 | &nbsp;&nbsp; 3394153 |
|  |  | &nbsp;&nbsp; 65308630 |
| **Interactive Media & Services-1.06%** | **Interactive Media & Services-1.06%** | **Interactive Media & Services-1.06%** |
| Alphabet, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/15/2030 | 4465000 | &nbsp;&nbsp; 4492671 |
| &nbsp;&nbsp;&nbsp; 1.10%, 08/15/2030<sup>(b)</sup> | 13430000 | &nbsp;&nbsp; 11867730 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., 4.80%, <br> 05/15/2030<br>| 5902000 | &nbsp;&nbsp; 6097363 |
|  |  | &nbsp;&nbsp; 22457764 |
| **IT Services-0.64%** | **IT Services-0.64%** | **IT Services-0.64%** |
| International Business Machines Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 02/10/2030 | 5960000 | &nbsp;&nbsp; 6123118 |
| &nbsp;&nbsp;&nbsp; 1.95%, 05/15/2030<sup>(b)</sup> | 8041000 | &nbsp;&nbsp; 7336558 |
|  |  | &nbsp;&nbsp; 13459676 |
| **Life Sciences Tools & Services-0.35%** | **Life Sciences Tools & Services-0.35%** | **Life Sciences Tools & Services-0.35%** |
| &nbsp;&nbsp;&nbsp; Agilent Technologies, Inc., 2.10%, <br> 06/04/2030<br>| 2980000 | &nbsp;&nbsp; 2727277 |
| &nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc., 4.98%, <br> 08/10/2030<br>| 4470000 | &nbsp;&nbsp; 4642274 |
|  |  | &nbsp;&nbsp; 7369551 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Machinery-2.14%** | **Machinery-2.14%** | **Machinery-2.14%** |
| &nbsp;&nbsp;&nbsp; CNH Industrial Capital LLC, 4.50%, <br> 10/16/2030<br>| $2980000 | &nbsp;&nbsp; $2988350 |
| Cummins, Inc., 1.50%, 09/01/2030<sup>(b)</sup> | 5067000 | &nbsp;&nbsp; 4532856 |
| &nbsp;&nbsp;&nbsp; Deere Funding Canada Corp., 4.15%, <br> 10/09/2030<br>| 2980000 | &nbsp;&nbsp; 2984115 |
| Flowserve Corp., 3.50%, 10/01/2030 | 2987000 | &nbsp;&nbsp; 2854196 |
| IDEX Corp., 3.00%, 05/01/2030<sup>(b)</sup> | 2978000 | &nbsp;&nbsp; 2826024 |
| John Deere Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 2.45%, 01/09/2030 | 3281000 | &nbsp;&nbsp; 3107213 |
| &nbsp;&nbsp;&nbsp; 4.70%, 06/10/2030<sup>(b)</sup> | 5965000 | &nbsp;&nbsp; 6139445 |
| &nbsp;&nbsp;&nbsp; 4.38%, 10/15/2030 | 3580000 | &nbsp;&nbsp; 3629202 |
| &nbsp;&nbsp;&nbsp; Series I, 4.55%, 06/05/2030<sup>(b)</sup> | 4776000 | &nbsp;&nbsp; 4875265 |
| &nbsp;&nbsp;&nbsp; Otis Worldwide Corp., 2.57%, <br> 02/15/2030<br>| 8868000 | &nbsp;&nbsp; 8308291 |
| &nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies <br> Corp., 4.90%, 05/29/2030<br>| 2979000 | &nbsp;&nbsp; 3056410 |
|  |  | &nbsp;&nbsp; 45301367 |
| **Media-0.16%** | **Media-0.16%** | **Media-0.16%** |
| &nbsp;&nbsp;&nbsp; Omnicom Group, Inc., 2.45%, <br> 04/30/2030<sup>(b)</sup><br>| 3575000 | &nbsp;&nbsp; 3309676 |
| **Metals & Mining-0.82%** | **Metals & Mining-0.82%** | **Metals & Mining-0.82%** |
| Freeport-McMoRan, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 03/01/2030 | 2688000 | &nbsp;&nbsp; 2676668 |
| &nbsp;&nbsp;&nbsp; 4.63%, 08/01/2030 | 3543000 | &nbsp;&nbsp; 3563198 |
| &nbsp;&nbsp;&nbsp; Newmont Corp./Newcrest Finance Pty <br> Ltd., 3.25%, 05/13/2030<br>| 2580000 | &nbsp;&nbsp; 2488434 |
| Nucor Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 2.70%, 06/01/2030<sup>(b)</sup> | 2956000 | &nbsp;&nbsp; 2783028 |
| &nbsp;&nbsp;&nbsp; 4.65%, 06/01/2030<sup>(b)</sup> | 2980000 | &nbsp;&nbsp; 3041268 |
| Reliance, Inc., 2.15%, 08/15/2030 | 2984000 | &nbsp;&nbsp; 2705504 |
|  |  | &nbsp;&nbsp; 17258100 |
| **Mortgage REITs-0.14%** | **Mortgage REITs-0.14%** | **Mortgage REITs-0.14%** |
| &nbsp;&nbsp;&nbsp; Ladder Capital Finance Holdings LLLP/<br> Ladder Capital Finance Corp., 5.50%, <br> 08/01/2030<br>| 2980000 | &nbsp;&nbsp; 3049389 |
| **Multi-Utilities-1.34%** | **Multi-Utilities-1.34%** | **Multi-Utilities-1.34%** |
| &nbsp;&nbsp;&nbsp; Consumers Energy Co., 4.70%, <br> 01/15/2030<br>| 4175000 | &nbsp;&nbsp; 4282214 |
| &nbsp;&nbsp;&nbsp; Dominion Energy, Inc., 5.00%, <br> 06/15/2030<br>| 4766000 | &nbsp;&nbsp; 4911811 |
| DTE Energy Co., 5.20%, 04/01/2030 | 6560000 | &nbsp;&nbsp; 6786723 |
| NiSource, Inc., 3.60%, 05/01/2030 | 5960000 | &nbsp;&nbsp; 5801550 |
| Public Service Enterprise Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 03/15/2030 | 3577000 | &nbsp;&nbsp; 3666375 |
| &nbsp;&nbsp;&nbsp; 1.60%, 08/15/2030 | 3246000 | &nbsp;&nbsp; 2876042 |
|  |  | &nbsp;&nbsp; 28324715 |
| **Office REITs-0.14%** | **Office REITs-0.14%** | **Office REITs-0.14%** |
| &nbsp;&nbsp;&nbsp; Cousins Properties L.P., 5.25%, <br> 07/15/2030<br>| 2984000 | &nbsp;&nbsp; 3062510 |
| **Oil, Gas & Consumable Fuels-9.90%** | **Oil, Gas & Consumable Fuels-9.90%** | **Oil, Gas & Consumable Fuels-9.90%** |
| &nbsp;&nbsp;&nbsp; BP Capital Markets America, Inc., 1.75%, <br> 08/10/2030<br>| 5960000 | &nbsp;&nbsp; 5360637 |
| &nbsp;&nbsp;&nbsp; Canadian Natural Resources Ltd. <br> (Canada), 2.95%, 07/15/2030<br>| 2978000 | &nbsp;&nbsp; 2805146 |
| Chevron Corp., 2.24%, 05/11/2030 | 8941000 | &nbsp;&nbsp; 8312620 |
| &nbsp;&nbsp;&nbsp; Chevron U.S.A., Inc., 4.30%, <br> 10/15/2030<sup>(b)</sup><br>| 7160000 | &nbsp;&nbsp; 7249565 |
| Chevron USA, Inc., 4.69%, 04/15/2030 | 6561000 | &nbsp;&nbsp; 6733514 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2030 Corporate Bond ETF (BSCU)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Oil, Gas & Consumable Fuels-(continued)** | **Oil, Gas & Consumable Fuels-(continued)** | **Oil, Gas & Consumable Fuels-(continued)** | **Oil, Gas & Consumable Fuels-(continued)** |
| ConocoPhillips Co., 4.70%, 01/15/2030 | $| 8051000 | &nbsp;&nbsp; $8230198 |
| &nbsp;&nbsp;&nbsp; Devon Energy Corp., 4.50%, <br> 01/15/2030<sup>(b)</sup><br>|  | 3426000 | &nbsp;&nbsp; 3431677 |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc., 5.15%, <br> 01/30/2030<br>|  | 5073000 | &nbsp;&nbsp; 5222754 |
| Enbridge, Inc. (Canada) |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 06/20/2030 |  | 3575000 | &nbsp;&nbsp; 3661038 |
| &nbsp;&nbsp;&nbsp; 6.20%, 11/15/2030 |  | 4468000 | &nbsp;&nbsp; 4814679 |
| Energy Transfer L.P. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 04/01/2030<sup>(b)</sup> |  | 3836000 | &nbsp;&nbsp; 3970364 |
| &nbsp;&nbsp;&nbsp; 6.40%, 12/01/2030 |  | 5957000 | &nbsp;&nbsp; 6472341 |
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, <br> 2.80%, 01/31/2030<sup>(b)</sup><br>|  | 7454000 | &nbsp;&nbsp; 7089170 |
| &nbsp;&nbsp;&nbsp; EOG Resources, Inc., 4.38%, <br> 04/15/2030<sup>(b)</sup><br>|  | 4479000 | &nbsp;&nbsp; 4520441 |
| &nbsp;&nbsp;&nbsp; Equinor ASA (Norway), 2.38%, <br> 05/22/2030<br>|  | 4474000 | &nbsp;&nbsp; 4178382 |
| &nbsp;&nbsp;&nbsp; Expand Energy Corp., 5.38%, <br> 03/15/2030<br>|  | 7149000 | &nbsp;&nbsp; 7250467 |
| Exxon Mobil Corp., 2.61%, 10/15/2030 |  | 11919000 | &nbsp;&nbsp; 11190578 |
| &nbsp;&nbsp;&nbsp; Kinder Morgan, Inc., 5.15%, <br> 06/01/2030<sup>(b)</sup><br>|  | 6560000 | &nbsp;&nbsp; 6799516 |
| &nbsp;&nbsp;&nbsp; Marathon Petroleum Corp., 5.15%, <br> 03/01/2030<br>|  | 6562000 | &nbsp;&nbsp; 6760944 |
| MPLX L.P., 2.65%, 08/15/2030 |  | 8939000 | &nbsp;&nbsp; 8281559 |
| Occidental Petroleum Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.88%, 07/15/2030 |  | 5965000 | &nbsp;&nbsp; 6912493 |
| &nbsp;&nbsp;&nbsp; 6.63%, 09/01/2030 |  | 8563000 | &nbsp;&nbsp; 9240556 |
| ONEOK, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.10%, 03/15/2030 |  | 4644000 | &nbsp;&nbsp; 4418953 |
| &nbsp;&nbsp;&nbsp; 3.25%, 06/01/2030 |  | 2982000 | &nbsp;&nbsp; 2838159 |
| &nbsp;&nbsp;&nbsp; 5.80%, 11/01/2030 |  | 2986000 | &nbsp;&nbsp; 3154164 |
| Phillips 66, 2.15%, 12/15/2030 |  | 5065000 | &nbsp;&nbsp; 4550488 |
| &nbsp;&nbsp;&nbsp; Pioneer Natural Resources Co., 1.90%, <br> 08/15/2030<br>|  | 6551000 | &nbsp;&nbsp; 5930590 |
| &nbsp;&nbsp;&nbsp; Plains All American Pipeline L.P./PAA <br> Finance Corp., 3.80%, 09/15/2030<br>|  | 4460000 | &nbsp;&nbsp; 4327002 |
| &nbsp;&nbsp;&nbsp; Shell Finance US, Inc., 2.75%, <br> 04/06/2030<sup>(b)</sup><br>|  | 8073000 | &nbsp;&nbsp; 7686892 |
| &nbsp;&nbsp;&nbsp; Targa Resources Corp., 4.90%, <br> 09/15/2030<br>|  | 4477000 | &nbsp;&nbsp; 4569857 |
| &nbsp;&nbsp;&nbsp; Targa Resources Partners L.P./Targa <br> Resources Partners Finance Corp., <br> 5.50%, 03/01/2030<br>|  | 5669000 | &nbsp;&nbsp; 5770327 |
| &nbsp;&nbsp;&nbsp; Transcontinental Gas Pipe Line Co. LLC, <br> 3.25%, 05/15/2030<br>|  | 4175000 | &nbsp;&nbsp; 3998050 |
| &nbsp;&nbsp;&nbsp; Valero Energy Corp., 5.15%, <br> 02/15/2030<br>|  | 3870000 | &nbsp;&nbsp; 3993657 |
| &nbsp;&nbsp;&nbsp; Viper Energy Partners LLC, 4.90%, <br> 08/01/2030<br>|  | 2980000 | &nbsp;&nbsp; 3019381 |
| &nbsp;&nbsp;&nbsp; Western Midstream Operating L.P., <br> 4.05%, 02/01/2030<br>|  | 6297000 | &nbsp;&nbsp; 6195209 |
| Williams Cos., Inc. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 06/30/2030 |  | 4478000 | &nbsp;&nbsp; 4531111 |
| &nbsp;&nbsp;&nbsp; 3.50%, 11/15/2030 |  | 5960000 | &nbsp;&nbsp; 5719220 |
|  |  |  | &nbsp;&nbsp; 209191699 |
| **Passenger Airlines-0.29%** | **Passenger Airlines-0.29%** | **Passenger Airlines-0.29%** | **Passenger Airlines-0.29%** |
| Delta Air Lines, Inc., 5.25%, 07/10/2030 |  | 5960000 | &nbsp;&nbsp; 6121403 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Personal Care Products-0.60%** | **Personal Care Products-0.60%** | **Personal Care Products-0.60%** |
| &nbsp;&nbsp;&nbsp; Estee Lauder Cos., Inc. (The), 2.60%, <br> 04/15/2030<br>| $4175000 | &nbsp;&nbsp; $3921735 |
| Kenvue, Inc., 5.00%, 03/22/2030 | 5970000 | &nbsp;&nbsp; 6155014 |
| &nbsp;&nbsp;&nbsp; Unilever Capital Corp. (United Kingdom), <br> 1.38%, 09/14/2030<sup>(b)</sup><br>| 2978000 | &nbsp;&nbsp; 2652887 |
|  |  | &nbsp;&nbsp; 12729636 |
| **Pharmaceuticals-4.63%** | **Pharmaceuticals-4.63%** | **Pharmaceuticals-4.63%** |
| &nbsp;&nbsp;&nbsp; AstraZeneca Finance LLC (United <br> Kingdom), 4.90%, 03/03/2030<sup>(b)</sup><br>| 3876000 | &nbsp;&nbsp; 4017714 |
| &nbsp;&nbsp;&nbsp; AstraZeneca PLC (United Kingdom), <br> 1.38%, 08/06/2030<br>| 7752000 | &nbsp;&nbsp; 6906128 |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co., 1.45%, <br> 11/13/2030<sup>(b)</sup><br>| 7452000 | &nbsp;&nbsp; 6609307 |
| Eli Lilly and Co., 4.75%, 02/12/2030 | 7458000 | &nbsp;&nbsp; 7684868 |
| &nbsp;&nbsp;&nbsp; GlaxoSmithKline Capital, Inc. (United <br> Kingdom), 4.50%, 04/15/2030<sup>(b)</sup><br>| 5074000 | &nbsp;&nbsp; 5169062 |
| Johnson & Johnson |  |  |
| &nbsp;&nbsp;&nbsp; 4.70%, 03/01/2030 | 5969000 | &nbsp;&nbsp; 6165979 |
| &nbsp;&nbsp;&nbsp; 1.30%, 09/01/2030<sup>(b)</sup> | 10330000 | &nbsp;&nbsp; 9225277 |
| Merck & Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.30%, 05/17/2030 | 4468000 | &nbsp;&nbsp; 4526796 |
| &nbsp;&nbsp;&nbsp; 1.45%, 06/24/2030 | 7386000 | &nbsp;&nbsp; 6603215 |
| &nbsp;&nbsp;&nbsp; 4.15%, 09/15/2030 | 4474000 | &nbsp;&nbsp; 4506111 |
| Pfizer, Inc., 1.70%, 05/28/2030<sup>(b)</sup> | 5959000 | &nbsp;&nbsp; 5406414 |
| &nbsp;&nbsp;&nbsp; Royalty Pharma PLC, 2.20%, <br> 09/02/2030<br>| 5885000 | &nbsp;&nbsp; 5337765 |
| &nbsp;&nbsp;&nbsp; Takeda Pharmaceutical Co. Ltd. (Japan), <br> 2.05%, 03/31/2030<br>| 14902000 | &nbsp;&nbsp; 13648679 |
| Viatris, Inc., 2.70%, 06/22/2030 | 8640000 | &nbsp;&nbsp; 7874307 |
| Zoetis, Inc., 2.00%, 05/15/2030<sup>(b)</sup> | 4468000 | &nbsp;&nbsp; 4097410 |
|  |  | &nbsp;&nbsp; 97779032 |
| **Professional Services-1.06%** | **Professional Services-1.06%** | **Professional Services-1.06%** |
| &nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc., 1.25%, <br> 09/01/2030<br>| 5960000 | &nbsp;&nbsp; 5276815 |
| Equifax, Inc., 3.10%, 05/15/2030 | 3575000 | &nbsp;&nbsp; 3386938 |
| Paychex, Inc., 5.10%, 04/15/2030 | 8950000 | &nbsp;&nbsp; 9201455 |
| &nbsp;&nbsp;&nbsp; Verisk Analytics, Inc., 4.50%, <br> 08/15/2030<sup>(b)</sup><br>| 4479000 | &nbsp;&nbsp; 4517316 |
|  |  | &nbsp;&nbsp; 22382524 |
| **Real Estate Management & Development-0.17%** | **Real Estate Management & Development-0.17%** | **Real Estate Management & Development-0.17%** |
| CBRE Services, Inc., 4.80%, 06/15/2030 | 3571000 | &nbsp;&nbsp; 3637714 |
| **Residential REITs-0.39%** | **Residential REITs-0.39%** | **Residential REITs-0.39%** |
| &nbsp;&nbsp;&nbsp; American Homes 4 Rent L.P., 4.95%, <br> 06/15/2030<br>| 3847000 | &nbsp;&nbsp; 3931421 |
| &nbsp;&nbsp;&nbsp; Camden Property Trust, 2.80%, <br> 05/15/2030<br>| 4474000 | &nbsp;&nbsp; 4231026 |
|  |  | &nbsp;&nbsp; 8162447 |
| **Retail REITs-1.09%** | **Retail REITs-1.09%** | **Retail REITs-1.09%** |
| &nbsp;&nbsp;&nbsp; Brixmor Operating Partnership L.P., <br> 4.05%, 07/01/2030<br>| 4773000 | &nbsp;&nbsp; 4714501 |
| &nbsp;&nbsp;&nbsp; Kimco Realty OP LLC, 2.70%, <br> 10/01/2030<sup>(b)</sup><br>| 2979000 | &nbsp;&nbsp; 2784389 |
| &nbsp;&nbsp;&nbsp; Realty Income Corp., 4.85%, <br> 03/15/2030<sup>(b)</sup><br>| 3580000 | &nbsp;&nbsp; 3684077 |
| &nbsp;&nbsp;&nbsp; Regency Centers L.P., 3.70%, <br> 06/15/2030<br>| 3574000 | &nbsp;&nbsp; 3509796 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2030 Corporate Bond ETF (BSCU)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Retail REITs-(continued)** | **Retail REITs-(continued)** | **Retail REITs-(continued)** | **Retail REITs-(continued)** |
| Simon Property Group L.P. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.65%, 07/15/2030 | $| 4468000 | &nbsp;&nbsp; $4194218 |
| &nbsp;&nbsp;&nbsp; 4.38%, 10/01/2030<sup>(b)</sup> |  | 4176000 | &nbsp;&nbsp; 4211695 |
|  |  |  | &nbsp;&nbsp; 23098676 |
| **Semiconductors & Semiconductor Equipment-3.82%** | **Semiconductors & Semiconductor Equipment-3.82%** | **Semiconductors & Semiconductor Equipment-3.82%** | **Semiconductors & Semiconductor Equipment-3.82%** |
| &nbsp;&nbsp;&nbsp; Analog Devices, Inc., 4.50%, <br> 06/15/2030<sup>(b)</sup><br>|  | 3874000 | &nbsp;&nbsp; 3942989 |
| &nbsp;&nbsp;&nbsp; Applied Materials, Inc., 1.75%, <br> 06/01/2030<br>|  | 4470000 | &nbsp;&nbsp; 4051570 |
| Broadcom, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.35%, 02/15/2030 |  | 8939000 | &nbsp;&nbsp; 9018460 |
| &nbsp;&nbsp;&nbsp; 5.05%, 04/15/2030 |  | 4769000 | &nbsp;&nbsp; 4943036 |
| &nbsp;&nbsp;&nbsp; 4.60%, 07/15/2030 |  | 10444000 | &nbsp;&nbsp; 10646803 |
| &nbsp;&nbsp;&nbsp; 4.20%, 10/15/2030 |  | 5970000 | &nbsp;&nbsp; 5993477 |
| Intel Corp., 5.13%, 02/10/2030<sup>(b)</sup> |  | 7461000 | &nbsp;&nbsp; 7680642 |
| &nbsp;&nbsp;&nbsp; Lam Research Corp., 1.90%, <br> 06/15/2030<br>|  | 4470000 | &nbsp;&nbsp; 4072070 |
| &nbsp;&nbsp;&nbsp; Marvell Technology, Inc., 4.75%, <br> 07/15/2030<br>|  | 2941000 | &nbsp;&nbsp; 2986724 |
| &nbsp;&nbsp;&nbsp; Microchip Technology, Inc., 5.05%, <br> 02/15/2030<br>|  | 5967000 | &nbsp;&nbsp; 6098915 |
| QUALCOMM, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.15%, 05/20/2030 |  | 7148000 | &nbsp;&nbsp; 6596145 |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/20/2030<sup>(b)</sup> |  | 2951000 | &nbsp;&nbsp; 3005335 |
| Texas Instruments, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.75%, 05/04/2030 |  | 4472000 | &nbsp;&nbsp; 4072985 |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/23/2030 |  | 3280000 | &nbsp;&nbsp; 3349029 |
| Xilinx, Inc., 2.38%, 06/01/2030<sup>(b)</sup> |  | 4472000 | &nbsp;&nbsp; 4163213 |
|  |  |  | &nbsp;&nbsp; 80621393 |
| **Software-2.60%** | **Software-2.60%** | **Software-2.60%** | **Software-2.60%** |
| Adobe, Inc., 4.95%, 01/17/2030 |  | 4175000 | &nbsp;&nbsp; 4325518 |
| Autodesk, Inc., 2.85%, 01/15/2030 |  | 2980000 | &nbsp;&nbsp; 2825389 |
| Intuit, Inc., 1.65%, 07/15/2030<sup>(b)</sup> |  | 2979000 | &nbsp;&nbsp; 2681196 |
| Oracle Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.65%, 05/06/2030<sup>(b)</sup> |  | 4470000 | &nbsp;&nbsp; 4458445 |
| &nbsp;&nbsp;&nbsp; 4.45%, 09/26/2030<sup>(b)</sup> |  | 17897000 | &nbsp;&nbsp; 17642242 |
| &nbsp;&nbsp;&nbsp; Roper Technologies, Inc., 4.45%, <br> 09/15/2030<br>|  | 2980000 | &nbsp;&nbsp; 2998776 |
| ServiceNow, Inc., 1.40%, 09/01/2030 |  | 8937000 | &nbsp;&nbsp; 7886847 |
| Synopsys, Inc., 4.85%, 04/01/2030<sup>(b)</sup> |  | 11932000 | &nbsp;&nbsp; 12192816 |
|  |  |  | &nbsp;&nbsp; 55011229 |
| **Specialized REITs-1.44%** | **Specialized REITs-1.44%** | **Specialized REITs-1.44%** | **Specialized REITs-1.44%** |
| American Tower Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.90%, 01/15/2030 |  | 4465000 | &nbsp;&nbsp; 4227364 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/31/2030 |  | 3580000 | &nbsp;&nbsp; 3668388 |
| &nbsp;&nbsp;&nbsp; 4.90%, 03/15/2030<sup>(b)</sup> |  | 5068000 | &nbsp;&nbsp; 5188439 |
| &nbsp;&nbsp;&nbsp; 2.10%, 06/15/2030 |  | 4474000 | &nbsp;&nbsp; 4066955 |
| &nbsp;&nbsp;&nbsp; 1.88%, 10/15/2030 |  | 4771000 | &nbsp;&nbsp; 4254980 |
| &nbsp;&nbsp;&nbsp; Extra Space Storage L.P., 5.50%, <br> 07/01/2030<br>|  | 4770000 | &nbsp;&nbsp; 4992853 |
| Prologis L.P., 1.25%, 10/15/2030 |  | 4469000 | &nbsp;&nbsp; 3915449 |
|  |  |  | &nbsp;&nbsp; 30314428 |
| **Specialty Retail-1.99%** | **Specialty Retail-1.99%** | **Specialty Retail-1.99%** | **Specialty Retail-1.99%** |
| AutoNation, Inc., 4.75%, 06/01/2030 |  | 2980000 | &nbsp;&nbsp; 3011328 |
| AutoZone, Inc., 5.13%, 06/15/2030 |  | 2981000 | &nbsp;&nbsp; 3087926 |
| Best Buy Co., Inc., 1.95%, 10/01/2030 |  | 3878000 | &nbsp;&nbsp; 3476798 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Specialty Retail-(continued)** | **Specialty Retail-(continued)** | **Specialty Retail-(continued)** | **Specialty Retail-(continued)** |
| Dell International LLC/EMC Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.35%, 02/01/2030 | $| 4169000 | &nbsp;&nbsp; $4172335 |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2030 |  | 5889000 | &nbsp;&nbsp; 6037954 |
| &nbsp;&nbsp;&nbsp; 6.20%, 07/15/2030 |  | 4472000 | &nbsp;&nbsp; 4792117 |
| &nbsp;&nbsp;&nbsp; Home Depot, Inc. (The), 3.95%, <br> 09/15/2030<br>|  | 2980000 | &nbsp;&nbsp; 2974309 |
| Leidos, Inc., 4.38%, 05/15/2030 |  | 4476000 | &nbsp;&nbsp; 4484890 |
| Lowe's Cos., Inc., 1.70%, 10/15/2030 |  | 7453000 | &nbsp;&nbsp; 6622149 |
| Tractor Supply Co., 1.75%, 11/01/2030 |  | 3835000 | &nbsp;&nbsp; 3403051 |
|  |  |  | &nbsp;&nbsp; 42062857 |
| **Technology Hardware, Storage & Peripherals-1.76%** | **Technology Hardware, Storage & Peripherals-1.76%** | **Technology Hardware, Storage & Peripherals-1.76%** | **Technology Hardware, Storage & Peripherals-1.76%** |
| Apple, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.15%, 05/10/2030 |  | 2978000 | &nbsp;&nbsp; 3023758 |
| &nbsp;&nbsp;&nbsp; 1.65%, 05/11/2030<sup>(b)</sup> |  | 10424000 | &nbsp;&nbsp; 9498647 |
| &nbsp;&nbsp;&nbsp; 4.20%, 05/12/2030 |  | 5970000 | &nbsp;&nbsp; 6065556 |
| &nbsp;&nbsp;&nbsp; 1.25%, 08/20/2030<sup>(b)</sup> |  | 7449000 | &nbsp;&nbsp; 6631332 |
| &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co., 4.40%, <br> 10/15/2030<br>|  | 5070000 | &nbsp;&nbsp; 5058987 |
| HP, Inc., 5.40%, 04/25/2030 |  | 2983000 | &nbsp;&nbsp; 3100443 |
| NetApp, Inc., 2.70%, 06/22/2030 |  | 4176000 | &nbsp;&nbsp; 3896352 |
|  |  |  | &nbsp;&nbsp; 37275075 |
| **Textiles, Apparel & Luxury Goods-0.56%** | **Textiles, Apparel & Luxury Goods-0.56%** | **Textiles, Apparel & Luxury Goods-0.56%** | **Textiles, Apparel & Luxury Goods-0.56%** |
| PVH Corp., 5.50%, 06/13/2030 |  | 2980000 | &nbsp;&nbsp; 3044216 |
| Ralph Lauren Corp., 2.95%, 06/15/2030 |  | 4474000 | &nbsp;&nbsp; 4258361 |
| Tapestry, Inc., 5.10%, 03/11/2030 |  | 4480000 | &nbsp;&nbsp; 4600564 |
|  |  |  | &nbsp;&nbsp; 11903141 |
| **Tobacco-2.10%** | **Tobacco-2.10%** | **Tobacco-2.10%** | **Tobacco-2.10%** |
| Altria Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.40%, 05/06/2030 |  | 4471000 | &nbsp;&nbsp; 4313086 |
| &nbsp;&nbsp;&nbsp; 4.50%, 08/06/2030<sup>(b)</sup> |  | 2950000 | &nbsp;&nbsp; 2973661 |
| &nbsp;&nbsp;&nbsp; B.A.T. Capital Corp. (United Kingdom), <br> 6.34%, 08/02/2030<br>|  | 5970000 | &nbsp;&nbsp; 6462633 |
| Philip Morris International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 02/15/2030 |  | 13131000 | &nbsp;&nbsp; 13612613 |
| &nbsp;&nbsp;&nbsp; 4.38%, 04/30/2030 |  | 4465000 | &nbsp;&nbsp; 4497263 |
| &nbsp;&nbsp;&nbsp; 2.10%, 05/01/2030 |  | 4472000 | &nbsp;&nbsp; 4101692 |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/07/2030 |  | 4176000 | &nbsp;&nbsp; 4400364 |
| &nbsp;&nbsp;&nbsp; 1.75%, 11/01/2030<sup>(b)</sup> |  | 4473000 | &nbsp;&nbsp; 3989364 |
|  |  |  | &nbsp;&nbsp; 44350676 |
| **Trading Companies & Distributors-0.51%** | **Trading Companies & Distributors-0.51%** | **Trading Companies & Distributors-0.51%** | **Trading Companies & Distributors-0.51%** |
| Air Lease Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/01/2030 |  | 3870000 | &nbsp;&nbsp; 3623595 |
| &nbsp;&nbsp;&nbsp; 3.13%, 12/01/2030 |  | 4473000 | &nbsp;&nbsp; 4153701 |
| GATX Corp., 4.00%, 06/30/2030 |  | 2984000 | &nbsp;&nbsp; 2947131 |
|  |  |  | &nbsp;&nbsp; 10724427 |
| **Water Utilities-0.27%** | **Water Utilities-0.27%** | **Water Utilities-0.27%** | **Water Utilities-0.27%** |
| &nbsp;&nbsp;&nbsp; American Water Capital Corp., 2.80%, <br> 05/01/2030<br>|  | 2987000 | &nbsp;&nbsp; 2836415 |
| &nbsp;&nbsp;&nbsp; Essential Utilities, Inc., 2.70%, <br> 04/15/2030<br>|  | 2957000 | &nbsp;&nbsp; 2777532 |
|  |  |  | &nbsp;&nbsp; 5613947 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.01% <br>(Cost $2,046,643,205) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.01% <br>(Cost $2,046,643,205) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.01% <br>(Cost $2,046,643,205) | &nbsp;&nbsp; 2091354869 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2030 Corporate Bond ETF (BSCU)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** |
| **Money Market Funds-12.67%** | **Money Market Funds-12.67%** | **Money Market Funds-12.67%** |
| &nbsp;&nbsp;&nbsp; Invesco Private Government Fund, <br> 4.00%<sup>(c)(d)(e)</sup><br>| 73160271 | &nbsp;&nbsp; $73160271 |
| &nbsp;&nbsp;&nbsp; Invesco Private Prime Fund, <br> 4.12%<sup>(c)(d)(e)</sup><br>| 194365958 | &nbsp;&nbsp; 194424268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $267,583,465) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $267,583,465) | &nbsp;&nbsp; 267584539 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-111.68% <br>(Cost $2,314,226,670) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-111.68% <br>(Cost $2,314,226,670) | &nbsp;&nbsp; 2358939408 |
| OTHER ASSETS LESS LIABILITIES-(11.68)% | OTHER ASSETS LESS LIABILITIES-(11.68)% | &nbsp;&nbsp; (246669557)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $2112269851 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Investment Abbreviations: <br> REIT -Real Estate Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | All or a portion of this security was out on loan at November 30, 2025. |
| <sup>(c)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the three months ended November 30, 2025.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**November 30, 2025**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government <br> & Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp;&nbsp; $10858849 | &nbsp;&nbsp;&nbsp; $28821492 | &nbsp;&nbsp;&nbsp; $(39680341)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $49092 |
| **Investments** <br> **Purchased with** <br> **Cash Collateral** <br> **from Securities on** <br> **Loan:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private <br> Government Fund<br>| &nbsp;&nbsp;&nbsp; 58435667 | &nbsp;&nbsp;&nbsp; 76935968 | &nbsp;&nbsp;&nbsp; (62211364)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 73160271 | &nbsp;&nbsp;&nbsp; 672,394<br> \*<br>|
| &nbsp;&nbsp; Invesco Private <br> Prime Fund<br>| &nbsp;&nbsp;&nbsp; 152147486 | &nbsp;&nbsp;&nbsp; 182300072 | &nbsp;&nbsp;&nbsp; (140024563)<br>| &nbsp;&nbsp;&nbsp; (11750)<br>| &nbsp;&nbsp;&nbsp; 13023 | &nbsp;&nbsp;&nbsp; 194424268 | &nbsp;&nbsp;&nbsp; 1,806,600<br> \*<br>|
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; $221442002 | &nbsp;&nbsp;&nbsp; $288057532 | &nbsp;&nbsp;&nbsp; $(241916268)<br>| &nbsp;&nbsp;&nbsp; $(11750)<br>| &nbsp;&nbsp;&nbsp; $13023 | &nbsp;&nbsp;&nbsp; $267584539 | &nbsp;&nbsp;&nbsp; $2528086 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(d)</sup> The rate shown is the 7-day SEC standardized yield as of November 30, 2025. <br> <sup>(e)</sup> 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.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

See accompanying notes which are an integral part of this schedule.

------

Schedule of Investments<sup>(a)</sup>

**Invesco BulletShares 2031 Corporate Bond ETF (BSCV)**

November 30, 2025

*(Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes-99.03%** | **U.S. Dollar Denominated Bonds & Notes-99.03%** | **U.S. Dollar Denominated Bonds & Notes-99.03%** |
| **Aerospace & Defense-2.63%** | **Aerospace & Defense-2.63%** | **Aerospace & Defense-2.63%** |
| Boeing Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 02/01/2031 | $6582000 | &nbsp;&nbsp; $6330937 |
| &nbsp;&nbsp;&nbsp; 6.39%, 05/01/2031 | 4775000 | &nbsp;&nbsp; 5199230 |
| &nbsp;&nbsp;&nbsp; General Dynamics Corp., 2.25%, <br> 06/01/2031<br>| 2385000 | &nbsp;&nbsp; 2172799 |
| &nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc., 4.85%, <br> 10/15/2031<br>| 2388000 | &nbsp;&nbsp; 2462317 |
| L3Harris Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 1.80%, 01/15/2031 | 3101000 | &nbsp;&nbsp; 2745696 |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/01/2031 | 3579000 | &nbsp;&nbsp; 3736033 |
| &nbsp;&nbsp;&nbsp; Lockheed Martin Corp., 4.70%, <br> 12/15/2031<br>| 2861000 | &nbsp;&nbsp; 2942613 |
| RTX Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 03/15/2031 | 4777000 | &nbsp;&nbsp; 5166465 |
| &nbsp;&nbsp;&nbsp; 1.90%, 09/01/2031 | 4776000 | &nbsp;&nbsp; 4205413 |
| Textron, Inc., 2.45%, 03/15/2031 | 2392000 | &nbsp;&nbsp; 2175933 |
|  |  | &nbsp;&nbsp; 37137436 |
| **Air Freight & Logistics-0.20%** | **Air Freight & Logistics-0.20%** | **Air Freight & Logistics-0.20%** |
| FedEx Corp., 2.40%, 05/15/2031 | 3043000 | &nbsp;&nbsp; 2756480 |
| **Automobiles-3.80%** | **Automobiles-3.80%** | **Automobiles-3.80%** |
| American Honda Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 1.80%, 01/13/2031 | 2626000 | &nbsp;&nbsp; 2318244 |
| &nbsp;&nbsp;&nbsp; 5.05%, 07/10/2031 | 3580000 | &nbsp;&nbsp; 3685900 |
| &nbsp;&nbsp;&nbsp; 4.85%, 10/23/2031 | 3343000 | &nbsp;&nbsp; 3419922 |
| Ford Motor Co., 7.45%, 07/16/2031 | 5104000 | &nbsp;&nbsp; 5660925 |
| Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp; 6.05%, 03/05/2031 | 4776000 | &nbsp;&nbsp; 4907243 |
| &nbsp;&nbsp;&nbsp; 3.63%, 06/17/2031 | 4775000 | &nbsp;&nbsp; 4369146 |
| &nbsp;&nbsp;&nbsp; 6.05%, 11/05/2031 | 5973000 | &nbsp;&nbsp; 6118787 |
| &nbsp;&nbsp;&nbsp; Mercedes-Benz Finance North America LLC <br> (Germany), 8.50%, 01/18/2031<br>| 7052000 | &nbsp;&nbsp; 8414783 |
| &nbsp;&nbsp;&nbsp; Toyota Motor Corp. (Japan), 2.36%, <br> 03/25/2031<br>| 2391000 | &nbsp;&nbsp; 2202521 |
| Toyota Motor Credit Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 1.65%, 01/10/2031 | 2623000 | &nbsp;&nbsp; 2324672 |
| &nbsp;&nbsp;&nbsp; 5.10%, 03/21/2031 | 4294000 | &nbsp;&nbsp; 4476721 |
| &nbsp;&nbsp;&nbsp; 1.90%, 09/12/2031 | 2391000 | &nbsp;&nbsp; 2106033 |
| &nbsp;&nbsp;&nbsp; 4.60%, 10/10/2031 | 3580000 | &nbsp;&nbsp; 3646604 |
|  |  | &nbsp;&nbsp; 53651501 |
| **Banks-2.34%** | **Banks-2.34%** | **Banks-2.34%** |
| &nbsp;&nbsp;&nbsp; Banco Santander S.A. (Spain), 5.44%, <br> 07/15/2031<br>| 7151000 | &nbsp;&nbsp; 7544574 |
| &nbsp;&nbsp;&nbsp; Bank of Montreal (Canada), 5.51%, <br> 06/04/2031<br>| 3819000 | &nbsp;&nbsp; 4041848 |
| &nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. (Japan), <br> 2.56%, 09/13/2031<sup>(b)</sup><br>| 4772000 | &nbsp;&nbsp; 4281656 |
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada (Canada), 2.30%, <br> 11/03/2031<br>| 7049000 | &nbsp;&nbsp; 6358862 |
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. <br> (Japan)<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.71%, 01/12/2031 | 2385000 | &nbsp;&nbsp; 2103832 |
| &nbsp;&nbsp;&nbsp; 5.42%, 07/09/2031 | 4231000 | &nbsp;&nbsp; 4451624 |
| &nbsp;&nbsp;&nbsp; 2.22%, 09/17/2031 | 4708000 | &nbsp;&nbsp; 4201994 |
|  |  | &nbsp;&nbsp; 32984390 |
| **Beverages-2.09%** | **Beverages-2.09%** | **Beverages-2.09%** |
| &nbsp;&nbsp;&nbsp; Anheuser-Busch InBev Worldwide, Inc. <br> (Belgium), 4.90%, 01/23/2031<br>| 3581000 | &nbsp;&nbsp; 3723062 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Beverages-(continued)** | **Beverages-(continued)** | **Beverages-(continued)** | **Beverages-(continued)** |
| Coca-Cola Co. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 03/05/2031 | $| 3577000 | &nbsp;&nbsp; $3252969 |
| &nbsp;&nbsp;&nbsp; 1.38%, 03/15/2031<sup>(b)</sup> |  | 6106000 | &nbsp;&nbsp; 5367274 |
| &nbsp;&nbsp;&nbsp; Constellation Brands, Inc., 2.25%, <br> 08/01/2031<br>|  | 4778000 | &nbsp;&nbsp; 4238240 |
| Keurig Dr Pepper, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.25%, 03/15/2031 |  | 2385000 | &nbsp;&nbsp; 2127184 |
| &nbsp;&nbsp;&nbsp; Series 10, 5.20%, 03/15/2031 |  | 2374000 | &nbsp;&nbsp; 2435516 |
| PepsiCo, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.40%, 02/25/2031<sup>(b)</sup> |  | 3578000 | &nbsp;&nbsp; 3140506 |
| &nbsp;&nbsp;&nbsp; 1.95%, 10/21/2031 |  | 5869000 | &nbsp;&nbsp; 5222884 |
|  |  |  | &nbsp;&nbsp; 29507635 |
| **Biotechnology-1.08%** | **Biotechnology-1.08%** | **Biotechnology-1.08%** | **Biotechnology-1.08%** |
| AbbVie, Inc., 4.95%, 03/15/2031 |  | 9401000 | &nbsp;&nbsp; 9768751 |
| Amgen, Inc., 2.30%, 02/25/2031 |  | 5967000 | &nbsp;&nbsp; 5417642 |
|  |  |  | &nbsp;&nbsp; 15186393 |
| **Broadline Retail-1.14%** | **Broadline Retail-1.14%** | **Broadline Retail-1.14%** | **Broadline Retail-1.14%** |
| Amazon.com, Inc., 2.10%, 05/12/2031 |  | 14096999 | &nbsp;&nbsp; 12765042 |
| eBay, Inc., 2.60%, 05/10/2031 |  | 3583000 | &nbsp;&nbsp; 3282907 |
|  |  |  | &nbsp;&nbsp; 16047949 |
| **Building Products-0.90%** | **Building Products-0.90%** | **Building Products-0.90%** | **Building Products-0.90%** |
| Carrier Global Corp., 2.70%, 02/15/2031 |  | 3581000 | &nbsp;&nbsp; 3320814 |
| &nbsp;&nbsp;&nbsp; CRH America Finance, Inc., 4.40%, <br> 02/09/2031<br>|  | 4780000 | &nbsp;&nbsp; 4791896 |
| &nbsp;&nbsp;&nbsp; Johnson Controls International PLC/Tyco <br> Fire & Security Finance S.C.A., 2.00%, <br> 09/16/2031<br>|  | 2386000 | &nbsp;&nbsp; 2104800 |
| Masco Corp., 2.00%, 02/15/2031 |  | 2864000 | &nbsp;&nbsp; 2542458 |
|  |  |  | &nbsp;&nbsp; 12759968 |
| **Capital Markets-3.64%** | **Capital Markets-3.64%** | **Capital Markets-3.64%** | **Capital Markets-3.64%** |
| Ares Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.10%, 01/15/2031 |  | 3100000 | &nbsp;&nbsp; 3065730 |
| &nbsp;&nbsp;&nbsp; 3.20%, 11/15/2031 |  | 3345000 | &nbsp;&nbsp; 2964263 |
| Bank of New York Mellon Corp. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.65%, 01/28/2031 |  | 2392000 | &nbsp;&nbsp; 2121181 |
| &nbsp;&nbsp;&nbsp; 1.80%, 07/28/2031 |  | 2389000 | &nbsp;&nbsp; 2113171 |
| BlackRock, Inc., 1.90%, 01/28/2031 |  | 5968000 | &nbsp;&nbsp; 5380612 |
| &nbsp;&nbsp;&nbsp; Blackstone Secured Lending Fund, 5.13%, <br> 01/31/2031<sup>(b)</sup><br>|  | 2390000 | &nbsp;&nbsp; 2368283 |
| &nbsp;&nbsp;&nbsp; Blue Owl Credit Income Corp., 6.65%, <br> 03/15/2031<br>|  | 3578000 | &nbsp;&nbsp; 3697586 |
| &nbsp;&nbsp;&nbsp; Brookfield Finance, Inc. (Canada), 2.72%, <br> 04/15/2031<br>|  | 2388000 | &nbsp;&nbsp; 2189826 |
| Charles Schwab Corp. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.65%, 03/11/2031 |  | 3577000 | &nbsp;&nbsp; 3144490 |
| &nbsp;&nbsp;&nbsp; 2.30%, 05/13/2031 |  | 3582000 | &nbsp;&nbsp; 3253074 |
| &nbsp;&nbsp;&nbsp; 1.95%, 12/01/2031 |  | 4058000 | &nbsp;&nbsp; 3554820 |
| &nbsp;&nbsp;&nbsp; Jefferies Financial Group, Inc., 2.63%, <br> 10/15/2031<br>|  | 4771000 | &nbsp;&nbsp; 4211478 |
| Moody's Corp., 2.00%, 08/19/2031<sup>(b)</sup> |  | 2867000 | &nbsp;&nbsp; 2546884 |
| Nasdaq, Inc., 1.65%, 01/15/2031 |  | 3090000 | &nbsp;&nbsp; 2733707 |
| &nbsp;&nbsp;&nbsp; Nomura Holdings, Inc. (Japan), 2.61%, <br> 07/14/2031<br>|  | 4754000 | &nbsp;&nbsp; 4308925 |
| State Street Corp., 2.20%, 03/03/2031 |  | 4058000 | &nbsp;&nbsp; 3651655 |
|  |  |  | &nbsp;&nbsp; 51305685 |
| **Chemicals-0.95%** | **Chemicals-0.95%** | **Chemicals-0.95%** | **Chemicals-0.95%** |
| &nbsp;&nbsp;&nbsp; Air Products and Chemicals, Inc., 4.75%, <br> 02/08/2031<br>|  | 2862000 | &nbsp;&nbsp; 2941499 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2031 Corporate Bond ETF (BSCV)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Chemicals-(continued)** | **Chemicals-(continued)** | **Chemicals-(continued)** | **Chemicals-(continued)** |
| &nbsp;&nbsp;&nbsp; Dow Chemical Co. (The), 4.80%, <br> 01/15/2031<br>| $| 3580000 | &nbsp;&nbsp; $3572494 |
| Ecolab, Inc., 1.30%, 01/30/2031 |  | 2861000 | &nbsp;&nbsp; 2488136 |
| &nbsp;&nbsp;&nbsp; LYB International Finance III LLC, 5.13%, <br> 01/15/2031<br>|  | 2360000 | &nbsp;&nbsp; 2368566 |
| PPG Industries, Inc., 4.38%, 03/15/2031 |  | 2000000 | &nbsp;&nbsp; 2003800 |
|  |  |  | &nbsp;&nbsp; 13374495 |
| **Commercial Services & Supplies-1.07%** | **Commercial Services & Supplies-1.07%** | **Commercial Services & Supplies-1.07%** | **Commercial Services & Supplies-1.07%** |
| &nbsp;&nbsp;&nbsp; CDW LLC/CDW Finance Corp., 3.57%, <br> 12/01/2031<br>|  | 4780000 | &nbsp;&nbsp; 4471163 |
| &nbsp;&nbsp;&nbsp; Republic Services, Inc., 1.45%, <br> 02/15/2031<br>|  | 3101000 | &nbsp;&nbsp; 2715082 |
| Waste Management, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.50%, 03/15/2031 |  | 4777000 | &nbsp;&nbsp; 4182490 |
| &nbsp;&nbsp;&nbsp; 4.95%, 07/03/2031 |  | 3580000 | &nbsp;&nbsp; 3721628 |
|  |  |  | &nbsp;&nbsp; 15090363 |
| **Communications Equipment-1.13%** | **Communications Equipment-1.13%** | **Communications Equipment-1.13%** | **Communications Equipment-1.13%** |
| Cisco Systems, Inc., 4.95%, 02/26/2031 |  | 11743000 | &nbsp;&nbsp; 12219513 |
| &nbsp;&nbsp;&nbsp; Motorola Solutions, Inc., 2.75%, <br> 05/24/2031<br>|  | 4062000 | &nbsp;&nbsp; 3719671 |
|  |  |  | &nbsp;&nbsp; 15939184 |
| **Construction & Engineering-0.17%** | **Construction & Engineering-0.17%** | **Construction & Engineering-0.17%** | **Construction & Engineering-0.17%** |
| &nbsp;&nbsp;&nbsp; Quanta Services, Inc., 4.50%, <br> 01/15/2031<br>|  | 2390000 | &nbsp;&nbsp; 2402110 |
| **Construction Materials-0.50%** | **Construction Materials-0.50%** | **Construction Materials-0.50%** | **Construction Materials-0.50%** |
| Eagle Materials, Inc., 2.50%, 07/01/2031 |  | 3579000 | &nbsp;&nbsp; 3252670 |
| &nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc., 2.40%, <br> 07/15/2031<br>|  | 4274000 | &nbsp;&nbsp; 3869138 |
|  |  |  | &nbsp;&nbsp; 7121808 |
| **Consumer Finance-2.49%** | **Consumer Finance-2.49%** | **Consumer Finance-2.49%** | **Consumer Finance-2.49%** |
| Ally Financial, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 11/01/2031 |  | 9374000 | &nbsp;&nbsp; 10672265 |
| &nbsp;&nbsp;&nbsp; 8.00%, 11/01/2031 |  | 2343000 | &nbsp;&nbsp; 2671660 |
| General Motors Financial Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.35%, 01/08/2031 |  | 4780000 | &nbsp;&nbsp; 4292750 |
| &nbsp;&nbsp;&nbsp; 5.75%, 02/08/2031 |  | 4776000 | &nbsp;&nbsp; 5030471 |
| &nbsp;&nbsp;&nbsp; 2.70%, 06/10/2031 |  | 4776000 | &nbsp;&nbsp; 4325495 |
| &nbsp;&nbsp;&nbsp; 5.60%, 06/18/2031 |  | 4774000 | &nbsp;&nbsp; 4983992 |
| Synchrony Financial, 2.88%, 10/28/2031 |  | 3581000 | &nbsp;&nbsp; 3206138 |
|  |  |  | &nbsp;&nbsp; 35182771 |
| **Consumer Staples Distribution & Retail-0.99%** | **Consumer Staples Distribution & Retail-0.99%** | **Consumer Staples Distribution & Retail-0.99%** | **Consumer Staples Distribution & Retail-0.99%** |
| Dollar Tree, Inc., 2.65%, 12/01/2031 |  | 3816000 | &nbsp;&nbsp; 3435700 |
| Kroger Co. (The), 1.70%, 01/15/2031 |  | 2390000 | &nbsp;&nbsp; 2108009 |
| Walmart, Inc., 1.80%, 09/22/2031 |  | 9396000 | &nbsp;&nbsp; 8393282 |
|  |  |  | &nbsp;&nbsp; 13936991 |
| **Containers & Packaging-0.55%** | **Containers & Packaging-0.55%** | **Containers & Packaging-0.55%** | **Containers & Packaging-0.55%** |
| &nbsp;&nbsp;&nbsp; Amcor Flexibles North America, Inc., <br> 2.69%, 05/25/2031<br>|  | 3825000 | &nbsp;&nbsp; 3499478 |
| AptarGroup, Inc., 4.75%, 03/30/2031 |  | 240000 | &nbsp;&nbsp; 242327 |
| Berry Global, Inc., 5.80%, 06/15/2031 |  | 3816000 | &nbsp;&nbsp; 4042394 |
|  |  |  | &nbsp;&nbsp; 7784199 |
| **Diversified REITs-0.90%** | **Diversified REITs-0.90%** | **Diversified REITs-0.90%** | **Diversified REITs-0.90%** |
| &nbsp;&nbsp;&nbsp; American Assets Trust L.P., 3.38%, <br> 02/01/2031<br>|  | 2391000 | &nbsp;&nbsp; 2191417 |
| &nbsp;&nbsp;&nbsp; COPT Defense Properties L.P., 2.75%, <br> 04/15/2031<br>|  | 2830000 | &nbsp;&nbsp; 2576203 |
| DOC DR LLC, 2.63%, 11/01/2031 |  | 2392000 | &nbsp;&nbsp; 2155568 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Diversified REITs-(continued)** | **Diversified REITs-(continued)** | **Diversified REITs-(continued)** | **Diversified REITs-(continued)** |
| VICI Properties L.P., 5.13%, 11/15/2031 | $| 3568000 | &nbsp;&nbsp; $3621055 |
| W.P. Carey, Inc., 2.40%, 02/01/2031 |  | 2386000 | &nbsp;&nbsp; 2148848 |
|  |  |  | &nbsp;&nbsp; 12693091 |
| **Diversified Telecommunication Services-3.63%** | **Diversified Telecommunication Services-3.63%** | **Diversified Telecommunication Services-3.63%** | **Diversified Telecommunication Services-3.63%** |
| AT&T, Inc., 2.75%, 06/01/2031 |  | 14094000 | &nbsp;&nbsp; 12992359 |
| &nbsp;&nbsp;&nbsp; Orange S.A. (France), 9.00%, <br> 03/01/2031<br>|  | 11558000 | &nbsp;&nbsp; 13977970 |
| Verizon Communications, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.75%, 01/20/2031 |  | 10206000 | &nbsp;&nbsp; 9006093 |
| &nbsp;&nbsp;&nbsp; 2.55%, 03/21/2031 |  | 16715000 | &nbsp;&nbsp; 15297110 |
|  |  |  | &nbsp;&nbsp; 51273532 |
| **Electric Utilities-5.06%** | **Electric Utilities-5.06%** | **Electric Utilities-5.06%** | **Electric Utilities-5.06%** |
| &nbsp;&nbsp;&nbsp; Alabama Power Co., Series C, 4.30%, <br> 03/15/2031<br>|  | 2391000 | &nbsp;&nbsp; 2398500 |
| &nbsp;&nbsp;&nbsp; Appalachian Power Co., Series AA, 2.70%, <br> 04/01/2031<br>|  | 2385000 | &nbsp;&nbsp; 2185360 |
| &nbsp;&nbsp;&nbsp; Baltimore Gas and Electric Co., 2.25%, <br> 06/15/2031<br>|  | 2869000 | &nbsp;&nbsp; 2601741 |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway Energy Co., 1.65%, <br> 05/15/2031<br>|  | 2388000 | &nbsp;&nbsp; 2085134 |
| &nbsp;&nbsp;&nbsp; Consolidated Edison Co. of New York, Inc., <br> 2.40%, 06/15/2031<sup>(b)</sup><br>|  | 4296000 | &nbsp;&nbsp; 3941442 |
| &nbsp;&nbsp;&nbsp; Duke Energy Carolinas LLC, 2.55%, <br> 04/15/2031<br>|  | 2630000 | &nbsp;&nbsp; 2426537 |
| Duke Energy Corp., 2.55%, 06/15/2031 |  | 4771000 | &nbsp;&nbsp; 4350359 |
| &nbsp;&nbsp;&nbsp; Duke Energy Florida LLC, 2.40%, <br> 12/15/2031<br>|  | 3100000 | &nbsp;&nbsp; 2807909 |
| &nbsp;&nbsp;&nbsp; Duke Energy Progress LLC, 2.00%, <br> 08/15/2031<br>|  | 3108000 | &nbsp;&nbsp; 2763444 |
| Entergy Corp., 2.40%, 06/15/2031 |  | 3105000 | &nbsp;&nbsp; 2797493 |
| Entergy Texas, Inc., 1.75%, 03/15/2031 |  | 2863000 | &nbsp;&nbsp; 2527582 |
| Eversource Energy, 5.85%, 04/15/2031 |  | 3346000 | &nbsp;&nbsp; 3536430 |
| Exelon Corp., 5.13%, 03/15/2031 |  | 2390000 | &nbsp;&nbsp; 2475328 |
| Georgia Power Co., 4.85%, 03/15/2031 |  | 3580000 | &nbsp;&nbsp; 3690307 |
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., 2.50%, <br> 02/01/2031<br>|  | 9394000 | &nbsp;&nbsp; 8455814 |
| PacifiCorp, 5.30%, 02/15/2031 |  | 3345000 | &nbsp;&nbsp; 3456228 |
| &nbsp;&nbsp;&nbsp; PG&E Wildfire Recovery Funding LLC, <br> Series A-1, 4.02%, 06/01/2031<br>|  | 2120443 | &nbsp;&nbsp; 2120364 |
| &nbsp;&nbsp;&nbsp; Progress Energy, Inc., 7.75%, <br> 03/01/2031<br>|  | 3109000 | &nbsp;&nbsp; 3582032 |
| &nbsp;&nbsp;&nbsp; Public Service Co. of Colorado, 1.88%, <br> 06/15/2031<br>|  | 3586000 | &nbsp;&nbsp; 3152112 |
| &nbsp;&nbsp;&nbsp; Southern California Edison Co., 5.45%, <br> 06/01/2031<br>|  | 3586000 | &nbsp;&nbsp; 3710345 |
| &nbsp;&nbsp;&nbsp; Virginia Electric & Power Co., 2.30%, <br> 11/15/2031<br>|  | 2389000 | &nbsp;&nbsp; 2131871 |
| &nbsp;&nbsp;&nbsp; Virginia Power Fuel Securitization LLC, <br> Series A-2, 4.88%, 05/01/2031<br>|  | 4020000 | &nbsp;&nbsp; 4130075 |
|  |  |  | &nbsp;&nbsp; 71326407 |
| **Electrical Equipment-0.30%** | **Electrical Equipment-0.30%** | **Electrical Equipment-0.30%** | **Electrical Equipment-0.30%** |
| &nbsp;&nbsp;&nbsp; Emerson Electric Co., 2.20%, <br> 12/21/2031<br>|  | 4778000 | &nbsp;&nbsp; 4280201 |
| **Electronic Equipment, Instruments & Components-0.88%** | **Electronic Equipment, Instruments & Components-0.88%** | **Electronic Equipment, Instruments & Components-0.88%** | **Electronic Equipment, Instruments & Components-0.88%** |
| Amphenol Corp., 2.20%, 09/15/2031 |  | 3583000 | &nbsp;&nbsp; 3208886 |
| Jabil, Inc., 3.00%, 01/15/2031 |  | 2863000 | &nbsp;&nbsp; 2661908 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2031 Corporate Bond ETF (BSCV)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Electronic Equipment, Instruments & Components-(continued)** | **Electronic Equipment, Instruments & Components-(continued)** | **Electronic Equipment, Instruments & Components-(continued)** | **Electronic Equipment, Instruments & Components-(continued)** |
| &nbsp;&nbsp;&nbsp; Teledyne Technologies, Inc., 2.75%, <br> 04/01/2031<br>| $| 4282000 | &nbsp;&nbsp; $3970893 |
| Vontier Corp., 2.95%, 04/01/2031 |  | 2866000 | &nbsp;&nbsp; 2624585 |
|  |  |  | &nbsp;&nbsp; 12466272 |
| **Energy Equipment & Services-0.17%** | **Energy Equipment & Services-0.17%** | **Energy Equipment & Services-0.17%** | **Energy Equipment & Services-0.17%** |
| &nbsp;&nbsp;&nbsp; Helmerich & Payne, Inc., 2.90%, <br> 09/29/2031<sup>(b)</sup><br>|  | 2628000 | &nbsp;&nbsp; 2354907 |
| **Entertainment-1.03%** | **Entertainment-1.03%** | **Entertainment-1.03%** | **Entertainment-1.03%** |
| Electronic Arts, Inc., 1.85%, 02/15/2031 |  | 3578000 | &nbsp;&nbsp; 3467344 |
| &nbsp;&nbsp;&nbsp; Walt Disney Co. (The), 2.65%, <br> 01/13/2031<br>|  | 11747000 | &nbsp;&nbsp; 11011115 |
|  |  |  | &nbsp;&nbsp; 14478459 |
| **Financial Services-3.37%** | **Financial Services-3.37%** | **Financial Services-3.37%** | **Financial Services-3.37%** |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust (Ireland), 5.38%, <br> 12/15/2031<br>|  | 3580000 | &nbsp;&nbsp; 3716818 |
| &nbsp;&nbsp;&nbsp; Apollo Debt Solutions BDC, 6.70%, <br> 07/29/2031<br>|  | 4754000 | &nbsp;&nbsp; 4995952 |
| &nbsp;&nbsp;&nbsp; Blackstone Private Credit Fund, 6.25%, <br> 01/25/2031<br>|  | 2345000 | &nbsp;&nbsp; 2429101 |
| Block, Inc., 3.50%, 06/01/2031<sup>(b)</sup> |  | 4773000 | &nbsp;&nbsp; 4481391 |
| &nbsp;&nbsp;&nbsp; Blue Owl Finance LLC, 3.13%, <br> 06/10/2031<br>|  | 3325000 | &nbsp;&nbsp; 3020728 |
| &nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc., <br> 2.25%, 03/01/2031<br>|  | 3910000 | &nbsp;&nbsp; 3499584 |
| Fiserv, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.55%, 02/15/2031 |  | 4780000 | &nbsp;&nbsp; 4745890 |
| &nbsp;&nbsp;&nbsp; 5.35%, 03/15/2031 |  | 2383000 | &nbsp;&nbsp; 2449960 |
| &nbsp;&nbsp;&nbsp; Global Payments, Inc., 2.90%, <br> 11/15/2031<br>|  | 3583000 | &nbsp;&nbsp; 3208622 |
| &nbsp;&nbsp;&nbsp; HA Sustainable Infrastructure Capital, Inc., <br> 6.15%, 01/15/2031<br>|  | 2863000 | &nbsp;&nbsp; 2934606 |
| Mastercard, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.90%, 03/15/2031 |  | 2865000 | &nbsp;&nbsp; 2575533 |
| &nbsp;&nbsp;&nbsp; 2.00%, 11/18/2031 |  | 3578000 | &nbsp;&nbsp; 3188146 |
| ORIX Corp. (Japan), 2.25%, 03/09/2031 |  | 2390000 | &nbsp;&nbsp; 2156095 |
| Visa, Inc., 1.10%, 02/15/2031 |  | 4778000 | &nbsp;&nbsp; 4166732 |
|  |  |  | &nbsp;&nbsp; 47569158 |
| **Food Products-1.61%** | **Food Products-1.61%** | **Food Products-1.61%** | **Food Products-1.61%** |
| Bunge Ltd. Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.20%, 04/21/2031 |  | 2850000 | &nbsp;&nbsp; 2686569 |
| &nbsp;&nbsp;&nbsp; 2.75%, 05/14/2031 |  | 4773000 | &nbsp;&nbsp; 4403730 |
| Flowers Foods, Inc., 2.40%, 03/15/2031 |  | 2391000 | &nbsp;&nbsp; 2128922 |
| General Mills, Inc., 2.25%, 10/14/2031 |  | 2390000 | &nbsp;&nbsp; 2128118 |
| Kellanova, Series B, 7.45%, 04/01/2031 |  | 2985000 | &nbsp;&nbsp; 3444126 |
| &nbsp;&nbsp;&nbsp; McCormick & Co., Inc., 1.85%, <br> 02/15/2031<br>|  | 2388000 | &nbsp;&nbsp; 2113918 |
| &nbsp;&nbsp;&nbsp; Mondelez International, Inc., 1.50%, <br> 02/04/2031<br>|  | 2392000 | &nbsp;&nbsp; 2083161 |
| Pilgrim's Pride Corp., 4.25%, 04/15/2031 |  | 3794000 | &nbsp;&nbsp; 3704247 |
|  |  |  | &nbsp;&nbsp; 22692791 |
| **Gas Utilities-0.48%** | **Gas Utilities-0.48%** | **Gas Utilities-0.48%** | **Gas Utilities-0.48%** |
| Atmos Energy Corp., 1.50%, 01/15/2031 |  | 2868000 | &nbsp;&nbsp; 2518943 |
| &nbsp;&nbsp;&nbsp; National Fuel Gas Co., 2.95%, <br> 03/01/2031<br>|  | 2388000 | &nbsp;&nbsp; 2184418 |
| &nbsp;&nbsp;&nbsp; Southern Co. Gas Capital Corp., <br> Series 20-A, 1.75%, 01/15/2031<br>|  | 2383000 | &nbsp;&nbsp; 2106597 |
|  |  |  | &nbsp;&nbsp; 6809958 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Ground Transportation-1.22%** | **Ground Transportation-1.22%** | **Ground Transportation-1.22%** |
| &nbsp;&nbsp;&nbsp; Canadian Pacific Railway Co. (Canada), <br> 2.45%, 12/02/2031<br>| $6583000 | &nbsp;&nbsp; $5920322 |
| &nbsp;&nbsp;&nbsp; Norfolk Southern Corp., 2.30%, <br> 05/15/2031<br>| 2384000 | &nbsp;&nbsp; 2165029 |
| &nbsp;&nbsp;&nbsp; Uber Technologies, Inc., 4.15%, <br> 01/15/2031<br>| 4780000 | &nbsp;&nbsp; 4762071 |
| Union Pacific Corp., 2.38%, 05/20/2031 | 4775000 | &nbsp;&nbsp; 4394015 |
|  |  | &nbsp;&nbsp; 17241437 |
| **Health Care Equipment & Supplies-1.51%** | **Health Care Equipment & Supplies-1.51%** | **Health Care Equipment & Supplies-1.51%** |
| &nbsp;&nbsp;&nbsp; Baxter International, Inc., 1.73%, <br> 04/01/2031<br>| 3101000 | &nbsp;&nbsp; 2660112 |
| &nbsp;&nbsp;&nbsp; Becton, Dickinson and Co., 1.96%, <br> 02/11/2031<br>| 4776000 | &nbsp;&nbsp; 4252196 |
| &nbsp;&nbsp;&nbsp; GE HealthCare Technologies, Inc., 4.80%, <br> 01/15/2031<br>| 3100000 | &nbsp;&nbsp; 3163743 |
| Solventum Corp., 5.45%, 03/13/2031 | 4770000 | &nbsp;&nbsp; 4982133 |
| &nbsp;&nbsp;&nbsp; STERIS Irish FinCo Unlimited Co., 2.70%, <br> 03/15/2031<br>| 3225000 | &nbsp;&nbsp; 2972187 |
| &nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc., 2.60%, <br> 11/24/2031<br>| 3582000 | &nbsp;&nbsp; 3237179 |
|  |  | &nbsp;&nbsp; 21267550 |
| **Health Care Providers & Services-6.94%** | **Health Care Providers & Services-6.94%** | **Health Care Providers & Services-6.94%** |
| Cencora, Inc., 2.70%, 03/15/2031 | 4776000 | &nbsp;&nbsp; 4423789 |
| Centene Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 2.50%, 03/01/2031 | 10337000 | &nbsp;&nbsp; 8918893 |
| &nbsp;&nbsp;&nbsp; 2.63%, 08/01/2031 | 6105000 | &nbsp;&nbsp; 5236969 |
| Cigna Group (The) |  |  |
| &nbsp;&nbsp;&nbsp; 2.38%, 03/15/2031 | 7045000 | &nbsp;&nbsp; 6393338 |
| &nbsp;&nbsp;&nbsp; 5.13%, 05/15/2031 | 3584000 | &nbsp;&nbsp; 3713235 |
| &nbsp;&nbsp;&nbsp; CommonSpirit Health, 5.21%, <br> 12/01/2031<br>| 3706000 | &nbsp;&nbsp; 3850509 |
| CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/30/2031 | 3585000 | &nbsp;&nbsp; 3714911 |
| &nbsp;&nbsp;&nbsp; 1.88%, 02/28/2031 | 5965500 | &nbsp;&nbsp; 5248184 |
| &nbsp;&nbsp;&nbsp; 5.55%, 06/01/2031 | 4779000 | &nbsp;&nbsp; 5023758 |
| &nbsp;&nbsp;&nbsp; 2.13%, 09/15/2031 | 4780000 | &nbsp;&nbsp; 4205258 |
| Elevance Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2.55%, 03/15/2031 | 4776000 | &nbsp;&nbsp; 4368687 |
| &nbsp;&nbsp;&nbsp; 4.95%, 11/01/2031 | 3582000 | &nbsp;&nbsp; 3670466 |
| HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.45%, 04/01/2031 | 8221000 | &nbsp;&nbsp; 8601445 |
| &nbsp;&nbsp;&nbsp; 2.38%, 07/15/2031 | 4058000 | &nbsp;&nbsp; 3642243 |
| Humana, Inc., 5.38%, 04/15/2031 | 7047000 | &nbsp;&nbsp; 7292523 |
| &nbsp;&nbsp;&nbsp; Laboratory Corp. of America Holdings, <br> 2.70%, 06/01/2031<br>| 2383000 | &nbsp;&nbsp; 2191725 |
| &nbsp;&nbsp;&nbsp; Quest Diagnostics, Inc., 2.80%, <br> 06/30/2031<br>| 2625000 | &nbsp;&nbsp; 2428093 |
| UnitedHealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.65%, 01/15/2031 | 3580000 | &nbsp;&nbsp; 3645432 |
| &nbsp;&nbsp;&nbsp; 4.90%, 04/15/2031 | 4776000 | &nbsp;&nbsp; 4919230 |
| &nbsp;&nbsp;&nbsp; 2.30%, 05/15/2031 | 7051000 | &nbsp;&nbsp; 6380602 |
|  |  | &nbsp;&nbsp; 97869290 |
| **Health Care REITs-1.71%** | **Health Care REITs-1.71%** | **Health Care REITs-1.71%** |
| &nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc., <br> 3.38%, 08/15/2031<br>| 3579000 | &nbsp;&nbsp; 3360268 |
| &nbsp;&nbsp;&nbsp; Healthcare Realty Holdings L.P., 2.00%, <br> 03/15/2031<br>| 3825000 | &nbsp;&nbsp; 3360335 |
| Healthpeak OP LLC, 2.88%, 01/15/2031 | 2865000 | &nbsp;&nbsp; 2657214 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2031 Corporate Bond ETF (BSCV)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Health Care REITs-(continued)** | **Health Care REITs-(continued)** | **Health Care REITs-(continued)** | **Health Care REITs-(continued)** |
| &nbsp;&nbsp;&nbsp; Omega Healthcare Investors, Inc., 3.38%, <br> 02/01/2031<br>| $| 3339000 | &nbsp;&nbsp; $3119896 |
| &nbsp;&nbsp;&nbsp; Sabra Health Care L.P., 3.20%, <br> 12/01/2031<br>|  | 3825000 | &nbsp;&nbsp; 3500471 |
| Ventas Realty L.P., 2.50%, 09/01/2031 |  | 2388000 | &nbsp;&nbsp; 2152633 |
| Welltower OP LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.75%, 01/15/2031 |  | 2861000 | &nbsp;&nbsp; 2669330 |
| &nbsp;&nbsp;&nbsp; 2.80%, 06/01/2031 |  | 3577000 | &nbsp;&nbsp; 3323508 |
|  |  |  | &nbsp;&nbsp; 24143655 |
| **Hotels, Restaurants & Leisure-1.04%** | **Hotels, Restaurants & Leisure-1.04%** | **Hotels, Restaurants & Leisure-1.04%** | **Hotels, Restaurants & Leisure-1.04%** |
| Expedia Group, Inc., 2.95%, 03/15/2031 |  | 2382000 | &nbsp;&nbsp; 2216629 |
| Marriott International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 10/15/2031 |  | 2390000 | &nbsp;&nbsp; 2403362 |
| &nbsp;&nbsp;&nbsp; Series HH, 2.85%, 04/15/2031 |  | 5251000 | &nbsp;&nbsp; 4872237 |
| McDonald's Corp., 4.40%, 02/12/2031 |  | 2630000 | &nbsp;&nbsp; 2654991 |
| Starbucks Corp., 4.90%, 02/15/2031 |  | 2385000 | &nbsp;&nbsp; 2464463 |
|  |  |  | &nbsp;&nbsp; 14611682 |
| **Household Products-0.49%** | **Household Products-0.49%** | **Household Products-0.49%** | **Household Products-0.49%** |
| &nbsp;&nbsp;&nbsp; Kimberly-Clark Corp., 2.00%, <br> 11/02/2031<sup>(b)</sup><br>|  | 2821000 | &nbsp;&nbsp; 2545408 |
| &nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The), 1.95%, <br> 04/23/2031<br>|  | 4776000 | &nbsp;&nbsp; 4334226 |
|  |  |  | &nbsp;&nbsp; 6879634 |
| **Independent Power and Renewable Electricity Producers-0.31%** | **Independent Power and Renewable Electricity Producers-0.31%** | **Independent Power and Renewable Electricity Producers-0.31%** | **Independent Power and Renewable Electricity Producers-0.31%** |
| AES Corp. (The), 2.45%, 01/15/2031 |  | 4758000 | &nbsp;&nbsp; 4318138 |
| **Industrial Conglomerates-0.61%** | **Industrial Conglomerates-0.61%** | **Industrial Conglomerates-0.61%** | **Industrial Conglomerates-0.61%** |
| Honeywell International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.75%, 09/01/2031 |  | 7043000 | &nbsp;&nbsp; 6174517 |
| &nbsp;&nbsp;&nbsp; 4.95%, 09/01/2031 |  | 2389000 | &nbsp;&nbsp; 2490940 |
|  |  |  | &nbsp;&nbsp; 8665457 |
| **Insurance-1.82%** | **Insurance-1.82%** | **Insurance-1.82%** | **Insurance-1.82%** |
| &nbsp;&nbsp;&nbsp; Aon Corp./Aon Global Holdings PLC, <br> 2.60%, 12/02/2031<br>|  | 2391000 | &nbsp;&nbsp; 2163192 |
| &nbsp;&nbsp;&nbsp; Aon North America, Inc., 5.30%, <br> 03/01/2031<br>|  | 3100000 | &nbsp;&nbsp; 3236616 |
| &nbsp;&nbsp;&nbsp; Assured Guaranty US Holdings, Inc., <br> 3.15%, 06/15/2031<br>|  | 2391000 | &nbsp;&nbsp; 2259039 |
| Brown & Brown, Inc., 2.38%, 03/15/2031 |  | 3339000 | &nbsp;&nbsp; 2993188 |
| &nbsp;&nbsp;&nbsp; Fidelity National Financial, Inc., 2.45%, <br> 03/15/2031<br>|  | 2867000 | &nbsp;&nbsp; 2562558 |
| &nbsp;&nbsp;&nbsp; First American Financial Corp., 2.40%, <br> 08/15/2031<br>|  | 3107000 | &nbsp;&nbsp; 2724017 |
| &nbsp;&nbsp;&nbsp; Lincoln National Corp., 3.40%, <br> 01/15/2031<br>|  | 2385000 | &nbsp;&nbsp; 2264730 |
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc., 4.85%, <br> 11/15/2031<br>|  | 4771000 | &nbsp;&nbsp; 4899451 |
| Primerica, Inc., 2.80%, 11/19/2031 |  | 2863000 | &nbsp;&nbsp; 2599635 |
|  |  |  | &nbsp;&nbsp; 25702426 |
| **Interactive Media & Services-0.35%** | **Interactive Media & Services-0.35%** | **Interactive Media & Services-0.35%** | **Interactive Media & Services-0.35%** |
| Meta Platforms, Inc., 4.55%, 08/15/2031 |  | 4777000 | &nbsp;&nbsp; 4885425 |
| **IT Services-0.84%** | **IT Services-0.84%** | **IT Services-0.84%** | **IT Services-0.84%** |
| &nbsp;&nbsp;&nbsp; Accenture Capital, Inc., 4.25%, <br> 10/04/2031<br>|  | 5730000 | &nbsp;&nbsp; 5745716 |
| &nbsp;&nbsp;&nbsp; Kyndryl Holdings, Inc., 3.15%, <br> 10/15/2031<br>|  | 3095000 | &nbsp;&nbsp; 2819063 |
| VeriSign, Inc., 2.70%, 06/15/2031 |  | 3586000 | &nbsp;&nbsp; 3256885 |
|  |  |  | &nbsp;&nbsp; 11821664 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Leisure Products-0.16%** | **Leisure Products-0.16%** | **Leisure Products-0.16%** |
| Brunswick Corp., 2.40%, 08/18/2031 | $2629000 | &nbsp;&nbsp; $2309034 |
| **Life Sciences Tools & Services-1.10%** | **Life Sciences Tools & Services-1.10%** | **Life Sciences Tools & Services-1.10%** |
| &nbsp;&nbsp;&nbsp; Agilent Technologies, Inc., 2.30%, <br> 03/12/2031<br>| 4064000 | &nbsp;&nbsp; 3683440 |
| Illumina, Inc., 2.55%, 03/23/2031 | 2389000 | &nbsp;&nbsp; 2165146 |
| Revvity, Inc., 2.25%, 09/15/2031 | 2378000 | &nbsp;&nbsp; 2099897 |
| Thermo Fisher Scientific, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.20%, 03/01/2031 | 2392000 | &nbsp;&nbsp; 2396444 |
| &nbsp;&nbsp;&nbsp; 2.00%, 10/15/2031<sup>(b)</sup> | 5730000 | &nbsp;&nbsp; 5127589 |
|  |  | &nbsp;&nbsp; 15472516 |
| **Machinery-2.17%** | **Machinery-2.17%** | **Machinery-2.17%** |
| Caterpillar, Inc., 1.90%, 03/12/2031<sup>(b)</sup> | 2385000 | &nbsp;&nbsp; 2150378 |
| Cummins, Inc., 4.70%, 02/15/2031 | 3345000 | &nbsp;&nbsp; 3430076 |
| IDEX Corp., 2.63%, 06/15/2031 | 2388000 | &nbsp;&nbsp; 2191244 |
| Ingersoll Rand, Inc., 5.31%, 06/15/2031 | 2386000 | &nbsp;&nbsp; 2506213 |
| John Deere Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 1.45%, 01/15/2031 | 2867000 | &nbsp;&nbsp; 2535917 |
| &nbsp;&nbsp;&nbsp; 4.90%, 03/07/2031 | 4064000 | &nbsp;&nbsp; 4210335 |
| &nbsp;&nbsp;&nbsp; 2.00%, 06/17/2031 | 2862000 | &nbsp;&nbsp; 2570923 |
| &nbsp;&nbsp;&nbsp; 4.40%, 09/08/2031 | 5730000 | &nbsp;&nbsp; 5799467 |
| &nbsp;&nbsp;&nbsp; Otis Worldwide Corp., 5.13%, <br> 11/19/2031<br>| 2870000 | &nbsp;&nbsp; 2988503 |
| Xylem, Inc., 2.25%, 01/30/2031<sup>(b)</sup> | 2387000 | &nbsp;&nbsp; 2173809 |
|  |  | &nbsp;&nbsp; 30556865 |
| **Media-2.23%** | **Media-2.23%** | **Media-2.23%** |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/<br> Charter Communications Operating <br> Capital Corp., 2.80%, 04/01/2031<br>| 7513000 | &nbsp;&nbsp; 6752206 |
| Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 1.95%, 01/15/2031 | 7045000 | &nbsp;&nbsp; 6277757 |
| &nbsp;&nbsp;&nbsp; 1.50%, 02/15/2031<sup>(b)</sup> | 8223000 | &nbsp;&nbsp; 7152021 |
| &nbsp;&nbsp;&nbsp; Interpublic Group of Cos., Inc. (The), <br> 2.40%, 03/01/2031<br>| 2190000 | &nbsp;&nbsp; 1979754 |
| &nbsp;&nbsp;&nbsp; Omnicom Group, Inc., 2.60%, <br> 08/01/2031<br>| 3820000 | &nbsp;&nbsp; 3473308 |
| Paramount Global, 4.95%, 01/15/2031 | 5967000 | &nbsp;&nbsp; 5890840 |
|  |  | &nbsp;&nbsp; 31525886 |
| **Metals & Mining-0.16%** | **Metals & Mining-0.16%** | **Metals & Mining-0.16%** |
| Steel Dynamics, Inc., 3.25%, 01/15/2031 | 2376000 | &nbsp;&nbsp; 2265727 |
| **Multi-Utilities-1.33%** | **Multi-Utilities-1.33%** | **Multi-Utilities-1.33%** |
| Ameren Corp., 3.50%, 01/15/2031 | 3824000 | &nbsp;&nbsp; 3679061 |
| &nbsp;&nbsp;&nbsp; Consumers Energy Co., 4.50%, <br> 01/15/2031<br>| 2384000 | &nbsp;&nbsp; 2417781 |
| &nbsp;&nbsp;&nbsp; Dominion Energy, Inc., Series C, 2.25%, <br> 08/15/2031<br>| 4077000 | &nbsp;&nbsp; 3641574 |
| &nbsp;&nbsp;&nbsp; DTE Electric Co., Series C, 2.63%, <br> 03/01/2031<br>| 2864000 | &nbsp;&nbsp; 2648756 |
| NiSource, Inc., 1.70%, 02/15/2031 | 3582000 | &nbsp;&nbsp; 3138331 |
| &nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc., <br> 2.45%, 11/15/2031<br>| 3578000 | &nbsp;&nbsp; 3204143 |
|  |  | &nbsp;&nbsp; 18729646 |
| **Office REITs-0.39%** | **Office REITs-0.39%** | **Office REITs-0.39%** |
| &nbsp;&nbsp;&nbsp; Boston Properties L.P., 3.25%, <br> 01/30/2031<br>| 5870000 | &nbsp;&nbsp; 5504651 |
| **Oil, Gas & Consumable Fuels-7.25%** | **Oil, Gas & Consumable Fuels-7.25%** | **Oil, Gas & Consumable Fuels-7.25%** |
| &nbsp;&nbsp;&nbsp; Boardwalk Pipelines L.P., 3.40%, <br> 02/15/2031<br>| 2389000 | &nbsp;&nbsp; 2247593 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2031 Corporate Bond ETF (BSCV)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Oil, Gas & Consumable Fuels-(continued)** | **Oil, Gas & Consumable Fuels-(continued)** | **Oil, Gas & Consumable Fuels-(continued)** | **Oil, Gas & Consumable Fuels-(continued)** |
| &nbsp;&nbsp;&nbsp; Burlington Resources LLC, 7.20%, <br> 08/15/2031<br>| $| 2135000 | &nbsp;&nbsp; $2434560 |
| &nbsp;&nbsp;&nbsp; Cenovus Energy, Inc. (Canada), 4.65%, <br> 03/20/2031<br>|  | 2322000 | &nbsp;&nbsp; 2329557 |
| &nbsp;&nbsp;&nbsp; Cheniere Energy Partners L.P., 4.00%, <br> 03/01/2031<br>|  | 7045000 | &nbsp;&nbsp; 6846477 |
| Devon Energy Corp., 7.88%, 09/30/2031 |  | 3222000 | &nbsp;&nbsp; 3755095 |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc., 3.13%, <br> 03/24/2031<br>|  | 3529000 | &nbsp;&nbsp; 3300375 |
| &nbsp;&nbsp;&nbsp; Enbridge, Inc. (Canada), 4.50%, <br> 02/15/2031<br>|  | 2000000 | &nbsp;&nbsp; 2006621 |
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, <br> 4.60%, 01/15/2031<br>|  | 5375000 | &nbsp;&nbsp; 5454891 |
| EQT Corp., 4.75%, 01/15/2031 |  | 5200000 | &nbsp;&nbsp; 5237648 |
| Hess Corp., 7.30%, 08/15/2031 |  | 3012000 | &nbsp;&nbsp; 3487306 |
| HF Sinclair Corp., 5.75%, 01/15/2031 |  | 3100000 | &nbsp;&nbsp; 3217716 |
| Kinder Morgan, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 02/15/2031 |  | 3579000 | &nbsp;&nbsp; 3195358 |
| &nbsp;&nbsp;&nbsp; 7.80%, 08/01/2031 |  | 2567000 | &nbsp;&nbsp; 2989954 |
| MPLX L.P., 4.80%, 02/15/2031 |  | 5873000 | &nbsp;&nbsp; 5949468 |
| Occidental Petroleum Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.13%, 01/01/2031 |  | 5462000 | &nbsp;&nbsp; 5785072 |
| &nbsp;&nbsp;&nbsp; 7.50%, 05/01/2031 |  | 4154000 | &nbsp;&nbsp; 4688317 |
| ONEOK, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.35%, 01/15/2031 |  | 2866000 | &nbsp;&nbsp; 3081010 |
| &nbsp;&nbsp;&nbsp; 4.75%, 10/15/2031 |  | 5872000 | &nbsp;&nbsp; 5901395 |
| Ovintiv, Inc., 7.38%, 11/01/2031 |  | 2383000 | &nbsp;&nbsp; 2666765 |
| Phillips 66 Co., 5.25%, 06/15/2031 |  | 5731000 | &nbsp;&nbsp; 5984036 |
| &nbsp;&nbsp;&nbsp; Pioneer Natural Resources Co., 2.15%, <br> 01/15/2031<br>|  | 4775000 | &nbsp;&nbsp; 4342035 |
| &nbsp;&nbsp;&nbsp; Plains All American Pipeline L.P./PAA <br> Finance Corp., 4.70%, 01/15/2031<br>|  | 4040000 | &nbsp;&nbsp; 4067639 |
| &nbsp;&nbsp;&nbsp; Targa Resources Partners L.P./Targa <br> Resources Partners Finance Corp., <br> 4.88%, 02/01/2031<br>|  | 4776000 | &nbsp;&nbsp; 4799950 |
| Valero Energy Corp., 2.80%, 12/01/2031 |  | 2209000 | &nbsp;&nbsp; 2026488 |
| &nbsp;&nbsp;&nbsp; Williams Cos., Inc. (The), 2.60%, <br> 03/15/2031<br>|  | 7065000 | &nbsp;&nbsp; 6462742 |
|  |  |  | &nbsp;&nbsp; 102258068 |
| **Personal Care Products-0.44%** | **Personal Care Products-0.44%** | **Personal Care Products-0.44%** | **Personal Care Products-0.44%** |
| &nbsp;&nbsp;&nbsp; Estee Lauder Cos., Inc. (The), 1.95%, <br> 03/15/2031<br>|  | 2864000 | &nbsp;&nbsp; 2556378 |
| &nbsp;&nbsp;&nbsp; Unilever Capital Corp. (United Kingdom), <br> 1.75%, 08/12/2031<br>|  | 4060000 | &nbsp;&nbsp; 3588493 |
|  |  |  | &nbsp;&nbsp; 6144871 |
| **Pharmaceuticals-3.61%** | **Pharmaceuticals-3.61%** | **Pharmaceuticals-3.61%** | **Pharmaceuticals-3.61%** |
| AstraZeneca Finance LLC (United Kingdom) |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 02/26/2031 |  | 4777000 | &nbsp;&nbsp; 4962025 |
| &nbsp;&nbsp;&nbsp; 2.25%, 05/28/2031 |  | 3585000 | &nbsp;&nbsp; 3274479 |
| Bristol-Myers Squibb Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 02/01/2031 |  | 4750000 | &nbsp;&nbsp; 5097807 |
| &nbsp;&nbsp;&nbsp; 5.10%, 02/22/2031 |  | 5937000 | &nbsp;&nbsp; 6210706 |
| Eli Lilly and Co., 4.25%, 03/15/2031 |  | 3580000 | &nbsp;&nbsp; 3610852 |
| Johnson & Johnson, 4.90%, 06/01/2031 |  | 5487000 | &nbsp;&nbsp; 5756483 |
| Merck & Co., Inc., 2.15%, 12/10/2031 |  | 9396000 | &nbsp;&nbsp; 8382660 |
| &nbsp;&nbsp;&nbsp; Novartis Capital Corp., 4.00%, <br> 09/18/2031<br>|  | 4060000 | &nbsp;&nbsp; 4058824 |
| Pfizer, Inc., 1.75%, 08/18/2031<sup>(b)</sup> |  | 4780000 | &nbsp;&nbsp; 4235981 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Pharmaceuticals-(continued)** | **Pharmaceuticals-(continued)** | **Pharmaceuticals-(continued)** | **Pharmaceuticals-(continued)** |
| Royalty Pharma PLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.45%, 03/25/2031 | $| 2861000 | &nbsp;&nbsp; $2856988 |
| &nbsp;&nbsp;&nbsp; 2.15%, 09/02/2031 |  | 2867000 | &nbsp;&nbsp; 2522050 |
|  |  |  | &nbsp;&nbsp; 50968855 |
| **Professional Services-0.61%** | **Professional Services-0.61%** | **Professional Services-0.61%** | **Professional Services-0.61%** |
| &nbsp;&nbsp;&nbsp; Broadridge Financial Solutions, Inc., <br> 2.60%, 05/01/2031<br>|  | 4779000 | &nbsp;&nbsp; 4353887 |
| Equifax, Inc., 2.35%, 09/15/2031 |  | 4780000 | &nbsp;&nbsp; 4257436 |
|  |  |  | &nbsp;&nbsp; 8611323 |
| **Real Estate Management & Development-0.15%** | **Real Estate Management & Development-0.15%** | **Real Estate Management & Development-0.15%** | **Real Estate Management & Development-0.15%** |
| CBRE Services, Inc., 2.50%, 04/01/2031 |  | 2384000 | &nbsp;&nbsp; 2171646 |
| **Residential REITs-0.76%** | **Residential REITs-0.76%** | **Residential REITs-0.76%** | **Residential REITs-0.76%** |
| &nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc., 2.45%, <br> 01/15/2031<br>|  | 2862000 | &nbsp;&nbsp; 2624846 |
| ERP Operating L.P., 1.85%, 08/01/2031 |  | 2391000 | &nbsp;&nbsp; 2107381 |
| &nbsp;&nbsp;&nbsp; Invitation Homes Operating Partnership <br> L.P., 2.00%, 08/15/2031<br>|  | 3100000 | &nbsp;&nbsp; 2704322 |
| &nbsp;&nbsp;&nbsp; Sun Communities Operating L.P., 2.70%, <br> 07/15/2031<br>|  | 3586000 | &nbsp;&nbsp; 3272281 |
|  |  |  | &nbsp;&nbsp; 10708830 |
| **Retail REITs-0.99%** | **Retail REITs-0.99%** | **Retail REITs-0.99%** | **Retail REITs-0.99%** |
| &nbsp;&nbsp;&nbsp; Brixmor Operating Partnership L.P., <br> 2.50%, 08/16/2031<br>|  | 2390000 | &nbsp;&nbsp; 2153418 |
| &nbsp;&nbsp;&nbsp; Kimco Realty OP LLC, 2.25%, <br> 12/01/2031<br>|  | 2373000 | &nbsp;&nbsp; 2109549 |
| NNN REIT, Inc., 4.60%, 02/15/2031 |  | 2390000 | &nbsp;&nbsp; 2413479 |
| Realty Income Corp., 3.25%, 01/15/2031 |  | 4538000 | &nbsp;&nbsp; 4318274 |
| &nbsp;&nbsp;&nbsp; Simon Property Group L.P., 2.20%, <br> 02/01/2031<br>|  | 3345000 | &nbsp;&nbsp; 3027821 |
|  |  |  | &nbsp;&nbsp; 14022541 |
| **Semiconductors & Semiconductor Equipment-3.66%** | **Semiconductors & Semiconductor Equipment-3.66%** | **Semiconductors & Semiconductor Equipment-3.66%** | **Semiconductors & Semiconductor Equipment-3.66%** |
| Analog Devices, Inc., 2.10%, 10/01/2031 |  | 4773000 | &nbsp;&nbsp; 4248545 |
| &nbsp;&nbsp;&nbsp; Applied Materials, Inc., 4.00%, <br> 01/15/2031<br>|  | 2630000 | &nbsp;&nbsp; 2624034 |
| Broadcom, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.45%, 02/15/2031 |  | 12897000 | &nbsp;&nbsp; 11858264 |
| &nbsp;&nbsp;&nbsp; 5.15%, 11/15/2031 |  | 7043000 | &nbsp;&nbsp; 7350967 |
| Intel Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/21/2031 |  | 2385000 | &nbsp;&nbsp; 2454308 |
| &nbsp;&nbsp;&nbsp; 2.00%, 08/12/2031 |  | 5873000 | &nbsp;&nbsp; 5175434 |
| &nbsp;&nbsp;&nbsp; Marvell Technology, Inc., 2.95%, <br> 04/15/2031<br>|  | 3577000 | &nbsp;&nbsp; 3320422 |
| &nbsp;&nbsp;&nbsp; Micron Technology, Inc., 5.30%, <br> 01/15/2031<br>|  | 4775000 | &nbsp;&nbsp; 4951682 |
| NVIDIA Corp., 2.00%, 06/15/2031 |  | 5870000 | &nbsp;&nbsp; 5307818 |
| &nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc., 3.00%, <br> 06/01/2031<br>|  | 2386000 | &nbsp;&nbsp; 2162982 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc., 1.90%, <br> 09/15/2031<sup>(b)</sup><br>|  | 2391000 | &nbsp;&nbsp; 2131013 |
|  |  |  | &nbsp;&nbsp; 51585469 |
| **Software-2.98%** | **Software-2.98%** | **Software-2.98%** | **Software-2.98%** |
| AppLovin Corp., 5.38%, 12/01/2031 |  | 4776000 | &nbsp;&nbsp; 4972347 |
| Autodesk, Inc., 2.40%, 12/15/2031 |  | 4772000 | &nbsp;&nbsp; 4271175 |
| Fortinet, Inc., 2.20%, 03/15/2031 |  | 2385000 | &nbsp;&nbsp; 2140551 |
| Oracle Corp., 2.88%, 03/25/2031 |  | 15271000 | &nbsp;&nbsp; 13850235 |
| &nbsp;&nbsp;&nbsp; Roper Technologies, Inc., 1.75%, <br> 02/15/2031<br>|  | 4779000 | &nbsp;&nbsp; 4192674 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2031 Corporate Bond ETF (BSCV)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Software-(continued)** | **Software-(continued)** | **Software-(continued)** | **Software-(continued)** |
| Salesforce, Inc., 1.95%, 07/15/2031 | $| 7046000 | &nbsp;&nbsp; $6298433 |
| VMware LLC, 2.20%, 08/15/2031 |  | 7048000 | &nbsp;&nbsp; 6279496 |
|  |  |  | &nbsp;&nbsp; 42004911 |
| **Specialized REITs-2.76%** | **Specialized REITs-2.76%** | **Specialized REITs-2.76%** | **Specialized REITs-2.76%** |
| American Tower Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.70%, 04/15/2031 |  | 3341000 | &nbsp;&nbsp; 3070141 |
| &nbsp;&nbsp;&nbsp; 2.30%, 09/15/2031 |  | 3338000 | &nbsp;&nbsp; 2975890 |
| Crown Castle, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.25%, 01/15/2031 |  | 5256000 | &nbsp;&nbsp; 4706074 |
| &nbsp;&nbsp;&nbsp; 2.10%, 04/01/2031 |  | 4778000 | &nbsp;&nbsp; 4214115 |
| &nbsp;&nbsp;&nbsp; 2.50%, 07/15/2031 |  | 3586000 | &nbsp;&nbsp; 3212571 |
| Equinix, Inc., 2.50%, 05/15/2031 |  | 4779000 | &nbsp;&nbsp; 4334564 |
| Extra Space Storage L.P. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.90%, 01/15/2031 |  | 2870000 | &nbsp;&nbsp; 3054470 |
| &nbsp;&nbsp;&nbsp; 2.40%, 10/15/2031 |  | 2866000 | &nbsp;&nbsp; 2548808 |
| &nbsp;&nbsp;&nbsp; GLP Capital L.P./GLP Financing II, Inc., <br> 4.00%, 01/15/2031<br>|  | 3347000 | &nbsp;&nbsp; 3209827 |
| Prologis L.P., 4.75%, 01/15/2031 |  | 2384000 | &nbsp;&nbsp; 2443490 |
| Public Storage Operating Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.30%, 05/01/2031 |  | 3085000 | &nbsp;&nbsp; 2797786 |
| &nbsp;&nbsp;&nbsp; 2.25%, 11/09/2031 |  | 2631000 | &nbsp;&nbsp; 2353734 |
|  |  |  | &nbsp;&nbsp; 38921470 |
| **Specialty Retail-2.78%** | **Specialty Retail-2.78%** | **Specialty Retail-2.78%** | **Specialty Retail-2.78%** |
| AutoZone, Inc., 1.65%, 01/15/2031 |  | 2863000 | &nbsp;&nbsp; 2510141 |
| Home Depot, Inc. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.38%, 03/15/2031 |  | 5965000 | &nbsp;&nbsp; 5185753 |
| &nbsp;&nbsp;&nbsp; 4.85%, 06/25/2031 |  | 4779000 | &nbsp;&nbsp; 4956275 |
| &nbsp;&nbsp;&nbsp; 1.88%, 09/15/2031 |  | 4772000 | &nbsp;&nbsp; 4211519 |
| Leidos, Inc., 2.30%, 02/15/2031 |  | 4779000 | &nbsp;&nbsp; 4305891 |
| Lowe`s Cos., Inc., 4.25%, 03/15/2031 |  | 5250000 | &nbsp;&nbsp; 5231233 |
| Lowe's Cos., Inc., 2.63%, 04/01/2031 |  | 7043000 | &nbsp;&nbsp; 6477340 |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc., 1.75%, <br> 03/15/2031<br>|  | 2387000 | &nbsp;&nbsp; 2094410 |
| Ross Stores, Inc., 1.88%, 04/15/2031 |  | 2384000 | &nbsp;&nbsp; 2099857 |
| TJX Cos., Inc. (The), 1.60%, 05/15/2031 |  | 2390000 | &nbsp;&nbsp; 2102296 |
|  |  |  | &nbsp;&nbsp; 39174715 |
| **Technology Hardware, Storage & Peripherals-2.44%** | **Technology Hardware, Storage & Peripherals-2.44%** | **Technology Hardware, Storage & Peripherals-2.44%** | **Technology Hardware, Storage & Peripherals-2.44%** |
| Apple, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.65%, 02/08/2031 |  | 12924000 | &nbsp;&nbsp; 11562323 |
| &nbsp;&nbsp;&nbsp; 1.70%, 08/05/2031 |  | 4774000 | &nbsp;&nbsp; 4248931 |
| &nbsp;&nbsp;&nbsp; Dell International LLC/EMC Corp., 4.50%, <br> 02/15/2031<br>|  | 5870000 | &nbsp;&nbsp; 5871877 |
| &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co., 4.85%, <br> 10/15/2031<br>|  | 5966000 | &nbsp;&nbsp; 6044148 |
| HP, Inc., 2.65%, 06/17/2031 |  | 4763000 | &nbsp;&nbsp; 4313803 |
| &nbsp;&nbsp;&nbsp; IBM International Capital Pte. Ltd., 4.75%, <br> 02/05/2031<br>|  | 2388000 | &nbsp;&nbsp; 2442770 |
|  |  |  | &nbsp;&nbsp; 34483852 |
| **Tobacco-1.39%** | **Tobacco-1.39%** | **Tobacco-1.39%** | **Tobacco-1.39%** |
| B.A.T. Capital Corp. (United Kingdom) |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.83%, 02/20/2031 |  | 4056000 | &nbsp;&nbsp; 4312371 |
| &nbsp;&nbsp;&nbsp; 2.73%, 03/25/2031 |  | 5870000 | &nbsp;&nbsp; 5407805 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Tobacco-(continued)** | **Tobacco-(continued)** | **Tobacco-(continued)** |
| Philip Morris International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 02/13/2031 | 5938000 | &nbsp;&nbsp; $6174331 |
| &nbsp;&nbsp;&nbsp; 4.75%, 11/01/2031 | 3586000 | &nbsp;&nbsp; 3667629 |
|  |  | &nbsp;&nbsp; 19562136 |
| **Trading Companies & Distributors-0.46%** | **Trading Companies & Distributors-0.46%** | **Trading Companies & Distributors-0.46%** |
| Air Lease Corp., 5.20%, 07/15/2031 | 2867000 | &nbsp;&nbsp; 2924881 |
| &nbsp;&nbsp;&nbsp; Ferguson Enterprises, Inc., 4.35%, <br> 03/15/2031<br>| 3580000 | &nbsp;&nbsp; 3578825 |
|  |  | &nbsp;&nbsp; 6503706 |
| **Water Utilities-0.17%** | **Water Utilities-0.17%** | **Water Utilities-0.17%** |
| &nbsp;&nbsp;&nbsp; American Water Capital Corp., 2.30%, <br> 06/01/2031<br>| 2630000 | &nbsp;&nbsp; 2381443 |
| **Wireless Telecommunication Services-1.10%** | **Wireless Telecommunication Services-1.10%** | **Wireless Telecommunication Services-1.10%** |
| T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2.88%, 02/15/2031 | 4777000 | &nbsp;&nbsp; 4450335 |
| &nbsp;&nbsp;&nbsp; 3.50%, 04/15/2031 | 11508000 | &nbsp;&nbsp; 11032467 |
|  |  | &nbsp;&nbsp; 15482802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $1,361,269,245) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $1,361,269,245) | &nbsp;&nbsp; 1396871455 |
|  | **Shares** |  |
| **Money Market Funds-0.01%** |  |  |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, <br> Institutional Class, 3.91%<sup>(c)(d)</sup> <br>(Cost $108,905)<br>| 108905 | &nbsp;&nbsp; 108905 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.04% <br>(Cost $1,361,378,150) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.04% <br>(Cost $1,361,378,150) | &nbsp;&nbsp; 1396980360 |
| **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** |
| **Money Market Funds-1.56%** | **Money Market Funds-1.56%** | **Money Market Funds-1.56%** |
| &nbsp;&nbsp;&nbsp; Invesco Private Government Fund, <br> 4.00%<sup>(c)(d)(e)</sup><br>| 6153709 | &nbsp;&nbsp; 6153709 |
| Invesco Private Prime Fund, 4.12%<sup>(c)(d)(e)</sup> | 15807215 | &nbsp;&nbsp; 15811957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $21,965,666) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $21,965,666) | &nbsp;&nbsp; 21965666 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-100.60% <br>(Cost $1,383,343,816) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-100.60% <br>(Cost $1,383,343,816) | &nbsp;&nbsp; 1418946026 |
| OTHER ASSETS LESS LIABILITIES-(0.60)% | OTHER ASSETS LESS LIABILITIES-(0.60)% | &nbsp;&nbsp; (8494601)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $1410451425 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2031 Corporate Bond ETF (BSCV)—(continued)**

November 30, 2025

*(Unaudited)*

Investment Abbreviations: <br> REIT -Real Estate Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | All or a portion of this security was out on loan at November 30, 2025. |
| <sup>(c)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the three months ended November 30, 2025.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**November 30, 2025**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp;&nbsp; $671730 | &nbsp;&nbsp;&nbsp; $15467018 | &nbsp;&nbsp;&nbsp; $(16029843)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $108905 | &nbsp;&nbsp;&nbsp; $27633 |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private <br> Government Fund<br>| &nbsp;&nbsp;&nbsp; 4130631 | &nbsp;&nbsp;&nbsp; 23474547 | &nbsp;&nbsp;&nbsp; (21451469)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 6153709 | &nbsp;&nbsp;&nbsp; 75,306<br> \*<br>|
| &nbsp;&nbsp; Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp;&nbsp; 10740379 | &nbsp;&nbsp;&nbsp; 45692534 | &nbsp;&nbsp;&nbsp; (40620643)<br>| &nbsp;&nbsp;&nbsp; (473)<br>| &nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp; 15811957 | &nbsp;&nbsp;&nbsp; 201,926<br> \*<br>|
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; $15542740 | &nbsp;&nbsp;&nbsp; $84634099 | &nbsp;&nbsp;&nbsp; $(78101955)<br>| &nbsp;&nbsp;&nbsp; $(473)<br>| &nbsp;&nbsp;&nbsp; $160 | &nbsp;&nbsp;&nbsp; $22074571 | &nbsp;&nbsp;&nbsp; $304865 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(d)</sup> The rate shown is the 7-day SEC standardized yield as of November 30, 2025. <br> <sup>(e)</sup> 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.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

See accompanying notes which are an integral part of this schedule.

------

Schedule of Investments<sup>(a)</sup>

**Invesco BulletShares 2032 Corporate Bond ETF (BSCW)**

November 30, 2025

*(Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes-98.97%** | **U.S. Dollar Denominated Bonds & Notes-98.97%** | **U.S. Dollar Denominated Bonds & Notes-98.97%** |
| **Aerospace & Defense-1.15%** | **Aerospace & Defense-1.15%** | **Aerospace & Defense-1.15%** |
| General Electric Co., 6.75%, 03/15/2032 | $5518000 | &nbsp;&nbsp; $6296160 |
| &nbsp;&nbsp;&nbsp; Lockheed Martin Corp., 3.90%, <br> 06/15/2032<br>| 3484000 | &nbsp;&nbsp; 3429910 |
| RTX Corp., 2.38%, 03/15/2032 | 4356000 | &nbsp;&nbsp; 3894556 |
|  |  | &nbsp;&nbsp; 13620626 |
| **Automobiles-2.98%** | **Automobiles-2.98%** | **Automobiles-2.98%** |
| &nbsp;&nbsp;&nbsp; American Honda Finance Corp., 5.15%, <br> 07/09/2032<br>| 3264000 | &nbsp;&nbsp; 3366208 |
| Ford Motor Co. |  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 02/12/2032 | 10414500 | &nbsp;&nbsp; 9152355 |
| &nbsp;&nbsp;&nbsp; 6.10%, 08/19/2032 | 7298000 | &nbsp;&nbsp; 7523842 |
| &nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC, 6.53%, <br> 03/19/2032<br>| 3264000 | &nbsp;&nbsp; 3419311 |
| General Motors Co., 5.60%, 10/15/2032 | 5447000 | &nbsp;&nbsp; 5716422 |
| &nbsp;&nbsp;&nbsp; Honda Motor Co. Ltd. (Japan), 2.97%, <br> 03/10/2032<br>| 3267000 | &nbsp;&nbsp; 3003881 |
| &nbsp;&nbsp;&nbsp; Toyota Motor Credit Corp., 4.65%, <br> 09/03/2032<br>| 3050000 | &nbsp;&nbsp; 3094555 |
|  |  | &nbsp;&nbsp; 35276574 |
| **Banks-3.80%** | **Banks-3.80%** | **Banks-3.80%** |
| &nbsp;&nbsp;&nbsp; Bank of Nova Scotia (The) (Canada), <br> 2.45%, 02/02/2032<br>| 3680000 | &nbsp;&nbsp; 3294994 |
| &nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce <br> (Canada), 3.60%, 04/07/2032<br>| 4350000 | &nbsp;&nbsp; 4158326 |
| Citigroup, Inc., 6.63%, 06/15/2032 | 4357000 | &nbsp;&nbsp; 4851061 |
| &nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc., 2.64%, <br> 09/30/2032<br>| 2706000 | &nbsp;&nbsp; 2334126 |
| KeyBank N.A., 4.90%, 08/08/2032 | 3265000 | &nbsp;&nbsp; 3262809 |
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada (Canada), 3.88%, <br> 05/04/2032<br>| 4356000 | &nbsp;&nbsp; 4252590 |
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. <br> (Japan), 5.45%, 01/15/2032<br>| 2594000 | &nbsp;&nbsp; 2733398 |
| Toronto-Dominion Bank (The) (Canada) |  |  |
| &nbsp;&nbsp;&nbsp; 2.45%, 01/12/2032 | 2617000 | &nbsp;&nbsp; 2346241 |
| &nbsp;&nbsp;&nbsp; 5.30%, 01/30/2032 | 3265000 | &nbsp;&nbsp; 3429600 |
| &nbsp;&nbsp;&nbsp; 3.20%, 03/10/2032 | 6254000 | &nbsp;&nbsp; 5852073 |
| &nbsp;&nbsp;&nbsp; 4.46%, 06/08/2032 | 8332000 | &nbsp;&nbsp; 8362902 |
|  |  | &nbsp;&nbsp; 44878120 |
| **Beverages-1.58%** | **Beverages-1.58%** | **Beverages-1.58%** |
| &nbsp;&nbsp;&nbsp; Constellation Brands, Inc., 4.75%, <br> 05/09/2032<sup>(b)</sup><br>| 3045000 | &nbsp;&nbsp; 3080740 |
| &nbsp;&nbsp;&nbsp; Diageo Capital PLC (United Kingdom), <br> 2.13%, 04/29/2032<br>| 3265000 | &nbsp;&nbsp; 2850200 |
| &nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc., 4.05%, <br> 04/15/2032<br>| 3696000 | &nbsp;&nbsp; 3562213 |
| PepsiCo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.90%, 07/18/2032 | 5438000 | &nbsp;&nbsp; 5370508 |
| &nbsp;&nbsp;&nbsp; 4.65%, 07/23/2032 | 3700000 | &nbsp;&nbsp; 3795977 |
|  |  | &nbsp;&nbsp; 18659638 |
| **Biotechnology-0.67%** | **Biotechnology-0.67%** | **Biotechnology-0.67%** |
| Amgen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 01/15/2032 | 4293000 | &nbsp;&nbsp; 3749629 |
| &nbsp;&nbsp;&nbsp; 3.35%, 02/22/2032 | 4356000 | &nbsp;&nbsp; 4121404 |
|  |  | &nbsp;&nbsp; 7871033 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Broadline Retail-1.68%** | **Broadline Retail-1.68%** | **Broadline Retail-1.68%** |
| Amazon.com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.60%, 04/13/2032 | $10416000 | &nbsp;&nbsp; $10139253 |
| &nbsp;&nbsp;&nbsp; 4.70%, 12/01/2032 | 9373000 | &nbsp;&nbsp; 9665802 |
|  |  | &nbsp;&nbsp; 19805055 |
| **Building Products-0.18%** | **Building Products-0.18%** | **Building Products-0.18%** |
| Carlisle Cos., Inc., 2.20%, 03/01/2032 | 2394000 | &nbsp;&nbsp; 2093453 |
| **Capital Markets-4.34%** | **Capital Markets-4.34%** | **Capital Markets-4.34%** |
| &nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc., 4.50%, <br> 05/13/2032<br>| 2173000 | &nbsp;&nbsp; 2194922 |
| Ares Capital Corp., 5.80%, 03/08/2032 | 4357000 | &nbsp;&nbsp; 4407921 |
| &nbsp;&nbsp;&nbsp; Ares Strategic Income Fund, 6.20%, <br> 03/21/2032<br>| 3270000 | &nbsp;&nbsp; 3352433 |
| BlackRock, Inc., 2.10%, 02/25/2032 | 4323000 | &nbsp;&nbsp; 3824490 |
| &nbsp;&nbsp;&nbsp; Brookfield Finance I (UK) PLC/Brookfield <br> Finance, Inc. (Canada), 2.34%, <br> 01/30/2032<br>| 2613000 | &nbsp;&nbsp; 2296784 |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The), 2.90%, <br> 03/03/2032<br>| 4357000 | &nbsp;&nbsp; 4005457 |
| CME Group, Inc., 2.65%, 03/15/2032 | 3265000 | &nbsp;&nbsp; 2988569 |
| &nbsp;&nbsp;&nbsp; Credit Suisse (USA) LLC (Switzerland), <br> 7.13%, 07/15/2032<br>| 3233000 | &nbsp;&nbsp; 3723702 |
| &nbsp;&nbsp;&nbsp; FactSet Research Systems, Inc., 3.45%, <br> 03/01/2032<br>| 2173000 | &nbsp;&nbsp; 2017814 |
| &nbsp;&nbsp;&nbsp; Jefferies Financial Group, Inc., 2.75%, <br> 10/15/2032<br>| 2173000 | &nbsp;&nbsp; 1904777 |
| Moody's Corp., 4.25%, 08/08/2032 | 2164000 | &nbsp;&nbsp; 2142100 |
| Morgan Stanley, 7.25%, 04/01/2032 | 4284000 | &nbsp;&nbsp; 4974178 |
| &nbsp;&nbsp;&nbsp; Nomura Holdings, Inc. (Japan), 3.00%, <br> 01/22/2032<br>| 3264000 | &nbsp;&nbsp; 2974009 |
| &nbsp;&nbsp;&nbsp; Northern Trust Corp., 6.13%, <br> 11/02/2032<br>| 4352000 | &nbsp;&nbsp; 4768824 |
| S&P Global, Inc., 2.90%, 03/01/2032 | 6236000 | &nbsp;&nbsp; 5776331 |
|  |  | &nbsp;&nbsp; 51352311 |
| **Chemicals-1.20%** | **Chemicals-1.20%** | **Chemicals-1.20%** |
| &nbsp;&nbsp;&nbsp; Air Products and Chemicals, Inc., 4.90%, <br> 10/11/2032<br>| 2174000 | &nbsp;&nbsp; 2250618 |
| Albemarle Corp., 5.05%, 06/01/2032 | 2594000 | &nbsp;&nbsp; 2604498 |
| Ecolab, Inc., 2.13%, 02/01/2032 | 2826000 | &nbsp;&nbsp; 2505700 |
| EIDP, Inc., 5.13%, 05/15/2032 | 2174000 | &nbsp;&nbsp; 2240224 |
| &nbsp;&nbsp;&nbsp; Nutrien Ltd. (Canada), 5.25%, <br> 03/12/2032<br>| 2614000 | &nbsp;&nbsp; 2704221 |
| &nbsp;&nbsp;&nbsp; Sherwin-Williams Co. (The), 2.20%, <br> 03/15/2032<br>| 2174000 | &nbsp;&nbsp; 1918524 |
|  |  | &nbsp;&nbsp; 14223785 |
| **Commercial Services & Supplies-1.57%** | **Commercial Services & Supplies-1.57%** | **Commercial Services & Supplies-1.57%** |
| Cintas Corp. No. 2, 4.00%, 05/01/2032 | 3484000 | &nbsp;&nbsp; 3436106 |
| &nbsp;&nbsp;&nbsp; Republic Services, Inc., 1.75%, <br> 02/15/2032<br>| 3266000 | &nbsp;&nbsp; 2827631 |
| Waste Connections, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2.20%, 01/15/2032 | 2833000 | &nbsp;&nbsp; 2515590 |
| &nbsp;&nbsp;&nbsp; 3.20%, 06/01/2032 | 2177000 | &nbsp;&nbsp; 2037705 |
| Waste Management, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 03/15/2032 | 3265000 | &nbsp;&nbsp; 3357410 |
| &nbsp;&nbsp;&nbsp; 4.15%, 04/15/2032 | 4356000 | &nbsp;&nbsp; 4339871 |
|  |  | &nbsp;&nbsp; 18514313 |
| **Communications Equipment-0.81%** | **Communications Equipment-0.81%** | **Communications Equipment-0.81%** |
| Cisco Systems, Inc., 4.95%, 02/24/2032 | 4356000 | &nbsp;&nbsp; 4526794 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2032 Corporate Bond ETF (BSCW)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Communications Equipment-(continued)** | **Communications Equipment-(continued)** | **Communications Equipment-(continued)** | **Communications Equipment-(continued)** |
| Motorola Solutions, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.60%, 06/01/2032 | $| 2614000 | &nbsp;&nbsp; $2758755 |
| &nbsp;&nbsp;&nbsp; 5.20%, 08/15/2032 |  | 2174000 | &nbsp;&nbsp; 2246575 |
|  |  |  | &nbsp;&nbsp; 9532124 |
| **Construction & Engineering-0.16%** | **Construction & Engineering-0.16%** | **Construction & Engineering-0.16%** | **Construction & Engineering-0.16%** |
| &nbsp;&nbsp;&nbsp; Quanta Services, Inc., 2.35%, <br> 01/15/2032<br>|  | 2176000 | &nbsp;&nbsp; 1927193 |
| **Consumer Finance-1.01%** | **Consumer Finance-1.01%** | **Consumer Finance-1.01%** | **Consumer Finance-1.01%** |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp., 6.70%, <br> 11/29/2032<br>|  | 3267000 | &nbsp;&nbsp; 3621500 |
| General Motors Financial Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.10%, 01/12/2032 |  | 5438000 | &nbsp;&nbsp; 4958661 |
| &nbsp;&nbsp;&nbsp; 5.63%, 04/04/2032 |  | 3264000 | &nbsp;&nbsp; 3406442 |
|  |  |  | &nbsp;&nbsp; 11986603 |
| **Consumer Staples Distribution & Retail-1.42%** | **Consumer Staples Distribution & Retail-1.42%** | **Consumer Staples Distribution & Retail-1.42%** | **Consumer Staples Distribution & Retail-1.42%** |
| &nbsp;&nbsp;&nbsp; Costco Wholesale Corp., 1.75%, <br> 04/20/2032<br>|  | 4357000 | &nbsp;&nbsp; 3793685 |
| Dollar General Corp., 5.00%, 11/01/2032 |  | 3044000 | &nbsp;&nbsp; 3086874 |
| Target Corp., 4.50%, 09/15/2032 |  | 4356000 | &nbsp;&nbsp; 4410703 |
| Walmart, Inc., 4.15%, 09/09/2032<sup>(b)</sup> |  | 5408000 | &nbsp;&nbsp; 5476606 |
|  |  |  | &nbsp;&nbsp; 16767868 |
| **Containers & Packaging-0.51%** | **Containers & Packaging-0.51%** | **Containers & Packaging-0.51%** | **Containers & Packaging-0.51%** |
| &nbsp;&nbsp;&nbsp; Avery Dennison Corp., 2.25%, <br> 02/15/2032<br>|  | 2163000 | &nbsp;&nbsp; 1900341 |
| &nbsp;&nbsp;&nbsp; Sonoco Products Co., 2.85%, <br> 02/01/2032<br>|  | 2174000 | &nbsp;&nbsp; 1967054 |
| WRKCo, Inc., 4.20%, 06/01/2032 |  | 2173000 | &nbsp;&nbsp; 2122300 |
|  |  |  | &nbsp;&nbsp; 5989695 |
| **Distributors-0.16%** | **Distributors-0.16%** | **Distributors-0.16%** | **Distributors-0.16%** |
| Genuine Parts Co., 2.75%, 02/01/2032 |  | 2174000 | &nbsp;&nbsp; 1928072 |
| **Diversified REITs-0.70%** | **Diversified REITs-0.70%** | **Diversified REITs-0.70%** | **Diversified REITs-0.70%** |
| CubeSmart L.P., 2.50%, 02/15/2032 |  | 2176000 | &nbsp;&nbsp; 1930639 |
| VICI Properties L.P., 5.13%, 05/15/2032 |  | 6250000 | &nbsp;&nbsp; 6306102 |
|  |  |  | &nbsp;&nbsp; 8236741 |
| **Diversified Telecommunication Services-3.25%** | **Diversified Telecommunication Services-3.25%** | **Diversified Telecommunication Services-3.25%** | **Diversified Telecommunication Services-3.25%** |
| AT&T, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.25%, 02/01/2032 |  | 10415000 | &nbsp;&nbsp; 9188140 |
| &nbsp;&nbsp;&nbsp; 4.55%, 11/01/2032 |  | 5010000 | &nbsp;&nbsp; 5020882 |
| &nbsp;&nbsp;&nbsp; Bell Canada (Canada), Series US-5, 2.15%, <br> 02/15/2032<br>|  | 1811000 | &nbsp;&nbsp; 1575714 |
| &nbsp;&nbsp;&nbsp; Deutsche Telekom International Finance <br> B.V. (Germany), 9.25%, 06/01/2032<br>|  | 2173000 | &nbsp;&nbsp; 2726482 |
| &nbsp;&nbsp;&nbsp; TELUS Corp. (Canada), 3.40%, <br> 05/13/2032<br>|  | 3915000 | &nbsp;&nbsp; 3620702 |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc., 2.36%, <br> 03/15/2032<br>|  | 18454000 | &nbsp;&nbsp; 16314996 |
|  |  |  | &nbsp;&nbsp; 38446916 |
| **Electric Utilities-7.47%** | **Electric Utilities-7.47%** | **Electric Utilities-7.47%** | **Electric Utilities-7.47%** |
| AEP Texas, Inc., 4.70%, 05/15/2032 |  | 2174000 | &nbsp;&nbsp; 2192661 |
| Alabama Power Co., 3.05%, 03/15/2032 |  | 3044000 | &nbsp;&nbsp; 2832688 |
| &nbsp;&nbsp;&nbsp; American Electric Power Co., Inc., 5.95%, <br> 11/01/2032<br>|  | 2164000 | &nbsp;&nbsp; 2338839 |
| &nbsp;&nbsp;&nbsp; Appalachian Power Co., Series BB, 4.50%, <br> 08/01/2032<br>|  | 2174000 | &nbsp;&nbsp; 2166434 |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy Houston Electric LLC, <br> Series AI, 4.45%, 10/01/2032<br>|  | 2174000 | &nbsp;&nbsp; 2178721 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Electric Utilities-(continued)** | **Electric Utilities-(continued)** | **Electric Utilities-(continued)** | **Electric Utilities-(continued)** |
| &nbsp;&nbsp;&nbsp; Duke Energy Carolinas LLC, 2.85%, <br> 03/15/2032<br>| $| 2177000 | &nbsp;&nbsp; $2004779 |
| Duke Energy Corp., 4.50%, 08/15/2032 |  | 4976000 | &nbsp;&nbsp; 4980976 |
| &nbsp;&nbsp;&nbsp; Duke Energy Progress LLC, 3.40%, <br> 04/01/2032<br>|  | 2174000 | &nbsp;&nbsp; 2065531 |
| Edison International, 5.25%, 03/15/2032 |  | 2394000 | &nbsp;&nbsp; 2397937 |
| &nbsp;&nbsp;&nbsp; Entergy Louisiana LLC, 2.35%, <br> 06/15/2032<br>|  | 2174000 | &nbsp;&nbsp; 1920429 |
| Eversource Energy, 3.38%, 03/01/2032 |  | 2834000 | &nbsp;&nbsp; 2628248 |
| Exelon Corp., 3.35%, 03/15/2032 |  | 2495000 | &nbsp;&nbsp; 2341915 |
| &nbsp;&nbsp;&nbsp; Florida Power & Light Co., 2.45%, <br> 02/03/2032<br>|  | 6251000 | &nbsp;&nbsp; 5665720 |
| Georgia Power Co., 4.70%, 05/15/2032 |  | 3044000 | &nbsp;&nbsp; 3103854 |
| &nbsp;&nbsp;&nbsp; National Rural Utilities Cooperative Finance <br> Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 2.75%, 04/15/2032 |  | 2174000 | &nbsp;&nbsp; 1971519 |
| &nbsp;&nbsp;&nbsp; 4.02%, 11/01/2032 |  | 2605000 | &nbsp;&nbsp; 2552405 |
| NextEra Energy Capital Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.44%, 01/15/2032 |  | 4094000 | &nbsp;&nbsp; 3649163 |
| &nbsp;&nbsp;&nbsp; 5.30%, 03/15/2032 |  | 3264000 | &nbsp;&nbsp; 3418524 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2032 |  | 4342000 | &nbsp;&nbsp; 4467485 |
| &nbsp;&nbsp;&nbsp; Oncor Electric Delivery Co. LLC, 4.55%, <br> 09/15/2032<br>|  | 3040000 | &nbsp;&nbsp; 3055084 |
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., 5.90%, <br> 06/15/2032<br>|  | 2608000 | &nbsp;&nbsp; 2747430 |
| &nbsp;&nbsp;&nbsp; Pacific Gas And Electric Co., 5.05%, <br> 10/15/2032<br>|  | 3700000 | &nbsp;&nbsp; 3726491 |
| &nbsp;&nbsp;&nbsp; Public Service Electric and Gas Co., 3.10%, <br> 03/15/2032<br>|  | 2173000 | &nbsp;&nbsp; 2028571 |
| &nbsp;&nbsp;&nbsp; San Diego Gas & Electric Co., Series XXX, <br> 3.00%, 03/15/2032<br>|  | 2174000 | &nbsp;&nbsp; 2000311 |
| Southern California Edison Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.75%, 02/01/2032 |  | 2178000 | &nbsp;&nbsp; 1940560 |
| &nbsp;&nbsp;&nbsp; 5.95%, 11/01/2032 |  | 3270000 | &nbsp;&nbsp; 3476861 |
| Southern Co. (The), 5.70%, 10/15/2032 |  | 2174000 | &nbsp;&nbsp; 2321731 |
| Union Electric Co., 2.15%, 03/15/2032 |  | 2283000 | &nbsp;&nbsp; 2012473 |
| &nbsp;&nbsp;&nbsp; Virginia Electric & Power Co., 2.40%, <br> 03/30/2032<br>|  | 2614000 | &nbsp;&nbsp; 2331148 |
| &nbsp;&nbsp;&nbsp; Wisconsin Electric Power Co., 4.75%, <br> 09/30/2032<br>|  | 2174000 | &nbsp;&nbsp; 2237882 |
| &nbsp;&nbsp;&nbsp; Wisconsin Power and Light Co., 3.95%, <br> 09/01/2032<br>|  | 2617000 | &nbsp;&nbsp; 2528461 |
| Xcel Energy, Inc., 4.60%, 06/01/2032 |  | 3049000 | &nbsp;&nbsp; 3050434 |
|  |  |  | &nbsp;&nbsp; 88335265 |
| **Electrical Equipment-0.23%** | **Electrical Equipment-0.23%** | **Electrical Equipment-0.23%** | **Electrical Equipment-0.23%** |
| &nbsp;&nbsp;&nbsp; Allegion US Holding Co., Inc., 5.41%, <br> 07/01/2032<br>|  | 2614000 | &nbsp;&nbsp; 2743749 |
| **Electronic Equipment, Instruments & Components-0.55%** | **Electronic Equipment, Instruments & Components-0.55%** | **Electronic Equipment, Instruments & Components-0.55%** | **Electronic Equipment, Instruments & Components-0.55%** |
| &nbsp;&nbsp;&nbsp; Arrow Electronics, Inc., 2.95%, <br> 02/15/2032<br>|  | 2175000 | &nbsp;&nbsp; 1959488 |
| Flex Ltd., 5.25%, 01/15/2032 |  | 2178000 | &nbsp;&nbsp; 2225859 |
| &nbsp;&nbsp;&nbsp; Tyco Electronics Group S.A. (Switzerland), <br> 2.50%, 02/04/2032<br>|  | 2613000 | &nbsp;&nbsp; 2362498 |
|  |  |  | &nbsp;&nbsp; 6547845 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2032 Corporate Bond ETF (BSCW)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Entertainment-0.39%** | **Entertainment-0.39%** | **Entertainment-0.39%** |
| &nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc., <br> 4.00%, 04/14/2032<br>| $2163000 | &nbsp;&nbsp; $2105187 |
| &nbsp;&nbsp;&nbsp; TWDC Enterprises 18 Corp., 7.00%, <br> 03/01/2032<br>| 2178000 | &nbsp;&nbsp; 2498676 |
|  |  | &nbsp;&nbsp; 4603863 |
| **Financial Services-5.04%** | **Financial Services-5.04%** | **Financial Services-5.04%** |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust (Ireland), 3.30%, <br> 01/30/2032<br>| 16671000 | &nbsp;&nbsp; 15447163 |
| &nbsp;&nbsp;&nbsp; Blackstone Private Credit Fund, 6.00%, <br> 01/29/2032<br>| 4356000 | &nbsp;&nbsp; 4453078 |
| Block, Inc., 6.50%, 05/15/2032 | 8335000 | &nbsp;&nbsp; 8717560 |
| &nbsp;&nbsp;&nbsp; Corebridge Financial, Inc., 3.90%, <br> 04/05/2032<br>| 6249000 | &nbsp;&nbsp; 5943796 |
| &nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc., <br> 5.10%, 07/15/2032<sup>(b)</sup><br>| 3264000 | &nbsp;&nbsp; 3346721 |
| Global Payments, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.40%, 08/15/2032 | 3269000 | &nbsp;&nbsp; 3327021 |
| &nbsp;&nbsp;&nbsp; 5.20%, 11/15/2032 | 50000 | &nbsp;&nbsp; 50187 |
| Mastercard, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.35%, 01/15/2032 | 5007000 | &nbsp;&nbsp; 5058087 |
| &nbsp;&nbsp;&nbsp; 4.95%, 03/15/2032 | 2174000 | &nbsp;&nbsp; 2267513 |
| ORIX Corp. (Japan) |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/13/2032 | 2163000 | &nbsp;&nbsp; 2113626 |
| &nbsp;&nbsp;&nbsp; 5.20%, 09/13/2032 | 2133000 | &nbsp;&nbsp; 2221910 |
| &nbsp;&nbsp;&nbsp; PayPal Holdings, Inc., 4.40%, <br> 06/01/2032<br>| 4357000 | &nbsp;&nbsp; 4368351 |
| &nbsp;&nbsp;&nbsp; RELX Capital, Inc. (United Kingdom), <br> 4.75%, 05/20/2032<br>| 2174000 | &nbsp;&nbsp; 2224878 |
|  |  | &nbsp;&nbsp; 59539891 |
| **Food Products-1.39%** | **Food Products-1.39%** | **Food Products-1.39%** |
| &nbsp;&nbsp;&nbsp; Archer-Daniels-Midland Co., 2.90%, <br> 03/01/2032<br>| 3264000 | &nbsp;&nbsp; 3014303 |
| Hershey Co. (The), 4.95%, 02/24/2032 | 2177000 | &nbsp;&nbsp; 2266457 |
| &nbsp;&nbsp;&nbsp; Kraft Heinz Foods Co. (The), 5.20%, <br> 03/15/2032<sup>(b)</sup><br>| 2163000 | &nbsp;&nbsp; 2234203 |
| Mondelez International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 03/17/2032 | 3265000 | &nbsp;&nbsp; 3005146 |
| &nbsp;&nbsp;&nbsp; 1.88%, 10/15/2032<sup>(b)</sup> | 2724000 | &nbsp;&nbsp; 2345471 |
| Pilgrim's Pride Corp., 3.50%, 03/01/2032 | 3874000 | &nbsp;&nbsp; 3586918 |
|  |  | &nbsp;&nbsp; 16452498 |
| **Gas Utilities-0.59%** | **Gas Utilities-0.59%** | **Gas Utilities-0.59%** |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy Resources Corp., <br> 4.40%, 07/01/2032<br>| 2164000 | &nbsp;&nbsp; 2151310 |
| &nbsp;&nbsp;&nbsp; Southern Co. Gas Capital Corp., 5.15%, <br> 09/15/2032<br>| 2173000 | &nbsp;&nbsp; 2246631 |
| &nbsp;&nbsp;&nbsp; Southwest Gas Corp., 4.05%, <br> 03/15/2032<br>| 2613000 | &nbsp;&nbsp; 2534147 |
|  |  | &nbsp;&nbsp; 6932088 |
| **Ground Transportation-1.26%** | **Ground Transportation-1.26%** | **Ground Transportation-1.26%** |
| &nbsp;&nbsp;&nbsp; Canadian National Railway Co. (Canada), <br> 3.85%, 08/05/2032<br>| 3465000 | &nbsp;&nbsp; 3373895 |
| CSX Corp., 4.10%, 11/15/2032 | 4136000 | &nbsp;&nbsp; 4085051 |
| &nbsp;&nbsp;&nbsp; Norfolk Southern Corp., 3.00%, <br> 03/15/2032<br>| 2614000 | &nbsp;&nbsp; 2428119 |
| Union Pacific Corp., 2.80%, 02/14/2032 | 5447000 | &nbsp;&nbsp; 5018226 |
|  |  | &nbsp;&nbsp; 14905291 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Health Care Equipment & Supplies-1.32%** | **Health Care Equipment & Supplies-1.32%** | **Health Care Equipment & Supplies-1.32%** |
| &nbsp;&nbsp;&nbsp; Baxter International, Inc., 2.54%, <br> 02/01/2032<br>| $6419000 | &nbsp;&nbsp; $5612895 |
| &nbsp;&nbsp;&nbsp; Becton, Dickinson and Co., 4.30%, <br> 08/22/2032<br>| 2174000 | &nbsp;&nbsp; 2154237 |
| &nbsp;&nbsp;&nbsp; GE HealthCare Technologies, Inc., 5.91%, <br> 11/22/2032<br>| 7270000 | &nbsp;&nbsp; 7856448 |
|  |  | &nbsp;&nbsp; 15623580 |
| **Health Care Providers & Services-4.62%** | **Health Care Providers & Services-4.62%** | **Health Care Providers & Services-4.62%** |
| Cigna Group (The), 4.88%, 09/15/2032 | 5440000 | &nbsp;&nbsp; 5535618 |
| CVS Health Corp., 5.00%, 09/15/2032 | 3270000 | &nbsp;&nbsp; 3351841 |
| Elevance Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.10%, 05/15/2032 | 2614000 | &nbsp;&nbsp; 2553498 |
| &nbsp;&nbsp;&nbsp; 4.60%, 09/15/2032 | 3270000 | &nbsp;&nbsp; 3277610 |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/15/2032 | 2833000 | &nbsp;&nbsp; 2999151 |
| HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/01/2032 | 3264000 | &nbsp;&nbsp; 3424075 |
| &nbsp;&nbsp;&nbsp; 3.63%, 03/15/2032 | 8338000 | &nbsp;&nbsp; 7911294 |
| &nbsp;&nbsp;&nbsp; 4.60%, 11/15/2032 | 3000000 | &nbsp;&nbsp; 2999831 |
| Humana, Inc., 2.15%, 02/03/2032<sup>(b)</sup> | 2616000 | &nbsp;&nbsp; 2271839 |
| &nbsp;&nbsp;&nbsp; Laboratory Corp. of America Holdings, <br> 4.55%, 04/01/2032<br>| 2164000 | &nbsp;&nbsp; 2170646 |
| McKesson Corp., 4.95%, 05/30/2032 | 2834000 | &nbsp;&nbsp; 2928428 |
| &nbsp;&nbsp;&nbsp; Sutter Health, Series 2025, 5.21%, <br> 08/15/2032<br>| 2166000 | &nbsp;&nbsp; 2258223 |
| UnitedHealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 01/15/2032 | 6251000 | &nbsp;&nbsp; 6443359 |
| &nbsp;&nbsp;&nbsp; 4.20%, 05/15/2032 | 6490000 | &nbsp;&nbsp; 6445909 |
|  |  | &nbsp;&nbsp; 54571322 |
| **Health Care REITs-0.83%** | **Health Care REITs-0.83%** | **Health Care REITs-0.83%** |
| &nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc., <br> 2.00%, 05/18/2032<br>| 3915000 | &nbsp;&nbsp; 3320941 |
| Ventas Realty L.P., 5.10%, 07/15/2032 | 2164000 | &nbsp;&nbsp; 2225978 |
| Welltower OP LLC |  |  |
| &nbsp;&nbsp;&nbsp; 2.75%, 01/15/2032 | 2173000 | &nbsp;&nbsp; 1984270 |
| &nbsp;&nbsp;&nbsp; 3.85%, 06/15/2032 | 2383000 | &nbsp;&nbsp; 2313475 |
|  |  | &nbsp;&nbsp; 9844664 |
| **Hotel & Resort REITs-0.19%** | **Hotel & Resort REITs-0.19%** | **Hotel & Resort REITs-0.19%** |
| &nbsp;&nbsp;&nbsp; Host Hotels & Resorts L.P., 5.70%, <br> 06/15/2032<br>| 2168000 | &nbsp;&nbsp; 2263955 |
| **Hotels, Restaurants & Leisure-1.35%** | **Hotels, Restaurants & Leisure-1.35%** | **Hotels, Restaurants & Leisure-1.35%** |
| Hyatt Hotels Corp., 5.75%, 03/30/2032 | 2174000 | &nbsp;&nbsp; 2282521 |
| Marriott International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.10%, 04/15/2032 | 2173000 | &nbsp;&nbsp; 2245714 |
| &nbsp;&nbsp;&nbsp; Series GG, 3.50%, 10/15/2032 | 4357000 | &nbsp;&nbsp; 4083763 |
| McDonald's Corp., 4.60%, 09/09/2032 | 3264000 | &nbsp;&nbsp; 3340398 |
| Starbucks Corp., 3.00%, 02/14/2032 | 4356000 | &nbsp;&nbsp; 4032423 |
|  |  | &nbsp;&nbsp; 15984819 |
| **Household Products-1.14%** | **Household Products-1.14%** | **Household Products-1.14%** |
| &nbsp;&nbsp;&nbsp; Church & Dwight Co., Inc., 5.60%, <br> 11/15/2032<br>| 2174000 | &nbsp;&nbsp; 2323006 |
| Clorox Co. (The), 4.60%, 05/01/2032 | 2614000 | &nbsp;&nbsp; 2649262 |
| &nbsp;&nbsp;&nbsp; Colgate-Palmolive Co., 3.25%, <br> 08/15/2032<br>| 2167000 | &nbsp;&nbsp; 2057056 |
| Procter & Gamble Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 2.30%, 02/01/2032 | 3697000 | &nbsp;&nbsp; 3394846 |
| &nbsp;&nbsp;&nbsp; 4.10%, 11/03/2032 | 3010000 | &nbsp;&nbsp; 3013857 |
|  |  | &nbsp;&nbsp; 13438027 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2032 Corporate Bond ETF (BSCW)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Independent Power and Renewable Electricity Producers-0.30%** | **Independent Power and Renewable Electricity Producers-0.30%** | **Independent Power and Renewable Electricity Producers-0.30%** |
| AES Corp. (The), 5.80%, 03/15/2032 | $3460000 | &nbsp;&nbsp; $3557060 |
| **Industrial Conglomerates-0.68%** | **Industrial Conglomerates-0.68%** | **Industrial Conglomerates-0.68%** |
| Eaton Corp., 4.00%, 11/02/2032 | 3044000 | &nbsp;&nbsp; 3002037 |
| &nbsp;&nbsp;&nbsp; GE Capital Funding LLC, 4.55%, <br> 05/15/2032<br>| 2082000 | &nbsp;&nbsp; 2115586 |
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc., 4.75%, <br> 02/01/2032<br>| 2833000 | &nbsp;&nbsp; 2906419 |
|  |  | &nbsp;&nbsp; 8024042 |
| **Insurance-2.30%** | **Insurance-2.30%** | **Insurance-2.30%** |
| &nbsp;&nbsp;&nbsp; Aon Corp./Aon Global Holdings PLC, <br> 5.00%, 09/12/2032<br>| 2179000 | &nbsp;&nbsp; 2244782 |
| &nbsp;&nbsp;&nbsp; Arthur J. Gallagher & Co., 5.00%, <br> 02/15/2032<br>| 2164000 | &nbsp;&nbsp; 2217754 |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway Finance Corp., 2.88%, <br> 03/15/2032<br>| 4356000 | &nbsp;&nbsp; 4093029 |
| Brown & Brown, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.20%, 03/17/2032 | 2614000 | &nbsp;&nbsp; 2532463 |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/23/2032 | 2177000 | &nbsp;&nbsp; 2230382 |
| &nbsp;&nbsp;&nbsp; Fairfax Financial Holdings Ltd. (Canada), <br> 5.63%, 08/16/2032<br>| 3230000 | &nbsp;&nbsp; 3379951 |
| &nbsp;&nbsp;&nbsp; Manulife Financial Corp. (Canada), 3.70%, <br> 03/16/2032<br>| 3265000 | &nbsp;&nbsp; 3143607 |
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc., 5.75%, <br> 11/01/2032<br>| 2176000 | &nbsp;&nbsp; 2342718 |
| MetLife, Inc., 6.50%, 12/15/2032 | 2613000 | &nbsp;&nbsp; 2940992 |
| &nbsp;&nbsp;&nbsp; Progressive Corp. (The), 3.00%, <br> 03/15/2032<br>| 2174000 | &nbsp;&nbsp; 2016539 |
|  |  | &nbsp;&nbsp; 27142217 |
| **Interactive Media & Services-1.67%** | **Interactive Media & Services-1.67%** | **Interactive Media & Services-1.67%** |
| Alphabet, Inc., 4.38%, 11/15/2032 | 1500000 | &nbsp;&nbsp; 1518689 |
| Meta Platforms, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.85%, 08/15/2032 | 12414000 | &nbsp;&nbsp; 12120502 |
| &nbsp;&nbsp;&nbsp; 4.60%, 11/15/2032 | 6000000 | &nbsp;&nbsp; 6091456 |
|  |  | &nbsp;&nbsp; 19730647 |
| **IT Services-1.20%** | **IT Services-1.20%** | **IT Services-1.20%** |
| International Business Machines Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 2.72%, 02/09/2032 | 2173000 | &nbsp;&nbsp; 1987513 |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/10/2032 | 3696000 | &nbsp;&nbsp; 3825916 |
| &nbsp;&nbsp;&nbsp; 4.40%, 07/27/2032 | 3264000 | &nbsp;&nbsp; 3277889 |
| &nbsp;&nbsp;&nbsp; 5.88%, 11/29/2032 | 2613000 | &nbsp;&nbsp; 2845274 |
| VeriSign, Inc., 5.25%, 06/01/2032 | 2174000 | &nbsp;&nbsp; 2235894 |
|  |  | &nbsp;&nbsp; 14172486 |
| **Life Sciences Tools & Services-0.79%** | **Life Sciences Tools & Services-0.79%** | **Life Sciences Tools & Services-0.79%** |
| &nbsp;&nbsp;&nbsp; Bio-Rad Laboratories, Inc., 3.70%, <br> 03/15/2032<br>| 3464000 | &nbsp;&nbsp; 3275124 |
| Thermo Fisher Scientific, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.47%, 10/07/2032 | 3270000 | &nbsp;&nbsp; 3295748 |
| &nbsp;&nbsp;&nbsp; 4.95%, 11/21/2032<sup>(b)</sup> | 2613000 | &nbsp;&nbsp; 2718631 |
|  |  | &nbsp;&nbsp; 9289503 |
| **Machinery-0.74%** | **Machinery-0.74%** | **Machinery-0.74%** |
| Flowserve Corp., 2.80%, 01/15/2032 | 2164000 | &nbsp;&nbsp; 1945482 |
| John Deere Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.90%, 06/07/2032 | 2174000 | &nbsp;&nbsp; 2141850 |
| &nbsp;&nbsp;&nbsp; 4.35%, 09/15/2032 | 2613000 | &nbsp;&nbsp; 2634286 |
| &nbsp;&nbsp;&nbsp; Stanley Black & Decker, Inc., 3.00%, <br> 05/15/2032<br>| 2172000 | &nbsp;&nbsp; 1965909 |
|  |  | &nbsp;&nbsp; 8687527 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Media-1.29%** | **Media-1.29%** | **Media-1.29%** |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/<br> Charter Communications Operating <br> Capital Corp., 2.30%, 02/01/2032<br>| $4357000 | &nbsp;&nbsp; $3745606 |
| Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 05/15/2032 | 2813000 | &nbsp;&nbsp; 2885762 |
| &nbsp;&nbsp;&nbsp; 5.50%, 11/15/2032 | 4356000 | &nbsp;&nbsp; 4620752 |
| Paramount Global, 4.20%, 05/19/2032<sup>(b)</sup> | 4326000 | &nbsp;&nbsp; 4030533 |
|  |  | &nbsp;&nbsp; 15282653 |
| **Metals & Mining-0.87%** | **Metals & Mining-0.87%** | **Metals & Mining-0.87%** |
| &nbsp;&nbsp;&nbsp; ArcelorMittal S.A. (Luxembourg), 6.80%, <br> 11/29/2032<sup>(b)</sup><br>| 4356000 | &nbsp;&nbsp; 4870764 |
| Newmont Corp., 2.60%, 07/15/2032 | 3466000 | &nbsp;&nbsp; 3159303 |
| Nucor Corp., 3.13%, 04/01/2032 | 2394000 | &nbsp;&nbsp; 2231169 |
|  |  | &nbsp;&nbsp; 10261236 |
| **Multi-Utilities-0.68%** | **Multi-Utilities-0.68%** | **Multi-Utilities-0.68%** |
| Ameren Illinois Co., 3.85%, 09/01/2032 | 2174000 | &nbsp;&nbsp; 2096656 |
| &nbsp;&nbsp;&nbsp; Dominion Energy, Inc., 5.38%, <br> 11/15/2032<br>| 3696000 | &nbsp;&nbsp; 3863492 |
| &nbsp;&nbsp;&nbsp; DTE Electric Co., Series A, 3.00%, <br> 03/01/2032<br>| 2173000 | &nbsp;&nbsp; 2018932 |
|  |  | &nbsp;&nbsp; 7979080 |
| **Office REITs-0.27%** | **Office REITs-0.27%** | **Office REITs-0.27%** |
| &nbsp;&nbsp;&nbsp; Boston Properties L.P., 2.55%, <br> 04/01/2032<br>| 3696000 | &nbsp;&nbsp; 3227324 |
| **Oil, Gas & Consumable Fuels-6.62%** | **Oil, Gas & Consumable Fuels-6.62%** | **Oil, Gas & Consumable Fuels-6.62%** |
| &nbsp;&nbsp;&nbsp; Boardwalk Pipelines L.P., 3.60%, <br> 09/01/2032<br>| 2173000 | &nbsp;&nbsp; 2016331 |
| &nbsp;&nbsp;&nbsp; BP Capital Markets America, Inc., 2.72%, <br> 01/12/2032<br>| 8332000 | &nbsp;&nbsp; 7617906 |
| &nbsp;&nbsp;&nbsp; Cenovus Energy, Inc. (Canada), 2.65%, <br> 01/15/2032<br>| 2173000 | &nbsp;&nbsp; 1938176 |
| &nbsp;&nbsp;&nbsp; Cheniere Energy Partners L.P., 3.25%, <br> 01/31/2032<br>| 5209000 | &nbsp;&nbsp; 4790766 |
| Chevron USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.82%, 04/15/2032 | 2834000 | &nbsp;&nbsp; 2925890 |
| &nbsp;&nbsp;&nbsp; 4.50%, 10/15/2032 | 5440000 | &nbsp;&nbsp; 5518742 |
| ConocoPhillips, 5.90%, 10/15/2032 | 2201000 | &nbsp;&nbsp; 2409540 |
| ConocoPhillips Co., 4.85%, 01/15/2032 | 2834000 | &nbsp;&nbsp; 2920848 |
| EOG Resources, Inc., 5.00%, 07/15/2032 | 5438000 | &nbsp;&nbsp; 5585115 |
| &nbsp;&nbsp;&nbsp; Expand Energy Corp., 4.75%, <br> 02/01/2032<br>| 5007000 | &nbsp;&nbsp; 4953412 |
| HF Sinclair Corp., 5.50%, 09/01/2032 | 2180000 | &nbsp;&nbsp; 2228817 |
| Kinder Morgan, Inc., 7.75%, 01/15/2032 | 4377000 | &nbsp;&nbsp; 5103286 |
| MPLX L.P., 4.95%, 09/01/2032 | 4356000 | &nbsp;&nbsp; 4392387 |
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp., 5.38%, <br> 01/01/2032<br>| 4352000 | &nbsp;&nbsp; 4458720 |
| ONEOK, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 10/15/2032 | 3263000 | &nbsp;&nbsp; 3287141 |
| &nbsp;&nbsp;&nbsp; 6.10%, 11/15/2032 | 3264000 | &nbsp;&nbsp; 3508204 |
| &nbsp;&nbsp;&nbsp; Suncor Energy, Inc. (Canada), 7.15%, <br> 02/01/2032<br>| 2174000 | &nbsp;&nbsp; 2454478 |
| &nbsp;&nbsp;&nbsp; Targa Resources Partners L.P./Targa <br> Resources Partners Finance Corp., <br> 4.00%, 01/15/2032<br>| 4356000 | &nbsp;&nbsp; 4163494 |
| Valero Energy Corp., 7.50%, 04/15/2032 | 3171000 | &nbsp;&nbsp; 3664446 |
| &nbsp;&nbsp;&nbsp; Williams Cos., Inc. (The), 4.65%, <br> 08/15/2032<br>| 4326000 | &nbsp;&nbsp; 4355068 |
|  |  | &nbsp;&nbsp; 78292767 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2032 Corporate Bond ETF (BSCW)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Personal Care Products-0.69%** | **Personal Care Products-0.69%** | **Personal Care Products-0.69%** |
| Kenvue, Inc., 4.85%, 05/22/2032 | $3264000 | &nbsp;&nbsp; $3349439 |
| &nbsp;&nbsp;&nbsp; Unilever Capital Corp. (United Kingdom), <br> 5.90%, 11/15/2032<br>| 4356000 | &nbsp;&nbsp; 4780862 |
|  |  | &nbsp;&nbsp; 8130301 |
| **Pharmaceuticals-3.49%** | **Pharmaceuticals-3.49%** | **Pharmaceuticals-3.49%** |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co., 2.95%, <br> 03/15/2032<br>| 7293000 | &nbsp;&nbsp; 6783495 |
| Eli Lilly and Co. |  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 02/12/2032 | 4358000 | &nbsp;&nbsp; 4539519 |
| &nbsp;&nbsp;&nbsp; 4.55%, 10/15/2032<sup>(b)</sup> | 4350000 | &nbsp;&nbsp; 4436516 |
| &nbsp;&nbsp;&nbsp; Haleon US Capital LLC, 3.63%, <br> 03/24/2032<br>| 8347000 | &nbsp;&nbsp; 7961167 |
| Johnson & Johnson, 4.85%, 03/01/2032 | 5441000 | &nbsp;&nbsp; 5679191 |
| Merck & Co., Inc., 4.55%, 09/15/2032<sup>(b)</sup> | 4330000 | &nbsp;&nbsp; 4404146 |
| Sanofi, 4.20%, 11/03/2032 | 4000000 | &nbsp;&nbsp; 4003905 |
| Zoetis, Inc., 5.60%, 11/16/2032 | 3264000 | &nbsp;&nbsp; 3490014 |
|  |  | &nbsp;&nbsp; 41297953 |
| **Professional Services-0.93%** | **Professional Services-0.93%** | **Professional Services-0.93%** |
| &nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc., 4.75%, <br> 05/08/2032<br>| 4357000 | &nbsp;&nbsp; 4479125 |
| Paychex, Inc., 5.35%, 04/15/2032 | 6270000 | &nbsp;&nbsp; 6522805 |
|  |  | &nbsp;&nbsp; 11001930 |
| **Residential REITs-1.27%** | **Residential REITs-1.27%** | **Residential REITs-1.27%** |
| &nbsp;&nbsp;&nbsp; American Homes 4 Rent L.P., 3.63%, <br> 04/15/2032<br>| 2614000 | &nbsp;&nbsp; 2472675 |
| &nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc., 2.05%, <br> 01/15/2032<br>| 3045000 | &nbsp;&nbsp; 2682667 |
| ERP Operating L.P., 4.95%, 06/15/2032 | 2176000 | &nbsp;&nbsp; 2235227 |
| Essex Portfolio L.P., 2.65%, 03/15/2032 | 2834000 | &nbsp;&nbsp; 2545713 |
| &nbsp;&nbsp;&nbsp; Invitation Homes Operating Partnership <br> L.P., 4.15%, 04/15/2032<br>| 2614000 | &nbsp;&nbsp; 2543826 |
| &nbsp;&nbsp;&nbsp; Sun Communities Operating L.P., 4.20%, <br> 04/15/2032<br>| 2614000 | &nbsp;&nbsp; 2554304 |
|  |  | &nbsp;&nbsp; 15034412 |
| **Retail REITs-1.19%** | **Retail REITs-1.19%** | **Retail REITs-1.19%** |
| &nbsp;&nbsp;&nbsp; Kimco Realty OP LLC, 3.20%, <br> 04/01/2032<br>| 2597000 | &nbsp;&nbsp; 2429558 |
| Realty Income Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 10/13/2032 | 3265000 | &nbsp;&nbsp; 3486356 |
| &nbsp;&nbsp;&nbsp; 2.85%, 12/15/2032 | 3043000 | &nbsp;&nbsp; 2742134 |
| Simon Property Group L.P. |  |  |
| &nbsp;&nbsp;&nbsp; 2.25%, 01/15/2032 | 3045000 | &nbsp;&nbsp; 2696693 |
| &nbsp;&nbsp;&nbsp; 2.65%, 02/01/2032 | 3044000 | &nbsp;&nbsp; 2751387 |
|  |  | &nbsp;&nbsp; 14106128 |
| **Semiconductors & Semiconductor Equipment-4.45%** | **Semiconductors & Semiconductor Equipment-4.45%** | **Semiconductors & Semiconductor Equipment-4.45%** |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc., 3.92%, <br> 06/01/2032<br>| 2176000 | &nbsp;&nbsp; 2144665 |
| Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.55%, 02/15/2032 | 3812000 | &nbsp;&nbsp; 3858372 |
| &nbsp;&nbsp;&nbsp; 5.20%, 04/15/2032 | 4786000 | &nbsp;&nbsp; 5004572 |
| &nbsp;&nbsp;&nbsp; 4.90%, 07/15/2032 | 7290000 | &nbsp;&nbsp; 7503086 |
| &nbsp;&nbsp;&nbsp; 4.30%, 11/15/2032 | 8330000 | &nbsp;&nbsp; 8288332 |
| Intel Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.15%, 08/05/2032 | 5447000 | &nbsp;&nbsp; 5292306 |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/15/2032 | 3266000 | &nbsp;&nbsp; 3134408 |
| KLA Corp., 4.65%, 07/15/2032<sup>(b)</sup> | 4357000 | &nbsp;&nbsp; 4452743 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Semiconductors & Semiconductor Equipment-(continued)** | **Semiconductors & Semiconductor Equipment-(continued)** | **Semiconductors & Semiconductor Equipment-(continued)** | **Semiconductors & Semiconductor Equipment-(continued)** |
| Micron Technology, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.70%, 04/15/2032 | $| 4353000 | &nbsp;&nbsp; $3904399 |
| &nbsp;&nbsp;&nbsp; 5.65%, 11/01/2032 |  | 2174000 | &nbsp;&nbsp; 2289136 |
| QUALCOMM, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.65%, 05/20/2032<sup>(b)</sup> |  | 5374000 | &nbsp;&nbsp; 4610114 |
| &nbsp;&nbsp;&nbsp; 4.25%, 05/20/2032 |  | 2163000 | &nbsp;&nbsp; 2172410 |
|  |  |  | &nbsp;&nbsp; 52654543 |
| **Software-3.54%** | **Software-3.54%** | **Software-3.54%** | **Software-3.54%** |
| Oracle Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/03/2032 |  | 5446000 | &nbsp;&nbsp; 5499004 |
| &nbsp;&nbsp;&nbsp; 4.80%, 09/26/2032 |  | 12507000 | &nbsp;&nbsp; 12299392 |
| &nbsp;&nbsp;&nbsp; 6.25%, 11/09/2032 |  | 9374000 | &nbsp;&nbsp; 9950877 |
| &nbsp;&nbsp;&nbsp; Roper Technologies, Inc., 4.75%, <br> 02/15/2032<br>|  | 2178000 | &nbsp;&nbsp; 2210010 |
| Synopsys, Inc., 5.00%, 04/01/2032 |  | 6495000 | &nbsp;&nbsp; 6665207 |
| Workday, Inc., 3.80%, 04/01/2032 |  | 5444000 | &nbsp;&nbsp; 5226545 |
|  |  |  | &nbsp;&nbsp; 41851035 |
| **Specialized REITs-1.55%** | **Specialized REITs-1.55%** | **Specialized REITs-1.55%** | **Specialized REITs-1.55%** |
| &nbsp;&nbsp;&nbsp; American Tower Corp., 4.05%, <br> 03/15/2032<br>|  | 2833000 | &nbsp;&nbsp; 2761599 |
| Equinix, Inc., 3.90%, 04/15/2032 |  | 5197000 | &nbsp;&nbsp; 5012864 |
| &nbsp;&nbsp;&nbsp; Extra Space Storage L.P., 2.35%, <br> 03/15/2032<br>|  | 2610000 | &nbsp;&nbsp; 2283667 |
| &nbsp;&nbsp;&nbsp; GLP Capital L.P./GLP Financing II, Inc., <br> 3.25%, 01/15/2032<br>|  | 3480000 | &nbsp;&nbsp; 3146493 |
| Prologis L.P., 2.25%, 01/15/2032 |  | 2104000 | &nbsp;&nbsp; 1863353 |
| Weyerhaeuser Co., 7.38%, 03/15/2032 |  | 2867000 | &nbsp;&nbsp; 3278226 |
|  |  |  | &nbsp;&nbsp; 18346202 |
| **Specialty Retail-4.04%** | **Specialty Retail-4.04%** | **Specialty Retail-4.04%** | **Specialty Retail-4.04%** |
| AutoNation, Inc., 3.85%, 03/01/2032 |  | 3044000 | &nbsp;&nbsp; 2868284 |
| AutoZone, Inc., 4.75%, 08/01/2032 |  | 3265000 | &nbsp;&nbsp; 3306299 |
| Dell International LLC/EMC Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.30%, 04/01/2032 |  | 4357000 | &nbsp;&nbsp; 4502670 |
| &nbsp;&nbsp;&nbsp; 4.75%, 10/06/2032 |  | 5445000 | &nbsp;&nbsp; 5461094 |
| &nbsp;&nbsp;&nbsp; Dick's Sporting Goods, Inc., 3.15%, <br> 01/15/2032<br>|  | 3268000 | &nbsp;&nbsp; 3011285 |
| Home Depot, Inc. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 04/15/2032 |  | 5447000 | &nbsp;&nbsp; 5136987 |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/15/2032 |  | 5438000 | &nbsp;&nbsp; 5531657 |
| Leidos, Inc., 5.40%, 03/15/2032 |  | 2174000 | &nbsp;&nbsp; 2271543 |
| Lowe`s Cos., Inc., 4.50%, 10/15/2032 |  | 5660000 | &nbsp;&nbsp; 5642855 |
| Lowe's Cos., Inc., 3.75%, 04/01/2032 |  | 6492000 | &nbsp;&nbsp; 6240661 |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc., 4.70%, <br> 06/15/2032<br>|  | 3705000 | &nbsp;&nbsp; 3757585 |
|  |  |  | &nbsp;&nbsp; 47730920 |
| **Technology Hardware, Storage & Peripherals-1.54%** | **Technology Hardware, Storage & Peripherals-1.54%** | **Technology Hardware, Storage & Peripherals-1.54%** | **Technology Hardware, Storage & Peripherals-1.54%** |
| Apple, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/12/2032 |  | 4356000 | &nbsp;&nbsp; 4473095 |
| &nbsp;&nbsp;&nbsp; 3.35%, 08/08/2032 |  | 6255000 | &nbsp;&nbsp; 6027926 |
| HP, Inc., 4.20%, 04/15/2032 |  | 2939000 | &nbsp;&nbsp; 2870460 |
| NetApp, Inc., 5.50%, 03/17/2032 |  | 2724000 | &nbsp;&nbsp; 2849554 |
| &nbsp;&nbsp;&nbsp; Western Digital Corp., 3.10%, <br> 02/01/2032<br>|  | 2177000 | &nbsp;&nbsp; 1993700 |
|  |  |  | &nbsp;&nbsp; 18214735 |
| **Textiles, Apparel & Luxury Goods-0.36%** | **Textiles, Apparel & Luxury Goods-0.36%** | **Textiles, Apparel & Luxury Goods-0.36%** | **Textiles, Apparel & Luxury Goods-0.36%** |
| Ralph Lauren Corp., 5.00%, 06/15/2032 |  | 2174000 | &nbsp;&nbsp; 2235117 |
| Tapestry, Inc., 3.05%, 03/15/2032 |  | 2174000 | &nbsp;&nbsp; 1978093 |
|  |  |  | &nbsp;&nbsp; 4213210 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2032 Corporate Bond ETF (BSCW)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Tobacco-2.10%** | **Tobacco-2.10%** | **Tobacco-2.10%** |
| Altria Group, Inc., 2.45%, 02/04/2032 | $7332000 | &nbsp;&nbsp; $6500708 |
| B.A.T. Capital Corp. (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp; 4.74%, 03/16/2032 | 3915000 | &nbsp;&nbsp; 3969187 |
| &nbsp;&nbsp;&nbsp; 5.35%, 08/15/2032 | 4357000 | &nbsp;&nbsp; 4546972 |
| &nbsp;&nbsp;&nbsp; 7.75%, 10/19/2032 | 2613000 | &nbsp;&nbsp; 3071676 |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc., 5.75%, <br> 11/17/2032<br>| 6249000 | &nbsp;&nbsp; 6715883 |
|  |  | &nbsp;&nbsp; 24804426 |
| **Trading Companies & Distributors-0.25%** | **Trading Companies & Distributors-0.25%** | **Trading Companies & Distributors-0.25%** |
| Air Lease Corp., 2.88%, 01/15/2032 | 3245000 | &nbsp;&nbsp; 2915742 |
| **Water Utilities-0.30%** | **Water Utilities-0.30%** | **Water Utilities-0.30%** |
| &nbsp;&nbsp;&nbsp; American Water Capital Corp., 4.45%, <br> 06/01/2032<br>| 3484000 | &nbsp;&nbsp; 3506965 |
| **Wireless Telecommunication Services-2.32%** | **Wireless Telecommunication Services-2.32%** | **Wireless Telecommunication Services-2.32%** |
| &nbsp;&nbsp;&nbsp; Rogers Communications, Inc. (Canada), <br> 3.80%, 03/15/2032<br>| 8118000 | &nbsp;&nbsp; 7681547 |
| Sprint Capital Corp., 8.75%, 03/15/2032 | 8325000 | &nbsp;&nbsp; 10135524 |
| T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2.70%, 03/15/2032 | 4356000 | &nbsp;&nbsp; 3931312 |
| &nbsp;&nbsp;&nbsp; 5.13%, 05/15/2032 | 5438000 | &nbsp;&nbsp; 5631146 |
|  |  | &nbsp;&nbsp; 27379529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $1,133,827,160) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $1,133,827,160) | &nbsp;&nbsp; 1169731550 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-0.01%** |  |  |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, <br> Institutional Class, 3.91%<sup>(c)(d)</sup> <br>(Cost $151,428)<br>| 151428 | &nbsp;&nbsp; $151428 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-98.98% <br>(Cost $1,133,978,588) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-98.98% <br>(Cost $1,133,978,588) | &nbsp;&nbsp; 1169882978 |
| **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** |
| **Money Market Funds-3.04%** | **Money Market Funds-3.04%** | **Money Market Funds-3.04%** |
| &nbsp;&nbsp;&nbsp; Invesco Private Government Fund, <br> 4.00%<sup>(c)(d)(e)</sup><br>| 10053745 | &nbsp;&nbsp; 10053745 |
| Invesco Private Prime Fund, 4.12%<sup>(c)(d)(e)</sup> | 25824709 | &nbsp;&nbsp; 25832456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $35,886,599) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $35,886,599) | &nbsp;&nbsp; 35886201 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-102.02% <br>(Cost $1,169,865,187) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-102.02% <br>(Cost $1,169,865,187) | &nbsp;&nbsp; 1205769179 |
| OTHER ASSETS LESS LIABILITIES-(2.02)% | OTHER ASSETS LESS LIABILITIES-(2.02)% | &nbsp;&nbsp; (23818302)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $1181950877 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Investment Abbreviations: <br> REIT -Real Estate Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | All or a portion of this security was out on loan at November 30, 2025. |
| <sup>(c)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the three months ended November 30, 2025.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**November 30, 2025**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp;&nbsp; $516420 | &nbsp;&nbsp;&nbsp; $18356850 | &nbsp;&nbsp;&nbsp; $(18721842)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $151428 | &nbsp;&nbsp;&nbsp; $21646 |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private <br> Government Fund<br>| &nbsp;&nbsp;&nbsp; 6856492 | &nbsp;&nbsp;&nbsp; 27516668 | &nbsp;&nbsp;&nbsp; (24319415)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 10053745 | &nbsp;&nbsp;&nbsp; 106,065<br> \*<br>|
| &nbsp;&nbsp; Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp;&nbsp; 17873525 | &nbsp;&nbsp;&nbsp; 60832006 | &nbsp;&nbsp;&nbsp; (52872508)<br>| &nbsp;&nbsp;&nbsp; (768)<br>| &nbsp;&nbsp;&nbsp; 201 | &nbsp;&nbsp;&nbsp; 25832456 | &nbsp;&nbsp;&nbsp; 285,407<br> \*<br>|
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; $25246437 | &nbsp;&nbsp;&nbsp; $106705524 | &nbsp;&nbsp;&nbsp; $(95913765)<br>| &nbsp;&nbsp;&nbsp; $(768)<br>| &nbsp;&nbsp;&nbsp; $201 | &nbsp;&nbsp;&nbsp; $36037629 | &nbsp;&nbsp;&nbsp; $413118 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2032 Corporate Bond ETF (BSCW)—(continued)**

November 30, 2025

*(Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(d)</sup> The rate shown is the 7-day SEC standardized yield as of November 30, 2025. <br> <sup>(e)</sup> 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.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

See accompanying notes which are an integral part of this schedule.

------

Schedule of Investments<sup>(a)</sup>

**Invesco BulletShares 2033 Corporate Bond ETF (BSCX)**

November 30, 2025

*(Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes-98.61%** | **U.S. Dollar Denominated Bonds & Notes-98.61%** | **U.S. Dollar Denominated Bonds & Notes-98.61%** |
| **Aerospace & Defense-2.36%** | **Aerospace & Defense-2.36%** | **Aerospace & Defense-2.36%** |
| HEICO Corp., 5.35%, 08/01/2033 | $2068000 | &nbsp;&nbsp; $2164986 |
| &nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc., 5.40%, <br> 07/31/2033<br>| 5190000 | &nbsp;&nbsp; 5456285 |
| Lockheed Martin Corp., 5.25%, 01/15/2033 | 3457000 | &nbsp;&nbsp; 3655943 |
| &nbsp;&nbsp;&nbsp; Northrop Grumman Corp., 4.70%, <br> 03/15/2033<br>| 3461000 | &nbsp;&nbsp; 3517784 |
| RTX Corp., 5.15%, 02/27/2033 | 4321000 | &nbsp;&nbsp; 4509684 |
|  |  | &nbsp;&nbsp; 19304682 |
| **Air Freight & Logistics-0.39%** | **Air Freight & Logistics-0.39%** | **Air Freight & Logistics-0.39%** |
| &nbsp;&nbsp;&nbsp; United Parcel Service, Inc., 4.88%, <br> 03/03/2033<br>| 3115000 | &nbsp;&nbsp; 3233936 |
| **Automobile Components-0.22%** | **Automobile Components-0.22%** | **Automobile Components-0.22%** |
| &nbsp;&nbsp;&nbsp; Magna International, Inc. (Canada), 5.50%, <br> 03/21/2033<sup>(b)</sup><br>| 1726000 | &nbsp;&nbsp; 1805437 |
| **Automobiles-1.00%** | **Automobiles-1.00%** | **Automobiles-1.00%** |
| &nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC, 7.12%, <br> 11/07/2033<br>| 4305000 | &nbsp;&nbsp; 4641531 |
| &nbsp;&nbsp;&nbsp; Toyota Motor Corp. (Japan), 5.12%, <br> 07/13/2033<br>| 1732000 | &nbsp;&nbsp; 1813118 |
| &nbsp;&nbsp;&nbsp; Toyota Motor Credit Corp., 4.70%, <br> 01/12/2033<br>| 1729000 | &nbsp;&nbsp; 1765670 |
|  |  | &nbsp;&nbsp; 8220319 |
| **Banks-5.53%** | **Banks-5.53%** | **Banks-5.53%** |
| Banco Santander S.A. (Spain) |  |  |
| &nbsp;&nbsp;&nbsp; 6.92%, 08/08/2033 | 6852000 | &nbsp;&nbsp; 7641977 |
| &nbsp;&nbsp;&nbsp; 6.94%, 11/07/2033 | 5121000 | &nbsp;&nbsp; 5909514 |
| &nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce <br> (Canada), 6.09%, 10/03/2033<br>| 3804000 | &nbsp;&nbsp; 4172070 |
| Citigroup, Inc., 6.00%, 10/31/2033 | 2264000 | &nbsp;&nbsp; 2451839 |
| KeyBank N.A., 5.00%, 01/26/2033 | 3462000 | &nbsp;&nbsp; 3508165 |
| Royal Bank of Canada (Canada) |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2033 | 5880000 | &nbsp;&nbsp; 6087689 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/02/2033 | 3113000 | &nbsp;&nbsp; 3218498 |
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. <br> (Japan)<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.77%, 01/13/2033 | 6033000 | &nbsp;&nbsp; 6471677 |
| &nbsp;&nbsp;&nbsp; 5.78%, 07/13/2033 | 2250000 | &nbsp;&nbsp; 2418957 |
| &nbsp;&nbsp;&nbsp; 5.81%, 09/14/2033 | 3105000 | &nbsp;&nbsp; 3349291 |
|  |  | &nbsp;&nbsp; 45229677 |
| **Beverages-1.78%** | **Beverages-1.78%** | **Beverages-1.78%** |
| Brown-Forman Corp., 4.75%, 04/15/2033 | 2246000 | &nbsp;&nbsp; 2286377 |
| &nbsp;&nbsp;&nbsp; Constellation Brands, Inc., 4.90%, <br> 05/01/2033<br>| 2595000 | &nbsp;&nbsp; 2618357 |
| Diageo Capital PLC (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/24/2033 | 2591000 | &nbsp;&nbsp; 2749984 |
| &nbsp;&nbsp;&nbsp; 5.63%, 10/05/2033 | 3115000 | &nbsp;&nbsp; 3337180 |
| PepsiCo, Inc., 4.45%, 02/15/2033 | 3460000 | &nbsp;&nbsp; 3539988 |
|  |  | &nbsp;&nbsp; 14531886 |
| **Biotechnology-2.63%** | **Biotechnology-2.63%** | **Biotechnology-2.63%** |
| Amgen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.20%, 03/01/2033 | 2590000 | &nbsp;&nbsp; 2546091 |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/02/2033 | 14701000 | &nbsp;&nbsp; 15326689 |
| Gilead Sciences, Inc., 5.25%, 10/15/2033 | 3453000 | &nbsp;&nbsp; 3647743 |
|  |  | &nbsp;&nbsp; 21520523 |
| **Broadline Retail-0.65%** | **Broadline Retail-0.65%** | **Broadline Retail-0.65%** |
| Amazon.com, Inc., 4.35%, 03/20/2033 | 5300000 | &nbsp;&nbsp; 5338584 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Building Products-0.27%** | **Building Products-0.27%** | **Building Products-0.27%** |
| &nbsp;&nbsp;&nbsp; Fortune Brands Innovations, Inc., 5.88%, <br> 06/01/2033<sup>(b)</sup><br>| $2071000 | &nbsp;&nbsp; $2198615 |
| **Capital Markets-2.31%** | **Capital Markets-2.31%** | **Capital Markets-2.31%** |
| &nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc., 5.15%, <br> 05/15/2033<br>| 2597000 | &nbsp;&nbsp; 2708049 |
| BlackRock, Inc., 4.75%, 05/25/2033 | 4320000 | &nbsp;&nbsp; 4445538 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The), 6.13%, <br> 02/15/2033<sup>(b)</sup><br>| 3572000 | &nbsp;&nbsp; 3940350 |
| Nomura Holdings, Inc. (Japan) |  |  |
| &nbsp;&nbsp;&nbsp; 6.18%, 01/18/2033 | 2590000 | &nbsp;&nbsp; 2824649 |
| &nbsp;&nbsp;&nbsp; 6.09%, 07/12/2033 | 2071000 | &nbsp;&nbsp; 2256811 |
| S&P Global, Inc., 5.25%, 09/15/2033 | 2575000 | &nbsp;&nbsp; 2718945 |
|  |  | &nbsp;&nbsp; 18894342 |
| **Chemicals-1.63%** | **Chemicals-1.63%** | **Chemicals-1.63%** |
| &nbsp;&nbsp;&nbsp; Air Products and Chemicals, Inc., 4.80%, <br> 03/03/2033<br>| 2076000 | &nbsp;&nbsp; 2128345 |
| &nbsp;&nbsp;&nbsp; Dow Chemical Co. (The), 6.30%, <br> 03/15/2033<br>| 2078000 | &nbsp;&nbsp; 2221272 |
| &nbsp;&nbsp;&nbsp; Eastman Chemical Co., 5.75%, <br> 03/08/2033<sup>(b)</sup><br>| 1728000 | &nbsp;&nbsp; 1816951 |
| EIDP, Inc., 4.80%, 05/15/2033 | 2073000 | &nbsp;&nbsp; 2084256 |
| FMC Corp., 5.65%, 05/18/2033<sup>(b)</sup> | 1730000 | &nbsp;&nbsp; 1584349 |
| &nbsp;&nbsp;&nbsp; LYB International Finance III LLC, 5.63%, <br> 05/15/2033<sup>(b)</sup><br>| 1725000 | &nbsp;&nbsp; 1755351 |
| Mosaic Co. (The), 5.45%, 11/15/2033 | 1729000 | &nbsp;&nbsp; 1790938 |
|  |  | &nbsp;&nbsp; 13381462 |
| **Commercial Services & Supplies-1.39%** | **Commercial Services & Supplies-1.39%** | **Commercial Services & Supplies-1.39%** |
| Republic Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2.38%, 03/15/2033<sup>(b)</sup> | 2421000 | &nbsp;&nbsp; 2126435 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2033 | 2245000 | &nbsp;&nbsp; 2335626 |
| Veralto Corp., 5.45%, 09/18/2033 | 2426000 | &nbsp;&nbsp; 2547809 |
| &nbsp;&nbsp;&nbsp; Waste Connections, Inc., 4.20%, <br> 01/15/2033<br>| 2594000 | &nbsp;&nbsp; 2564006 |
| &nbsp;&nbsp;&nbsp; Waste Management, Inc., 4.63%, <br> 02/15/2033<br>| 1729000 | &nbsp;&nbsp; 1763957 |
|  |  | &nbsp;&nbsp; 11337833 |
| **Consumer Finance-1.02%** | **Consumer Finance-1.02%** | **Consumer Finance-1.02%** |
| Ally Financial, Inc., 6.70%, 02/14/2033<sup>(b)</sup> | 1733000 | &nbsp;&nbsp; 1815461 |
| &nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc., 6.40%, <br> 01/09/2033<br>| 3446000 | &nbsp;&nbsp; 3731868 |
| Synchrony Financial, 7.25%, 02/02/2033 | 2595000 | &nbsp;&nbsp; 2781774 |
|  |  | &nbsp;&nbsp; 8329103 |
| **Consumer Staples Distribution & Retail-1.29%** | **Consumer Staples Distribution & Retail-1.29%** | **Consumer Staples Distribution & Retail-1.29%** |
| Dollar General Corp., 5.45%, 07/05/2033 | 3464000 | &nbsp;&nbsp; 3597943 |
| Target Corp., 4.40%, 01/15/2033 | 1728000 | &nbsp;&nbsp; 1732451 |
| Walmart, Inc., 4.10%, 04/15/2033<sup>(b)</sup> | 5187000 | &nbsp;&nbsp; 5207796 |
|  |  | &nbsp;&nbsp; 10538190 |
| **Containers & Packaging-0.45%** | **Containers & Packaging-0.45%** | **Containers & Packaging-0.45%** |
| &nbsp;&nbsp;&nbsp; Amcor Finance (USA), Inc., 5.63%, <br> 05/26/2033<br>| 1730000 | &nbsp;&nbsp; 1815797 |
| WRKCo, Inc., 3.00%, 06/15/2033<sup>(b)</sup> | 2076000 | &nbsp;&nbsp; 1858831 |
|  |  | &nbsp;&nbsp; 3674628 |
| **Distributors-0.27%** | **Distributors-0.27%** | **Distributors-0.27%** |
| LKQ Corp., 6.25%, 06/15/2033 | 2075000 | &nbsp;&nbsp; 2223193 |
| **Diversified Telecommunication Services-3.06%** | **Diversified Telecommunication Services-3.06%** | **Diversified Telecommunication Services-3.06%** |
| AT&T, Inc., 2.55%, 12/01/2033 | 12958000 | &nbsp;&nbsp; 11121767 |
| Bell Canada (Canada), 5.10%, 05/11/2033 | 2945000 | &nbsp;&nbsp; 3007468 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2033 Corporate Bond ETF (BSCX)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Diversified Telecommunication Services-(continued)** | **Diversified Telecommunication Services-(continued)** | **Diversified Telecommunication Services-(continued)** | **Diversified Telecommunication Services-(continued)** |
| Verizon Communications, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.05%, 05/09/2033 | $| 3445000 | &nbsp;&nbsp; $3555906 |
| &nbsp;&nbsp;&nbsp; 4.50%, 08/10/2033 |  | 7395000 | &nbsp;&nbsp; 7335594 |
|  |  |  | &nbsp;&nbsp; 25020735 |
| **Electric Utilities-8.70%** | **Electric Utilities-8.70%** | **Electric Utilities-8.70%** | **Electric Utilities-8.70%** |
| &nbsp;&nbsp;&nbsp; American Electric Power Co., Inc., 5.63%, <br> 03/01/2033<br>|  | 2941000 | &nbsp;&nbsp; 3112894 |
| &nbsp;&nbsp;&nbsp; Arizona Public Service Co., 5.55%, <br> 08/01/2033<br>|  | 1730000 | &nbsp;&nbsp; 1820505 |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy Houston Electric LLC, <br> 4.95%, 04/01/2033<br>|  | 2079000 | &nbsp;&nbsp; 2131090 |
| &nbsp;&nbsp;&nbsp; Consolidated Edison Co. of New York, Inc., <br> 5.20%, 03/01/2033<br>|  | 1728000 | &nbsp;&nbsp; 1812614 |
| &nbsp;&nbsp;&nbsp; Constellation Energy Generation LLC, 5.80%, <br> 03/01/2033<br>|  | 2077000 | &nbsp;&nbsp; 2227603 |
| &nbsp;&nbsp;&nbsp; Duke Energy Carolinas LLC, 4.95%, <br> 01/15/2033<br>|  | 4321000 | &nbsp;&nbsp; 4476362 |
| Duke Energy Corp., 5.75%, 09/15/2033 |  | 2078000 | &nbsp;&nbsp; 2216955 |
| &nbsp;&nbsp;&nbsp; Duke Energy Florida LLC, 5.88%, <br> 11/15/2033<br>|  | 2077000 | &nbsp;&nbsp; 2255799 |
| &nbsp;&nbsp;&nbsp; Duke Energy Progress LLC, 5.25%, <br> 03/15/2033<br>|  | 1734000 | &nbsp;&nbsp; 1819358 |
| Entergy Louisiana LLC, 4.00%, 03/15/2033 |  | 2594000 | &nbsp;&nbsp; 2516196 |
| Eversource Energy, 5.13%, 05/15/2033 |  | 2766000 | &nbsp;&nbsp; 2811203 |
| Exelon Corp., 5.30%, 03/15/2033 |  | 2940000 | &nbsp;&nbsp; 3068635 |
| Florida Power & Light Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.10%, 04/01/2033 |  | 2595000 | &nbsp;&nbsp; 2706292 |
| &nbsp;&nbsp;&nbsp; 4.80%, 05/15/2033 |  | 2590000 | &nbsp;&nbsp; 2656354 |
| Georgia Power Co., 4.95%, 05/17/2033 |  | 3460000 | &nbsp;&nbsp; 3547361 |
| &nbsp;&nbsp;&nbsp; National Rural Utilities Cooperative Finance <br> Corp., 5.80%, 01/15/2033<br>|  | 2248000 | &nbsp;&nbsp; 2420014 |
| &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc., <br> 5.05%, 02/28/2033<br>|  | 3459000 | &nbsp;&nbsp; 3555820 |
| &nbsp;&nbsp;&nbsp; Oncor Electric Delivery Co. LLC, 5.65%, <br> 11/15/2033<br>|  | 2766000 | &nbsp;&nbsp; 2961824 |
| Pacific Gas and Electric Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.15%, 01/15/2033 |  | 2592000 | &nbsp;&nbsp; 2765293 |
| &nbsp;&nbsp;&nbsp; 6.40%, 06/15/2033 |  | 3963000 | &nbsp;&nbsp; 4302833 |
| PECO Energy Co., 4.90%, 06/15/2033 |  | 1987000 | &nbsp;&nbsp; 2046626 |
| &nbsp;&nbsp;&nbsp; PPL Electric Utilities Corp., 5.00%, <br> 05/15/2033<br>|  | 2075000 | &nbsp;&nbsp; 2147290 |
| Public Service Electric and Gas Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.65%, 03/15/2033 |  | 1728000 | &nbsp;&nbsp; 1750387 |
| &nbsp;&nbsp;&nbsp; 5.20%, 08/01/2033 |  | 1728000 | &nbsp;&nbsp; 1806780 |
| Southern Co. (The), 5.20%, 06/15/2033 |  | 2594000 | &nbsp;&nbsp; 2681346 |
| &nbsp;&nbsp;&nbsp; Virginia Electric and Power Co., 5.00%, <br> 04/01/2033<br>|  | 2595000 | &nbsp;&nbsp; 2666272 |
| Xcel Energy, Inc., 5.45%, 08/15/2033 |  | 2770000 | &nbsp;&nbsp; 2881850 |
|  |  |  | &nbsp;&nbsp; 71165556 |
| **Electrical Equipment-0.57%** | **Electrical Equipment-0.57%** | **Electrical Equipment-0.57%** | **Electrical Equipment-0.57%** |
| Regal Rexnord Corp., 6.40%, 04/15/2033 |  | 4307000 | &nbsp;&nbsp; 4647466 |
| **Electronic Equipment, Instruments & Components-0.80%** | **Electronic Equipment, Instruments & Components-0.80%** | **Electronic Equipment, Instruments & Components-0.80%** | **Electronic Equipment, Instruments & Components-0.80%** |
| Amphenol Corp., 4.40%, 02/15/2033 |  | 3570000 | &nbsp;&nbsp; 3555741 |
| Trimble, Inc., 6.10%, 03/15/2033 |  | 2771000 | &nbsp;&nbsp; 2990963 |
|  |  |  | &nbsp;&nbsp; 6546704 |
| **Financial Services-2.57%** | **Financial Services-2.57%** | **Financial Services-2.57%** | **Financial Services-2.57%** |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust (Ireland), 3.40%, <br> 10/29/2033<br>|  | 5186000 | &nbsp;&nbsp; 4709664 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Financial Services-(continued)** | **Financial Services-(continued)** | **Financial Services-(continued)** | **Financial Services-(continued)** |
| &nbsp;&nbsp;&nbsp; Apollo Global Management, Inc., 6.38%, <br> 11/15/2033<br>| $| 1728000 | &nbsp;&nbsp; $1911060 |
| &nbsp;&nbsp;&nbsp; Brookfield Capital Finance LLC (Canada), <br> 6.09%, 06/14/2033<br>|  | 1898000 | &nbsp;&nbsp; 2039876 |
| &nbsp;&nbsp;&nbsp; Equitable Holdings, Inc., 5.59%, <br> 01/11/2033<br>|  | 1733000 | &nbsp;&nbsp; 1816079 |
| Fiserv, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.60%, 03/02/2033<sup>(b)</sup> |  | 3110000 | &nbsp;&nbsp; 3216142 |
| &nbsp;&nbsp;&nbsp; 5.63%, 08/21/2033 |  | 4495000 | &nbsp;&nbsp; 4648954 |
| Mastercard, Inc., 4.85%, 03/09/2033 |  | 2596000 | &nbsp;&nbsp; 2687068 |
|  |  |  | &nbsp;&nbsp; 21028843 |
| **Food Products-2.47%** | **Food Products-2.47%** | **Food Products-2.47%** | **Food Products-2.47%** |
| &nbsp;&nbsp;&nbsp; Archer-Daniels-Midland Co., 4.50%, <br> 08/15/2033<br>|  | 1728000 | &nbsp;&nbsp; 1738577 |
| General Mills, Inc., 4.95%, 03/29/2033 |  | 3462000 | &nbsp;&nbsp; 3531542 |
| &nbsp;&nbsp;&nbsp; J.M. Smucker Co. (The), 6.20%, <br> 11/15/2033<br>|  | 3455000 | &nbsp;&nbsp; 3766505 |
| &nbsp;&nbsp;&nbsp; JBS USA Holding Lux S.a.r.l./JBS USA Food <br> Co./JBS Lux Co. S.a.r.l., 5.75%, <br> 04/01/2033<br>|  | 5729000 | &nbsp;&nbsp; 6007544 |
| McCormick & Co., Inc., 4.95%, 04/15/2033 |  | 1728000 | &nbsp;&nbsp; 1766841 |
| Pilgrim's Pride Corp., 6.25%, 07/01/2033 |  | 3185000 | &nbsp;&nbsp; 3419403 |
|  |  |  | &nbsp;&nbsp; 20230412 |
| **Gas Utilities-0.55%** | **Gas Utilities-0.55%** | **Gas Utilities-0.55%** | **Gas Utilities-0.55%** |
| Atmos Energy Corp., 5.90%, 11/15/2033 |  | 2498000 | &nbsp;&nbsp; 2726427 |
| &nbsp;&nbsp;&nbsp; Southern California Gas Co., 5.20%, <br> 06/01/2033<br>|  | 1732000 | &nbsp;&nbsp; 1796268 |
|  |  |  | &nbsp;&nbsp; 4522695 |
| **Ground Transportation-1.15%** | **Ground Transportation-1.15%** | **Ground Transportation-1.15%** | **Ground Transportation-1.15%** |
| CSX Corp., 5.20%, 11/15/2033 |  | 2076000 | &nbsp;&nbsp; 2176959 |
| &nbsp;&nbsp;&nbsp; Norfolk Southern Corp., 4.45%, <br> 03/01/2033<br>|  | 1728000 | &nbsp;&nbsp; 1732569 |
| Ryder System, Inc., 6.60%, 12/01/2033 |  | 2076000 | &nbsp;&nbsp; 2333373 |
| Union Pacific Corp., 4.50%, 01/20/2033<sup>(b)</sup> |  | 3118000 | &nbsp;&nbsp; 3162990 |
|  |  |  | &nbsp;&nbsp; 9405891 |
| **Health Care Equipment & Supplies-0.42%** | **Health Care Equipment & Supplies-0.42%** | **Health Care Equipment & Supplies-0.42%** | **Health Care Equipment & Supplies-0.42%** |
| &nbsp;&nbsp;&nbsp; Medtronic Global Holdings S.C.A., 4.50%, <br> 03/30/2033<br>|  | 3455000 | &nbsp;&nbsp; 3479752 |
| **Health Care Providers & Services-5.58%** | **Health Care Providers & Services-5.58%** | **Health Care Providers & Services-5.58%** | **Health Care Providers & Services-5.58%** |
| Cigna Group (The), 5.40%, 03/15/2033 |  | 2763000 | &nbsp;&nbsp; 2897365 |
| CVS Health Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/21/2033 |  | 6028000 | &nbsp;&nbsp; 6239882 |
| &nbsp;&nbsp;&nbsp; 5.30%, 06/01/2033 |  | 4309000 | &nbsp;&nbsp; 4460051 |
| Elevance Health, Inc., 4.75%, 02/15/2033 |  | 3460000 | &nbsp;&nbsp; 3488747 |
| HCA, Inc., 5.50%, 06/01/2033 |  | 4320000 | &nbsp;&nbsp; 4533148 |
| Humana, Inc., 5.88%, 03/01/2033 |  | 2599000 | &nbsp;&nbsp; 2746924 |
| McKesson Corp., 5.10%, 07/15/2033 |  | 2078000 | &nbsp;&nbsp; 2165772 |
| &nbsp;&nbsp;&nbsp; Providence St. Joseph Health Obligated <br> Group, 5.40%, 10/01/2033<br>|  | 1982000 | &nbsp;&nbsp; 2059476 |
| &nbsp;&nbsp;&nbsp; Quest Diagnostics, Inc., 6.40%, <br> 11/30/2033<br>|  | 2597000 | &nbsp;&nbsp; 2899167 |
| UnitedHealth Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.35%, 02/15/2033 |  | 6923000 | &nbsp;&nbsp; 7260378 |
| &nbsp;&nbsp;&nbsp; 4.50%, 04/15/2033 |  | 5185000 | &nbsp;&nbsp; 5176779 |
| UPMC, 5.04%, 05/15/2033 |  | 1730000 | &nbsp;&nbsp; 1779858 |
|  |  |  | &nbsp;&nbsp; 45707547 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2033 Corporate Bond ETF (BSCX)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Health Care REITs-0.82%** | **Health Care REITs-0.82%** | **Health Care REITs-0.82%** |
| &nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc., 1.88%, <br> 02/01/2033<br>| $3464000 | &nbsp;&nbsp; $2850709 |
| Healthpeak OP LLC, 4.75%, 01/15/2033 | 1730000 | &nbsp;&nbsp; 1729469 |
| &nbsp;&nbsp;&nbsp; Omega Healthcare Investors, Inc., 3.25%, <br> 04/15/2033<br>| 2417000 | &nbsp;&nbsp; 2158765 |
|  |  | &nbsp;&nbsp; 6738943 |
| **Hotels, Restaurants & Leisure-0.97%** | **Hotels, Restaurants & Leisure-0.97%** | **Hotels, Restaurants & Leisure-0.97%** |
| &nbsp;&nbsp;&nbsp; Darden Restaurants, Inc., 6.30%, <br> 10/10/2033<br>| 1727000 | &nbsp;&nbsp; 1881007 |
| &nbsp;&nbsp;&nbsp; Marriott International, Inc., Series II, 2.75%, <br> 10/15/2033<sup>(b)</sup><br>| 2424000 | &nbsp;&nbsp; 2124989 |
| McDonald's Corp., 4.95%, 08/14/2033<sup>(b)</sup> | 2076000 | &nbsp;&nbsp; 2154492 |
| Starbucks Corp., 4.80%, 02/15/2033 | 1728000 | &nbsp;&nbsp; 1761351 |
|  |  | &nbsp;&nbsp; 7921839 |
| **Household Products-0.58%** | **Household Products-0.58%** | **Household Products-0.58%** |
| Colgate-Palmolive Co., 4.60%, 03/01/2033 | 1733000 | &nbsp;&nbsp; 1784704 |
| &nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The), 4.05%, <br> 01/26/2033<sup>(b)</sup><br>| 2940000 | &nbsp;&nbsp; 2957570 |
|  |  | &nbsp;&nbsp; 4742274 |
| **Industrial Conglomerates-1.03%** | **Industrial Conglomerates-1.03%** | **Industrial Conglomerates-1.03%** |
| Eaton Corp., 4.15%, 03/15/2033 | 4496000 | &nbsp;&nbsp; 4458211 |
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc., 5.00%, <br> 02/15/2033<br>| 3809000 | &nbsp;&nbsp; 3949138 |
|  |  | &nbsp;&nbsp; 8407349 |
| **Insurance-2.83%** | **Insurance-2.83%** | **Insurance-2.83%** |
| Allstate Corp. (The), 5.25%, 03/30/2033 | 2592000 | &nbsp;&nbsp; 2705332 |
| &nbsp;&nbsp;&nbsp; American International Group, Inc., 5.13%, <br> 03/27/2033<br>| 2593000 | &nbsp;&nbsp; 2681368 |
| &nbsp;&nbsp;&nbsp; Aon Corp./Aon Global Holdings PLC, 5.35%, <br> 02/28/2033<br>| 2592000 | &nbsp;&nbsp; 2710941 |
| &nbsp;&nbsp;&nbsp; Fairfax Financial Holdings Ltd. (Canada), <br> 6.00%, 12/07/2033<br>| 2593000 | &nbsp;&nbsp; 2765442 |
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc., 5.40%, <br> 09/15/2033<br>| 2077000 | &nbsp;&nbsp; 2189757 |
| MetLife, Inc., 5.38%, 07/15/2033 | 3459000 | &nbsp;&nbsp; 3654149 |
| &nbsp;&nbsp;&nbsp; Progressive Corp. (The), 4.95%, <br> 06/15/2033<br>| 1728000 | &nbsp;&nbsp; 1782401 |
| &nbsp;&nbsp;&nbsp; Travelers Property Casualty Corp., 6.38%, <br> 03/15/2033<br>| 1722000 | &nbsp;&nbsp; 1950703 |
| &nbsp;&nbsp;&nbsp; Willis North America, Inc., 5.35%, <br> 05/15/2033<br>| 2594000 | &nbsp;&nbsp; 2695209 |
|  |  | &nbsp;&nbsp; 23135302 |
| **Interactive Media & Services-0.77%** | **Interactive Media & Services-0.77%** | **Interactive Media & Services-0.77%** |
| Meta Platforms, Inc., 4.95%, 05/15/2033 | 6059000 | &nbsp;&nbsp; 6277714 |
| **IT Services-0.32%** | **IT Services-0.32%** | **IT Services-0.32%** |
| &nbsp;&nbsp;&nbsp; International Business Machines Corp., <br> 4.75%, 02/06/2033<br>| 2593000 | &nbsp;&nbsp; 2655705 |
| **Life Sciences Tools & Services-0.44%** | **Life Sciences Tools & Services-0.44%** | **Life Sciences Tools & Services-0.44%** |
| &nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc., 5.09%, <br> 08/10/2033<br>| 3457000 | &nbsp;&nbsp; 3610035 |
| **Machinery-1.65%** | **Machinery-1.65%** | **Machinery-1.65%** |
| Ingersoll Rand, Inc., 5.70%, 08/14/2033 | 3457000 | &nbsp;&nbsp; 3690722 |
| &nbsp;&nbsp;&nbsp; John Deere Capital Corp., Series I, 5.15%, <br> 09/08/2033<br>| 3457000 | &nbsp;&nbsp; 3636754 |
| Nordson Corp., 5.80%, 09/15/2033 | 1728000 | &nbsp;&nbsp; 1851395 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Machinery-(continued)** | **Machinery-(continued)** | **Machinery-(continued)** | **Machinery-(continued)** |
| &nbsp;&nbsp;&nbsp; nVent Finance S.a.r.l. (United Kingdom), <br> 5.65%, 05/15/2033<br>| $| 1728000 | &nbsp;&nbsp; $1813500 |
| &nbsp;&nbsp;&nbsp; Trane Technologies Financing Ltd., 5.25%, <br> 03/03/2033<br>|  | 2424000 | &nbsp;&nbsp; 2537013 |
|  |  |  | &nbsp;&nbsp; 13529384 |
| **Media-3.39%** | **Media-3.39%** | **Media-3.39%** | **Media-3.39%** |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/<br> Charter Communications Operating Capital <br> Corp., 4.40%, 04/01/2033<br>|  | 3460000 | &nbsp;&nbsp; 3263187 |
| Comcast Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/15/2033 |  | 5880000 | &nbsp;&nbsp; 5765191 |
| &nbsp;&nbsp;&nbsp; 4.65%, 02/15/2033 |  | 3462000 | &nbsp;&nbsp; 3478302 |
| &nbsp;&nbsp;&nbsp; 7.05%, 03/15/2033 |  | 2592000 | &nbsp;&nbsp; 2984248 |
| &nbsp;&nbsp;&nbsp; 4.80%, 05/15/2033<sup>(b)</sup> |  | 3457000 | &nbsp;&nbsp; 3502060 |
| Fox Corp., 6.50%, 10/13/2033 |  | 4270000 | &nbsp;&nbsp; 4732863 |
| &nbsp;&nbsp;&nbsp; Time Warner Cable Enterprises LLC, 8.38%, <br> 07/15/2033<br>|  | 3462000 | &nbsp;&nbsp; 4012704 |
|  |  |  | &nbsp;&nbsp; 27738555 |
| **Metals & Mining-0.35%** | **Metals & Mining-0.35%** | **Metals & Mining-0.35%** | **Metals & Mining-0.35%** |
| &nbsp;&nbsp;&nbsp; Rio Tinto Alcan, Inc. (Canada), 6.13%, <br> 12/15/2033<br>|  | 2596000 | &nbsp;&nbsp; 2867784 |
| **Multi-Utilities-1.68%** | **Multi-Utilities-1.68%** | **Multi-Utilities-1.68%** | **Multi-Utilities-1.68%** |
| Ameren Illinois Co., 4.95%, 06/01/2033 |  | 1728000 | &nbsp;&nbsp; 1780780 |
| Consumers Energy Co., 4.63%, 05/15/2033 |  | 2420000 | &nbsp;&nbsp; 2446856 |
| &nbsp;&nbsp;&nbsp; Dominion Energy, Inc., Series F, 5.25%, <br> 08/01/2033<br>|  | 1765000 | &nbsp;&nbsp; 1822240 |
| DTE Electric Co., 5.20%, 04/01/2033 |  | 2071000 | &nbsp;&nbsp; 2168772 |
| &nbsp;&nbsp;&nbsp; National Grid PLC (United Kingdom), 5.81%, <br> 06/12/2033<br>|  | 2762000 | &nbsp;&nbsp; 2955792 |
| Sempra, 5.50%, 08/01/2033 |  | 2420000 | &nbsp;&nbsp; 2544494 |
|  |  |  | &nbsp;&nbsp; 13718934 |
| **Office REITs-0.30%** | **Office REITs-0.30%** | **Office REITs-0.30%** | **Office REITs-0.30%** |
| Boston Properties L.P., 2.45%, 10/01/2033 |  | 2940000 | &nbsp;&nbsp; 2437979 |
| **Oil, Gas & Consumable Fuels-11.86%** | **Oil, Gas & Consumable Fuels-11.86%** | **Oil, Gas & Consumable Fuels-11.86%** | **Oil, Gas & Consumable Fuels-11.86%** |
| BP Capital Markets America, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.81%, 02/13/2033 |  | 7760000 | &nbsp;&nbsp; 7898833 |
| &nbsp;&nbsp;&nbsp; 4.89%, 09/11/2033 |  | 5187000 | &nbsp;&nbsp; 5313923 |
| &nbsp;&nbsp;&nbsp; Cheniere Energy Partners L.P., 5.95%, <br> 06/30/2033<br>|  | 4846000 | &nbsp;&nbsp; 5151804 |
| ConocoPhillips Co., 5.05%, 09/15/2033<sup>(b)</sup> |  | 3464000 | &nbsp;&nbsp; 3592522 |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc., 6.25%, <br> 03/15/2033<br>|  | 3804000 | &nbsp;&nbsp; 4119237 |
| Enbridge, Inc. (Canada) |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.70%, 03/08/2033 |  | 7955000 | &nbsp;&nbsp; 8428100 |
| &nbsp;&nbsp;&nbsp; 2.50%, 08/01/2033 |  | 3456000 | &nbsp;&nbsp; 2973870 |
| Energy Transfer L.P. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 02/15/2033 |  | 5189000 | &nbsp;&nbsp; 5482826 |
| &nbsp;&nbsp;&nbsp; 6.55%, 12/01/2033 |  | 5185000 | &nbsp;&nbsp; 5721411 |
| Enterprise Products Operating LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.35%, 01/31/2033 |  | 3459000 | &nbsp;&nbsp; 3645122 |
| &nbsp;&nbsp;&nbsp; Series D, 6.88%, 03/01/2033 |  | 1729000 | &nbsp;&nbsp; 1976114 |
| Hess Corp., 7.13%, 03/15/2033 |  | 1871000 | &nbsp;&nbsp; 2189293 |
| &nbsp;&nbsp;&nbsp; Kinder Morgan Energy Partners L.P., 7.30%, <br> 08/15/2033<br>|  | 1734000 | &nbsp;&nbsp; 2001023 |
| Kinder Morgan, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 02/01/2033 |  | 2598000 | &nbsp;&nbsp; 2621046 |
| &nbsp;&nbsp;&nbsp; 5.20%, 06/01/2033 |  | 5187000 | &nbsp;&nbsp; 5357235 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2033 Corporate Bond ETF (BSCX)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Oil, Gas & Consumable Fuels-(continued)** | **Oil, Gas & Consumable Fuels-(continued)** | **Oil, Gas & Consumable Fuels-(continued)** | **Oil, Gas & Consumable Fuels-(continued)** |
| MPLX L.P. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2033 | $| 2594000 | &nbsp;&nbsp; $2621568 |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2033 |  | 3804000 | &nbsp;&nbsp; 3844895 |
| ONEOK, Inc., 6.05%, 09/01/2033 |  | 5169000 | &nbsp;&nbsp; 5523543 |
| Ovintiv, Inc., 6.25%, 07/15/2033 |  | 2076000 | &nbsp;&nbsp; 2204041 |
| Phillips 66 Co., 5.30%, 06/30/2033 |  | 3109000 | &nbsp;&nbsp; 3224154 |
| &nbsp;&nbsp;&nbsp; Southern Co. Gas Capital Corp., 5.75%, <br> 09/15/2033<br>|  | 1729000 | &nbsp;&nbsp; 1845261 |
| Targa Resources Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.20%, 02/01/2033 |  | 2593000 | &nbsp;&nbsp; 2490283 |
| &nbsp;&nbsp;&nbsp; 6.13%, 03/15/2033 |  | 3113000 | &nbsp;&nbsp; 3339481 |
| &nbsp;&nbsp;&nbsp; Western Midstream Operating L.P., 6.15%, <br> 04/01/2033<br>|  | 2599000 | &nbsp;&nbsp; 2761698 |
| &nbsp;&nbsp;&nbsp; Williams Cos., Inc. (The), 5.65%, <br> 03/15/2033<br>|  | 2593000 | &nbsp;&nbsp; 2744008 |
|  |  |  | &nbsp;&nbsp; 97071291 |
| **Personal Care Products-1.19%** | **Personal Care Products-1.19%** | **Personal Care Products-1.19%** | **Personal Care Products-1.19%** |
| &nbsp;&nbsp;&nbsp; Estee Lauder Cos., Inc. (The), 4.65%, <br> 05/15/2033<br>|  | 2424000 | &nbsp;&nbsp; 2443831 |
| Kenvue, Inc., 4.90%, 03/22/2033 |  | 4320000 | &nbsp;&nbsp; 4431850 |
| &nbsp;&nbsp;&nbsp; Unilever Capital Corp. (United Kingdom), <br> 5.00%, 12/08/2033<br>|  | 2765000 | &nbsp;&nbsp; 2885686 |
|  |  |  | &nbsp;&nbsp; 9761367 |
| **Pharmaceuticals-2.67%** | **Pharmaceuticals-2.67%** | **Pharmaceuticals-2.67%** | **Pharmaceuticals-2.67%** |
| &nbsp;&nbsp;&nbsp; AstraZeneca Finance LLC (United Kingdom), <br> 4.88%, 03/03/2033<br>|  | 1733000 | &nbsp;&nbsp; 1800283 |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co., 5.90%, <br> 11/15/2033<br>|  | 3452000 | &nbsp;&nbsp; 3811660 |
| Eli Lilly and Co., 4.70%, 02/27/2033 |  | 3456000 | &nbsp;&nbsp; 3552044 |
| Johnson & Johnson |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 05/15/2033 |  | 1728000 | &nbsp;&nbsp; 1836520 |
| &nbsp;&nbsp;&nbsp; 4.38%, 12/05/2033 |  | 2940000 | &nbsp;&nbsp; 3007443 |
| Merck & Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/17/2033 |  | 5175000 | &nbsp;&nbsp; 5259539 |
| &nbsp;&nbsp;&nbsp; 6.50%, 12/01/2033 |  | 2252000 | &nbsp;&nbsp; 2571784 |
|  |  |  | &nbsp;&nbsp; 21839273 |
| **Professional Services-0.68%** | **Professional Services-0.68%** | **Professional Services-0.68%** | **Professional Services-0.68%** |
| Concentrix Corp., 6.85%, 08/02/2033<sup>(b)</sup> |  | 1907000 | &nbsp;&nbsp; 1903474 |
| &nbsp;&nbsp;&nbsp; Jacobs Engineering Group, Inc., 5.90%, <br> 03/01/2033<br>|  | 1723000 | &nbsp;&nbsp; 1822301 |
| Verisk Analytics, Inc., 5.75%, 04/01/2033 |  | 1733000 | &nbsp;&nbsp; 1845985 |
|  |  |  | &nbsp;&nbsp; 5571760 |
| **Real Estate Management & Development-0.01%** | **Real Estate Management & Development-0.01%** | **Real Estate Management & Development-0.01%** | **Real Estate Management & Development-0.01%** |
| CBRE Services, Inc., 4.90%, 01/15/2033 |  | 100000 | &nbsp;&nbsp; 101288 |
| **Residential REITs-0.26%** | **Residential REITs-0.26%** | **Residential REITs-0.26%** | **Residential REITs-0.26%** |
| &nbsp;&nbsp;&nbsp; Invitation Homes Operating Partnership L.P., <br> 4.95%, 01/15/2033<br>|  | 2080000 | &nbsp;&nbsp; 2106267 |
| **Retail REITs-1.05%** | **Retail REITs-1.05%** | **Retail REITs-1.05%** | **Retail REITs-1.05%** |
| Kimco Realty OP LLC, 4.60%, 02/01/2033 |  | 2248000 | &nbsp;&nbsp; 2253208 |
| NNN REIT, Inc., 5.60%, 10/15/2033 |  | 1727000 | &nbsp;&nbsp; 1820336 |
| Realty Income Corp., 4.90%, 07/15/2033 |  | 2074000 | &nbsp;&nbsp; 2115369 |
| &nbsp;&nbsp;&nbsp; Simon Property Group L.P., 5.50%, <br> 03/08/2033<br>|  | 2245000 | &nbsp;&nbsp; 2382966 |
|  |  |  | &nbsp;&nbsp; 8571879 |
| **Semiconductors & Semiconductor Equipment-4.26%** | **Semiconductors & Semiconductor Equipment-4.26%** | **Semiconductors & Semiconductor Equipment-4.26%** | **Semiconductors & Semiconductor Equipment-4.26%** |
| Broadcom, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.60%, 02/15/2033 |  | 6037000 | &nbsp;&nbsp; 5368616 |
| &nbsp;&nbsp;&nbsp; 3.42%, 04/15/2033 |  | 8100000 | &nbsp;&nbsp; 7592994 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Semiconductors & Semiconductor Equipment-(continued)** | **Semiconductors & Semiconductor Equipment-(continued)** | **Semiconductors & Semiconductor Equipment-(continued)** | **Semiconductors & Semiconductor Equipment-(continued)** |
| Intel Corp., 5.20%, 02/10/2033<sup>(b)</sup> | $| 7787000 | &nbsp;&nbsp; $7992279 |
| &nbsp;&nbsp;&nbsp; Marvell Technology, Inc., 5.95%, <br> 09/15/2033<br>|  | 1726000 | &nbsp;&nbsp; 1851680 |
| Micron Technology, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 02/09/2033 |  | 2593000 | &nbsp;&nbsp; 2762972 |
| &nbsp;&nbsp;&nbsp; 5.88%, 09/15/2033 |  | 3109000 | &nbsp;&nbsp; 3321882 |
| QUALCOMM, Inc., 5.40%, 05/20/2033<sup>(b)</sup> |  | 2411000 | &nbsp;&nbsp; 2570270 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc., 4.90%, <br> 03/14/2033<br>|  | 3290000 | &nbsp;&nbsp; 3408492 |
|  |  |  | &nbsp;&nbsp; 34869185 |
| **Software-1.17%** | **Software-1.17%** | **Software-1.17%** | **Software-1.17%** |
| Intuit, Inc., 5.20%, 09/15/2033 |  | 4328000 | &nbsp;&nbsp; 4546903 |
| Oracle Corp., 4.90%, 02/06/2033 |  | 5185000 | &nbsp;&nbsp; 5071751 |
|  |  |  | &nbsp;&nbsp; 9618654 |
| **Specialized REITs-2.90%** | **Specialized REITs-2.90%** | **Specialized REITs-2.90%** | **Specialized REITs-2.90%** |
| American Tower Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.65%, 03/15/2033 |  | 2763000 | &nbsp;&nbsp; 2919981 |
| &nbsp;&nbsp;&nbsp; 5.55%, 07/15/2033 |  | 2942000 | &nbsp;&nbsp; 3094894 |
| &nbsp;&nbsp;&nbsp; 5.90%, 11/15/2033 |  | 2593000 | &nbsp;&nbsp; 2783334 |
| Crown Castle, Inc., 5.10%, 05/01/2033 |  | 2594000 | &nbsp;&nbsp; 2633808 |
| &nbsp;&nbsp;&nbsp; Extra Space Storage L.P., 4.95%, <br> 01/15/2033<br>|  | 2771000 | &nbsp;&nbsp; 2805893 |
| &nbsp;&nbsp;&nbsp; GLP Capital L.P./GLP Financing II, Inc., <br> 5.25%, 02/15/2033<br>|  | 2080000 | &nbsp;&nbsp; 2089614 |
| Prologis L.P. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 01/15/2033 |  | 2238000 | &nbsp;&nbsp; 2270892 |
| &nbsp;&nbsp;&nbsp; 4.75%, 06/15/2033 |  | 2592000 | &nbsp;&nbsp; 2637700 |
| &nbsp;&nbsp;&nbsp; Public Storage Operating Co., 5.10%, <br> 08/01/2033<br>|  | 2419000 | &nbsp;&nbsp; 2524049 |
|  |  |  | &nbsp;&nbsp; 23760165 |
| **Specialty Retail-2.85%** | **Specialty Retail-2.85%** | **Specialty Retail-2.85%** | **Specialty Retail-2.85%** |
| AutoZone, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/01/2033 |  | 1898000 | &nbsp;&nbsp; 1910513 |
| &nbsp;&nbsp;&nbsp; 6.55%, 11/01/2033 |  | 1725000 | &nbsp;&nbsp; 1932315 |
| &nbsp;&nbsp;&nbsp; Booz Allen Hamilton, Inc., 5.95%, <br> 08/04/2033<br>|  | 2249000 | &nbsp;&nbsp; 2368385 |
| &nbsp;&nbsp;&nbsp; Dell International LLC/EMC Corp., 5.75%, <br> 02/01/2033<br>|  | 3452000 | &nbsp;&nbsp; 3658423 |
| Leidos, Inc., 5.75%, 03/15/2033 |  | 2592000 | &nbsp;&nbsp; 2756490 |
| Lowe's Cos., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/15/2033 |  | 4321000 | &nbsp;&nbsp; 4440733 |
| &nbsp;&nbsp;&nbsp; 5.15%, 07/01/2033 |  | 3447000 | &nbsp;&nbsp; 3572547 |
| Tractor Supply Co., 5.25%, 05/15/2033 |  | 2599000 | &nbsp;&nbsp; 2708833 |
|  |  |  | &nbsp;&nbsp; 23348239 |
| **Technology Hardware, Storage & Peripherals-0.91%** | **Technology Hardware, Storage & Peripherals-0.91%** | **Technology Hardware, Storage & Peripherals-0.91%** | **Technology Hardware, Storage & Peripherals-0.91%** |
| Apple, Inc., 4.30%, 05/10/2033<sup>(b)</sup> |  | 3464000 | &nbsp;&nbsp; 3534004 |
| HP, Inc., 5.50%, 01/15/2033<sup>(b)</sup> |  | 3794000 | &nbsp;&nbsp; 3935484 |
|  |  |  | &nbsp;&nbsp; 7469488 |
| **Tobacco-2.59%** | **Tobacco-2.59%** | **Tobacco-2.59%** | **Tobacco-2.59%** |
| Altria Group, Inc., 6.88%, 11/01/2033 |  | 1728000 | &nbsp;&nbsp; 1964156 |
| B.A.T. Capital Corp. (United Kingdom) |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 03/22/2033 |  | 2590000 | &nbsp;&nbsp; 2586443 |
| &nbsp;&nbsp;&nbsp; 6.42%, 08/02/2033 |  | 4310000 | &nbsp;&nbsp; 4783258 |
| Philip Morris International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 02/15/2033 |  | 7783000 | &nbsp;&nbsp; 8160304 |
| &nbsp;&nbsp;&nbsp; 5.63%, 09/07/2033 |  | 3461000 | &nbsp;&nbsp; 3691143 |
|  |  |  | &nbsp;&nbsp; 21185304 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2033 Corporate Bond ETF (BSCX)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Wireless Telecommunication Services-2.02%** | **Wireless Telecommunication Services-2.02%** | **Wireless Telecommunication Services-2.02%** |
| T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 01/15/2033 | $2770000 | &nbsp;&nbsp; $2773692 |
| &nbsp;&nbsp;&nbsp; 5.20%, 01/15/2033 | 4321000 | &nbsp;&nbsp; 4483643 |
| &nbsp;&nbsp;&nbsp; 5.05%, 07/15/2033 | 8994000 | &nbsp;&nbsp; 9237066 |
|  |  | &nbsp;&nbsp; 16494401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $784,233,209) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $784,233,209) | &nbsp;&nbsp; 807068369 |
|  | **Shares** |  |
| **Money Market Funds-0.12%** |  |  |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, <br> Institutional Class, 3.91%<sup>(c)(d)</sup> <br>(Cost $971,044)<br>| 971044 | &nbsp;&nbsp; 971044 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-98.73% <br>(Cost $785,204,253) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-98.73% <br>(Cost $785,204,253) | &nbsp;&nbsp; 808039413 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** |
| **Money Market Funds-4.38%** | **Money Market Funds-4.38%** | **Money Market Funds-4.38%** |
| &nbsp;&nbsp;&nbsp; Invesco Private Government Fund, <br> 4.00%<sup>(c)(d)(e)</sup><br>| 9865467 | &nbsp;&nbsp; $9865467 |
| Invesco Private Prime Fund, 4.12%<sup>(c)(d)(e)</sup> | 25980176 | &nbsp;&nbsp; 25987970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $35,853,711) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $35,853,711) | &nbsp;&nbsp; 35853437 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-103.11% <br>(Cost $821,057,964) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-103.11% <br>(Cost $821,057,964) | &nbsp;&nbsp; 843892850 |
| OTHER ASSETS LESS LIABILITIES-(3.11)% | OTHER ASSETS LESS LIABILITIES-(3.11)% | &nbsp;&nbsp; (25450258)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $818442592 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Investment Abbreviations: <br> REIT -Real Estate Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | All or a portion of this security was out on loan at November 30, 2025. |
| <sup>(c)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the three months ended November 30, 2025.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**November 30, 2025**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp;&nbsp; $647772 | &nbsp;&nbsp;&nbsp; $15031473 | &nbsp;&nbsp;&nbsp; $(14708201)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $971044 | &nbsp;&nbsp;&nbsp; $22096 |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private <br> Government Fund<br>| &nbsp;&nbsp;&nbsp; 7554853 | &nbsp;&nbsp;&nbsp; 16307825 | &nbsp;&nbsp;&nbsp; (13997211)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 9865467 | &nbsp;&nbsp;&nbsp; 90,767<br> \*<br>|
| &nbsp;&nbsp; Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp;&nbsp; 19625700 | &nbsp;&nbsp;&nbsp; 38726445 | &nbsp;&nbsp;&nbsp; (32363646)<br>| &nbsp;&nbsp;&nbsp; (1384)<br>| &nbsp;&nbsp;&nbsp; 855 | &nbsp;&nbsp;&nbsp; 25987970 | &nbsp;&nbsp;&nbsp; 246,328<br> \*<br>|
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; $27828325 | &nbsp;&nbsp;&nbsp; $70065743 | &nbsp;&nbsp;&nbsp; $(61069058)<br>| &nbsp;&nbsp;&nbsp; $(1384)<br>| &nbsp;&nbsp;&nbsp; $855 | &nbsp;&nbsp;&nbsp; $36824481 | &nbsp;&nbsp;&nbsp; $359191 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(d)</sup> The rate shown is the 7-day SEC standardized yield as of November 30, 2025. <br> <sup>(e)</sup> 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.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

See accompanying notes which are an integral part of this schedule.

------

Schedule of Investments<sup>(a)</sup>

**Invesco BulletShares 2034 Corporate Bond ETF (BSCY)**

November 30, 2025

*(Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes-98.72%** | **U.S. Dollar Denominated Bonds & Notes-98.72%** | **U.S. Dollar Denominated Bonds & Notes-98.72%** |
| **Aerospace & Defense-3.00%** | **Aerospace & Defense-3.00%** | **Aerospace & Defense-3.00%** |
| Boeing Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 3.60%, 05/01/2034 | $1065000 | &nbsp;&nbsp; $972540 |
| &nbsp;&nbsp;&nbsp; 6.53%, 05/01/2034 | 3127000 | &nbsp;&nbsp; 3478694 |
| &nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc., 5.35%, <br> 06/01/2034<br>| 942000 | &nbsp;&nbsp; 980988 |
| Lockheed Martin Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/2034 | 1065000 | &nbsp;&nbsp; 1083591 |
| &nbsp;&nbsp;&nbsp; 4.80%, 08/15/2034 | 751000 | &nbsp;&nbsp; 766873 |
| &nbsp;&nbsp;&nbsp; Northrop Grumman Corp., 4.90%, <br> 06/01/2034<br>| 1066000 | &nbsp;&nbsp; 1087970 |
| RTX Corp., 6.10%, 03/15/2034 | 1879000 | &nbsp;&nbsp; 2074156 |
|  |  | &nbsp;&nbsp; 10444812 |
| **Air Freight & Logistics-0.53%** | **Air Freight & Logistics-0.53%** | **Air Freight & Logistics-0.53%** |
| GXO Logistics, Inc., 6.50%, 05/06/2034 | 626000 | &nbsp;&nbsp; 674135 |
| &nbsp;&nbsp;&nbsp; United Parcel Service, Inc., 5.15%, <br> 05/22/2034<sup>(b)</sup><br>| 1132000 | &nbsp;&nbsp; 1184968 |
|  |  | &nbsp;&nbsp; 1859103 |
| **Automobile Components-0.37%** | **Automobile Components-0.37%** | **Automobile Components-0.37%** |
| &nbsp;&nbsp;&nbsp; Aptiv Swiss Holdings Ltd., 5.15%, <br> 09/13/2034<br>| 644000 | &nbsp;&nbsp; 653071 |
| BorgWarner, Inc., 5.40%, 08/15/2034 | 628000 | &nbsp;&nbsp; 652486 |
|  |  | &nbsp;&nbsp; 1305557 |
| **Automobiles-1.17%** | **Automobiles-1.17%** | **Automobiles-1.17%** |
| &nbsp;&nbsp;&nbsp; American Honda Finance Corp., 4.90%, <br> 01/10/2034<br>| 941000 | &nbsp;&nbsp; 950394 |
| &nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC, 6.13%, <br> 03/08/2034<br>| 2067000 | &nbsp;&nbsp; 2103667 |
| &nbsp;&nbsp;&nbsp; Toyota Motor Credit Corp., 4.80%, <br> 01/05/2034<br>| 988000 | &nbsp;&nbsp; 1014163 |
|  |  | &nbsp;&nbsp; 4068224 |
| **Banks-2.55%** | **Banks-2.55%** | **Banks-2.55%** |
| &nbsp;&nbsp;&nbsp; Banco Santander S.A. (Spain), 6.35%, <br> 03/14/2034<br>| 1505000 | &nbsp;&nbsp; 1629078 |
| &nbsp;&nbsp;&nbsp; Bank of Nova Scotia (The) (Canada), 5.65%, <br> 02/01/2034<br>| 1068000 | &nbsp;&nbsp; 1143256 |
| Citibank N.A., 5.57%, 04/30/2034 | 2502000 | &nbsp;&nbsp; 2666184 |
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada (Canada), 5.15%, <br> 02/01/2034<sup>(b)</sup><br>| 1569000 | &nbsp;&nbsp; 1650517 |
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. (Japan), <br> 5.56%, 07/09/2034<br>| 1694000 | &nbsp;&nbsp; 1796144 |
|  |  | &nbsp;&nbsp; 8885179 |
| **Beverages-1.70%** | **Beverages-1.70%** | **Beverages-1.70%** |
| &nbsp;&nbsp;&nbsp; Anheuser-Busch InBev Worldwide, Inc. <br> (Belgium), 5.00%, 06/15/2034<br>| 1253000 | &nbsp;&nbsp; 1304431 |
| Coca-Cola Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/13/2034 | 1245000 | &nbsp;&nbsp; 1308180 |
| &nbsp;&nbsp;&nbsp; 4.65%, 08/14/2034<sup>(b)</sup> | 942000 | &nbsp;&nbsp; 969659 |
| &nbsp;&nbsp;&nbsp; Coca-Cola Consolidated, Inc., 5.45%, <br> 06/01/2034<br>| 628000 | &nbsp;&nbsp; 662796 |
| Keurig Dr Pepper, Inc., 5.30%, 03/15/2034 | 814000 | &nbsp;&nbsp; 832656 |
| PepsiCo, Inc., 4.80%, 07/17/2034<sup>(b)</sup> | 818000 | &nbsp;&nbsp; 841433 |
|  |  | &nbsp;&nbsp; 5919155 |
| **Biotechnology-1.11%** | **Biotechnology-1.11%** | **Biotechnology-1.11%** |
| AbbVie, Inc., 5.05%, 03/15/2034 | 3736000 | &nbsp;&nbsp; 3876075 |
| **Broadline Retail-0.47%** | **Broadline Retail-0.47%** | **Broadline Retail-0.47%** |
| Amazon.com, Inc., 4.80%, 12/05/2034<sup>(b)</sup> | 1569000 | &nbsp;&nbsp; 1628551 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Building Products-0.64%** | **Building Products-0.64%** | **Building Products-0.64%** |
| Carrier Global Corp., 5.90%, 03/15/2034 | $1096000 | &nbsp;&nbsp; $1184574 |
| Owens Corning, 5.70%, 06/15/2034 | 1000000 | &nbsp;&nbsp; 1056190 |
|  |  | &nbsp;&nbsp; 2240764 |
| **Capital Markets-2.11%** | **Capital Markets-2.11%** | **Capital Markets-2.11%** |
| &nbsp;&nbsp;&nbsp; Blackstone Reg Finance Co. LLC, 5.00%, <br> 12/06/2034<br>| 939000 | &nbsp;&nbsp; 947950 |
| &nbsp;&nbsp;&nbsp; Brookfield Finance, Inc. (Canada), 6.35%, <br> 01/05/2034<br>| 874000 | &nbsp;&nbsp; 950752 |
| &nbsp;&nbsp;&nbsp; Jefferies Financial Group, Inc., 6.20%, <br> 04/14/2034<br>| 1880000 | &nbsp;&nbsp; 1992768 |
| Moody's Corp., 5.00%, 08/05/2034 | 618000 | &nbsp;&nbsp; 635419 |
| Nasdaq, Inc., 5.55%, 02/15/2034 | 1417000 | &nbsp;&nbsp; 1498007 |
| &nbsp;&nbsp;&nbsp; Nomura Holdings, Inc. (Japan), 5.78%, <br> 07/03/2034<sup>(b)</sup><br>| 1257000 | &nbsp;&nbsp; 1339410 |
|  |  | &nbsp;&nbsp; 7364306 |
| **Chemicals-1.84%** | **Chemicals-1.84%** | **Chemicals-1.84%** |
| &nbsp;&nbsp;&nbsp; Air Products and Chemicals, Inc., 4.85%, <br> 02/08/2034<br>| 1445000 | &nbsp;&nbsp; 1476825 |
| CF Industries, Inc., 5.15%, 03/15/2034 | 942000 | &nbsp;&nbsp; 951520 |
| Dow Chemical Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 5.15%, 02/15/2034<sup>(b)</sup> | 752000 | &nbsp;&nbsp; 752426 |
| &nbsp;&nbsp;&nbsp; 4.25%, 10/01/2034 | 590000 | &nbsp;&nbsp; 545897 |
| &nbsp;&nbsp;&nbsp; Eastman Chemical Co., 5.63%, <br> 02/20/2034<sup>(b)</sup><br>| 930000 | &nbsp;&nbsp; 961417 |
| &nbsp;&nbsp;&nbsp; LYB International Finance III LLC, 5.50%, <br> 03/01/2034<br>| 942000 | &nbsp;&nbsp; 940494 |
| Nutrien Ltd. (Canada), 5.40%, 06/21/2034<sup>(b)</sup> | 752000 | &nbsp;&nbsp; 779901 |
|  |  | &nbsp;&nbsp; 6408480 |
| **Commercial Services & Supplies-1.45%** | **Commercial Services & Supplies-1.45%** | **Commercial Services & Supplies-1.45%** |
| &nbsp;&nbsp;&nbsp; CDW LLC/CDW Finance Corp., 5.55%, <br> 08/22/2034<br>| 747000 | &nbsp;&nbsp; 768908 |
| Republic Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2034 | 998000 | &nbsp;&nbsp; 1032251 |
| &nbsp;&nbsp;&nbsp; 5.20%, 11/15/2034 | 628000 | &nbsp;&nbsp; 655647 |
| Waste Connections, Inc., 5.00%, 03/01/2034 | 944000 | &nbsp;&nbsp; 968685 |
| &nbsp;&nbsp;&nbsp; Waste Management, Inc., 4.88%, <br> 02/15/2034<br>| 1569000 | &nbsp;&nbsp; 1619170 |
|  |  | &nbsp;&nbsp; 5044661 |
| **Communications Equipment-1.27%** | **Communications Equipment-1.27%** | **Communications Equipment-1.27%** |
| Cisco Systems, Inc., 5.05%, 02/26/2034 | 3129000 | &nbsp;&nbsp; 3248289 |
| Motorola Solutions, Inc., 5.40%, 04/15/2034 | 1123000 | &nbsp;&nbsp; 1162338 |
|  |  | &nbsp;&nbsp; 4410627 |
| **Construction & Engineering-0.24%** | **Construction & Engineering-0.24%** | **Construction & Engineering-0.24%** |
| Quanta Services, Inc., 5.25%, 08/09/2034 | 818000 | &nbsp;&nbsp; 846961 |
| **Construction Materials-0.84%** | **Construction Materials-0.84%** | **Construction Materials-0.84%** |
| &nbsp;&nbsp;&nbsp; CRH America Finance, Inc., 5.40%, <br> 05/21/2034<br>| 942000 | &nbsp;&nbsp; 983758 |
| &nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc., 5.15%, <br> 12/01/2034<br>| 941000 | &nbsp;&nbsp; 967341 |
| Vulcan Materials Co., 5.35%, 12/01/2034 | 942000 | &nbsp;&nbsp; 981093 |
|  |  | &nbsp;&nbsp; 2932192 |
| **Consumer Finance-1.32%** | **Consumer Finance-1.32%** | **Consumer Finance-1.32%** |
| General Motors Financial Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.10%, 01/07/2034 | 1865000 | &nbsp;&nbsp; 1986140 |
| &nbsp;&nbsp;&nbsp; 5.95%, 04/04/2034 | 1569000 | &nbsp;&nbsp; 1652058 |
| &nbsp;&nbsp;&nbsp; 5.45%, 09/06/2034 | 942000 | &nbsp;&nbsp; 960677 |
|  |  | &nbsp;&nbsp; 4598875 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2034 Corporate Bond ETF (BSCY)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Consumer Staples Distribution & Retail-1.26%** | **Consumer Staples Distribution & Retail-1.26%** | **Consumer Staples Distribution & Retail-1.26%** |
| Kroger Co. (The), 5.00%, 09/15/2034 | $2738000 | &nbsp;&nbsp; $2782900 |
| Sysco Corp., 6.00%, 01/17/2034 | 627000 | &nbsp;&nbsp; 684641 |
| Target Corp., 4.50%, 09/15/2034<sup>(b)</sup> | 942000 | &nbsp;&nbsp; 934156 |
|  |  | &nbsp;&nbsp; 4401697 |
| **Containers & Packaging-0.92%** | **Containers & Packaging-0.92%** | **Containers & Packaging-0.92%** |
| Berry Global, Inc., 5.65%, 01/15/2034 | 996000 | &nbsp;&nbsp; 1044762 |
| &nbsp;&nbsp;&nbsp; Smurfit Kappa Treasury Unlimited Co. <br> (Ireland), 5.44%, 04/03/2034<br>| 1252000 | &nbsp;&nbsp; 1302092 |
| Sonoco Products Co., 5.00%, 09/01/2034<sup>(b)</sup> | 874000 | &nbsp;&nbsp; 869862 |
|  |  | &nbsp;&nbsp; 3216716 |
| **Diversified REITs-0.40%** | **Diversified REITs-0.40%** | **Diversified REITs-0.40%** |
| &nbsp;&nbsp;&nbsp; American Assets Trust L.P., 6.15%, <br> 10/01/2034<br>| 662000 | &nbsp;&nbsp; 677856 |
| VICI Properties L.P., 5.75%, 04/01/2034 | 693000 | &nbsp;&nbsp; 719627 |
|  |  | &nbsp;&nbsp; 1397483 |
| **Diversified Telecommunication Services-1.95%** | **Diversified Telecommunication Services-1.95%** | **Diversified Telecommunication Services-1.95%** |
| AT&T, Inc., 5.40%, 02/15/2034 | 3442000 | &nbsp;&nbsp; 3596128 |
| Bell Canada (Canada), 5.20%, 02/15/2034<sup>(b)</sup> | 874000 | &nbsp;&nbsp; 891605 |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc., 4.40%, <br> 11/01/2034<br>| 2367000 | &nbsp;&nbsp; 2300378 |
|  |  | &nbsp;&nbsp; 6788111 |
| **Electric Utilities-8.01%** | **Electric Utilities-8.01%** | **Electric Utilities-8.01%** |
| &nbsp;&nbsp;&nbsp; Arizona Public Service Co., 5.70%, <br> 08/15/2034<br>| 876000 | &nbsp;&nbsp; 925921 |
| &nbsp;&nbsp;&nbsp; Consolidated Edison Co. of New York, Inc., <br> 5.50%, 03/15/2034<br>| 748000 | &nbsp;&nbsp; 790564 |
| &nbsp;&nbsp;&nbsp; Constellation Energy Generation LLC, 6.13%, <br> 01/15/2034<br>| 617000 | &nbsp;&nbsp; 672161 |
| &nbsp;&nbsp;&nbsp; Duke Energy Carolinas LLC, 4.85%, <br> 01/15/2034<br>| 719000 | &nbsp;&nbsp; 732995 |
| Duke Energy Corp., 5.45%, 06/15/2034 | 942000 | &nbsp;&nbsp; 987557 |
| &nbsp;&nbsp;&nbsp; Duke Energy Progress LLC, 5.10%, <br> 03/15/2034<br>| 626000 | &nbsp;&nbsp; 651046 |
| Entergy Arkansas LLC, 5.45%, 06/01/2034 | 864000 | &nbsp;&nbsp; 910595 |
| Entergy Louisiana LLC |  |  |
| &nbsp;&nbsp;&nbsp; 5.35%, 03/15/2034 | 627000 | &nbsp;&nbsp; 655650 |
| &nbsp;&nbsp;&nbsp; 5.15%, 09/15/2034 | 874000 | &nbsp;&nbsp; 900760 |
| Eversource Energy |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/01/2034 | 815000 | &nbsp;&nbsp; 842941 |
| &nbsp;&nbsp;&nbsp; 5.95%, 07/15/2034 | 879000 | &nbsp;&nbsp; 935087 |
| Exelon Corp., 5.45%, 03/15/2034 | 819000 | &nbsp;&nbsp; 857984 |
| &nbsp;&nbsp;&nbsp; Florida Power & Light Co., 5.30%, <br> 06/15/2034<br>| 1365000 | &nbsp;&nbsp; 1436627 |
| Georgia Power Co., 5.25%, 03/15/2034 | 1128000 | &nbsp;&nbsp; 1171485 |
| &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc., 5.25%, <br> 03/15/2034<br>| 1380000 | &nbsp;&nbsp; 1423400 |
| Pacific Gas and Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp; 6.95%, 03/15/2034 | 998000 | &nbsp;&nbsp; 1117926 |
| &nbsp;&nbsp;&nbsp; 5.80%, 05/15/2034 | 1380000 | &nbsp;&nbsp; 1440418 |
| PacifiCorp, 5.45%, 02/15/2034 | 1380000 | &nbsp;&nbsp; 1410709 |
| &nbsp;&nbsp;&nbsp; PPL Capital Funding, Inc., 5.25%, <br> 09/01/2034<br>| 941000 | &nbsp;&nbsp; 970237 |
| &nbsp;&nbsp;&nbsp; PPL Electric Utilities Corp., 4.85%, <br> 02/15/2034<br>| 819000 | &nbsp;&nbsp; 838374 |
| &nbsp;&nbsp;&nbsp; Public Service Co. of Colorado, 5.35%, <br> 05/15/2034<br>| 1070000 | &nbsp;&nbsp; 1111889 |
| &nbsp;&nbsp;&nbsp; Public Service Electric and Gas Co., 4.85%, <br> 08/01/2034<br>| 752000 | &nbsp;&nbsp; 764569 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Electric Utilities-(continued)** | **Electric Utilities-(continued)** | **Electric Utilities-(continued)** | **Electric Utilities-(continued)** |
| Southern California Edison Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/2034 | $| 652000 | &nbsp;&nbsp; $689127 |
| &nbsp;&nbsp;&nbsp; 5.20%, 06/01/2034 |  | 1113000 | &nbsp;&nbsp; 1123955 |
| Southern Co. (The), 5.70%, 03/15/2034 |  | 1380000 | &nbsp;&nbsp; 1458129 |
| Union Electric Co., 5.20%, 04/01/2034 |  | 622000 | &nbsp;&nbsp; 645005 |
| Virginia Electric & Power Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2034 |  | 628000 | &nbsp;&nbsp; 641332 |
| &nbsp;&nbsp;&nbsp; 5.05%, 08/15/2034 |  | 751000 | &nbsp;&nbsp; 767052 |
| Xcel Energy, Inc., 5.50%, 03/15/2034 |  | 998000 | &nbsp;&nbsp; 1036211 |
|  |  |  | &nbsp;&nbsp; 27909706 |
| **Electronic Equipment, Instruments & Components-0.86%** | **Electronic Equipment, Instruments & Components-0.86%** | **Electronic Equipment, Instruments & Components-0.86%** | **Electronic Equipment, Instruments & Components-0.86%** |
| Amphenol Corp., 5.25%, 04/05/2034 |  | 751000 | &nbsp;&nbsp; 787136 |
| Arrow Electronics, Inc., 5.88%, 04/10/2034 |  | 626000 | &nbsp;&nbsp; 654826 |
| &nbsp;&nbsp;&nbsp; Keysight Technologies, Inc., 4.95%, <br> 10/15/2034<br>|  | 752000 | &nbsp;&nbsp; 762182 |
| TD SYNNEX Corp., 6.10%, 04/12/2034 |  | 752000 | &nbsp;&nbsp; 799221 |
|  |  |  | &nbsp;&nbsp; 3003365 |
| **Energy Equipment & Services-0.20%** | **Energy Equipment & Services-0.20%** | **Energy Equipment & Services-0.20%** | **Energy Equipment & Services-0.20%** |
| &nbsp;&nbsp;&nbsp; Helmerich & Payne, Inc., 5.50%, <br> 12/01/2034<sup>(b)</sup><br>|  | 690000 | &nbsp;&nbsp; 688024 |
| **Entertainment-0.77%** | **Entertainment-0.77%** | **Entertainment-0.77%** | **Entertainment-0.77%** |
| Netflix, Inc., 4.90%, 08/15/2034 |  | 1255000 | &nbsp;&nbsp; 1302247 |
| Walt Disney Co. (The), 6.20%, 12/15/2034 |  | 1229000 | &nbsp;&nbsp; 1393874 |
|  |  |  | &nbsp;&nbsp; 2696121 |
| **Financial Services-4.03%** | **Financial Services-4.03%** | **Financial Services-4.03%** | **Financial Services-4.03%** |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust (Ireland)<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.30%, 01/19/2034 |  | 874000 | &nbsp;&nbsp; 900539 |
| &nbsp;&nbsp;&nbsp; 4.95%, 09/10/2034 |  | 1380000 | &nbsp;&nbsp; 1380580 |
| BlackRock Funding, Inc., 5.00%, 03/14/2034 |  | 1253000 | &nbsp;&nbsp; 1299583 |
| &nbsp;&nbsp;&nbsp; Blackstone Private Credit Fund, 6.00%, <br> 11/22/2034<sup>(b)</sup><br>|  | 994000 | &nbsp;&nbsp; 1009429 |
| Blue Owl Finance LLC, 6.25%, 04/18/2034 |  | 1243000 | &nbsp;&nbsp; 1281380 |
| &nbsp;&nbsp;&nbsp; Corebridge Financial, Inc., 5.75%, <br> 01/15/2034<br>|  | 944000 | &nbsp;&nbsp; 985649 |
| Fiserv, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.45%, 03/15/2034 |  | 940000 | &nbsp;&nbsp; 956829 |
| &nbsp;&nbsp;&nbsp; 5.15%, 08/12/2034 |  | 1123000 | &nbsp;&nbsp; 1118268 |
| &nbsp;&nbsp;&nbsp; HA Sustainable Infrastructure Capital, Inc., <br> 6.38%, 07/01/2034<br>|  | 1254000 | &nbsp;&nbsp; 1281304 |
| LPL Holdings, Inc., 6.00%, 05/20/2034 |  | 622000 | &nbsp;&nbsp; 653688 |
| Mastercard, Inc., 4.88%, 05/09/2034 |  | 1256000 | &nbsp;&nbsp; 1294418 |
| PayPal Holdings, Inc., 5.15%, 06/01/2034 |  | 1055000 | &nbsp;&nbsp; 1090433 |
| &nbsp;&nbsp;&nbsp; TPG Operating Group II L.P., 5.88%, <br> 03/05/2034<br>|  | 748000 | &nbsp;&nbsp; 784532 |
|  |  |  | &nbsp;&nbsp; 14036632 |
| **Food Products-2.33%** | **Food Products-2.33%** | **Food Products-2.33%** | **Food Products-2.33%** |
| &nbsp;&nbsp;&nbsp; Bunge Ltd. Finance Corp., 4.65%, <br> 09/17/2034<br>|  | 998000 | &nbsp;&nbsp; 988112 |
| Campbell's Co. (The), 5.40%, 03/21/2034 |  | 1246000 | &nbsp;&nbsp; 1284669 |
| &nbsp;&nbsp;&nbsp; JBS USA Holding Lux S.a.r.l./JBS USA Food <br> Co./JBS Lux Co. S.a.r.l., 6.75%, <br> 03/15/2034<br>|  | 1865000 | &nbsp;&nbsp; 2071129 |
| McCormick & Co., Inc., 4.70%, 10/15/2034 |  | 628000 | &nbsp;&nbsp; 624015 |
| &nbsp;&nbsp;&nbsp; Mondelez International, Inc., 4.75%, <br> 08/28/2034<br>|  | 625000 | &nbsp;&nbsp; 626549 |
| Pilgrim's Pride Corp., 6.88%, 05/15/2034 |  | 627000 | &nbsp;&nbsp; 696611 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2034 Corporate Bond ETF (BSCY)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Food Products-(continued)** | **Food Products-(continued)** | **Food Products-(continued)** | **Food Products-(continued)** |
| Tyson Foods, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.70%, 03/15/2034 | $| 1131000 | &nbsp;&nbsp; $1197013 |
| &nbsp;&nbsp;&nbsp; 4.88%, 08/15/2034 |  | 627000 | &nbsp;&nbsp; 628962 |
|  |  |  | &nbsp;&nbsp; 8117060 |
| **Gas Utilities-0.22%** | **Gas Utilities-0.22%** | **Gas Utilities-0.22%** | **Gas Utilities-0.22%** |
| &nbsp;&nbsp;&nbsp; Southern California Gas Co., 5.05%, <br> 09/01/2034<br>|  | 748000 | &nbsp;&nbsp; 766437 |
| **Ground Transportation-1.01%** | **Ground Transportation-1.01%** | **Ground Transportation-1.01%** | **Ground Transportation-1.01%** |
| Canadian National Railway Co. (Canada) |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 08/01/2034 |  | 628000 | &nbsp;&nbsp; 701320 |
| &nbsp;&nbsp;&nbsp; 4.38%, 09/18/2034 |  | 944000 | &nbsp;&nbsp; 933294 |
| Uber Technologies, Inc., 4.80%, 09/15/2034 |  | 1884000 | &nbsp;&nbsp; 1895728 |
|  |  |  | &nbsp;&nbsp; 3530342 |
| **Health Care Equipment & Supplies-1.59%** | **Health Care Equipment & Supplies-1.59%** | **Health Care Equipment & Supplies-1.59%** | **Health Care Equipment & Supplies-1.59%** |
| &nbsp;&nbsp;&nbsp; Becton, Dickinson and Co., 5.11%, <br> 02/08/2034<br>|  | 692000 | &nbsp;&nbsp; 710962 |
| &nbsp;&nbsp;&nbsp; Smith & Nephew PLC (United Kingdom), <br> 5.40%, 03/20/2034<br>|  | 809000 | &nbsp;&nbsp; 844695 |
| Solventum Corp., 5.60%, 03/23/2034 |  | 2045000 | &nbsp;&nbsp; 2137895 |
| Stryker Corp., 4.63%, 09/11/2034 |  | 942000 | &nbsp;&nbsp; 945329 |
| &nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc., 5.20%, <br> 09/15/2034<br>|  | 879000 | &nbsp;&nbsp; 904623 |
|  |  |  | &nbsp;&nbsp; 5543504 |
| **Health Care Providers & Services-5.79%** | **Health Care Providers & Services-5.79%** | **Health Care Providers & Services-5.79%** | **Health Care Providers & Services-5.79%** |
| Cardinal Health, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.45%, 02/15/2034 |  | 618000 | &nbsp;&nbsp; 647175 |
| &nbsp;&nbsp;&nbsp; 5.35%, 11/15/2034 |  | 1256000 | &nbsp;&nbsp; 1301831 |
| Cencora, Inc., 5.13%, 02/15/2034 |  | 627000 | &nbsp;&nbsp; 648180 |
| Cigna Group (The), 5.25%, 02/15/2034 |  | 1570000 | &nbsp;&nbsp; 1626516 |
| CommonSpirit Health, 5.32%, 12/01/2034 |  | 898000 | &nbsp;&nbsp; 923900 |
| CVS Health Corp., 5.70%, 06/01/2034 |  | 1569000 | &nbsp;&nbsp; 1653424 |
| Elevance Health, Inc., 5.38%, 06/15/2034 |  | 1255000 | &nbsp;&nbsp; 1302461 |
| HCA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.60%, 04/01/2034 |  | 1627000 | &nbsp;&nbsp; 1707663 |
| &nbsp;&nbsp;&nbsp; 5.45%, 09/15/2034 |  | 1569000 | &nbsp;&nbsp; 1629178 |
| Humana, Inc., 5.95%, 03/15/2034 |  | 1065000 | &nbsp;&nbsp; 1125618 |
| &nbsp;&nbsp;&nbsp; Icon Investments Six DAC, 6.00%, <br> 05/08/2034<br>|  | 618000 | &nbsp;&nbsp; 655668 |
| &nbsp;&nbsp;&nbsp; Laboratory Corp. of America Holdings, 4.80%, <br> 10/01/2034<br>|  | 1066000 | &nbsp;&nbsp; 1062737 |
| Quest Diagnostics, Inc., 5.00%, 12/15/2034 |  | 1065000 | &nbsp;&nbsp; 1085816 |
| UnitedHealth Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/15/2034 |  | 1569000 | &nbsp;&nbsp; 1606728 |
| &nbsp;&nbsp;&nbsp; 5.15%, 07/15/2034 |  | 2491000 | &nbsp;&nbsp; 2576965 |
| &nbsp;&nbsp;&nbsp; Universal Health Services, Inc., 5.05%, <br> 10/15/2034<br>|  | 627000 | &nbsp;&nbsp; 618030 |
|  |  |  | &nbsp;&nbsp; 20171890 |
| **Health Care REITs-0.44%** | **Health Care REITs-0.44%** | **Health Care REITs-0.44%** | **Health Care REITs-0.44%** |
| &nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc., 2.95%, <br> 03/15/2034<br>|  | 999000 | &nbsp;&nbsp; 862287 |
| Ventas Realty L.P., 5.63%, 07/01/2034 |  | 627000 | &nbsp;&nbsp; 658074 |
|  |  |  | &nbsp;&nbsp; 1520361 |
| **Hotel & Resort REITs-0.22%** | **Hotel & Resort REITs-0.22%** | **Hotel & Resort REITs-0.22%** | **Hotel & Resort REITs-0.22%** |
| &nbsp;&nbsp;&nbsp; Host Hotels & Resorts L.P., 5.70%, <br> 07/01/2034<br>|  | 752000 | &nbsp;&nbsp; 779552 |
| **Hotels, Restaurants & Leisure-1.16%** | **Hotels, Restaurants & Leisure-1.16%** | **Hotels, Restaurants & Leisure-1.16%** | **Hotels, Restaurants & Leisure-1.16%** |
| &nbsp;&nbsp;&nbsp; Choice Hotels International, Inc., 5.85%, <br> 08/01/2034<br>|  | 752000 | &nbsp;&nbsp; 773297 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Hotels, Restaurants & Leisure-(continued)** | **Hotels, Restaurants & Leisure-(continued)** | **Hotels, Restaurants & Leisure-(continued)** |
| Las Vegas Sands Corp., 6.20%, 08/15/2034 | 628000 | &nbsp;&nbsp; $662170 |
| &nbsp;&nbsp;&nbsp; Marriott International, Inc., 5.30%, <br> 05/15/2034<br>| 1252000 | &nbsp;&nbsp; 1299363 |
| McDonald's Corp., 5.20%, 05/17/2034 | 628000 | &nbsp;&nbsp; 657746 |
| Starbucks Corp., 5.00%, 02/15/2034 | 629000 | &nbsp;&nbsp; 645423 |
|  |  | &nbsp;&nbsp; 4037999 |
| **Household Durables-0.26%** | **Household Durables-0.26%** | **Household Durables-0.26%** |
| D.R. Horton, Inc., 5.00%, 10/15/2034 | 878000 | &nbsp;&nbsp; 896895 |
| **Household Products-0.46%** | **Household Products-0.46%** | **Household Products-0.46%** |
| Procter & Gamble Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 4.55%, 01/29/2034 | 940000 | &nbsp;&nbsp; 963159 |
| &nbsp;&nbsp;&nbsp; 4.55%, 10/24/2034 | 627000 | &nbsp;&nbsp; 641091 |
|  |  | &nbsp;&nbsp; 1604250 |
| **Independent Power and Renewable Electricity Producers-0.22%** | **Independent Power and Renewable Electricity Producers-0.22%** | **Independent Power and Renewable Electricity Producers-0.22%** |
| NSTAR Electric Co., 5.40%, 06/01/2034 | 747000 | &nbsp;&nbsp; 780289 |
| **Industrial Conglomerates-0.36%** | **Industrial Conglomerates-0.36%** | **Industrial Conglomerates-0.36%** |
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc., 4.50%, <br> 01/15/2034<br>| 1256000 | &nbsp;&nbsp; 1252463 |
| **Insurance-3.58%** | **Insurance-3.58%** | **Insurance-3.58%** |
| Aon North America, Inc., 5.45%, 03/01/2034 | 2177000 | &nbsp;&nbsp; 2277913 |
| &nbsp;&nbsp;&nbsp; Arthur J. Gallagher & Co., 5.45%, <br> 07/15/2034<br>| 623000 | &nbsp;&nbsp; 649670 |
| Brown & Brown, Inc., 5.65%, 06/11/2034 | 751000 | &nbsp;&nbsp; 779787 |
| &nbsp;&nbsp;&nbsp; Chubb INA Holdings LLC, 5.00%, <br> 03/15/2034<br>| 2007000 | &nbsp;&nbsp; 2064868 |
| CNA Financial Corp., 5.13%, 02/15/2034 | 628000 | &nbsp;&nbsp; 634829 |
| &nbsp;&nbsp;&nbsp; CNO Financial Group, Inc., 6.45%, <br> 06/15/2034<br>| 864000 | &nbsp;&nbsp; 916268 |
| &nbsp;&nbsp;&nbsp; Equinix Europe 2 Financing Corp. LLC, 5.50%, <br> 06/15/2034<br>| 942000 | &nbsp;&nbsp; 980825 |
| &nbsp;&nbsp;&nbsp; F&G Annuities & Life, Inc., 6.25%, <br> 10/04/2034<br>| 628000 | &nbsp;&nbsp; 636967 |
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc., 5.15%, <br> 03/15/2034<br>| 628000 | &nbsp;&nbsp; 651372 |
| MetLife, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 06/15/2034 | 944000 | &nbsp;&nbsp; 1062234 |
| &nbsp;&nbsp;&nbsp; 5.30%, 12/15/2034 | 932000 | &nbsp;&nbsp; 973460 |
| &nbsp;&nbsp;&nbsp; Reinsurance Group of America, Inc., 5.75%, <br> 09/15/2034<br>| 819000 | &nbsp;&nbsp; 856308 |
|  |  | &nbsp;&nbsp; 12484501 |
| **Interactive Media & Services-0.91%** | **Interactive Media & Services-0.91%** | **Interactive Media & Services-0.91%** |
| Meta Platforms, Inc., 4.75%, 08/15/2034 | 3130000 | &nbsp;&nbsp; 3185747 |
| **IT Services-0.73%** | **IT Services-0.73%** | **IT Services-0.73%** |
| Accenture Capital, Inc., 4.50%, 10/04/2034 | 1884000 | &nbsp;&nbsp; 1870960 |
| Kyndryl Holdings, Inc., 6.35%, 02/20/2034 | 628000 | &nbsp;&nbsp; 664392 |
|  |  | &nbsp;&nbsp; 2535352 |
| **Leisure Products-0.19%** | **Leisure Products-0.19%** | **Leisure Products-0.19%** |
| Hasbro, Inc., 6.05%, 05/14/2034 | 618000 | &nbsp;&nbsp; 655720 |
| **Life Sciences Tools & Services-0.41%** | **Life Sciences Tools & Services-0.41%** | **Life Sciences Tools & Services-0.41%** |
| &nbsp;&nbsp;&nbsp; Agilent Technologies, Inc., 4.75%, <br> 09/09/2034<br>| 751000 | &nbsp;&nbsp; 755775 |
| &nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc., 5.20%, <br> 01/31/2034<sup>(b)</sup><br>| 626000 | &nbsp;&nbsp; 655913 |
|  |  | &nbsp;&nbsp; 1411688 |
| **Machinery-2.05%** | **Machinery-2.05%** | **Machinery-2.05%** |
| AGCO Corp., 5.80%, 03/21/2034 | 864000 | &nbsp;&nbsp; 904502 |
| Cummins, Inc., 5.15%, 02/20/2034 | 944000 | &nbsp;&nbsp; 982712 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2034 Corporate Bond ETF (BSCY)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Machinery-(continued)** | **Machinery-(continued)** | **Machinery-(continued)** | **Machinery-(continued)** |
| Ingersoll Rand, Inc., 5.45%, 06/15/2034 | $| 944000 | &nbsp;&nbsp; $989679 |
| John Deere Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.10%, 04/11/2034 |  | 1255000 | &nbsp;&nbsp; 1308685 |
| &nbsp;&nbsp;&nbsp; 5.05%, 06/12/2034 |  | 998000 | &nbsp;&nbsp; 1037972 |
| Parker-Hannifin Corp., 4.20%, 11/21/2034 |  | 627000 | &nbsp;&nbsp; 615038 |
| &nbsp;&nbsp;&nbsp; Trane Technologies Financing Ltd., 5.10%, <br> 06/13/2034<br>|  | 623000 | &nbsp;&nbsp; 644116 |
| Wabtec Corp., 5.61%, 03/11/2034 |  | 616000 | &nbsp;&nbsp; 654129 |
|  |  |  | &nbsp;&nbsp; 7136833 |
| **Media-1.95%** | **Media-1.95%** | **Media-1.95%** | **Media-1.95%** |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/<br> Charter Communications Operating Capital <br> Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.65%, 02/01/2034 |  | 1121000 | &nbsp;&nbsp; 1186868 |
| &nbsp;&nbsp;&nbsp; 6.55%, 06/01/2034 |  | 1864000 | &nbsp;&nbsp; 1966639 |
| Comcast Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.30%, 06/01/2034 |  | 1626000 | &nbsp;&nbsp; 1679915 |
| &nbsp;&nbsp;&nbsp; 4.20%, 08/15/2034 |  | 1255000 | &nbsp;&nbsp; 1204663 |
| Omnicom Group, Inc., 5.30%, 11/01/2034 |  | 748000 | &nbsp;&nbsp; 770326 |
|  |  |  | &nbsp;&nbsp; 6808411 |
| **Metals & Mining-1.07%** | **Metals & Mining-1.07%** | **Metals & Mining-1.07%** | **Metals & Mining-1.07%** |
| &nbsp;&nbsp;&nbsp; ArcelorMittal S.A. (Luxembourg), 6.00%, <br> 06/17/2034<br>|  | 628000 | &nbsp;&nbsp; 678531 |
| Freeport-McMoRan, Inc., 5.40%, 11/14/2034 |  | 914000 | &nbsp;&nbsp; 949586 |
| &nbsp;&nbsp;&nbsp; Newmont Corp./Newcrest Finance Pty Ltd., <br> 5.35%, 03/15/2034<br>|  | 1255000 | &nbsp;&nbsp; 1317098 |
| Steel Dynamics, Inc., 5.38%, 08/15/2034 |  | 747000 | &nbsp;&nbsp; 778187 |
|  |  |  | &nbsp;&nbsp; 3723402 |
| **Multi-Utilities-1.22%** | **Multi-Utilities-1.22%** | **Multi-Utilities-1.22%** | **Multi-Utilities-1.22%** |
| DTE Electric Co., 5.20%, 03/01/2034 |  | 628000 | &nbsp;&nbsp; 653982 |
| DTE Energy Co., 5.85%, 06/01/2034 |  | 1065000 | &nbsp;&nbsp; 1140856 |
| &nbsp;&nbsp;&nbsp; National Grid PLC (United Kingdom), 5.42%, <br> 01/11/2034<br>|  | 942000 | &nbsp;&nbsp; 984171 |
| NiSource, Inc., 5.35%, 04/01/2034 |  | 808000 | &nbsp;&nbsp; 837816 |
| &nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc., 5.45%, <br> 04/01/2034<br>|  | 626000 | &nbsp;&nbsp; 653437 |
|  |  |  | &nbsp;&nbsp; 4270262 |
| **Office REITs-0.48%** | **Office REITs-0.48%** | **Office REITs-0.48%** | **Office REITs-0.48%** |
| Boston Properties L.P., 6.50%, 01/15/2034 |  | 943000 | &nbsp;&nbsp; 1020228 |
| Cousins Properties L.P., 5.88%, 10/01/2034 |  | 628000 | &nbsp;&nbsp; 656403 |
|  |  |  | &nbsp;&nbsp; 1676631 |
| **Oil, Gas & Consumable Fuels-11.74%** | **Oil, Gas & Consumable Fuels-11.74%** | **Oil, Gas & Consumable Fuels-11.74%** | **Oil, Gas & Consumable Fuels-11.74%** |
| &nbsp;&nbsp;&nbsp; Boardwalk Pipelines L.P., 5.63%, <br> 08/01/2034<br>|  | 752000 | &nbsp;&nbsp; 785237 |
| BP Capital Markets America, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.99%, 04/10/2034 |  | 1255000 | &nbsp;&nbsp; 1289338 |
| &nbsp;&nbsp;&nbsp; 5.23%, 11/17/2034 |  | 2444000 | &nbsp;&nbsp; 2546088 |
| &nbsp;&nbsp;&nbsp; Cheniere Energy Partners L.P., 5.75%, <br> 08/15/2034<br>|  | 1500000 | &nbsp;&nbsp; 1571350 |
| Cheniere Energy, Inc., 5.65%, 04/15/2034 |  | 1864000 | &nbsp;&nbsp; 1945656 |
| Coterra Energy, Inc., 5.60%, 03/15/2034 |  | 627000 | &nbsp;&nbsp; 649825 |
| Devon Energy Corp., 5.20%, 09/15/2034 |  | 1570000 | &nbsp;&nbsp; 1577361 |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc., 5.40%, <br> 04/18/2034<br>|  | 1627000 | &nbsp;&nbsp; 1673025 |
| Enbridge, Inc. (Canada), 5.63%, 04/05/2034 |  | 1492000 | &nbsp;&nbsp; 1567524 |
| Energy Transfer L.P. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.55%, 05/15/2034 |  | 1549000 | &nbsp;&nbsp; 1601378 |
| &nbsp;&nbsp;&nbsp; 5.60%, 09/01/2034 |  | 1569000 | &nbsp;&nbsp; 1627789 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Oil, Gas & Consumable Fuels-(continued)** | **Oil, Gas & Consumable Fuels-(continued)** | **Oil, Gas & Consumable Fuels-(continued)** | **Oil, Gas & Consumable Fuels-(continued)** |
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, 4.85%, <br> 01/31/2034<br>| $| 1255000 | &nbsp;&nbsp; $1278023 |
| EQT Corp., 5.75%, 02/01/2034 |  | 942000 | &nbsp;&nbsp; 992784 |
| Kinder Morgan, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.40%, 02/01/2034 |  | 1256000 | &nbsp;&nbsp; 1301652 |
| &nbsp;&nbsp;&nbsp; 5.30%, 12/01/2034 |  | 942000 | &nbsp;&nbsp; 968569 |
| MPLX L.P., 5.50%, 06/01/2034 |  | 2043000 | &nbsp;&nbsp; 2097742 |
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp., 5.55%, <br> 10/01/2034<sup>(b)</sup><br>|  | 1485000 | &nbsp;&nbsp; 1513568 |
| ONEOK, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.65%, 09/01/2034 |  | 628000 | &nbsp;&nbsp; 650371 |
| &nbsp;&nbsp;&nbsp; 5.05%, 11/01/2034 |  | 1990000 | &nbsp;&nbsp; 1980700 |
| Ovintiv, Inc., 6.50%, 08/15/2034 |  | 746000 | &nbsp;&nbsp; 802138 |
| Phillips 66, 4.65%, 11/15/2034 |  | 1256000 | &nbsp;&nbsp; 1237577 |
| &nbsp;&nbsp;&nbsp; Plains All American Pipeline L.P./PAA Finance <br> Corp., 5.70%, 09/15/2034<br>|  | 809000 | &nbsp;&nbsp; 839287 |
| &nbsp;&nbsp;&nbsp; South Bow USA Infrastructure Holdings LLC <br> (Canada), 5.58%, 10/01/2034<br>|  | 1570000 | &nbsp;&nbsp; 1589931 |
| &nbsp;&nbsp;&nbsp; Suncor Energy, Inc. (Canada), 5.95%, <br> 12/01/2034<br>|  | 626000 | &nbsp;&nbsp; 666858 |
| Targa Resources Corp., 6.50%, 03/30/2034 |  | 1255000 | &nbsp;&nbsp; 1379524 |
| TotalEnergies Capital S.A. (France) |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.15%, 04/05/2034 |  | 1554000 | &nbsp;&nbsp; 1624572 |
| &nbsp;&nbsp;&nbsp; 4.72%, 09/10/2034 |  | 938000 | &nbsp;&nbsp; 954776 |
| &nbsp;&nbsp;&nbsp; TransCanada PipeLines Ltd. (Canada), 4.63%, <br> 03/01/2034<br>|  | 1565000 | &nbsp;&nbsp; 1536862 |
| &nbsp;&nbsp;&nbsp; Western Midstream Operating L.P., 5.45%, <br> 11/15/2034<br>|  | 999000 | &nbsp;&nbsp; 1007829 |
| Williams Cos., Inc. (The), 5.15%, 03/15/2034 |  | 1628000 | &nbsp;&nbsp; 1662359 |
|  |  |  | &nbsp;&nbsp; 40919693 |
| **Passenger Airlines-0.20%** | **Passenger Airlines-0.20%** | **Passenger Airlines-0.20%** | **Passenger Airlines-0.20%** |
| &nbsp;&nbsp;&nbsp; American Airlines Pass-Through Trust, <br> Series 2021-1, Class A, 2.88%, <br> 07/11/2034<br>|  | 763609 | &nbsp;&nbsp; 701532 |
| **Personal Care Products-0.60%** | **Personal Care Products-0.60%** | **Personal Care Products-0.60%** | **Personal Care Products-0.60%** |
| &nbsp;&nbsp;&nbsp; Estee Lauder Cos., Inc. (The), 5.00%, <br> 02/14/2034<br>|  | 814000 | &nbsp;&nbsp; 831662 |
| &nbsp;&nbsp;&nbsp; Unilever Capital Corp. (United Kingdom), <br> 4.63%, 08/12/2034<br>|  | 1253000 | &nbsp;&nbsp; 1271901 |
|  |  |  | &nbsp;&nbsp; 2103563 |
| **Pharmaceuticals-4.30%** | **Pharmaceuticals-4.30%** | **Pharmaceuticals-4.30%** | **Pharmaceuticals-4.30%** |
| &nbsp;&nbsp;&nbsp; AstraZeneca Finance LLC (United Kingdom), <br> 5.00%, 02/26/2034<br>|  | 1860000 | &nbsp;&nbsp; 1939623 |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co., 5.20%, <br> 02/22/2034<br>|  | 3070000 | &nbsp;&nbsp; 3222860 |
| Eli Lilly and Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.70%, 02/09/2034 |  | 1884000 | &nbsp;&nbsp; 1921149 |
| &nbsp;&nbsp;&nbsp; 4.60%, 08/14/2034 |  | 1569000 | &nbsp;&nbsp; 1589356 |
| &nbsp;&nbsp;&nbsp; GlaxoSmithKline Capital, Inc. (United <br> Kingdom), 5.38%, 04/15/2034<br>|  | 627000 | &nbsp;&nbsp; 668486 |
| Johnson & Johnson, 4.95%, 06/01/2034 |  | 1065000 | &nbsp;&nbsp; 1127770 |
| Novartis Capital Corp., 4.20%, 09/18/2034 |  | 1380000 | &nbsp;&nbsp; 1359949 |
| Royalty Pharma PLC, 5.40%, 09/02/2034 |  | 627000 | &nbsp;&nbsp; 645556 |
| &nbsp;&nbsp;&nbsp; Takeda Pharmaceutical Co. Ltd. (Japan), <br> 5.30%, 07/05/2034<br>|  | 1379000 | &nbsp;&nbsp; 1432601 |
| Wyeth LLC, 6.50%, 02/01/2034 |  | 942000 | &nbsp;&nbsp; 1069378 |
|  |  |  | &nbsp;&nbsp; 14976728 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2034 Corporate Bond ETF (BSCY)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Professional Services-0.58%** | **Professional Services-0.58%** | **Professional Services-0.58%** |
| &nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc., 4.45%, <br> 09/09/2034<br>| $1258000 | &nbsp;&nbsp; $1259940 |
| Verisk Analytics, Inc., 5.25%, 06/05/2034 | 752000 | &nbsp;&nbsp; 775544 |
|  |  | &nbsp;&nbsp; 2035484 |
| **Real Estate Management & Development-0.39%** | **Real Estate Management & Development-0.39%** | **Real Estate Management & Development-0.39%** |
| CBRE Services, Inc., 5.95%, 08/15/2034 | 1256000 | &nbsp;&nbsp; 1353860 |
| **Residential REITs-0.62%** | **Residential REITs-0.62%** | **Residential REITs-0.62%** |
| American Homes 4 Rent L.P. |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 02/01/2034 | 747000 | &nbsp;&nbsp; 774636 |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/15/2034 | 627000 | &nbsp;&nbsp; 653131 |
| ERP Operating L.P., 4.65%, 09/15/2034 | 752000 | &nbsp;&nbsp; 750217 |
|  |  | &nbsp;&nbsp; 2177984 |
| **Retail REITs-1.24%** | **Retail REITs-1.24%** | **Retail REITs-1.24%** |
| Kimco Realty OP LLC, 6.40%, 03/01/2034 | 627000 | &nbsp;&nbsp; 696710 |
| NNN REIT, Inc., 5.50%, 06/15/2034 | 628000 | &nbsp;&nbsp; 656197 |
| Realty Income Corp., 5.13%, 02/15/2034 | 998000 | &nbsp;&nbsp; 1030833 |
| Simon Property Group L.P. |  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/15/2034 | 627000 | &nbsp;&nbsp; 692122 |
| &nbsp;&nbsp;&nbsp; 4.75%, 09/26/2034 | 1256000 | &nbsp;&nbsp; 1258314 |
|  |  | &nbsp;&nbsp; 4334176 |
| **Semiconductors & Semiconductor Equipment-2.64%** | **Semiconductors & Semiconductor Equipment-2.64%** | **Semiconductors & Semiconductor Equipment-2.64%** |
| Analog Devices, Inc., 5.05%, 04/01/2034 | 685000 | &nbsp;&nbsp; 714756 |
| Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.47%, 04/15/2034 | 4040000 | &nbsp;&nbsp; 3728292 |
| &nbsp;&nbsp;&nbsp; 4.80%, 10/15/2034 | 2178000 | &nbsp;&nbsp; 2209169 |
| Intel Corp., 5.15%, 02/21/2034 | 1123000 | &nbsp;&nbsp; 1143600 |
| KLA Corp., 4.70%, 02/01/2034 | 627000 | &nbsp;&nbsp; 635033 |
| Texas Instruments, Inc., 4.85%, 02/08/2034 | 751000 | &nbsp;&nbsp; 776259 |
|  |  | &nbsp;&nbsp; 9207109 |
| **Software-2.73%** | **Software-2.73%** | **Software-2.73%** |
| Adobe, Inc., 4.95%, 04/04/2034 | 941000 | &nbsp;&nbsp; 978848 |
| AppLovin Corp., 5.50%, 12/01/2034 | 1232000 | &nbsp;&nbsp; 1275742 |
| Atlassian Corp., 5.50%, 05/15/2034 | 628000 | &nbsp;&nbsp; 652335 |
| &nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc., 4.70%, <br> 09/10/2034<br>| 1256000 | &nbsp;&nbsp; 1264234 |
| Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.30%, 07/08/2034 | 2178000 | &nbsp;&nbsp; 2014656 |
| &nbsp;&nbsp;&nbsp; 4.70%, 09/27/2034 | 2178000 | &nbsp;&nbsp; 2064312 |
| &nbsp;&nbsp;&nbsp; Roper Technologies, Inc., 4.90%, <br> 10/15/2034<br>| 1256000 | &nbsp;&nbsp; 1261836 |
|  |  | &nbsp;&nbsp; 9511963 |
| **Specialized REITs-2.04%** | **Specialized REITs-2.04%** | **Specialized REITs-2.04%** |
| American Tower Corp., 5.45%, 02/15/2034 | 818000 | &nbsp;&nbsp; 854083 |
| &nbsp;&nbsp;&nbsp; Americold Realty Operating Partnership L.P., <br> 5.41%, 09/12/2034<br>| 628000 | &nbsp;&nbsp; 620161 |
| Crown Castle, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.80%, 03/01/2034 | 935000 | &nbsp;&nbsp; 986221 |
| &nbsp;&nbsp;&nbsp; 5.20%, 09/01/2034 | 864000 | &nbsp;&nbsp; 876635 |
| &nbsp;&nbsp;&nbsp; Extra Space Storage L.P., 5.40%, <br> 02/01/2034<br>| 751000 | &nbsp;&nbsp; 775116 |
| &nbsp;&nbsp;&nbsp; GLP Capital L.P./GLP Financing II, Inc., 5.63%, <br> 09/15/2034<br>| 1000000 | &nbsp;&nbsp; 1013859 |
| Prologis L.P. |  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 01/15/2034 | 940000 | &nbsp;&nbsp; 971622 |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/2034 | 999000 | &nbsp;&nbsp; 1024190 |
|  |  | &nbsp;&nbsp; 7121887 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Specialty Retail-1.83%** | **Specialty Retail-1.83%** | **Specialty Retail-1.83%** |
| AutoZone, Inc., 5.40%, 07/15/2034 | $875000 | &nbsp;&nbsp; $912986 |
| &nbsp;&nbsp;&nbsp; Dell International LLC/EMC Corp., 5.40%, <br> 04/15/2034<sup>(b)</sup><br>| 1242000 | &nbsp;&nbsp; 1284085 |
| Home Depot, Inc. (The), 4.95%, 06/25/2034 | 2193000 | &nbsp;&nbsp; 2257713 |
| &nbsp;&nbsp;&nbsp; IBM International Capital Pte. Ltd., 4.90%, <br> 02/05/2034<br>| 1255000 | &nbsp;&nbsp; 1280344 |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc., 5.00%, <br> 08/19/2034<br>| 627000 | &nbsp;&nbsp; 635764 |
|  |  | &nbsp;&nbsp; 6370892 |
| **Technology Hardware, Storage & Peripherals-0.71%** | **Technology Hardware, Storage & Peripherals-0.71%** | **Technology Hardware, Storage & Peripherals-0.71%** |
| &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co., 5.00%, <br> 10/15/2034<br>| 2491000 | &nbsp;&nbsp; 2479638 |
| **Tobacco-1.25%** | **Tobacco-1.25%** | **Tobacco-1.25%** |
| &nbsp;&nbsp;&nbsp; B.A.T. Capital Corp. (United Kingdom), 6.00%, <br> 02/20/2034<br>| 1066000 | &nbsp;&nbsp; 1147816 |
| Philip Morris International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/13/2034 | 2178000 | &nbsp;&nbsp; 2262372 |
| &nbsp;&nbsp;&nbsp; 4.90%, 11/01/2034 | 944000 | &nbsp;&nbsp; 957717 |
|  |  | &nbsp;&nbsp; 4367905 |
| **Trading Companies & Distributors-0.45%** | **Trading Companies & Distributors-0.45%** | **Trading Companies & Distributors-0.45%** |
| &nbsp;&nbsp;&nbsp; Ferguson Enterprises, Inc., 5.00%, <br> 10/03/2034<br>| 936000 | &nbsp;&nbsp; 951240 |
| W.W. Grainger, Inc., 4.45%, 09/15/2034 | 626000 | &nbsp;&nbsp; 625803 |
|  |  | &nbsp;&nbsp; 1577043 |
| **Water Utilities-0.45%** | **Water Utilities-0.45%** | **Water Utilities-0.45%** |
| &nbsp;&nbsp;&nbsp; American Water Capital Corp., 5.15%, <br> 03/01/2034<br>| 874000 | &nbsp;&nbsp; 907083 |
| Essential Utilities, Inc., 5.38%, 01/15/2034 | 628000 | &nbsp;&nbsp; 650931 |
|  |  | &nbsp;&nbsp; 1558014 |
| **Wireless Telecommunication Services-1.29%** | **Wireless Telecommunication Services-1.29%** | **Wireless Telecommunication Services-1.29%** |
| &nbsp;&nbsp;&nbsp; Rogers Communications, Inc. (Canada), <br> 5.30%, 02/15/2034<br>| 1549000 | &nbsp;&nbsp; 1571001 |
| T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 01/15/2034 | 1246000 | &nbsp;&nbsp; 1329692 |
| &nbsp;&nbsp;&nbsp; 5.15%, 04/15/2034 | 1562000 | &nbsp;&nbsp; 1608082 |
|  |  | &nbsp;&nbsp; 4508775 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-98.72% <br>(Cost $336,448,797) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-98.72% <br>(Cost $336,448,797) | &nbsp;&nbsp; 344167212 |
|  | **Shares** |  |
| **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** |
| **Money Market Funds-2.89%** | **Money Market Funds-2.89%** | **Money Market Funds-2.89%** |
| &nbsp;&nbsp;&nbsp; Invesco Private Government Fund, <br> 4.00%<sup>(c)(d)(e)</sup><br>| 2808982 | &nbsp;&nbsp; 2808982 |
| Invesco Private Prime Fund, 4.12%<sup>(c)(d)(e)</sup> | 7247956 | &nbsp;&nbsp; 7250130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $10,059,113) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $10,059,113) | &nbsp;&nbsp; 10059112 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-101.61% <br>(Cost $346,507,910) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-101.61% <br>(Cost $346,507,910) | &nbsp;&nbsp; 354226324 |
| OTHER ASSETS LESS LIABILITIES-(1.61)% | OTHER ASSETS LESS LIABILITIES-(1.61)% | &nbsp;&nbsp; (5596079)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $348630245 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2034 Corporate Bond ETF (BSCY)—(continued)**

November 30, 2025

*(Unaudited)*

Investment Abbreviations: <br> REIT -Real Estate Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | All or a portion of this security was out on loan at November 30, 2025. |
| <sup>(c)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the three months ended November 30, 2025.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**November 30, 2025**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp;&nbsp; $333554 | &nbsp;&nbsp;&nbsp; $4627840 | &nbsp;&nbsp;&nbsp; $(4961394)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $9049 |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private <br> Government Fund<br>| &nbsp;&nbsp;&nbsp; 2798090 | &nbsp;&nbsp;&nbsp; 7841019 | &nbsp;&nbsp;&nbsp; (7830127)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2808982 | &nbsp;&nbsp;&nbsp; 28,931<br> \*<br>|
| &nbsp;&nbsp; Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp;&nbsp; 7276273 | &nbsp;&nbsp;&nbsp; 18914049 | &nbsp;&nbsp;&nbsp; (18940354)<br>| &nbsp;&nbsp;&nbsp; (283)<br>| &nbsp;&nbsp;&nbsp; 445 | &nbsp;&nbsp;&nbsp; 7250130 | &nbsp;&nbsp;&nbsp; 77,253<br> \*<br>|
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; $10407917 | &nbsp;&nbsp;&nbsp; $31382908 | &nbsp;&nbsp;&nbsp; $(31731875)<br>| &nbsp;&nbsp;&nbsp; $(283)<br>| &nbsp;&nbsp;&nbsp; $445 | &nbsp;&nbsp;&nbsp; $10059112 | &nbsp;&nbsp;&nbsp; $115233 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(d)</sup> The rate shown is the 7-day SEC standardized yield as of November 30, 2025. <br> <sup>(e)</sup> 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.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

See accompanying notes which are an integral part of this schedule.

------

Schedule of Investments<sup>(a)</sup>

**Invesco BulletShares 2035 Corporate Bond ETF (BSCZ)**

November 30, 2025

*(Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes-98.46%** | **U.S. Dollar Denominated Bonds & Notes-98.46%** | **U.S. Dollar Denominated Bonds & Notes-98.46%** |
| **Aerospace & Defense-1.57%** | **Aerospace & Defense-1.57%** | **Aerospace & Defense-1.57%** |
| Boeing Co. (The), 3.25%, 02/01/2035 | $217000 | &nbsp;&nbsp; $190219 |
| General Dynamics Corp., 4.95%, 08/15/2035 | 224000 | &nbsp;&nbsp; 230259 |
| &nbsp;&nbsp;&nbsp; Huntington Ingalls Industries, Inc., 5.75%, <br> 01/15/2035<br>| 144000 | &nbsp;&nbsp; 152793 |
| Lockheed Martin Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.60%, 03/01/2035 | 143000 | &nbsp;&nbsp; 133027 |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2035 | 220000 | &nbsp;&nbsp; 226051 |
| &nbsp;&nbsp;&nbsp; Northrop Grumman Corp., 5.25%, <br> 07/15/2035<br>| 144000 | &nbsp;&nbsp; 150509 |
| Textron, Inc., 5.50%, 05/15/2035 | 145000 | &nbsp;&nbsp; 151340 |
|  |  | &nbsp;&nbsp; 1234198 |
| **Air Freight & Logistics-0.49%** | **Air Freight & Logistics-0.49%** | **Air Freight & Logistics-0.49%** |
| &nbsp;&nbsp;&nbsp; United Parcel Service, Inc., 5.25%, <br> 05/14/2035<sup>(b)</sup><br>| 371000 | &nbsp;&nbsp; 388130 |
| **Automobiles-2.07%** | **Automobiles-2.07%** | **Automobiles-2.07%** |
| &nbsp;&nbsp;&nbsp; American Honda Finance Corp., 5.20%, <br> 03/05/2035<sup>(b)</sup><br>| 145000 | &nbsp;&nbsp; 148059 |
| &nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC, 6.50%, <br> 02/07/2035<br>| 371000 | &nbsp;&nbsp; 386266 |
| General Motors Co. |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2035 | 207000 | &nbsp;&nbsp; 204687 |
| &nbsp;&nbsp;&nbsp; 6.25%, 04/15/2035 | 144000 | &nbsp;&nbsp; 154327 |
| &nbsp;&nbsp;&nbsp; Honda Motor Co. Ltd. (Japan), 5.34%, <br> 07/08/2035<br>| 300000 | &nbsp;&nbsp; 308640 |
| &nbsp;&nbsp;&nbsp; Toyota Motor Corp. (Japan), 5.05%, <br> 06/30/2035<br>| 150000 | &nbsp;&nbsp; 155457 |
| &nbsp;&nbsp;&nbsp; Toyota Motor Credit Corp., 5.35%, <br> 01/09/2035<sup>(b)</sup><br>| 252000 | &nbsp;&nbsp; 266182 |
|  |  | &nbsp;&nbsp; 1623618 |
| **Banks-2.04%** | **Banks-2.04%** | **Banks-2.04%** |
| Banco Santander S.A. (Spain) |  |  |
| &nbsp;&nbsp;&nbsp; 6.03%, 01/17/2035 | 285000 | &nbsp;&nbsp; 308617 |
| &nbsp;&nbsp;&nbsp; 5.13%, 11/06/2035 | 350000 | &nbsp;&nbsp; 352982 |
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. (Japan), <br> 5.63%, 01/15/2035<br>| 299000 | &nbsp;&nbsp; 320026 |
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The) (Canada), 4.93%, <br> 10/15/2035<br>| 370000 | &nbsp;&nbsp; 373851 |
| Wachovia Corp., 5.50%, 08/01/2035 | 238000 | &nbsp;&nbsp; 248131 |
|  |  | &nbsp;&nbsp; 1603607 |
| **Beverages-1.66%** | **Beverages-1.66%** | **Beverages-1.66%** |
| &nbsp;&nbsp;&nbsp; Constellation Brands, Inc., 4.95%, <br> 11/01/2035<br>| 150000 | &nbsp;&nbsp; 148978 |
| &nbsp;&nbsp;&nbsp; Diageo Investment Corp. (United Kingdom), <br> 5.63%, 04/15/2035<br>| 224000 | &nbsp;&nbsp; 238968 |
| Keurig Dr Pepper, Inc., 5.15%, 05/15/2035 | 145000 | &nbsp;&nbsp; 145941 |
| PepsiCo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/07/2035 | 371000 | &nbsp;&nbsp; 384068 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/23/2035 | 370000 | &nbsp;&nbsp; 381608 |
|  |  | &nbsp;&nbsp; 1299563 |
| **Biotechnology-2.86%** | **Biotechnology-2.86%** | **Biotechnology-2.86%** |
| AbbVie, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.55%, 03/15/2035 | 467000 | &nbsp;&nbsp; 465311 |
| &nbsp;&nbsp;&nbsp; 5.20%, 03/15/2035 | 299000 | &nbsp;&nbsp; 312284 |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/14/2035 | 671000 | &nbsp;&nbsp; 666058 |
| Biogen, Inc., 5.75%, 05/15/2035 | 181000 | &nbsp;&nbsp; 192635 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Biotechnology-(continued)** | **Biotechnology-(continued)** | **Biotechnology-(continued)** |
| Gilead Sciences, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.10%, 06/15/2035 | 299000 | &nbsp;&nbsp; $309450 |
| &nbsp;&nbsp;&nbsp; 4.60%, 09/01/2035 | 299000 | &nbsp;&nbsp; 298624 |
|  |  | &nbsp;&nbsp; 2244362 |
| **Broadline Retail-1.25%** | **Broadline Retail-1.25%** | **Broadline Retail-1.25%** |
| Amazon.com, Inc., 4.65%, 11/20/2035 | 970000 | &nbsp;&nbsp; 979035 |
| **Building Products-0.20%** | **Building Products-0.20%** | **Building Products-0.20%** |
| Carlisle Cos., Inc., 5.25%, 09/15/2035 | 150000 | &nbsp;&nbsp; 153470 |
| **Capital Markets-2.14%** | **Capital Markets-2.14%** | **Capital Markets-2.14%** |
| Ameriprise Financial, Inc., 5.20%, 04/15/2035 | 217000 | &nbsp;&nbsp; 222881 |
| &nbsp;&nbsp;&nbsp; Brookfield Asset Management Ltd. (Canada), <br> 5.80%, 04/24/2035<br>| 217000 | &nbsp;&nbsp; 227895 |
| Carlyle Group, Inc. (The), 5.05%, 09/19/2035 | 240000 | &nbsp;&nbsp; 236654 |
| KKR & Co., Inc., 5.10%, 08/07/2035 | 270000 | &nbsp;&nbsp; 269781 |
| MSCI, Inc., 5.25%, 09/01/2035 | 370000 | &nbsp;&nbsp; 374302 |
| &nbsp;&nbsp;&nbsp; Nomura Holdings, Inc. (Japan), 5.49%, <br> 06/29/2035<br>| 150000 | &nbsp;&nbsp; 156093 |
| &nbsp;&nbsp;&nbsp; Raymond James Financial, Inc., 4.90%, <br> 09/11/2035<br>| 190000 | &nbsp;&nbsp; 189344 |
|  |  | &nbsp;&nbsp; 1676950 |
| **Chemicals-0.59%** | **Chemicals-0.59%** | **Chemicals-0.59%** |
| Ecolab, Inc., 5.00%, 09/01/2035 | 150000 | &nbsp;&nbsp; 154098 |
| &nbsp;&nbsp;&nbsp; LYB International Finance III LLC, 6.15%, <br> 05/15/2035<br>| 148000 | &nbsp;&nbsp; 153174 |
| &nbsp;&nbsp;&nbsp; Sherwin-Williams Co. (The), 5.15%, <br> 08/15/2035<br>| 150000 | &nbsp;&nbsp; 153794 |
|  |  | &nbsp;&nbsp; 461066 |
| **Commercial Services & Supplies-1.04%** | **Commercial Services & Supplies-1.04%** | **Commercial Services & Supplies-1.04%** |
| Republic Services, Inc., 5.15%, 03/15/2035 | 205000 | &nbsp;&nbsp; 213718 |
| Waste Connections, Inc., 5.25%, 09/01/2035 | 144000 | &nbsp;&nbsp; 150343 |
| Waste Management, Inc., 4.95%, 03/15/2035 | 441000 | &nbsp;&nbsp; 452137 |
|  |  | &nbsp;&nbsp; 816198 |
| **Communications Equipment-0.84%** | **Communications Equipment-0.84%** | **Communications Equipment-0.84%** |
| Cisco Systems, Inc., 5.10%, 02/24/2035 | 366000 | &nbsp;&nbsp; 380163 |
| Motorola Solutions, Inc., 5.55%, 08/15/2035 | 264000 | &nbsp;&nbsp; 275489 |
|  |  | &nbsp;&nbsp; 655652 |
| **Construction & Engineering-0.19%** | **Construction & Engineering-0.19%** | **Construction & Engineering-0.19%** |
| Quanta Services, Inc., 5.10%, 08/09/2035 | 150000 | &nbsp;&nbsp; 151863 |
| **Construction Materials-0.50%** | **Construction Materials-0.50%** | **Construction Materials-0.50%** |
| &nbsp;&nbsp;&nbsp; CRH America Finance, Inc., 5.50%, <br> 01/09/2035<br>| 371000 | &nbsp;&nbsp; 389563 |
| **Consumer Finance-0.70%** | **Consumer Finance-0.70%** | **Consumer Finance-0.70%** |
| General Motors Financial Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.90%, 01/07/2035 | 299000 | &nbsp;&nbsp; 313020 |
| &nbsp;&nbsp;&nbsp; 6.15%, 07/15/2035 | 226000 | &nbsp;&nbsp; 240115 |
|  |  | &nbsp;&nbsp; 553135 |
| **Consumer Staples Distribution & Retail-1.73%** | **Consumer Staples Distribution & Retail-1.73%** | **Consumer Staples Distribution & Retail-1.73%** |
| Sysco Corp., 5.40%, 03/23/2035 | 166000 | &nbsp;&nbsp; 173244 |
| Target Corp., 5.00%, 04/15/2035 | 299000 | &nbsp;&nbsp; 304697 |
| Walmart, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 04/28/2035 | 443000 | &nbsp;&nbsp; 459525 |
| &nbsp;&nbsp;&nbsp; 5.25%, 09/01/2035 | 395000 | &nbsp;&nbsp; 422296 |
|  |  | &nbsp;&nbsp; 1359762 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2035 Corporate Bond ETF (BSCZ)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Containers & Packaging-0.51%** | **Containers & Packaging-0.51%** | **Containers & Packaging-0.51%** |
| &nbsp;&nbsp;&nbsp; Packaging Corp. of America, 5.20%, <br> 08/15/2035<br>| $150000 | &nbsp;&nbsp; $153824 |
| &nbsp;&nbsp;&nbsp; Smurfit Westrock Financing DAC (Ireland), <br> 5.42%, 01/15/2035<br>| 240000 | &nbsp;&nbsp; 248276 |
|  |  | &nbsp;&nbsp; 402100 |
| **Diversified REITs-0.35%** | **Diversified REITs-0.35%** | **Diversified REITs-0.35%** |
| VICI Properties L.P., 5.63%, 04/01/2035 | 264000 | &nbsp;&nbsp; 270544 |
| **Diversified Telecommunication Services-3.35%** | **Diversified Telecommunication Services-3.35%** | **Diversified Telecommunication Services-3.35%** |
| AT&T, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/15/2035 | 662000 | &nbsp;&nbsp; 643323 |
| &nbsp;&nbsp;&nbsp; 5.38%, 08/15/2035 | 370000 | &nbsp;&nbsp; 383020 |
| &nbsp;&nbsp;&nbsp; 4.90%, 11/01/2035 | 370000 | &nbsp;&nbsp; 368910 |
| Verizon Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.78%, 02/15/2035 | 581000 | &nbsp;&nbsp; 576715 |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/02/2035<sup>(b)</sup> | 640000 | &nbsp;&nbsp; 656476 |
|  |  | &nbsp;&nbsp; 2628444 |
| **Electric Utilities-7.49%** | **Electric Utilities-7.49%** | **Electric Utilities-7.49%** |
| Alabama Power Co., 5.10%, 04/02/2035 | 144000 | &nbsp;&nbsp; 147994 |
| &nbsp;&nbsp;&nbsp; Baltimore Gas and Electric Co., 5.45%, <br> 06/01/2035<br>| 191000 | &nbsp;&nbsp; 199856 |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy Houston Electric LLC, <br> 5.05%, 03/01/2035<br>| 145000 | &nbsp;&nbsp; 148091 |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy Houston Electric, LLC, <br> Series AQ, 4.95%, 08/15/2035<br>| 180000 | &nbsp;&nbsp; 182541 |
| &nbsp;&nbsp;&nbsp; Duke Energy Carolinas LLC, 5.25%, <br> 03/15/2035<br>| 205000 | &nbsp;&nbsp; 213485 |
| Duke Energy Corp., 4.95%, 09/15/2035 | 292000 | &nbsp;&nbsp; 291974 |
| &nbsp;&nbsp;&nbsp; Duke Energy Progress LLC, 5.05%, <br> 03/15/2035<br>| 252000 | &nbsp;&nbsp; 258346 |
| Entergy Texas, Inc., 5.25%, 04/15/2035<sup>(b)</sup> | 145000 | &nbsp;&nbsp; 150045 |
| Exelon Corp., 5.63%, 06/15/2035 | 140000 | &nbsp;&nbsp; 147571 |
| Georgia Power Co., 5.20%, 03/15/2035 | 205000 | &nbsp;&nbsp; 211770 |
| &nbsp;&nbsp;&nbsp; Interstate Power and Light Co., 5.60%, <br> 06/29/2035<br>| 182000 | &nbsp;&nbsp; 190890 |
| &nbsp;&nbsp;&nbsp; Jersey Central Power & Light Co., 5.10%, <br> 01/15/2035<br>| 205000 | &nbsp;&nbsp; 208408 |
| &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc., 5.45%, <br> 03/15/2035<br>| 299000 | &nbsp;&nbsp; 311071 |
| &nbsp;&nbsp;&nbsp; Northern States Power Co., 5.05%, <br> 05/15/2035<br>| 180000 | &nbsp;&nbsp; 185253 |
| Pacific Gas and Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp; 5.70%, 03/01/2035 | 298000 | &nbsp;&nbsp; 308375 |
| &nbsp;&nbsp;&nbsp; 6.00%, 08/15/2035 | 252000 | &nbsp;&nbsp; 266490 |
| PECO Energy Co., 4.88%, 09/15/2035 | 160000 | &nbsp;&nbsp; 162407 |
| &nbsp;&nbsp;&nbsp; Public Service Co. of Colorado, 5.15%, <br> 09/15/2035<br>| 240000 | &nbsp;&nbsp; 244717 |
| &nbsp;&nbsp;&nbsp; Public Service Co. of Oklahoma, 5.20%, <br> 01/15/2035<br>| 180000 | &nbsp;&nbsp; 183112 |
| &nbsp;&nbsp;&nbsp; San Diego Gas & Electric Co., 5.40%, <br> 04/15/2035<br>| 252000 | &nbsp;&nbsp; 262975 |
| &nbsp;&nbsp;&nbsp; Southern California Edison Co., 5.45%, <br> 03/01/2035<br>| 242000 | &nbsp;&nbsp; 247324 |
| Southern Co. (The), 4.85%, 03/15/2035 | 220000 | &nbsp;&nbsp; 219271 |
| &nbsp;&nbsp;&nbsp; Southwestern Public Service Co., 5.30%, <br> 05/15/2035<br>| 144000 | &nbsp;&nbsp; 148046 |
| Tampa Electric Co., 5.15%, 03/01/2035<sup>(b)</sup> | 180000 | &nbsp;&nbsp; 184180 |
| Union Electric Co., 5.25%, 04/15/2035 | 144000 | &nbsp;&nbsp; 149815 |
| &nbsp;&nbsp;&nbsp; Virginia Electric & Power Co., 5.15%, <br> 03/15/2035<br>| 180000 | &nbsp;&nbsp; 184639 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Electric Utilities-(continued)** | **Electric Utilities-(continued)** | **Electric Utilities-(continued)** | **Electric Utilities-(continued)** |
| &nbsp;&nbsp;&nbsp; Virginia Electric and Power Co., Series C, <br> 4.90%, 09/15/2035<br>| $| 240000 | &nbsp;&nbsp; $240654 |
| Xcel Energy, Inc., 5.60%, 04/15/2035 |  | 217000 | &nbsp;&nbsp; 226133 |
|  |  |  | &nbsp;&nbsp; 5875433 |
| **Electrical Equipment-0.19%** | **Electrical Equipment-0.19%** | **Electrical Equipment-0.19%** | **Electrical Equipment-0.19%** |
| Emerson Electric Co., 5.00%, 03/15/2035 |  | 144000 | &nbsp;&nbsp; 149153 |
| **Electronic Equipment, Instruments & Components-0.50%** | **Electronic Equipment, Instruments & Components-0.50%** | **Electronic Equipment, Instruments & Components-0.50%** | **Electronic Equipment, Instruments & Components-0.50%** |
| Amphenol Corp., 5.00%, 01/15/2035<sup>(b)</sup> |  | 207000 | &nbsp;&nbsp; 212885 |
| TD SYNNEX Corp., 5.30%, 10/10/2035 |  | 180000 | &nbsp;&nbsp; 180165 |
|  |  |  | &nbsp;&nbsp; 393050 |
| **Energy Equipment & Services-0.38%** | **Energy Equipment & Services-0.38%** | **Energy Equipment & Services-0.38%** | **Energy Equipment & Services-0.38%** |
| Halliburton Co., 4.85%, 11/15/2035 |  | 299000 | &nbsp;&nbsp; 297565 |
| **Entertainment-0.42%** | **Entertainment-0.42%** | **Entertainment-0.42%** | **Entertainment-0.42%** |
| Walt Disney Co. (The), 6.40%, 12/15/2035 |  | 287000 | &nbsp;&nbsp; 327178 |
| **Financial Services-3.05%** | **Financial Services-3.05%** | **Financial Services-3.05%** | **Financial Services-3.05%** |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust (Ireland), 5.00%, <br> 11/15/2035<br>|  | 180000 | &nbsp;&nbsp; 179019 |
| &nbsp;&nbsp;&nbsp; Apollo Global Management, Inc., 5.15%, <br> 08/12/2035<br>|  | 150000 | &nbsp;&nbsp; 150359 |
| BlackRock Funding, Inc., 4.90%, 01/08/2035 |  | 144000 | &nbsp;&nbsp; 148192 |
| Fiserv, Inc., 5.25%, 08/11/2035 |  | 300000 | &nbsp;&nbsp; 301110 |
| LPL Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.65%, 03/15/2035 |  | 145000 | &nbsp;&nbsp; 148748 |
| &nbsp;&nbsp;&nbsp; 5.75%, 06/15/2035 |  | 144000 | &nbsp;&nbsp; 148929 |
| Mastercard, Inc., 4.55%, 01/15/2035<sup>(b)</sup> |  | 324000 | &nbsp;&nbsp; 326108 |
| ORIX Corp. (Japan), 5.40%, 02/25/2035 |  | 145000 | &nbsp;&nbsp; 151020 |
| PayPal Holdings, Inc., 5.10%, 04/01/2035 |  | 180000 | &nbsp;&nbsp; 184280 |
| &nbsp;&nbsp;&nbsp; RELX Capital, Inc. (United Kingdom), 5.25%, <br> 03/27/2035<br>|  | 217000 | &nbsp;&nbsp; 225802 |
| Visa, Inc., 4.15%, 12/14/2035 |  | 443000 | &nbsp;&nbsp; 431986 |
|  |  |  | &nbsp;&nbsp; 2395553 |
| **Food Products-2.08%** | **Food Products-2.08%** | **Food Products-2.08%** | **Food Products-2.08%** |
| &nbsp;&nbsp;&nbsp; Bunge Ltd. Finance Corp., 5.15%, <br> 08/04/2035<sup>(b)</sup><br>|  | 190000 | &nbsp;&nbsp; 194729 |
| Campbell's Co. (The), 4.75%, 03/23/2035 |  | 237000 | &nbsp;&nbsp; 232241 |
| Conagra Brands, Inc., 5.75%, 08/01/2035 |  | 150000 | &nbsp;&nbsp; 154565 |
| Flowers Foods, Inc., 5.75%, 03/15/2035 |  | 150000 | &nbsp;&nbsp; 151620 |
| General Mills, Inc., 5.25%, 01/30/2035 |  | 217000 | &nbsp;&nbsp; 223364 |
| Hershey Co. (The), 5.10%, 02/24/2035 |  | 145000 | &nbsp;&nbsp; 150503 |
| J. M. Smucker Co. (The), 4.25%, 03/15/2035 |  | 191000 | &nbsp;&nbsp; 181624 |
| Kraft Heinz Foods Co. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.40%, 03/15/2035<sup>(b)</sup> |  | 149000 | &nbsp;&nbsp; 153962 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2035 |  | 191000 | &nbsp;&nbsp; 191541 |
|  |  |  | &nbsp;&nbsp; 1634149 |
| **Gas Utilities-0.62%** | **Gas Utilities-0.62%** | **Gas Utilities-0.62%** | **Gas Utilities-0.62%** |
| Atmos Energy Corp., 5.20%, 08/15/2035<sup>(b)</sup> |  | 150000 | &nbsp;&nbsp; 155510 |
| National Fuel Gas Co., 5.95%, 03/15/2035 |  | 145000 | &nbsp;&nbsp; 152787 |
| &nbsp;&nbsp;&nbsp; Southern California Gas Co., 5.45%, <br> 06/15/2035<br>|  | 170000 | &nbsp;&nbsp; 178338 |
|  |  |  | &nbsp;&nbsp; 486635 |
| **Ground Transportation-1.46%** | **Ground Transportation-1.46%** | **Ground Transportation-1.46%** | **Ground Transportation-1.46%** |
| &nbsp;&nbsp;&nbsp; Canadian Pacific Railway Co. (Canada), 5.20%, <br> 03/30/2035<br>|  | 180000 | &nbsp;&nbsp; 186632 |
| CSX Corp., 5.05%, 06/15/2035 |  | 270000 | &nbsp;&nbsp; 277117 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2035 Corporate Bond ETF (BSCZ)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Ground Transportation-(continued)** | **Ground Transportation-(continued)** | **Ground Transportation-(continued)** | **Ground Transportation-(continued)** |
| Uber Technologies, Inc., 4.80%, 09/15/2035 | $| 370000 | &nbsp;&nbsp; $370063 |
| Union Pacific Corp., 5.10%, 02/20/2035 |  | 299000 | &nbsp;&nbsp; 311101 |
|  |  |  | &nbsp;&nbsp; 1144913 |
| **Health Care Equipment & Supplies-1.64%** | **Health Care Equipment & Supplies-1.64%** | **Health Care Equipment & Supplies-1.64%** | **Health Care Equipment & Supplies-1.64%** |
| &nbsp;&nbsp;&nbsp; GE HealthCare Technologies, Inc., 5.50%, <br> 06/15/2035<br>|  | 252000 | &nbsp;&nbsp; 263294 |
| Medtronic, Inc., 4.38%, 03/15/2035 |  | 534000 | &nbsp;&nbsp; 529257 |
| Stryker Corp., 5.20%, 02/10/2035 |  | 299000 | &nbsp;&nbsp; 310296 |
| &nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc., 5.50%, <br> 02/19/2035<br>|  | 175000 | &nbsp;&nbsp; 183087 |
|  |  |  | &nbsp;&nbsp; 1285934 |
| **Health Care Providers & Services-3.79%** | **Health Care Providers & Services-3.79%** | **Health Care Providers & Services-3.79%** | **Health Care Providers & Services-3.79%** |
| Cencora, Inc., 5.15%, 02/15/2035 |  | 205000 | &nbsp;&nbsp; 211194 |
| CVS Health Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 07/20/2035 |  | 181000 | &nbsp;&nbsp; 179348 |
| &nbsp;&nbsp;&nbsp; 5.45%, 09/15/2035 |  | 440000 | &nbsp;&nbsp; 454340 |
| Elevance Health, Inc., 5.20%, 02/15/2035 |  | 358000 | &nbsp;&nbsp; 367304 |
| HCA, Inc., 5.75%, 03/01/2035<sup>(b)</sup> |  | 443000 | &nbsp;&nbsp; 467953 |
| Humana, Inc., 5.55%, 05/01/2035 |  | 217000 | &nbsp;&nbsp; 222813 |
| McKesson Corp., 5.25%, 05/30/2035 |  | 204000 | &nbsp;&nbsp; 212789 |
| &nbsp;&nbsp;&nbsp; Sutter Health, Series 2025, 5.54%, <br> 08/15/2035<br>|  | 238000 | &nbsp;&nbsp; 251962 |
| UnitedHealth Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.30%, 06/15/2035<sup>(b)</sup> |  | 298000 | &nbsp;&nbsp; 310662 |
| &nbsp;&nbsp;&nbsp; 4.63%, 07/15/2035 |  | 299000 | &nbsp;&nbsp; 297803 |
|  |  |  | &nbsp;&nbsp; 2976168 |
| **Health Care REITs-1.28%** | **Health Care REITs-1.28%** | **Health Care REITs-1.28%** | **Health Care REITs-1.28%** |
| Alexandria Real Estate Equities, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 04/15/2035 |  | 145000 | &nbsp;&nbsp; 140830 |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/01/2035 |  | 166000 | &nbsp;&nbsp; 169534 |
| Healthpeak OP LLC, 5.38%, 02/15/2035 |  | 145000 | &nbsp;&nbsp; 149228 |
| Ventas Realty L.P., 5.00%, 01/15/2035<sup>(b)</sup> |  | 166000 | &nbsp;&nbsp; 167022 |
| Welltower OP LLC, 5.13%, 07/01/2035 |  | 370000 | &nbsp;&nbsp; 380733 |
|  |  |  | &nbsp;&nbsp; 1007347 |
| **Hotel & Resort REITs-0.27%** | **Hotel & Resort REITs-0.27%** | **Hotel & Resort REITs-0.27%** | **Hotel & Resort REITs-0.27%** |
| &nbsp;&nbsp;&nbsp; Host Hotels & Resorts L.P., 5.50%, <br> 04/15/2035<br>|  | 205000 | &nbsp;&nbsp; 208573 |
| **Hotels, Restaurants & Leisure-1.84%** | **Hotels, Restaurants & Leisure-1.84%** | **Hotels, Restaurants & Leisure-1.84%** | **Hotels, Restaurants & Leisure-1.84%** |
| Expedia Group, Inc., 5.40%, 02/15/2035 |  | 299000 | &nbsp;&nbsp; 308962 |
| Marriott International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.35%, 03/15/2035 |  | 299000 | &nbsp;&nbsp; 309731 |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/15/2035 |  | 180000 | &nbsp;&nbsp; 183898 |
| McDonald's Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 03/03/2035 |  | 269000 | &nbsp;&nbsp; 275064 |
| &nbsp;&nbsp;&nbsp; 4.70%, 12/09/2035 |  | 217000 | &nbsp;&nbsp; 217940 |
| Starbucks Corp., 5.40%, 05/15/2035<sup>(b)</sup> |  | 145000 | &nbsp;&nbsp; 151713 |
|  |  |  | &nbsp;&nbsp; 1447308 |
| **Household Durables-0.66%** | **Household Durables-0.66%** | **Household Durables-0.66%** | **Household Durables-0.66%** |
| D.R. Horton, Inc., 5.50%, 10/15/2035 |  | 205000 | &nbsp;&nbsp; 214575 |
| Meritage Homes Corp., 5.65%, 03/15/2035 |  | 145000 | &nbsp;&nbsp; 148904 |
| &nbsp;&nbsp;&nbsp; Toll Brothers Finance Corp., 5.60%, <br> 06/15/2035<sup>(b)</sup><br>|  | 146000 | &nbsp;&nbsp; 151072 |
|  |  |  | &nbsp;&nbsp; 514551 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Household Products-0.38%** | **Household Products-0.38%** | **Household Products-0.38%** |
| Procter & Gamble Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 4.60%, 05/01/2035 | $166000 | &nbsp;&nbsp; $169914 |
| &nbsp;&nbsp;&nbsp; 4.35%, 11/03/2035 | 130000 | &nbsp;&nbsp; 129702 |
|  |  | &nbsp;&nbsp; 299616 |
| **Independent Power and Renewable Electricity Producers-0.71%** | **Independent Power and Renewable Electricity Producers-0.71%** | **Independent Power and Renewable Electricity Producers-0.71%** |
| NSTAR Electric Co., 5.20%, 03/01/2035 | 210000 | &nbsp;&nbsp; 215605 |
| Puget Energy, Inc., 5.73%, 03/15/2035 | 175000 | &nbsp;&nbsp; 180945 |
| &nbsp;&nbsp;&nbsp; Southern Power Co., Series B, 4.90%, <br> 10/01/2035<br>| 160000 | &nbsp;&nbsp; 159103 |
|  |  | &nbsp;&nbsp; 555653 |
| **Industrial Conglomerates-1.19%** | **Industrial Conglomerates-1.19%** | **Industrial Conglomerates-1.19%** |
| 3M Co., 5.15%, 03/15/2035 | 167000 | &nbsp;&nbsp; 173044 |
| &nbsp;&nbsp;&nbsp; GE Capital International Funding Co. Unlimited <br> Co., 4.42%, 11/15/2035<br>| 322000 | &nbsp;&nbsp; 318348 |
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc., 5.00%, <br> 03/01/2035<br>| 430000 | &nbsp;&nbsp; 441578 |
|  |  | &nbsp;&nbsp; 932970 |
| **Insurance-4.33%** | **Insurance-4.33%** | **Insurance-4.33%** |
| Allstate Corp. (The), 5.55%, 05/09/2035 | 166000 | &nbsp;&nbsp; 175056 |
| American International Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 01/15/2035 | 154000 | &nbsp;&nbsp; 145335 |
| &nbsp;&nbsp;&nbsp; 5.45%, 05/07/2035<sup>(b)</sup> | 180000 | &nbsp;&nbsp; 188863 |
| &nbsp;&nbsp;&nbsp; American National Group, Inc., 6.00%, <br> 07/15/2035<br>| 210000 | &nbsp;&nbsp; 212790 |
| Arthur J. Gallagher & Co., 5.15%, 02/15/2035 | 443000 | &nbsp;&nbsp; 450056 |
| Brown & Brown, Inc., 5.55%, 06/23/2035 | 300000 | &nbsp;&nbsp; 308562 |
| Chubb INA Holdings LLC, 4.90%, 08/15/2035 | 370000 | &nbsp;&nbsp; 374520 |
| CNA Financial Corp., 5.20%, 08/15/2035 | 150000 | &nbsp;&nbsp; 151625 |
| &nbsp;&nbsp;&nbsp; Hanover Insurance Group, Inc. (The), 5.50%, <br> 09/01/2035<br>| 151000 | &nbsp;&nbsp; 154135 |
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc., 5.00%, <br> 03/15/2035<br>| 538000 | &nbsp;&nbsp; 547369 |
| MetLife, Inc., 5.70%, 06/15/2035 | 292000 | &nbsp;&nbsp; 313348 |
| Prudential Financial, Inc., 5.20%, 03/14/2035 | 217000 | &nbsp;&nbsp; 223831 |
| Travelers Cos., Inc. (The), 5.05%, 07/24/2035 | 150000 | &nbsp;&nbsp; 153561 |
|  |  | &nbsp;&nbsp; 3399051 |
| **Interactive Media & Services-2.48%** | **Interactive Media & Services-2.48%** | **Interactive Media & Services-2.48%** |
| Alphabet, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/15/2035 | 351000 | &nbsp;&nbsp; 353474 |
| &nbsp;&nbsp;&nbsp; 4.70%, 11/15/2035 | 970000 | &nbsp;&nbsp; 986039 |
| Meta Platforms, Inc., 4.88%, 11/15/2035 | 600000 | &nbsp;&nbsp; 606736 |
|  |  | &nbsp;&nbsp; 1946249 |
| **IT Services-0.35%** | **IT Services-0.35%** | **IT Services-0.35%** |
| &nbsp;&nbsp;&nbsp; International Business Machines Corp., 5.20%, <br> 02/10/2035<br>| 264000 | &nbsp;&nbsp; 273592 |
| **Life Sciences Tools & Services-0.28%** | **Life Sciences Tools & Services-0.28%** | **Life Sciences Tools & Services-0.28%** |
| &nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc., 4.79%, <br> 10/07/2035<br>| 220000 | &nbsp;&nbsp; 222295 |
| **Machinery-1.96%** | **Machinery-1.96%** | **Machinery-1.96%** |
| Caterpillar, Inc., 5.20%, 05/15/2035 | 452000 | &nbsp;&nbsp; 473399 |
| Cummins, Inc., 5.30%, 05/09/2035 | 292000 | &nbsp;&nbsp; 304765 |
| Deere & Co., 5.45%, 01/16/2035<sup>(b)</sup> | 351000 | &nbsp;&nbsp; 373467 |
| Otis Worldwide Corp., 5.13%, 09/04/2035 | 150000 | &nbsp;&nbsp; 153453 |
| &nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies Corp., <br> 5.50%, 05/29/2035<br>| 226000 | &nbsp;&nbsp; 236913 |
|  |  | &nbsp;&nbsp; 1541997 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2035 Corporate Bond ETF (BSCZ)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Media-2.36%** | **Media-2.36%** | **Media-2.36%** |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/<br> Charter Communications Operating Capital <br> Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 10/23/2035 | $568000 | &nbsp;&nbsp; $587171 |
| &nbsp;&nbsp;&nbsp; 5.85%, 12/01/2035 | 350000 | &nbsp;&nbsp; 350964 |
| Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.30%, 05/15/2035<sup>(b)</sup> | 255000 | &nbsp;&nbsp; 262925 |
| &nbsp;&nbsp;&nbsp; 5.65%, 06/15/2035<sup>(b)</sup> | 217000 | &nbsp;&nbsp; 228733 |
| &nbsp;&nbsp;&nbsp; 4.40%, 08/15/2035 | 228000 | &nbsp;&nbsp; 219262 |
| &nbsp;&nbsp;&nbsp; 6.50%, 11/15/2035 | 180000 | &nbsp;&nbsp; 201685 |
|  |  | &nbsp;&nbsp; 1850740 |
| **Metals & Mining-0.62%** | **Metals & Mining-0.62%** | **Metals & Mining-0.62%** |
| Newmont Corp., 5.88%, 04/01/2035 | 143000 | &nbsp;&nbsp; 155347 |
| Nucor Corp., 5.10%, 06/01/2035 | 145000 | &nbsp;&nbsp; 148883 |
| Steel Dynamics, Inc., 5.25%, 05/15/2035 | 180000 | &nbsp;&nbsp; 184989 |
|  |  | &nbsp;&nbsp; 489219 |
| **Multi-Utilities-1.74%** | **Multi-Utilities-1.74%** | **Multi-Utilities-1.74%** |
| Ameren Corp., 5.38%, 03/15/2035 | 217000 | &nbsp;&nbsp; 223672 |
| Consumers Energy Co., 5.05%, 05/15/2035 | 180000 | &nbsp;&nbsp; 184650 |
| Dominion Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.45%, 03/15/2035 | 205000 | &nbsp;&nbsp; 212107 |
| &nbsp;&nbsp;&nbsp; Series B, 5.95%, 06/15/2035 | 144000 | &nbsp;&nbsp; 154758 |
| DTE Electric Co., 5.25%, 05/15/2035 | 145000 | &nbsp;&nbsp; 150248 |
| DTE Energy Co., 5.05%, 10/01/2035 | 160000 | &nbsp;&nbsp; 160605 |
| NiSource, Inc., 5.35%, 07/15/2035 | 270000 | &nbsp;&nbsp; 277205 |
|  |  | &nbsp;&nbsp; 1363245 |
| **Office REITs-0.33%** | **Office REITs-0.33%** | **Office REITs-0.33%** |
| Boston Properties L.P., 5.75%, 01/15/2035 | 252000 | &nbsp;&nbsp; 259652 |
| **Oil, Gas & Consumable Fuels-10.08%** | **Oil, Gas & Consumable Fuels-10.08%** | **Oil, Gas & Consumable Fuels-10.08%** |
| Chevron U.S.A., Inc., 4.85%, 10/15/2035 | 268000 | &nbsp;&nbsp; 272781 |
| Chevron USA, Inc., 4.98%, 04/15/2035 | 217000 | &nbsp;&nbsp; 223922 |
| ConocoPhillips Co., 5.00%, 01/15/2035 | 351000 | &nbsp;&nbsp; 359285 |
| Coterra Energy, Inc., 5.40%, 02/15/2035 | 217000 | &nbsp;&nbsp; 221477 |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc., 5.55%, <br> 04/01/2035<br>| 358000 | &nbsp;&nbsp; 370316 |
| &nbsp;&nbsp;&nbsp; Eastern Energy Gas Holdings LLC, 5.80%, <br> 01/15/2035<br>| 205000 | &nbsp;&nbsp; 217257 |
| Enbridge, Inc. (Canada), 5.55%, 06/20/2035 | 264000 | &nbsp;&nbsp; 274676 |
| Energy Transfer L.P. |  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 03/15/2035 | 145000 | &nbsp;&nbsp; 142591 |
| &nbsp;&nbsp;&nbsp; 5.70%, 04/01/2035 | 371000 | &nbsp;&nbsp; 385982 |
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, 4.95%, <br> 02/15/2035<br>| 324000 | &nbsp;&nbsp; 329636 |
| EOG Resources, Inc., 3.90%, 04/01/2035 | 145000 | &nbsp;&nbsp; 136012 |
| Equinor ASA (Norway) |  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 06/03/2035 | 238000 | &nbsp;&nbsp; 247199 |
| &nbsp;&nbsp;&nbsp; 4.75%, 11/14/2035 | 260000 | &nbsp;&nbsp; 261677 |
| Expand Energy Corp., 5.70%, 01/15/2035 | 217000 | &nbsp;&nbsp; 225486 |
| HF Sinclair Corp., 6.25%, 01/15/2035 | 217000 | &nbsp;&nbsp; 228668 |
| &nbsp;&nbsp;&nbsp; Kinder Morgan Energy Partners L.P., 5.80%, <br> 03/15/2035<br>| 144000 | &nbsp;&nbsp; 152482 |
| Kinder Morgan, Inc., 5.85%, 06/01/2035 | 217000 | &nbsp;&nbsp; 230326 |
| &nbsp;&nbsp;&nbsp; Marathon Petroleum Corp., 5.70%, <br> 03/01/2035<br>| 266000 | &nbsp;&nbsp; 276394 |
| MPLX L.P. |  |  |
| &nbsp;&nbsp;&nbsp; 5.40%, 04/01/2035 | 299000 | &nbsp;&nbsp; 303356 |
| &nbsp;&nbsp;&nbsp; 5.40%, 09/15/2035 | 440000 | &nbsp;&nbsp; 445437 |
| ONEOK, Inc., 5.40%, 10/15/2035 | 300000 | &nbsp;&nbsp; 304392 |
| Phillips 66 Co., 4.95%, 03/15/2035 | 170000 | &nbsp;&nbsp; 170179 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Oil, Gas & Consumable Fuels-(continued)** | **Oil, Gas & Consumable Fuels-(continued)** | **Oil, Gas & Consumable Fuels-(continued)** | **Oil, Gas & Consumable Fuels-(continued)** |
| &nbsp;&nbsp;&nbsp; Plains All American Pipeline L.P., 5.95%, <br> 06/15/2035<br>| $| 299000 | &nbsp;&nbsp; $313751 |
| Shell Finance US, Inc., 4.13%, 05/11/2035 |  | 348000 | &nbsp;&nbsp; 336811 |
| Targa Resources Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 02/15/2035 |  | 299000 | &nbsp;&nbsp; 306674 |
| &nbsp;&nbsp;&nbsp; 5.55%, 08/15/2035 |  | 299000 | &nbsp;&nbsp; 307676 |
| &nbsp;&nbsp;&nbsp; Viper Energy Partners LLC, 5.70%, <br> 08/01/2035<br>|  | 330000 | &nbsp;&nbsp; 338410 |
| Williams Cos., Inc. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.60%, 03/15/2035 |  | 294000 | &nbsp;&nbsp; 307547 |
| &nbsp;&nbsp;&nbsp; 5.30%, 09/30/2035 |  | 220000 | &nbsp;&nbsp; 225425 |
|  |  |  | &nbsp;&nbsp; 7915825 |
| **Passenger Airlines-0.26%** | **Passenger Airlines-0.26%** | **Passenger Airlines-0.26%** | **Passenger Airlines-0.26%** |
| Southwest Airlines Co., 5.25%, 11/15/2035 |  | 210000 | &nbsp;&nbsp; 205783 |
| **Pharmaceuticals-3.70%** | **Pharmaceuticals-3.70%** | **Pharmaceuticals-3.70%** | **Pharmaceuticals-3.70%** |
| Eli Lilly and Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.10%, 02/12/2035 |  | 371000 | &nbsp;&nbsp; 387636 |
| &nbsp;&nbsp;&nbsp; 4.90%, 10/15/2035 |  | 370000 | &nbsp;&nbsp; 380347 |
| &nbsp;&nbsp;&nbsp; GlaxoSmithKline Capital, Inc. (United Kingdom), <br> 4.88%, 04/15/2035<br>|  | 217000 | &nbsp;&nbsp; 221470 |
| Johnson & Johnson, 5.00%, 03/01/2035 |  | 351000 | &nbsp;&nbsp; 368537 |
| Merck & Co., Inc., 4.95%, 09/15/2035 |  | 470000 | &nbsp;&nbsp; 482685 |
| Royalty Pharma PLC, 5.20%, 09/25/2035 |  | 250000 | &nbsp;&nbsp; 252843 |
| &nbsp;&nbsp;&nbsp; Takeda U.S. Financing, Inc., 5.20%, <br> 07/07/2035<br>|  | 490000 | &nbsp;&nbsp; 502955 |
| Zoetis, Inc., 5.00%, 08/17/2035 |  | 300000 | &nbsp;&nbsp; 305360 |
|  |  |  | &nbsp;&nbsp; 2901833 |
| **Professional Services-0.75%** | **Professional Services-0.75%** | **Professional Services-0.75%** | **Professional Services-0.75%** |
| Paychex, Inc., 5.60%, 04/15/2035 |  | 358000 | &nbsp;&nbsp; 376652 |
| Verisk Analytics, Inc., 5.25%, 03/15/2035 |  | 210000 | &nbsp;&nbsp; 215128 |
|  |  |  | &nbsp;&nbsp; 591780 |
| **Real Estate Management & Development-0.19%** | **Real Estate Management & Development-0.19%** | **Real Estate Management & Development-0.19%** | **Real Estate Management & Development-0.19%** |
| CBRE Services, Inc., 5.50%, 06/15/2035 |  | 145000 | &nbsp;&nbsp; 150934 |
| **Residential REITs-0.37%** | **Residential REITs-0.37%** | **Residential REITs-0.37%** | **Residential REITs-0.37%** |
| &nbsp;&nbsp;&nbsp; American Homes 4 Rent L.P., 5.25%, <br> 03/15/2035<br>|  | 146000 | &nbsp;&nbsp; 148982 |
| &nbsp;&nbsp;&nbsp; Invitation Homes Operating Partnership L.P., <br> 4.88%, 02/01/2035<br>|  | 145000 | &nbsp;&nbsp; 144396 |
|  |  |  | &nbsp;&nbsp; 293378 |
| **Retail REITs-0.73%** | **Retail REITs-0.73%** | **Retail REITs-0.73%** | **Retail REITs-0.73%** |
| Kimco Realty OP LLC, 4.85%, 03/01/2035 |  | 145000 | &nbsp;&nbsp; 145300 |
| Realty Income Corp., 5.13%, 04/15/2035 |  | 180000 | &nbsp;&nbsp; 184311 |
| &nbsp;&nbsp;&nbsp; Simon Property Group L.P., 5.13%, <br> 10/01/2035<br>|  | 240000 | &nbsp;&nbsp; 244935 |
|  |  |  | &nbsp;&nbsp; 574546 |
| **Semiconductors & Semiconductor Equipment-3.35%** | **Semiconductors & Semiconductor Equipment-3.35%** | **Semiconductors & Semiconductor Equipment-3.35%** | **Semiconductors & Semiconductor Equipment-3.35%** |
| Applied Materials, Inc., 5.10%, 10/01/2035<sup>(b)</sup> |  | 145000 | &nbsp;&nbsp; 150869 |
| Broadcom, Inc., 5.20%, 07/15/2035 |  | 690000 | &nbsp;&nbsp; 718786 |
| Marvell Technology, Inc., 5.45%, 07/15/2035 |  | 150000 | &nbsp;&nbsp; 155177 |
| Micron Technology, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.80%, 01/15/2035 |  | 299000 | &nbsp;&nbsp; 316458 |
| &nbsp;&nbsp;&nbsp; 6.05%, 11/01/2035 |  | 371000 | &nbsp;&nbsp; 398341 |
| &nbsp;&nbsp;&nbsp; NXP B.V./NXP Funding LLC/NXP USA, Inc. <br> (Netherlands), 5.25%, 08/19/2035<br>|  | 210000 | &nbsp;&nbsp; 213672 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2035 Corporate Bond ETF (BSCZ)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Semiconductors & Semiconductor Equipment-(continued)** | **Semiconductors & Semiconductor Equipment-(continued)** | **Semiconductors & Semiconductor Equipment-(continued)** | **Semiconductors & Semiconductor Equipment-(continued)** |
| QUALCOMM, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.65%, 05/20/2035 | $| 299000 | &nbsp;&nbsp; $302263 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/20/2035 |  | 170000 | &nbsp;&nbsp; 175461 |
| Texas Instruments, Inc., 5.10%, 05/23/2035 |  | 193000 | &nbsp;&nbsp; 200054 |
|  |  |  | &nbsp;&nbsp; 2631081 |
| **Software-4.88%** | **Software-4.88%** | **Software-4.88%** | **Software-4.88%** |
| Adobe, Inc., 5.30%, 01/17/2035 |  | 144000 | &nbsp;&nbsp; 152578 |
| Autodesk, Inc., 5.30%, 06/15/2035 |  | 144000 | &nbsp;&nbsp; 148902 |
| Microsoft Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/12/2035 |  | 443000 | &nbsp;&nbsp; 422544 |
| &nbsp;&nbsp;&nbsp; 4.20%, 11/03/2035 |  | 215000 | &nbsp;&nbsp; 217748 |
| Oracle Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.90%, 05/15/2035 |  | 371000 | &nbsp;&nbsp; 328145 |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/03/2035 |  | 486000 | &nbsp;&nbsp; 487195 |
| &nbsp;&nbsp;&nbsp; 5.20%, 09/26/2035 |  | 1110000 | &nbsp;&nbsp; 1088276 |
| Roper Technologies, Inc., 5.10%, 09/15/2035 |  | 292000 | &nbsp;&nbsp; 296494 |
| Synopsys, Inc., 5.15%, 04/01/2035 |  | 677000 | &nbsp;&nbsp; 692354 |
|  |  |  | &nbsp;&nbsp; 3834236 |
| **Specialized REITs-1.00%** | **Specialized REITs-1.00%** | **Specialized REITs-1.00%** | **Specialized REITs-1.00%** |
| American Tower Corp., 5.40%, 01/31/2035 |  | 180000 | &nbsp;&nbsp; 186871 |
| Extra Space Storage L.P., 5.40%, 06/15/2035 |  | 149000 | &nbsp;&nbsp; 153590 |
| Prologis L.P. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/31/2035 |  | 211000 | &nbsp;&nbsp; 215057 |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/15/2035 |  | 217000 | &nbsp;&nbsp; 225367 |
|  |  |  | &nbsp;&nbsp; 780885 |
| **Specialty Retail-2.12%** | **Specialty Retail-2.12%** | **Specialty Retail-2.12%** | **Specialty Retail-2.12%** |
| AutoNation, Inc., 5.89%, 03/15/2035 |  | 136000 | &nbsp;&nbsp; 142046 |
| &nbsp;&nbsp;&nbsp; Booz Allen Hamilton, Inc., 5.95%, <br> 04/15/2035<sup>(b)</sup><br>|  | 191000 | &nbsp;&nbsp; 198678 |
| Dell International LLC/EMC Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.85%, 02/01/2035 |  | 222000 | &nbsp;&nbsp; 220084 |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/01/2035 |  | 279000 | &nbsp;&nbsp; 289612 |
| Home Depot, Inc. (The), 4.65%, 09/15/2035 |  | 300000 | &nbsp;&nbsp; 300090 |
| Leidos, Inc., 5.50%, 03/15/2035 |  | 145000 | &nbsp;&nbsp; 151720 |
| Lowe`s Cos., Inc., 4.85%, 10/15/2035 |  | 359000 | &nbsp;&nbsp; 358384 |
|  |  |  | &nbsp;&nbsp; 1660614 |
| **Technology Hardware, Storage & Peripherals-1.13%** | **Technology Hardware, Storage & Peripherals-1.13%** | **Technology Hardware, Storage & Peripherals-1.13%** | **Technology Hardware, Storage & Peripherals-1.13%** |
| Apple, Inc., 4.75%, 05/12/2035 |  | 299000 | &nbsp;&nbsp; 308616 |
| &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co., 6.20%, <br> 10/15/2035<br>|  | 217000 | &nbsp;&nbsp; 235851 |
| HP, Inc., 6.10%, 04/25/2035 |  | 145000 | &nbsp;&nbsp; 154287 |
| NetApp, Inc., 5.70%, 03/17/2035 |  | 180000 | &nbsp;&nbsp; 189484 |
|  |  |  | &nbsp;&nbsp; 888238 |
| **Textiles, Apparel & Luxury Goods-0.28%** | **Textiles, Apparel & Luxury Goods-0.28%** | **Textiles, Apparel & Luxury Goods-0.28%** | **Textiles, Apparel & Luxury Goods-0.28%** |
| Tapestry, Inc., 5.50%, 03/11/2035 |  | 217000 | &nbsp;&nbsp; 222567 |
| **Tobacco-1.29%** | **Tobacco-1.29%** | **Tobacco-1.29%** | **Tobacco-1.29%** |
| Altria Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 02/06/2035 |  | 144000 | &nbsp;&nbsp; 150276 |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/06/2035 |  | 145000 | &nbsp;&nbsp; 147755 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Tobacco-(continued)** | **Tobacco-(continued)** | **Tobacco-(continued)** |
| &nbsp;&nbsp;&nbsp; B.A.T. Capital Corp. (United Kingdom), 5.63%, <br> 08/15/2035<br>| 299000 | &nbsp;&nbsp; $313639 |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc., 4.88%, <br> 04/30/2035<br>| 170000 | &nbsp;&nbsp; 171669 |
| &nbsp;&nbsp;&nbsp; Reynolds American, Inc. (United Kingdom), <br> 5.70%, 08/15/2035<br>| 217000 | &nbsp;&nbsp; 228541 |
|  |  | &nbsp;&nbsp; 1011880 |
| **Trading Companies & Distributors-0.27%** | **Trading Companies & Distributors-0.27%** | **Trading Companies & Distributors-0.27%** |
| GATX Corp., 5.50%, 06/15/2035 | 205000 | &nbsp;&nbsp; 211988 |
| **Water Utilities-0.48%** | **Water Utilities-0.48%** | **Water Utilities-0.48%** |
| &nbsp;&nbsp;&nbsp; American Water Capital Corp., 5.25%, <br> 03/01/2035<br>| 218000 | &nbsp;&nbsp; 225979 |
| Essential Utilities, Inc., 5.25%, 08/15/2035 | 150000 | &nbsp;&nbsp; 153852 |
|  |  | &nbsp;&nbsp; 379831 |
| **Wireless Telecommunication Services-1.10%** | **Wireless Telecommunication Services-1.10%** | **Wireless Telecommunication Services-1.10%** |
| T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.70%, 01/15/2035 | 264000 | &nbsp;&nbsp; 261997 |
| &nbsp;&nbsp;&nbsp; 5.30%, 05/15/2035 | 299000 | &nbsp;&nbsp; 309287 |
| &nbsp;&nbsp;&nbsp; 4.95%, 11/15/2035 | 294000 | &nbsp;&nbsp; 295689 |
|  |  | &nbsp;&nbsp; 866973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $76,532,165) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $76,532,165) | &nbsp;&nbsp; 77291421 |
|  | **Shares** |  |
| **Money Market Funds-0.16%** |  |  |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, <br> Institutional Class, 3.91%<sup>(c)(d)</sup> <br>(Cost $122,703)<br>| 122703 | &nbsp;&nbsp; 122703 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-98.62% <br>(Cost $76,654,868) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-98.62% <br>(Cost $76,654,868) | &nbsp;&nbsp; 77414124 |
| **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** |
| **Money Market Funds-2.96%** | **Money Market Funds-2.96%** | **Money Market Funds-2.96%** |
| &nbsp;&nbsp;&nbsp; Invesco Private Government Fund, <br> 4.00%<sup>(c)(d)(e)</sup><br>| 654288 | &nbsp;&nbsp; 654288 |
| Invesco Private Prime Fund, 4.12%<sup>(c)(d)(e)</sup> | 1671153 | &nbsp;&nbsp; 1671654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $2,325,942) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $2,325,942) | &nbsp;&nbsp; 2325942 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-101.58% <br>(Cost $78,980,810) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-101.58% <br>(Cost $78,980,810) | &nbsp;&nbsp; 79740066 |
| OTHER ASSETS LESS LIABILITIES-(1.58)% | OTHER ASSETS LESS LIABILITIES-(1.58)% | &nbsp;&nbsp; (1240539)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $78499527 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2035 Corporate Bond ETF (BSCZ)—(continued)**

November 30, 2025

*(Unaudited)*

Investment Abbreviations: <br> DAC -Designated Activity Co. <br> REIT -Real Estate Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | All or a portion of this security was out on loan at November 30, 2025. |
| <sup>(c)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the three months ended November 30, 2025.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**November 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp;&nbsp; $79351 | &nbsp;&nbsp;&nbsp; $1003927 | &nbsp;&nbsp;&nbsp; $(960575)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $122703 | &nbsp;&nbsp;&nbsp; $1346 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private <br> Government Fund<br>| &nbsp;&nbsp;&nbsp; 147715 | &nbsp;&nbsp;&nbsp; 2115152 | &nbsp;&nbsp;&nbsp; (1608579)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 654288 | &nbsp;&nbsp;&nbsp; 5,164<br> \*<br>|
| &nbsp;&nbsp; Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp;&nbsp; 383929 | &nbsp;&nbsp;&nbsp; 4885244 | &nbsp;&nbsp;&nbsp; (3597494)<br>| &nbsp;&nbsp;&nbsp; (25)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1671654 | &nbsp;&nbsp;&nbsp; 13,867<br> \*<br>|
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; $610995 | &nbsp;&nbsp;&nbsp; $8004323 | &nbsp;&nbsp;&nbsp; $(6166648)<br>| &nbsp;&nbsp;&nbsp; $(25)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $2448645 | &nbsp;&nbsp;&nbsp; $20377 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(d)</sup> The rate shown is the 7-day SEC standardized yield as of November 30, 2025. <br> <sup>(e)</sup> 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.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

See accompanying notes which are an integral part of this schedule.

------

Schedule of Investments<sup>(a)</sup>

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

November 30, 2025

*(Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes-4.64%** | **U.S. Dollar Denominated Bonds & Notes-4.64%** | **U.S. Dollar Denominated Bonds & Notes-4.64%** |
| **Aerospace & Defense-4.52%** | **Aerospace & Defense-4.52%** | **Aerospace & Defense-4.52%** |
| &nbsp;&nbsp;&nbsp; Spirit AeroSystems, Inc., 9.38%, <br> 11/30/2029<sup>(b)</sup><br>| $25190000 | &nbsp;&nbsp; $26485292 |
| **Metals & Mining-0.12%** | **Metals & Mining-0.12%** | **Metals & Mining-0.12%** |
| &nbsp;&nbsp;&nbsp; Warrior Met Coal, Inc., 7.88%, <br> 12/01/2028<sup>(b)</sup><br>| 666000 | &nbsp;&nbsp; 681068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $27,144,140) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $27,144,140) | &nbsp;&nbsp; 27166360 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-94.86%** |  |  |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, <br> Institutional Class, 3.91%<sup>(c)(d)</sup> <br>(Cost $555,641,393)<br>| 555641393 | &nbsp;&nbsp; $555641393 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-99.50% <br>(Cost $582,785,533) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-99.50% <br>(Cost $582,785,533) | &nbsp;&nbsp; 582807753 |
| OTHER ASSETS LESS LIABILITIES-0.50% | OTHER ASSETS LESS LIABILITIES-0.50% | &nbsp;&nbsp; 2902040 |
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $585709793 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | 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 <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> November 30, 2025 was $27,166,360, which represented 4.64% of the Fund's Net Assets.<br>|
| <sup>(c)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the three months ended November 30, 2025.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**November 30, 2025**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp;&nbsp; $574745041 | &nbsp;&nbsp;&nbsp; $98639582 | &nbsp;&nbsp;&nbsp; $(117743230)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $555641393 | &nbsp;&nbsp;&nbsp; $5810431 |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private <br> Government Fund<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 339 | &nbsp;&nbsp;&nbsp; (339)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1<br> \*<br>|
| &nbsp;&nbsp; Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 8635 | &nbsp;&nbsp;&nbsp; (8635)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1<br> \*<br>|
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; $574745041 | &nbsp;&nbsp;&nbsp; $98648556 | &nbsp;&nbsp;&nbsp; $(117752204)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $555641393 | &nbsp;&nbsp;&nbsp; $5810433 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(d)</sup> The rate shown is the 7-day SEC standardized yield as of November 30, 2025. <br> <sup>(e)</sup> 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.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

See accompanying notes which are an integral part of this schedule.

------

Schedule of Investments<sup>(a)</sup>

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

November 30, 2025

*(Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes-90.81%** | **U.S. Dollar Denominated Bonds & Notes-90.81%** | **U.S. Dollar Denominated Bonds & Notes-90.81%** |
| **Aerospace & Defense-5.08%** | **Aerospace & Defense-5.08%** | **Aerospace & Defense-5.08%** |
| &nbsp;&nbsp;&nbsp; Bombardier, Inc. (Canada), 8.75%, <br> 11/15/2030<sup>(b)</sup><br>| $20942000 | &nbsp;&nbsp; $22635035 |
| &nbsp;&nbsp;&nbsp; Spirit AeroSystems, Inc., 9.75%, <br> 11/15/2030<sup>(b)</sup><br>| 33500000 | &nbsp;&nbsp; 36744872 |
|  |  | &nbsp;&nbsp; 59379907 |
| **Automobile Components-0.58%** | **Automobile Components-0.58%** | **Automobile Components-0.58%** |
| &nbsp;&nbsp;&nbsp; FXI Holdings, Inc., 12.25%, <br> 11/15/2026<sup>(b)</sup><br>| 7980000 | &nbsp;&nbsp; 6773384 |
| **Banks-1.20%** | **Banks-1.20%** | **Banks-1.20%** |
| &nbsp;&nbsp;&nbsp; Freedom Mortgage Corp., 12.25%, <br> 10/01/2030<sup>(b)</sup><br>| 12570000 | &nbsp;&nbsp; 13963422 |
| **Capital Markets-1.84%** | **Capital Markets-1.84%** | **Capital Markets-1.84%** |
| &nbsp;&nbsp;&nbsp; Aretec Group, Inc., 10.00%, <br> 08/15/2030<sup>(b)</sup><br>| 15838000 | &nbsp;&nbsp; 17204883 |
| &nbsp;&nbsp;&nbsp; Icahn Enterprises L.P./Icahn Enterprises <br> Finance Corp., 6.25%, 05/15/2026<br>| 4292000 | &nbsp;&nbsp; 4298214 |
|  |  | &nbsp;&nbsp; 21503097 |
| **Chemicals-2.21%** | **Chemicals-2.21%** | **Chemicals-2.21%** |
| &nbsp;&nbsp;&nbsp; Calderys Financing LLC (France), 11.25%, <br> 06/01/2028<sup>(b)(c)</sup><br>| 13812000 | &nbsp;&nbsp; 14699297 |
| &nbsp;&nbsp;&nbsp; Consolidated Energy Finance S.A. <br> (Switzerland), 6.50%, 05/15/2026<sup>(b)</sup><br>| 5549000 | &nbsp;&nbsp; 5266228 |
| &nbsp;&nbsp;&nbsp; Scotts Miracle-Gro Co. (The), 5.25%, <br> 12/15/2026<br>| 5803000 | &nbsp;&nbsp; 5820231 |
|  |  | &nbsp;&nbsp; 25785756 |
| **Commercial Services & Supplies-3.39%** | **Commercial Services & Supplies-3.39%** | **Commercial Services & Supplies-3.39%** |
| &nbsp;&nbsp;&nbsp; Crown Americas LLC/Crown Americas <br> Capital Corp. V, 4.25%, 09/30/2026<sup>(c)</sup><br>| 9962000 | &nbsp;&nbsp; 9916924 |
| &nbsp;&nbsp;&nbsp; Matthews International Corp., 8.63%, <br> 10/01/2027<sup>(b)(c)</sup><br>| 8440000 | &nbsp;&nbsp; 8727002 |
| &nbsp;&nbsp;&nbsp; RB Global Holdings, Inc. (Canada), 7.75%, <br> 03/15/2031<sup>(b)(c)</sup><br>| 19932000 | &nbsp;&nbsp; 20915505 |
|  |  | &nbsp;&nbsp; 39559431 |
| **Communications Equipment-1.01%** | **Communications Equipment-1.01%** | **Communications Equipment-1.01%** |
| &nbsp;&nbsp;&nbsp; Hughes Satellite Systems Corp., 5.25%, <br> 08/01/2026<sup>(c)</sup><br>| 12491000 | &nbsp;&nbsp; 11791073 |
| **Consumer Finance-3.07%** | **Consumer Finance-3.07%** | **Consumer Finance-3.07%** |
| Navient Corp., 6.75%, 06/15/2026 | 12568000 | &nbsp;&nbsp; 12744681 |
| &nbsp;&nbsp;&nbsp; OneMain Finance Corp., 7.13%, <br> 03/15/2026<br>| 10656000 | &nbsp;&nbsp; 10732478 |
| SLM Corp., 3.13%, 11/02/2026 | 12567000 | &nbsp;&nbsp; 12341074 |
|  |  | &nbsp;&nbsp; 35818233 |
| **Containers & Packaging-0.87%** | **Containers & Packaging-0.87%** | **Containers & Packaging-0.87%** |
| Ball Corp., 4.88%, 03/15/2026 | 6374000 | &nbsp;&nbsp; 6354081 |
| &nbsp;&nbsp;&nbsp; Mauser Packaging Solutions Holding Co., <br> 7.88%, 08/15/2026<sup>(b)</sup><br>| 3841000 | &nbsp;&nbsp; 3841681 |
|  |  | &nbsp;&nbsp; 10195762 |
| **Distributors-1.81%** | **Distributors-1.81%** | **Distributors-1.81%** |
| &nbsp;&nbsp;&nbsp; Windsor Holdings III LLC, 8.50%, <br> 06/15/2030<sup>(b)(c)</sup><br>| 20093000 | &nbsp;&nbsp; 21168397 |
| **Diversified Consumer Services-0.01%** | **Diversified Consumer Services-0.01%** | **Diversified Consumer Services-0.01%** |
| &nbsp;&nbsp;&nbsp; Allwyn Entertainment Financing (UK) PLC <br> (United Kingdom), 7.88%, <br> 04/30/2029<sup>(b)</sup><br>| 130000 | &nbsp;&nbsp; 134535 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Diversified Telecommunication Services-7.71%** | **Diversified Telecommunication Services-7.71%** | **Diversified Telecommunication Services-7.71%** |
| &nbsp;&nbsp;&nbsp; Altice France (France), 9.50%, <br> 11/01/2029<sup>(b)</sup><br>| $31620000 | &nbsp;&nbsp; $32479214 |
| Frontier Communications Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 05/01/2029<sup>(b)</sup> | 18943000 | &nbsp;&nbsp; 19137071 |
| &nbsp;&nbsp;&nbsp; 8.75%, 05/15/2030<sup>(b)</sup> | 22446000 | &nbsp;&nbsp; 23487876 |
| &nbsp;&nbsp;&nbsp; 8.63%, 03/15/2031<sup>(b)</sup> | 14141000 | &nbsp;&nbsp; 14949313 |
|  |  | &nbsp;&nbsp; 90053474 |
| **Electric Utilities-7.05%** | **Electric Utilities-7.05%** | **Electric Utilities-7.05%** |
| &nbsp;&nbsp;&nbsp; Talen Energy Supply LLC, 8.63%, <br> 06/01/2030<sup>(b)</sup><br>| 33505000 | &nbsp;&nbsp; 35540898 |
| &nbsp;&nbsp;&nbsp; Terraform Global Operating L.P., 6.13%, <br> 03/01/2026<sup>(b)</sup><br>| 25000 | &nbsp;&nbsp; 24852 |
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, 7.75%, <br> 10/15/2031<sup>(b)</sup><br>| 40481000 | &nbsp;&nbsp; 43023855 |
| &nbsp;&nbsp;&nbsp; XPLR Infrastructure Operating Partners <br> L.P., 3.88%, 10/15/2026<sup>(b)</sup><br>| 3767000 | &nbsp;&nbsp; 3764066 |
|  |  | &nbsp;&nbsp; 82353671 |
| **Electrical Equipment-2.53%** | **Electrical Equipment-2.53%** | **Electrical Equipment-2.53%** |
| &nbsp;&nbsp;&nbsp; WESCO Distribution, Inc., 7.25%, <br> 06/15/2028<sup>(b)(c)</sup><br>| 29046000 | &nbsp;&nbsp; 29504723 |
| **Financial Services-7.94%** | **Financial Services-7.94%** | **Financial Services-7.94%** |
| &nbsp;&nbsp;&nbsp; Burford Capital Global Finance LLC, 9.25%, <br> 07/01/2031<sup>(b)</sup><br>| 16970000 | &nbsp;&nbsp; 17655096 |
| &nbsp;&nbsp;&nbsp; EG Global Finance PLC (United Kingdom), <br> 12.00%, 11/30/2028<sup>(b)</sup><br>| 27617000 | &nbsp;&nbsp; 30144038 |
| &nbsp;&nbsp;&nbsp; Jefferson Capital Holdings LLC, 6.00%, <br> 08/15/2026<sup>(b)</sup><br>| 7931000 | &nbsp;&nbsp; 7931361 |
| NCR Atleos Corp., 9.50%, 04/01/2029<sup>(b)</sup> | 34146000 | &nbsp;&nbsp; 36933441 |
|  |  | &nbsp;&nbsp; 92663936 |
| **Ground Transportation-1.17%** | **Ground Transportation-1.17%** | **Ground Transportation-1.17%** |
| Hertz Corp. (The), 4.63%, 12/01/2026<sup>(b)</sup> | 14060000 | &nbsp;&nbsp; 13704011 |
| **Health Care Providers & Services-5.70%** | **Health Care Providers & Services-5.70%** | **Health Care Providers & Services-5.70%** |
| &nbsp;&nbsp;&nbsp; Heartland Dental LLC/Heartland Dental <br> Finance Corp., 10.50%, 04/30/2028<sup>(b)</sup><br>| 3809000 | &nbsp;&nbsp; 4011623 |
| LifePoint Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 9.88%, 08/15/2030<sup>(b)</sup> | 19973000 | &nbsp;&nbsp; 21529218 |
| &nbsp;&nbsp;&nbsp; 11.00%, 10/15/2030<sup>(b)(c)</sup> | 27440000 | &nbsp;&nbsp; 30241542 |
| &nbsp;&nbsp;&nbsp; Team Health Holdings, Inc., 8.38%, <br> 06/30/2028<sup>(b)</sup><br>| 10644000 | &nbsp;&nbsp; 10742425 |
|  |  | &nbsp;&nbsp; 66524808 |
| **Hotel & Resort REITs-1.20%** | **Hotel & Resort REITs-1.20%** | **Hotel & Resort REITs-1.20%** |
| &nbsp;&nbsp;&nbsp; RLJ Lodging Trust L.P., 3.75%, <br> 07/01/2026<sup>(b)</sup><br>| 14063000 | &nbsp;&nbsp; 13980047 |
| **Hotels, Restaurants & Leisure-6.00%** | **Hotels, Restaurants & Leisure-6.00%** | **Hotels, Restaurants & Leisure-6.00%** |
| &nbsp;&nbsp;&nbsp; Brinker International, Inc., 8.25%, <br> 07/15/2030<sup>(b)(c)</sup><br>| 9846000 | &nbsp;&nbsp; 10452563 |
| &nbsp;&nbsp;&nbsp; Empire Resorts, Inc., 7.75%, <br> 11/01/2026<sup>(b)</sup><br>| 8416000 | &nbsp;&nbsp; 8216325 |
| &nbsp;&nbsp;&nbsp; MGM Resorts International, 4.63%, <br> 09/01/2026<sup>(c)</sup><br>| 11253000 | &nbsp;&nbsp; 11244650 |
| &nbsp;&nbsp;&nbsp; Travel + Leisure Co., 6.63%, <br> 07/31/2026<sup>(b)</sup><br>| 18284000 | &nbsp;&nbsp; 18405266 |
| Viking Cruises Ltd., 9.13%, 07/15/2031<sup>(b)</sup> | 20252000 | &nbsp;&nbsp; 21738112 |
|  |  | &nbsp;&nbsp; 70056916 |
| **Insurance-1.83%** | **Insurance-1.83%** | **Insurance-1.83%** |
| &nbsp;&nbsp;&nbsp; Jones Deslauriers Insurance Management, <br> Inc. (Canada), 8.50%, 03/15/2030<sup>(b)</sup><br>| 20385000 | &nbsp;&nbsp; 21353573 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Life Sciences Tools & Services-2.29%** | **Life Sciences Tools & Services-2.29%** | **Life Sciences Tools & Services-2.29%** |
| IQVIA, Inc., 5.00%, 10/15/2026<sup>(b)</sup> | $26745000 | &nbsp;&nbsp; $26748022 |
| **Machinery-1.08%** | **Machinery-1.08%** | **Machinery-1.08%** |
| &nbsp;&nbsp;&nbsp; Chart Industries, Inc., 9.50%, <br> 01/01/2031<sup>(b)</sup><br>| 11848000 | &nbsp;&nbsp; 12658225 |
| **Media-8.25%** | **Media-8.25%** | **Media-8.25%** |
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital <br> Corp., 5.50%, 05/01/2026<sup>(b)</sup><br>| 18476000 | &nbsp;&nbsp; 18481356 |
| DISH DBS Corp., 5.25%, 12/01/2026<sup>(b)</sup> | 43599000 | &nbsp;&nbsp; 42627946 |
| &nbsp;&nbsp;&nbsp; Radiate Holdco LLC/Radiate Finance, Inc., <br> 6.25% PIK Rate, 0.00% Cash Rate, <br> 09/25/2029<sup>(b)(c)(d)</sup><br>| 9934828 | &nbsp;&nbsp; 7471045 |
| &nbsp;&nbsp;&nbsp; Sirius XM Radio LLC, 3.13%, <br> 09/01/2026<sup>(b)</sup><br>| 27915000 | &nbsp;&nbsp; 27701793 |
|  |  | &nbsp;&nbsp; 96282140 |
| **Metals & Mining-1.21%** | **Metals & Mining-1.21%** | **Metals & Mining-1.21%** |
| &nbsp;&nbsp;&nbsp; Baffinland Iron Mines Corp./Baffinland Iron <br> Mines L.P. (Canada), 8.75%, <br> 07/15/2026<sup>(b)</sup><br>| 16177000 | &nbsp;&nbsp; 14193747 |
| **Mortgage REITs-0.96%** | **Mortgage REITs-0.96%** | **Mortgage REITs-0.96%** |
| &nbsp;&nbsp;&nbsp; Starwood Property Trust, Inc., 3.63%, <br> 07/15/2026<sup>(b)</sup><br>| 11250000 | &nbsp;&nbsp; 11172569 |
| **Oil, Gas & Consumable Fuels-6.24%** | **Oil, Gas & Consumable Fuels-6.24%** | **Oil, Gas & Consumable Fuels-6.24%** |
| &nbsp;&nbsp;&nbsp; Blue Racer Midstream LLC/Blue Racer <br> Finance Corp., 6.63%, 07/15/2026<sup>(b)</sup><br>| 8436000 | &nbsp;&nbsp; 8467711 |
| &nbsp;&nbsp;&nbsp; Buckeye Partners L.P., 3.95%, <br> 12/01/2026<br>| 15084000 | &nbsp;&nbsp; 14998341 |
| &nbsp;&nbsp;&nbsp; Civitas Resources, Inc., 5.00%, <br> 10/15/2026<sup>(b)</sup><br>| 11254000 | &nbsp;&nbsp; 11239952 |
| &nbsp;&nbsp;&nbsp; Range Resources Corp., 8.25%, <br> 01/15/2029<br>| 15076000 | &nbsp;&nbsp; 15388254 |
| SM Energy Co., 6.75%, 09/15/2026 | 10426000 | &nbsp;&nbsp; 10444777 |
| &nbsp;&nbsp;&nbsp; Strathcona Resources Ltd. (Canada), <br> 6.88%, 08/01/2026<sup>(b)</sup><br>| 12237000 | &nbsp;&nbsp; 12293070 |
|  |  | &nbsp;&nbsp; 72832105 |
| **Real Estate Management & Development-1.95%** | **Real Estate Management & Development-1.95%** | **Real Estate Management & Development-1.95%** |
| &nbsp;&nbsp;&nbsp; Cushman & Wakefield U.S. Borrower LLC, <br> 8.88%, 09/01/2031<sup>(b)(c)</sup><br>| 10050000 | &nbsp;&nbsp; 10783751 |
| &nbsp;&nbsp;&nbsp; Greystar Real Estate Partners LLC, 7.75%, <br> 09/01/2030<sup>(b)</sup><br>| 11256000 | &nbsp;&nbsp; 11956607 |
|  |  | &nbsp;&nbsp; 22740358 |
| **Software-1.76%** | **Software-1.76%** | **Software-1.76%** |
| Fair Isaac Corp., 5.25%, 05/15/2026<sup>(b)</sup> | 10056000 | &nbsp;&nbsp; 10107587 |
| RingCentral, Inc., 8.50%, 08/15/2030<sup>(b)(c)</sup> | 9848000 | &nbsp;&nbsp; 10488770 |
|  |  | &nbsp;&nbsp; 20596357 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Specialty Retail-1.18%** | **Specialty Retail-1.18%** | **Specialty Retail-1.18%** |
| &nbsp;&nbsp;&nbsp; Bath & Body Works, Inc., 7.50%, <br> 06/15/2029<sup>(c)</sup><br>| $13511000 | &nbsp;&nbsp; $13795546 |
| **Technology Hardware, Storage & Peripherals-1.06%** | **Technology Hardware, Storage & Peripherals-1.06%** | **Technology Hardware, Storage & Peripherals-1.06%** |
| &nbsp;&nbsp;&nbsp; Western Digital Corp., 4.75%, <br> 02/15/2026<br>| 12426000 | &nbsp;&nbsp; 12439854 |
| **Textiles, Apparel & Luxury Goods-2.63%** | **Textiles, Apparel & Luxury Goods-2.63%** | **Textiles, Apparel & Luxury Goods-2.63%** |
| &nbsp;&nbsp;&nbsp; Hanesbrands, Inc., 9.00%, <br> 02/15/2031<sup>(b)(c)</sup><br>| 14987000 | &nbsp;&nbsp; 15840870 |
| Under Armour, Inc., 3.25%, 06/15/2026 | 14909000 | &nbsp;&nbsp; 14819932 |
|  |  | &nbsp;&nbsp; 30660802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $1,057,860,854) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $1,057,860,854) | &nbsp;&nbsp; 1060387881 |
|  | **Shares** |  |
| **Money Market Funds-7.60%** |  |  |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, <br> Institutional Class, 3.91%<sup>(e)(f)</sup> <br>(Cost $88,709,904)<br>| 88709904 | &nbsp;&nbsp; 88709904 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-98.41% <br>(Cost $1,146,570,758) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-98.41% <br>(Cost $1,146,570,758) | &nbsp;&nbsp; 1149097785 |
| **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** |
| **Money Market Funds-3.91%** | **Money Market Funds-3.91%** | **Money Market Funds-3.91%** |
| &nbsp;&nbsp;&nbsp; Invesco Private Government Fund, <br> 4.00%<sup>(e)(f)(g)</sup><br>| 12805330 | &nbsp;&nbsp; 12805330 |
| Invesco Private Prime Fund, 4.12%<sup>(e)(f)(g)</sup> | 32871320 | &nbsp;&nbsp; 32881181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $45,686,511) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $45,686,511) | &nbsp;&nbsp; 45686511 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-102.32% <br>(Cost $1,192,257,269) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-102.32% <br>(Cost $1,192,257,269) | &nbsp;&nbsp; 1194784296 |
| OTHER ASSETS LESS LIABILITIES-(2.32)% | OTHER ASSETS LESS LIABILITIES-(2.32)% | &nbsp;&nbsp; (27106341)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $1167677955 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)—(continued)**

November 30, 2025

*(Unaudited)*

Investment Abbreviations: <br> PIK -Pay-in-Kind <br> REIT -Real Estate Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | 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 <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> November 30, 2025 was $893,257,771, which represented 76.50% of the Fund's Net Assets.<br>|
| <sup>(c)</sup> | All or a portion of this security was out on loan at November 30, 2025. |
| <sup>(d)</sup> | All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities. |
| <sup>(e)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the three months ended November 30, 2025.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**November 30, 2025**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government <br> & Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp;&nbsp; $85881696 | &nbsp;&nbsp;&nbsp; $273459184 | &nbsp;&nbsp;&nbsp; $(270630976)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $88709904 | &nbsp;&nbsp;&nbsp; $798995 |
| **Investments** <br> **Purchased with** <br> **Cash Collateral** <br> **from Securities on** <br> **Loan:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private <br> Government Fund<br>| &nbsp;&nbsp;&nbsp; 32048627 | &nbsp;&nbsp;&nbsp; 51168801 | &nbsp;&nbsp;&nbsp; (70412098)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 12805330 | &nbsp;&nbsp;&nbsp; 232,967<br> \*<br>|
| &nbsp;&nbsp; Invesco Private <br> Prime Fund<br>| &nbsp;&nbsp;&nbsp; 83352265 | &nbsp;&nbsp;&nbsp; 86362704 | &nbsp;&nbsp;&nbsp; (136834395)<br>| &nbsp;&nbsp;&nbsp; (5815)<br>| &nbsp;&nbsp;&nbsp; 6422 | &nbsp;&nbsp;&nbsp; 32881181 | &nbsp;&nbsp;&nbsp; 647,554<br> \*<br>|
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; $201282588 | &nbsp;&nbsp;&nbsp; $410990689 | &nbsp;&nbsp;&nbsp; $(477877469)<br>| &nbsp;&nbsp;&nbsp; $(5815)<br>| &nbsp;&nbsp;&nbsp; $6422 | &nbsp;&nbsp;&nbsp; $134396415 | &nbsp;&nbsp;&nbsp; $1679516 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(f)</sup> The rate shown is the 7-day SEC standardized yield as of November 30, 2025. <br> <sup>(g)</sup> 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.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

See accompanying notes which are an integral part of this schedule.

------

Schedule of Investments<sup>(a)</sup>

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

November 30, 2025

*(Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes-97.51%** | **U.S. Dollar Denominated Bonds & Notes-97.51%** | **U.S. Dollar Denominated Bonds & Notes-97.51%** |
| **Aerospace & Defense-0.54%** | **Aerospace & Defense-0.54%** | **Aerospace & Defense-0.54%** |
| Moog, Inc., 4.25%, 12/15/2027<sup>(b)</sup> | $3728000 | &nbsp;&nbsp; $3709368 |
| **Automobile Components-3.51%** | **Automobile Components-3.51%** | **Automobile Components-3.51%** |
| &nbsp;&nbsp;&nbsp; Avis Budget Car Rental LLC/Avis Budget <br> Finance, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 07/15/2027<sup>(b)(c)</sup> | 2885000 | &nbsp;&nbsp; 2882435 |
| &nbsp;&nbsp;&nbsp; 5.75%, 07/15/2027<sup>(b)</sup> | 2522000 | &nbsp;&nbsp; 2523374 |
| &nbsp;&nbsp;&nbsp; Cougar JV Subsidiary LLC, 8.00%, <br> 05/15/2032<sup>(b)(c)</sup><br>| 5620000 | &nbsp;&nbsp; 6024257 |
| Dana, Inc., 5.38%, 11/15/2027<sup>(c)</sup> | 3025000 | &nbsp;&nbsp; 3033361 |
| &nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber Co. (The), 4.88%, <br> 03/15/2027<sup>(c)</sup><br>| 5830000 | &nbsp;&nbsp; 5818599 |
| &nbsp;&nbsp;&nbsp; United Rentals (North America), Inc., 5.50%, <br> 05/15/2027<br>| 3772000 | &nbsp;&nbsp; 3774666 |
|  |  | &nbsp;&nbsp; 24056692 |
| **Automobiles-0.44%** | **Automobiles-0.44%** | **Automobiles-0.44%** |
| &nbsp;&nbsp;&nbsp; Allison Transmission, Inc., 4.75%, <br> 10/01/2027<sup>(b)</sup><br>| 3025000 | &nbsp;&nbsp; 3022578 |
| **Banks-0.59%** | **Banks-0.59%** | **Banks-0.59%** |
| &nbsp;&nbsp;&nbsp; Freedom Mortgage Corp., 6.63%, <br> 01/15/2027<sup>(b)</sup><br>| 4043000 | &nbsp;&nbsp; 4056900 |
| **Broadline Retail-2.35%** | **Broadline Retail-2.35%** | **Broadline Retail-2.35%** |
| &nbsp;&nbsp;&nbsp; Rakuten Group, Inc. (Japan), 11.25%, <br> 02/15/2027<sup>(b)</sup><br>| 15003000 | &nbsp;&nbsp; 16088092 |
| **Building Products-0.76%** | **Building Products-0.76%** | **Building Products-0.76%** |
| &nbsp;&nbsp;&nbsp; Advanced Drainage Systems, Inc., 5.00%, <br> 09/30/2027<sup>(b)</sup><br>| 2645000 | &nbsp;&nbsp; 2651496 |
| JELD-WEN, Inc., 4.88%, 12/15/2027<sup>(b)(c)</sup> | 2986000 | &nbsp;&nbsp; 2566667 |
|  |  | &nbsp;&nbsp; 5218163 |
| **Capital Markets-1.50%** | **Capital Markets-1.50%** | **Capital Markets-1.50%** |
| &nbsp;&nbsp;&nbsp; Icahn Enterprises L.P./Icahn Enterprises <br> Finance Corp., 5.25%, 05/15/2027<br>| 10421000 | &nbsp;&nbsp; 10295883 |
| **Chemicals-4.85%** | **Chemicals-4.85%** | **Chemicals-4.85%** |
| &nbsp;&nbsp;&nbsp; Axalta Coating Systems LLC/Axalta Coating <br> Systems Dutch Holding B B.V., 4.75%, <br> 06/15/2027<sup>(b)(c)</sup><br>| 4168000 | &nbsp;&nbsp; 4177002 |
| &nbsp;&nbsp;&nbsp; Celanese US Holdings LLC, 6.67%, <br> 07/15/2027<br>| 11330000 | &nbsp;&nbsp; 11669696 |
| Chemours Co. (The), 5.38%, 05/15/2027 | 4124000 | &nbsp;&nbsp; 4126828 |
| HB Fuller Co., 4.00%, 02/15/2027 | 2269000 | &nbsp;&nbsp; 2253973 |
| &nbsp;&nbsp;&nbsp; Methanex Corp. (Canada), 5.13%, <br> 10/15/2027<br>| 5830000 | &nbsp;&nbsp; 5850667 |
| &nbsp;&nbsp;&nbsp; SNF Group SACA (France), 3.13%, <br> 03/15/2027<sup>(b)(c)</sup><br>| 2643000 | &nbsp;&nbsp; 2600203 |
| &nbsp;&nbsp;&nbsp; Suburban Propane Partners L.P./Suburban <br> Energy Finance Corp., 5.88%, <br> 03/01/2027<br>| 2562000 | &nbsp;&nbsp; 2576018 |
|  |  | &nbsp;&nbsp; 33254387 |
| **Commercial Services & Supplies-4.30%** | **Commercial Services & Supplies-4.30%** | **Commercial Services & Supplies-4.30%** |
| Brink's Co. (The), 4.63%, 10/15/2027<sup>(b)</sup> | 4992000 | &nbsp;&nbsp; 4980566 |
| CoreCivic, Inc., 4.75%, 10/15/2027 | 1803000 | &nbsp;&nbsp; 1795745 |
| Enviri Corp., 5.75%, 07/31/2027<sup>(b)(c)</sup> | 3587000 | &nbsp;&nbsp; 3593622 |
| &nbsp;&nbsp;&nbsp; GEO Group, Inc. (The), 10.25%, <br> 04/15/2031<br>| 5200000 | &nbsp;&nbsp; 5709901 |
| Pitney Bowes, Inc., 6.88%, 03/15/2027<sup>(b)</sup> | 2689000 | &nbsp;&nbsp; 2700353 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Commercial Services & Supplies-(continued)** | **Commercial Services & Supplies-(continued)** | **Commercial Services & Supplies-(continued)** | **Commercial Services & Supplies-(continued)** |
| &nbsp;&nbsp;&nbsp; Prime Security Services Borrower LLC/Prime <br> Finance, Inc., 3.38%, 08/31/2027<sup>(b)(c)</sup><br>| $| 8324000 | &nbsp;&nbsp; $8136062 |
| Sabre GLBL, Inc., 8.63%, 06/01/2027<sup>(b)</sup> |  | 2501000 | &nbsp;&nbsp; 2537601 |
|  |  |  | &nbsp;&nbsp; 29453850 |
| **Communications Equipment-0.91%** | **Communications Equipment-0.91%** | **Communications Equipment-0.91%** | **Communications Equipment-0.91%** |
| &nbsp;&nbsp;&nbsp; CommScope Technologies LLC, 5.00%, <br> 03/15/2027<sup>(b)</sup><br>|  | 6250000 | &nbsp;&nbsp; 6246321 |
| **Construction & Engineering-0.47%** | **Construction & Engineering-0.47%** | **Construction & Engineering-0.47%** | **Construction & Engineering-0.47%** |
| Pike Corp., 8.63%, 01/31/2031<sup>(b)(c)</sup> |  | 3022000 | &nbsp;&nbsp; 3196763 |
| **Consumer Finance-2.43%** | **Consumer Finance-2.43%** | **Consumer Finance-2.43%** | **Consumer Finance-2.43%** |
| Navient Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/2027 |  | 5830000 | &nbsp;&nbsp; 5829540 |
| &nbsp;&nbsp;&nbsp; 11.50%, 03/15/2031 |  | 4168000 | &nbsp;&nbsp; 4661133 |
| &nbsp;&nbsp;&nbsp; OneMain Finance Corp., 3.50%, <br> 01/15/2027<sup>(c)</sup><br>|  | 6249000 | &nbsp;&nbsp; 6172560 |
|  |  |  | &nbsp;&nbsp; 16663233 |
| **Consumer Staples Distribution & Retail-3.45%** | **Consumer Staples Distribution & Retail-3.45%** | **Consumer Staples Distribution & Retail-3.45%** | **Consumer Staples Distribution & Retail-3.45%** |
| &nbsp;&nbsp;&nbsp; Albertson's Cos., Inc./Safeway, Inc./New <br> Albertson's L.P./Albertson's LLC, 4.63%, <br> 01/15/2027<sup>(b)</sup><br>|  | 11243000 | &nbsp;&nbsp; 11247057 |
| &nbsp;&nbsp;&nbsp; Fiesta Purchaser, Inc., 7.88%, <br> 03/01/2031<sup>(b)</sup><br>|  | 4177000 | &nbsp;&nbsp; 4398991 |
| &nbsp;&nbsp;&nbsp; Performance Food Group, Inc., 5.50%, <br> 10/15/2027<sup>(b)</sup><br>|  | 8004000 | &nbsp;&nbsp; 8011954 |
|  |  |  | &nbsp;&nbsp; 23658002 |
| **Containers & Packaging-6.17%** | **Containers & Packaging-6.17%** | **Containers & Packaging-6.17%** | **Containers & Packaging-6.17%** |
| &nbsp;&nbsp;&nbsp; Ardagh Metal Packaging Finance <br> USA LLC/Ardagh Metal Packaging Finance <br> PLC, 6.00%, 06/15/2027<sup>(b)</sup><br>|  | 4532000 | &nbsp;&nbsp; 4532000 |
| &nbsp;&nbsp;&nbsp; Graphic Packaging International LLC, 4.75%, <br> 07/15/2027<sup>(b)(c)</sup><br>|  | 2264000 | &nbsp;&nbsp; 2260552 |
| Mauser Packaging Solutions Holding Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 9.25%, 04/15/2027<sup>(b)</sup> |  | 9792000 | &nbsp;&nbsp; 9257901 |
| &nbsp;&nbsp;&nbsp; 7.88%, 04/15/2030<sup>(b)</sup> |  | 19760000 | &nbsp;&nbsp; 17956900 |
| &nbsp;&nbsp;&nbsp; Owens-Brockway Glass Container, Inc., <br> 6.63%, 05/13/2027<sup>(b)(c)</sup><br>|  | 5095000 | &nbsp;&nbsp; 5109230 |
| Sealed Air Corp., 4.00%, 12/01/2027<sup>(b)</sup> |  | 3179075 | &nbsp;&nbsp; 3174594 |
|  |  |  | &nbsp;&nbsp; 42291177 |
| **Diversified Consumer Services-1.60%** | **Diversified Consumer Services-1.60%** | **Diversified Consumer Services-1.60%** | **Diversified Consumer Services-1.60%** |
| &nbsp;&nbsp;&nbsp; Service Corp. International, 4.63%, <br> 12/15/2027<br>|  | 4598000 | &nbsp;&nbsp; 4593326 |
| Sotheby's, 7.38%, 10/15/2027<sup>(b)(c)</sup> |  | 6368000 | &nbsp;&nbsp; 6343895 |
|  |  |  | &nbsp;&nbsp; 10937221 |
| **Diversified Telecommunication Services-2.64%** | **Diversified Telecommunication Services-2.64%** | **Diversified Telecommunication Services-2.64%** | **Diversified Telecommunication Services-2.64%** |
| &nbsp;&nbsp;&nbsp; Frontier Communications Holdings LLC, <br> 5.88%, 10/15/2027<sup>(b)</sup><br>|  | 9577000 | &nbsp;&nbsp; 9597695 |
| &nbsp;&nbsp;&nbsp; Iliad Holding S.A.S. (France), 8.50%, <br> 04/15/2031<sup>(b)(c)</sup><br>|  | 7914000 | &nbsp;&nbsp; 8507384 |
|  |  |  | &nbsp;&nbsp; 18105079 |
| **Electric Utilities-2.19%** | **Electric Utilities-2.19%** | **Electric Utilities-2.19%** | **Electric Utilities-2.19%** |
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, 5.00%, <br> 07/31/2027<sup>(b)</sup><br>|  | 10857000 | &nbsp;&nbsp; 10898550 |
| &nbsp;&nbsp;&nbsp; XPLR Infrastructure Operating Partners L.P., <br> 4.50%, 09/15/2027<sup>(b)</sup><br>|  | 4152000 | &nbsp;&nbsp; 4092305 |
|  |  |  | &nbsp;&nbsp; 14990855 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Electrical Equipment-0.76%** | **Electrical Equipment-0.76%** | **Electrical Equipment-0.76%** |
| EnerSys, 4.38%, 12/15/2027<sup>(b)(c)</sup> | $2247000 | &nbsp;&nbsp; $2236751 |
| &nbsp;&nbsp;&nbsp; Nissan Motor Acceptance Co. LLC, 5.30%, <br> 09/13/2027<sup>(b)(c)</sup><br>| 2995000 | &nbsp;&nbsp; 2994470 |
|  |  | &nbsp;&nbsp; 5231221 |
| **Energy Equipment & Services-0.70%** | **Energy Equipment & Services-0.70%** | **Energy Equipment & Services-0.70%** |
| &nbsp;&nbsp;&nbsp; Enerflex Ltd. (Canada), 9.00%, <br> 10/15/2027<sup>(b)</sup><br>| 4683000 | &nbsp;&nbsp; 4800023 |
| **Entertainment-3.08%** | **Entertainment-3.08%** | **Entertainment-3.08%** |
| Live Nation Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 05/15/2027<sup>(b)(c)</sup> | 9993000 | &nbsp;&nbsp; 10100425 |
| &nbsp;&nbsp;&nbsp; 4.75%, 10/15/2027<sup>(b)(c)</sup> | 7908000 | &nbsp;&nbsp; 7901075 |
| &nbsp;&nbsp;&nbsp; Odeon Finco PLC (United Kingdom), 12.75%, <br> 11/01/2027<sup>(b)</sup><br>| 3018000 | &nbsp;&nbsp; 3122984 |
|  |  | &nbsp;&nbsp; 21124484 |
| **Financial Services-2.29%** | **Financial Services-2.29%** | **Financial Services-2.29%** |
| &nbsp;&nbsp;&nbsp; GGAM Finance Ltd. (Ireland), 8.00%, <br> 02/15/2027<sup>(b)</sup><br>| 5820000 | &nbsp;&nbsp; 5963405 |
| &nbsp;&nbsp;&nbsp; LD Holdings Group LLC, 8.75%, <br> 11/01/2027<sup>(b)</sup><br>| 2570000 | &nbsp;&nbsp; 2512603 |
| &nbsp;&nbsp;&nbsp; Oxford Finance LLC/Oxford Finance <br> Co.-Issuer II, Inc., 6.38%, 02/01/2027<sup>(b)</sup><br>| 3025000 | &nbsp;&nbsp; 3030112 |
| &nbsp;&nbsp;&nbsp; United Wholesale Mortgage LLC, 5.75%, <br> 06/15/2027<sup>(b)</sup><br>| 4177000 | &nbsp;&nbsp; 4189990 |
|  |  | &nbsp;&nbsp; 15696110 |
| **Gas Utilities-0.63%** | **Gas Utilities-0.63%** | **Gas Utilities-0.63%** |
| &nbsp;&nbsp;&nbsp; AmeriGas Partners L.P./AmeriGas Finance <br> Corp., 5.75%, 05/20/2027<br>| 4260000 | &nbsp;&nbsp; 4279315 |
| **Health Care Equipment & Supplies-1.02%** | **Health Care Equipment & Supplies-1.02%** | **Health Care Equipment & Supplies-1.02%** |
| Teleflex, Inc., 4.63%, 11/15/2027 | 4177000 | &nbsp;&nbsp; 4158020 |
| Varex Imaging Corp., 7.88%, 10/15/2027<sup>(b)</sup> | 2774000 | &nbsp;&nbsp; 2841247 |
|  |  | &nbsp;&nbsp; 6999267 |
| **Health Care Providers & Services-1.66%** | **Health Care Providers & Services-1.66%** | **Health Care Providers & Services-1.66%** |
| &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp., 5.13%, <br> 11/01/2027<br>| 11325000 | &nbsp;&nbsp; 11334989 |
| **Health Care REITs-1.49%** | **Health Care REITs-1.49%** | **Health Care REITs-1.49%** |
| &nbsp;&nbsp;&nbsp; MPT Operating Partnership L.P./MPT Finance <br> Corp., 5.00%, 10/15/2027<sup>(c)</sup><br>| 10572000 | &nbsp;&nbsp; 10225806 |
| **Health Care Technology-0.36%** | **Health Care Technology-0.36%** | **Health Care Technology-0.36%** |
| &nbsp;&nbsp;&nbsp; Cogent Communications Group LLC/Cogent <br> Finance, Inc., 7.00%, 06/15/2027<sup>(b)</sup><br>| 2500000 | &nbsp;&nbsp; 2481565 |
| **Hotel & Resort REITs-1.33%** | **Hotel & Resort REITs-1.33%** | **Hotel & Resort REITs-1.33%** |
| &nbsp;&nbsp;&nbsp; RHP Hotel Properties L.P./RHP Finance <br> Corp., 4.75%, 10/15/2027<br>| 5824000 | &nbsp;&nbsp; 5815165 |
| &nbsp;&nbsp;&nbsp; Service Properties Trust, 5.50%, <br> 12/15/2027<br>| 3371000 | &nbsp;&nbsp; 3304649 |
|  |  | &nbsp;&nbsp; 9119814 |
| **Hotels, Restaurants & Leisure-6.60%** | **Hotels, Restaurants & Leisure-6.60%** | **Hotels, Restaurants & Leisure-6.60%** |
| Academy Ltd., 6.00%, 11/15/2027<sup>(b)</sup> | 3020000 | &nbsp;&nbsp; 3031847 |
| Boyd Gaming Corp., 4.75%, 12/01/2027<sup>(c)</sup> | 8330000 | &nbsp;&nbsp; 8329483 |
| &nbsp;&nbsp;&nbsp; Hilton Worldwide Finance LLC/Hilton <br> Worldwide Finance Corp., 4.88%, <br> 04/01/2027<sup>(c)</sup><br>| 4999000 | &nbsp;&nbsp; 5001469 |
| &nbsp;&nbsp;&nbsp; KFC Holding Co./Pizza Hut Holdings LLC/<br> Taco Bell of America LLC, 4.75%, <br> 06/01/2027<sup>(b)</sup><br>| 6265000 | &nbsp;&nbsp; 6275381 |
| &nbsp;&nbsp;&nbsp; PENN Entertainment, Inc., 5.63%, <br> 01/15/2027<sup>(b)</sup><br>| 3345000 | &nbsp;&nbsp; 3367337 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Hotels, Restaurants & Leisure-(continued)** | **Hotels, Restaurants & Leisure-(continued)** | **Hotels, Restaurants & Leisure-(continued)** | **Hotels, Restaurants & Leisure-(continued)** |
| &nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp., 5.50%, <br> 04/15/2027<sup>(b)(c)</sup><br>| $| 4162000 | &nbsp;&nbsp; $4111341 |
| &nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp./Canada's <br> Wonderland Co./Magnum Management <br> Corp., 5.38%, 04/15/2027<br>|  | 4166000 | &nbsp;&nbsp; 4134619 |
| &nbsp;&nbsp;&nbsp; Travel + Leisure Co., Series J, 6.00%, <br> 04/01/2027<br>|  | 3346000 | &nbsp;&nbsp; 3400025 |
| &nbsp;&nbsp;&nbsp; Wynn Las Vegas LLC/Wynn Las Vegas <br> Capital Corp., 5.25%, 05/15/2027<sup>(b)(c)</sup><br>|  | 7494000 | &nbsp;&nbsp; 7527311 |
|  |  |  | &nbsp;&nbsp; 45178813 |
| **Household Durables-1.83%** | **Household Durables-1.83%** | **Household Durables-1.83%** | **Household Durables-1.83%** |
| &nbsp;&nbsp;&nbsp; Beazer Homes USA, Inc., 5.88%, <br> 10/15/2027<sup>(c)</sup><br>|  | 2674000 | &nbsp;&nbsp; 2688680 |
| &nbsp;&nbsp;&nbsp; Mattamy Group Corp. (Canada), 5.25%, <br> 12/15/2027<sup>(b)</sup><br>|  | 3777000 | &nbsp;&nbsp; 3778209 |
| Newell Brands, Inc., 6.38%, 09/15/2027 |  | 3777000 | &nbsp;&nbsp; 3788175 |
| Tri Pointe Homes, Inc., 5.25%, 06/01/2027 |  | 2244000 | &nbsp;&nbsp; 2263125 |
|  |  |  | &nbsp;&nbsp; 12518189 |
| **Insurance-3.33%** | **Insurance-3.33%** | **Insurance-3.33%** | **Insurance-3.33%** |
| &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC/Alliant <br> Holdings Co-Issuer<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 10/15/2027<sup>(b)</sup> |  | 6247000 | &nbsp;&nbsp; 6166444 |
| &nbsp;&nbsp;&nbsp; 6.75%, 10/15/2027<sup>(b)</sup> |  | 11195000 | &nbsp;&nbsp; 11240676 |
| USI, Inc., 7.50%, 01/15/2032<sup>(b)</sup> |  | 5165000 | &nbsp;&nbsp; 5390881 |
|  |  |  | &nbsp;&nbsp; 22798001 |
| **Interactive Media & Services-3.88%** | **Interactive Media & Services-3.88%** | **Interactive Media & Services-3.88%** | **Interactive Media & Services-3.88%** |
| &nbsp;&nbsp;&nbsp; Match Group Holdings II LLC, 5.00%, <br> 12/15/2027<sup>(b)(c)</sup><br>|  | 3761000 | &nbsp;&nbsp; 3758272 |
| &nbsp;&nbsp;&nbsp; Nexstar Media, Inc., 5.63%, <br> 07/15/2027<sup>(b)(c)</sup><br>|  | 12937000 | &nbsp;&nbsp; 12956910 |
| &nbsp;&nbsp;&nbsp; WarnerMedia Holdings, Inc., 3.76%, <br> 03/15/2027<br>|  | 9950000 | &nbsp;&nbsp; 9852390 |
|  |  |  | &nbsp;&nbsp; 26567572 |
| **IT Services-1.83%** | **IT Services-1.83%** | **IT Services-1.83%** | **IT Services-1.83%** |
| &nbsp;&nbsp;&nbsp; Cablevision Lightpath LLC, 3.88%, <br> 09/15/2027<sup>(b)(c)</sup><br>|  | 3749000 | &nbsp;&nbsp; 3694651 |
| &nbsp;&nbsp;&nbsp; Cogent Communications Group, Inc., 7.00%, <br> 06/15/2027<sup>(b)(c)</sup><br>|  | 3747000 | &nbsp;&nbsp; 3715564 |
| &nbsp;&nbsp;&nbsp; EquipmentShare.com, Inc., 8.63%, <br> 05/15/2032<sup>(b)(c)</sup><br>|  | 5000000 | &nbsp;&nbsp; 5148555 |
|  |  |  | &nbsp;&nbsp; 12558770 |
| **Machinery-1.71%** | **Machinery-1.71%** | **Machinery-1.71%** | **Machinery-1.71%** |
| &nbsp;&nbsp;&nbsp; TK Elevator U.S. Newco, Inc. (Germany), <br> 5.25%, 07/15/2027<sup>(b)(c)</sup><br>|  | 11670000 | &nbsp;&nbsp; 11729690 |
| **Media-11.31%** | **Media-11.31%** | **Media-11.31%** | **Media-11.31%** |
| &nbsp;&nbsp;&nbsp; Altice Financing S.A. (Luxembourg), 9.63%, <br> 07/15/2027<sup>(b)</sup><br>|  | 3120000 | &nbsp;&nbsp; 2493145 |
| Belo Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.75%, 06/01/2027 |  | 1512000 | &nbsp;&nbsp; 1577565 |
| &nbsp;&nbsp;&nbsp; 7.25%, 09/15/2027 |  | 1808000 | &nbsp;&nbsp; 1884043 |
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital <br> Corp., 5.13%, 05/01/2027<sup>(b)</sup><br>|  | 27066000 | &nbsp;&nbsp; 27044742 |
| CSC Holdings LLC, 5.50%, 04/15/2027<sup>(b)</sup> |  | 9808000 | &nbsp;&nbsp; 8471000 |
| &nbsp;&nbsp;&nbsp; DISH Network Corp., 11.75%, <br> 11/15/2027<sup>(b)</sup><br>|  | 23622000 | &nbsp;&nbsp; 24686053 |
| Sirius XM Radio LLC, 5.00%, 08/01/2027<sup>(b)</sup> |  | 11325000 | &nbsp;&nbsp; 11336257 |
|  |  |  | &nbsp;&nbsp; 77492805 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Metals & Mining-0.17%** | **Metals & Mining-0.17%** | **Metals & Mining-0.17%** |
| &nbsp;&nbsp;&nbsp; Compass Minerals International, Inc., 6.75%, <br> 12/01/2027<sup>(b)(c)</sup><br>| $1137000 | &nbsp;&nbsp; $1137695 |
| **Mortgage REITs-0.97%** | **Mortgage REITs-0.97%** | **Mortgage REITs-0.97%** |
| &nbsp;&nbsp;&nbsp; Blackstone Mortgage Trust, Inc., 3.75%, <br> 01/15/2027<sup>(b)</sup><br>| 2535000 | &nbsp;&nbsp; 2501161 |
| &nbsp;&nbsp;&nbsp; Starwood Property Trust, Inc., 4.38%, <br> 01/15/2027<sup>(b)(c)</sup><br>| 4177000 | &nbsp;&nbsp; 4153403 |
|  |  | &nbsp;&nbsp; 6654564 |
| **Oil, Gas & Consumable Fuels-6.46%** | **Oil, Gas & Consumable Fuels-6.46%** | **Oil, Gas & Consumable Fuels-6.46%** |
| &nbsp;&nbsp;&nbsp; Ascent Resources Utica Holdings LLC/ARU <br> Finance Corp., 9.00%, 11/01/2027<sup>(b)</sup><br>| 2539000 | &nbsp;&nbsp; 2946878 |
| &nbsp;&nbsp;&nbsp; Blue Racer Midstream LLC/Blue Racer <br> Finance Corp., 7.25%, 07/15/2032<sup>(b)</sup><br>| 4167000 | &nbsp;&nbsp; 4434096 |
| &nbsp;&nbsp;&nbsp; Calumet Specialty Products Partners <br> L.P./Calumet Finance Corp., 8.13%, <br> 01/15/2027<sup>(b)</sup><br>| 2385000 | &nbsp;&nbsp; 2379370 |
| &nbsp;&nbsp;&nbsp; EnQuest PLC (United Kingdom), 11.63%, <br> 11/01/2027<sup>(b)(c)</sup><br>| 3876000 | &nbsp;&nbsp; 3938280 |
| Murphy Oil USA, Inc., 5.63%, 05/01/2027 | 2264000 | &nbsp;&nbsp; 2271362 |
| NuStar Logistics L.P., 5.63%, 04/28/2027 | 4582000 | &nbsp;&nbsp; 4641905 |
| SM Energy Co., 6.63%, 01/15/2027 | 3041000 | &nbsp;&nbsp; 3053286 |
| Sunoco L.P., 5.88%, 07/15/2027<sup>(b)</sup> | 3228000 | &nbsp;&nbsp; 3231335 |
| &nbsp;&nbsp;&nbsp; Venture Global LNG, Inc., 9.88%, <br> 02/01/2032<sup>(b)(c)</sup><br>| 16650000 | &nbsp;&nbsp; 17345254 |
|  |  | &nbsp;&nbsp; 44241766 |
| **Passenger Airlines-0.53%** | **Passenger Airlines-0.53%** | **Passenger Airlines-0.53%** |
| Allegiant Travel Co., 7.25%, 08/15/2027<sup>(b)</sup> | 3545000 | &nbsp;&nbsp; 3598405 |
| **Personal Care Products-1.06%** | **Personal Care Products-1.06%** | **Personal Care Products-1.06%** |
| BellRing Brands, Inc., 7.00%, 03/15/2030<sup>(b)</sup> | 6998000 | &nbsp;&nbsp; 7225736 |
| **Professional Services-0.44%** | **Professional Services-0.44%** | **Professional Services-0.44%** |
| Korn Ferry, 4.63%, 12/15/2027<sup>(b)</sup> | 3024000 | &nbsp;&nbsp; 3026201 |
| **Retail REITs-0.60%** | **Retail REITs-0.60%** | **Retail REITs-0.60%** |
| &nbsp;&nbsp;&nbsp; Brookfield Property REIT, Inc./BPR <br> Cumulus LLC/BPR Nimbus LLC/GGSI <br> Sellco LLC, 4.50%, 04/01/2027<sup>(b)</sup><br>| 4150000 | &nbsp;&nbsp; 4093337 |
| **Software-1.01%** | **Software-1.01%** | **Software-1.01%** |
| Gen Digital, Inc., 6.75%, 09/30/2027<sup>(b)</sup> | 6800000 | &nbsp;&nbsp; 6945928 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Specialized REITs-1.21%** | **Specialized REITs-1.21%** | **Specialized REITs-1.21%** |
| &nbsp;&nbsp;&nbsp; Iron Mountain, Inc., 4.88%, <br> 09/15/2027<sup>(b)(c)</sup><br>| $8325000 | &nbsp;&nbsp; $8301861 |
| **Specialty Retail-0.49%** | **Specialty Retail-0.49%** | **Specialty Retail-0.49%** |
| Lithia Motors, Inc., 4.63%, 12/15/2027<sup>(b)</sup> | 3345000 | &nbsp;&nbsp; 3352099 |
| **Textiles, Apparel & Luxury Goods-0.60%** | **Textiles, Apparel & Luxury Goods-0.60%** | **Textiles, Apparel & Luxury Goods-0.60%** |
| VF Corp., 2.80%, 04/23/2027<sup>(c)</sup> | 4180000 | &nbsp;&nbsp; 4079580 |
| **Trading Companies & Distributors-1.46%** | **Trading Companies & Distributors-1.46%** | **Trading Companies & Distributors-1.46%** |
| &nbsp;&nbsp;&nbsp; Herc Holdings, Inc., 5.50%, <br> 07/15/2027<sup>(b)(c)</sup><br>| 9994000 | &nbsp;&nbsp; 9999882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $664,279,083) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $664,279,083) | &nbsp;&nbsp; 668038052 |
|  | **Shares** |  |
| **Money Market Funds-1.53%** |  |  |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, <br> Institutional Class, 3.91%<sup>(d)(e)</sup> <br>(Cost $10,478,634)<br>| 10478634 | &nbsp;&nbsp; 10478634 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.04% <br>(Cost $674,757,717) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.04% <br>(Cost $674,757,717) | &nbsp;&nbsp; 678516686 |
| **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** |
| **Money Market Funds-15.07%** | **Money Market Funds-15.07%** | **Money Market Funds-15.07%** |
| &nbsp;&nbsp;&nbsp; Invesco Private Government Fund, <br> 4.00%<sup>(d)(e)(f)</sup><br>| 28393769 | &nbsp;&nbsp; 28393769 |
| Invesco Private Prime Fund, 4.12%<sup>(d)(e)(f)</sup> | 74841337 | &nbsp;&nbsp; 74863789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $103,258,337) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $103,258,337) | &nbsp;&nbsp; 103257558 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-114.11% <br>(Cost $778,016,054) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-114.11% <br>(Cost $778,016,054) | &nbsp;&nbsp; 781774244 |
| OTHER ASSETS LESS LIABILITIES-(14.11)% | OTHER ASSETS LESS LIABILITIES-(14.11)% | &nbsp;&nbsp; (96642227)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $685132017 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Investment Abbreviations: <br> REIT -Real Estate Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | 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 <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> November 30, 2025 was $493,792,505, which represented 72.07% of the Fund's Net Assets.<br>|
| <sup>(c)</sup> | All or a portion of this security was out on loan at November 30, 2025. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the three months ended November 30, 2025.<br>|

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)—(continued)**

November 30, 2025

*(Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**November 30, 2025**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government <br> & Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp;&nbsp; $38465155 | &nbsp;&nbsp;&nbsp; $63008813 | &nbsp;&nbsp;&nbsp; $(90995334)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $10478634 | &nbsp;&nbsp;&nbsp; $140830 |
| **Investments** <br> **Purchased with** <br> **Cash Collateral** <br> **from Securities on** <br> **Loan:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private <br> Government Fund<br>| &nbsp;&nbsp;&nbsp; 28838314 | &nbsp;&nbsp;&nbsp; 44206037 | &nbsp;&nbsp;&nbsp; (44650582)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 28393769 | &nbsp;&nbsp;&nbsp; 336,451<br> \*<br>|
| &nbsp;&nbsp; Invesco Private <br> Prime Fund<br>| &nbsp;&nbsp;&nbsp; 74984082 | &nbsp;&nbsp;&nbsp; 92265198 | &nbsp;&nbsp;&nbsp; (92384481)<br>| &nbsp;&nbsp;&nbsp; (6487)<br>| &nbsp;&nbsp;&nbsp; 5477 | &nbsp;&nbsp;&nbsp; 74863789 | &nbsp;&nbsp;&nbsp; 907,725<br> \*<br>|
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; $142287551 | &nbsp;&nbsp;&nbsp; $199480048 | &nbsp;&nbsp;&nbsp; $(228030397)<br>| &nbsp;&nbsp;&nbsp; $(6487)<br>| &nbsp;&nbsp;&nbsp; $5477 | &nbsp;&nbsp;&nbsp; $113736192 | &nbsp;&nbsp;&nbsp; $1385006 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of November 30, 2025. <br> <sup>(f)</sup> 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.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

See accompanying notes which are an integral part of this schedule.

------

Schedule of Investments<sup>(a)</sup>

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

November 30, 2025

*(Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes-98.27%** | **U.S. Dollar Denominated Bonds & Notes-98.27%** | **U.S. Dollar Denominated Bonds & Notes-98.27%** |
| **Aerospace & Defense-2.74%** | **Aerospace & Defense-2.74%** | **Aerospace & Defense-2.74%** |
| &nbsp;&nbsp;&nbsp; Bombardier, Inc. (Canada), 6.00%, <br> 02/15/2028<sup>(b)(c)</sup><br>| $2766000 | &nbsp;&nbsp; $2776547 |
| &nbsp;&nbsp;&nbsp; BWX Technologies, Inc., 4.13%, <br> 06/30/2028<sup>(b)</sup><br>| 1469000 | &nbsp;&nbsp; 1444918 |
| &nbsp;&nbsp;&nbsp; Spirit AeroSystems, Inc., 4.60%, <br> 06/15/2028<br>| 2579000 | &nbsp;&nbsp; 2594469 |
| TransDigm, Inc., 6.75%, 08/15/2028<sup>(b)</sup> | 7733000 | &nbsp;&nbsp; 7900767 |
|  |  | &nbsp;&nbsp; 14716701 |
| **Automobile Components-4.89%** | **Automobile Components-4.89%** | **Automobile Components-4.89%** |
| &nbsp;&nbsp;&nbsp; American Axle & Manufacturing, Inc., 6.88%, <br> 07/01/2028<sup>(c)</sup><br>| 1342000 | &nbsp;&nbsp; 1348765 |
| ANGI Group LLC, 3.88%, 08/15/2028<sup>(b)(c)</sup> | 1817000 | &nbsp;&nbsp; 1642150 |
| &nbsp;&nbsp;&nbsp; Avis Budget Car Rental LLC/Avis Budget <br> Finance, Inc., 4.75%, 04/01/2028<sup>(b)(c)</sup><br>| 1837000 | &nbsp;&nbsp; 1792972 |
| &nbsp;&nbsp;&nbsp; Clarios Global L.P./Clarios US Finance Co., <br> 6.75%, 05/15/2028<sup>(b)</sup><br>| 2759000 | &nbsp;&nbsp; 2834064 |
| Dana, Inc., 5.63%, 06/15/2028<sup>(c)</sup> | 1472000 | &nbsp;&nbsp; 1473766 |
| &nbsp;&nbsp;&nbsp; Dealer Tire LLC/DT Issuer LLC, 8.00%, <br> 02/01/2028<sup>(b)</sup><br>| 1837000 | &nbsp;&nbsp; 1828110 |
| Tenneco, Inc., 8.00%, 11/17/2028<sup>(b)(c)</sup> | 6993000 | &nbsp;&nbsp; 6996820 |
| &nbsp;&nbsp;&nbsp; United Rentals (North America), Inc., 4.88%, <br> 01/15/2028<sup>(c)</sup><br>| 6148000 | &nbsp;&nbsp; 6152991 |
| &nbsp;&nbsp;&nbsp; ZF North America Capital, Inc. (Germany), <br> 6.88%, 04/14/2028<sup>(b)(c)</sup><br>| 2190000 | &nbsp;&nbsp; 2236995 |
|  |  | &nbsp;&nbsp; 26306633 |
| **Automobiles-0.14%** | **Automobiles-0.14%** | **Automobiles-0.14%** |
| &nbsp;&nbsp;&nbsp; Winnebago Industries, Inc., 6.25%, <br> 07/15/2028<sup>(b)</sup><br>| 740000 | &nbsp;&nbsp; 745570 |
| **Biotechnology-0.73%** | **Biotechnology-0.73%** | **Biotechnology-0.73%** |
| &nbsp;&nbsp;&nbsp; Emergent BioSolutions, Inc., 3.88%, <br> 08/15/2028<sup>(b)</sup><br>| 1599000 | &nbsp;&nbsp; 1428307 |
| &nbsp;&nbsp;&nbsp; Grifols S.A. (Spain), 4.75%, <br> 10/15/2028<sup>(b)(c)</sup><br>| 2574000 | &nbsp;&nbsp; 2518662 |
|  |  | &nbsp;&nbsp; 3946969 |
| **Building Products-1.09%** | **Building Products-1.09%** | **Building Products-1.09%** |
| Adams Homes, Inc., 9.25%, 10/15/2028<sup>(b)</sup> | 1471000 | &nbsp;&nbsp; 1527520 |
| New Enterprise Stone & Lime Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/15/2028<sup>(b)</sup> | 2159000 | &nbsp;&nbsp; 2162554 |
| &nbsp;&nbsp;&nbsp; 9.75%, 07/15/2028<sup>(b)</sup> | 553000 | &nbsp;&nbsp; 556616 |
| &nbsp;&nbsp;&nbsp; Shea Homes L.P./Shea Homes Funding <br> Corp., 4.75%, 02/15/2028<br>| 1636000 | &nbsp;&nbsp; 1619059 |
|  |  | &nbsp;&nbsp; 5865749 |
| **Capital Markets-0.65%** | **Capital Markets-0.65%** | **Capital Markets-0.65%** |
| &nbsp;&nbsp;&nbsp; Coinbase Global, Inc., 3.38%, <br> 10/01/2028<sup>(b)</sup><br>| 3685000 | &nbsp;&nbsp; 3487805 |
| **Chemicals-5.27%** | **Chemicals-5.27%** | **Chemicals-5.27%** |
| &nbsp;&nbsp;&nbsp; Celanese US Holdings LLC, 6.85%, <br> 11/15/2028<br>| 3680000 | &nbsp;&nbsp; 3806953 |
| &nbsp;&nbsp;&nbsp; Chemours Co. (The), 5.75%, <br> 11/15/2028<sup>(b)(c)</sup><br>| 2885000 | &nbsp;&nbsp; 2802253 |
| &nbsp;&nbsp;&nbsp; Consolidated Energy Finance S.A. <br> (Switzerland), 5.63%, 10/15/2028<sup>(b)(c)</sup><br>| 1783000 | &nbsp;&nbsp; 1239631 |
| &nbsp;&nbsp;&nbsp; CVR Partners L.P./CVR Nitrogen Finance <br> Corp., 6.13%, 06/15/2028<sup>(b)</sup><br>| 2026000 | &nbsp;&nbsp; 2022188 |
| &nbsp;&nbsp;&nbsp; Element Solutions, Inc., 3.88%, <br> 09/01/2028<sup>(b)(c)</sup><br>| 2943000 | &nbsp;&nbsp; 2884392 |
| HB Fuller Co., 4.25%, 10/15/2028<sup>(c)</sup> | 1101000 | &nbsp;&nbsp; 1075093 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Chemicals-(continued)** | **Chemicals-(continued)** | **Chemicals-(continued)** | **Chemicals-(continued)** |
| &nbsp;&nbsp;&nbsp; Herens Holdco S.a.r.l. (Luxembourg), 4.75%, <br> 05/15/2028<sup>(b)</sup><br>| $| 1275000 | &nbsp;&nbsp; $1110449 |
| Ingevity Corp., 3.88%, 11/01/2028<sup>(b)</sup> |  | 2026000 | &nbsp;&nbsp; 1965350 |
| LSB Industries, Inc., 6.25%, 10/15/2028<sup>(b)</sup> |  | 1638000 | &nbsp;&nbsp; 1635298 |
| &nbsp;&nbsp;&nbsp; Minerals Technologies, Inc., 5.00%, <br> 07/01/2028<sup>(b)</sup><br>|  | 1471000 | &nbsp;&nbsp; 1461129 |
| &nbsp;&nbsp;&nbsp; Olympus Water US Holding Corp., 4.25%, <br> 10/01/2028<sup>(b)</sup><br>|  | 3006000 | &nbsp;&nbsp; 2884899 |
| &nbsp;&nbsp;&nbsp; SCIH Salt Holdings, Inc., 4.88%, <br> 05/01/2028<sup>(b)</sup><br>|  | 4050000 | &nbsp;&nbsp; 4035244 |
| &nbsp;&nbsp;&nbsp; Weekley Homes LLC/Weekley Finance Corp., <br> 4.88%, 09/15/2028<sup>(b)</sup><br>|  | 1477000 | &nbsp;&nbsp; 1456858 |
|  |  |  | &nbsp;&nbsp; 28379737 |
| **Commercial Services & Supplies-2.80%** | **Commercial Services & Supplies-2.80%** | **Commercial Services & Supplies-2.80%** | **Commercial Services & Supplies-2.80%** |
| &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC/Allied Universal <br> Finance Corp./Atlas Luxco 4 S.a.r.l.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 06/01/2028<sup>(b)</sup> |  | 2854000 | &nbsp;&nbsp; 2805364 |
| &nbsp;&nbsp;&nbsp; 4.63%, 06/01/2028<sup>(b)(c)</sup> |  | 4518000 | &nbsp;&nbsp; 4438427 |
| &nbsp;&nbsp;&nbsp; Garda World Security Corp. (Canada), <br> 7.75%, 02/15/2028<sup>(b)</sup><br>|  | 1471000 | &nbsp;&nbsp; 1509205 |
| &nbsp;&nbsp;&nbsp; GFL Environmental, Inc., 4.00%, <br> 08/01/2028<sup>(b)</sup><br>|  | 2765000 | &nbsp;&nbsp; 2713149 |
| Interface, Inc., 5.50%, 12/01/2028<sup>(b)</sup> |  | 1046000 | &nbsp;&nbsp; 1045346 |
| Madison IAQ LLC, 4.13%, 06/30/2028<sup>(b)(c)</sup> |  | 2575000 | &nbsp;&nbsp; 2529856 |
|  |  |  | &nbsp;&nbsp; 15041347 |
| **Communications Equipment-0.27%** | **Communications Equipment-0.27%** | **Communications Equipment-0.27%** | **Communications Equipment-0.27%** |
| Viasat, Inc., 6.50%, 07/15/2028<sup>(b)</sup> |  | 1477000 | &nbsp;&nbsp; 1443498 |
| **Construction & Engineering-1.05%** | **Construction & Engineering-1.05%** | **Construction & Engineering-1.05%** | **Construction & Engineering-1.05%** |
| Fluor Corp., 4.25%, 09/15/2028<sup>(c)</sup> |  | 1868000 | &nbsp;&nbsp; 1864467 |
| Pike Corp., 5.50%, 09/01/2028<sup>(b)</sup> |  | 2570000 | &nbsp;&nbsp; 2565181 |
| &nbsp;&nbsp;&nbsp; Railworks Holdings L.P./Railworks Rally, Inc., <br> 8.25%, 11/15/2028<sup>(b)</sup><br>|  | 1193000 | &nbsp;&nbsp; 1202150 |
|  |  |  | &nbsp;&nbsp; 5631798 |
| **Construction Materials-0.74%** | **Construction Materials-0.74%** | **Construction Materials-0.74%** | **Construction Materials-0.74%** |
| &nbsp;&nbsp;&nbsp; Camelot Return Merger Sub, Inc., 8.75%, <br> 08/01/2028<sup>(b)(c)</sup><br>|  | 2597000 | &nbsp;&nbsp; 2173845 |
| &nbsp;&nbsp;&nbsp; Williams Scotsman, Inc., 4.63%, <br> 08/15/2028<sup>(b)(c)</sup><br>|  | 1827000 | &nbsp;&nbsp; 1806073 |
|  |  |  | &nbsp;&nbsp; 3979918 |
| **Consumer Finance-2.47%** | **Consumer Finance-2.47%** | **Consumer Finance-2.47%** | **Consumer Finance-2.47%** |
| &nbsp;&nbsp;&nbsp; Credit Acceptance Corp., 9.25%, <br> 12/15/2028<sup>(b)</sup><br>|  | 2212000 | &nbsp;&nbsp; 2324007 |
| &nbsp;&nbsp;&nbsp; Enova International, Inc., 11.25%, <br> 12/15/2028<sup>(b)</sup><br>|  | 1477000 | &nbsp;&nbsp; 1576594 |
| FirstCash, Inc., 4.63%, 09/01/2028<sup>(b)</sup> |  | 1837000 | &nbsp;&nbsp; 1820347 |
| &nbsp;&nbsp;&nbsp; goeasy Ltd. (Canada), 9.25%, <br> 12/01/2028<sup>(b)</sup><br>|  | 2026000 | &nbsp;&nbsp; 2088014 |
| Navient Corp., 4.88%, 03/15/2028<sup>(c)</sup> |  | 1837000 | &nbsp;&nbsp; 1815272 |
| &nbsp;&nbsp;&nbsp; OneMain Finance Corp., 3.88%, <br> 09/15/2028<br>|  | 2212000 | &nbsp;&nbsp; 2148399 |
| PRA Group, Inc., 8.38%, 02/01/2028<sup>(b)</sup> |  | 1464000 | &nbsp;&nbsp; 1501168 |
|  |  |  | &nbsp;&nbsp; 13273801 |
| **Consumer Staples Distribution & Retail-2.26%** | **Consumer Staples Distribution & Retail-2.26%** | **Consumer Staples Distribution & Retail-2.26%** | **Consumer Staples Distribution & Retail-2.26%** |
| &nbsp;&nbsp;&nbsp; Albertson's Cos., Inc./Safeway, Inc./New <br> Albertson's L.P./Albertson's LLC, 6.50%, <br> 02/15/2028<sup>(b)</sup><br>|  | 2760000 | &nbsp;&nbsp; 2812716 |
| &nbsp;&nbsp;&nbsp; Aramark Services, Inc., 5.00%, <br> 02/01/2028<sup>(b)(c)</sup><br>|  | 4239000 | &nbsp;&nbsp; 4246130 |

---

See accompanying notes which are an integral part of this schedule.

------

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

November 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Consumer Staples Distribution & Retail-(continued)** | **Consumer Staples Distribution & Retail-(continued)** | **Consumer Staples Distribution & Retail-(continued)** | **Consumer Staples Distribution & Retail-(continued)** |
| &nbsp;&nbsp;&nbsp; C&S Group Enterprises LLC, 5.00%, <br> 12/15/2028<sup>(b)</sup><br>| $| 1477000 | &nbsp;&nbsp; $1373374 |
| &nbsp;&nbsp;&nbsp; United Natural Foods, Inc., 6.75%, <br> 10/15/2028<sup>(b)</sup><br>|  | 1837000 | &nbsp;&nbsp; 1840060 |
| US Foods, Inc., 6.88%, 09/15/2028<sup>(b)</sup> |  | 1837000 | &nbsp;&nbsp; 1902304 |
|  |  |  | &nbsp;&nbsp; 12174584 |
| **Containers & Packaging-3.17%** | **Containers & Packaging-3.17%** | **Containers & Packaging-3.17%** | **Containers & Packaging-3.17%** |
| &nbsp;&nbsp;&nbsp; Ardagh Metal Packaging Finance <br> USA LLC/Ardagh Metal Packaging Finance <br> PLC, 3.25%, 09/01/2028<sup>(b)</sup><br>|  | 2211000 | &nbsp;&nbsp; 2130338 |
| Ball Corp., 6.88%, 03/15/2028 |  | 10000 | &nbsp;&nbsp; 10000 |
| &nbsp;&nbsp;&nbsp; Cascades, Inc./Cascades USA, Inc. (Canada), <br> 5.38%, 01/15/2028<sup>(b)</sup><br>|  | 1637000 | &nbsp;&nbsp; 1643583 |
| &nbsp;&nbsp;&nbsp; Graham Packaging Co., Inc., 7.13%, <br> 08/15/2028<sup>(b)</sup><br>|  | 1875000 | &nbsp;&nbsp; 1877659 |
| &nbsp;&nbsp;&nbsp; Graphic Packaging International LLC, 3.50%, <br> 03/15/2028<sup>(b)</sup><br>|  | 1657000 | &nbsp;&nbsp; 1601942 |
| Iris Holding, Inc., 10.00%, 12/15/2028<sup>(b)</sup> |  | 1477000 | &nbsp;&nbsp; 1312469 |
| LABL, Inc., 5.88%, 11/01/2028<sup>(b)</sup> |  | 1817000 | &nbsp;&nbsp; 1239960 |
| Sealed Air Corp., 6.13%, 02/01/2028<sup>(b)</sup> |  | 2853000 | &nbsp;&nbsp; 2903250 |
| Silgan Holdings, Inc., 4.13%, 02/01/2028 |  | 2102000 | &nbsp;&nbsp; 2081421 |
| &nbsp;&nbsp;&nbsp; Trident TPI Holdings, Inc., 12.75%, <br> 12/31/2028<sup>(b)</sup><br>|  | 2252000 | &nbsp;&nbsp; 2269347 |
|  |  |  | &nbsp;&nbsp; 17069969 |
| **Diversified Consumer Services-0.28%** | **Diversified Consumer Services-0.28%** | **Diversified Consumer Services-0.28%** | **Diversified Consumer Services-0.28%** |
| &nbsp;&nbsp;&nbsp; Adtalem Global Education, Inc., 5.50%, <br> 03/01/2028<sup>(b)</sup><br>|  | 1495000 | &nbsp;&nbsp; 1493116 |
| **Diversified REITs-0.39%** | **Diversified REITs-0.39%** | **Diversified REITs-0.39%** | **Diversified REITs-0.39%** |
| &nbsp;&nbsp;&nbsp; Uniti Group L.P./Uniti Group Finance 2019, <br> Inc./CSL Capital LLC, 4.75%, <br> 04/15/2028<sup>(b)(c)</sup><br>|  | 2103000 | &nbsp;&nbsp; 2074873 |
| **Diversified Telecommunication Services-2.21%** | **Diversified Telecommunication Services-2.21%** | **Diversified Telecommunication Services-2.21%** | **Diversified Telecommunication Services-2.21%** |
| CommScope LLC, 7.13%, 07/01/2028<sup>(b)</sup> |  | 2360000 | &nbsp;&nbsp; 2371411 |
| &nbsp;&nbsp;&nbsp; Frontier Communications Holdings LLC, <br> 5.00%, 05/01/2028<sup>(b)</sup><br>|  | 5711000 | &nbsp;&nbsp; 5736009 |
| &nbsp;&nbsp;&nbsp; Iliad Holding S.A.S. (France), 7.00%, <br> 10/15/2028<sup>(b)</sup><br>|  | 3142000 | &nbsp;&nbsp; 3189912 |
| &nbsp;&nbsp;&nbsp; Level 3 Financing, Inc., 4.25%, <br> 07/01/2028<sup>(b)</sup><br>|  | 630000 | &nbsp;&nbsp; 598500 |
|  |  |  | &nbsp;&nbsp; 11895832 |
| **Electric Utilities-0.42%** | **Electric Utilities-0.42%** | **Electric Utilities-0.42%** | **Electric Utilities-0.42%** |
| &nbsp;&nbsp;&nbsp; Pattern Energy Operations L.P./Pattern <br> Energy Operations, Inc., 4.50%, <br> 08/15/2028<sup>(b)</sup><br>|  | 2326000 | &nbsp;&nbsp; 2268173 |
| **Electrical Equipment-1.01%** | **Electrical Equipment-1.01%** | **Electrical Equipment-1.01%** | **Electrical Equipment-1.01%** |
| Nissan Motor Acceptance Co. LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.05%, 09/15/2028<sup>(b)</sup> |  | 2580000 | &nbsp;&nbsp; 2663785 |
| &nbsp;&nbsp;&nbsp; 5.63%, 09/29/2028<sup>(b)(c)</sup> |  | 2760000 | &nbsp;&nbsp; 2755121 |
|  |  |  | &nbsp;&nbsp; 5418906 |
| **Electronic Equipment, Instruments & Components-0.73%** | **Electronic Equipment, Instruments & Components-0.73%** | **Electronic Equipment, Instruments & Components-0.73%** | **Electronic Equipment, Instruments & Components-0.73%** |
| &nbsp;&nbsp;&nbsp; ION Platform Finance US, Inc./ION Platform <br> Finance S.a.r.l.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 05/01/2028<sup>(b)</sup> |  | 1280000 | &nbsp;&nbsp; 1177187 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2028<sup>(b)</sup> |  | 1274000 | &nbsp;&nbsp; 1188271 |
| &nbsp;&nbsp;&nbsp; 5.75%, 05/15/2028<sup>(b)</sup> |  | 1660000 | &nbsp;&nbsp; 1560519 |
|  |  |  | &nbsp;&nbsp; 3925977 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Energy Equipment & Services-1.70%** | **Energy Equipment & Services-1.70%** | **Energy Equipment & Services-1.70%** |
| &nbsp;&nbsp;&nbsp; Archrock Partners L.P./Archrock Partners <br> Finance Corp., 6.25%, 04/01/2028<sup>(b)</sup><br>| $2944000 | &nbsp;&nbsp; $2971938 |
| &nbsp;&nbsp;&nbsp; Bristow Group, Inc., 6.88%, <br> 03/01/2028<sup>(b)(c)</sup><br>| 1477000 | &nbsp;&nbsp; 1493336 |
| &nbsp;&nbsp;&nbsp; Harvest Midstream I L.P., 7.50%, <br> 09/01/2028<sup>(b)</sup><br>| 2944000 | &nbsp;&nbsp; 2987916 |
| &nbsp;&nbsp;&nbsp; Oceaneering International, Inc., 6.00%, <br> 02/01/2028<br>| 741000 | &nbsp;&nbsp; 752865 |
| &nbsp;&nbsp;&nbsp; Transocean Aquila Ltd., 8.00%, <br> 09/30/2028<sup>(b)</sup><br>| 938754 | &nbsp;&nbsp; 967627 |
|  |  | &nbsp;&nbsp; 9173682 |
| **Entertainment-0.86%** | **Entertainment-0.86%** | **Entertainment-0.86%** |
| &nbsp;&nbsp;&nbsp; Cinemark USA, Inc., 5.25%, <br> 07/15/2028<sup>(b)(c)</sup><br>| 2822000 | &nbsp;&nbsp; 2817047 |
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc., 3.75%, <br> 01/15/2028<sup>(b)</sup><br>| 1837000 | &nbsp;&nbsp; 1809217 |
|  |  | &nbsp;&nbsp; 4626264 |
| **Financial Services-2.69%** | **Financial Services-2.69%** | **Financial Services-2.69%** |
| AG Issuer LLC, 6.25%, 03/01/2028<sup>(b)</sup> | 1837000 | &nbsp;&nbsp; 1844506 |
| &nbsp;&nbsp;&nbsp; Burford Capital Global Finance LLC, 6.25%, <br> 04/15/2028<sup>(b)</sup><br>| 1472000 | &nbsp;&nbsp; 1468762 |
| &nbsp;&nbsp;&nbsp; GGAM Finance Ltd. (Ireland), 8.00%, <br> 06/15/2028<sup>(b)(c)</sup><br>| 2212000 | &nbsp;&nbsp; 2345131 |
| &nbsp;&nbsp;&nbsp; Jefferies Finance LLC/JFIN Co-Issuer Corp., <br> 5.00%, 08/15/2028<sup>(b)</sup><br>| 3660000 | &nbsp;&nbsp; 3479899 |
| &nbsp;&nbsp;&nbsp; LD Holdings Group LLC, 6.13%, <br> 04/01/2028<sup>(b)</sup><br>| 1840000 | &nbsp;&nbsp; 1700121 |
| &nbsp;&nbsp;&nbsp; Midcap Financial Issuer Trust, 6.50%, <br> 05/01/2028<sup>(b)</sup><br>| 3682000 | &nbsp;&nbsp; 3628832 |
|  |  | &nbsp;&nbsp; 14467251 |
| **Food Products-1.81%** | **Food Products-1.81%** | **Food Products-1.81%** |
| B&G Foods, Inc., 8.00%, 09/15/2028<sup>(b)(c)</sup> | 2943000 | &nbsp;&nbsp; 2923298 |
| &nbsp;&nbsp;&nbsp; Chobani LLC/Chobani Finance Corp., Inc., <br> 4.63%, 11/15/2028<sup>(b)</sup><br>| 1570000 | &nbsp;&nbsp; 1567739 |
| &nbsp;&nbsp;&nbsp; Lamb Weston Holdings, Inc., 4.88%, <br> 05/15/2028<sup>(b)</sup><br>| 1837000 | &nbsp;&nbsp; 1839795 |
| TKC Holdings, Inc., 6.88%, 05/15/2028<sup>(b)(c)</sup> | 1562000 | &nbsp;&nbsp; 1580030 |
| &nbsp;&nbsp;&nbsp; TreeHouse Foods, Inc., 4.00%, <br> 09/01/2028<sup>(c)</sup><br>| 1837000 | &nbsp;&nbsp; 1827931 |
|  |  | &nbsp;&nbsp; 9738793 |
| **Gas Utilities-0.35%** | **Gas Utilities-0.35%** | **Gas Utilities-0.35%** |
| &nbsp;&nbsp;&nbsp; AmeriGas Partners L.P./AmeriGas Finance <br> Corp., 9.38%, 06/01/2028<sup>(b)</sup><br>| 1818000 | &nbsp;&nbsp; 1888542 |
| **Health Care Equipment & Supplies-1.60%** | **Health Care Equipment & Supplies-1.60%** | **Health Care Equipment & Supplies-1.60%** |
| &nbsp;&nbsp;&nbsp; Bausch & Lomb Corp., 8.38%, <br> 10/01/2028<sup>(b)</sup><br>| 5110000 | &nbsp;&nbsp; 5333562 |
| Hologic, Inc., 4.63%, 02/01/2028<sup>(b)</sup> | 1477000 | &nbsp;&nbsp; 1479437 |
| Teleflex, Inc., 4.25%, 06/01/2028<sup>(b)</sup> | 1837000 | &nbsp;&nbsp; 1813573 |
|  |  | &nbsp;&nbsp; 8626572 |
| **Health Care Providers & Services-3.98%** | **Health Care Providers & Services-3.98%** | **Health Care Providers & Services-3.98%** |
| &nbsp;&nbsp;&nbsp; Acadia Healthcare Co., Inc., 5.50%, <br> 07/01/2028<sup>(b)</sup><br>| 1657000 | &nbsp;&nbsp; 1642863 |
| &nbsp;&nbsp;&nbsp; Avantor Funding, Inc., 4.63%, <br> 07/15/2028<sup>(b)(c)</sup><br>| 5711000 | &nbsp;&nbsp; 5661630 |
| &nbsp;&nbsp;&nbsp; Cano Health LLC, 6.25%, <br> 10/01/2028<sup>(b)(d)(e)(f)</sup><br>| 100000 | &nbsp;&nbsp; 425 |
| &nbsp;&nbsp;&nbsp; LifePoint Health, Inc., 8.38%, <br> 02/15/2032<sup>(b)</sup><br>| 2562000 | &nbsp;&nbsp; 2755223 |

---

See accompanying notes which are an integral part of this schedule.

------

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

November 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Health Care Providers & Services-(continued)** | **Health Care Providers & Services-(continued)** | **Health Care Providers & Services-(continued)** | **Health Care Providers & Services-(continued)** |
| &nbsp;&nbsp;&nbsp; Molina Healthcare, Inc., 4.38%, <br> 06/15/2028<sup>(b)</sup><br>| $| 2943000 | &nbsp;&nbsp; $2866131 |
| Tenet Healthcare Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 06/15/2028 |  | 2213000 | &nbsp;&nbsp; 2215729 |
| &nbsp;&nbsp;&nbsp; 6.13%, 10/01/2028 |  | 6243000 | &nbsp;&nbsp; 6275027 |
|  |  |  | &nbsp;&nbsp; 21417028 |
| **Health Care REITs-0.33%** | **Health Care REITs-0.33%** | **Health Care REITs-0.33%** | **Health Care REITs-0.33%** |
| &nbsp;&nbsp;&nbsp; Diversified Healthcare Trust, 4.75%, <br> 02/15/2028<br>|  | 1837000 | &nbsp;&nbsp; 1763363 |
| **Hotel & Resort REITs-0.78%** | **Hotel & Resort REITs-0.78%** | **Hotel & Resort REITs-0.78%** | **Hotel & Resort REITs-0.78%** |
| &nbsp;&nbsp;&nbsp; Park Intermediate Holdings LLC/PK Domestic <br> Property LLC/PK Finance Co-Issuer, <br> 5.88%, 10/01/2028<sup>(b)</sup><br>|  | 2670000 | &nbsp;&nbsp; 2674755 |
| &nbsp;&nbsp;&nbsp; RHP Hotel Properties L.P./RHP Finance <br> Corp., 7.25%, 07/15/2028<sup>(b)</sup><br>|  | 1472000 | &nbsp;&nbsp; 1519781 |
|  |  |  | &nbsp;&nbsp; 4194536 |
| **Hotels, Restaurants & Leisure-3.32%** | **Hotels, Restaurants & Leisure-3.32%** | **Hotels, Restaurants & Leisure-3.32%** | **Hotels, Restaurants & Leisure-3.32%** |
| &nbsp;&nbsp;&nbsp; 1011778 BC ULC/New Red Finance, Inc. <br> (Canada), 4.38%, 01/15/2028<sup>(b)(c)</sup><br>|  | 2757000 | &nbsp;&nbsp; 2735791 |
| &nbsp;&nbsp;&nbsp; Churchill Downs, Inc., 4.75%, <br> 01/15/2028<sup>(b)(c)</sup><br>|  | 2575000 | &nbsp;&nbsp; 2565106 |
| &nbsp;&nbsp;&nbsp; Full House Resorts, Inc., 8.25%, <br> 02/15/2028<sup>(b)(c)</sup><br>|  | 1505000 | &nbsp;&nbsp; 1307469 |
| &nbsp;&nbsp;&nbsp; Hilton Domestic Operating Co., Inc., 5.75%, <br> 05/01/2028<sup>(b)(c)</sup><br>|  | 1837000 | &nbsp;&nbsp; 1843397 |
| &nbsp;&nbsp;&nbsp; Marriott Ownership Resorts, Inc., 4.75%, <br> 01/15/2028<sup>(c)</sup><br>|  | 1284000 | &nbsp;&nbsp; 1257906 |
| &nbsp;&nbsp;&nbsp; MGM Resorts International, 4.75%, <br> 10/15/2028<br>|  | 2757000 | &nbsp;&nbsp; 2744326 |
| &nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp./Canada's <br> Wonderland Co./Magnum Management <br> Corp., 6.50%, 10/01/2028<sup>(c)</sup><br>|  | 1108000 | &nbsp;&nbsp; 1076471 |
| &nbsp;&nbsp;&nbsp; Station Casinos LLC, 4.50%, <br> 02/15/2028<sup>(b)(c)</sup><br>|  | 2543000 | &nbsp;&nbsp; 2518341 |
| &nbsp;&nbsp;&nbsp; Wyndham Hotels & Resorts, Inc., 4.38%, <br> 08/15/2028<sup>(b)(c)</sup><br>|  | 1837000 | &nbsp;&nbsp; 1814028 |
|  |  |  | &nbsp;&nbsp; 17862835 |
| **Household Durables-2.11%** | **Household Durables-2.11%** | **Household Durables-2.11%** | **Household Durables-2.11%** |
| &nbsp;&nbsp;&nbsp; Dream Finders Homes, Inc., 8.25%, <br> 08/15/2028<sup>(b)</sup><br>|  | 1101000 | &nbsp;&nbsp; 1129003 |
| &nbsp;&nbsp;&nbsp; Installed Building Products, Inc., 5.75%, <br> 02/01/2028<sup>(b)</sup><br>|  | 1106000 | &nbsp;&nbsp; 1111910 |
| LGI Homes, Inc., 8.75%, 12/15/2028<sup>(b)(c)</sup> |  | 1471000 | &nbsp;&nbsp; 1533456 |
| M/I Homes, Inc., 4.95%, 02/01/2028 |  | 1465000 | &nbsp;&nbsp; 1461991 |
| Newell Brands, Inc., 8.50%, 06/01/2028<sup>(b)</sup> |  | 4604000 | &nbsp;&nbsp; 4804164 |
| Tri Pointe Homes, Inc., 5.70%, 06/15/2028 |  | 1289000 | &nbsp;&nbsp; 1308068 |
|  |  |  | &nbsp;&nbsp; 11348592 |
| **Household Products-0.88%** | **Household Products-0.88%** | **Household Products-0.88%** | **Household Products-0.88%** |
| &nbsp;&nbsp;&nbsp; Central Garden & Pet Co., 5.13%, <br> 02/01/2028<br>|  | 1108000 | &nbsp;&nbsp; 1111077 |
| &nbsp;&nbsp;&nbsp; Energizer Holdings, Inc., 4.75%, <br> 06/15/2028<sup>(b)</sup><br>|  | 2148000 | &nbsp;&nbsp; 2123757 |
| &nbsp;&nbsp;&nbsp; Prestige Brands, Inc., 5.13%, <br> 01/15/2028<sup>(b)(c)</sup><br>|  | 1469000 | &nbsp;&nbsp; 1473100 |
|  |  |  | &nbsp;&nbsp; 4707934 |
| **Independent Power and Renewable Electricity Producers-3.10%** | **Independent Power and Renewable Electricity Producers-3.10%** | **Independent Power and Renewable Electricity Producers-3.10%** | **Independent Power and Renewable Electricity Producers-3.10%** |
| &nbsp;&nbsp;&nbsp; Atlantica Sustainable Infrastructure Ltd. <br> (Spain), 4.13%, 06/15/2028<sup>(b)(c)</sup><br>|  | 1396000 | &nbsp;&nbsp; 1365061 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Independent Power and Renewable Electricity Producers-(continued)** | **Independent Power and Renewable Electricity Producers-(continued)** | **Independent Power and Renewable Electricity Producers-(continued)** | **Independent Power and Renewable Electricity Producers-(continued)** |
| Calpine Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2028<sup>(b)</sup> | $| 4543000 | &nbsp;&nbsp; $4536689 |
| &nbsp;&nbsp;&nbsp; 5.13%, 03/15/2028<sup>(b)</sup> |  | 5097000 | &nbsp;&nbsp; 5125747 |
| &nbsp;&nbsp;&nbsp; Clearway Energy Operating LLC, 4.75%, <br> 03/15/2028<sup>(b)</sup><br>|  | 3094000 | &nbsp;&nbsp; 3095194 |
| &nbsp;&nbsp;&nbsp; TerraForm Power Operating LLC, 5.00%, <br> 01/31/2028<sup>(b)</sup><br>|  | 2545000 | &nbsp;&nbsp; 2542138 |
|  |  |  | &nbsp;&nbsp; 16664829 |
| **Insurance-0.87%** | **Insurance-0.87%** | **Insurance-0.87%** | **Insurance-0.87%** |
| &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC/Alliant <br> Holdings Co-Issuer, 6.75%, <br> 04/15/2028<sup>(b)</sup><br>|  | 4600000 | &nbsp;&nbsp; 4687681 |
| **Interactive Media & Services-1.29%** | **Interactive Media & Services-1.29%** | **Interactive Media & Services-1.29%** | **Interactive Media & Services-1.29%** |
| Cars.com, Inc., 6.38%, 11/01/2028<sup>(b)</sup> |  | 1474000 | &nbsp;&nbsp; 1478981 |
| &nbsp;&nbsp;&nbsp; Match Group Holdings II LLC, 4.63%, <br> 06/01/2028<sup>(b)(c)</sup><br>|  | 1837000 | &nbsp;&nbsp; 1826010 |
| &nbsp;&nbsp;&nbsp; Nexstar Media, Inc., 4.75%, <br> 11/01/2028<sup>(b)(c)</sup><br>|  | 3685000 | &nbsp;&nbsp; 3657227 |
|  |  |  | &nbsp;&nbsp; 6962218 |
| **IT Services-2.51%** | **IT Services-2.51%** | **IT Services-2.51%** | **IT Services-2.51%** |
| &nbsp;&nbsp;&nbsp; Ahead DB Holdings LLC, 6.63%, <br> 05/01/2028<sup>(b)</sup><br>|  | 1477000 | &nbsp;&nbsp; 1483357 |
| Arches Buyer, Inc., 4.25%, 06/01/2028<sup>(b)</sup> |  | 3494000 | &nbsp;&nbsp; 3446110 |
| ASGN, Inc., 4.63%, 05/15/2028<sup>(b)</sup> |  | 2026000 | &nbsp;&nbsp; 1987575 |
| &nbsp;&nbsp;&nbsp; Cablevision Lightpath LLC, 5.63%, <br> 09/15/2028<sup>(b)</sup><br>|  | 1470000 | &nbsp;&nbsp; 1446005 |
| &nbsp;&nbsp;&nbsp; EquipmentShare.com, Inc., 9.00%, <br> 05/15/2028<sup>(b)</sup><br>|  | 3790000 | &nbsp;&nbsp; 3873024 |
| Virtusa Corp., 7.13%, 12/15/2028<sup>(b)</sup> |  | 1288000 | &nbsp;&nbsp; 1243605 |
|  |  |  | &nbsp;&nbsp; 13479676 |
| **Machinery-1.55%** | **Machinery-1.55%** | **Machinery-1.55%** | **Machinery-1.55%** |
| &nbsp;&nbsp;&nbsp; ATS Corp. (Canada), 4.13%, <br> 12/15/2028<sup>(b)(c)</sup><br>|  | 1288000 | &nbsp;&nbsp; 1250962 |
| &nbsp;&nbsp;&nbsp; Maxim Crane Works Holdings Capital LLC, <br> 11.50%, 09/01/2028<sup>(b)</sup><br>|  | 1838000 | &nbsp;&nbsp; 1955060 |
| &nbsp;&nbsp;&nbsp; Titan International, Inc., 7.00%, <br> 04/30/2028<sup>(c)</sup><br>|  | 1470000 | &nbsp;&nbsp; 1483761 |
| &nbsp;&nbsp;&nbsp; Trinity Industries, Inc., 7.75%, <br> 07/15/2028<sup>(b)</sup><br>|  | 2206000 | &nbsp;&nbsp; 2298520 |
| &nbsp;&nbsp;&nbsp; Wabash National Corp., 4.50%, <br> 10/15/2028<sup>(b)(c)</sup><br>|  | 1451000 | &nbsp;&nbsp; 1329975 |
|  |  |  | &nbsp;&nbsp; 8318278 |
| **Media-11.65%** | **Media-11.65%** | **Media-11.65%** | **Media-11.65%** |
| &nbsp;&nbsp;&nbsp; Advantage Sales & Marketing, Inc., 6.50%, <br> 11/15/2028<sup>(b)(c)</sup><br>|  | 2169000 | &nbsp;&nbsp; 1839919 |
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital <br> Corp., 5.00%, 02/01/2028<sup>(b)</sup><br>|  | 9207000 | &nbsp;&nbsp; 9137019 |
| &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc., 7.75%, <br> 04/15/2028<sup>(b)</sup><br>|  | 3685000 | &nbsp;&nbsp; 3689245 |
| CSC Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 02/01/2028<sup>(b)</sup> |  | 3320000 | &nbsp;&nbsp; 2409096 |
| &nbsp;&nbsp;&nbsp; 11.25%, 05/15/2028<sup>(b)</sup> |  | 3343000 | &nbsp;&nbsp; 2595908 |
| &nbsp;&nbsp;&nbsp; Discovery Communications LLC, 3.95%, <br> 03/20/2028<br>|  | 4602000 | &nbsp;&nbsp; 4511617 |
| DISH DBS Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.38%, 07/01/2028 |  | 3678000 | &nbsp;&nbsp; 3431794 |
| &nbsp;&nbsp;&nbsp; 5.75%, 12/01/2028<sup>(b)</sup> |  | 8974000 | &nbsp;&nbsp; 8679475 |
| GCI LLC, 4.75%, 10/15/2028<sup>(b)</sup> |  | 2212000 | &nbsp;&nbsp; 2145865 |

---

See accompanying notes which are an integral part of this schedule.

------

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

November 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Media-(continued)** | **Media-(continued)** | **Media-(continued)** | **Media-(continued)** |
| &nbsp;&nbsp;&nbsp; iHeartCommunications, Inc., 4.75%, <br> 01/15/2028<sup>(b)</sup><br>| $| 1023000 | &nbsp;&nbsp; $931477 |
| Lamar Media Corp., 3.75%, 02/15/2028 |  | 2189000 | &nbsp;&nbsp; 2147042 |
| &nbsp;&nbsp;&nbsp; McGraw-Hill Education, Inc., 5.75%, <br> 08/01/2028<sup>(b)(c)</sup><br>|  | 3046000 | &nbsp;&nbsp; 3050953 |
| Sirius XM Radio LLC, 4.00%, 07/15/2028<sup>(b)</sup> |  | 7369000 | &nbsp;&nbsp; 7189514 |
| TEGNA, Inc., 4.63%, 03/15/2028<sup>(c)</sup> |  | 3685000 | &nbsp;&nbsp; 3654307 |
| &nbsp;&nbsp;&nbsp; Univision Communications, Inc., 8.00%, <br> 08/15/2028<sup>(b)</sup><br>|  | 5305000 | &nbsp;&nbsp; 5479206 |
| &nbsp;&nbsp;&nbsp; Virgin Media Vendor Financing Notes IV DAC <br> (United Kingdom), 5.00%, 07/15/2028<sup>(b)</sup><br>|  | 1838000 | &nbsp;&nbsp; 1799487 |
|  |  |  | &nbsp;&nbsp; 62691924 |
| **Metals & Mining-0.22%** | **Metals & Mining-0.22%** | **Metals & Mining-0.22%** | **Metals & Mining-0.22%** |
| Constellium SE, 5.63%, 06/15/2028<sup>(b)(c)</sup> |  | 1194000 | &nbsp;&nbsp; 1196780 |
| **Mortgage REITs-0.34%** | **Mortgage REITs-0.34%** | **Mortgage REITs-0.34%** | **Mortgage REITs-0.34%** |
| &nbsp;&nbsp;&nbsp; Starwood Property Trust, Inc., 5.25%, <br> 10/15/2028<sup>(b)</sup><br>|  | 1840000 | &nbsp;&nbsp; 1853920 |
| **Oil, Gas & Consumable Fuels-6.50%** | **Oil, Gas & Consumable Fuels-6.50%** | **Oil, Gas & Consumable Fuels-6.50%** | **Oil, Gas & Consumable Fuels-6.50%** |
| &nbsp;&nbsp;&nbsp; Calumet Specialty Products Partners <br> L.P./Calumet Finance Corp., 9.75%, <br> 07/15/2028<sup>(b)</sup><br>|  | 1193000 | &nbsp;&nbsp; 1196770 |
| &nbsp;&nbsp;&nbsp; Civitas Resources, Inc., 8.38%, <br> 07/01/2028<sup>(b)</sup><br>|  | 4969000 | &nbsp;&nbsp; 5130955 |
| &nbsp;&nbsp;&nbsp; Conuma Resources Ltd. (Canada), 13.13%, <br> 05/01/2028<sup>(b)</sup><br>|  | 802000 | &nbsp;&nbsp; 776658 |
| &nbsp;&nbsp;&nbsp; CQP Holdco L.P./BIP-V Chinook Holdco LLC, <br> 7.50%, 12/15/2033<sup>(b)</sup><br>|  | 1838000 | &nbsp;&nbsp; 1992420 |
| &nbsp;&nbsp;&nbsp; Crescent Energy Finance LLC, 9.25%, <br> 02/15/2028<sup>(b)</sup><br>|  | 1826000 | &nbsp;&nbsp; 1895289 |
| CVR Energy, Inc., 5.75%, 02/15/2028<sup>(b)</sup> |  | 1477000 | &nbsp;&nbsp; 1456872 |
| &nbsp;&nbsp;&nbsp; Delek Logistics Partners L.P./Delek Logistics <br> Finance Corp., 7.13%, 06/01/2028<sup>(b)</sup><br>|  | 1477000 | &nbsp;&nbsp; 1486503 |
| Global Marine, Inc., 7.00%, 06/01/2028 |  | 868000 | &nbsp;&nbsp; 838440 |
| &nbsp;&nbsp;&nbsp; Greenfire Resources Ltd. (Canada), 12.00%, <br> 10/01/2028<sup>(b)</sup><br>|  | 868000 | &nbsp;&nbsp; 923621 |
| &nbsp;&nbsp;&nbsp; Kinetik Holdings L.P., 6.63%, <br> 12/15/2028<sup>(b)</sup><br>|  | 3863000 | &nbsp;&nbsp; 3976607 |
| &nbsp;&nbsp;&nbsp; Martin Midstream Partners L.P./Martin <br> Midstream Finance Corp., 11.50%, <br> 02/15/2028<sup>(b)</sup><br>|  | 1476000 | &nbsp;&nbsp; 1525845 |
| &nbsp;&nbsp;&nbsp; Matador Resources Co., 6.88%, <br> 04/15/2028<sup>(b)(c)</sup><br>|  | 1837000 | &nbsp;&nbsp; 1882958 |
| SM Energy Co., 6.50%, 07/15/2028 |  | 1471000 | &nbsp;&nbsp; 1488893 |
| &nbsp;&nbsp;&nbsp; Sunoco L.P./Sunoco Finance Corp., 7.00%, <br> 09/15/2028<sup>(b)(c)</sup><br>|  | 1837000 | &nbsp;&nbsp; 1898701 |
| &nbsp;&nbsp;&nbsp; Venture Global LNG, Inc., 8.13%, <br> 06/01/2028<sup>(b)(c)</sup><br>|  | 8289000 | &nbsp;&nbsp; 8495968 |
|  |  |  | &nbsp;&nbsp; 34966500 |
| **Paper & Forest Products-0.72%** | **Paper & Forest Products-0.72%** | **Paper & Forest Products-0.72%** | **Paper & Forest Products-0.72%** |
| &nbsp;&nbsp;&nbsp; Ahlstrom Holding 3 Oy (Finland), 4.88%, <br> 02/04/2028<sup>(b)(c)</sup><br>|  | 1106000 | &nbsp;&nbsp; 1077488 |
| &nbsp;&nbsp;&nbsp; Clearwater Paper Corp., 4.75%, <br> 08/15/2028<sup>(b)</sup><br>|  | 1008000 | &nbsp;&nbsp; 940126 |
| Domtar Corp., 6.75%, 10/01/2028<sup>(b)</sup> |  | 2340000 | &nbsp;&nbsp; 1873651 |
|  |  |  | &nbsp;&nbsp; 3891265 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Passenger Airlines-1.28%** | **Passenger Airlines-1.28%** | **Passenger Airlines-1.28%** |
| &nbsp;&nbsp;&nbsp; American Airlines, Inc., 7.25%, <br> 02/15/2028<sup>(b)(c)</sup><br>| $2766000 | &nbsp;&nbsp; $2833728 |
| &nbsp;&nbsp;&nbsp; Avianca Midco 2 PLC, 9.00%, <br> 12/01/2028<sup>(b)</sup><br>| 4080000 | &nbsp;&nbsp; 4080000 |
|  |  | &nbsp;&nbsp; 6913728 |
| **Personal Care Products-0.51%** | **Personal Care Products-0.51%** | **Personal Care Products-0.51%** |
| &nbsp;&nbsp;&nbsp; Edgewell Personal Care Co., 5.50%, <br> 06/01/2028<sup>(b)(c)</sup><br>| 2765000 | &nbsp;&nbsp; 2763625 |
| **Pharmaceuticals-4.47%** | **Pharmaceuticals-4.47%** | **Pharmaceuticals-4.47%** |
| AdaptHealth LLC, 6.13%, 08/01/2028<sup>(b)</sup> | 1264000 | &nbsp;&nbsp; 1278395 |
| Bausch Health Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 06/01/2028<sup>(b)</sup> | 5592000 | &nbsp;&nbsp; 5080138 |
| &nbsp;&nbsp;&nbsp; 11.00%, 09/30/2028<sup>(b)</sup> | 6117000 | &nbsp;&nbsp; 6399626 |
| &nbsp;&nbsp;&nbsp; Cheplapharm Arzneimittel GmbH (Germany), <br> 5.50%, 01/15/2028<sup>(b)</sup><br>| 940000 | &nbsp;&nbsp; 924967 |
| &nbsp;&nbsp;&nbsp; Elanco Animal Health, Inc., 6.65%, <br> 08/28/2028<sup>(c)</sup><br>| 2696000 | &nbsp;&nbsp; 2832504 |
| &nbsp;&nbsp;&nbsp; Organon & Co./Organon Foreign Debt <br> Co-Issuer B.V., 4.13%, 04/30/2028<sup>(b)(c)</sup><br>| 7735000 | &nbsp;&nbsp; 7544652 |
|  |  | &nbsp;&nbsp; 24060282 |
| **Professional Services-1.55%** | **Professional Services-1.55%** | **Professional Services-1.55%** |
| &nbsp;&nbsp;&nbsp; Clarivate Science Holdings Corp., 3.88%, <br> 07/01/2028<sup>(b)</sup><br>| 3388000 | &nbsp;&nbsp; 3283575 |
| CoreLogic, Inc., 4.50%, 05/01/2028<sup>(b)(c)</sup> | 2766000 | &nbsp;&nbsp; 2702737 |
| KBR, Inc., 4.75%, 09/30/2028<sup>(b)</sup> | 918000 | &nbsp;&nbsp; 904645 |
| &nbsp;&nbsp;&nbsp; Science Applications International Corp., <br> 4.88%, 04/01/2028<sup>(b)</sup><br>| 1477000 | &nbsp;&nbsp; 1468096 |
|  |  | &nbsp;&nbsp; 8359053 |
| **Real Estate Management & Development-1.17%** | **Real Estate Management & Development-1.17%** | **Real Estate Management & Development-1.17%** |
| &nbsp;&nbsp;&nbsp; Cushman & Wakefield U.S. Borrower LLC, <br> 6.75%, 05/15/2028<sup>(b)</sup><br>| 2398000 | &nbsp;&nbsp; 2426251 |
| Forestar Group, Inc., 5.00%, 03/01/2028<sup>(b)</sup> | 1106000 | &nbsp;&nbsp; 1106957 |
| &nbsp;&nbsp;&nbsp; Howard Hughes Corp. (The), 5.38%, <br> 08/01/2028<sup>(b)</sup><br>| 2766000 | &nbsp;&nbsp; 2773540 |
|  |  | &nbsp;&nbsp; 6306748 |
| **Semiconductors & Semiconductor Equipment-0.74%** | **Semiconductors & Semiconductor Equipment-0.74%** | **Semiconductors & Semiconductor Equipment-0.74%** |
| Entegris, Inc., 4.38%, 04/15/2028<sup>(b)</sup> | 1472000 | &nbsp;&nbsp; 1461722 |
| &nbsp;&nbsp;&nbsp; ON Semiconductor Corp., 3.88%, <br> 09/01/2028<sup>(b)</sup><br>| 2575000 | &nbsp;&nbsp; 2512773 |
|  |  | &nbsp;&nbsp; 3974495 |
| **Software-2.40%** | **Software-2.40%** | **Software-2.40%** |
| &nbsp;&nbsp;&nbsp; Consensus Cloud Solutions, Inc., 6.50%, <br> 10/15/2028<sup>(b)</sup><br>| 1280000 | &nbsp;&nbsp; 1287617 |
| Fair Isaac Corp., 4.00%, 06/15/2028<sup>(b)(c)</sup> | 3317000 | &nbsp;&nbsp; 3272936 |
| GoTo Group, Inc., 5.50%, 05/01/2028<sup>(b)</sup> | 1327000 | &nbsp;&nbsp; 1095438 |
| NCR Voyix Corp., 5.00%, 10/01/2028<sup>(b)</sup> | 2390000 | &nbsp;&nbsp; 2374756 |
| PTC, Inc., 4.00%, 02/15/2028<sup>(b)</sup> | 1838000 | &nbsp;&nbsp; 1820714 |
| &nbsp;&nbsp;&nbsp; Rocket Software, Inc., 9.00%, <br> 11/28/2028<sup>(b)</sup><br>| 2943000 | &nbsp;&nbsp; 3035284 |
|  |  | &nbsp;&nbsp; 12886745 |
| **Specialized REITs-0.90%** | **Specialized REITs-0.90%** | **Specialized REITs-0.90%** |
| Iron Mountain, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/15/2028<sup>(b)</sup> | 3038000 | &nbsp;&nbsp; 3034956 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2028<sup>(b)</sup> | 1837000 | &nbsp;&nbsp; 1829230 |
|  |  | &nbsp;&nbsp; 4864186 |

---

See accompanying notes which are an integral part of this schedule.

------

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

November 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Specialty Retail-1.91%** | **Specialty Retail-1.91%** | **Specialty Retail-1.91%** |
| &nbsp;&nbsp;&nbsp; Asbury Automotive Group, Inc., 4.50%, <br> 03/01/2028<br>| $1496000 | &nbsp;&nbsp; $1489662 |
| &nbsp;&nbsp;&nbsp; Bath & Body Works, Inc., 5.25%, <br> 02/01/2028<br>| 1635000 | &nbsp;&nbsp; 1641136 |
| &nbsp;&nbsp;&nbsp; Group 1 Automotive, Inc., 4.00%, <br> 08/15/2028<sup>(b)(c)</sup><br>| 2765000 | &nbsp;&nbsp; 2710866 |
| &nbsp;&nbsp;&nbsp; Ken Garff Automotive LLC, 4.88%, <br> 09/15/2028<sup>(b)</sup><br>| 1477000 | &nbsp;&nbsp; 1474833 |
| &nbsp;&nbsp;&nbsp; Michaels Cos., Inc. (The), 5.25%, <br> 05/01/2028<sup>(b)(c)</sup><br>| 3130000 | &nbsp;&nbsp; 2964950 |
|  |  | &nbsp;&nbsp; 10281447 |
| **Trading Companies & Distributors-0.69%** | **Trading Companies & Distributors-0.69%** | **Trading Companies & Distributors-0.69%** |
| &nbsp;&nbsp;&nbsp; FTAI Aviation Investors LLC, 5.50%, <br> 05/01/2028<sup>(b)(c)</sup><br>| 3685000 | &nbsp;&nbsp; 3706071 |
| **Wireless Telecommunication Services-0.18%** | **Wireless Telecommunication Services-0.18%** | **Wireless Telecommunication Services-0.18%** |
| Getty Images, Inc., 14.00%, 03/01/2028<sup>(b)</sup> | 1000000 | &nbsp;&nbsp; 953750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $522,545,712) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $522,545,712) | &nbsp;&nbsp; 528739549 |
|  | **Shares** |  |
| **Money Market Funds-0.24%** |  |  |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, <br> Institutional Class, 3.91%<sup>(g)(h)</sup> <br>(Cost $1,311,072)<br>| 1311072 | &nbsp;&nbsp; 1311072 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-98.51% <br>(Cost $523,856,784) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-98.51% <br>(Cost $523,856,784) | &nbsp;&nbsp; 530050621 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** |
| **Money Market Funds-19.71%** | **Money Market Funds-19.71%** | **Money Market Funds-19.71%** |
| &nbsp;&nbsp;&nbsp; Invesco Private Government Fund, <br> 4.00%<sup>(g)(h)(i)</sup><br>| 29616616 | &nbsp;&nbsp; $29616616 |
| Invesco Private Prime Fund, 4.12%<sup>(g)(h)(i)</sup> | 76421453 | &nbsp;&nbsp; 76444379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $106,061,953) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $106,061,953) | &nbsp;&nbsp; 106060995 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-118.22% <br>(Cost $629,918,737) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-118.22% <br>(Cost $629,918,737) | &nbsp;&nbsp; 636111616 |
| OTHER ASSETS LESS LIABILITIES-(18.22)% | OTHER ASSETS LESS LIABILITIES-(18.22)% | &nbsp;&nbsp; (98039230)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $538072386 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Investment Abbreviations: <br> REIT -Real Estate Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | 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 <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> November 30, 2025 was $457,434,984, which represented 85.01% of the Fund's Net Assets.<br>|
| <sup>(c)</sup> | All or a portion of this security was out on loan at November 30, 2025. |
| <sup>(d)</sup> | The borrower has filed for protection in federal bankruptcy court. |
| <sup>(e)</sup> | Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The value of this security at November 30, 2025 <br> represented less than 1% of the Fund's Net Assets.<br>|
| <sup>(f)</sup> | Security valued using significant unobservable inputs (Level 3). See Note 1. |
| <sup>(g)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the three months ended November 30, 2025.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**November 30, 2025**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government <br> & Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp;&nbsp; $12584704 | &nbsp;&nbsp;&nbsp; $44068220 | &nbsp;&nbsp;&nbsp; $(55341852)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $1311072 | &nbsp;&nbsp;&nbsp; $77559 |

---

See accompanying notes which are an integral part of this schedule.

------

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

November 30, 2025

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **August 31, 2025**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Realized**<br> **Gain**<br>| **Value**<br> **November 30, 2025**<br>| **Dividend Income** |
| **Investments** <br> **Purchased with** <br> **Cash Collateral** <br> **from Securities on** <br> **Loan:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private <br> Government Fund<br>| &nbsp;&nbsp;&nbsp; $18953069 | &nbsp;&nbsp;&nbsp; $45355868 | &nbsp;&nbsp;&nbsp; $(34692321)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $29616616 | &nbsp;&nbsp;&nbsp; $266,635<br> \*<br>|
| &nbsp;&nbsp; Invesco Private <br> Prime Fund<br>| &nbsp;&nbsp;&nbsp; 49343748 | &nbsp;&nbsp;&nbsp; 103585114 | &nbsp;&nbsp;&nbsp; (76483711)<br>| &nbsp;&nbsp;&nbsp; (4193)<br>| &nbsp;&nbsp;&nbsp; 3421 | &nbsp;&nbsp;&nbsp; 76444379 | &nbsp;&nbsp;&nbsp; 722,179<br> \*<br>|
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; $80881521 | &nbsp;&nbsp;&nbsp; $193009202 | &nbsp;&nbsp;&nbsp; $(166517884)<br>| &nbsp;&nbsp;&nbsp; $(4193)<br>| &nbsp;&nbsp;&nbsp; $3421 | &nbsp;&nbsp;&nbsp; $107372067 | &nbsp;&nbsp;&nbsp; $1066373 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(h)</sup> The rate shown is the 7-day SEC standardized yield as of November 30, 2025. <br> <sup>(i)</sup> 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.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

See accompanying notes which are an integral part of this schedule.

------

Schedule of Investments<sup>(a)</sup>

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

November 30, 2025

*(Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes-98.84%** | **U.S. Dollar Denominated Bonds & Notes-98.84%** | **U.S. Dollar Denominated Bonds & Notes-98.84%** |
| **Aerospace & Defense-3.46%** | **Aerospace & Defense-3.46%** | **Aerospace & Defense-3.46%** |
| &nbsp;&nbsp;&nbsp; AAR Escrow Issuer LLC, 6.75%, <br> 03/15/2029<sup>(b)</sup><br>| $971000 | &nbsp;&nbsp; $1008523 |
| &nbsp;&nbsp;&nbsp; Bombardier, Inc. (Canada), 7.50%, <br> 02/01/2029<sup>(b)</sup><br>| 1030000 | &nbsp;&nbsp; 1075755 |
| &nbsp;&nbsp;&nbsp; BWX Technologies, Inc., 4.13%, <br> 04/15/2029<sup>(b)</sup><br>| 548000 | &nbsp;&nbsp; 538240 |
| &nbsp;&nbsp;&nbsp; Neptune Bidco US, Inc., 9.29%, <br> 04/15/2029<sup>(b)</sup><br>| 3623800 | &nbsp;&nbsp; 3610221 |
| TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 01/15/2029 | 1663000 | &nbsp;&nbsp; 1643873 |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/01/2029<sup>(b)</sup> | 3817000 | &nbsp;&nbsp; 3936155 |
| &nbsp;&nbsp;&nbsp; 4.88%, 05/01/2029 | 1029000 | &nbsp;&nbsp; 1023474 |
|  |  | &nbsp;&nbsp; 12836241 |
| **Automobile Components-1.85%** | **Automobile Components-1.85%** | **Automobile Components-1.85%** |
| &nbsp;&nbsp;&nbsp; American Axle & Manufacturing, Inc., 5.00%, <br> 10/01/2029<br>| 827000 | &nbsp;&nbsp; 793348 |
| &nbsp;&nbsp;&nbsp; Avis Budget Car Rental LLC/Avis Budget <br> Finance, Inc., 5.38%, 03/01/2029<sup>(b)(c)</sup><br>| 836000 | &nbsp;&nbsp; 811007 |
| &nbsp;&nbsp;&nbsp; Belron UK Finance PLC (United Kingdom), <br> 5.75%, 10/15/2029<sup>(b)</sup><br>| 1550000 | &nbsp;&nbsp; 1577344 |
| &nbsp;&nbsp;&nbsp; Champions Financing, Inc., 8.75%, <br> 02/15/2029<sup>(b)(c)</sup><br>| 820000 | &nbsp;&nbsp; 820300 |
| &nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber Co. (The), 5.00%, <br> 07/15/2029<sup>(c)</sup><br>| 1174000 | &nbsp;&nbsp; 1141475 |
| &nbsp;&nbsp;&nbsp; NESCO Holdings II, Inc., 5.50%, <br> 04/15/2029<sup>(b)</sup><br>| 1266000 | &nbsp;&nbsp; 1251274 |
| &nbsp;&nbsp;&nbsp; Patrick Industries, Inc., 4.75%, <br> 05/01/2029<sup>(b)</sup><br>| 473000 | &nbsp;&nbsp; 470766 |
|  |  | &nbsp;&nbsp; 6865514 |
| **Automobiles-0.57%** | **Automobiles-0.57%** | **Automobiles-0.57%** |
| &nbsp;&nbsp;&nbsp; Allison Transmission, Inc., 5.88%, <br> 06/01/2029<sup>(b)</sup><br>| 687000 | &nbsp;&nbsp; 698809 |
| &nbsp;&nbsp;&nbsp; Dornoch Debt Merger Sub, Inc., 6.63%, <br> 10/15/2029<sup>(b)</sup><br>| 892000 | &nbsp;&nbsp; 752063 |
| Thor Industries, Inc., 4.00%, 10/15/2029<sup>(b)</sup> | 687000 | &nbsp;&nbsp; 658354 |
|  |  | &nbsp;&nbsp; 2109226 |
| **Banks-0.51%** | **Banks-0.51%** | **Banks-0.51%** |
| &nbsp;&nbsp;&nbsp; APH Somerset Investor 2 LLC/APH2 <br> Somerset Investor 2 LLC/APH3 Somerset <br> Investor 2 LLC, 7.88%, 11/01/2029<sup>(b)</sup><br>| 1027000 | &nbsp;&nbsp; 1036603 |
| &nbsp;&nbsp;&nbsp; Trident Energy Finance PLC (United <br> Kingdom), 12.50%, 11/30/2029<sup>(b)</sup><br>| 830000 | &nbsp;&nbsp; 843969 |
|  |  | &nbsp;&nbsp; 1880572 |
| **Beverages-0.54%** | **Beverages-0.54%** | **Beverages-0.54%** |
| &nbsp;&nbsp;&nbsp; Primo Water Holdings, Inc./Triton Water <br> Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 04/01/2029<sup>(b)</sup> | 994000 | &nbsp;&nbsp; 1002800 |
| &nbsp;&nbsp;&nbsp; 4.38%, 04/30/2029<sup>(b)</sup> | 1036000 | &nbsp;&nbsp; 1005839 |
|  |  | &nbsp;&nbsp; 2008639 |
| **Broadline Retail-0.84%** | **Broadline Retail-0.84%** | **Broadline Retail-0.84%** |
| &nbsp;&nbsp;&nbsp; Rakuten Group, Inc. (Japan), 9.75%, <br> 04/15/2029<sup>(b)</sup><br>| 2785000 | &nbsp;&nbsp; 3098093 |
| **Building Products-0.55%** | **Building Products-0.55%** | **Building Products-0.55%** |
| &nbsp;&nbsp;&nbsp; Cornerstone Building Brands, Inc., 9.50%, <br> 08/15/2029<sup>(b)</sup><br>| 686000 | &nbsp;&nbsp; 551435 |
| &nbsp;&nbsp;&nbsp; Shea Homes L.P./Shea Homes Funding <br> Corp., 4.75%, 04/01/2029<br>| 404000 | &nbsp;&nbsp; 398317 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Building Products-(continued)** | **Building Products-(continued)** | **Building Products-(continued)** | **Building Products-(continued)** |
| &nbsp;&nbsp;&nbsp; Specialty Building Products Holdings LLC/<br> SBP Finance Corp., 7.75%, <br> 10/15/2029<sup>(b)</sup><br>| $| 697000 | &nbsp;&nbsp; $689948 |
| STL Holding Co. LLC, 8.75%, 02/15/2029<sup>(b)</sup> |  | 375000 | &nbsp;&nbsp; 395722 |
|  |  |  | &nbsp;&nbsp; 2035422 |
| **Capital Markets-1.14%** | **Capital Markets-1.14%** | **Capital Markets-1.14%** | **Capital Markets-1.14%** |
| Aretec Group, Inc., 7.50%, 04/01/2029<sup>(b)</sup> |  | 552000 | &nbsp;&nbsp; 557208 |
| Armor Holdco, Inc., 8.50%, 11/15/2029<sup>(b)</sup> |  | 482000 | &nbsp;&nbsp; 483247 |
| &nbsp;&nbsp;&nbsp; Icahn Enterprises L.P./Icahn Enterprises <br> Finance Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 9.75%, 01/15/2029 |  | 971000 | &nbsp;&nbsp; 979457 |
| &nbsp;&nbsp;&nbsp; 4.38%, 02/01/2029<sup>(c)</sup> |  | 917000 | &nbsp;&nbsp; 799497 |
| &nbsp;&nbsp;&nbsp; 10.00%, 11/15/2029<sup>(b)</sup> |  | 1376000 | &nbsp;&nbsp; 1385459 |
|  |  |  | &nbsp;&nbsp; 4204868 |
| **Chemicals-3.58%** | **Chemicals-3.58%** | **Chemicals-3.58%** | **Chemicals-3.58%** |
| &nbsp;&nbsp;&nbsp; Axalta Coating Systems LLC, 3.38%, <br> 02/15/2029<sup>(b)</sup><br>|  | 976000 | &nbsp;&nbsp; 943475 |
| &nbsp;&nbsp;&nbsp; Celanese US Holdings LLC, 6.83%, <br> 07/15/2029<br>|  | 1030000 | &nbsp;&nbsp; 1065719 |
| Chemours Co. (The), 4.63%, 11/15/2029<sup>(b)</sup> |  | 848000 | &nbsp;&nbsp; 758265 |
| &nbsp;&nbsp;&nbsp; INEOS Finance PLC (Luxembourg), 7.50%, <br> 04/15/2029<sup>(b)(c)</sup><br>|  | 997000 | &nbsp;&nbsp; 895654 |
| &nbsp;&nbsp;&nbsp; INEOS Quattro Finance 2 PLC (United <br> Kingdom), 9.63%, 03/15/2029<sup>(b)(c)</sup><br>|  | 548000 | &nbsp;&nbsp; 466759 |
| &nbsp;&nbsp;&nbsp; Innophos Holdings, Inc., 11.50%, <br> 06/15/2029<sup>(b)</sup><br>|  | 644000 | &nbsp;&nbsp; 581146 |
| &nbsp;&nbsp;&nbsp; Mativ Holdings, Inc., 8.00%, <br> 10/01/2029<sup>(b)(c)</sup><br>|  | 548000 | &nbsp;&nbsp; 549664 |
| &nbsp;&nbsp;&nbsp; Methanex Corp. (Canada), 5.25%, <br> 12/15/2029<sup>(c)</sup><br>|  | 976000 | &nbsp;&nbsp; 977706 |
| &nbsp;&nbsp;&nbsp; NOVA Chemicals Corp. (Canada), 4.25%, <br> 05/15/2029<sup>(b)</sup><br>|  | 789000 | &nbsp;&nbsp; 764892 |
| &nbsp;&nbsp;&nbsp; Olympus Water US Holding Corp., 6.25%, <br> 10/01/2029<sup>(b)</sup><br>|  | 547000 | &nbsp;&nbsp; 528985 |
| Rain Carbon, Inc., 12.25%, 09/01/2029<sup>(b)</sup> |  | 612000 | &nbsp;&nbsp; 632279 |
| &nbsp;&nbsp;&nbsp; SCIH Salt Holdings, Inc., 6.63%, <br> 05/01/2029<sup>(b)</sup><br>|  | 976000 | &nbsp;&nbsp; 981095 |
| &nbsp;&nbsp;&nbsp; Scotts Miracle-Gro Co. (The), 4.50%, <br> 10/15/2029<br>|  | 561000 | &nbsp;&nbsp; 550021 |
| &nbsp;&nbsp;&nbsp; SK Invictus Intermediate II S.a.r.l., 5.00%, <br> 10/30/2029<sup>(b)</sup><br>|  | 928000 | &nbsp;&nbsp; 914166 |
| Wayfair LLC, 7.25%, 10/31/2029<sup>(b)</sup> |  | 1114000 | &nbsp;&nbsp; 1161620 |
| &nbsp;&nbsp;&nbsp; WR Grace Holdings LLC, 5.63%, <br> 08/15/2029<sup>(b)</sup><br>|  | 1595000 | &nbsp;&nbsp; 1502927 |
|  |  |  | &nbsp;&nbsp; 13274373 |
| **Commercial Services & Supplies-4.99%** | **Commercial Services & Supplies-4.99%** | **Commercial Services & Supplies-4.99%** | **Commercial Services & Supplies-4.99%** |
| &nbsp;&nbsp;&nbsp; ACCO Brands Corp., 4.25%, <br> 03/15/2029<sup>(b)(c)</sup><br>|  | 788000 | &nbsp;&nbsp; 715297 |
| &nbsp;&nbsp;&nbsp; ADT Security Corp. (The), 4.13%, <br> 08/01/2029<sup>(b)</sup><br>|  | 1393000 | &nbsp;&nbsp; 1357016 |
| &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC/Allied Universal <br> Finance Corp., 6.00%, 06/01/2029<sup>(b)</sup><br>|  | 1319000 | &nbsp;&nbsp; 1294462 |
| APi Group DE, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 07/15/2029<sup>(b)</sup> |  | 464000 | &nbsp;&nbsp; 451234 |
| &nbsp;&nbsp;&nbsp; 4.75%, 10/15/2029<sup>(b)</sup> |  | 383000 | &nbsp;&nbsp; 377840 |
| Brink's Co. (The), 6.50%, 06/15/2029<sup>(b)</sup> |  | 547000 | &nbsp;&nbsp; 565695 |
| Clean Harbors, Inc., 5.13%, 07/15/2029<sup>(b)</sup> |  | 408000 | &nbsp;&nbsp; 409942 |
| CoreCivic, Inc., 8.25%, 04/15/2029 |  | 686000 | &nbsp;&nbsp; 725214 |
| CPI CG, Inc., 10.00% CPI, 07/15/2029<sup>(b)</sup> |  | 360000 | &nbsp;&nbsp; 378650 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Commercial Services & Supplies-(continued)** | **Commercial Services & Supplies-(continued)** | **Commercial Services & Supplies-(continued)** | **Commercial Services & Supplies-(continued)** |
| Dcli Bidco LLC, 7.75%, 11/15/2029<sup>(b)</sup> | $| 686000 | &nbsp;&nbsp; $675939 |
| Deluxe Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 06/01/2029<sup>(b)</sup> |  | 650000 | &nbsp;&nbsp; 657910 |
| &nbsp;&nbsp;&nbsp; 8.13%, 09/15/2029<sup>(b)</sup> |  | 612000 | &nbsp;&nbsp; 645419 |
| &nbsp;&nbsp;&nbsp; First Student Bidco, Inc./First Transit Parent, <br> Inc., 4.00%, 07/31/2029<sup>(b)</sup><br>|  | 864000 | &nbsp;&nbsp; 844574 |
| &nbsp;&nbsp;&nbsp; Garda World Security Corp. (Canada), <br> 6.00%, 06/01/2029<sup>(b)</sup><br>|  | 685000 | &nbsp;&nbsp; 673181 |
| GEO Group, Inc. (The), 8.63%, 04/15/2029 |  | 891000 | &nbsp;&nbsp; 942023 |
| GFL Environmental, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 06/15/2029<sup>(b)</sup> |  | 1030000 | &nbsp;&nbsp; 1029694 |
| &nbsp;&nbsp;&nbsp; 4.38%, 08/15/2029<sup>(b)</sup> |  | 751000 | &nbsp;&nbsp; 741539 |
| Madison IAQ LLC, 5.88%, 06/30/2029<sup>(b)</sup> |  | 1422000 | &nbsp;&nbsp; 1407514 |
| Pitney Bowes, Inc., 7.25%, 03/15/2029<sup>(b)(c)</sup> |  | 447000 | &nbsp;&nbsp; 451101 |
| R.R. Donnelley & Sons Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 9.50%, 08/01/2029<sup>(b)</sup> |  | 1455000 | &nbsp;&nbsp; 1496962 |
| &nbsp;&nbsp;&nbsp; 10.88%, 08/01/2029<sup>(b)</sup> |  | 650000 | &nbsp;&nbsp; 656330 |
| &nbsp;&nbsp;&nbsp; Reworld Holding Corp., 4.88%, <br> 12/01/2029<sup>(b)</sup><br>|  | 1066000 | &nbsp;&nbsp; 1011065 |
| Sabre GLBL, Inc., 10.75%, 11/15/2029<sup>(b)</sup> |  | 1132000 | &nbsp;&nbsp; 996931 |
|  |  |  | &nbsp;&nbsp; 18505532 |
| **Communications Equipment-0.14%** | **Communications Equipment-0.14%** | **Communications Equipment-0.14%** | **Communications Equipment-0.14%** |
| Viavi Solutions, Inc., 3.75%, 10/01/2029<sup>(b)</sup> |  | 546000 | &nbsp;&nbsp; 520323 |
| **Construction & Engineering-0.86%** | **Construction & Engineering-0.86%** | **Construction & Engineering-0.86%** | **Construction & Engineering-0.86%** |
| Arcosa, Inc., 4.38%, 04/15/2029<sup>(b)</sup> |  | 548000 | &nbsp;&nbsp; 537516 |
| &nbsp;&nbsp;&nbsp; Brookfield Residential Properties, <br> Inc./Brookfield Residential U.S. LLC <br> (Canada), 5.00%, 06/15/2029<sup>(b)</sup><br>|  | 482000 | &nbsp;&nbsp; 466239 |
| &nbsp;&nbsp;&nbsp; Dycom Industries, Inc., 4.50%, <br> 04/15/2029<sup>(b)</sup><br>|  | 687000 | &nbsp;&nbsp; 678400 |
| &nbsp;&nbsp;&nbsp; Great Lakes Dredge & Dock Corp., 5.25%, <br> 06/01/2029<sup>(b)</sup><br>|  | 443000 | &nbsp;&nbsp; 431800 |
| Tutor Perini Corp., 11.88%, 04/30/2029<sup>(b)</sup> |  | 548000 | &nbsp;&nbsp; 609753 |
| &nbsp;&nbsp;&nbsp; VM Consolidated, Inc., 5.50%, <br> 04/15/2029<sup>(b)</sup><br>|  | 477000 | &nbsp;&nbsp; 477155 |
|  |  |  | &nbsp;&nbsp; 3200863 |
| **Construction Materials-0.34%** | **Construction Materials-0.34%** | **Construction Materials-0.34%** | **Construction Materials-0.34%** |
| &nbsp;&nbsp;&nbsp; Global Infrastructure Solutions, Inc., 5.63%, <br> 06/01/2029<sup>(b)</sup><br>|  | 548000 | &nbsp;&nbsp; 551732 |
| &nbsp;&nbsp;&nbsp; Williams Scotsman, Inc., 6.63%, <br> 06/15/2029<sup>(b)</sup><br>|  | 687000 | &nbsp;&nbsp; 709325 |
|  |  |  | &nbsp;&nbsp; 1261057 |
| **Consumer Finance-1.97%** | **Consumer Finance-1.97%** | **Consumer Finance-1.97%** | **Consumer Finance-1.97%** |
| &nbsp;&nbsp;&nbsp; Encore Capital Group, Inc., 9.25%, <br> 04/01/2029<sup>(b)</sup><br>|  | 686000 | &nbsp;&nbsp; 722890 |
| &nbsp;&nbsp;&nbsp; Enova International, Inc., 9.13%, <br> 08/01/2029<sup>(b)</sup><br>|  | 687000 | &nbsp;&nbsp; 726332 |
| &nbsp;&nbsp;&nbsp; goeasy Ltd. (Canada), 7.63%, <br> 07/01/2029<sup>(b)</sup><br>|  | 827000 | &nbsp;&nbsp; 820669 |
| Navient Corp., 5.50%, 03/15/2029<sup>(c)</sup> |  | 1030000 | &nbsp;&nbsp; 1015537 |
| OneMain Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 05/15/2029 |  | 1254000 | &nbsp;&nbsp; 1299169 |
| &nbsp;&nbsp;&nbsp; 5.38%, 11/15/2029 |  | 1030000 | &nbsp;&nbsp; 1029238 |
| &nbsp;&nbsp;&nbsp; Paysafe Finance PLC/Paysafe Holdings US <br> Corp., 4.00%, 06/15/2029<sup>(b)</sup><br>|  | 458000 | &nbsp;&nbsp; 417579 |
| PRA Group, Inc., 5.00%, 10/01/2029<sup>(b)(c)</sup> |  | 482000 | &nbsp;&nbsp; 446122 |
| PROG Holdings, Inc., 6.00%, 11/15/2029<sup>(b)</sup> |  | 827000 | &nbsp;&nbsp; 814533 |
|  |  |  | &nbsp;&nbsp; 7292069 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Consumer Staples Distribution & Retail-2.03%** | **Consumer Staples Distribution & Retail-2.03%** | **Consumer Staples Distribution & Retail-2.03%** |
| &nbsp;&nbsp;&nbsp; Albertson's Cos., Inc./Safeway, Inc./New <br> Albertson's L.P./Albertson's LLC, 3.50%, <br> 03/15/2029<sup>(b)</sup><br>| $1876000 | &nbsp;&nbsp; $1800984 |
| &nbsp;&nbsp;&nbsp; American Builders & Contractors Supply Co., <br> Inc., 3.88%, 11/15/2029<sup>(b)</sup><br>| 548000 | &nbsp;&nbsp; 526581 |
| &nbsp;&nbsp;&nbsp; KeHE Distributors LLC/KeHE Finance <br> Corp./NextWave Distribution, Inc., 9.00%, <br> 02/15/2029<sup>(b)</sup><br>| 1393000 | &nbsp;&nbsp; 1457048 |
| &nbsp;&nbsp;&nbsp; Performance Food Group, Inc., 4.25%, <br> 08/01/2029<sup>(b)</sup><br>| 1384000 | &nbsp;&nbsp; 1360424 |
| &nbsp;&nbsp;&nbsp; Simmons Foods, Inc./Simmons Prepared <br> Foods, Inc./Simmons Pet Food, Inc., <br> 4.63%, 03/01/2029<sup>(b)</sup><br>| 1170000 | &nbsp;&nbsp; 1126371 |
| US Foods, Inc., 4.75%, 02/15/2029<sup>(b)</sup> | 1254000 | &nbsp;&nbsp; 1249526 |
|  |  | &nbsp;&nbsp; 7520934 |
| **Containers & Packaging-1.51%** | **Containers & Packaging-1.51%** | **Containers & Packaging-1.51%** |
| &nbsp;&nbsp;&nbsp; Ardagh Metal Packaging Finance <br> USA LLC/Ardagh Metal Packaging Finance <br> PLC, 4.00%, 09/01/2029<sup>(b)</sup><br>| 1458000 | &nbsp;&nbsp; 1358105 |
| Ball Corp., 6.00%, 06/15/2029 | 1385000 | &nbsp;&nbsp; 1427182 |
| &nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc., 6.63%, <br> 04/15/2029<sup>(b)</sup><br>| 686000 | &nbsp;&nbsp; 694644 |
| &nbsp;&nbsp;&nbsp; GrafTech Global Enterprises, Inc., 9.88%, <br> 12/23/2029<sup>(b)</sup><br>| 607000 | &nbsp;&nbsp; 533557 |
| &nbsp;&nbsp;&nbsp; Graphic Packaging International LLC, 3.50%, <br> 03/01/2029<sup>(b)</sup><br>| 478000 | &nbsp;&nbsp; 456238 |
| Sealed Air Corp., 5.00%, 04/15/2029<sup>(b)</sup> | 585000 | &nbsp;&nbsp; 589524 |
| TriMas Corp., 4.13%, 04/15/2029<sup>(b)</sup> | 548000 | &nbsp;&nbsp; 538197 |
|  |  | &nbsp;&nbsp; 5597447 |
| **Distributors-0.30%** | **Distributors-0.30%** | **Distributors-0.30%** |
| Gates Corp., 6.88%, 07/01/2029<sup>(b)</sup> | 697000 | &nbsp;&nbsp; 727228 |
| &nbsp;&nbsp;&nbsp; Resideo Funding, Inc., 4.00%, <br> 09/01/2029<sup>(b)</sup><br>| 410000 | &nbsp;&nbsp; 391396 |
|  |  | &nbsp;&nbsp; 1118624 |
| **Diversified Consumer Services-0.53%** | **Diversified Consumer Services-0.53%** | **Diversified Consumer Services-0.53%** |
| &nbsp;&nbsp;&nbsp; Carriage Services, Inc., 4.25%, <br> 05/15/2029<sup>(b)</sup><br>| 548000 | &nbsp;&nbsp; 525381 |
| &nbsp;&nbsp;&nbsp; Service Corp. International, 5.13%, <br> 06/01/2029<sup>(c)</sup><br>| 1031000 | &nbsp;&nbsp; 1036283 |
| &nbsp;&nbsp;&nbsp; Sotheby's/Bidfair Holdings, Inc., 5.88%, <br> 06/01/2029<sup>(b)</sup><br>| 407000 | &nbsp;&nbsp; 384838 |
|  |  | &nbsp;&nbsp; 1946502 |
| **Diversified REITs-0.57%** | **Diversified REITs-0.57%** | **Diversified REITs-0.57%** |
| &nbsp;&nbsp;&nbsp; Hudson Pacific Properties L.P., 4.65%, <br> 04/01/2029<sup>(c)</sup><br>| 699000 | &nbsp;&nbsp; 643989 |
| &nbsp;&nbsp;&nbsp; Uniti Group L.P./Uniti Group Finance, <br> Inc./CSL Capital LLC, 6.50%, <br> 02/15/2029<sup>(b)</sup><br>| 1544000 | &nbsp;&nbsp; 1466945 |
|  |  | &nbsp;&nbsp; 2110934 |
| **Diversified Telecommunication Services-2.45%** | **Diversified Telecommunication Services-2.45%** | **Diversified Telecommunication Services-2.45%** |
| CommScope LLC, 4.75%, 09/01/2029<sup>(b)</sup> | 1319000 | &nbsp;&nbsp; 1320016 |
| &nbsp;&nbsp;&nbsp; Connect Finco S.a.r.l./Connect US Finco LLC <br> (United Kingdom), 9.00%, <br> 09/15/2029<sup>(b)(c)</sup><br>| 2740000 | &nbsp;&nbsp; 2913308 |
| &nbsp;&nbsp;&nbsp; Frontier Communications Holdings LLC, <br> 5.88%, 11/01/2029<br>| 1030000 | &nbsp;&nbsp; 1046104 |
| &nbsp;&nbsp;&nbsp; Go Daddy Operating Co. LLC/GD Finance Co., <br> Inc., 3.50%, 03/01/2029<sup>(b)</sup><br>| 1114000 | &nbsp;&nbsp; 1067285 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Diversified Telecommunication Services-(continued)** | **Diversified Telecommunication Services-(continued)** | **Diversified Telecommunication Services-(continued)** | **Diversified Telecommunication Services-(continued)** |
| Level 3 Financing, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 01/15/2029<sup>(b)</sup> | $| 408000 | &nbsp;&nbsp; $369387 |
| &nbsp;&nbsp;&nbsp; 4.88%, 06/15/2029<sup>(b)</sup> |  | 844000 | &nbsp;&nbsp; 808130 |
| &nbsp;&nbsp;&nbsp; 3.75%, 07/15/2029<sup>(b)</sup> |  | 496000 | &nbsp;&nbsp; 440708 |
| Lumen Technologies, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 01/15/2029<sup>(b)</sup> |  | 408000 | &nbsp;&nbsp; 378457 |
| &nbsp;&nbsp;&nbsp; 4.13%, 04/15/2029<sup>(b)</sup> |  | 452000 | &nbsp;&nbsp; 449175 |
| &nbsp;&nbsp;&nbsp; 5.38%, 06/15/2029<sup>(b)</sup> |  | 316000 | &nbsp;&nbsp; 294000 |
|  |  |  | &nbsp;&nbsp; 9086570 |
| **Electric Utilities-1.78%** | **Electric Utilities-1.78%** | **Electric Utilities-1.78%** | **Electric Utilities-1.78%** |
| DPL LLC, 4.35%, 04/15/2029 |  | 546000 | &nbsp;&nbsp; 536641 |
| &nbsp;&nbsp;&nbsp; Leeward Renewable Energy Operations LLC, <br> 4.25%, 07/01/2029<sup>(b)</sup><br>|  | 510000 | &nbsp;&nbsp; 487936 |
| NRG Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.38%, 02/15/2029<sup>(b)</sup> |  | 686000 | &nbsp;&nbsp; 657656 |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/15/2029<sup>(b)</sup> |  | 1021000 | &nbsp;&nbsp; 1025942 |
| &nbsp;&nbsp;&nbsp; 5.75%, 07/15/2029<sup>(b)</sup> |  | 1113000 | &nbsp;&nbsp; 1124116 |
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, 4.38%, <br> 05/01/2029<sup>(b)</sup><br>|  | 1738000 | &nbsp;&nbsp; 1717017 |
| &nbsp;&nbsp;&nbsp; XPLR Infrastructure Operating Partners L.P., <br> 7.25%, 01/15/2029<sup>(b)(c)</sup><br>|  | 1030000 | &nbsp;&nbsp; 1056234 |
|  |  |  | &nbsp;&nbsp; 6605542 |
| **Electrical Equipment-0.35%** | **Electrical Equipment-0.35%** | **Electrical Equipment-0.35%** | **Electrical Equipment-0.35%** |
| &nbsp;&nbsp;&nbsp; WESCO Distribution, Inc., 6.38%, <br> 03/15/2029<sup>(b)</sup><br>|  | 1235000 | &nbsp;&nbsp; 1277517 |
| **Electronic Equipment, Instruments & Components-2.03%** | **Electronic Equipment, Instruments & Components-2.03%** | **Electronic Equipment, Instruments & Components-2.03%** | **Electronic Equipment, Instruments & Components-2.03%** |
| Coherent Corp., 5.00%, 12/15/2029<sup>(b)</sup> |  | 1373000 | &nbsp;&nbsp; 1362135 |
| Imola Merger Corp., 4.75%, 05/15/2029<sup>(b)</sup> |  | 2778000 | &nbsp;&nbsp; 2746334 |
| &nbsp;&nbsp;&nbsp; ION Platform Finance US, Inc./ION Platform <br> Finance S.a.r.l.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 8.75%, 05/01/2029<sup>(b)</sup> |  | 975000 | &nbsp;&nbsp; 966429 |
| &nbsp;&nbsp;&nbsp; 9.50%, 05/30/2029<sup>(b)</sup> |  | 1060000 | &nbsp;&nbsp; 1078295 |
| &nbsp;&nbsp;&nbsp; 9.00%, 08/01/2029<sup>(b)</sup> |  | 690000 | &nbsp;&nbsp; 689954 |
| &nbsp;&nbsp;&nbsp; TTM Technologies, Inc., 4.00%, <br> 03/01/2029<sup>(b)</sup><br>|  | 686000 | &nbsp;&nbsp; 665135 |
|  |  |  | &nbsp;&nbsp; 7508282 |
| **Energy Equipment & Services-0.98%** | **Energy Equipment & Services-0.98%** | **Energy Equipment & Services-0.98%** | **Energy Equipment & Services-0.98%** |
| &nbsp;&nbsp;&nbsp; Helix Energy Solutions Group, Inc., 9.75%, <br> 03/01/2029<sup>(b)</sup><br>|  | 420000 | &nbsp;&nbsp; 441282 |
| &nbsp;&nbsp;&nbsp; Precision Drilling Corp. (Canada), 6.88%, <br> 01/15/2029<sup>(b)</sup><br>|  | 548000 | &nbsp;&nbsp; 551677 |
| &nbsp;&nbsp;&nbsp; Summit Midstream Holdings LLC, 8.63%, <br> 10/31/2029<sup>(b)</sup><br>|  | 1142000 | &nbsp;&nbsp; 1179323 |
| &nbsp;&nbsp;&nbsp; USA Compression Partners L.P./USA <br> Compression Finance Corp., 7.13%, <br> 03/15/2029<sup>(b)</sup><br>|  | 1384000 | &nbsp;&nbsp; 1439587 |
|  |  |  | &nbsp;&nbsp; 3611869 |
| **Entertainment-0.65%** | **Entertainment-0.65%** | **Entertainment-0.65%** | **Entertainment-0.65%** |
| &nbsp;&nbsp;&nbsp; AMC Entertainment Holdings, Inc., 7.50%, <br> 02/15/2029<sup>(b)</sup><br>|  | 488000 | &nbsp;&nbsp; 438910 |
| &nbsp;&nbsp;&nbsp; Banijay Entertainment S.A.S. (France), <br> 8.13%, 05/01/2029<sup>(b)</sup><br>|  | 548000 | &nbsp;&nbsp; 570984 |
| &nbsp;&nbsp;&nbsp; Jacobs Entertainment, Inc., 6.75%, <br> 02/15/2029<sup>(b)</sup><br>|  | 686000 | &nbsp;&nbsp; 661908 |
| &nbsp;&nbsp;&nbsp; Playtika Holding Corp., 4.25%, <br> 03/15/2029<sup>(b)</sup><br>|  | 827000 | &nbsp;&nbsp; 748621 |
|  |  |  | &nbsp;&nbsp; 2420423 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Financial Services-3.51%** | **Financial Services-3.51%** | **Financial Services-3.51%** |
| &nbsp;&nbsp;&nbsp; CD&R Smokey Buyer, Inc./Radio Systems <br> Corp., 9.50%, 10/15/2029<sup>(b)</sup><br>| $1075000 | &nbsp;&nbsp; $728899 |
| Cobra AcquisitionCo LLC |  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 11/01/2029<sup>(b)</sup> | 550000 | &nbsp;&nbsp; 478570 |
| &nbsp;&nbsp;&nbsp; 12.25%, 11/01/2029<sup>(b)</sup> | 343000 | &nbsp;&nbsp; 344286 |
| &nbsp;&nbsp;&nbsp; Compass Group Diversified Holdings LLC, <br> 5.25%, 04/15/2029<sup>(b)</sup><br>| 1430590 | &nbsp;&nbsp; 1339394 |
| &nbsp;&nbsp;&nbsp; Freedom Mortgage Holdings LLC, 9.25%, <br> 02/01/2029<sup>(b)</sup><br>| 1561000 | &nbsp;&nbsp; 1637793 |
| &nbsp;&nbsp;&nbsp; GGAM Finance Ltd. (Ireland), 6.88%, <br> 04/15/2029<sup>(b)</sup><br>| 548000 | &nbsp;&nbsp; 569991 |
| &nbsp;&nbsp;&nbsp; Hightower Holding LLC, 6.75%, <br> 04/15/2029<sup>(b)</sup><br>| 409000 | &nbsp;&nbsp; 410120 |
| &nbsp;&nbsp;&nbsp; Jane Street Group/JSG Finance, Inc., 4.50%, <br> 11/15/2029<sup>(b)</sup><br>| 834000 | &nbsp;&nbsp; 821578 |
| &nbsp;&nbsp;&nbsp; Jefferson Capital Holdings LLC, 9.50%, <br> 02/15/2029<sup>(b)</sup><br>| 548000 | &nbsp;&nbsp; 580534 |
| PennyMac Financial Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/15/2029<sup>(b)</sup> | 891000 | &nbsp;&nbsp; 871570 |
| &nbsp;&nbsp;&nbsp; 7.88%, 12/15/2029<sup>(b)</sup> | 1031000 | &nbsp;&nbsp; 1100566 |
| &nbsp;&nbsp;&nbsp; PHH Escrow Issuer LLC/PHH Corp., 9.88%, <br> 11/01/2029<sup>(b)</sup><br>| 687000 | &nbsp;&nbsp; 702918 |
| &nbsp;&nbsp;&nbsp; Planet Financial Group LLC, 10.50%, <br> 12/15/2029<sup>(b)</sup><br>| 825000 | &nbsp;&nbsp; 864857 |
| &nbsp;&nbsp;&nbsp; Provident Funding Associates L.P./PFG <br> Finance Corp., 9.75%, 09/15/2029<sup>(b)</sup><br>| 720000 | &nbsp;&nbsp; 758905 |
| &nbsp;&nbsp;&nbsp; Superior Plus L.P./Superior General Partner, <br> Inc. (Canada), 4.50%, 03/15/2029<sup>(b)</sup><br>| 836000 | &nbsp;&nbsp; 809218 |
| &nbsp;&nbsp;&nbsp; United Wholesale Mortgage LLC, 5.50%, <br> 04/15/2029<sup>(b)</sup><br>| 976000 | &nbsp;&nbsp; 966789 |
|  |  | &nbsp;&nbsp; 12985988 |
| **Food Products-0.91%** | **Food Products-0.91%** | **Food Products-0.91%** |
| &nbsp;&nbsp;&nbsp; Chobani LLC/Chobani Finance Corp., Inc., <br> 7.63%, 07/01/2029<sup>(b)</sup><br>| 687000 | &nbsp;&nbsp; 717659 |
| Post Holdings, Inc., 5.50%, 12/15/2029<sup>(b)</sup> | 1711000 | &nbsp;&nbsp; 1713136 |
| TKC Holdings, Inc., 10.50%, 05/15/2029<sup>(b)</sup> | 929000 | &nbsp;&nbsp; 953882 |
|  |  | &nbsp;&nbsp; 3384677 |
| **Gas Utilities-0.30%** | **Gas Utilities-0.30%** | **Gas Utilities-0.30%** |
| &nbsp;&nbsp;&nbsp; Ferrellgas L.P./Ferrellgas Finance Corp., <br> 5.88%, 04/01/2029<sup>(b)</sup><br>| 1149000 | &nbsp;&nbsp; 1098465 |
| **Ground Transportation-0.83%** | **Ground Transportation-0.83%** | **Ground Transportation-0.83%** |
| &nbsp;&nbsp;&nbsp; Carriage Purchaser, Inc., 7.88%, <br> 10/15/2029<sup>(b)</sup><br>| 409000 | &nbsp;&nbsp; 380621 |
| Hertz Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 12.63%, 07/15/2029<sup>(b)(c)</sup> | 1732000 | &nbsp;&nbsp; 1731898 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029<sup>(b)</sup> | 1393000 | &nbsp;&nbsp; 959870 |
|  |  | &nbsp;&nbsp; 3072389 |
| **Health Care Equipment & Supplies-3.51%** | **Health Care Equipment & Supplies-3.51%** | **Health Care Equipment & Supplies-3.51%** |
| Hologic, Inc., 3.25%, 02/15/2029<sup>(b)</sup> | 1319000 | &nbsp;&nbsp; 1304617 |
| Medline Borrower L.P. |  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 04/01/2029<sup>(b)</sup> | 6242000 | &nbsp;&nbsp; 6064168 |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/01/2029<sup>(b)</sup> | 3474000 | &nbsp;&nbsp; 3485242 |
| &nbsp;&nbsp;&nbsp; Medline Borrower L.P./Medline Co-Issuer, <br> Inc., 6.25%, 04/01/2029<sup>(b)</sup><br>| 2080000 | &nbsp;&nbsp; 2153985 |
|  |  | &nbsp;&nbsp; 13008012 |
| **Health Care Providers & Services-2.62%** | **Health Care Providers & Services-2.62%** | **Health Care Providers & Services-2.62%** |
| &nbsp;&nbsp;&nbsp; Acadia Healthcare Co., Inc., 5.00%, <br> 04/15/2029<sup>(b)</sup><br>| 650000 | &nbsp;&nbsp; 632062 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Health Care Providers & Services-(continued)** | **Health Care Providers & Services-(continued)** | **Health Care Providers & Services-(continued)** | **Health Care Providers & Services-(continued)** |
| &nbsp;&nbsp;&nbsp; AHP Health Partners, Inc., 5.75%, <br> 07/15/2029<sup>(b)</sup><br>| $| 406000 | &nbsp;&nbsp; $398715 |
| &nbsp;&nbsp;&nbsp; Avantor Funding, Inc., 3.88%, <br> 11/01/2029<sup>(b)</sup><br>|  | 1114000 | &nbsp;&nbsp; 1064299 |
| &nbsp;&nbsp;&nbsp; Community Health Systems, Inc., 6.00%, <br> 01/15/2029<sup>(b)</sup><br>|  | 885000 | &nbsp;&nbsp; 885649 |
| HealthEquity, Inc., 4.50%, 10/01/2029<sup>(b)</sup> |  | 827000 | &nbsp;&nbsp; 813674 |
| &nbsp;&nbsp;&nbsp; LifePoint Health, Inc., 5.38%, <br> 01/15/2029<sup>(b)</sup><br>|  | 682000 | &nbsp;&nbsp; 665366 |
| &nbsp;&nbsp;&nbsp; Option Care Health, Inc., 4.38%, <br> 10/31/2029<sup>(b)</sup><br>|  | 686000 | &nbsp;&nbsp; 673054 |
| Owens & Minor, Inc., 4.50%, 03/31/2029<sup>(b)</sup> |  | 654000 | &nbsp;&nbsp; 463998 |
| &nbsp;&nbsp;&nbsp; Prime Healthcare Services, Inc., 9.38%, <br> 09/01/2029<sup>(b)</sup><br>|  | 2080000 | &nbsp;&nbsp; 2207161 |
| &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp., 4.25%, <br> 06/01/2029<br>|  | 1940000 | &nbsp;&nbsp; 1903235 |
|  |  |  | &nbsp;&nbsp; 9707213 |
| **Health Care Technology-0.38%** | **Health Care Technology-0.38%** | **Health Care Technology-0.38%** | **Health Care Technology-0.38%** |
| &nbsp;&nbsp;&nbsp; U.S. Acute Care Solutions LLC, 9.75%, <br> 05/15/2029<sup>(b)</sup><br>|  | 1393000 | &nbsp;&nbsp; 1416859 |
| **Hotel & Resort REITs-1.25%** | **Hotel & Resort REITs-1.25%** | **Hotel & Resort REITs-1.25%** | **Hotel & Resort REITs-1.25%** |
| &nbsp;&nbsp;&nbsp; Park Intermediate Holdings LLC/PK Domestic <br> Property LLC/PK Finance Co-Issuer, <br> 4.88%, 05/15/2029<sup>(b)</sup><br>|  | 1028000 | &nbsp;&nbsp; 998751 |
| &nbsp;&nbsp;&nbsp; Pebblebrook Hotel L.P./PEB Finance Corp., <br> 6.38%, 10/15/2029<sup>(b)</sup><br>|  | 553000 | &nbsp;&nbsp; 566986 |
| &nbsp;&nbsp;&nbsp; RHP Hotel Properties L.P./RHP Finance <br> Corp., 4.50%, 02/15/2029<sup>(b)</sup><br>|  | 818000 | &nbsp;&nbsp; 807596 |
| &nbsp;&nbsp;&nbsp; RLJ Lodging Trust L.P., 4.00%, <br> 09/15/2029<sup>(b)</sup><br>|  | 687000 | &nbsp;&nbsp; 649839 |
| &nbsp;&nbsp;&nbsp; Service Properties Trust, 8.38%, <br> 06/15/2029<br>|  | 963000 | &nbsp;&nbsp; 946808 |
| XHR L.P., 4.88%, 06/01/2029<sup>(b)</sup> |  | 685000 | &nbsp;&nbsp; 674710 |
|  |  |  | &nbsp;&nbsp; 4644690 |
| **Hotels, Restaurants & Leisure-5.11%** | **Hotels, Restaurants & Leisure-5.11%** | **Hotels, Restaurants & Leisure-5.11%** | **Hotels, Restaurants & Leisure-5.11%** |
| &nbsp;&nbsp;&nbsp; 1011778 BC ULC/New Red Finance, Inc. <br> (Canada)<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/15/2029<sup>(b)</sup> |  | 1030000 | &nbsp;&nbsp; 995724 |
| &nbsp;&nbsp;&nbsp; 6.13%, 06/15/2029<sup>(b)</sup> |  | 1663000 | &nbsp;&nbsp; 1716745 |
| &nbsp;&nbsp;&nbsp; 5.63%, 09/15/2029<sup>(b)</sup> |  | 686000 | &nbsp;&nbsp; 699902 |
| &nbsp;&nbsp;&nbsp; Bloomin' Brands, Inc./OSI Restaurant <br> Partners LLC, 5.13%, 04/15/2029<sup>(b)(c)</sup><br>|  | 414000 | &nbsp;&nbsp; 371498 |
| Boyne USA, Inc., 4.75%, 05/15/2029<sup>(b)</sup> |  | 944000 | &nbsp;&nbsp; 932499 |
| &nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc., 4.63%, <br> 10/15/2029<sup>(b)(c)</sup><br>|  | 1662000 | &nbsp;&nbsp; 1574079 |
| &nbsp;&nbsp;&nbsp; Fertitta Entertainment LLC/Fertitta <br> Entertainment Finance Co., Inc., 4.63%, <br> 01/15/2029<sup>(b)</sup><br>|  | 1393000 | &nbsp;&nbsp; 1342559 |
| &nbsp;&nbsp;&nbsp; Great Canadian Gaming Corp. (Canada), <br> 8.75%, 11/15/2029<sup>(b)</sup><br>|  | 740000 | &nbsp;&nbsp; 746673 |
| Hilton Domestic Operating Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 04/01/2029<sup>(b)</sup> |  | 752000 | &nbsp;&nbsp; 770640 |
| &nbsp;&nbsp;&nbsp; 3.75%, 05/01/2029<sup>(b)</sup> |  | 1114000 | &nbsp;&nbsp; 1081602 |
| &nbsp;&nbsp;&nbsp; Hilton Grand Vacations Borrower LLC, <br> 5.00%, 06/01/2029<sup>(b)</sup><br>|  | 1180000 | &nbsp;&nbsp; 1134606 |
| &nbsp;&nbsp;&nbsp; Light & Wonder International, Inc., 7.25%, <br> 11/15/2029<sup>(b)</sup><br>|  | 686000 | &nbsp;&nbsp; 705950 |
| &nbsp;&nbsp;&nbsp; MajorDrive Holdings IV LLC, 6.38%, <br> 06/01/2029<sup>(b)</sup><br>|  | 699000 | &nbsp;&nbsp; 478815 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Hotels, Restaurants & Leisure-(continued)** | **Hotels, Restaurants & Leisure-(continued)** | **Hotels, Restaurants & Leisure-(continued)** | **Hotels, Restaurants & Leisure-(continued)** |
| &nbsp;&nbsp;&nbsp; Marriott Ownership Resorts, Inc., 4.50%, <br> 06/15/2029<sup>(b)</sup><br>| $| 686000 | &nbsp;&nbsp; $651803 |
| &nbsp;&nbsp;&nbsp; MGM Resorts International, 6.13%, <br> 09/15/2029<br>|  | 1170000 | &nbsp;&nbsp; 1196779 |
| &nbsp;&nbsp;&nbsp; Midwest Gaming Borrower LLC/Midwest <br> Gaming Finance Corp., 4.88%, <br> 05/01/2029<sup>(b)</sup><br>|  | 1040000 | &nbsp;&nbsp; 1018830 |
| &nbsp;&nbsp;&nbsp; Papa John's International, Inc., 3.88%, <br> 09/15/2029<sup>(b)</sup><br>|  | 548000 | &nbsp;&nbsp; 528848 |
| &nbsp;&nbsp;&nbsp; PENN Entertainment, Inc., 4.13%, <br> 07/01/2029<sup>(b)</sup><br>|  | 547000 | &nbsp;&nbsp; 506297 |
| &nbsp;&nbsp;&nbsp; SeaWorld Parks & Entertainment, Inc., <br> 5.25%, 08/15/2029<sup>(b)</sup><br>|  | 992000 | &nbsp;&nbsp; 960318 |
| &nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp./Canada's <br> Wonderland Co./Magnum Management <br> Corp., 5.25%, 07/15/2029<br>|  | 686000 | &nbsp;&nbsp; 636816 |
| Travel + Leisure Co., 4.50%, 12/01/2029<sup>(b)</sup> |  | 890000 | &nbsp;&nbsp; 868941 |
|  |  |  | &nbsp;&nbsp; 18919924 |
| **Household Durables-1.20%** | **Household Durables-1.20%** | **Household Durables-1.20%** | **Household Durables-1.20%** |
| &nbsp;&nbsp;&nbsp; Century Communities, Inc., 3.88%, <br> 08/15/2029<sup>(b)</sup><br>|  | 680000 | &nbsp;&nbsp; 647619 |
| LGI Homes, Inc., 4.00%, 07/15/2029<sup>(b)</sup> |  | 408000 | &nbsp;&nbsp; 373204 |
| &nbsp;&nbsp;&nbsp; New Home Co., Inc. (The), 9.25%, <br> 10/01/2029<sup>(b)</sup><br>|  | 511000 | &nbsp;&nbsp; 531187 |
| Newell Brands, Inc., 6.63%, 09/15/2029<sup>(c)</sup> |  | 687000 | &nbsp;&nbsp; 677416 |
| &nbsp;&nbsp;&nbsp; Sensata Technologies B.V., 4.00%, <br> 04/15/2029<sup>(b)(c)</sup><br>|  | 1274000 | &nbsp;&nbsp; 1245259 |
| Whirlpool Corp., 4.75%, 02/26/2029 |  | 973000 | &nbsp;&nbsp; 967664 |
|  |  |  | &nbsp;&nbsp; 4442349 |
| **Household Products-0.28%** | **Household Products-0.28%** | **Household Products-0.28%** | **Household Products-0.28%** |
| &nbsp;&nbsp;&nbsp; Energizer Holdings, Inc., 4.38%, <br> 03/31/2029<sup>(b)</sup><br>|  | 1095000 | &nbsp;&nbsp; 1043141 |
| **Independent Power and Renewable Electricity Producers-0.39%** | **Independent Power and Renewable Electricity Producers-0.39%** | **Independent Power and Renewable Electricity Producers-0.39%** | **Independent Power and Renewable Electricity Producers-0.39%** |
| Calpine Corp., 4.63%, 02/01/2029<sup>(b)</sup> |  | 891000 | &nbsp;&nbsp; 885004 |
| &nbsp;&nbsp;&nbsp; TransAlta Corp. (Canada), 7.75%, <br> 11/15/2029<br>|  | 547000 | &nbsp;&nbsp; 571951 |
|  |  |  | &nbsp;&nbsp; 1456955 |
| **Insurance-2.35%** | **Insurance-2.35%** | **Insurance-2.35%** | **Insurance-2.35%** |
| Acrisure LLC/Acrisure Finance, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.25%, 02/01/2029<sup>(b)</sup> |  | 1271000 | &nbsp;&nbsp; 1323881 |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/15/2029<sup>(b)</sup> |  | 975000 | &nbsp;&nbsp; 947846 |
| &nbsp;&nbsp;&nbsp; 8.50%, 06/15/2029<sup>(b)</sup> |  | 687000 | &nbsp;&nbsp; 721009 |
| &nbsp;&nbsp;&nbsp; 6.00%, 08/01/2029<sup>(b)</sup> |  | 687000 | &nbsp;&nbsp; 677514 |
| &nbsp;&nbsp;&nbsp; Alliance Resource Operating Partners <br> L.P./Alliance Resource Finance Corp., <br> 8.63%, 06/15/2029<sup>(b)</sup><br>|  | 547000 | &nbsp;&nbsp; 578970 |
| &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC/Alliant <br> Holdings Co-Issuer, 5.88%, <br> 11/01/2029<sup>(b)</sup><br>|  | 613000 | &nbsp;&nbsp; 608333 |
| AmWINS Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 02/15/2029<sup>(b)</sup> |  | 1031000 | &nbsp;&nbsp; 1060131 |
| &nbsp;&nbsp;&nbsp; 4.88%, 06/30/2029<sup>(b)</sup> |  | 1084000 | &nbsp;&nbsp; 1058249 |
| &nbsp;&nbsp;&nbsp; BroadStreet Partners, Inc., 5.88%, <br> 04/15/2029<sup>(b)</sup><br>|  | 993000 | &nbsp;&nbsp; 992243 |
| &nbsp;&nbsp;&nbsp; HUB International Ltd., 5.63%, <br> 12/01/2029<sup>(b)</sup><br>|  | 751000 | &nbsp;&nbsp; 754113 |
|  |  |  | &nbsp;&nbsp; 8722289 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Interactive Media & Services-0.63%** | **Interactive Media & Services-0.63%** | **Interactive Media & Services-0.63%** |
| &nbsp;&nbsp;&nbsp; Match Group Holdings II LLC, 5.63%, <br> 02/15/2029<sup>(b)</sup><br>| $482000 | &nbsp;&nbsp; $485613 |
| &nbsp;&nbsp;&nbsp; WarnerMedia Holdings, Inc., 4.05%, <br> 03/15/2029<br>| 1886000 | &nbsp;&nbsp; 1830981 |
|  |  | &nbsp;&nbsp; 2316594 |
| **IT Services-0.98%** | **IT Services-0.98%** | **IT Services-0.98%** |
| &nbsp;&nbsp;&nbsp; Acuris Finance US, Inc./Acuris Finance <br> S.a.r.l., 9.00%, 08/01/2029<sup>(b)(c)</sup><br>| 606000 | &nbsp;&nbsp; 637469 |
| &nbsp;&nbsp;&nbsp; Conduent Business Services LLC/Conduent <br> State & Local Solutions, Inc., 6.00%, <br> 11/01/2029<sup>(b)</sup><br>| 708000 | &nbsp;&nbsp; 620017 |
| Twilio, Inc., 3.63%, 03/15/2029 | 697000 | &nbsp;&nbsp; 675248 |
| &nbsp;&nbsp;&nbsp; Wildfire Intermediate Holdings LLC, 7.50%, <br> 10/15/2029<sup>(b)</sup><br>| 836000 | &nbsp;&nbsp; 846000 |
| &nbsp;&nbsp;&nbsp; ZoomInfo Technologies LLC/ZoomInfo <br> Finance Corp., 3.88%, 02/01/2029<sup>(b)</sup><br>| 890000 | &nbsp;&nbsp; 843484 |
|  |  | &nbsp;&nbsp; 3622218 |
| **Leisure Products-0.09%** | **Leisure Products-0.09%** | **Leisure Products-0.09%** |
| &nbsp;&nbsp;&nbsp; Universal Entertainment Corp. (Japan), <br> 9.88%, 08/01/2029<sup>(b)</sup><br>| 323000 | &nbsp;&nbsp; 322489 |
| **Machinery-1.56%** | **Machinery-1.56%** | **Machinery-1.56%** |
| ESAB Corp., 6.25%, 04/15/2029<sup>(b)</sup> | 976000 | &nbsp;&nbsp; 1006690 |
| &nbsp;&nbsp;&nbsp; GrafTech Finance, Inc., 4.63%, <br> 12/23/2029<sup>(b)</sup><br>| 684000 | &nbsp;&nbsp; 507015 |
| Hillenbrand, Inc., 6.25%, 02/15/2029 | 686000 | &nbsp;&nbsp; 703299 |
| &nbsp;&nbsp;&nbsp; Husky Injection Molding Systems Ltd./Titan <br> Co-Borrower LLC (Canada), 9.00%, <br> 02/15/2029<sup>(b)</sup><br>| 1393000 | &nbsp;&nbsp; 1467874 |
| &nbsp;&nbsp;&nbsp; Mueller Water Products, Inc., 4.00%, <br> 06/15/2029<sup>(b)</sup><br>| 613000 | &nbsp;&nbsp; 595864 |
| &nbsp;&nbsp;&nbsp; Roller Bearing Co. of America, Inc., 4.38%, <br> 10/15/2029<sup>(b)</sup><br>| 687000 | &nbsp;&nbsp; 677472 |
| Terex Corp., 5.00%, 05/15/2029<sup>(b)</sup> | 837000 | &nbsp;&nbsp; 832252 |
|  |  | &nbsp;&nbsp; 5790466 |
| **Media-10.16%** | **Media-10.16%** | **Media-10.16%** |
| &nbsp;&nbsp;&nbsp; Altice Financing S.A. (Altice-Int'l) <br> (Luxembourg), 5.75%, 08/15/2029<sup>(b)</sup><br>| 2605000 | &nbsp;&nbsp; 1741455 |
| AMC Networks, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 10.25%, 01/15/2029<sup>(b)</sup> | 1210000 | &nbsp;&nbsp; 1270443 |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/15/2029<sup>(c)</sup> | 457000 | &nbsp;&nbsp; 401625 |
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital <br> Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 06/01/2029<sup>(b)</sup> | 2081000 | &nbsp;&nbsp; 2062412 |
| &nbsp;&nbsp;&nbsp; 6.38%, 09/01/2029<sup>(b)</sup> | 2080000 | &nbsp;&nbsp; 2113199 |
| &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc., 7.50%, <br> 06/01/2029<sup>(b)</sup><br>| 1458000 | &nbsp;&nbsp; 1443435 |
| CMG Media Corp., 8.88%, 06/18/2029<sup>(b)</sup> | 790000 | &nbsp;&nbsp; 648471 |
| CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp; 11.75%, 01/31/2029<sup>(b)</sup> | 2630000 | &nbsp;&nbsp; 1855573 |
| &nbsp;&nbsp;&nbsp; 6.50%, 02/01/2029<sup>(b)</sup> | 2373000 | &nbsp;&nbsp; 1492370 |
| &nbsp;&nbsp;&nbsp; Discovery Communications LLC, 4.13%, <br> 05/15/2029<br>| 924000 | &nbsp;&nbsp; 899486 |
| DISH DBS Corp., 5.13%, 06/01/2029 | 2080000 | &nbsp;&nbsp; 1762348 |
| EchoStar Corp., 10.75%, 11/30/2029 | 7552000 | &nbsp;&nbsp; 8333179 |
| Gray Media, Inc., 10.50%, 07/15/2029<sup>(b)(c)</sup> | 1738000 | &nbsp;&nbsp; 1874395 |
| &nbsp;&nbsp;&nbsp; iHeartCommunications, Inc., 9.13%, <br> 05/01/2029<sup>(b)</sup><br>| 984000 | &nbsp;&nbsp; 911371 |
| Lamar Media Corp., 4.88%, 01/15/2029 | 547000 | &nbsp;&nbsp; 546329 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Media-(continued)** | **Media-(continued)** | **Media-(continued)** | **Media-(continued)** |
| &nbsp;&nbsp;&nbsp; McGraw-Hill Education, Inc., 8.00%, <br> 08/01/2029<sup>(b)</sup><br>| $| 879000 | &nbsp;&nbsp; $890692 |
| &nbsp;&nbsp;&nbsp; Outfront Media Capital LLC/Outfront Media <br> Capital Corp., 4.25%, 01/15/2029<sup>(b)</sup><br>|  | 687000 | &nbsp;&nbsp; 668025 |
| &nbsp;&nbsp;&nbsp; Scripps Escrow II, Inc., 3.88%, <br> 01/15/2029<sup>(b)</sup><br>|  | 714000 | &nbsp;&nbsp; 665036 |
| Sirius XM Radio LLC, 5.50%, 07/01/2029<sup>(b)</sup> |  | 1738000 | &nbsp;&nbsp; 1748237 |
| Stagwell Global LLC, 5.63%, 08/15/2029<sup>(b)</sup> |  | 1524000 | &nbsp;&nbsp; 1482227 |
| TEGNA, Inc., 5.00%, 09/15/2029 |  | 1524000 | &nbsp;&nbsp; 1511008 |
| &nbsp;&nbsp;&nbsp; Univision Communications, Inc., 4.50%, <br> 05/01/2029<sup>(b)</sup><br>|  | 1459000 | &nbsp;&nbsp; 1392434 |
| &nbsp;&nbsp;&nbsp; Virgin Media Secured Finance PLC (United <br> Kingdom), 5.50%, 05/15/2029<sup>(b)</sup><br>|  | 1979000 | &nbsp;&nbsp; 1944694 |
|  |  |  | &nbsp;&nbsp; 37658444 |
| **Metals & Mining-1.65%** | **Metals & Mining-1.65%** | **Metals & Mining-1.65%** | **Metals & Mining-1.65%** |
| ATI, Inc., 4.88%, 10/01/2029 |  | 445000 | &nbsp;&nbsp; 444460 |
| &nbsp;&nbsp;&nbsp; Big River Steel LLC/BRS Finance Corp., <br> 6.63%, 01/31/2029<sup>(b)</sup><br>|  | 988000 | &nbsp;&nbsp; 993784 |
| Cleveland-Cliffs, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 03/01/2029<sup>(b)</sup> |  | 503000 | &nbsp;&nbsp; 491810 |
| &nbsp;&nbsp;&nbsp; 6.88%, 11/01/2029<sup>(b)</sup> |  | 1254000 | &nbsp;&nbsp; 1291260 |
| Coeur Mining, Inc., 5.13%, 02/15/2029<sup>(b)</sup> |  | 400000 | &nbsp;&nbsp; 399517 |
| Constellium SE, 3.75%, 04/15/2029<sup>(b)</sup> |  | 686000 | &nbsp;&nbsp; 661243 |
| &nbsp;&nbsp;&nbsp; Hudbay Minerals, Inc. (Canada), 6.13%, <br> 04/01/2029<sup>(b)</sup><br>|  | 742000 | &nbsp;&nbsp; 752219 |
| &nbsp;&nbsp;&nbsp; SunCoke Energy, Inc., 4.88%, <br> 06/30/2029<sup>(b)</sup><br>|  | 686000 | &nbsp;&nbsp; 628236 |
| &nbsp;&nbsp;&nbsp; TMS International Corp., 6.25%, <br> 04/15/2029<sup>(b)</sup><br>|  | 482000 | &nbsp;&nbsp; 466087 |
|  |  |  | &nbsp;&nbsp; 6128616 |
| **Mortgage REITs-0.89%** | **Mortgage REITs-0.89%** | **Mortgage REITs-0.89%** | **Mortgage REITs-0.89%** |
| &nbsp;&nbsp;&nbsp; Apollo Commercial Real Estate Finance, Inc., <br> 4.63%, 06/15/2029<sup>(b)(c)</sup><br>|  | 690000 | &nbsp;&nbsp; 670917 |
| &nbsp;&nbsp;&nbsp; Blackstone Mortgage Trust, Inc., 7.75%, <br> 12/01/2029<sup>(b)</sup><br>|  | 612000 | &nbsp;&nbsp; 642707 |
| Rithm Capital Corp., 8.00%, 04/01/2029<sup>(b)</sup> |  | 1067000 | &nbsp;&nbsp; 1091700 |
| &nbsp;&nbsp;&nbsp; Starwood Property Trust, Inc., 7.25%, <br> 04/01/2029<sup>(b)</sup><br>|  | 824000 | &nbsp;&nbsp; 874297 |
|  |  |  | &nbsp;&nbsp; 3279621 |
| **Office REITs-0.22%** | **Office REITs-0.22%** | **Office REITs-0.22%** | **Office REITs-0.22%** |
| &nbsp;&nbsp;&nbsp; Brandywine Operating Partnership L.P., <br> 8.88%, 04/12/2029<br>|  | 755000 | &nbsp;&nbsp; 818352 |
| **Oil, Gas & Consumable Fuels-10.01%** | **Oil, Gas & Consumable Fuels-10.01%** | **Oil, Gas & Consumable Fuels-10.01%** | **Oil, Gas & Consumable Fuels-10.01%** |
| &nbsp;&nbsp;&nbsp; Aethon United BR L.P./Aethon United <br> Finance Corp., 7.50%, 10/01/2029<sup>(b)</sup><br>|  | 1393000 | &nbsp;&nbsp; 1456607 |
| &nbsp;&nbsp;&nbsp; Antero Midstream Partners L.P./Antero <br> Midstream Finance Corp., 5.38%, <br> 06/15/2029<sup>(b)</sup><br>|  | 1041000 | &nbsp;&nbsp; 1045219 |
| &nbsp;&nbsp;&nbsp; Ascent Resources Utica Holdings LLC/ARU <br> Finance Corp., 5.88%, 06/30/2029<sup>(b)</sup><br>|  | 697000 | &nbsp;&nbsp; 699874 |
| &nbsp;&nbsp;&nbsp; Blue Racer Midstream LLC/Blue Racer <br> Finance Corp., 7.00%, 07/15/2029<sup>(b)</sup><br>|  | 697000 | &nbsp;&nbsp; 727458 |
| &nbsp;&nbsp;&nbsp; Buckeye Partners L.P., 6.88%, <br> 07/01/2029<sup>(b)</sup><br>|  | 836000 | &nbsp;&nbsp; 871403 |
| &nbsp;&nbsp;&nbsp; California Resources Corp., 8.25%, <br> 06/15/2029<sup>(b)</sup><br>|  | 1254000 | &nbsp;&nbsp; 1312988 |
| &nbsp;&nbsp;&nbsp; CITGO Petroleum Corp., 8.38%, <br> 01/15/2029<sup>(b)</sup><br>|  | 1524000 | &nbsp;&nbsp; 1591736 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Oil, Gas & Consumable Fuels-(continued)** | **Oil, Gas & Consumable Fuels-(continued)** | **Oil, Gas & Consumable Fuels-(continued)** | **Oil, Gas & Consumable Fuels-(continued)** |
| &nbsp;&nbsp;&nbsp; CNX Resources Corp., 6.00%, <br> 01/15/2029<sup>(b)</sup><br>| $| 697000 | &nbsp;&nbsp; $700093 |
| Comstock Resources, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/01/2029<sup>(b)</sup> |  | 1699000 | &nbsp;&nbsp; 1705460 |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/01/2029<sup>(b)</sup> |  | 547000 | &nbsp;&nbsp; 544378 |
| CVR Energy, Inc., 8.50%, 01/15/2029<sup>(b)</sup> |  | 836000 | &nbsp;&nbsp; 860391 |
| &nbsp;&nbsp;&nbsp; Delek Logistics Partners L.P./Delek Logistics <br> Finance Corp., 8.63%, 03/15/2029<sup>(b)</sup><br>|  | 1459000 | &nbsp;&nbsp; 1530325 |
| &nbsp;&nbsp;&nbsp; Genesis Energy L.P./Genesis Energy Finance <br> Corp., 8.25%, 01/15/2029<br>|  | 836000 | &nbsp;&nbsp; 873801 |
| &nbsp;&nbsp;&nbsp; Global Partners L.P./GLP Finance Corp., <br> 6.88%, 01/15/2029<br>|  | 473000 | &nbsp;&nbsp; 479223 |
| &nbsp;&nbsp;&nbsp; Gulfport Energy Operating Corp., 6.75%, <br> 09/01/2029<sup>(b)</sup><br>|  | 890000 | &nbsp;&nbsp; 919854 |
| &nbsp;&nbsp;&nbsp; Hilcorp Energy I L.P./Hilcorp Finance Co., <br> 5.75%, 02/01/2029<sup>(b)</sup><br>|  | 836000 | &nbsp;&nbsp; 821671 |
| &nbsp;&nbsp;&nbsp; Ithaca Energy (North Sea) PLC (United <br> Kingdom), 8.13%, 10/15/2029<sup>(b)</sup><br>|  | 1041000 | &nbsp;&nbsp; 1092276 |
| ITT Holdings LLC, 6.50%, 08/01/2029<sup>(b)</sup> |  | 1695000 | &nbsp;&nbsp; 1644247 |
| &nbsp;&nbsp;&nbsp; Kodiak Gas Services LLC, 7.25%, <br> 02/15/2029<sup>(b)</sup><br>|  | 1040000 | &nbsp;&nbsp; 1085113 |
| &nbsp;&nbsp;&nbsp; Kraken Oil & Gas Partners LLC, 7.63%, <br> 08/15/2029<sup>(b)</sup><br>|  | 697000 | &nbsp;&nbsp; 690753 |
| &nbsp;&nbsp;&nbsp; MEG Energy Corp. (Canada), 5.88%, <br> 02/01/2029<sup>(b)</sup><br>|  | 807000 | &nbsp;&nbsp; 818855 |
| Murphy Oil USA, Inc., 4.75%, 09/15/2029 |  | 687000 | &nbsp;&nbsp; 682241 |
| &nbsp;&nbsp;&nbsp; NGL Energy Operating LLC/NGL Energy <br> Finance Corp., 8.13%, 02/15/2029<sup>(b)</sup><br>|  | 1254000 | &nbsp;&nbsp; 1290977 |
| Prairie Acquiror L.P., 9.00%, 08/01/2029<sup>(b)</sup> |  | 544000 | &nbsp;&nbsp; 563265 |
| SM Energy Co., 6.75%, 08/01/2029<sup>(b)</sup> |  | 1040000 | &nbsp;&nbsp; 1039507 |
| Sunoco L.P. |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 05/01/2029<sup>(b)</sup> |  | 1040000 | &nbsp;&nbsp; 1083359 |
| &nbsp;&nbsp;&nbsp; 4.50%, 10/01/2029<sup>(b)</sup> |  | 1094000 | &nbsp;&nbsp; 1068653 |
| &nbsp;&nbsp;&nbsp; Sunoco L.P./Sunoco Finance Corp., 4.50%, <br> 05/15/2029<sup>(c)</sup><br>|  | 1115000 | &nbsp;&nbsp; 1093680 |
| &nbsp;&nbsp;&nbsp; Tallgrass Energy Partners L.P./Tallgrass <br> Energy Finance Corp., 7.38%, <br> 02/15/2029<sup>(b)</sup><br>|  | 1115000 | &nbsp;&nbsp; 1158068 |
| &nbsp;&nbsp;&nbsp; Talos Production, Inc., 9.00%, <br> 02/01/2029<sup>(b)</sup><br>|  | 854000 | &nbsp;&nbsp; 891298 |
| &nbsp;&nbsp;&nbsp; Teine Energy Ltd. (Canada), 6.88%, <br> 04/15/2029<sup>(b)</sup><br>|  | 545000 | &nbsp;&nbsp; 545352 |
| &nbsp;&nbsp;&nbsp; TGNR Intermediate Holdings LLC, 5.50%, <br> 10/15/2029<sup>(b)</sup><br>|  | 976000 | &nbsp;&nbsp; 960023 |
| &nbsp;&nbsp;&nbsp; Venture Global LNG, Inc., 9.50%, <br> 02/01/2029<sup>(b)</sup><br>|  | 4161000 | &nbsp;&nbsp; 4391064 |
| Vital Energy, Inc., 7.75%, 07/31/2029<sup>(b)</sup> |  | 406000 | &nbsp;&nbsp; 400762 |
| W&T Offshore, Inc., 10.75%, 02/01/2029<sup>(b)</sup> |  | 478000 | &nbsp;&nbsp; 436022 |
|  |  |  | &nbsp;&nbsp; 37075996 |
| **Paper & Forest Products-0.36%** | **Paper & Forest Products-0.36%** | **Paper & Forest Products-0.36%** | **Paper & Forest Products-0.36%** |
| Magnera Corp., 4.75%, 11/15/2029<sup>(b)(c)</sup> |  | 686000 | &nbsp;&nbsp; 621102 |
| &nbsp;&nbsp;&nbsp; Mercer International, Inc. (Germany), 5.13%, <br> 02/01/2029<sup>(c)</sup><br>|  | 1184000 | &nbsp;&nbsp; 703599 |
|  |  |  | &nbsp;&nbsp; 1324701 |
| **Passenger Airlines-0.61%** | **Passenger Airlines-0.61%** | **Passenger Airlines-0.61%** | **Passenger Airlines-0.61%** |
| &nbsp;&nbsp;&nbsp; American Airlines, Inc., 8.50%, <br> 05/15/2029<sup>(b)(c)</sup><br>|  | 1393000 | &nbsp;&nbsp; 1456059 |
| OneSky Flight LLC, 8.88%, 12/15/2029<sup>(b)</sup> |  | 752000 | &nbsp;&nbsp; 799198 |
|  |  |  | &nbsp;&nbsp; 2255257 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Personal Care Products-0.18%** | **Personal Care Products-0.18%** | **Personal Care Products-0.18%** |
| &nbsp;&nbsp;&nbsp; Edgewell Personal Care Co., 4.13%, <br> 04/01/2029<sup>(b)</sup><br>| $686000 | &nbsp;&nbsp; $647258 |
| **Pharmaceuticals-1.00%** | **Pharmaceuticals-1.00%** | **Pharmaceuticals-1.00%** |
| AdaptHealth LLC, 4.63%, 08/01/2029<sup>(b)(c)</sup> | 688000 | &nbsp;&nbsp; 664467 |
| &nbsp;&nbsp;&nbsp; HLF Financing S.a.r.l. LLC/Herbalife <br> International, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 12.25%, 04/15/2029<sup>(b)</sup> | 1115000 | &nbsp;&nbsp; 1206919 |
| &nbsp;&nbsp;&nbsp; 4.88%, 06/01/2029<sup>(b)(c)</sup> | 820000 | &nbsp;&nbsp; 770540 |
| &nbsp;&nbsp;&nbsp; Kedrion S.p.A. (Italy), 6.50%, <br> 09/01/2029<sup>(b)</sup><br>| 1083000 | &nbsp;&nbsp; 1057257 |
|  |  | &nbsp;&nbsp; 3699183 |
| **Professional Services-0.62%** | **Professional Services-0.62%** | **Professional Services-0.62%** |
| &nbsp;&nbsp;&nbsp; AMN Healthcare, Inc., 4.00%, <br> 04/15/2029<sup>(b)</sup><br>| 475000 | &nbsp;&nbsp; 452876 |
| &nbsp;&nbsp;&nbsp; Clarivate Science Holdings Corp., 4.88%, <br> 07/01/2029<sup>(b)</sup><br>| 1268000 | &nbsp;&nbsp; 1199471 |
| TriNet Group, Inc., 3.50%, 03/01/2029<sup>(b)</sup> | 686000 | &nbsp;&nbsp; 647866 |
|  |  | &nbsp;&nbsp; 2300213 |
| **Real Estate Management & Development-0.88%** | **Real Estate Management & Development-0.88%** | **Real Estate Management & Development-0.88%** |
| &nbsp;&nbsp;&nbsp; Anywhere Real Estate Group LLC/Realogy <br> Co-Issuer Corp., 5.75%, 01/15/2029<sup>(b)</sup><br>| 771000 | &nbsp;&nbsp; 744381 |
| &nbsp;&nbsp;&nbsp; Howard Hughes Corp. (The), 4.13%, <br> 02/01/2029<sup>(b)</sup><br>| 891000 | &nbsp;&nbsp; 865704 |
| Hunt Cos., Inc., 5.25%, 04/15/2029<sup>(b)</sup> | 875000 | &nbsp;&nbsp; 855378 |
| Kennedy-Wilson, Inc., 4.75%, 03/01/2029 | 837000 | &nbsp;&nbsp; 811797 |
|  |  | &nbsp;&nbsp; 3277260 |
| **Residential REITs-0.12%** | **Residential REITs-0.12%** | **Residential REITs-0.12%** |
| &nbsp;&nbsp;&nbsp; Ashton Woods USA LLC/Ashton Woods <br> Finance Co., 4.63%, 08/01/2029<sup>(b)</sup><br>| 481000 | &nbsp;&nbsp; 456140 |
| **Semiconductors & Semiconductor Equipment-0.58%** | **Semiconductors & Semiconductor Equipment-0.58%** | **Semiconductors & Semiconductor Equipment-0.58%** |
| &nbsp;&nbsp;&nbsp; ams-OSRAM AG (Austria), 12.25%, <br> 03/30/2029<sup>(b)</sup><br>| 1030000 | &nbsp;&nbsp; 1107007 |
| Entegris, Inc., 3.63%, 05/01/2029<sup>(b)</sup> | 547000 | &nbsp;&nbsp; 522451 |
| Synaptics, Inc., 4.00%, 06/15/2029<sup>(b)</sup> | 548000 | &nbsp;&nbsp; 527036 |
|  |  | &nbsp;&nbsp; 2156494 |
| **Software-4.78%** | **Software-4.78%** | **Software-4.78%** |
| &nbsp;&nbsp;&nbsp; Central Parent LLC/CDK Global II LLC/CDK <br> Financing Co., Inc., 8.00%, 06/15/2029<sup>(b)</sup><br>| 1036000 | &nbsp;&nbsp; 884166 |
| &nbsp;&nbsp;&nbsp; Central Parent, Inc./CDK Global, Inc., 7.25%, <br> 06/15/2029<sup>(b)</sup><br>| 1030000 | &nbsp;&nbsp; 855569 |
| Cloud Software Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 03/31/2029<sup>(b)</sup> | 5555000 | &nbsp;&nbsp; 5604588 |
| &nbsp;&nbsp;&nbsp; 9.00%, 09/30/2029<sup>(b)</sup> | 5328000 | &nbsp;&nbsp; 5501496 |
| &nbsp;&nbsp;&nbsp; Dye & Durham Ltd. (Canada), 8.63%, <br> 04/15/2029<sup>(b)</sup><br>| 766000 | &nbsp;&nbsp; 703188 |
| Elastic N.V., 4.13%, 07/15/2029<sup>(b)</sup> | 788000 | &nbsp;&nbsp; 760765 |
| &nbsp;&nbsp;&nbsp; Ellucian Holdings, Inc., 6.50%, <br> 12/01/2029<sup>(b)</sup><br>| 975000 | &nbsp;&nbsp; 990750 |
| NCR Voyix Corp., 5.13%, 04/15/2029<sup>(b)</sup> | 551000 | &nbsp;&nbsp; 546426 |
| &nbsp;&nbsp;&nbsp; Open Text Corp. (Canada), 3.88%, <br> 12/01/2029<sup>(b)</sup><br>| 1170000 | &nbsp;&nbsp; 1110765 |
| &nbsp;&nbsp;&nbsp; Rocket Software, Inc., 6.50%, <br> 02/15/2029<sup>(b)</sup><br>| 789000 | &nbsp;&nbsp; 769028 |
|  |  | &nbsp;&nbsp; 17726741 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Specialized REITs-0.75%** | **Specialized REITs-0.75%** | **Specialized REITs-0.75%** |
| Iron Mountain, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 02/15/2029<sup>(b)</sup> | $1374000 | &nbsp;&nbsp; $1412449 |
| &nbsp;&nbsp;&nbsp; 4.88%, 09/15/2029<sup>(b)</sup> | 1374000 | &nbsp;&nbsp; 1358605 |
|  |  | &nbsp;&nbsp; 2771054 |
| **Specialty Retail-4.39%** | **Specialty Retail-4.39%** | **Specialty Retail-4.39%** |
| Arko Corp., 5.13%, 11/15/2029<sup>(b)</sup> | 613000 | &nbsp;&nbsp; 511793 |
| &nbsp;&nbsp;&nbsp; Asbury Automotive Group, Inc., 4.63%, <br> 11/15/2029<sup>(b)</sup><br>| 1114000 | &nbsp;&nbsp; 1093699 |
| &nbsp;&nbsp;&nbsp; At Home Group, Inc., 7.13%, <br> 07/15/2029<sup>(b)(d)</sup><br>| 20000 | &nbsp;&nbsp; 221 |
| Gap, Inc. (The), 3.63%, 10/01/2029<sup>(b)</sup> | 1030000 | &nbsp;&nbsp; 978399 |
| &nbsp;&nbsp;&nbsp; Global Auto Holdings Ltd./AAG FH UK Ltd. <br> (United Kingdom)<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.38%, 01/15/2029<sup>(b)</sup> | 724000 | &nbsp;&nbsp; 696155 |
| &nbsp;&nbsp;&nbsp; 11.50%, 08/15/2029<sup>(b)</sup> | 741000 | &nbsp;&nbsp; 763842 |
| LBM Acquisition LLC, 6.25%, 01/15/2029<sup>(b)</sup> | 994000 | &nbsp;&nbsp; 889932 |
| &nbsp;&nbsp;&nbsp; LCM Investments Holdings II LLC, 4.88%, <br> 05/01/2029<sup>(b)</sup><br>| 1374000 | &nbsp;&nbsp; 1353936 |
| Lithia Motors, Inc., 3.88%, 06/01/2029<sup>(b)</sup> | 1114000 | &nbsp;&nbsp; 1074252 |
| &nbsp;&nbsp;&nbsp; Michaels Cos., Inc. (The), 7.88%, <br> 05/01/2029<sup>(b)</sup><br>| 1330000 | &nbsp;&nbsp; 1213964 |
| &nbsp;&nbsp;&nbsp; Penske Automotive Group, Inc., 3.75%, <br> 06/15/2029<sup>(c)</sup><br>| 687000 | &nbsp;&nbsp; 664805 |
| &nbsp;&nbsp;&nbsp; Sonic Automotive, Inc., 4.63%, <br> 11/15/2029<sup>(b)</sup><br>| 890000 | &nbsp;&nbsp; 870983 |
| Staples, Inc., 10.75%, 09/01/2029<sup>(b)</sup> | 3437000 | &nbsp;&nbsp; 3395209 |
| Upbound Group, Inc., 6.38%, 02/15/2029<sup>(b)</sup> | 622000 | &nbsp;&nbsp; 608088 |
| &nbsp;&nbsp;&nbsp; Velocity Vehicle Group LLC, 8.00%, <br> 06/01/2029<sup>(b)</sup><br>| 697000 | &nbsp;&nbsp; 687999 |
| &nbsp;&nbsp;&nbsp; Victoria's Secret & Co., 4.63%, <br> 07/15/2029<sup>(b)</sup><br>| 837000 | &nbsp;&nbsp; 810968 |
| &nbsp;&nbsp;&nbsp; Victra Holdings LLC/Victra Finance Corp., <br> 8.75%, 09/15/2029<sup>(b)</sup><br>| 613000 | &nbsp;&nbsp; 649681 |
|  |  | &nbsp;&nbsp; 16263926 |
| **Technology Hardware, Storage & Peripherals-0.18%** | **Technology Hardware, Storage & Peripherals-0.18%** | **Technology Hardware, Storage & Peripherals-0.18%** |
| &nbsp;&nbsp;&nbsp; Empire Communities Corp. (Canada), 9.75%, <br> 05/01/2029<sup>(b)</sup><br>| 660000 | &nbsp;&nbsp; 664125 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Textiles, Apparel & Luxury Goods-0.45%** | **Textiles, Apparel & Luxury Goods-0.45%** | **Textiles, Apparel & Luxury Goods-0.45%** |
| Crocs, Inc., 4.25%, 03/15/2029<sup>(b)</sup> | $475000 | &nbsp;&nbsp; $459432 |
| &nbsp;&nbsp;&nbsp; Kontoor Brands, Inc., 4.13%, <br> 11/15/2029<sup>(b)</sup><br>| 547000 | &nbsp;&nbsp; 520500 |
| &nbsp;&nbsp;&nbsp; Wolverine World Wide, Inc., 4.00%, <br> 08/15/2029<sup>(b)(c)</sup><br>| 752000 | &nbsp;&nbsp; 690303 |
|  |  | &nbsp;&nbsp; 1670235 |
| **Trading Companies & Distributors-0.59%** | **Trading Companies & Distributors-0.59%** | **Trading Companies & Distributors-0.59%** |
| &nbsp;&nbsp;&nbsp; Alta Equipment Group, Inc., 9.00%, <br> 06/01/2029<sup>(b)</sup><br>| 697000 | &nbsp;&nbsp; 618554 |
| &nbsp;&nbsp;&nbsp; BlueLinx Holdings, Inc., 6.00%, <br> 11/15/2029<sup>(b)</sup><br>| 409000 | &nbsp;&nbsp; 399943 |
| Herc Holdings, Inc., 6.63%, 06/15/2029<sup>(b)</sup> | 1114000 | &nbsp;&nbsp; 1156138 |
|  |  | &nbsp;&nbsp; 2174635 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-98.84% <br>(Cost $362,177,896) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-98.84% <br>(Cost $362,177,896) | &nbsp;&nbsp; 366200405 |
|  | **Shares** |  |
| **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** |
| **Money Market Funds-4.94%** | **Money Market Funds-4.94%** | **Money Market Funds-4.94%** |
| &nbsp;&nbsp;&nbsp; Invesco Private Government Fund, <br> 4.00%<sup>(e)(f)(g)</sup><br>| 4605924 | &nbsp;&nbsp; 4605924 |
| Invesco Private Prime Fund, 4.12%<sup>(e)(f)(g)</sup> | 13692378 | &nbsp;&nbsp; 13696486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $18,302,566) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $18,302,566) | &nbsp;&nbsp; 18302410 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-103.78% <br>(Cost $380,480,462) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-103.78% <br>(Cost $380,480,462) | &nbsp;&nbsp; 384502815 |
| OTHER ASSETS LESS LIABILITIES-(3.78)% | OTHER ASSETS LESS LIABILITIES-(3.78)% | &nbsp;&nbsp; (13991672)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $370511143 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Investment Abbreviations: <br> REIT -Real Estate Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | 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 <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> November 30, 2025 was $316,990,008, which represented 85.55% of the Fund's Net Assets.<br>|
| <sup>(c)</sup> | All or a portion of this security was out on loan at November 30, 2025. |
| <sup>(d)</sup> | Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The value of this security at November 30, 2025 <br> represented less than 1% of the Fund's Net Assets.<br>|
| <sup>(e)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the three months ended November 30, 2025.<br>|

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)—(continued)**

November 30, 2025

*(Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**November 30, 2025**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp;&nbsp; $3104479 | &nbsp;&nbsp;&nbsp; $9445499 | &nbsp;&nbsp;&nbsp; $(12549978)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $27468 |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private <br> Government Fund<br>| &nbsp;&nbsp;&nbsp; 6046254 | &nbsp;&nbsp;&nbsp; 10595379 | &nbsp;&nbsp;&nbsp; (12035709)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 4605924 | &nbsp;&nbsp;&nbsp; 58,214<br> \*<br>|
| &nbsp;&nbsp; Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp;&nbsp; 15740268 | &nbsp;&nbsp;&nbsp; 20130982 | &nbsp;&nbsp;&nbsp; (22174520)<br>| &nbsp;&nbsp;&nbsp; (1009)<br>| &nbsp;&nbsp;&nbsp; 765 | &nbsp;&nbsp;&nbsp; 13696486 | &nbsp;&nbsp;&nbsp; 159,716<br> \*<br>|
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; $24891001 | &nbsp;&nbsp;&nbsp; $40171860 | &nbsp;&nbsp;&nbsp; $(46760207)<br>| &nbsp;&nbsp;&nbsp; $(1009)<br>| &nbsp;&nbsp;&nbsp; $765 | &nbsp;&nbsp;&nbsp; $18302410 | &nbsp;&nbsp;&nbsp; $245398 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(f)</sup> The rate shown is the 7-day SEC standardized yield as of November 30, 2025. <br> <sup>(g)</sup> 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.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

See accompanying notes which are an integral part of this schedule.

------

Schedule of Investments<sup>(a)</sup>

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

November 30, 2025

*(Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes-98.04%** | **U.S. Dollar Denominated Bonds & Notes-98.04%** | **U.S. Dollar Denominated Bonds & Notes-98.04%** |
| **Aerospace & Defense-1.51%** | **Aerospace & Defense-1.51%** | **Aerospace & Defense-1.51%** |
| &nbsp;&nbsp;&nbsp; Axon Enterprise, Inc., 6.13%, <br> 03/15/2030<sup>(b)</sup><br>| $1090000 | &nbsp;&nbsp; $1126264 |
| TransDigm, Inc., 6.88%, 12/15/2030<sup>(b)</sup> | 1600000 | &nbsp;&nbsp; 1669223 |
|  |  | &nbsp;&nbsp; 2795487 |
| **Air Freight & Logistics-0.91%** | **Air Freight & Logistics-0.91%** | **Air Freight & Logistics-0.91%** |
| Rand Parent LLC, 8.50%, 02/15/2030<sup>(b)</sup> | 923000 | &nbsp;&nbsp; 953382 |
| &nbsp;&nbsp;&nbsp; Star Leasing Co. LLC, 7.63%, <br> 02/15/2030<sup>(b)</sup><br>| 765000 | &nbsp;&nbsp; 731512 |
|  |  | &nbsp;&nbsp; 1684894 |
| **Automobile Components-2.73%** | **Automobile Components-2.73%** | **Automobile Components-2.73%** |
| &nbsp;&nbsp;&nbsp; Avis Budget Car Rental LLC/Avis Budget <br> Finance, Inc., 8.25%, 01/15/2030<sup>(b)(c)</sup><br>| 760000 | &nbsp;&nbsp; 783322 |
| &nbsp;&nbsp;&nbsp; Clarios Global L.P./Clarios US Finance Co., <br> 6.75%, 02/15/2030<sup>(b)</sup><br>| 1140000 | &nbsp;&nbsp; 1185885 |
| Dana, Inc., 4.25%, 09/01/2030 | 438000 | &nbsp;&nbsp; 431789 |
| Forvia SE (France), 8.00%, 06/15/2030<sup>(b)(c)</sup> | 550000 | &nbsp;&nbsp; 586621 |
| &nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber Co. (The), 6.63%, <br> 07/15/2030<sup>(c)</sup><br>| 550000 | &nbsp;&nbsp; 559369 |
| ZF North America Capital, Inc. (Germany) |  |  |
| &nbsp;&nbsp;&nbsp; 7.13%, 04/14/2030<sup>(b)</sup> | 655000 | &nbsp;&nbsp; 649042 |
| &nbsp;&nbsp;&nbsp; 6.75%, 04/23/2030<sup>(b)</sup> | 875000 | &nbsp;&nbsp; 852065 |
|  |  | &nbsp;&nbsp; 5048093 |
| **Automobiles-0.62%** | **Automobiles-0.62%** | **Automobiles-0.62%** |
| &nbsp;&nbsp;&nbsp; Nissan Motor Co. Ltd. (Japan), 7.50%, <br> 07/17/2030<sup>(b)</sup><br>| 1090000 | &nbsp;&nbsp; 1138415 |
| **Banks-0.68%** | **Banks-0.68%** | **Banks-0.68%** |
| &nbsp;&nbsp;&nbsp; Veritiv Operating Co., 10.50%, <br> 11/30/2030<sup>(b)</sup><br>| 1160000 | &nbsp;&nbsp; 1248140 |
| **Broadline Retail-0.23%** | **Broadline Retail-0.23%** | **Broadline Retail-0.23%** |
| Kohl's Corp., 10.00%, 06/01/2030<sup>(b)</sup> | 390000 | &nbsp;&nbsp; 427353 |
| **Building Products-0.90%** | **Building Products-0.90%** | **Building Products-0.90%** |
| &nbsp;&nbsp;&nbsp; Advanced Drainage Systems, Inc., 6.38%, <br> 06/15/2030<sup>(b)</sup><br>| 571000 | &nbsp;&nbsp; 583036 |
| &nbsp;&nbsp;&nbsp; MIWD Holdco II LLC/MIWD Finance Corp., <br> 5.50%, 02/01/2030<sup>(b)(c)</sup><br>| 541000 | &nbsp;&nbsp; 512232 |
| &nbsp;&nbsp;&nbsp; Park River Holdings, Inc., 8.75%, <br> 12/31/2030<sup>(b)</sup><br>| 580000 | &nbsp;&nbsp; 564050 |
|  |  | &nbsp;&nbsp; 1659318 |
| **Capital Markets-0.43%** | **Capital Markets-0.43%** | **Capital Markets-0.43%** |
| &nbsp;&nbsp;&nbsp; Icahn Enterprises L.P./Icahn Enterprises <br> Finance Corp., 9.00%, 06/15/2030<br>| 820000 | &nbsp;&nbsp; 793371 |
| **Chemicals-2.82%** | **Chemicals-2.82%** | **Chemicals-2.82%** |
| Avient Corp., 7.13%, 08/01/2030<sup>(b)</sup> | 793000 | &nbsp;&nbsp; 819411 |
| Celanese US Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 04/15/2030 | 760000 | &nbsp;&nbsp; 759272 |
| &nbsp;&nbsp;&nbsp; 7.05%, 11/15/2030 | 1040000 | &nbsp;&nbsp; 1078837 |
| &nbsp;&nbsp;&nbsp; Maxam Prill S.a.r.l. (Luxembourg), 7.75%, <br> 07/15/2030<sup>(b)</sup><br>| 545000 | &nbsp;&nbsp; 557109 |
| &nbsp;&nbsp;&nbsp; NOVA Chemicals Corp. (Canada), 9.00%, <br> 02/15/2030<sup>(b)</sup><br>| 704000 | &nbsp;&nbsp; 754117 |
| &nbsp;&nbsp;&nbsp; SNF Group SACA (France), 3.38%, <br> 03/15/2030<sup>(b)</sup><br>| 400000 | &nbsp;&nbsp; 374256 |
| Tronox, Inc., 9.13%, 09/30/2030<sup>(b)(c)</sup> | 60000 | &nbsp;&nbsp; 56622 |
| Wayfair LLC, 7.75%, 09/15/2030<sup>(b)</sup> | 760000 | &nbsp;&nbsp; 811890 |
|  |  | &nbsp;&nbsp; 5211514 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Commercial Services & Supplies-1.64%** | **Commercial Services & Supplies-1.64%** | **Commercial Services & Supplies-1.64%** |
| &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC/Allied Universal <br> Finance Corp., 6.88%, 06/15/2030<sup>(b)</sup><br>| $1160000 | &nbsp;&nbsp; $1199978 |
| Sabre GLBL, Inc., 11.13%, 07/15/2030<sup>(b)(c)</sup> | 1460000 | &nbsp;&nbsp; 1264637 |
| VT Topco, Inc., 8.50%, 08/15/2030<sup>(b)</sup> | 548000 | &nbsp;&nbsp; 571126 |
|  |  | &nbsp;&nbsp; 3035741 |
| **Communications Equipment-0.23%** | **Communications Equipment-0.23%** | **Communications Equipment-0.23%** |
| Ciena Corp., 4.00%, 01/31/2030<sup>(b)</sup> | 438000 | &nbsp;&nbsp; 422763 |
| **Construction & Engineering-0.84%** | **Construction & Engineering-0.84%** | **Construction & Engineering-0.84%** |
| &nbsp;&nbsp;&nbsp; Brand Industrial Services, Inc., 10.38%, <br> 08/01/2030<sup>(b)</sup><br>| 1585000 | &nbsp;&nbsp; 1556322 |
| **Construction Materials-0.60%** | **Construction Materials-0.60%** | **Construction Materials-0.60%** |
| CP Atlas Buyer, Inc., 9.75%, 07/15/2030<sup>(b)</sup> | 549000 | &nbsp;&nbsp; 555866 |
| &nbsp;&nbsp;&nbsp; Williams Scotsman, Inc., 6.63%, <br> 04/15/2030<sup>(b)</sup><br>| 540000 | &nbsp;&nbsp; 558026 |
|  |  | &nbsp;&nbsp; 1113892 |
| **Consumer Finance-4.48%** | **Consumer Finance-4.48%** | **Consumer Finance-4.48%** |
| &nbsp;&nbsp;&nbsp; Atlanticus Holdings Corp., 9.75%, <br> 09/01/2030<sup>(b)</sup><br>| 440000 | &nbsp;&nbsp; 425496 |
| &nbsp;&nbsp;&nbsp; Credit Acceptance Corp., 6.63%, <br> 03/15/2030<sup>(b)</sup><br>| 550000 | &nbsp;&nbsp; 547033 |
| &nbsp;&nbsp;&nbsp; Encore Capital Group, Inc., 8.50%, <br> 05/15/2030<sup>(b)</sup><br>| 544000 | &nbsp;&nbsp; 579421 |
| FirstCash, Inc., 5.63%, 01/01/2030<sup>(b)</sup> | 601000 | &nbsp;&nbsp; 605243 |
| goeasy Ltd. (Canada) |  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 05/15/2030<sup>(b)</sup> | 438000 | &nbsp;&nbsp; 419670 |
| &nbsp;&nbsp;&nbsp; 7.38%, 10/01/2030<sup>(b)</sup> | 440000 | &nbsp;&nbsp; 426234 |
| LFS Topco LLC, 8.75%, 07/15/2030<sup>(b)</sup> | 438000 | &nbsp;&nbsp; 428641 |
| Navient Corp., 9.38%, 07/25/2030<sup>(c)</sup> | 542000 | &nbsp;&nbsp; 601177 |
| OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 03/15/2030 | 765000 | &nbsp;&nbsp; 810369 |
| &nbsp;&nbsp;&nbsp; 6.13%, 05/15/2030 | 820000 | &nbsp;&nbsp; 833849 |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/15/2030<sup>(c)</sup> | 919000 | &nbsp;&nbsp; 863325 |
| PRA Group, Inc., 8.88%, 01/31/2030<sup>(b)</sup> | 598000 | &nbsp;&nbsp; 620694 |
| RFNA L.P., 7.88%, 02/15/2030<sup>(b)</sup> | 540000 | &nbsp;&nbsp; 547962 |
| SLM Corp., 6.50%, 01/31/2030 | 550000 | &nbsp;&nbsp; 573732 |
|  |  | &nbsp;&nbsp; 8282846 |
| **Consumer Staples Distribution & Retail-0.29%** | **Consumer Staples Distribution & Retail-0.29%** | **Consumer Staples Distribution & Retail-0.29%** |
| US Foods, Inc., 4.63%, 06/01/2030<sup>(b)</sup> | 541000 | &nbsp;&nbsp; 534478 |
| **Containers & Packaging-3.63%** | **Containers & Packaging-3.63%** | **Containers & Packaging-3.63%** |
| Ball Corp., 2.88%, 08/15/2030 | 1438000 | &nbsp;&nbsp; 1327137 |
| &nbsp;&nbsp;&nbsp; Cascades, Inc./Cascades USA, Inc. (Canada), <br> 6.75%, 07/15/2030<sup>(b)(c)</sup><br>| 440000 | &nbsp;&nbsp; 458553 |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 01/15/2030<sup>(b)</sup> | 546000 | &nbsp;&nbsp; 555042 |
| &nbsp;&nbsp;&nbsp; 8.75%, 04/15/2030<sup>(b)</sup> | 1251000 | &nbsp;&nbsp; 1254039 |
| &nbsp;&nbsp;&nbsp; Crown Americas LLC, 5.25%, <br> 04/01/2030<sup>(c)</sup><br>| 540000 | &nbsp;&nbsp; 551796 |
| &nbsp;&nbsp;&nbsp; Graphic Packaging International LLC, 3.75%, <br> 02/01/2030<sup>(b)</sup><br>| 433000 | &nbsp;&nbsp; 410430 |
| &nbsp;&nbsp;&nbsp; OI European Group B.V., 4.75%, <br> 02/15/2030<sup>(b)(c)</sup><br>| 458000 | &nbsp;&nbsp; 442949 |
| &nbsp;&nbsp;&nbsp; Toucan FinCo Ltd./Toucan FinCo Can, <br> Inc./Toucan FinCo US LLC (Canada), <br> 9.50%, 05/15/2030<sup>(b)</sup><br>| 1080000 | &nbsp;&nbsp; 1021069 |
| &nbsp;&nbsp;&nbsp; Trivium Packaging Finance B.V. <br> (Netherlands), 8.25%, 07/15/2030<sup>(b)</sup><br>| 650000 | &nbsp;&nbsp; 684915 |
|  |  | &nbsp;&nbsp; 6705930 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Diversified Consumer Services-0.47%** | **Diversified Consumer Services-0.47%** | **Diversified Consumer Services-0.47%** |
| &nbsp;&nbsp;&nbsp; Service Corp. International, 3.38%, <br> 08/15/2030<br>| $923000 | &nbsp;&nbsp; $865813 |
| **Diversified REITs-0.38%** | **Diversified REITs-0.38%** | **Diversified REITs-0.38%** |
| &nbsp;&nbsp;&nbsp; Uniti Group L.P./Uniti Fiber Holdings, <br> Inc./CSL Capital LLC, 6.00%, <br> 01/15/2030<sup>(b)</sup><br>| 760000 | &nbsp;&nbsp; 701692 |
| **Diversified Telecommunication Services-3.77%** | **Diversified Telecommunication Services-3.77%** | **Diversified Telecommunication Services-3.77%** |
| &nbsp;&nbsp;&nbsp; Altice France S.A. (France), 6.88%, <br> 10/15/2030<sup>(b)</sup><br>| 870000 | &nbsp;&nbsp; 858197 |
| &nbsp;&nbsp;&nbsp; Frontier Communications Holdings LLC, <br> 6.00%, 01/15/2030<sup>(b)</sup><br>| 1107000 | &nbsp;&nbsp; 1124888 |
| Level 3 Financing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 04/01/2030<sup>(b)</sup> | 778000 | &nbsp;&nbsp; 720622 |
| &nbsp;&nbsp;&nbsp; 3.88%, 10/15/2030<sup>(b)</sup> | 495000 | &nbsp;&nbsp; 445386 |
| &nbsp;&nbsp;&nbsp; Lumen Technologies, Inc., 4.13%, <br> 04/15/2030<sup>(b)</sup><br>| 370000 | &nbsp;&nbsp; 368687 |
| WULF Compute LLC, 7.75%, 10/15/2030<sup>(b)</sup> | 3340000 | &nbsp;&nbsp; 3455966 |
|  |  | &nbsp;&nbsp; 6973746 |
| **Electric Utilities-0.31%** | **Electric Utilities-0.31%** | **Electric Utilities-0.31%** |
| &nbsp;&nbsp;&nbsp; ContourGlobal Power Holdings S.A. (United <br> Kingdom), 6.75%, 02/28/2030<sup>(b)</sup><br>| 560000 | &nbsp;&nbsp; 576800 |
| **Electrical Equipment-0.73%** | **Electrical Equipment-0.73%** | **Electrical Equipment-0.73%** |
| &nbsp;&nbsp;&nbsp; Nissan Motor Acceptance Co. LLC, 6.13%, <br> 09/30/2030<sup>(b)</sup><br>| 1360000 | &nbsp;&nbsp; 1348911 |
| **Electronic Equipment, Instruments & Components-1.67%** | **Electronic Equipment, Instruments & Components-1.67%** | **Electronic Equipment, Instruments & Components-1.67%** |
| &nbsp;&nbsp;&nbsp; EMRLD Borrower L.P./Emerald Co-Issuer, <br> Inc., 6.63%, 12/15/2030<sup>(b)</sup><br>| 2971000 | &nbsp;&nbsp; 3082718 |
| **Energy Equipment & Services-3.60%** | **Energy Equipment & Services-3.60%** | **Energy Equipment & Services-3.60%** |
| &nbsp;&nbsp;&nbsp; Nabors Industries, Inc., 9.13%, <br> 01/31/2030<sup>(b)</sup><br>| 739000 | &nbsp;&nbsp; 775329 |
| Noble Finance II LLC, 8.00%, 04/15/2030<sup>(b)</sup> | 1530000 | &nbsp;&nbsp; 1590649 |
| SESI L.L.C., 7.88%, 09/30/2030<sup>(b)</sup> | 400000 | &nbsp;&nbsp; 398315 |
| TGS ASA (Norway), 8.50%, 01/15/2030<sup>(b)</sup> | 620000 | &nbsp;&nbsp; 645185 |
| Tidewater, Inc., 9.13%, 07/15/2030<sup>(b)</sup> | 730000 | &nbsp;&nbsp; 781061 |
| &nbsp;&nbsp;&nbsp; Transocean International Ltd., 8.75%, <br> 02/15/2030<sup>(b)</sup><br>| 987750 | &nbsp;&nbsp; 1030570 |
| Viridien (France), 10.00%, 10/15/2030<sup>(b)</sup> | 510000 | &nbsp;&nbsp; 538001 |
| WBI Operating LLC, 6.25%, 10/15/2030<sup>(b)</sup> | 900000 | &nbsp;&nbsp; 901053 |
|  |  | &nbsp;&nbsp; 6660163 |
| **Financial Services-3.92%** | **Financial Services-3.92%** | **Financial Services-3.92%** |
| &nbsp;&nbsp;&nbsp; Burford Capital Global Finance LLC, 6.88%, <br> 04/15/2030<sup>(b)</sup><br>| 400000 | &nbsp;&nbsp; 393741 |
| &nbsp;&nbsp;&nbsp; CrossCountry Intermediate HoldCo LLC, <br> 6.50%, 10/01/2030<sup>(b)</sup><br>| 980000 | &nbsp;&nbsp; 993667 |
| &nbsp;&nbsp;&nbsp; GGAM Finance Ltd. (Ireland), 5.88%, <br> 03/15/2030<sup>(b)</sup><br>| 435000 | &nbsp;&nbsp; 440973 |
| &nbsp;&nbsp;&nbsp; Hightower Holding LLC, 9.13%, <br> 01/31/2030<sup>(b)</sup><br>| 433000 | &nbsp;&nbsp; 462392 |
| &nbsp;&nbsp;&nbsp; Jefferson Capital Holdings LLC, 8.25%, <br> 05/15/2030<sup>(b)</sup><br>| 560000 | &nbsp;&nbsp; 586326 |
| &nbsp;&nbsp;&nbsp; Midcap Financial Issuer Trust, 5.63%, <br> 01/15/2030<sup>(b)</sup><br>| 435000 | &nbsp;&nbsp; 407856 |
| &nbsp;&nbsp;&nbsp; Mobius Merger Sub, Inc., 9.00%, <br> 06/01/2030<sup>(b)</sup><br>| 545000 | &nbsp;&nbsp; 391780 |
| &nbsp;&nbsp;&nbsp; PennyMac Financial Services, Inc., 7.13%, <br> 11/15/2030<sup>(b)</sup><br>| 710000 | &nbsp;&nbsp; 745790 |
| &nbsp;&nbsp;&nbsp; Phoenix Aviation Capital Ltd. (Ireland), <br> 9.25%, 07/15/2030<sup>(b)</sup><br>| 650000 | &nbsp;&nbsp; 691996 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Financial Services-(continued)** | **Financial Services-(continued)** | **Financial Services-(continued)** |
| &nbsp;&nbsp;&nbsp; Scientific Games Holdings L.P./Scientific <br> Games US FinCo, Inc., 6.63%, <br> 03/01/2030<sup>(b)</sup><br>| 887000 | &nbsp;&nbsp; $783860 |
| &nbsp;&nbsp;&nbsp; TrueNoord Capital DAC (Ireland), 8.75%, <br> 03/01/2030<sup>(b)</sup><br>| 433000 | &nbsp;&nbsp; 454863 |
| UWM Holdings LLC, 6.63%, 02/01/2030<sup>(b)</sup> | 875000 | &nbsp;&nbsp; 889890 |
|  |  | &nbsp;&nbsp; 7243134 |
| **Food Products-1.16%** | **Food Products-1.16%** | **Food Products-1.16%** |
| &nbsp;&nbsp;&nbsp; Darling Ingredients, Inc., 6.00%, <br> 06/15/2030<sup>(b)</sup><br>| 1091000 | &nbsp;&nbsp; 1108932 |
| &nbsp;&nbsp;&nbsp; Lamb Weston Holdings, Inc., 4.13%, <br> 01/31/2030<sup>(b)</sup><br>| 1056000 | &nbsp;&nbsp; 1025591 |
|  |  | &nbsp;&nbsp; 2134523 |
| **Gas Utilities-0.36%** | **Gas Utilities-0.36%** | **Gas Utilities-0.36%** |
| &nbsp;&nbsp;&nbsp; AmeriGas Partners L.P./AmeriGas Finance <br> Corp., 9.50%, 06/01/2030<sup>(b)</sup><br>| 620000 | &nbsp;&nbsp; 657466 |
| **Ground Transportation-0.34%** | **Ground Transportation-0.34%** | **Ground Transportation-0.34%** |
| &nbsp;&nbsp;&nbsp; Beacon Mobility Corp., 7.25%, <br> 08/01/2030<sup>(b)</sup><br>| 601000 | &nbsp;&nbsp; 629463 |
| **Health Care Equipment & Supplies-0.62%** | **Health Care Equipment & Supplies-0.62%** | **Health Care Equipment & Supplies-0.62%** |
| Embecta Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2030<sup>(b)(c)</sup> | 561000 | &nbsp;&nbsp; 535189 |
| &nbsp;&nbsp;&nbsp; 6.75%, 02/15/2030<sup>(b)</sup> | 219000 | &nbsp;&nbsp; 216898 |
| &nbsp;&nbsp;&nbsp; Neogen Food Safety Corp., 8.63%, <br> 07/20/2030<sup>(b)(c)</sup><br>| 375000 | &nbsp;&nbsp; 399543 |
|  |  | &nbsp;&nbsp; 1151630 |
| **Health Care Providers & Services-6.26%** | **Health Care Providers & Services-6.26%** | **Health Care Providers & Services-6.26%** |
| &nbsp;&nbsp;&nbsp; Community Health Systems, Inc., 5.25%, <br> 05/15/2030<sup>(b)</sup><br>| 1692000 | &nbsp;&nbsp; 1599846 |
| DaVita, Inc., 4.63%, 06/01/2030<sup>(b)</sup> | 2873000 | &nbsp;&nbsp; 2789030 |
| &nbsp;&nbsp;&nbsp; Molina Healthcare, Inc., 3.88%, <br> 11/15/2030<sup>(b)</sup><br>| 734000 | &nbsp;&nbsp; 678761 |
| &nbsp;&nbsp;&nbsp; MPH Acquisition Holdings LLC, 5.75%, <br> 12/31/2030<sup>(b)(c)</sup><br>| 830000 | &nbsp;&nbsp; 731977 |
| Owens & Minor, Inc., 6.63%, 04/01/2030<sup>(b)</sup> | 600000 | &nbsp;&nbsp; 385300 |
| &nbsp;&nbsp;&nbsp; Pediatrix Medical Group, Inc., 5.38%, <br> 02/15/2030<sup>(b)</sup><br>| 433000 | &nbsp;&nbsp; 434578 |
| Star Parent, Inc., 9.00%, 10/01/2030<sup>(b)</sup> | 1088000 | &nbsp;&nbsp; 1167370 |
| Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 01/15/2030 | 1577700 | &nbsp;&nbsp; 1547130 |
| &nbsp;&nbsp;&nbsp; 6.13%, 06/15/2030 | 2183000 | &nbsp;&nbsp; 2234062 |
|  |  | &nbsp;&nbsp; 11568054 |
| **Health Care REITs-0.23%** | **Health Care REITs-0.23%** | **Health Care REITs-0.23%** |
| &nbsp;&nbsp;&nbsp; Diversified Healthcare Trust, 7.25%, <br> 10/15/2030<sup>(b)</sup><br>| 410000 | &nbsp;&nbsp; 417282 |
| **Health Care Technology-1.36%** | **Health Care Technology-1.36%** | **Health Care Technology-1.36%** |
| &nbsp;&nbsp;&nbsp; athenahealth Group, Inc., 6.50%, <br> 02/15/2030<sup>(b)</sup><br>| 2520000 | &nbsp;&nbsp; 2505138 |
| **Hotel & Resort REITs-0.58%** | **Hotel & Resort REITs-0.58%** | **Hotel & Resort REITs-0.58%** |
| &nbsp;&nbsp;&nbsp; Park Intermediate Holdings LLC/PK Domestic <br> Property LLC/PK Finance Co-Issuer, <br> 7.00%, 02/01/2030<sup>(b)</sup><br>| 600000 | &nbsp;&nbsp; 613703 |
| XHR L.P., 6.63%, 05/15/2030<sup>(b)</sup> | 440000 | &nbsp;&nbsp; 451549 |
|  |  | &nbsp;&nbsp; 1065252 |
| **Hotels, Restaurants & Leisure-5.80%** | **Hotels, Restaurants & Leisure-5.80%** | **Hotels, Restaurants & Leisure-5.80%** |
| &nbsp;&nbsp;&nbsp; 1011778 BC ULC/New Red Finance, Inc. <br> (Canada), 4.00%, 10/15/2030<sup>(b)</sup><br>| 3159000 | &nbsp;&nbsp; 3013155 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Hotels, Restaurants & Leisure-(continued)** | **Hotels, Restaurants & Leisure-(continued)** | **Hotels, Restaurants & Leisure-(continued)** | **Hotels, Restaurants & Leisure-(continued)** |
| &nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc., 7.00%, <br> 02/15/2030<sup>(b)</sup><br>| $| 2177000 | &nbsp;&nbsp; $2255063 |
| &nbsp;&nbsp;&nbsp; Churchill Downs, Inc., 5.75%, <br> 04/01/2030<sup>(b)</sup><br>|  | 1310000 | &nbsp;&nbsp; 1321029 |
| &nbsp;&nbsp;&nbsp; Fertitta Entertainment LLC/Fertitta <br> Entertainment Finance Co., Inc., 6.75%, <br> 01/15/2030<sup>(b)</sup><br>|  | 1382000 | &nbsp;&nbsp; 1289939 |
| &nbsp;&nbsp;&nbsp; Lindblad Expeditions LLC, 7.00%, <br> 09/15/2030<sup>(b)</sup><br>|  | 740000 | &nbsp;&nbsp; 759412 |
| &nbsp;&nbsp;&nbsp; Mohegan Tribal Gaming Authority/MS Digital <br> Entertainment Holdings LLC, 8.25%, <br> 04/15/2030<sup>(b)</sup><br>|  | 820000 | &nbsp;&nbsp; 853356 |
| &nbsp;&nbsp;&nbsp; Rivers Enterprise Lender LLC/Rivers <br> Enterprise Lender Corp., 6.25%, <br> 10/15/2030<sup>(b)</sup><br>|  | 655000 | &nbsp;&nbsp; 665374 |
| Vail Resorts, Inc., 5.63%, 07/15/2030<sup>(b)</sup> |  | 542000 | &nbsp;&nbsp; 550293 |
|  |  |  | &nbsp;&nbsp; 10707621 |
| **Household Durables-2.48%** | **Household Durables-2.48%** | **Household Durables-2.48%** | **Household Durables-2.48%** |
| &nbsp;&nbsp;&nbsp; Dream Finders Homes, Inc., 6.88%, <br> 09/15/2030<sup>(b)</sup><br>|  | 330000 | &nbsp;&nbsp; 332855 |
| KB Home, 7.25%, 07/15/2030 |  | 382000 | &nbsp;&nbsp; 395394 |
| M/I Homes, Inc., 3.95%, 02/15/2030 |  | 340000 | &nbsp;&nbsp; 326591 |
| &nbsp;&nbsp;&nbsp; Mattamy Group Corp. (Canada), 4.63%, <br> 03/01/2030<sup>(b)</sup><br>|  | 655000 | &nbsp;&nbsp; 636020 |
| &nbsp;&nbsp;&nbsp; New Home Co., Inc. (The), 8.50%, <br> 11/01/2030<sup>(b)</sup><br>|  | 330000 | &nbsp;&nbsp; 340320 |
| Newell Brands, Inc., 6.38%, 05/15/2030<sup>(c)</sup> |  | 820000 | &nbsp;&nbsp; 790048 |
| &nbsp;&nbsp;&nbsp; Sensata Technologies B.V., 5.88%, <br> 09/01/2030<sup>(b)</sup><br>|  | 550000 | &nbsp;&nbsp; 558090 |
| &nbsp;&nbsp;&nbsp; Taylor Morrison Communities, Inc., 5.13%, <br> 08/01/2030<sup>(b)</sup><br>|  | 549000 | &nbsp;&nbsp; 551942 |
| Whirlpool Corp., 6.13%, 06/15/2030 |  | 650000 | &nbsp;&nbsp; 657013 |
|  |  |  | &nbsp;&nbsp; 4588273 |
| **Household Products-0.28%** | **Household Products-0.28%** | **Household Products-0.28%** | **Household Products-0.28%** |
| &nbsp;&nbsp;&nbsp; Central Garden & Pet Co., 4.13%, <br> 10/15/2030<br>|  | 541000 | &nbsp;&nbsp; 519141 |
| **Independent Power and Renewable Electricity Producers-0.38%** | **Independent Power and Renewable Electricity Producers-0.38%** | **Independent Power and Renewable Electricity Producers-0.38%** | **Independent Power and Renewable Electricity Producers-0.38%** |
| VoltaGrid LLC, 7.38%, 11/01/2030<sup>(b)</sup> |  | 700000 | &nbsp;&nbsp; 698538 |
| **Insurance-2.88%** | **Insurance-2.88%** | **Insurance-2.88%** | **Insurance-2.88%** |
| &nbsp;&nbsp;&nbsp; Acrisure LLC/Acrisure Finance, Inc., 7.50%, <br> 11/06/2030<sup>(b)</sup><br>|  | 1240000 | &nbsp;&nbsp; 1288598 |
| &nbsp;&nbsp;&nbsp; HUB International Ltd., 7.25%, <br> 06/15/2030<sup>(b)</sup><br>|  | 3421000 | &nbsp;&nbsp; 3587432 |
| &nbsp;&nbsp;&nbsp; Nassau Cos. of New York (The), 7.88%, <br> 07/15/2030<sup>(b)</sup><br>|  | 464000 | &nbsp;&nbsp; 452489 |
|  |  |  | &nbsp;&nbsp; 5328519 |
| **Interactive Media & Services-0.52%** | **Interactive Media & Services-0.52%** | **Interactive Media & Services-0.52%** | **Interactive Media & Services-0.52%** |
| Ziff Davis, Inc., 4.63%, 10/15/2030<sup>(b)</sup> |  | 500000 | &nbsp;&nbsp; 474732 |
| ZipRecruiter, Inc., 5.00%, 01/15/2030<sup>(b)</sup> |  | 602000 | &nbsp;&nbsp; 488711 |
|  |  |  | &nbsp;&nbsp; 963443 |
| **IT Services-1.09%** | **IT Services-1.09%** | **IT Services-1.09%** | **IT Services-1.09%** |
| CoreWeave, Inc., 9.25%, 06/01/2030<sup>(b)</sup> |  | 2182000 | &nbsp;&nbsp; 2015209 |
| **Life Sciences Tools & Services-0.67%** | **Life Sciences Tools & Services-0.67%** | **Life Sciences Tools & Services-0.67%** | **Life Sciences Tools & Services-0.67%** |
| &nbsp;&nbsp;&nbsp; Fortrea Holdings, Inc., 7.50%, <br> 07/01/2030<sup>(b)(c)</sup><br>|  | 641000 | &nbsp;&nbsp; 644239 |
| IQVIA, Inc., 6.50%, 05/15/2030<sup>(b)</sup> |  | 575000 | &nbsp;&nbsp; 598662 |
|  |  |  | &nbsp;&nbsp; 1242901 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Machinery-1.81%** | **Machinery-1.81%** | **Machinery-1.81%** |
| &nbsp;&nbsp;&nbsp; Chart Industries, Inc., 7.50%, <br> 01/01/2030<sup>(b)</sup><br>| $1603000 | &nbsp;&nbsp; $1672232 |
| &nbsp;&nbsp;&nbsp; New Flyer Holdings, Inc. (Canada), 9.25%, <br> 07/01/2030<sup>(b)</sup><br>| 650000 | &nbsp;&nbsp; 696682 |
| &nbsp;&nbsp;&nbsp; Park-Ohio Industries, Inc., 8.50%, <br> 08/01/2030<sup>(b)</sup><br>| 380000 | &nbsp;&nbsp; 387773 |
| SPX FLOW, Inc., 8.75%, 04/01/2030<sup>(b)</sup> | 571000 | &nbsp;&nbsp; 587344 |
|  |  | &nbsp;&nbsp; 3344031 |
| **Marine Transportation-0.19%** | **Marine Transportation-0.19%** | **Marine Transportation-0.19%** |
| NCL Corp. Ltd., 6.25%, 03/01/2030<sup>(b)(c)</sup> | 345000 | &nbsp;&nbsp; 348976 |
| **Media-4.80%** | **Media-4.80%** | **Media-4.80%** |
| Cable One, Inc., 4.00%, 11/15/2030<sup>(b)(c)</sup> | 669000 | &nbsp;&nbsp; 532766 |
| &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc., 7.88%, <br> 04/01/2030<sup>(b)</sup><br>| 939000 | &nbsp;&nbsp; 990183 |
| &nbsp;&nbsp;&nbsp; Discovery Communications LLC, 3.63%, <br> 05/15/2030<br>| 998000 | &nbsp;&nbsp; 926892 |
| &nbsp;&nbsp;&nbsp; E.W. Scripps Co. (The), 9.88%, <br> 08/15/2030<sup>(b)</sup><br>| 820000 | &nbsp;&nbsp; 827006 |
| &nbsp;&nbsp;&nbsp; iHeartCommunications, Inc., 7.75%, <br> 08/15/2030<sup>(b)</sup><br>| 740000 | &nbsp;&nbsp; 634525 |
| Lamar Media Corp., 4.00%, 02/15/2030 | 597000 | &nbsp;&nbsp; 578113 |
| Sirius XM Radio LLC, 4.13%, 07/01/2030<sup>(b)</sup> | 1652000 | &nbsp;&nbsp; 1565642 |
| &nbsp;&nbsp;&nbsp; Univision Communications, Inc., 7.38%, <br> 06/30/2030<sup>(b)(c)</sup><br>| 979000 | &nbsp;&nbsp; 994023 |
| &nbsp;&nbsp;&nbsp; Virgin Media Finance PLC (United Kingdom), <br> 5.00%, 07/15/2030<sup>(b)</sup><br>| 1010000 | &nbsp;&nbsp; 894889 |
| &nbsp;&nbsp;&nbsp; Virgin Media Secured Finance PLC (United <br> Kingdom), 4.50%, 08/15/2030<sup>(b)</sup><br>| 1000000 | &nbsp;&nbsp; 933270 |
|  |  | &nbsp;&nbsp; 8877309 |
| **Metals & Mining-2.73%** | **Metals & Mining-2.73%** | **Metals & Mining-2.73%** |
| &nbsp;&nbsp;&nbsp; Arsenal AIC Parent LLC, 8.00%, <br> 10/01/2030<sup>(b)</sup><br>| 765000 | &nbsp;&nbsp; 813491 |
| ATI, Inc., 7.25%, 08/15/2030 | 463000 | &nbsp;&nbsp; 490644 |
| Cleveland-Cliffs, Inc., 6.75%, 04/15/2030<sup>(b)</sup> | 815000 | &nbsp;&nbsp; 833606 |
| &nbsp;&nbsp;&nbsp; Commercial Metals Co., 4.13%, <br> 01/15/2030<br>| 326000 | &nbsp;&nbsp; 315580 |
| &nbsp;&nbsp;&nbsp; Compass Minerals International, Inc., 8.00%, <br> 07/01/2030<sup>(b)</sup><br>| 708000 | &nbsp;&nbsp; 737739 |
| &nbsp;&nbsp;&nbsp; JW Aluminum Continuous Cast Co., 10.25%, <br> 04/01/2030<sup>(b)</sup><br>| 400000 | &nbsp;&nbsp; 412192 |
| Novelis Corp., 6.88%, 01/30/2030<sup>(b)</sup> | 820000 | &nbsp;&nbsp; 850384 |
| &nbsp;&nbsp;&nbsp; Taseko Mines Ltd. (Canada), 8.25%, <br> 05/01/2030<sup>(b)</sup><br>| 550000 | &nbsp;&nbsp; 583939 |
|  |  | &nbsp;&nbsp; 5037575 |
| **Mortgage REITs-1.71%** | **Mortgage REITs-1.71%** | **Mortgage REITs-1.71%** |
| &nbsp;&nbsp;&nbsp; Arbor Realty SR, Inc., 7.88%, <br> 07/15/2030<sup>(b)</sup><br>| 550000 | &nbsp;&nbsp; 552609 |
| &nbsp;&nbsp;&nbsp; Ellington Financial Operating <br> Partnership LLC, 7.38%, 09/30/2030<sup>(b)</sup><br>| 440000 | &nbsp;&nbsp; 445049 |
| Rithm Capital Corp., 8.00%, 07/15/2030<sup>(b)</sup> | 550000 | &nbsp;&nbsp; 561072 |
| Starwood Property Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 04/15/2030<sup>(b)</sup> | 439000 | &nbsp;&nbsp; 452395 |
| &nbsp;&nbsp;&nbsp; 6.50%, 07/01/2030<sup>(b)</sup> | 550000 | &nbsp;&nbsp; 576015 |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/15/2030<sup>(b)</sup> | 550000 | &nbsp;&nbsp; 574703 |
|  |  | &nbsp;&nbsp; 3161843 |
| **Oil, Gas & Consumable Fuels-9.53%** | **Oil, Gas & Consumable Fuels-9.53%** | **Oil, Gas & Consumable Fuels-9.53%** |
| &nbsp;&nbsp;&nbsp; Baytex Energy Corp. (Canada), 8.50%, <br> 04/30/2030<sup>(b)</sup><br>| 867000 | &nbsp;&nbsp; 915086 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Oil, Gas & Consumable Fuels-(continued)** | **Oil, Gas & Consumable Fuels-(continued)** | **Oil, Gas & Consumable Fuels-(continued)** | **Oil, Gas & Consumable Fuels-(continued)** |
| &nbsp;&nbsp;&nbsp; BKV Upstream Midstream, LLC, 7.50%, <br> 10/15/2030<sup>(b)</sup><br>| $| 550000 | &nbsp;&nbsp; $554500 |
| &nbsp;&nbsp;&nbsp; Buckeye Partners L.P., 6.75%, <br> 02/01/2030<sup>(b)</sup><br>|  | 574000 | &nbsp;&nbsp; 601566 |
| Caturus Energy LLC, 8.50%, 02/15/2030<sup>(b)</sup> |  | 575000 | &nbsp;&nbsp; 593731 |
| Chord Energy Corp., 6.00%, 10/01/2030<sup>(b)</sup> |  | 820000 | &nbsp;&nbsp; 827346 |
| &nbsp;&nbsp;&nbsp; Civitas Resources, Inc., 8.63%, <br> 11/01/2030<sup>(b)</sup><br>|  | 1093000 | &nbsp;&nbsp; 1145774 |
| &nbsp;&nbsp;&nbsp; CNX Midstream Partners L.P., 4.75%, <br> 04/15/2030<sup>(b)</sup><br>|  | 455000 | &nbsp;&nbsp; 436762 |
| &nbsp;&nbsp;&nbsp; Comstock Resources, Inc., 5.88%, <br> 01/15/2030<sup>(b)</sup><br>|  | 1056000 | &nbsp;&nbsp; 1026837 |
| &nbsp;&nbsp;&nbsp; Excelerate Energy L.P., 8.00%, <br> 05/15/2030<sup>(b)</sup><br>|  | 900000 | &nbsp;&nbsp; 959523 |
| &nbsp;&nbsp;&nbsp; Genesis Energy L.P./Genesis Energy Finance <br> Corp., 8.88%, 04/15/2030<br>|  | 571000 | &nbsp;&nbsp; 603640 |
| &nbsp;&nbsp;&nbsp; Hilcorp Energy I L.P./Hilcorp Finance Co., <br> 6.00%, 04/15/2030<sup>(b)</sup><br>|  | 571000 | &nbsp;&nbsp; 552679 |
| Kinetik Holdings L.P., 5.88%, 06/15/2030<sup>(b)</sup> |  | 1041000 | &nbsp;&nbsp; 1050016 |
| NuStar Logistics L.P., 6.38%, 10/01/2030 |  | 688000 | &nbsp;&nbsp; 721266 |
| PBF Holding Co. LLC/PBF Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 9.88%, 03/15/2030<sup>(b)</sup> |  | 900000 | &nbsp;&nbsp; 946793 |
| &nbsp;&nbsp;&nbsp; 7.88%, 09/15/2030<sup>(b)</sup> |  | 567000 | &nbsp;&nbsp; 558858 |
| &nbsp;&nbsp;&nbsp; Range Resources Corp., 4.75%, <br> 02/15/2030<sup>(b)</sup><br>|  | 564000 | &nbsp;&nbsp; 556889 |
| Sunoco L.P., 4.63%, 05/01/2030<sup>(b)</sup> |  | 897000 | &nbsp;&nbsp; 875022 |
| &nbsp;&nbsp;&nbsp; Sunoco L.P./Sunoco Finance Corp., 4.50%, <br> 04/30/2030<br>|  | 917000 | &nbsp;&nbsp; 893590 |
| &nbsp;&nbsp;&nbsp; Tallgrass Energy Partners L.P./Tallgrass <br> Energy Finance Corp., 6.00%, <br> 12/31/2030<sup>(b)</sup><br>|  | 813000 | &nbsp;&nbsp; 810888 |
| &nbsp;&nbsp;&nbsp; TransMontaigne Partners LLC, 8.50%, <br> 06/15/2030<sup>(b)</sup><br>|  | 576000 | &nbsp;&nbsp; 589443 |
| &nbsp;&nbsp;&nbsp; Venture Global LNG, Inc., 7.00%, <br> 01/15/2030<sup>(b)(c)</sup><br>|  | 1640000 | &nbsp;&nbsp; 1610054 |
| &nbsp;&nbsp;&nbsp; Vermilion Energy, Inc. (Canada), 6.88%, <br> 05/01/2030<sup>(b)(c)</sup><br>|  | 429000 | &nbsp;&nbsp; 420459 |
| Vital Energy, Inc., 9.75%, 10/15/2030 |  | 337000 | &nbsp;&nbsp; 351258 |
|  |  |  | &nbsp;&nbsp; 17601980 |
| **Passenger Airlines-0.92%** | **Passenger Airlines-0.92%** | **Passenger Airlines-0.92%** | **Passenger Airlines-0.92%** |
| &nbsp;&nbsp;&nbsp; Avianca Midco 2 PLC, 9.63%, <br> 02/14/2030<sup>(b)</sup><br>|  | 1120000 | &nbsp;&nbsp; 1111779 |
| CHC Group LLC, 11.75%, 09/01/2030<sup>(b)</sup> |  | 620000 | &nbsp;&nbsp; 594937 |
|  |  |  | &nbsp;&nbsp; 1706716 |
| **Pharmaceuticals-1.15%** | **Pharmaceuticals-1.15%** | **Pharmaceuticals-1.15%** | **Pharmaceuticals-1.15%** |
| AdaptHealth LLC, 5.13%, 03/01/2030<sup>(b)</sup> |  | 658000 | &nbsp;&nbsp; 639573 |
| &nbsp;&nbsp;&nbsp; Bausch Health Cos., Inc., 14.00%, <br> 10/15/2030<sup>(b)</sup><br>|  | 400000 | &nbsp;&nbsp; 404768 |
| Harrow, Inc., 8.63%, 09/15/2030<sup>(b)</sup> |  | 270000 | &nbsp;&nbsp; 283416 |
| &nbsp;&nbsp;&nbsp; Perrigo Finance Unlimited Co., 4.90%, <br> 06/15/2030<br>|  | 815000 | &nbsp;&nbsp; 788228 |
|  |  |  | &nbsp;&nbsp; 2115985 |
| **Real Estate Management & Development-1.56%** | **Real Estate Management & Development-1.56%** | **Real Estate Management & Development-1.56%** | **Real Estate Management & Development-1.56%** |
| &nbsp;&nbsp;&nbsp; Anywhere Real Estate Group LLC/Anywhere <br> Co-Issuer Corp., 7.00%, 04/15/2030<sup>(b)</sup><br>|  | 702000 | &nbsp;&nbsp; 705582 |
| &nbsp;&nbsp;&nbsp; Anywhere Real Estate Group LLC/Realogy <br> Co-Issuer Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/15/2030<sup>(b)</sup> |  | 486000 | &nbsp;&nbsp; 453367 |
| &nbsp;&nbsp;&nbsp; 9.75%, 04/15/2030<sup>(b)</sup> |  | 550000 | &nbsp;&nbsp; 597960 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Real Estate Management & Development-(continued)** | **Real Estate Management & Development-(continued)** | **Real Estate Management & Development-(continued)** | **Real Estate Management & Development-(continued)** |
| &nbsp;&nbsp;&nbsp; Five Point Operating Co., L.P., 8.00%, <br> 10/01/2030<sup>(b)</sup><br>| $| 490000 | &nbsp;&nbsp; $512032 |
| Kennedy-Wilson, Inc., 4.75%, 02/01/2030 |  | 650000 | &nbsp;&nbsp; 622765 |
|  |  |  | &nbsp;&nbsp; 2891706 |
| **Residential REITs-0.22%** | **Residential REITs-0.22%** | **Residential REITs-0.22%** | **Residential REITs-0.22%** |
| &nbsp;&nbsp;&nbsp; Ashton Woods USA LLC/Ashton Woods <br> Finance Co., 4.63%, 04/01/2030<sup>(b)</sup><br>|  | 437000 | &nbsp;&nbsp; 414084 |
| **Semiconductors & Semiconductor Equipment-1.22%** | **Semiconductors & Semiconductor Equipment-1.22%** | **Semiconductors & Semiconductor Equipment-1.22%** | **Semiconductors & Semiconductor Equipment-1.22%** |
| Entegris, Inc., 5.95%, 06/15/2030<sup>(b)</sup> |  | 991000 | &nbsp;&nbsp; 1015508 |
| &nbsp;&nbsp;&nbsp; Kioxia Holdings Corp. (Japan), 6.25%, <br> 07/24/2030<sup>(b)</sup><br>|  | 1200000 | &nbsp;&nbsp; 1235911 |
|  |  |  | &nbsp;&nbsp; 2251419 |
| **Software-2.18%** | **Software-2.18%** | **Software-2.18%** | **Software-2.18%** |
| &nbsp;&nbsp;&nbsp; Capstone Borrower, Inc., 8.00%, <br> 06/15/2030<sup>(b)</sup><br>|  | 895000 | &nbsp;&nbsp; 913415 |
| Gen Digital, Inc., 7.13%, 09/30/2030<sup>(b)(c)</sup> |  | 683000 | &nbsp;&nbsp; 707033 |
| McAfee Corp., 7.38%, 02/15/2030<sup>(b)</sup> |  | 2198000 | &nbsp;&nbsp; 1920473 |
| &nbsp;&nbsp;&nbsp; Pagaya US Holding Co. LLC, 8.88%, <br> 08/01/2030<sup>(b)(c)</sup><br>|  | 540000 | &nbsp;&nbsp; 487730 |
|  |  |  | &nbsp;&nbsp; 4028651 |
| **Specialized REITs-0.76%** | **Specialized REITs-0.76%** | **Specialized REITs-0.76%** | **Specialized REITs-0.76%** |
| Iron Mountain, Inc., 5.25%, 07/15/2030<sup>(b)</sup> |  | 1418000 | &nbsp;&nbsp; 1406804 |
| **Specialty Retail-2.92%** | **Specialty Retail-2.92%** | **Specialty Retail-2.92%** | **Specialty Retail-2.92%** |
| &nbsp;&nbsp;&nbsp; Advance Auto Parts, Inc., 7.00%, <br> 08/01/2030<sup>(b)(c)</sup><br>|  | 1080000 | &nbsp;&nbsp; 1103156 |
| &nbsp;&nbsp;&nbsp; Albion Financing 1 S.a.r.l /Aggreko Holdings, <br> Inc. (Luxembourg), 7.00%, <br> 05/21/2030<sup>(b)</sup><br>|  | 1548000 | &nbsp;&nbsp; 1612945 |
| &nbsp;&nbsp;&nbsp; Asbury Automotive Group, Inc., 4.75%, <br> 03/01/2030<sup>(c)</sup><br>|  | 485000 | &nbsp;&nbsp; 476562 |
| &nbsp;&nbsp;&nbsp; Bath & Body Works, Inc., 6.63%, <br> 10/01/2030<sup>(b)</sup><br>|  | 919000 | &nbsp;&nbsp; 934707 |
| &nbsp;&nbsp;&nbsp; Group 1 Automotive, Inc., 6.38%, <br> 01/15/2030<sup>(b)</sup><br>|  | 550000 | &nbsp;&nbsp; 566040 |
| Lithia Motors, Inc., 5.50%, 10/01/2030<sup>(b)</sup> |  | 690000 | &nbsp;&nbsp; 693952 |
|  |  |  | &nbsp;&nbsp; 5387362 |
| **Technology Hardware, Storage & Peripherals-0.85%** | **Technology Hardware, Storage & Peripherals-0.85%** | **Technology Hardware, Storage & Peripherals-0.85%** | **Technology Hardware, Storage & Peripherals-0.85%** |
| Diebold Nixdorf, Inc., 7.75%, 03/31/2030<sup>(b)</sup> |  | 1050000 | &nbsp;&nbsp; 1117431 |
| Xerox Corp., 10.25%, 10/15/2030<sup>(b)(c)</sup> |  | 435000 | &nbsp;&nbsp; 446439 |
|  |  |  | &nbsp;&nbsp; 1563870 |
| **Textiles, Apparel & Luxury Goods-0.64%** | **Textiles, Apparel & Luxury Goods-0.64%** | **Textiles, Apparel & Luxury Goods-0.64%** | **Textiles, Apparel & Luxury Goods-0.64%** |
| Under Armour, Inc., 7.25%, 07/15/2030<sup>(b)</sup> |  | 440000 | &nbsp;&nbsp; 439263 |
| VF Corp., 2.95%, 04/23/2030<sup>(c)</sup> |  | 821000 | &nbsp;&nbsp; 737814 |
|  |  |  | &nbsp;&nbsp; 1177077 |
| **Trading Companies & Distributors-1.53%** | **Trading Companies & Distributors-1.53%** | **Trading Companies & Distributors-1.53%** | **Trading Companies & Distributors-1.53%** |
| Boise Cascade Co., 4.88%, 07/01/2030<sup>(b)(c)</sup> |  | 438000 | &nbsp;&nbsp; 433419 |
| &nbsp;&nbsp;&nbsp; FTAI Aviation Investors LLC, 7.88%, <br> 12/01/2030<sup>(b)</sup><br>|  | 542000 | &nbsp;&nbsp; 577822 |
| Herc Holdings, Inc., 7.00%, 06/15/2030<sup>(b)</sup> |  | 1720000 | &nbsp;&nbsp; 1806915 |
|  |  |  | &nbsp;&nbsp; 2818156 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Wireless Telecommunication Services-0.92%** | **Wireless Telecommunication Services-0.92%** | **Wireless Telecommunication Services-0.92%** |
| Getty Images, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 11.25%, 02/21/2030<sup>(b)</sup> | $590000 | &nbsp;&nbsp; $566918 |
| &nbsp;&nbsp;&nbsp; 10.50%, 11/15/2030<sup>(b)</sup> | 690000 | &nbsp;&nbsp; 705524 |
| &nbsp;&nbsp;&nbsp; Ontario Gaming GTA L.P./OTG Co-Issuer, Inc. <br> (Canada), 8.00%, 08/01/2030<sup>(b)</sup><br>| 438000 | &nbsp;&nbsp; 430179 |
|  |  | &nbsp;&nbsp; 1702621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $178,288,335) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $178,288,335) | &nbsp;&nbsp; 181140152 |
|  | **Shares** |  |
| **Money Market Funds-0.05%** |  |  |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, <br> Institutional Class, 3.91%<sup>(d)(e)</sup> <br>(Cost $90,465)<br>| 90465 | &nbsp;&nbsp; 90465 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-98.09% <br>(Cost $178,378,800) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-98.09% <br>(Cost $178,378,800) | &nbsp;&nbsp; 181230617 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** |
| **Money Market Funds-7.78%** | **Money Market Funds-7.78%** | **Money Market Funds-7.78%** |
| &nbsp;&nbsp;&nbsp; Invesco Private Government Fund, <br> 4.00%<sup>(d)(e)(f)</sup><br>| 3984165 | &nbsp;&nbsp; $3984165 |
| Invesco Private Prime Fund, 4.12%<sup>(d)(e)(f)</sup> | 10390219 | &nbsp;&nbsp; 10393336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $14,377,570) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $14,377,570) | &nbsp;&nbsp; 14377501 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-105.87% <br>(Cost $192,756,370) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-105.87% <br>(Cost $192,756,370) | &nbsp;&nbsp; 195608118 |
| OTHER ASSETS LESS LIABILITIES-(5.87)% | OTHER ASSETS LESS LIABILITIES-(5.87)% | &nbsp;&nbsp; (10836870)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $184771248 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Investment Abbreviations: <br> REIT -Real Estate Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | 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 <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> November 30, 2025 was $157,114,585, which represented 85.03% of the Fund's Net Assets.<br>|
| <sup>(c)</sup> | All or a portion of this security was out on loan at November 30, 2025. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the three months ended November 30, 2025.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**November 30, 2025**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp;&nbsp; $615775 | &nbsp;&nbsp;&nbsp; $8248222 | &nbsp;&nbsp;&nbsp; $(8773532)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $90465 | &nbsp;&nbsp;&nbsp; $11796 |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private <br> Government Fund<br>| &nbsp;&nbsp;&nbsp; 3153934 | &nbsp;&nbsp;&nbsp; 11823016 | &nbsp;&nbsp;&nbsp; (10992785)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 3984165 | &nbsp;&nbsp;&nbsp; 42,895<br> \*<br>|
| &nbsp;&nbsp; Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp;&nbsp; 8210793 | &nbsp;&nbsp;&nbsp; 26150018 | &nbsp;&nbsp;&nbsp; (23967320)<br>| &nbsp;&nbsp;&nbsp; (586)<br>| &nbsp;&nbsp;&nbsp; 431 | &nbsp;&nbsp;&nbsp; 10393336 | &nbsp;&nbsp;&nbsp; 115,508<br> \*<br>|
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; $11980502 | &nbsp;&nbsp;&nbsp; $46221256 | &nbsp;&nbsp;&nbsp; $(43733637)<br>| &nbsp;&nbsp;&nbsp; $(586)<br>| &nbsp;&nbsp;&nbsp; $431 | &nbsp;&nbsp;&nbsp; $14467966 | &nbsp;&nbsp;&nbsp; $170199 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of November 30, 2025. <br> <sup>(f)</sup> 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.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

See accompanying notes which are an integral part of this schedule.

------

Schedule of Investments<sup>(a)</sup>

**Invesco BulletShares 2031 High Yield Corporate Bond ETF (BSJV)**

November 30, 2025

*(Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes-98.07%** | **U.S. Dollar Denominated Bonds & Notes-98.07%** | **U.S. Dollar Denominated Bonds & Notes-98.07%** |
| **Aerospace & Defense-2.15%** | **Aerospace & Defense-2.15%** | **Aerospace & Defense-2.15%** |
| &nbsp;&nbsp;&nbsp; Bombardier, Inc. (Canada), 7.25%, <br> 07/01/2031<sup>(b)</sup><br>| $310000 | &nbsp;&nbsp; $330591 |
| &nbsp;&nbsp;&nbsp; Neptune Bidco US, Inc., 10.38%, <br> 05/15/2031<sup>(b)</sup><br>| 490000 | &nbsp;&nbsp; 495714 |
| TransDigm, Inc., 7.13%, 12/01/2031<sup>(b)</sup> | 410000 | &nbsp;&nbsp; 430354 |
|  |  | &nbsp;&nbsp; 1256659 |
| **Air Freight & Logistics-0.53%** | **Air Freight & Logistics-0.53%** | **Air Freight & Logistics-0.53%** |
| Clue Opco LLC, 9.50%, 10/15/2031<sup>(b)</sup> | 300000 | &nbsp;&nbsp; 310875 |
| **Automobile Components-3.20%** | **Automobile Components-3.20%** | **Automobile Components-3.20%** |
| &nbsp;&nbsp;&nbsp; Avis Budget Car Rental LLC/Avis Budget <br> Finance, Inc., 8.00%, 02/15/2031<sup>(b)</sup><br>| 205000 | &nbsp;&nbsp; 209516 |
| Goodyear Tire & Rubber Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/30/2031 | 231000 | &nbsp;&nbsp; 220665 |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/15/2031 | 250000 | &nbsp;&nbsp; 236355 |
| &nbsp;&nbsp;&nbsp; Kronos Acquisition Holdings, Inc. (Canada), <br> 8.25%, 06/30/2031<sup>(b)</sup><br>| 220000 | &nbsp;&nbsp; 147738 |
| &nbsp;&nbsp;&nbsp; United Rentals (North America), Inc., 3.88%, <br> 02/15/2031<br>| 458000 | &nbsp;&nbsp; 438218 |
| &nbsp;&nbsp;&nbsp; ZF North America Capital, Inc. (Germany), <br> 7.50%, 03/24/2031<sup>(b)</sup><br>| 620000 | &nbsp;&nbsp; 613866 |
|  |  | &nbsp;&nbsp; 1866358 |
| **Automobiles-0.66%** | **Automobiles-0.66%** | **Automobiles-0.66%** |
| &nbsp;&nbsp;&nbsp; Allison Transmission, Inc., 3.75%, <br> 01/30/2031<sup>(b)</sup><br>| 410000 | &nbsp;&nbsp; 382664 |
| **Broadline Retail-0.31%** | **Broadline Retail-0.31%** | **Broadline Retail-0.31%** |
| Kohl's Corp., 5.13%, 05/01/2031 | 210000 | &nbsp;&nbsp; 181410 |
| **Building Products-1.60%** | **Building Products-1.60%** | **Building Products-1.60%** |
| &nbsp;&nbsp;&nbsp; K. Hovnanian Enterprises, Inc., 8.00%, <br> 04/01/2031<sup>(b)</sup><br>| 180000 | &nbsp;&nbsp; 185382 |
| LBM Acquisition, LLC, 9.50%, 06/15/2031<sup>(b)</sup> | 395000 | &nbsp;&nbsp; 407628 |
| &nbsp;&nbsp;&nbsp; Park River Holdings, Inc., 8.00%, <br> 03/15/2031<sup>(b)</sup><br>| 330000 | &nbsp;&nbsp; 341186 |
|  |  | &nbsp;&nbsp; 934196 |
| **Capital Markets-0.86%** | **Capital Markets-0.86%** | **Capital Markets-0.86%** |
| Coinbase Global, Inc., 3.63%, 10/01/2031<sup>(b)</sup> | 305000 | &nbsp;&nbsp; 271427 |
| StoneX Group, Inc., 7.88%, 03/01/2031<sup>(b)</sup> | 220000 | &nbsp;&nbsp; 233201 |
|  |  | &nbsp;&nbsp; 504628 |
| **Chemicals-3.63%** | **Chemicals-3.63%** | **Chemicals-3.63%** |
| Ashland, Inc., 3.38%, 09/01/2031<sup>(b)</sup> | 190000 | &nbsp;&nbsp; 171943 |
| Avient Corp., 6.25%, 11/01/2031<sup>(b)</sup> | 265000 | &nbsp;&nbsp; 270693 |
| &nbsp;&nbsp;&nbsp; Axalta Coating Systems Dutch Holding B B.V., <br> 7.25%, 02/15/2031<sup>(b)</sup><br>| 195000 | &nbsp;&nbsp; 206345 |
| &nbsp;&nbsp;&nbsp; Cerdia Finanz GmbH (Germany), 9.38%, <br> 10/03/2031<sup>(b)</sup><br>| 370000 | &nbsp;&nbsp; 383775 |
| &nbsp;&nbsp;&nbsp; NOVA Chemicals Corp. (Canada), 7.00%, <br> 12/01/2031<sup>(b)</sup><br>| 155000 | &nbsp;&nbsp; 164756 |
| &nbsp;&nbsp;&nbsp; Olympus Water US Holding Corp., 7.25%, <br> 06/15/2031<sup>(b)</sup><br>| 325000 | &nbsp;&nbsp; 325620 |
| &nbsp;&nbsp;&nbsp; Scotts Miracle-Gro Co. (The), 4.00%, <br> 04/01/2031<br>| 205000 | &nbsp;&nbsp; 192360 |
| &nbsp;&nbsp;&nbsp; Suburban Propane Partners L.P./Suburban <br> Energy Finance Corp., 5.00%, <br> 06/01/2031<sup>(b)</sup><br>| 265000 | &nbsp;&nbsp; 254541 |
| &nbsp;&nbsp;&nbsp; W. R. Grace Holdings LLC, 7.38%, <br> 03/01/2031<sup>(b)</sup><br>| 145000 | &nbsp;&nbsp; 147466 |
|  |  | &nbsp;&nbsp; 2117499 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Commercial Services & Supplies-4.22%** | **Commercial Services & Supplies-4.22%** | **Commercial Services & Supplies-4.22%** |
| &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC, 7.88%, <br> 02/15/2031<sup>(b)</sup><br>| $957000 | &nbsp;&nbsp; $1008369 |
| Clean Harbors, Inc., 6.38%, 02/01/2031<sup>(b)</sup> | 195000 | &nbsp;&nbsp; 200574 |
| &nbsp;&nbsp;&nbsp; Garda World Security Corp. (Canada), 6.50%, <br> 01/15/2031<sup>(b)</sup><br>| 260000 | &nbsp;&nbsp; 267123 |
| &nbsp;&nbsp;&nbsp; GFL Environmental, Inc., 6.75%, <br> 01/15/2031<sup>(b)</sup><br>| 410000 | &nbsp;&nbsp; 430940 |
| &nbsp;&nbsp;&nbsp; Raven Acquisition Holdings LLC, 6.88%, <br> 11/15/2031<sup>(b)</sup><br>| 540000 | &nbsp;&nbsp; 556466 |
|  |  | &nbsp;&nbsp; 2463472 |
| **Communications Equipment-0.49%** | **Communications Equipment-0.49%** | **Communications Equipment-0.49%** |
| Viasat, Inc., 7.50%, 05/30/2031<sup>(b)</sup> | 300000 | &nbsp;&nbsp; 284794 |
| **Construction & Engineering-0.82%** | **Construction & Engineering-0.82%** | **Construction & Engineering-0.82%** |
| Artera Services LLC, 8.50%, 02/15/2031<sup>(b)</sup> | 250000 | &nbsp;&nbsp; 216339 |
| &nbsp;&nbsp;&nbsp; Baldwin Insurance Group Holdings LLC/Baldwin <br> Insurance Group Holdings Finance, 7.13%, <br> 05/15/2031<sup>(b)</sup><br>| 250000 | &nbsp;&nbsp; 259751 |
|  |  | &nbsp;&nbsp; 476090 |
| **Construction Materials-1.50%** | **Construction Materials-1.50%** | **Construction Materials-1.50%** |
| Knife River Corp., 7.75%, 05/01/2031<sup>(b)</sup> | 180000 | &nbsp;&nbsp; 189829 |
| &nbsp;&nbsp;&nbsp; Smyrna Ready Mix Concrete LLC, 8.88%, <br> 11/15/2031<sup>(b)</sup><br>| 456000 | &nbsp;&nbsp; 484372 |
| &nbsp;&nbsp;&nbsp; Williams Scotsman, Inc., 7.38%, <br> 10/01/2031<sup>(b)</sup><br>| 195000 | &nbsp;&nbsp; 203265 |
|  |  | &nbsp;&nbsp; 877466 |
| **Consumer Finance-2.08%** | **Consumer Finance-2.08%** | **Consumer Finance-2.08%** |
| &nbsp;&nbsp;&nbsp; Bread Financial Holdings, Inc., 6.75%, <br> 05/15/2031<sup>(b)</sup><br>| 190000 | &nbsp;&nbsp; 194206 |
| &nbsp;&nbsp;&nbsp; Encore Capital Group, Inc., 6.63%, <br> 04/15/2031<sup>(b)</sup><br>| 200000 | &nbsp;&nbsp; 200118 |
| goeasy Ltd. (Canada), 6.88%, 02/15/2031<sup>(b)</sup> | 180000 | &nbsp;&nbsp; 169997 |
| OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 05/15/2031 | 310000 | &nbsp;&nbsp; 325945 |
| &nbsp;&nbsp;&nbsp; 7.13%, 11/15/2031 | 310000 | &nbsp;&nbsp; 323264 |
|  |  | &nbsp;&nbsp; 1213530 |
| **Consumer Staples Distribution & Retail-0.85%** | **Consumer Staples Distribution & Retail-0.85%** | **Consumer Staples Distribution & Retail-0.85%** |
| &nbsp;&nbsp;&nbsp; Albertson's Cos., Inc./Safeway, Inc./New <br> Albertson's L.P./Albertson's LLC, 5.50%, <br> 03/31/2031<sup>(b)</sup><br>| 240000 | &nbsp;&nbsp; 243580 |
| Ingles Markets, Inc., 4.00%, 06/15/2031<sup>(b)</sup> | 145000 | &nbsp;&nbsp; 137292 |
| Safeway, Inc., 7.25%, 02/01/2031 | 105000 | &nbsp;&nbsp; 114578 |
|  |  | &nbsp;&nbsp; 495450 |
| **Containers & Packaging-2.78%** | **Containers & Packaging-2.78%** | **Containers & Packaging-2.78%** |
| Ball Corp., 3.13%, 09/15/2031 | 350000 | &nbsp;&nbsp; 321570 |
| &nbsp;&nbsp;&nbsp; Fortress Intermediate 3, Inc., 7.50%, <br> 06/01/2031<sup>(b)</sup><br>| 310000 | &nbsp;&nbsp; 323851 |
| LABL, Inc., 8.63%, 10/01/2031<sup>(b)</sup> | 395000 | &nbsp;&nbsp; 241591 |
| &nbsp;&nbsp;&nbsp; Owens-Brockway Glass Container, Inc., 7.25%, <br> 05/15/2031<sup>(b)</sup><br>| 290000 | &nbsp;&nbsp; 293988 |
| Sealed Air Corp., 7.25%, 02/15/2031<sup>(b)</sup> | 170000 | &nbsp;&nbsp; 177247 |
| &nbsp;&nbsp;&nbsp; Trivium Packaging Finance B.V. (Netherlands), <br> 12.25%, 01/15/2031<sup>(b)</sup><br>| 245000 | &nbsp;&nbsp; 261395 |
|  |  | &nbsp;&nbsp; 1619642 |
| **Distributors-0.20%** | **Distributors-0.20%** | **Distributors-0.20%** |
| &nbsp;&nbsp;&nbsp; Vamos Europe S.A. (Brazil), 9.20%, <br> 01/26/2031<sup>(b)</sup><br>| 120000 | &nbsp;&nbsp; 115320 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2031 High Yield Corporate Bond ETF (BSJV)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Diversified Consumer Services-0.53%** | **Diversified Consumer Services-0.53%** | **Diversified Consumer Services-0.53%** |
| &nbsp;&nbsp;&nbsp; Service Corp. International, 4.00%, <br> 05/15/2031<br>| $325000 | &nbsp;&nbsp; $310574 |
| **Diversified Telecommunication Services-2.11%** | **Diversified Telecommunication Services-2.11%** | **Diversified Telecommunication Services-2.11%** |
| Altice France (France), 6.50%, 10/15/2031<sup>(b)</sup> | 150000 | &nbsp;&nbsp; 143495 |
| Level 3 Financing, Inc., 4.00%, 04/15/2031<sup>(b)</sup> | 185000 | &nbsp;&nbsp; 163724 |
| &nbsp;&nbsp;&nbsp; Windstream Services LLC/Windstream Escrow <br> Finance Corp., 8.25%, 10/01/2031<sup>(b)</sup><br>| 890000 | &nbsp;&nbsp; 924847 |
|  |  | &nbsp;&nbsp; 1232066 |
| **Electric Utilities-1.85%** | **Electric Utilities-1.85%** | **Electric Utilities-1.85%** |
| NRG Energy, Inc., 3.63%, 02/15/2031<sup>(b)</sup> | 420000 | &nbsp;&nbsp; 393447 |
| &nbsp;&nbsp;&nbsp; Sotera Health Holdings LLC, 7.38%, <br> 06/01/2031<sup>(b)</sup><br>| 310000 | &nbsp;&nbsp; 326869 |
| &nbsp;&nbsp;&nbsp; XPLR Infrastructure Operating Partners L.P., <br> 8.38%, 01/15/2031<sup>(b)</sup><br>| 345000 | &nbsp;&nbsp; 361763 |
|  |  | &nbsp;&nbsp; 1082079 |
| **Electronic Equipment, Instruments & Components-0.85%** | **Electronic Equipment, Instruments & Components-0.85%** | **Electronic Equipment, Instruments & Components-0.85%** |
| &nbsp;&nbsp;&nbsp; EMRLD Borrower L.P./Emerald Co-Issuer, Inc., <br> 6.75%, 07/15/2031<sup>(b)</sup><br>| 195000 | &nbsp;&nbsp; 204512 |
| &nbsp;&nbsp;&nbsp; Sensata Technologies, Inc., 3.75%, <br> 02/15/2031<sup>(b)</sup><br>| 310000 | &nbsp;&nbsp; 290319 |
|  |  | &nbsp;&nbsp; 494831 |
| **Energy Equipment & Services-0.36%** | **Energy Equipment & Services-0.36%** | **Energy Equipment & Services-0.36%** |
| Nabors Industries, Inc., 8.88%, 08/15/2031<sup>(b)</sup> | 215000 | &nbsp;&nbsp; 210095 |
| **Entertainment-1.15%** | **Entertainment-1.15%** | **Entertainment-1.15%** |
| &nbsp;&nbsp;&nbsp; Light and Wonder International, Inc., 7.50%, <br> 09/01/2031<sup>(b)</sup><br>| 220000 | &nbsp;&nbsp; 230667 |
| &nbsp;&nbsp;&nbsp; Wynn Resorts Finance LLC/Wynn Resorts <br> Capital Corp., 7.13%, 02/15/2031<sup>(b)</sup><br>| 410000 | &nbsp;&nbsp; 443237 |
|  |  | &nbsp;&nbsp; 673904 |
| **Financial Services-3.37%** | **Financial Services-3.37%** | **Financial Services-3.37%** |
| &nbsp;&nbsp;&nbsp; Focus Financial Partners LLC, 6.75%, <br> 09/15/2031<sup>(b)</sup><br>| 410000 | &nbsp;&nbsp; 423936 |
| &nbsp;&nbsp;&nbsp; Freedom Mortgage Holdings LLC, 9.13%, <br> 05/15/2031<sup>(b)</sup><br>| 300000 | &nbsp;&nbsp; 321378 |
| &nbsp;&nbsp;&nbsp; Jane Street Group/JSG Finance, Inc., 7.13%, <br> 04/30/2031<sup>(b)</sup><br>| 575000 | &nbsp;&nbsp; 606184 |
| &nbsp;&nbsp;&nbsp; PennyMac Financial Services, Inc., 5.75%, <br> 09/15/2031<sup>(b)</sup><br>| 200000 | &nbsp;&nbsp; 201755 |
| UWM Holdings LLC, 6.25%, 03/15/2031<sup>(b)</sup> | 410000 | &nbsp;&nbsp; 412081 |
|  |  | &nbsp;&nbsp; 1965334 |
| **Food Products-1.30%** | **Food Products-1.30%** | **Food Products-1.30%** |
| Post Holdings, Inc., 4.50%, 09/15/2031<sup>(b)</sup> | 405000 | &nbsp;&nbsp; 382301 |
| &nbsp;&nbsp;&nbsp; Viking Baked Goods Acquisition Corp., 8.63%, <br> 11/01/2031<sup>(b)</sup><br>| 370000 | &nbsp;&nbsp; 374760 |
|  |  | &nbsp;&nbsp; 757061 |
| **Gas Utilities-0.45%** | **Gas Utilities-0.45%** | **Gas Utilities-0.45%** |
| &nbsp;&nbsp;&nbsp; Ferrellgas L.P./Ferrellgas Finance Corp., 9.25%, <br> 01/15/2031<sup>(b)</sup><br>| 260000 | &nbsp;&nbsp; 262797 |
| **Ground Transportation-0.34%** | **Ground Transportation-0.34%** | **Ground Transportation-0.34%** |
| XPO, Inc., 7.13%, 06/01/2031<sup>(b)</sup> | 190000 | &nbsp;&nbsp; 199084 |
| **Health Care Equipment & Supplies-0.45%** | **Health Care Equipment & Supplies-0.45%** | **Health Care Equipment & Supplies-0.45%** |
| &nbsp;&nbsp;&nbsp; HAH Group Holding Co. LLC, 9.75%, <br> 10/01/2031<sup>(b)</sup><br>| 275000 | &nbsp;&nbsp; 259635 |
| **Health Care Providers & Services-3.19%** | **Health Care Providers & Services-3.19%** | **Health Care Providers & Services-3.19%** |
| &nbsp;&nbsp;&nbsp; Community Health Systems, Inc., 4.75%, <br> 02/15/2031<sup>(b)</sup><br>| 440000 | &nbsp;&nbsp; 394015 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Health Care Providers & Services-(continued)** | **Health Care Providers & Services-(continued)** | **Health Care Providers & Services-(continued)** | **Health Care Providers & Services-(continued)** |
| DaVita, Inc., 3.75%, 02/15/2031<sup>(b)</sup> | $| 615000 | &nbsp;&nbsp; $570863 |
| Encompass Health Corp., 4.63%, 04/01/2031 |  | 165000 | &nbsp;&nbsp; 162867 |
| Tenet Healthcare Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 05/15/2031 |  | 560000 | &nbsp;&nbsp; 583891 |
| &nbsp;&nbsp;&nbsp; 6.88%, 11/15/2031 |  | 140000 | &nbsp;&nbsp; 151902 |
|  |  |  | &nbsp;&nbsp; 1863538 |
| **Health Care REITs-0.97%** | **Health Care REITs-0.97%** | **Health Care REITs-0.97%** | **Health Care REITs-0.97%** |
| &nbsp;&nbsp;&nbsp; Diversified Healthcare Trust, 4.38%, <br> 03/01/2031<br>|  | 195000 | &nbsp;&nbsp; 171790 |
| &nbsp;&nbsp;&nbsp; MPT Operating Partnership L.P./MPT Finance <br> Corp., 3.50%, 03/15/2031<br>|  | 534900 | &nbsp;&nbsp; 392540 |
|  |  |  | &nbsp;&nbsp; 564330 |
| **Hotel & Resort REITs-0.74%** | **Hotel & Resort REITs-0.74%** | **Hotel & Resort REITs-0.74%** | **Hotel & Resort REITs-0.74%** |
| &nbsp;&nbsp;&nbsp; Service Properties Trust, 8.63%, <br> 11/15/2031<sup>(b)</sup><br>|  | 410000 | &nbsp;&nbsp; 430682 |
| **Hotels, Restaurants & Leisure-5.12%** | **Hotels, Restaurants & Leisure-5.12%** | **Hotels, Restaurants & Leisure-5.12%** | **Hotels, Restaurants & Leisure-5.12%** |
| Boyd Gaming Corp., 4.75%, 06/15/2031<sup>(b)</sup> |  | 370000 | &nbsp;&nbsp; 360772 |
| Churchill Downs, Inc., 6.75%, 05/01/2031<sup>(b)</sup> |  | 240000 | &nbsp;&nbsp; 247837 |
| &nbsp;&nbsp;&nbsp; Hilton Domestic Operating Co., Inc., 4.00%, <br> 05/01/2031<sup>(b)</sup><br>|  | 455000 | &nbsp;&nbsp; 434964 |
| &nbsp;&nbsp;&nbsp; Hilton Grand Vacations Borrower LLC, 4.88%, <br> 07/01/2031<sup>(b)</sup><br>|  | 205000 | &nbsp;&nbsp; 190055 |
| Life Time, Inc., 6.00%, 11/15/2031<sup>(b)</sup> |  | 215000 | &nbsp;&nbsp; 219813 |
| &nbsp;&nbsp;&nbsp; Merlin Entertainments Group U.S. Holdings, Inc. <br> (United Kingdom), 7.38%, 02/15/2031<sup>(b)</sup><br>|  | 200000 | &nbsp;&nbsp; 168626 |
| &nbsp;&nbsp;&nbsp; Mohegan Tribal Gaming Authority/MS Digital <br> Entertainment Holdings LLC, 11.88%, <br> 04/15/2031<sup>(b)</sup><br>|  | 290000 | &nbsp;&nbsp; 304055 |
| &nbsp;&nbsp;&nbsp; Premier Entertainment Sub LLC/Premier <br> Entertainment Finance Corp., 5.88%, <br> 09/01/2031<sup>(b)</sup><br>|  | 300000 | &nbsp;&nbsp; 150375 |
| &nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp., 7.25%, <br> 05/15/2031<sup>(b)</sup><br>|  | 335000 | &nbsp;&nbsp; 319675 |
| Station Casinos LLC, 4.63%, 12/01/2031<sup>(b)</sup> |  | 195000 | &nbsp;&nbsp; 184695 |
| Yum! Brands, Inc., 3.63%, 03/15/2031 |  | 430000 | &nbsp;&nbsp; 408251 |
|  |  |  | &nbsp;&nbsp; 2989118 |
| **Household Durables-0.97%** | **Household Durables-0.97%** | **Household Durables-0.97%** | **Household Durables-0.97%** |
| &nbsp;&nbsp;&nbsp; Beazer Homes USA, Inc., 7.50%, <br> 03/15/2031<sup>(b)</sup><br>|  | 105000 | &nbsp;&nbsp; 106715 |
| KB Home, 4.00%, 06/15/2031 |  | 160000 | &nbsp;&nbsp; 151873 |
| &nbsp;&nbsp;&nbsp; Somnigroup International, Inc., 3.88%, <br> 10/15/2031<sup>(b)</sup><br>|  | 325000 | &nbsp;&nbsp; 304914 |
|  |  |  | &nbsp;&nbsp; 563502 |
| **Household Products-0.63%** | **Household Products-0.63%** | **Household Products-0.63%** | **Household Products-0.63%** |
| &nbsp;&nbsp;&nbsp; Central Garden & Pet Co., 4.13%, <br> 04/30/2031<sup>(b)</sup><br>|  | 155000 | &nbsp;&nbsp; 146553 |
| Prestige Brands, Inc., 3.75%, 04/01/2031<sup>(b)</sup> |  | 240000 | &nbsp;&nbsp; 223850 |
|  |  |  | &nbsp;&nbsp; 370403 |
| **Independent Power and Renewable Electricity Producers-1.83%** | **Independent Power and Renewable Electricity Producers-1.83%** | **Independent Power and Renewable Electricity Producers-1.83%** | **Independent Power and Renewable Electricity Producers-1.83%** |
| Calpine Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2031<sup>(b)</sup> |  | 350000 | &nbsp;&nbsp; 350980 |
| &nbsp;&nbsp;&nbsp; 3.75%, 03/01/2031<sup>(b)</sup> |  | 370000 | &nbsp;&nbsp; 357257 |
| &nbsp;&nbsp;&nbsp; Clearway Energy Operating LLC, 3.75%, <br> 02/15/2031<sup>(b)</sup><br>|  | 385000 | &nbsp;&nbsp; 358981 |
|  |  |  | &nbsp;&nbsp; 1067218 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2031 High Yield Corporate Bond ETF (BSJV)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Insurance-5.63%** | **Insurance-5.63%** | **Insurance-5.63%** |
| &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC/Alliant <br> Holdings Co-Issuer<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 01/15/2031<sup>(b)</sup> | $600000 | &nbsp;&nbsp; $623955 |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/01/2031<sup>(b)</sup> | 410000 | &nbsp;&nbsp; 422286 |
| &nbsp;&nbsp;&nbsp; Ardonagh Finco Ltd. (United Kingdom), 7.75%, <br> 02/15/2031<sup>(b)</sup><br>| 530000 | &nbsp;&nbsp; 554583 |
| &nbsp;&nbsp;&nbsp; Howden UK Refinance PLC/Howden UK <br> Refinance 2 PLC/Howden US Refinance LLC <br> (United Kingdom), 7.25%, 02/15/2031<sup>(b)</sup><br>| 415000 | &nbsp;&nbsp; 425876 |
| &nbsp;&nbsp;&nbsp; Panther Escrow Issuer LLC, 7.13%, <br> 06/01/2031<sup>(b)</sup><br>| 1215000 | &nbsp;&nbsp; 1257399 |
|  |  | &nbsp;&nbsp; 3284099 |
| **Interactive Media & Services-0.32%** | **Interactive Media & Services-0.32%** | **Interactive Media & Services-0.32%** |
| &nbsp;&nbsp;&nbsp; Match Group Holdings II LLC, 3.63%, <br> 10/01/2031<sup>(b)</sup><br>| 205000 | &nbsp;&nbsp; 188309 |
| **IT Services-2.19%** | **IT Services-2.19%** | **IT Services-2.19%** |
| CoreWeave, Inc., 9.00%, 02/01/2031<sup>(b)</sup> | 720000 | &nbsp;&nbsp; 652424 |
| Star Holding LLC, 8.75%, 08/01/2031<sup>(b)</sup> | 135000 | &nbsp;&nbsp; 136454 |
| Twilio, Inc., 3.88%, 03/15/2031 | 205000 | &nbsp;&nbsp; 196577 |
| Unisys Corp., 10.63%, 01/15/2031<sup>(b)</sup> | 290000 | &nbsp;&nbsp; 293651 |
|  |  | &nbsp;&nbsp; 1279106 |
| **Machinery-1.08%** | **Machinery-1.08%** | **Machinery-1.08%** |
| Hillenbrand, Inc., 3.75%, 03/01/2031 | 140000 | &nbsp;&nbsp; 140519 |
| &nbsp;&nbsp;&nbsp; J.B. Poindexter & Co., Inc., 8.75%, <br> 12/15/2031<sup>(b)</sup><br>| 350000 | &nbsp;&nbsp; 365391 |
| &nbsp;&nbsp;&nbsp; Manitowoc Co., Inc. (The), 9.25%, <br> 10/01/2031<sup>(b)</sup><br>| 115000 | &nbsp;&nbsp; 122333 |
|  |  | &nbsp;&nbsp; 628243 |
| **Marine Transportation-1.72%** | **Marine Transportation-1.72%** | **Marine Transportation-1.72%** |
| NCL Corp. Ltd., 5.88%, 01/15/2031<sup>(b)</sup> | 490000 | &nbsp;&nbsp; 483867 |
| Stena International S.A. (Sweden) |  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 01/15/2031<sup>(b)</sup> | 356000 | &nbsp;&nbsp; 363131 |
| &nbsp;&nbsp;&nbsp; 7.63%, 02/15/2031<sup>(b)</sup> | 155000 | &nbsp;&nbsp; 159489 |
|  |  | &nbsp;&nbsp; 1006487 |
| **Media-10.53%** | **Media-10.53%** | **Media-10.53%** |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/01/2031<sup>(b)</sup> | 1205000 | &nbsp;&nbsp; 1111151 |
| &nbsp;&nbsp;&nbsp; 7.38%, 03/01/2031<sup>(b)</sup> | 455000 | &nbsp;&nbsp; 464544 |
| &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc., 7.13%, <br> 02/15/2031<sup>(b)</sup><br>| 470000 | &nbsp;&nbsp; 489563 |
| CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp; 3.38%, 02/15/2031<sup>(b)</sup> | 380000 | &nbsp;&nbsp; 211399 |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/15/2031<sup>(b)</sup> | 575000 | &nbsp;&nbsp; 325703 |
| &nbsp;&nbsp;&nbsp; Directv Financing LLC/Directv Financing <br> Co-Obligor, Inc., 10.00%, 02/15/2031<sup>(b)</sup><br>| 840000 | &nbsp;&nbsp; 835089 |
| Lamar Media Corp., 3.63%, 01/15/2031 | 230000 | &nbsp;&nbsp; 217231 |
| &nbsp;&nbsp;&nbsp; McGraw-Hill Education, Inc., 7.38%, <br> 09/01/2031<sup>(b)</sup><br>| 275000 | &nbsp;&nbsp; 285401 |
| &nbsp;&nbsp;&nbsp; Outfront Media Capital LLC/Outfront Media <br> Capital Corp., 7.38%, 02/15/2031<sup>(b)</sup><br>| 190000 | &nbsp;&nbsp; 201511 |
| Sirius XM Radio LLC, 3.88%, 09/01/2031<sup>(b)</sup> | 615000 | &nbsp;&nbsp; 561342 |
| &nbsp;&nbsp;&nbsp; Sunrise FinCo I B.V. (Netherlands), 4.88%, <br> 07/15/2031, (Acquired 09/18/2023 - <br> 11/04/2025; Cost $469,894)<sup>(b)(c)</sup><br>| 510000 | &nbsp;&nbsp; 487797 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Media-(continued)** | **Media-(continued)** | **Media-(continued)** | **Media-(continued)** |
| &nbsp;&nbsp;&nbsp; Univision Communications, Inc., 8.50%, <br> 07/31/2031<sup>(b)</sup><br>| $| 515000 | &nbsp;&nbsp; $533151 |
| &nbsp;&nbsp;&nbsp; Versant Media Group, Inc., 7.25%, <br> 01/30/2031<sup>(b)</sup><br>|  | 410000 | &nbsp;&nbsp; 421517 |
|  |  |  | &nbsp;&nbsp; 6145399 |
| **Metals & Mining-2.69%** | **Metals & Mining-2.69%** | **Metals & Mining-2.69%** | **Metals & Mining-2.69%** |
| &nbsp;&nbsp;&nbsp; Alcoa Nederland Holding B.V., 7.13%, <br> 03/15/2031<sup>(b)</sup><br>|  | 310000 | &nbsp;&nbsp; 328746 |
| ATI, Inc., 5.13%, 10/01/2031 |  | 135000 | &nbsp;&nbsp; 135377 |
| Cleveland-Cliffs, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 03/01/2031<sup>(b)</sup> |  | 130000 | &nbsp;&nbsp; 123934 |
| &nbsp;&nbsp;&nbsp; 7.50%, 09/15/2031<sup>(b)</sup> |  | 350000 | &nbsp;&nbsp; 366361 |
| Commercial Metals Co., 3.88%, 02/15/2031 |  | 120000 | &nbsp;&nbsp; 113626 |
| Kaiser Aluminum Corp., 4.50%, 06/01/2031<sup>(b)</sup> |  | 230000 | &nbsp;&nbsp; 220653 |
| Novelis Corp., 3.88%, 08/15/2031<sup>(b)</sup> |  | 310000 | &nbsp;&nbsp; 283114 |
|  |  |  | &nbsp;&nbsp; 1571811 |
| **Mortgage REITs-0.38%** | **Mortgage REITs-0.38%** | **Mortgage REITs-0.38%** | **Mortgage REITs-0.38%** |
| &nbsp;&nbsp;&nbsp; Starwood Property Trust, Inc., 5.75%, <br> 01/15/2031<sup>(b)</sup><br>|  | 220000 | &nbsp;&nbsp; 223871 |
| **Office REITs-0.20%** | **Office REITs-0.20%** | **Office REITs-0.20%** | **Office REITs-0.20%** |
| &nbsp;&nbsp;&nbsp; Brandywine Operating Partnership L.P., 6.13%, <br> 01/15/2031<br>|  | 120000 | &nbsp;&nbsp; 118738 |
| **Oil, Gas & Consumable Fuels-7.37%** | **Oil, Gas & Consumable Fuels-7.37%** | **Oil, Gas & Consumable Fuels-7.37%** | **Oil, Gas & Consumable Fuels-7.37%** |
| Civitas Resources, Inc., 8.75%, 07/01/2031<sup>(b)</sup> |  | 559000 | &nbsp;&nbsp; 582809 |
| CNX Resources Corp., 7.38%, 01/15/2031<sup>(b)</sup> |  | 205000 | &nbsp;&nbsp; 212956 |
| &nbsp;&nbsp;&nbsp; CQP Holdco L.P./BIP-V Chinook Holdco LLC, <br> 5.50%, 06/15/2031<sup>(b)</sup><br>|  | 575000 | &nbsp;&nbsp; 570740 |
| &nbsp;&nbsp;&nbsp; Hilcorp Energy I L.P./Hilcorp Finance Co., <br> 6.00%, 02/01/2031<sup>(b)</sup><br>|  | 239000 | &nbsp;&nbsp; 225751 |
| &nbsp;&nbsp;&nbsp; Moss Creek Resources Holdings, Inc., 8.25%, <br> 09/01/2031<sup>(b)</sup><br>|  | 315000 | &nbsp;&nbsp; 302361 |
| Murphy Oil USA, Inc., 3.75%, 02/15/2031<sup>(b)</sup> |  | 205000 | &nbsp;&nbsp; 192479 |
| &nbsp;&nbsp;&nbsp; Northern Oil and Gas, Inc., 8.75%, <br> 06/15/2031<sup>(b)</sup><br>|  | 205000 | &nbsp;&nbsp; 209868 |
| Sunoco L.P., 5.63%, 03/15/2031<sup>(b)</sup> |  | 410000 | &nbsp;&nbsp; 412589 |
| &nbsp;&nbsp;&nbsp; Tallgrass Energy Partners L.P./Tallgrass Energy <br> Finance Corp., 6.00%, 09/01/2031<sup>(b)</sup><br>|  | 200000 | &nbsp;&nbsp; 197811 |
| Talos Production, Inc., 9.38%, 02/01/2031<sup>(b)</sup> |  | 255000 | &nbsp;&nbsp; 268887 |
| &nbsp;&nbsp;&nbsp; Venture Global LNG, Inc., 8.38%, <br> 06/01/2031<sup>(b)</sup><br>|  | 915000 | &nbsp;&nbsp; 917873 |
| &nbsp;&nbsp;&nbsp; VFH Parent LLC/Valor Co-Issuer, Inc., 7.50%, <br> 06/15/2031<sup>(b)</sup><br>|  | 195000 | &nbsp;&nbsp; 205130 |
|  |  |  | &nbsp;&nbsp; 4299254 |
| **Paper & Forest Products-0.54%** | **Paper & Forest Products-0.54%** | **Paper & Forest Products-0.54%** | **Paper & Forest Products-0.54%** |
| Magnera Corp., 7.25%, 11/15/2031<sup>(b)</sup> |  | 330000 | &nbsp;&nbsp; 315256 |
| **Passenger Airlines-1.35%** | **Passenger Airlines-1.35%** | **Passenger Airlines-1.35%** | **Passenger Airlines-1.35%** |
| &nbsp;&nbsp;&nbsp; JetBlue Airways Corp./JetBlue Loyalty L.P., <br> 9.88%, 09/20/2031<sup>(b)</sup><br>|  | 795000 | &nbsp;&nbsp; 785821 |
| **Pharmaceuticals-1.78%** | **Pharmaceuticals-1.78%** | **Pharmaceuticals-1.78%** | **Pharmaceuticals-1.78%** |
| &nbsp;&nbsp;&nbsp; Endo Finance Holdings, Inc., 8.50%, <br> 04/15/2031<sup>(b)</sup><br>|  | 413000 | &nbsp;&nbsp; 430150 |
| &nbsp;&nbsp;&nbsp; Organon & Co./Organon Foreign Debt Co-Issuer <br> B.V., 5.13%, 04/30/2031<sup>(b)</sup><br>|  | 725000 | &nbsp;&nbsp; 607706 |
|  |  |  | &nbsp;&nbsp; 1037856 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2031 High Yield Corporate Bond ETF (BSJV)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Professional Services-0.57%** | **Professional Services-0.57%** | **Professional Services-0.57%** |
| AMN Healthcare, Inc., 6.50%, 01/15/2031<sup>(b)</sup> | $160000 | &nbsp;&nbsp; $160582 |
| TriNet Group, Inc., 7.13%, 08/15/2031<sup>(b)</sup> | 165000 | &nbsp;&nbsp; 171310 |
|  |  | &nbsp;&nbsp; 331892 |
| **Real Estate Management & Development-0.85%** | **Real Estate Management & Development-0.85%** | **Real Estate Management & Development-0.85%** |
| &nbsp;&nbsp;&nbsp; Howard Hughes Corp. (The), 4.38%, <br> 02/01/2031<sup>(b)</sup><br>| 268000 | &nbsp;&nbsp; 256276 |
| Kennedy-Wilson, Inc., 5.00%, 03/01/2031 | 250000 | &nbsp;&nbsp; 240075 |
|  |  | &nbsp;&nbsp; 496351 |
| **Software-2.21%** | **Software-2.21%** | **Software-2.21%** |
| &nbsp;&nbsp;&nbsp; Open Text Holdings, Inc. (Canada), 4.13%, <br> 12/01/2031<sup>(b)</sup><br>| 265000 | &nbsp;&nbsp; 246682 |
| UKG, Inc., 6.88%, 02/01/2031<sup>(b)</sup> | 1010000 | &nbsp;&nbsp; 1043521 |
|  |  | &nbsp;&nbsp; 1290203 |
| **Specialized REITs-0.75%** | **Specialized REITs-0.75%** | **Specialized REITs-0.75%** |
| Iron Mountain, Inc., 4.50%, 02/15/2031<sup>(b)</sup> | 455000 | &nbsp;&nbsp; 435879 |
| **Specialty Retail-2.19%** | **Specialty Retail-2.19%** | **Specialty Retail-2.19%** |
| Gap, Inc. (The), 3.88%, 10/01/2031<sup>(b)</sup> | 310000 | &nbsp;&nbsp; 289078 |
| &nbsp;&nbsp;&nbsp; LCM Investments Holdings II LLC, 8.25%, <br> 08/01/2031<sup>(b)</sup><br>| 350000 | &nbsp;&nbsp; 369566 |
| Lithia Motors, Inc., 4.38%, 01/15/2031<sup>(b)</sup> | 230000 | &nbsp;&nbsp; 220919 |
| Sonic Automotive, Inc., 4.88%, 11/15/2031<sup>(b)</sup> | 205000 | &nbsp;&nbsp; 197462 |
| Valvoline, Inc., 3.63%, 06/15/2031<sup>(b)</sup> | 220000 | &nbsp;&nbsp; 202989 |
|  |  | &nbsp;&nbsp; 1280014 |
| **Technology Hardware, Storage & Peripherals-0.32%** | **Technology Hardware, Storage & Peripherals-0.32%** | **Technology Hardware, Storage & Peripherals-0.32%** |
| Xerox Corp., 13.50%, 04/15/2031<sup>(b)</sup> | 200000 | &nbsp;&nbsp; 185127 |
| **Textiles, Apparel & Luxury Goods-0.60%** | **Textiles, Apparel & Luxury Goods-0.60%** | **Textiles, Apparel & Luxury Goods-0.60%** |
| &nbsp;&nbsp;&nbsp; Champ Acquisition Corp., 8.38%, <br> 12/01/2031<sup>(b)</sup><br>| 205000 | &nbsp;&nbsp; 218555 |
| Crocs, Inc., 4.13%, 08/15/2031<sup>(b)</sup> | 145000 | &nbsp;&nbsp; 133889 |
|  |  | &nbsp;&nbsp; 352444 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Trading Companies & Distributors-0.52%** | **Trading Companies & Distributors-0.52%** | **Trading Companies & Distributors-0.52%** |
| &nbsp;&nbsp;&nbsp; FTAI Aviation Investors LLC, 7.00%, <br> 05/01/2031<sup>(b)</sup><br>| $287000 | &nbsp;&nbsp; $301307 |
| **Water Utilities-0.40%** | **Water Utilities-0.40%** | **Water Utilities-0.40%** |
| S&S Holdings LLC, 8.38%, 10/01/2031<sup>(b)</sup> | 250000 | &nbsp;&nbsp; 235573 |
| **Wireless Telecommunication Services-1.79%** | **Wireless Telecommunication Services-1.79%** | **Wireless Telecommunication Services-1.79%** |
| VMED O2 UK Financing I PLC (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/31/2031<sup>(b)</sup> | 561000 | &nbsp;&nbsp; 513218 |
| &nbsp;&nbsp;&nbsp; 4.75%, 07/15/2031<sup>(b)</sup> | 575000 | &nbsp;&nbsp; 531111 |
|  |  | &nbsp;&nbsp; 1044329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $56,635,779) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $56,635,779) | &nbsp;&nbsp; 57233673 |
|  | **Shares** |  |
| **Money Market Funds-0.23%** |  |  |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, <br> Institutional Class, 3.91%<sup>(d)(e)</sup> <br>(Cost $133,033)<br>| 133033 | &nbsp;&nbsp; 133033 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-98.30% <br>(Cost $56,768,812) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-98.30% <br>(Cost $56,768,812) | &nbsp;&nbsp; 57366706 |
| OTHER ASSETS LESS LIABILITIES-1.70% | OTHER ASSETS LESS LIABILITIES-1.70% | &nbsp;&nbsp; 991557 |
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $58358263 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Investment Abbreviations: <br> REIT -Real Estate Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | 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 <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> November 30, 2025 was $51,383,477, which represented 88.05% of the Fund's Net Assets.<br>|
| <sup>(c)</sup> | Restricted security. The value of this security at November 30, 2025 represented less than 1% of the Fund's Net Assets. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the three months ended November 30, 2025.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**November 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp;&nbsp; $11009 | &nbsp;&nbsp;&nbsp; $1491377 | &nbsp;&nbsp;&nbsp; $(1369353)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $133033 | &nbsp;&nbsp;&nbsp; $2905 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of November 30, 2025.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

See accompanying notes which are an integral part of this schedule.

------

Schedule of Investments<sup>(a)</sup>

**Invesco BulletShares 2032 High Yield Corporate Bond ETF (BSJW)**

November 30, 2025

*(Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes-98.32%** | **U.S. Dollar Denominated Bonds & Notes-98.32%** | **U.S. Dollar Denominated Bonds & Notes-98.32%** |
| **Aerospace & Defense-2.98%** | **Aerospace & Defense-2.98%** | **Aerospace & Defense-2.98%** |
| &nbsp;&nbsp;&nbsp; Bombardier, Inc. (Canada), 7.00%, <br> 06/01/2032<sup>(b)(c)</sup><br>| $135000 | &nbsp;&nbsp; $142409 |
| &nbsp;&nbsp;&nbsp; Efesto Bidco S.p.A. Efesto US LLC (Italy), <br> Series XR, 7.50%, 02/15/2032<sup>(b)</sup><br>| 150000 | &nbsp;&nbsp; 152874 |
| Goat Holdco LLC, 6.75%, 02/01/2032<sup>(b)</sup> | 140000 | &nbsp;&nbsp; 143714 |
| TransDigm, Inc., 6.63%, 03/01/2032<sup>(b)</sup> | 390000 | &nbsp;&nbsp; 405843 |
|  |  | &nbsp;&nbsp; 844840 |
| **Air Freight & Logistics-0.19%** | **Air Freight & Logistics-0.19%** | **Air Freight & Logistics-0.19%** |
| &nbsp;&nbsp;&nbsp; Global Infrastructure Solutions, Inc., 7.50%, <br> 04/15/2032<sup>(b)</sup><br>| 51000 | &nbsp;&nbsp; 53794 |
| **Automobile Components-4.04%** | **Automobile Components-4.04%** | **Automobile Components-4.04%** |
| &nbsp;&nbsp;&nbsp; American Axle & Manufacturing, Inc., 6.38%, <br> 10/15/2032<sup>(b)</sup><br>| 160000 | &nbsp;&nbsp; 161103 |
| &nbsp;&nbsp;&nbsp; Avis Budget Car Rental LLC/Avis Budget <br> Finance, Inc., 8.38%, 06/15/2032<sup>(b)</sup><br>| 110000 | &nbsp;&nbsp; 113362 |
| &nbsp;&nbsp;&nbsp; Clarios Global L.P./Clarios US Finance Co., <br> 6.75%, 09/15/2032<sup>(b)</sup><br>| 200000 | &nbsp;&nbsp; 205874 |
| Dana, Inc., 4.50%, 02/15/2032 | 70000 | &nbsp;&nbsp; 68714 |
| &nbsp;&nbsp;&nbsp; Garrett Motion Holdings, Inc./Garrett LX I <br> S.a.r.l., 7.75%, 05/31/2032<sup>(b)</sup><br>| 150000 | &nbsp;&nbsp; 158660 |
| Patrick Industries, Inc., 6.38%, 11/01/2032<sup>(b)</sup> | 95000 | &nbsp;&nbsp; 97491 |
| Phinia, Inc., 6.63%, 10/15/2032<sup>(b)</sup> | 85000 | &nbsp;&nbsp; 88325 |
| &nbsp;&nbsp;&nbsp; United Rentals (North America), Inc., 3.75%, <br> 01/15/2032<br>| 135000 | &nbsp;&nbsp; 126956 |
| &nbsp;&nbsp;&nbsp; ZF North America Capital, Inc. (Germany), <br> 6.88%, 04/23/2032<sup>(b)</sup><br>| 130000 | &nbsp;&nbsp; 123615 |
|  |  | &nbsp;&nbsp; 1144100 |
| **Automobiles-0.52%** | **Automobiles-0.52%** | **Automobiles-0.52%** |
| &nbsp;&nbsp;&nbsp; Nissan Motor Co. Ltd. (Japan), 7.75%, <br> 07/17/2032<sup>(b)</sup><br>| 140000 | &nbsp;&nbsp; 147291 |
| **Banks-0.29%** | **Banks-0.29%** | **Banks-0.29%** |
| &nbsp;&nbsp;&nbsp; Brundage-Bone Concrete Pumping Holdings, <br> Inc., 7.50%, 02/01/2032<sup>(b)</sup><br>| 80000 | &nbsp;&nbsp; 81121 |
| **Building Products-2.58%** | **Building Products-2.58%** | **Building Products-2.58%** |
| Builders FirstSource, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/01/2032<sup>(b)</sup> | 231000 | &nbsp;&nbsp; 219745 |
| &nbsp;&nbsp;&nbsp; 6.38%, 06/15/2032<sup>(b)</sup> | 130000 | &nbsp;&nbsp; 135502 |
| JELD-WEN, Inc., 7.00%, 09/01/2032<sup>(b)(c)</sup> | 65000 | &nbsp;&nbsp; 44344 |
| MasterBrand, Inc., 7.00%, 07/15/2032<sup>(b)</sup> | 130000 | &nbsp;&nbsp; 134276 |
| &nbsp;&nbsp;&nbsp; Standard Building Solutions, Inc., 6.50%, <br> 08/15/2032<sup>(b)</sup><br>| 190000 | &nbsp;&nbsp; 196171 |
|  |  | &nbsp;&nbsp; 730038 |
| **Capital Markets-0.78%** | **Capital Markets-0.78%** | **Capital Markets-0.78%** |
| &nbsp;&nbsp;&nbsp; Methanex US Operations, Inc., 6.25%, <br> 03/15/2032<sup>(b)(c)</sup><br>| 115000 | &nbsp;&nbsp; 118161 |
| Osaic Holdings, Inc., 6.75%, 08/01/2032<sup>(b)</sup> | 100000 | &nbsp;&nbsp; 103854 |
|  |  | &nbsp;&nbsp; 222015 |
| **Chemicals-2.13%** | **Chemicals-2.13%** | **Chemicals-2.13%** |
| &nbsp;&nbsp;&nbsp; Celanese US Holdings LLC, 6.88%, <br> 07/15/2032<br>| 190000 | &nbsp;&nbsp; 193988 |
| &nbsp;&nbsp;&nbsp; Inversion Escrow Issuer LLC, 6.75%, <br> 08/01/2032<sup>(b)</sup><br>| 210000 | &nbsp;&nbsp; 205316 |
| &nbsp;&nbsp;&nbsp; Scotts Miracle-Gro Co. (The), 4.38%, <br> 02/01/2032<br>| 70000 | &nbsp;&nbsp; 65645 |
| &nbsp;&nbsp;&nbsp; W. R. Grace Holdings LLC, 6.63%, <br> 08/15/2032<sup>(b)</sup><br>| 140000 | &nbsp;&nbsp; 139103 |
|  |  | &nbsp;&nbsp; 604052 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Commercial Services & Supplies-2.78%** | **Commercial Services & Supplies-2.78%** | **Commercial Services & Supplies-2.78%** |
| &nbsp;&nbsp;&nbsp; ADT Security Corp. (The), 4.88%, <br> 07/15/2032<sup>(b)</sup><br>| $135000 | &nbsp;&nbsp; $131067 |
| Brink's Co. (The), 6.75%, 06/15/2032<sup>(b)</sup> | 70000 | &nbsp;&nbsp; 73060 |
| Cimpress PLC (Ireland), 7.38%, 09/15/2032<sup>(b)</sup> | 100000 | &nbsp;&nbsp; 102133 |
| Garda World Security Corp. (Canada) |  |  |
| &nbsp;&nbsp;&nbsp; 8.25%, 08/01/2032<sup>(b)</sup> | 100000 | &nbsp;&nbsp; 102630 |
| &nbsp;&nbsp;&nbsp; 8.38%, 11/15/2032<sup>(b)</sup> | 190000 | &nbsp;&nbsp; 194972 |
| &nbsp;&nbsp;&nbsp; Kingpin Intermediate Holdings LLC, 7.25%, <br> 10/15/2032<sup>(b)(c)</sup><br>| 90000 | &nbsp;&nbsp; 83668 |
| &nbsp;&nbsp;&nbsp; Wrangler Holdco Corp. (Canada), 6.63%, <br> 04/01/2032<sup>(b)</sup><br>| 95000 | &nbsp;&nbsp; 99901 |
|  |  | &nbsp;&nbsp; 787431 |
| **Construction & Engineering-0.43%** | **Construction & Engineering-0.43%** | **Construction & Engineering-0.43%** |
| Arcosa, Inc., 6.88%, 08/15/2032<sup>(b)</sup> | 115000 | &nbsp;&nbsp; 120930 |
| **Construction Materials-2.57%** | **Construction Materials-2.57%** | **Construction Materials-2.57%** |
| Quikrete Holdings, Inc., 6.38%, 03/01/2032<sup>(b)</sup> | 700000 | &nbsp;&nbsp; 727454 |
| **Consumer Finance-1.83%** | **Consumer Finance-1.83%** | **Consumer Finance-1.83%** |
| EZCORP, Inc., 7.38%, 04/01/2032<sup>(b)</sup> | 60000 | &nbsp;&nbsp; 63051 |
| FirstCash, Inc., 6.88%, 03/01/2032<sup>(b)</sup> | 92000 | &nbsp;&nbsp; 95776 |
| Navient Corp., 7.88%, 06/15/2032<sup>(c)</sup> | 90000 | &nbsp;&nbsp; 93105 |
| OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/15/2032 | 110000 | &nbsp;&nbsp; 112562 |
| &nbsp;&nbsp;&nbsp; 7.13%, 09/15/2032 | 150000 | &nbsp;&nbsp; 155538 |
|  |  | &nbsp;&nbsp; 520032 |
| **Consumer Staples Distribution & Retail-1.66%** | **Consumer Staples Distribution & Retail-1.66%** | **Consumer Staples Distribution & Retail-1.66%** |
| &nbsp;&nbsp;&nbsp; BCPE Flavor Debt Merger Sub LLC and BCPE <br> Flavor Issuer, Inc., 9.50%, 07/01/2032<sup>(b)</sup><br>| 90000 | &nbsp;&nbsp; 87864 |
| Fiesta Purchaser, Inc., 9.63%, 09/15/2032<sup>(b)</sup> | 85000 | &nbsp;&nbsp; 91246 |
| &nbsp;&nbsp;&nbsp; Performance Food Group, Inc., 6.13%, <br> 09/15/2032<sup>(b)</sup><br>| 190000 | &nbsp;&nbsp; 195708 |
| US Foods, Inc., 7.25%, 01/15/2032<sup>(b)</sup> | 90000 | &nbsp;&nbsp; 94937 |
|  |  | &nbsp;&nbsp; 469755 |
| **Containers & Packaging-1.72%** | **Containers & Packaging-1.72%** | **Containers & Packaging-1.72%** |
| &nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc., 6.75%, <br> 04/15/2032<sup>(b)</sup><br>| 260000 | &nbsp;&nbsp; 262564 |
| &nbsp;&nbsp;&nbsp; Graphic Packaging International LLC, 6.38%, <br> 07/15/2032<sup>(b)(c)</sup><br>| 90000 | &nbsp;&nbsp; 91634 |
| &nbsp;&nbsp;&nbsp; Owens-Brockway Glass Container, Inc., 7.38%, <br> 06/01/2032<sup>(b)</sup><br>| 60000 | &nbsp;&nbsp; 60438 |
| Sealed Air Corp., 6.50%, 07/15/2032<sup>(b)(c)</sup> | 70000 | &nbsp;&nbsp; 72513 |
|  |  | &nbsp;&nbsp; 487149 |
| **Distributors-0.42%** | **Distributors-0.42%** | **Distributors-0.42%** |
| Resideo Funding, Inc., 6.50%, 07/15/2032<sup>(b)</sup> | 115000 | &nbsp;&nbsp; 117876 |
| **Diversified Consumer Services-0.54%** | **Diversified Consumer Services-0.54%** | **Diversified Consumer Services-0.54%** |
| &nbsp;&nbsp;&nbsp; Service Corp. International, 5.75%, <br> 10/15/2032<br>| 150000 | &nbsp;&nbsp; 153250 |
| **Diversified REITs-0.83%** | **Diversified REITs-0.83%** | **Diversified REITs-0.83%** |
| &nbsp;&nbsp;&nbsp; Iron Mountain Information Management <br> Services, Inc., 5.00%, 07/15/2032<sup>(b)</sup><br>| 135000 | &nbsp;&nbsp; 130131 |
| &nbsp;&nbsp;&nbsp; Uniti Group L.P./Uniti Group Finance 2019, <br> Inc./CSL Capital LLC, 8.63%, 06/15/2032<sup>(b)</sup><br>| 110000 | &nbsp;&nbsp; 105580 |
|  |  | &nbsp;&nbsp; 235711 |
| **Diversified Telecommunication Services-2.96%** | **Diversified Telecommunication Services-2.96%** | **Diversified Telecommunication Services-2.96%** |
| Altice France S.A. (France) |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 04/15/2032<sup>(b)</sup> | 340000 | &nbsp;&nbsp; 331144 |
| &nbsp;&nbsp;&nbsp; 6.88%, 07/15/2032<sup>(b)</sup> | 280000 | &nbsp;&nbsp; 273201 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2032 High Yield Corporate Bond ETF (BSJW)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Diversified Telecommunication Services-(continued)** | **Diversified Telecommunication Services-(continued)** | **Diversified Telecommunication Services-(continued)** | **Diversified Telecommunication Services-(continued)** |
| &nbsp;&nbsp;&nbsp; Iliad Holding S.A.S. (France), 7.00%, <br> 04/15/2032<sup>(b)</sup><br>| $| 160000 | &nbsp;&nbsp; $165134 |
| &nbsp;&nbsp;&nbsp; Lumen Technologies, Inc., 10.00%, <br> 10/15/2032<sup>(b)</sup><br>|  | 70000 | &nbsp;&nbsp; 70602 |
|  |  |  | &nbsp;&nbsp; 840081 |
| **Electric Utilities-2.14%** | **Electric Utilities-2.14%** | **Electric Utilities-2.14%** | **Electric Utilities-2.14%** |
| Alpha Generation LLC, 6.75%, 10/15/2032<sup>(b)</sup> |  | 182000 | &nbsp;&nbsp; 187455 |
| &nbsp;&nbsp;&nbsp; California Buyer Ltd./Atlantica Sustainable <br> Infrastructure PLC (United Kingdom), 6.38%, <br> 02/15/2032<sup>(b)</sup><br>|  | 135000 | &nbsp;&nbsp; 135103 |
| NRG Energy, Inc., 3.88%, 02/15/2032<sup>(b)</sup> |  | 90000 | &nbsp;&nbsp; 84457 |
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, 6.88%, <br> 04/15/2032<sup>(b)</sup><br>|  | 190000 | &nbsp;&nbsp; 199952 |
|  |  |  | &nbsp;&nbsp; 606967 |
| **Electrical Equipment-1.75%** | **Electrical Equipment-1.75%** | **Electrical Equipment-1.75%** | **Electrical Equipment-1.75%** |
| EnerSys, 6.63%, 01/15/2032<sup>(b)</sup> |  | 50000 | &nbsp;&nbsp; 52024 |
| Lightning Power LLC, 7.25%, 08/15/2032<sup>(b)</sup> |  | 280000 | &nbsp;&nbsp; 297360 |
| &nbsp;&nbsp;&nbsp; WESCO Distribution, Inc., 6.63%, <br> 03/15/2032<sup>(b)</sup><br>|  | 140000 | &nbsp;&nbsp; 147020 |
|  |  |  | &nbsp;&nbsp; 496404 |
| **Electronic Equipment, Instruments & Components-1.97%** | **Electronic Equipment, Instruments & Components-1.97%** | **Electronic Equipment, Instruments & Components-1.97%** | **Electronic Equipment, Instruments & Components-1.97%** |
| &nbsp;&nbsp;&nbsp; Insight Enterprises, Inc., 6.63%, <br> 05/15/2032<sup>(b)</sup><br>|  | 95000 | &nbsp;&nbsp; 97350 |
| &nbsp;&nbsp;&nbsp; ION Platform Finance US, Inc., 7.88%, <br> 09/30/2032<sup>(b)</sup><br>|  | 280000 | &nbsp;&nbsp; 267139 |
| &nbsp;&nbsp;&nbsp; Sensata Technologies, Inc., 6.63%, <br> 07/15/2032<sup>(b)</sup><br>|  | 90000 | &nbsp;&nbsp; 94177 |
| &nbsp;&nbsp;&nbsp; Zebra Technologies Corp., 6.50%, <br> 06/01/2032<sup>(b)</sup><br>|  | 95000 | &nbsp;&nbsp; 98577 |
|  |  |  | &nbsp;&nbsp; 557243 |
| **Energy Equipment & Services-0.80%** | **Energy Equipment & Services-0.80%** | **Energy Equipment & Services-0.80%** | **Energy Equipment & Services-0.80%** |
| &nbsp;&nbsp;&nbsp; Archrock Partners L.P./Archrock Partners <br> Finance Corp., 6.63%, 09/01/2032<sup>(b)</sup><br>|  | 130000 | &nbsp;&nbsp; 133971 |
| &nbsp;&nbsp;&nbsp; Harvest Midstream I L.P., 7.50%, <br> 05/15/2032<sup>(b)</sup><br>|  | 90000 | &nbsp;&nbsp; 93591 |
|  |  |  | &nbsp;&nbsp; 227562 |
| **Entertainment-0.35%** | **Entertainment-0.35%** | **Entertainment-0.35%** | **Entertainment-0.35%** |
| Cinemark USA, Inc., 7.00%, 08/01/2032<sup>(b)</sup> |  | 95000 | &nbsp;&nbsp; 99114 |
| **Financial Services-3.74%** | **Financial Services-3.74%** | **Financial Services-3.74%** | **Financial Services-3.74%** |
| &nbsp;&nbsp;&nbsp; Compass Group Diversified Holdings LLC, <br> 5.00%, 01/15/2032<sup>(b)(c)</sup><br>|  | 61468 | &nbsp;&nbsp; 54967 |
| &nbsp;&nbsp;&nbsp; Freedom Mortgage Holdings LLC, 8.38%, <br> 04/01/2032<sup>(b)</sup><br>|  | 120000 | &nbsp;&nbsp; 126161 |
| &nbsp;&nbsp;&nbsp; Jane Street Group/JSG Finance, Inc., 6.13%, <br> 11/01/2032<sup>(b)</sup><br>|  | 280000 | &nbsp;&nbsp; 285081 |
| &nbsp;&nbsp;&nbsp; PennyMac Financial Services, Inc., 6.88%, <br> 05/15/2032<sup>(b)</sup><br>|  | 160000 | &nbsp;&nbsp; 167279 |
| &nbsp;&nbsp;&nbsp; Shift4 Payments LLC/Shift4 Payments Finance <br> Sub, Inc., 6.75%, 08/15/2032<sup>(b)</sup><br>|  | 290000 | &nbsp;&nbsp; 301886 |
| &nbsp;&nbsp;&nbsp; Stonex Escrow Issuer LLC, 6.88%, <br> 07/15/2032<sup>(b)</sup><br>|  | 120000 | &nbsp;&nbsp; 124313 |
|  |  |  | &nbsp;&nbsp; 1059687 |
| **Food Products-1.51%** | **Food Products-1.51%** | **Food Products-1.51%** | **Food Products-1.51%** |
| &nbsp;&nbsp;&nbsp; Froneri Lux Finco S.a.r.l. (United Kingdom), <br> 6.00%, 08/01/2032<sup>(b)</sup><br>|  | 110000 | &nbsp;&nbsp; 111149 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Food Products-(continued)** | **Food Products-(continued)** | **Food Products-(continued)** | **Food Products-(continued)** |
| &nbsp;&nbsp;&nbsp; Lamb Weston Holdings, Inc., 4.38%, <br> 01/31/2032<sup>(b)</sup><br>| $| 126000 | &nbsp;&nbsp; $120723 |
| Post Holdings, Inc., 6.25%, 02/15/2032<sup>(b)</sup> |  | 190000 | &nbsp;&nbsp; 196425 |
|  |  |  | &nbsp;&nbsp; 428297 |
| **Ground Transportation-1.51%** | **Ground Transportation-1.51%** | **Ground Transportation-1.51%** | **Ground Transportation-1.51%** |
| &nbsp;&nbsp;&nbsp; Genesee & Wyoming, Inc., 6.25%, <br> 04/15/2032<sup>(b)</sup><br>|  | 120000 | &nbsp;&nbsp; 123543 |
| &nbsp;&nbsp;&nbsp; Watco Cos LLC/Watco Finance Corp., 7.13%, <br> 08/01/2032<sup>(b)</sup><br>|  | 180000 | &nbsp;&nbsp; 188674 |
| XPO, Inc., 7.13%, 02/01/2032<sup>(b)</sup> |  | 110000 | &nbsp;&nbsp; 116316 |
|  |  |  | &nbsp;&nbsp; 428533 |
| **Health Care Equipment & Supplies-1.02%** | **Health Care Equipment & Supplies-1.02%** | **Health Care Equipment & Supplies-1.02%** | **Health Care Equipment & Supplies-1.02%** |
| &nbsp;&nbsp;&nbsp; Miter Brands Acquisition Holdco, Inc./MIWD <br> Borrower LLC, 6.75%, 04/01/2032<sup>(b)</sup><br>|  | 130000 | &nbsp;&nbsp; 132883 |
| &nbsp;&nbsp;&nbsp; Radiology Partners, Inc., 8.50%, <br> 07/15/2032<sup>(b)</sup><br>|  | 150000 | &nbsp;&nbsp; 156000 |
|  |  |  | &nbsp;&nbsp; 288883 |
| **Health Care Providers & Services-4.87%** | **Health Care Providers & Services-4.87%** | **Health Care Providers & Services-4.87%** | **Health Care Providers & Services-4.87%** |
| &nbsp;&nbsp;&nbsp; Community Health Systems, Inc., 10.88%, <br> 01/15/2032<sup>(b)</sup><br>|  | 395000 | &nbsp;&nbsp; 427143 |
| &nbsp;&nbsp;&nbsp; Concentra Health Services, Inc., 6.88%, <br> 07/15/2032<sup>(b)(c)</sup><br>|  | 105000 | &nbsp;&nbsp; 110064 |
| DaVita, Inc., 6.88%, 09/01/2032<sup>(b)</sup> |  | 190000 | &nbsp;&nbsp; 197865 |
| LifePoint Health, Inc., 10.00%, 06/01/2032<sup>(b)</sup> |  | 150000 | &nbsp;&nbsp; 158733 |
| Molina Healthcare, Inc., 3.88%, 05/15/2032<sup>(b)</sup> |  | 135000 | &nbsp;&nbsp; 121803 |
| Select Medical Corp., 6.25%, 12/01/2032<sup>(b)(c)</sup> |  | 90000 | &nbsp;&nbsp; 89460 |
| &nbsp;&nbsp;&nbsp; Surgery Center Holdings, Inc., 7.25%, <br> 04/15/2032<sup>(b)</sup><br>|  | 150000 | &nbsp;&nbsp; 154120 |
| Tenet Healthcare Corp., 5.50%, 11/15/2032<sup>(b)</sup> |  | 120000 | &nbsp;&nbsp; 121980 |
|  |  |  | &nbsp;&nbsp; 1381168 |
| **Health Care REITs-0.93%** | **Health Care REITs-0.93%** | **Health Care REITs-0.93%** | **Health Care REITs-0.93%** |
| &nbsp;&nbsp;&nbsp; MPT Operating Partnership L.P./MPT Finance <br> Corp., 8.50%, 02/15/2032<sup>(b)</sup><br>|  | 250000 | &nbsp;&nbsp; 264434 |
| **Hotel & Resort REITs-1.02%** | **Hotel & Resort REITs-1.02%** | **Hotel & Resort REITs-1.02%** | **Hotel & Resort REITs-1.02%** |
| &nbsp;&nbsp;&nbsp; RHP Hotel Properties L.P./RHP Finance Corp., <br> 6.50%, 04/01/2032<sup>(b)</sup><br>|  | 190000 | &nbsp;&nbsp; 197090 |
| Service Properties Trust, 8.88%, 06/15/2032 |  | 95000 | &nbsp;&nbsp; 91584 |
|  |  |  | &nbsp;&nbsp; 288674 |
| **Hotels, Restaurants & Leisure-6.90%** | **Hotels, Restaurants & Leisure-6.90%** | **Hotels, Restaurants & Leisure-6.90%** | **Hotels, Restaurants & Leisure-6.90%** |
| Caesars Entertainment, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 02/15/2032<sup>(b)(c)</sup> |  | 280000 | &nbsp;&nbsp; 284990 |
| &nbsp;&nbsp;&nbsp; 6.00%, 10/15/2032<sup>(b)(c)</sup> |  | 202000 | &nbsp;&nbsp; 192888 |
| Hilton Domestic Operating Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 02/15/2032<sup>(b)</sup> |  | 280000 | &nbsp;&nbsp; 260458 |
| &nbsp;&nbsp;&nbsp; 6.13%, 04/01/2032<sup>(b)</sup> |  | 85000 | &nbsp;&nbsp; 88204 |
| &nbsp;&nbsp;&nbsp; Hilton Grand Vacations Borrower LLC, 6.63%, <br> 01/15/2032<sup>(b)</sup><br>|  | 165000 | &nbsp;&nbsp; 168161 |
| &nbsp;&nbsp;&nbsp; MGM Resorts International, 6.50%, <br> 04/15/2032<sup>(c)</sup><br>|  | 140000 | &nbsp;&nbsp; 143794 |
| &nbsp;&nbsp;&nbsp; Motion Finco S.a.r.l. (United Kingdom), 8.38%, <br> 02/15/2032<sup>(b)(c)</sup><br>|  | 73000 | &nbsp;&nbsp; 62872 |
| &nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp./Six Flags Theme <br> Parks, Inc./Canada's Wonderland Co., 6.63%, <br> 05/01/2032<sup>(b)</sup><br>|  | 160000 | &nbsp;&nbsp; 159740 |
| Station Casinos LLC, 6.63%, 03/15/2032<sup>(b)</sup> |  | 93000 | &nbsp;&nbsp; 95308 |
| Vail Resorts, Inc., 6.50%, 05/15/2032<sup>(b)</sup> |  | 115000 | &nbsp;&nbsp; 119621 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2032 High Yield Corporate Bond ETF (BSJW)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Hotels, Restaurants & Leisure-(continued)** | **Hotels, Restaurants & Leisure-(continued)** | **Hotels, Restaurants & Leisure-(continued)** |
| Yum! Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 01/31/2032 | 190000 | &nbsp;&nbsp; $187353 |
| &nbsp;&nbsp;&nbsp; 5.38%, 04/01/2032 | 190000 | &nbsp;&nbsp; 193072 |
|  |  | &nbsp;&nbsp; 1956461 |
| **Household Durables-0.83%** | **Household Durables-0.83%** | **Household Durables-0.83%** |
| LGI Homes, Inc., 7.00%, 11/15/2032<sup>(b)</sup> | 70000 | &nbsp;&nbsp; 68637 |
| Newell Brands, Inc., 6.63%, 05/15/2032<sup>(c)</sup> | 95000 | &nbsp;&nbsp; 89693 |
| TopBuild Corp., 4.13%, 02/15/2032<sup>(b)</sup> | 80000 | &nbsp;&nbsp; 76349 |
|  |  | &nbsp;&nbsp; 234679 |
| **Independent Power and Renewable Electricity Producers-0.23%** | **Independent Power and Renewable Electricity Producers-0.23%** | **Independent Power and Renewable Electricity Producers-0.23%** |
| &nbsp;&nbsp;&nbsp; Clearway Energy Operating LLC, 3.75%, <br> 01/15/2032<sup>(b)</sup><br>| 70000 | &nbsp;&nbsp; 64131 |
| **Insurance-3.46%** | **Insurance-3.46%** | **Insurance-3.46%** |
| &nbsp;&nbsp;&nbsp; Acrisure LLC/Acrisure Finance, Inc., 6.75%, <br> 07/01/2032<sup>(b)</sup><br>| 100000 | &nbsp;&nbsp; 102510 |
| &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC/Alliant <br> Holdings Co-Issuer, 7.38%, 10/01/2032<sup>(b)</sup><br>| 130000 | &nbsp;&nbsp; 134560 |
| &nbsp;&nbsp;&nbsp; Ardonagh Group Finance Ltd. (United Kingdom), <br> 8.88%, 02/15/2032<sup>(b)</sup><br>| 290000 | &nbsp;&nbsp; 299246 |
| &nbsp;&nbsp;&nbsp; Howden UK Refinance PLC/Howden UK <br> Refinance 2 PLC/Howden US Refinance LLC <br> (United Kingdom), 8.13%, 02/15/2032<sup>(b)</sup><br>| 95000 | &nbsp;&nbsp; 96427 |
| HUB International Ltd., 7.38%, 01/31/2032<sup>(b)</sup> | 335000 | &nbsp;&nbsp; 348778 |
|  |  | &nbsp;&nbsp; 981521 |
| **Interactive Media & Services-1.70%** | **Interactive Media & Services-1.70%** | **Interactive Media & Services-1.70%** |
| WarnerMedia Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.28%, 03/15/2032 | 50000 | &nbsp;&nbsp; 43825 |
| &nbsp;&nbsp;&nbsp; 4.28%, 03/15/2032<sup>(c)</sup> | 480000 | &nbsp;&nbsp; 439200 |
|  |  | &nbsp;&nbsp; 483025 |
| **IT Services-0.35%** | **IT Services-0.35%** | **IT Services-0.35%** |
| &nbsp;&nbsp;&nbsp; Cogent Communications Group LLC/Cogent <br> Finance, Inc., 6.50%, 07/01/2032<sup>(b)(c)</sup><br>| 110000 | &nbsp;&nbsp; 100384 |
| **Life Sciences Tools & Services-1.37%** | **Life Sciences Tools & Services-1.37%** | **Life Sciences Tools & Services-1.37%** |
| IQVIA, Inc., 6.25%, 06/01/2032<sup>(b)</sup> | 370000 | &nbsp;&nbsp; 387470 |
| **Machinery-0.78%** | **Machinery-0.78%** | **Machinery-0.78%** |
| Terex Corp., 6.25%, 10/15/2032<sup>(b)</sup> | 135000 | &nbsp;&nbsp; 137944 |
| Wilsonart LLC, 11.00%, 08/15/2032<sup>(b)</sup> | 90000 | &nbsp;&nbsp; 83571 |
|  |  | &nbsp;&nbsp; 221515 |
| **Marine Transportation-1.47%** | **Marine Transportation-1.47%** | **Marine Transportation-1.47%** |
| Danaos Corp. (Greece), 6.88%, 10/15/2032<sup>(b)</sup> | 90000 | &nbsp;&nbsp; 91680 |
| NCL Corp. Ltd., 6.75%, 02/01/2032<sup>(b)</sup> | 320000 | &nbsp;&nbsp; 324984 |
|  |  | &nbsp;&nbsp; 416664 |
| **Media-5.89%** | **Media-5.89%** | **Media-5.89%** |
| AMC Networks, Inc., 10.50%, 07/15/2032<sup>(b)</sup> | 70000 | &nbsp;&nbsp; 75048 |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/01/2032<sup>(b)</sup> | 225000 | &nbsp;&nbsp; 206961 |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/01/2032 | 510000 | &nbsp;&nbsp; 459925 |
| Dotdash Meredith, Inc., 7.63%, 06/15/2032<sup>(b)</sup> | 70000 | &nbsp;&nbsp; 63465 |
| Gray Media, Inc., 9.63%, 07/15/2032<sup>(b)</sup> | 150000 | &nbsp;&nbsp; 155597 |
| &nbsp;&nbsp;&nbsp; Midcontinent Communications, 8.00%, <br> 08/15/2032<sup>(b)(c)</sup><br>| 125000 | &nbsp;&nbsp; 126231 |
| &nbsp;&nbsp;&nbsp; Sinclair Television Group, Inc., 4.38%, <br> 12/31/2032<sup>(b)</sup><br>| 40000 | &nbsp;&nbsp; 31150 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Media-(continued)** | **Media-(continued)** | **Media-(continued)** | **Media-(continued)** |
| &nbsp;&nbsp;&nbsp; Univision Communications, Inc., 9.38%, <br> 08/01/2032<sup>(b)</sup><br>| $| 280000 | &nbsp;&nbsp; $297478 |
| &nbsp;&nbsp;&nbsp; VZ Secured Financing B.V. (Netherlands), <br> 5.00%, 01/15/2032<sup>(b)</sup><br>|  | 280000 | &nbsp;&nbsp; 254689 |
|  |  |  | &nbsp;&nbsp; 1670544 |
| **Metals & Mining-1.90%** | **Metals & Mining-1.90%** | **Metals & Mining-1.90%** | **Metals & Mining-1.90%** |
| Century Aluminum Co., 6.88%, 08/01/2032<sup>(b)</sup> |  | 70000 | &nbsp;&nbsp; 71217 |
| Cleveland-Cliffs, Inc., 7.00%, 03/15/2032<sup>(b)(c)</sup> |  | 265000 | &nbsp;&nbsp; 271968 |
| Commercial Metals Co., 4.38%, 03/15/2032<sup>(c)</sup> |  | 50000 | &nbsp;&nbsp; 47962 |
| Constellium SE, 6.38%, 08/15/2032<sup>(b)(c)</sup> |  | 70000 | &nbsp;&nbsp; 72207 |
| &nbsp;&nbsp;&nbsp; New Gold, Inc. (Canada), 6.88%, <br> 04/01/2032<sup>(b)</sup><br>|  | 70000 | &nbsp;&nbsp; 74514 |
|  |  |  | &nbsp;&nbsp; 537868 |
| **Oil, Gas & Consumable Fuels-8.10%** | **Oil, Gas & Consumable Fuels-8.10%** | **Oil, Gas & Consumable Fuels-8.10%** | **Oil, Gas & Consumable Fuels-8.10%** |
| &nbsp;&nbsp;&nbsp; Antero Midstream Partners L.P./Antero <br> Midstream Finance Corp., 6.63%, <br> 02/01/2032<sup>(b)</sup><br>|  | 115000 | &nbsp;&nbsp; 119285 |
| &nbsp;&nbsp;&nbsp; Ascent Resources Utica Holdings LLC/ARU <br> Finance Corp., 6.63%, 10/15/2032<sup>(b)</sup><br>|  | 115000 | &nbsp;&nbsp; 117720 |
| &nbsp;&nbsp;&nbsp; Baytex Energy Corp. (Canada), 7.38%, <br> 03/15/2032<sup>(b)(c)</sup><br>|  | 100000 | &nbsp;&nbsp; 101664 |
| CNX Resources Corp., 7.25%, 03/01/2032<sup>(b)</sup> |  | 110000 | &nbsp;&nbsp; 114797 |
| &nbsp;&nbsp;&nbsp; Crescent Energy Finance LLC, 7.63%, <br> 04/01/2032<sup>(b)</sup><br>|  | 180000 | &nbsp;&nbsp; 175398 |
| &nbsp;&nbsp;&nbsp; Genesis Energy L.P./Genesis Energy Finance <br> Corp., 7.88%, 05/15/2032<br>|  | 130000 | &nbsp;&nbsp; 134205 |
| &nbsp;&nbsp;&nbsp; Global Partners L.P./GLP Finance Corp., 8.25%, <br> 01/15/2032<sup>(b)</sup><br>|  | 80000 | &nbsp;&nbsp; 83942 |
| &nbsp;&nbsp;&nbsp; Hilcorp Energy I L.P./Hilcorp Finance Co., <br> 6.25%, 04/15/2032<sup>(b)</sup><br>|  | 90000 | &nbsp;&nbsp; 84760 |
| &nbsp;&nbsp;&nbsp; Howard Midstream Energy Partners LLC, <br> 7.38%, 07/15/2032<sup>(b)</sup><br>|  | 115000 | &nbsp;&nbsp; 121473 |
| Long Ridge Energy LLC, 8.75%, 02/15/2032<sup>(b)</sup> |  | 100000 | &nbsp;&nbsp; 104767 |
| &nbsp;&nbsp;&nbsp; Magnolia Oil & Gas Operating LLC/Magnolia Oil & <br> Gas Finance Corp., 6.88%, 12/01/2032<sup>(b)</sup><br>|  | 70000 | &nbsp;&nbsp; 71997 |
| Matador Resources Co., 6.50%, 04/15/2032<sup>(b)</sup> |  | 164000 | &nbsp;&nbsp; 166676 |
| Murphy Oil Corp., 6.00%, 10/01/2032<sup>(c)</sup> |  | 115000 | &nbsp;&nbsp; 114108 |
| &nbsp;&nbsp;&nbsp; NGL Energy Operating LLC/NGL Energy Finance <br> Corp., 8.38%, 02/15/2032<sup>(b)</sup><br>|  | 235000 | &nbsp;&nbsp; 243821 |
| &nbsp;&nbsp;&nbsp; Northriver Midstream Finance L.P. (Canada), <br> 6.75%, 07/15/2032<sup>(b)</sup><br>|  | 110000 | &nbsp;&nbsp; 112129 |
| SM Energy Co., 7.00%, 08/01/2032<sup>(b)</sup> |  | 125000 | &nbsp;&nbsp; 122399 |
| Sunoco L.P., 7.25%, 05/01/2032<sup>(b)</sup> |  | 135000 | &nbsp;&nbsp; 142575 |
| Vital Energy, Inc., 7.88%, 04/15/2032<sup>(b)</sup> |  | 170000 | &nbsp;&nbsp; 164878 |
|  |  |  | &nbsp;&nbsp; 2296594 |
| **Personal Care Products-1.19%** | **Personal Care Products-1.19%** | **Personal Care Products-1.19%** | **Personal Care Products-1.19%** |
| &nbsp;&nbsp;&nbsp; Opal Bidco SAS (France), 6.50%, <br> 03/31/2032<sup>(b)</sup><br>|  | 210000 | &nbsp;&nbsp; 216653 |
| &nbsp;&nbsp;&nbsp; Sally Holdings LLC/Sally Capital, Inc., 6.75%, <br> 03/01/2032<sup>(c)</sup><br>|  | 115000 | &nbsp;&nbsp; 120430 |
|  |  |  | &nbsp;&nbsp; 337083 |
| **Pharmaceuticals-4.79%** | **Pharmaceuticals-4.79%** | **Pharmaceuticals-4.79%** | **Pharmaceuticals-4.79%** |
| 1261229 BC Ltd., 10.00%, 04/15/2032<sup>(b)</sup> |  | 800000 | &nbsp;&nbsp; 827752 |
| &nbsp;&nbsp;&nbsp; Amneal Pharmaceuticals LLC, 6.88%, <br> 08/01/2032<sup>(b)</sup><br>|  | 110000 | &nbsp;&nbsp; 116328 |
| &nbsp;&nbsp;&nbsp; Global Medical Response, Inc., 7.38%, <br> 10/01/2032<sup>(b)</sup><br>|  | 190000 | &nbsp;&nbsp; 200348 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2032 High Yield Corporate Bond ETF (BSJW)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Pharmaceuticals-(continued)** | **Pharmaceuticals-(continued)** | **Pharmaceuticals-(continued)** | **Pharmaceuticals-(continued)** |
| &nbsp;&nbsp;&nbsp; Paradigm Parent LLC and Paradigm Parent <br> CO-Issuer, Inc., 8.75%, 04/17/2032<sup>(b)</sup><br>| $| 90000 | &nbsp;&nbsp; $85354 |
| &nbsp;&nbsp;&nbsp; Perrigo Finance Unlimited Co., 6.13%, <br> 09/30/2032<br>|  | 130000 | &nbsp;&nbsp; 127027 |
|  |  |  | &nbsp;&nbsp; 1356809 |
| **Professional Services-0.70%** | **Professional Services-0.70%** | **Professional Services-0.70%** | **Professional Services-0.70%** |
| &nbsp;&nbsp;&nbsp; Amentum Holdings, Inc., 7.25%, <br> 08/01/2032<sup>(b)</sup><br>|  | 190000 | &nbsp;&nbsp; 199587 |
| **Software-1.69%** | **Software-1.69%** | **Software-1.69%** | **Software-1.69%** |
| &nbsp;&nbsp;&nbsp; Cloud Software Group, Inc., 8.25%, <br> 06/30/2032<sup>(b)</sup><br>|  | 320000 | &nbsp;&nbsp; 337666 |
| &nbsp;&nbsp;&nbsp; SS&C Technologies, Inc., 6.50%, <br> 06/01/2032<sup>(b)</sup><br>|  | 135000 | &nbsp;&nbsp; 140636 |
|  |  |  | &nbsp;&nbsp; 478302 |
| **Specialized REITs-0.40%** | **Specialized REITs-0.40%** | **Specialized REITs-0.40%** | **Specialized REITs-0.40%** |
| Iron Mountain, Inc., 5.63%, 07/15/2032<sup>(b)</sup> |  | 115000 | &nbsp;&nbsp; 114447 |
| **Specialty Retail-2.85%** | **Specialty Retail-2.85%** | **Specialty Retail-2.85%** | **Specialty Retail-2.85%** |
| &nbsp;&nbsp;&nbsp; Asbury Automotive Group, Inc., 5.00%, <br> 02/15/2032<sup>(b)</sup><br>|  | 110000 | &nbsp;&nbsp; 107146 |
| &nbsp;&nbsp;&nbsp; Global Auto Holdings Ltd./AAG FH UK Ltd. <br> (United Kingdom), 8.75%, 01/15/2032<sup>(b)</sup><br>|  | 100000 | &nbsp;&nbsp; 94615 |
| &nbsp;&nbsp;&nbsp; PetSmart LLC/PetSmart Finance Corp., 7.50%, <br> 09/15/2032<sup>(b)</sup><br>|  | 360000 | &nbsp;&nbsp; 363657 |
| Wand NewCo 3, Inc., 7.63%, 01/30/2032<sup>(b)</sup> |  | 230000 | &nbsp;&nbsp; 242559 |
|  |  |  | &nbsp;&nbsp; 807977 |
| **Tobacco-0.19%** | **Tobacco-0.19%** | **Tobacco-0.19%** | **Tobacco-0.19%** |
| &nbsp;&nbsp;&nbsp; Turning Point Brands, Inc., 7.63%, <br> 03/15/2032<sup>(b)</sup><br>|  | 50000 | &nbsp;&nbsp; 53390 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Trading Companies & Distributors-2.03%** | **Trading Companies & Distributors-2.03%** | **Trading Companies & Distributors-2.03%** |
| &nbsp;&nbsp;&nbsp; FTAI Aviation Investors LLC, 7.00%, <br> 06/15/2032<sup>(b)</sup><br>| $150000 | &nbsp;&nbsp; $157705 |
| &nbsp;&nbsp;&nbsp; QXO Building Products, Inc., 6.75%, <br> 04/30/2032<sup>(b)</sup><br>| 400000 | &nbsp;&nbsp; 418727 |
|  |  | &nbsp;&nbsp; 576432 |
| **Wireless Telecommunication Services-0.64%** | **Wireless Telecommunication Services-0.64%** | **Wireless Telecommunication Services-0.64%** |
| &nbsp;&nbsp;&nbsp; VMED O2 UK Financing I PLC (United Kingdom), <br> 7.75%, 04/15/2032<sup>(b)</sup><br>| 175000 | &nbsp;&nbsp; 182747 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-98.32% <br>(Cost $27,338,579) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-98.32% <br>(Cost $27,338,579) | &nbsp;&nbsp; 27871516 |
|  | **Shares** |  |
| **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** |
| **Money Market Funds-8.53%** | **Money Market Funds-8.53%** | **Money Market Funds-8.53%** |
| &nbsp;&nbsp;&nbsp; Invesco Private Government Fund, <br> 4.00%<sup>(d)(e)(f)</sup><br>| 677995 | &nbsp;&nbsp; 677995 |
| Invesco Private Prime Fund, 4.12%<sup>(d)(e)(f)</sup> | 1739500 | &nbsp;&nbsp; 1740022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $2,418,052) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $2,418,052) | &nbsp;&nbsp; 2418017 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-106.85% <br>(Cost $29,756,631) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-106.85% <br>(Cost $29,756,631) | &nbsp;&nbsp; 30289533 |
| OTHER ASSETS LESS LIABILITIES-(6.85)% | OTHER ASSETS LESS LIABILITIES-(6.85)% | &nbsp;&nbsp; (1940813)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $28348720 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Investment Abbreviations: <br> REIT -Real Estate Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | 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 <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> November 30, 2025 was $24,709,580, which represented 87.16% of the Fund's Net Assets.<br>|
| <sup>(c)</sup> | All or a portion of this security was out on loan at November 30, 2025. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the three months ended November 30, 2025.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**November 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp;&nbsp; $22445 | &nbsp;&nbsp;&nbsp; $1196186 | &nbsp;&nbsp;&nbsp; $(1218631)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $1212 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2032 High Yield Corporate Bond ETF (BSJW)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **August 31, 2025**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Realized**<br> **Gain**<br>| **Value**<br> **November 30, 2025**<br>| **Dividend Income** |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private <br> Government Fund<br>| &nbsp;&nbsp;&nbsp; $698563 | &nbsp;&nbsp;&nbsp; $1693718 | &nbsp;&nbsp;&nbsp; $(1714286)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $677995 | &nbsp;&nbsp;&nbsp; $6,046<br> \*<br>|
| &nbsp;&nbsp; Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp;&nbsp; 1816939 | &nbsp;&nbsp;&nbsp; 2982187 | &nbsp;&nbsp;&nbsp; (3059061)<br>| &nbsp;&nbsp;&nbsp; (107)<br>| &nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp; 1740022 | &nbsp;&nbsp;&nbsp; 16,351<br> \*<br>|
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; $2537947 | &nbsp;&nbsp;&nbsp; $5872091 | &nbsp;&nbsp;&nbsp; $(5991978)<br>| &nbsp;&nbsp;&nbsp; $(107)<br>| &nbsp;&nbsp;&nbsp; $64 | &nbsp;&nbsp;&nbsp; $2418017 | &nbsp;&nbsp;&nbsp; $23609 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of November 30, 2025. <br> <sup>(f)</sup> 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.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

See accompanying notes which are an integral part of this schedule.

------

Schedule of Investments<sup>(a)</sup>

**Invesco BulletShares 2033 High Yield Corporate Bond ETF (BSJX)**

November 30, 2025

*(Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes-97.80%** | **U.S. Dollar Denominated Bonds & Notes-97.80%** | **U.S. Dollar Denominated Bonds & Notes-97.80%** |
| **Aerospace & Defense-6.06%** | **Aerospace & Defense-6.06%** | **Aerospace & Defense-6.06%** |
| Axon Enterprise, Inc., 6.25%, 03/15/2033<sup>(b)</sup> | $40000 | &nbsp;&nbsp; $41629 |
| Bombardier, Inc. (Canada), 6.75%, 06/15/2033<sup>(b)</sup> | 40000 | &nbsp;&nbsp; 42234 |
| TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/2033<sup>(b)</sup> | 80000 | &nbsp;&nbsp; 81867 |
| &nbsp;&nbsp;&nbsp; 6.38%, 05/31/2033<sup>(b)</sup> | 140000 | &nbsp;&nbsp; 143850 |
|  |  | &nbsp;&nbsp; 309580 |
| **Automobile Components-2.55%** | **Automobile Components-2.55%** | **Automobile Components-2.55%** |
| &nbsp;&nbsp;&nbsp; American Axle & Manufacturing, Inc., 7.75%, <br> 10/15/2033<sup>(b)</sup><br>| 60000 | &nbsp;&nbsp; 60641 |
| &nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber Co. (The), 5.63%, <br> 04/30/2033<sup>(c)</sup><br>| 30000 | &nbsp;&nbsp; 28277 |
| Qnity Electronics, Inc., 6.25%, 08/15/2033<sup>(b)</sup> | 40000 | &nbsp;&nbsp; 41503 |
|  |  | &nbsp;&nbsp; 130421 |
| **Building Products-1.20%** | **Building Products-1.20%** | **Building Products-1.20%** |
| &nbsp;&nbsp;&nbsp; Standard Building Solutions, Inc., 6.25%, <br> 08/01/2033<sup>(b)</sup><br>| 60000 | &nbsp;&nbsp; 61583 |
| **Chemicals-5.98%** | **Chemicals-5.98%** | **Chemicals-5.98%** |
| Celanese US Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 04/15/2033<sup>(c)</sup> | 70000 | &nbsp;&nbsp; 69708 |
| &nbsp;&nbsp;&nbsp; 7.20%, 11/15/2033 | 50000 | &nbsp;&nbsp; 52256 |
| Chemours Co. (The), 8.00%, 01/15/2033<sup>(b)</sup> | 35000 | &nbsp;&nbsp; 34081 |
| &nbsp;&nbsp;&nbsp; Olympus Water US Holding Corp., 7.25%, <br> 02/15/2033<sup>(b)</sup><br>| 100000 | &nbsp;&nbsp; 99360 |
| &nbsp;&nbsp;&nbsp; Solstice Advanced Materials, Inc., 5.63%, <br> 09/30/2033<sup>(b)</sup><br>| 50000 | &nbsp;&nbsp; 50312 |
|  |  | &nbsp;&nbsp; 305717 |
| **Commercial Services & Supplies-2.82%** | **Commercial Services & Supplies-2.82%** | **Commercial Services & Supplies-2.82%** |
| ADT Security Corp. (The), 5.88%, 10/15/2033<sup>(b)</sup> | 50000 | &nbsp;&nbsp; 50873 |
| Clean Harbors, Inc., 5.75%, 10/15/2033<sup>(b)</sup> | 40000 | &nbsp;&nbsp; 40913 |
| Waste Pro USA, Inc., 7.00%, 02/01/2033<sup>(b)</sup> | 50000 | &nbsp;&nbsp; 52130 |
|  |  | &nbsp;&nbsp; 143916 |
| **Construction & Engineering-1.21%** | **Construction & Engineering-1.21%** | **Construction & Engineering-1.21%** |
| AECOM, 6.00%, 08/01/2033<sup>(b)</sup> | 60000 | &nbsp;&nbsp; 61723 |
| **Construction Materials-2.45%** | **Construction Materials-2.45%** | **Construction Materials-2.45%** |
| &nbsp;&nbsp;&nbsp; AmeriTex HoldCo Intermediate LLC, 7.63%, <br> 08/15/2033<sup>(b)</sup><br>| 40000 | &nbsp;&nbsp; 42104 |
| Quikrete Holdings, Inc., 6.75%, 03/01/2033<sup>(b)</sup> | 80000 | &nbsp;&nbsp; 83369 |
|  |  | &nbsp;&nbsp; 125473 |
| **Consumer Finance-1.78%** | **Consumer Finance-1.78%** | **Consumer Finance-1.78%** |
| Navient Corp., 5.63%, 08/01/2033 | 45000 | &nbsp;&nbsp; 40595 |
| OneMain Finance Corp., 6.50%, 03/15/2033 | 50000 | &nbsp;&nbsp; 50283 |
|  |  | &nbsp;&nbsp; 90878 |
| **Consumer Staples Distribution & Retail-1.21%** | **Consumer Staples Distribution & Retail-1.21%** | **Consumer Staples Distribution & Retail-1.21%** |
| &nbsp;&nbsp;&nbsp; Albertson's Cos., Inc./Safeway, Inc./New <br> Albertson's L.P./Albertson's LLC, 6.25%, <br> 03/15/2033<sup>(b)</sup><br>| 35000 | &nbsp;&nbsp; 36289 |
| US Foods, Inc., 5.75%, 04/15/2033<sup>(b)</sup> | 25000 | &nbsp;&nbsp; 25512 |
|  |  | &nbsp;&nbsp; 61801 |
| **Containers & Packaging-1.81%** | **Containers & Packaging-1.81%** | **Containers & Packaging-1.81%** |
| Ball Corp., 5.50%, 09/15/2033 | 30000 | &nbsp;&nbsp; 30586 |
| Crown Americas LLC, 5.88%, 06/01/2033<sup>(b)</sup> | 40000 | &nbsp;&nbsp; 40985 |
| Sealed Air Corp., 6.88%, 07/15/2033<sup>(b)</sup> | 20000 | &nbsp;&nbsp; 21070 |
|  |  | &nbsp;&nbsp; 92641 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Diversified Telecommunication Services-5.71%** | **Diversified Telecommunication Services-5.71%** | **Diversified Telecommunication Services-5.71%** |
| &nbsp;&nbsp;&nbsp; Altice France Lux 3/Altice Holdings 1 <br> (Luxembourg), 10.00%, 01/15/2033<sup>(b)</sup><br>| $50000 | &nbsp;&nbsp; $47698 |
| &nbsp;&nbsp;&nbsp; FIBERCOP S.p.A. (Italy), Series 2033, 6.38%, <br> 11/15/2033<sup>(b)</sup><br>| 45000 | &nbsp;&nbsp; 44293 |
| Level 3 Financing, Inc., 6.88%, 06/30/2033<sup>(b)</sup> | 100000 | &nbsp;&nbsp; 101935 |
| &nbsp;&nbsp;&nbsp; Telecom Italia Capital S.A. (Italy), 6.38%, <br> 11/15/2033<br>| 25000 | &nbsp;&nbsp; 26345 |
| Windstream Services LLC, 7.50%, 10/15/2033<sup>(b)</sup> | 70000 | &nbsp;&nbsp; 71304 |
|  |  | &nbsp;&nbsp; 291575 |
| **Electric Utilities-2.62%** | **Electric Utilities-2.62%** | **Electric Utilities-2.62%** |
| Hawaiian Electric Co., Inc., 6.00%, 10/01/2033<sup>(b)</sup> | 30000 | &nbsp;&nbsp; 30395 |
| NRG Energy, Inc., 6.00%, 02/01/2033<sup>(b)</sup> | 50000 | &nbsp;&nbsp; 51095 |
| &nbsp;&nbsp;&nbsp; XPLR Infrastructure Operating Partners L.P., <br> 8.63%, 03/15/2033<sup>(b)</sup><br>| 50000 | &nbsp;&nbsp; 52315 |
|  |  | &nbsp;&nbsp; 133805 |
| **Electrical Equipment-0.92%** | **Electrical Equipment-0.92%** | **Electrical Equipment-0.92%** |
| WESCO Distribution, Inc., 6.38%, 03/15/2033<sup>(b)</sup> | 45000 | &nbsp;&nbsp; 47212 |
| **Energy Equipment & Services-2.58%** | **Energy Equipment & Services-2.58%** | **Energy Equipment & Services-2.58%** |
| &nbsp;&nbsp;&nbsp; USA Compression Partners L.P./USA Compression <br> Finance Corp., 6.25%, 10/01/2033<sup>(b)</sup><br>| 40000 | &nbsp;&nbsp; 40386 |
| WBI Operating LLC, 6.50%, 10/15/2033<sup>(b)</sup> | 30000 | &nbsp;&nbsp; 30008 |
| &nbsp;&nbsp;&nbsp; Weatherford International Ltd., 6.75%, <br> 10/15/2033<sup>(b)</sup><br>| 60000 | &nbsp;&nbsp; 61448 |
|  |  | &nbsp;&nbsp; 131842 |
| **Entertainment-1.89%** | **Entertainment-1.89%** | **Entertainment-1.89%** |
| &nbsp;&nbsp;&nbsp; Light and Wonder International, Inc., 6.25%, <br> 10/01/2033<sup>(b)</sup><br>| 50000 | &nbsp;&nbsp; 50338 |
| &nbsp;&nbsp;&nbsp; Wynn Resorts Capital Corp., 6.25%, <br> 03/15/2033<sup>(b)</sup><br>| 45000 | &nbsp;&nbsp; 46175 |
|  |  | &nbsp;&nbsp; 96513 |
| **Financial Services-6.79%** | **Financial Services-6.79%** | **Financial Services-6.79%** |
| &nbsp;&nbsp;&nbsp; Adient Global Holdings Ltd., 7.50%, <br> 02/15/2033<sup>(b)</sup><br>| 45000 | &nbsp;&nbsp; 46628 |
| &nbsp;&nbsp;&nbsp; Burford Capital Global Finance LLC, 7.50%, <br> 07/15/2033<sup>(b)</sup><br>| 40000 | &nbsp;&nbsp; 39156 |
| &nbsp;&nbsp;&nbsp; Freedom Mortgage Holdings LLC, 7.88%, <br> 04/01/2033<sup>(b)</sup><br>| 30000 | &nbsp;&nbsp; 31030 |
| &nbsp;&nbsp;&nbsp; Jane Street Group/JSG Finance, Inc., 6.75%, <br> 05/01/2033<sup>(b)</sup><br>| 95000 | &nbsp;&nbsp; 99437 |
| &nbsp;&nbsp;&nbsp; Marriott Ownership Resorts, Inc., 6.50%, <br> 10/01/2033<sup>(b)</sup><br>| 40000 | &nbsp;&nbsp; 38067 |
| &nbsp;&nbsp;&nbsp; PennyMac Financial Services, Inc., 6.88%, <br> 02/15/2033<sup>(b)</sup><br>| 40000 | &nbsp;&nbsp; 41721 |
| Walker & Dunlop, Inc., 6.63%, 04/01/2033<sup>(b)</sup> | 20000 | &nbsp;&nbsp; 20575 |
| WEX, Inc., 6.50%, 03/15/2033<sup>(b)</sup> | 30000 | &nbsp;&nbsp; 30621 |
|  |  | &nbsp;&nbsp; 347235 |
| **Food Products-2.19%** | **Food Products-2.19%** | **Food Products-2.19%** |
| &nbsp;&nbsp;&nbsp; PetSmart LLC/PetSmart Finance Corp., 10.00%, <br> 09/15/2033<sup>(b)</sup><br>| 50000 | &nbsp;&nbsp; 51251 |
| Post Holdings, Inc., 6.38%, 03/01/2033<sup>(b)</sup> | 60000 | &nbsp;&nbsp; 60880 |
|  |  | &nbsp;&nbsp; 112131 |
| **Health Care Equipment & Supplies-0.41%** | **Health Care Equipment & Supplies-0.41%** | **Health Care Equipment & Supplies-0.41%** |
| Insulet Corp., 6.50%, 04/01/2033<sup>(b)</sup> | 20000 | &nbsp;&nbsp; 20963 |
| **Health Care Providers & Services-3.01%** | **Health Care Providers & Services-3.01%** | **Health Care Providers & Services-3.01%** |
| &nbsp;&nbsp;&nbsp; Acadia Healthcare Co., Inc., 7.38%, <br> 03/15/2033<sup>(b)(c)</sup><br>| 30000 | &nbsp;&nbsp; 30610 |
| DaVita, Inc., 6.75%, 07/15/2033<sup>(b)</sup> | 40000 | &nbsp;&nbsp; 41599 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2033 High Yield Corporate Bond ETF (BSJX)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Health Care Providers & Services-(continued)** | **Health Care Providers & Services-(continued)** | **Health Care Providers & Services-(continued)** |
| Molina Healthcare, Inc., 6.25%, 01/15/2033<sup>(b)</sup> | 40000 | &nbsp;&nbsp; $40121 |
| Tenet Healthcare Corp., 6.00%, 11/15/2033<sup>(b)</sup> | 40000 | &nbsp;&nbsp; 41328 |
|  |  | &nbsp;&nbsp; 153658 |
| **Hotel & Resort REITs-0.61%** | **Hotel & Resort REITs-0.61%** | **Hotel & Resort REITs-0.61%** |
| &nbsp;&nbsp;&nbsp; RHP Hotel Properties L.P./RHP Finance Corp., <br> 6.50%, 06/15/2033<sup>(b)</sup><br>| 30000 | &nbsp;&nbsp; 31197 |
| **Hotels, Restaurants & Leisure-3.81%** | **Hotels, Restaurants & Leisure-3.81%** | **Hotels, Restaurants & Leisure-3.81%** |
| Hilton Domestic Operating Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 03/15/2033<sup>(b)</sup> | 65000 | &nbsp;&nbsp; 67073 |
| &nbsp;&nbsp;&nbsp; 5.75%, 09/15/2033<sup>(b)</sup> | 60000 | &nbsp;&nbsp; 61537 |
| &nbsp;&nbsp;&nbsp; Rivers Enterprise Borrower LLC/Rivers Enterprise <br> Finance Corp., 6.63%, 02/01/2033<sup>(b)</sup><br>| 35000 | &nbsp;&nbsp; 35489 |
| Travel + Leisure Co., 6.13%, 09/01/2033<sup>(b)</sup> | 30000 | &nbsp;&nbsp; 30495 |
|  |  | &nbsp;&nbsp; 194594 |
| **Household Durables-1.18%** | **Household Durables-1.18%** | **Household Durables-1.18%** |
| Century Communities, Inc., 6.63%, 09/15/2033<sup>(b)</sup> | 30000 | &nbsp;&nbsp; 30448 |
| Whirlpool Corp., 6.50%, 06/15/2033<sup>(c)</sup> | 30000 | &nbsp;&nbsp; 29833 |
|  |  | &nbsp;&nbsp; 60281 |
| **Household Products-0.37%** | **Household Products-0.37%** | **Household Products-0.37%** |
| Energizer Holdings, Inc., 6.00%, 09/15/2033<sup>(b)</sup> | 20000 | &nbsp;&nbsp; 18905 |
| **Industrial Conglomerates-0.51%** | **Industrial Conglomerates-0.51%** | **Industrial Conglomerates-0.51%** |
| Amsted Industries, Inc., 6.38%, 03/15/2033<sup>(b)</sup> | 25000 | &nbsp;&nbsp; 25951 |
| **Insurance-0.39%** | **Insurance-0.39%** | **Insurance-0.39%** |
| &nbsp;&nbsp;&nbsp; Jones Deslauriers Insurance Management, Inc. <br> (Canada), 6.88%, 10/01/2033<sup>(b)</sup><br>| 20000 | &nbsp;&nbsp; 19809 |
| **Interactive Media & Services-2.41%** | **Interactive Media & Services-2.41%** | **Interactive Media & Services-2.41%** |
| &nbsp;&nbsp;&nbsp; Match Group Holdings II LLC, 6.13%, <br> 09/15/2033<sup>(b)</sup><br>| 40000 | &nbsp;&nbsp; 40596 |
| Snap, Inc., 6.88%, 03/01/2033<sup>(b)</sup> | 80000 | &nbsp;&nbsp; 82496 |
|  |  | &nbsp;&nbsp; 123092 |
| **IT Services-0.50%** | **IT Services-0.50%** | **IT Services-0.50%** |
| EquipmentShare.com, Inc., 8.00%, 03/15/2033<sup>(b)</sup> | 25000 | &nbsp;&nbsp; 25506 |
| **Marine Transportation-2.76%** | **Marine Transportation-2.76%** | **Marine Transportation-2.76%** |
| NCL Corp. Ltd., 6.25%, 09/15/2033<sup>(b)</sup> | 50000 | &nbsp;&nbsp; 49441 |
| Viking Cruises Ltd., 5.88%, 10/15/2033<sup>(b)</sup> | 90000 | &nbsp;&nbsp; 91515 |
|  |  | &nbsp;&nbsp; 140956 |
| **Media-5.43%** | **Media-5.43%** | **Media-5.43%** |
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., <br> 4.50%, 06/01/2033<sup>(b)</sup><br>| 90000 | &nbsp;&nbsp; 79155 |
| &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc., 7.50%, <br> 03/15/2033<sup>(b)</sup><br>| 50000 | &nbsp;&nbsp; 52674 |
| Gray Media, Inc., 7.25%, 08/15/2033<sup>(b)</sup> | 40000 | &nbsp;&nbsp; 40101 |
| Sinclair Television Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 8.13%, 02/15/2033<sup>(b)</sup> | 75000 | &nbsp;&nbsp; 78196 |
| &nbsp;&nbsp;&nbsp; 9.75%, 02/15/2033<sup>(b)</sup> | 25000 | &nbsp;&nbsp; 27375 |
|  |  | &nbsp;&nbsp; 277501 |
| **Metals & Mining-2.41%** | **Metals & Mining-2.41%** | **Metals & Mining-2.41%** |
| &nbsp;&nbsp;&nbsp; Capstone Copper Corp. (Canada), 6.75%, <br> 03/31/2033<sup>(b)</sup><br>| 35000 | &nbsp;&nbsp; 36334 |
| Cleveland-Cliffs, Inc., 7.38%, 05/01/2033<sup>(b)</sup> | 45000 | &nbsp;&nbsp; 46457 |
| Novelis Corp., 6.38%, 08/15/2033<sup>(b)</sup> | 40000 | &nbsp;&nbsp; 40402 |
|  |  | &nbsp;&nbsp; 123193 |
| **Oil, Gas & Consumable Fuels-11.98%** | **Oil, Gas & Consumable Fuels-11.98%** | **Oil, Gas & Consumable Fuels-11.98%** |
| &nbsp;&nbsp;&nbsp; Antero Midstream Partners L.P./Antero Midstream <br> Finance Corp., 5.75%, 10/15/2033<sup>(b)</sup><br>| 30000 | &nbsp;&nbsp; 30168 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Oil, Gas & Consumable Fuels-(continued)** | **Oil, Gas & Consumable Fuels-(continued)** | **Oil, Gas & Consumable Fuels-(continued)** | **Oil, Gas & Consumable Fuels-(continued)** |
| &nbsp;&nbsp;&nbsp; Ascent Resources Utica Holdings LLC/ARU Finance <br> Corp., 6.63%, 07/15/2033<sup>(b)</sup><br>| $| 30000 | &nbsp;&nbsp; $30598 |
| Chord Energy Corp., 6.75%, 03/15/2033<sup>(b)</sup> |  | 40000 | &nbsp;&nbsp; 41322 |
| Civitas Resources, Inc., 9.63%, 06/15/2033<sup>(b)(c)</sup> |  | 40000 | &nbsp;&nbsp; 43173 |
| &nbsp;&nbsp;&nbsp; Crescent Energy Finance LLC, 7.38%, <br> 01/15/2033<sup>(b)</sup><br>|  | 60000 | &nbsp;&nbsp; 56903 |
| &nbsp;&nbsp;&nbsp; Delek Logistics Partners L.P./Delek Logistics <br> Finance Corp., 7.38%, 06/30/2033<sup>(b)</sup><br>|  | 40000 | &nbsp;&nbsp; 41011 |
| &nbsp;&nbsp;&nbsp; Genesis Energy L.P./Genesis Energy Finance Corp., <br> 8.00%, 05/15/2033<br>|  | 35000 | &nbsp;&nbsp; 36136 |
| &nbsp;&nbsp;&nbsp; Hilcorp Energy I L.P./Hilcorp Finance Co., 8.38%, <br> 11/01/2033<sup>(b)</sup><br>|  | 35000 | &nbsp;&nbsp; 35909 |
| Kodiak Gas Services LLC, 6.50%, 10/01/2033<sup>(b)</sup> |  | 40000 | &nbsp;&nbsp; 40830 |
| Matador Resources Co., 6.25%, 04/15/2033<sup>(b)</sup> |  | 40000 | &nbsp;&nbsp; 40046 |
| Northern Oil and Gas, Inc., 7.88%, 10/15/2033<sup>(b)</sup> |  | 40000 | &nbsp;&nbsp; 38961 |
| &nbsp;&nbsp;&nbsp; Rockies Express Pipeline LLC, 6.75%, <br> 03/15/2033<sup>(b)</sup><br>|  | 25000 | &nbsp;&nbsp; 26261 |
| Sunoco L.P., 6.25%, 07/01/2033<sup>(b)</sup> |  | 55000 | &nbsp;&nbsp; 56530 |
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC, 7.50%, <br> 05/01/2033<sup>(b)</sup><br>|  | 65000 | &nbsp;&nbsp; 70871 |
| &nbsp;&nbsp;&nbsp; Vermilion Energy, Inc. (Canada), 7.25%, <br> 02/15/2033<sup>(b)</sup><br>|  | 25000 | &nbsp;&nbsp; 23709 |
|  |  |  | &nbsp;&nbsp; 612428 |
| **Professional Services-1.61%** | **Professional Services-1.61%** | **Professional Services-1.61%** | **Professional Services-1.61%** |
| CACI International, Inc., 6.38%, 06/15/2033<sup>(b)</sup> |  | 50000 | &nbsp;&nbsp; 52188 |
| &nbsp;&nbsp;&nbsp; Science Applications International Corp., 5.88%, <br> 11/01/2033<sup>(b)</sup><br>|  | 30000 | &nbsp;&nbsp; 29905 |
|  |  |  | &nbsp;&nbsp; 82093 |
| **Real Estate Management & Development-0.50%** | **Real Estate Management & Development-0.50%** | **Real Estate Management & Development-0.50%** | **Real Estate Management & Development-0.50%** |
| Forestar Group, Inc., 6.50%, 03/15/2033<sup>(b)</sup> |  | 25000 | &nbsp;&nbsp; 25754 |
| **Residential REITs-0.39%** | **Residential REITs-0.39%** | **Residential REITs-0.39%** | **Residential REITs-0.39%** |
| &nbsp;&nbsp;&nbsp; Ashton Woods USA LLC/Ashton Woods Finance <br> Co., 6.88%, 08/01/2033<sup>(b)</sup><br>|  | 20000 | &nbsp;&nbsp; 20120 |
| **Semiconductors & Semiconductor Equipment-2.23%** | **Semiconductors & Semiconductor Equipment-2.23%** | **Semiconductors & Semiconductor Equipment-2.23%** | **Semiconductors & Semiconductor Equipment-2.23%** |
| Amkor Technology, Inc., 5.88%, 10/01/2033<sup>(b)</sup> |  | 30000 | &nbsp;&nbsp; 30578 |
| &nbsp;&nbsp;&nbsp; Kioxia Holdings Corp. (Japan), 6.63%, <br> 07/24/2033<sup>(b)</sup><br>|  | 80000 | &nbsp;&nbsp; 83280 |
|  |  |  | &nbsp;&nbsp; 113858 |
| **Software-3.60%** | **Software-3.60%** | **Software-3.60%** | **Software-3.60%** |
| &nbsp;&nbsp;&nbsp; Cloud Software Group, Inc., 6.63%, <br> 08/15/2033<sup>(b)</sup><br>|  | 50000 | &nbsp;&nbsp; 49959 |
| Fair Isaac Corp., 6.00%, 05/15/2033<sup>(b)</sup> |  | 80000 | &nbsp;&nbsp; 82428 |
| Gen Digital, Inc., 6.25%, 04/01/2033<sup>(b)</sup> |  | 50000 | &nbsp;&nbsp; 51577 |
|  |  |  | &nbsp;&nbsp; 183964 |
| **Specialized REITs-1.20%** | **Specialized REITs-1.20%** | **Specialized REITs-1.20%** | **Specialized REITs-1.20%** |
| Iron Mountain, Inc., 6.25%, 01/15/2033<sup>(b)</sup> |  | 60000 | &nbsp;&nbsp; 61398 |
| **Specialty Retail-1.19%** | **Specialty Retail-1.19%** | **Specialty Retail-1.19%** | **Specialty Retail-1.19%** |
| &nbsp;&nbsp;&nbsp; Advance Auto Parts, Inc., 7.38%, <br> 08/01/2033<sup>(b)(c)</sup><br>|  | 50000 | &nbsp;&nbsp; 50977 |
| Bath & Body Works, Inc., 6.95%, 03/01/2033 |  | 10000 | &nbsp;&nbsp; 9906 |
|  |  |  | &nbsp;&nbsp; 60883 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2033 High Yield Corporate Bond ETF (BSJX)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Trading Companies & Distributors-1.53%** | **Trading Companies & Distributors-1.53%** | **Trading Companies & Distributors-1.53%** |
| &nbsp;&nbsp;&nbsp; FTAI Aviation Investors LLC, 5.88%, <br> 04/15/2033<sup>(b)</sup><br>| $25000 | &nbsp;&nbsp; $25335 |
| Herc Holdings, Inc., 7.25%, 06/15/2033<sup>(b)</sup> | 50000 | &nbsp;&nbsp; 52971 |
|  |  | &nbsp;&nbsp; 78306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $4,925,780) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $4,925,780) | &nbsp;&nbsp; 4998456 |
|  | **Shares** |  |
| **Money Market Funds-0.55%** |  |  |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, <br> Institutional Class, 3.91%<sup>(d)(e)</sup> <br>(Cost $27,968)<br>| 27968 | &nbsp;&nbsp; 27968 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-98.35% <br>(Cost $4,953,748) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-98.35% <br>(Cost $4,953,748) | &nbsp;&nbsp; 5026424 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** |
| **Money Market Funds-5.58%** | **Money Market Funds-5.58%** | **Money Market Funds-5.58%** |
| Invesco Private Government Fund, 4.00%<sup>(d)(e)(f)</sup> | 80277 | &nbsp;&nbsp; $80277 |
| Invesco Private Prime Fund, 4.12%<sup>(d)(e)(f)</sup> | 204830 | &nbsp;&nbsp; 204891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $285,168) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $285,168) | &nbsp;&nbsp; 285168 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-103.93% <br>(Cost $5,238,916) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-103.93% <br>(Cost $5,238,916) | &nbsp;&nbsp; 5311592 |
| OTHER ASSETS LESS LIABILITIES-(3.93)% | OTHER ASSETS LESS LIABILITIES-(3.93)% | &nbsp;&nbsp; (200786)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $5110806 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Investment Abbreviations: <br> REIT -Real Estate Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | 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 <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> November 30, 2025 was $4,624,531, which represented 90.49% of the Fund's Net Assets.<br>|
| <sup>(c)</sup> | All or a portion of this security was out on loan at November 30, 2025. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the three months ended November 30, 2025.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**November 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp;&nbsp; $7688 | &nbsp;&nbsp;&nbsp; $457347 | &nbsp;&nbsp;&nbsp; $(437067)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $27968 | &nbsp;&nbsp;&nbsp; $463 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government <br> Fund<br>| &nbsp;&nbsp;&nbsp; 40244 | &nbsp;&nbsp;&nbsp; 336736 | &nbsp;&nbsp;&nbsp; (296703)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 80277 | &nbsp;&nbsp;&nbsp; 635<br> \*<br>|
| &nbsp;&nbsp; Invesco Private Prime Fund | &nbsp;&nbsp;&nbsp; 105324 | &nbsp;&nbsp;&nbsp; 674917 | &nbsp;&nbsp;&nbsp; (575347)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (3)<br>| &nbsp;&nbsp;&nbsp; 204891 | &nbsp;&nbsp;&nbsp; 1,734<br> \*<br>|
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; $153256 | &nbsp;&nbsp;&nbsp; $1469000 | &nbsp;&nbsp;&nbsp; $(1309117)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $(3)<br>| &nbsp;&nbsp;&nbsp; $313136 | &nbsp;&nbsp;&nbsp; $2832 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of November 30, 2025. <br> <sup>(f)</sup> 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.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

See accompanying notes which are an integral part of this schedule.

------

Schedule of Investments

**Invesco BulletShares 2025 Municipal Bond ETF (BSMP)**

November 30, 2025

*(Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Municipal Obligations-37.02%** |  |  |  |  |
| **Alaska-0.05%** |  |  |  |  |
| Alaska Housing Finance Corp., Series 2009, VRD Ref. RB<sup>(a)</sup> | 2.74% | 12/01/2040 | $100 | &nbsp;&nbsp; $100000 |
| **Arizona-0.60%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Arizona (State of) Health Facilities Authority (Banner Health), Series 2015 C, VRD RB, <br> (LOC - Bank of America, N.A.)<sup>(a)(b)</sup><br>| 1.40% | 01/01/2046 | 1000 | &nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp; Arizona (State of) Industrial Development Authority (Equitable School Revolving Fund), Series 2022 A, <br> RB<br>| 4.00% | 11/01/2027 | 125 | &nbsp;&nbsp; 124907 |
|  |  |  |  | &nbsp;&nbsp; 1124907 |
| **California-2.25%** |  |  |  |  |
| Bay Area Toll Authority, Series 2024 H, VRD RB, (LOC - Bank Of America N.A.)<sup>(a)(b)</sup> | 0.50% | 04/01/2059 | 1000 | &nbsp;&nbsp; 1000000 |
| California (State of), Series 2021, Ref. GO Bonds | 5.00% | 12/01/2025 | 410 | &nbsp;&nbsp; 410000 |
| California (State of) Department of Water Resources, Series 2017 AX, Ref. RB | 5.00% | 12/01/2025 | 15 | &nbsp;&nbsp; 15000 |
| California (State of) Department of Water Resources (Central Valley), Series 2014 AS, RB | 5.00% | 12/01/2025 | 20 | &nbsp;&nbsp; 20000 |
| California (State of) Department of Water Resources (Central Valley), Series 2020 BB, Ref. RB | 5.00% | 12/01/2025 | 110 | &nbsp;&nbsp; 110000 |
| &nbsp;&nbsp;&nbsp; California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2015, <br> Ref. RB<br>| 5.00% | 11/15/2027 | 5 | &nbsp;&nbsp; 5011 |
| &nbsp;&nbsp;&nbsp; California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2015, <br> Ref. RB<br>| 5.00% | 11/15/2029 | 795 | &nbsp;&nbsp; 796815 |
| &nbsp;&nbsp;&nbsp; California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2015, <br> Ref. RB<br>| 5.00% | 11/15/2030 | 25 | &nbsp;&nbsp; 25056 |
| California (State of) Public Works Board, Series 2015 F, Ref. RB | 5.00% | 05/01/2027 | 150 | &nbsp;&nbsp; 150200 |
| California (State of) Public Works Board, Series 2015 H, RB | 3.50% | 12/01/2035 | 70 | &nbsp;&nbsp; 70002 |
| California (State of) Public Works Board (Vaious Capital), Series 2023 B, Ref. RB | 5.00% | 12/01/2025 | 300 | &nbsp;&nbsp; 300000 |
| Foothill-De Anza Community College District, Series 2015, Ref. GO Bonds | 5.00% | 08/01/2028 | 350 | &nbsp;&nbsp; 350414 |
| Regents of the University of California Medical Center, Series 2007 B-2, VRD Ref. RB<sup>(a)</sup> | 0.45% | 05/15/2032 | 550 | &nbsp;&nbsp; 550000 |
| San Diego (County of), CA Water Authority, Series 2015, Ref. RB | 5.00% | 05/01/2029 | 100 | &nbsp;&nbsp; 100121 |
| &nbsp;&nbsp;&nbsp; San Francisco (City & County of), CA (Moscone Convention Center Expansion), Series 2017 B, <br> COP<sup>(c)(d)</sup><br>| 5.00% | 12/22/2025 | 35 | &nbsp;&nbsp; 35048 |
| San Joaquin Hills Transportation Corridor Agency, Series 2014 B, Ref. RB | 5.25% | 01/15/2044 | 300 | &nbsp;&nbsp; 300138 |
|  |  |  |  | &nbsp;&nbsp; 4237805 |
| **Colorado-0.61%** |  |  |  |  |
| Adams (County of), CO, Series 2015, Ref. COP | 4.00% | 12/01/2040 | 200 | &nbsp;&nbsp; 200015 |
| Adams 12 Five Star Schools, Series 2014, Ref. GO Bonds | 5.00% | 12/15/2025 | 95 | &nbsp;&nbsp; 95088 |
| Arapahoe County School District No. 5 Cherry Creek, Series 2017, GO Bonds<sup>(c)(d)</sup> | 5.00% | 12/15/2025 | 130 | &nbsp;&nbsp; 130115 |
| Arapahoe County School District No. 6 Littleton, Series 2019 A, GO Bonds | 5.00% | 12/01/2025 | 85 | &nbsp;&nbsp; 85000 |
| Colorado (State of), Series 2018 A, COP | 5.00% | 12/15/2025 | 35 | &nbsp;&nbsp; 35032 |
| Colorado (State of), Series 2021 A, COP | 5.00% | 12/15/2025 | 155 | &nbsp;&nbsp; 155143 |
| Denver City & County School District No. 1, Series 2016, Ref. GO Bonds | 5.00% | 12/01/2025 | 120 | &nbsp;&nbsp; 120000 |
| Denver City & County School District No. 1, Series 2017, GO Bonds | 5.00% | 12/01/2025 | 10 | &nbsp;&nbsp; 10000 |
| Douglas County School District No. Re-1 Douglas & Elbert Counties, Series 2022, Ref. GO Bonds | 5.00% | 12/15/2025 | 30 | &nbsp;&nbsp; 30028 |
| Park Creek Metropolitan District, Series 2015, Ref. RB<sup>(c)(d)</sup> | 5.00% | 12/01/2025 | 275 | &nbsp;&nbsp; 275000 |
| &nbsp;&nbsp;&nbsp; St. Vrain Valley School District Re-1J (Boulder, Larimer & Weld Counties and the City and County of <br> Broomfield), Series 2016 A, Ref. GO Bonds<br>| 4.00% | 12/15/2032 | 25 | &nbsp;&nbsp; 25018 |
|  |  |  |  | &nbsp;&nbsp; 1160439 |
| **Connecticut-0.17%** |  |  |  |  |
| Connecticut (State of), Series 2015, Ref. RB | 5.00% | 08/01/2027 | 325 | &nbsp;&nbsp; 325508 |
| **District of Columbia-0.38%** |  |  |  |  |
| District of Columbia, Series 1998 A, VRD RB, (LOC - TD Bank N.A.)<sup>(a)(b)</sup> | 1.40% | 08/15/2038 | 600 | &nbsp;&nbsp; 600000 |
| District of Columbia, Series 2014 A, Ref. RB | 5.00% | 12/01/2025 | 75 | &nbsp;&nbsp; 75000 |
| District of Columbia, Series 2022 C, Ref. RB | 5.00% | 12/01/2025 | 30 | &nbsp;&nbsp; 30000 |
| District of Columbia, Series 2024 C, Ref. GO Bonds | 5.00% | 12/01/2025 | 5 | &nbsp;&nbsp; 5000 |
|  |  |  |  | &nbsp;&nbsp; 710000 |
| **Florida-1.29%** |  |  |  |  |
| FSU Financial Assistance, Inc., Series 2015 A, RB | 4.25% | 10/01/2045 | 130 | &nbsp;&nbsp; 129340 |
| Gainesville (City of), FL, Series 2012 B, Ref. VRD RB<sup>(a)</sup> | 1.40% | 10/01/2042 | 795 | &nbsp;&nbsp; 795000 |
| Hillsborough (County of), FL, Series 2015, RB | 3.75% | 10/01/2045 | 200 | &nbsp;&nbsp; 182732 |
| Hillsborough County Industrial Development Authority, Series 2024, VRD Ref. RB<sup>(a)</sup> | 1.40% | 11/15/2054 | 1000 | &nbsp;&nbsp; 1000000 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2025 Municipal Bond ETF (BSMP)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Florida-(continued)** |  |  |  |  |
| Jacksonville (City of), FL, Series 2015, Ref. RB | 5.00% | 10/01/2027 | $115 | &nbsp;&nbsp; $115193 |
| Jacksonville (City of), FL, Series 2015, Ref. RB | 5.00% | 10/01/2029 | 30 | &nbsp;&nbsp; 30054 |
| Lee (County of), FL, Series 2015, Ref. RB | 5.00% | 10/01/2033 | 45 | &nbsp;&nbsp; 45033 |
| Miami-Dade (County of), FL, Series 2017 B, Ref. RB<sup>(c)(d)</sup> | 5.00% | 12/04/2025 | 20 | &nbsp;&nbsp; 20004 |
| Palm Beach (County of), FL, Series 2015 D, RB<sup>(c)(d)</sup> | 5.00% | 12/01/2025 | 15 | &nbsp;&nbsp; 15000 |
| Palm Beach (County of), FL Solid Waste Authority, Series 2015, Ref. RB | 5.00% | 10/01/2028 | 100 | &nbsp;&nbsp; 100165 |
|  |  |  |  | &nbsp;&nbsp; 2432521 |
| **Georgia-1.76%** |  |  |  |  |
| Atlanta (City of), GA, Series 2015, Ref. RB | 5.00% | 11/01/2028 | 700 | &nbsp;&nbsp; 701366 |
| Atlanta (City of), GA, Series 2015, Ref. RB | 5.00% | 11/01/2030 | 110 | &nbsp;&nbsp; 110217 |
| Atlanta (City of), GA, Series 2015, Ref. RB | 5.00% | 11/01/2031 | 20 | &nbsp;&nbsp; 20039 |
| Atlanta (City of), GA, Series 2015, Ref. RB | 5.00% | 11/01/2032 | 190 | &nbsp;&nbsp; 190362 |
| Atlanta (City of), GA, Series 2015, Ref. RB | 5.00% | 11/01/2040 | 1025 | &nbsp;&nbsp; 1026250 |
| Atlanta Development Authority (The), Series 2015 A-1, RB | 5.25% | 07/01/2044 | 350 | &nbsp;&nbsp; 350122 |
| Georgia (State of), Series 2014 A-2, GO Bonds | 4.00% | 02/01/2026 | 10 | &nbsp;&nbsp; 10010 |
| Georgia (State of), Series 2014 A-2, GO Bonds | 5.00% | 02/01/2027 | 20 | &nbsp;&nbsp; 20037 |
| Georgia (State of), Series 2016 E, Ref. GO Bonds | 5.00% | 12/01/2025 | 440 | &nbsp;&nbsp; 440000 |
| Georgia (State of) (Tranche 2), Series 2015 A, GO Bonds | 5.00% | 02/01/2027 | 370 | &nbsp;&nbsp; 370683 |
| &nbsp;&nbsp;&nbsp; Glynn (County of) & Brunswick (City of), GA Memorial Hospital Authority (Southeast Georgia Health <br> System), Series 2015, Ref. RAC<br>| 5.00% | 08/01/2034 | 75 | &nbsp;&nbsp; 75078 |
|  |  |  |  | &nbsp;&nbsp; 3314164 |
| **Illinois-3.13%** |  |  |  |  |
| Chicago (City of), IL Metropolitan Water Reclamation District, Series 2016 A, Ref. GO Bonds | 5.00% | 12/01/2025 | 1020 | &nbsp;&nbsp; 1020000 |
| &nbsp;&nbsp;&nbsp; Du Page & Will Counties Community School District No. 204 Indian Prairie, Series 2017, Ref. GO <br> Bonds<br>| 4.00% | 12/30/2025 | 115 | &nbsp;&nbsp; 115102 |
| Illinois (State of), Series 2017 A, GO Bonds | 5.00% | 12/01/2025 | 1665 | &nbsp;&nbsp; 1665000 |
| Illinois (State of), Series 2021 A, GO Bonds | 5.00% | 12/01/2025 | 85 | &nbsp;&nbsp; 85000 |
| Illinois (State of) Finance Authority (OSF Healthcare System), Series 2015 A, Ref. RB | 5.00% | 11/15/2035 | 960 | &nbsp;&nbsp; 960680 |
| Illinois (State of) Finance Authority (OSF Healthcare System), Series 2015 A, Ref. RB | 5.00% | 11/15/2045 | 140 | &nbsp;&nbsp; 140038 |
| &nbsp;&nbsp;&nbsp; Illinois (State of) Finance Authority (The University of Chicago), Series 2010, VRD RB, <br> (LOC - TD Bank, N.A.)<sup>(a)(b)</sup><br>| 1.05% | 08/01/2044 | 1000 | &nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp; Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion), Series 2015 <br> A, RB<br>| 5.00% | 06/15/2053 | 250 | &nbsp;&nbsp; 247088 |
| &nbsp;&nbsp;&nbsp; Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion), Series 2015, <br> Ref. RB<br>| 5.00% | 06/15/2052 | 500 | &nbsp;&nbsp; 494968 |
| Winnebago & Boone Counties School District No. 205 Rockford, Series 2015 B, GO Bonds | 4.00% | 02/01/2035 | 180 | &nbsp;&nbsp; 180077 |
|  |  |  |  | &nbsp;&nbsp; 5907953 |
| **Indiana-0.09%** |  |  |  |  |
| Indiana (State of) Finance Authority, Series 2016 C, Ref. RB | 5.00% | 12/01/2025 | 10 | &nbsp;&nbsp; 10000 |
| &nbsp;&nbsp;&nbsp; Indiana (State of) Finance Authority (Indiana University Health Obligated Group), Series 2016 A, Ref. <br> RB<br>| 5.00% | 12/01/2025 | 80 | &nbsp;&nbsp; 80000 |
| Indiana (State of) Health Facility Financing Authority, Series 2001, RB<sup>(c)(d)</sup> | 5.00% | 12/04/2025 | 5 | &nbsp;&nbsp; 5001 |
| Richmond (City of), VA Hospital Authority, Series 2015 A, Ref. RB | 5.00% | 01/01/2035 | 85 | &nbsp;&nbsp; 85038 |
|  |  |  |  | &nbsp;&nbsp; 180039 |
| **Iowa-0.16%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Iowa (State of) Finance Authority (Unitypoint Health), Series 2018, VRD Ref. RB, <br> (LOC - JPMorgan Chase Bank, N.A.)<sup>(a)(b)</sup><br>| 0.90% | 02/15/2041 | 300 | &nbsp;&nbsp; 300000 |
| **Kentucky-0.12%** |  |  |  |  |
| Kentucky (Commonwealth of) Municipal Power Agency, Series 2015 A, Ref. RB, (INS - NATL)<sup>(e)</sup> | 4.00% | 09/01/2039 | 230 | &nbsp;&nbsp; 229780 |
| **Louisiana-0.04%** |  |  |  |  |
| New Orleans (City of), LA, Series 2015, RB<sup>(c)(d)</sup> | 5.00% | 12/01/2025 | 25 | &nbsp;&nbsp; 25000 |
| New Orleans (City of), LA, Series 2015, RB<sup>(c)(d)</sup> | 5.00% | 12/01/2025 | 50 | &nbsp;&nbsp; 50000 |
|  |  |  |  | &nbsp;&nbsp; 75000 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2025 Municipal Bond ETF (BSMP)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Maryland-0.28%** |  |  |  |  |
| Maryland (State of) Department of Transportation, Series 2021 B, Ref. RB | 5.00% | 12/01/2025 | $420 | &nbsp;&nbsp; $420000 |
| Maryland (State of) Department of Transportation, Series 2022 B, Ref. RB | 5.00% | 12/01/2025 | 100 | &nbsp;&nbsp; 100000 |
|  |  |  |  | &nbsp;&nbsp; 520000 |
| **Massachusetts-0.98%** |  |  |  |  |
| Massachusetts (Commonwealth of), Series 2015 D, GO Bonds | 4.00% | 09/01/2029 | 5 | &nbsp;&nbsp; 5003 |
| Massachusetts (Commonwealth of), Series 2019 E, Ref. GO Bonds | 3.00% | 12/01/2025 | 50 | &nbsp;&nbsp; 50000 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Development Finance Agency (Boston University), Series 2008 <br> U-6C, VRD RB, (LOC - TD Bank, N.A.)<sup>(a)(b)</sup><br>| 0.60% | 10/01/2042 | 1790 | &nbsp;&nbsp; 1790000 |
|  |  |  |  | &nbsp;&nbsp; 1845003 |
| **Michigan-0.35%** |  |  |  |  |
| Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2015, Ref. RB | 5.00% | 12/01/2025 | 35 | &nbsp;&nbsp; 35000 |
| Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2015, Ref. RB | 5.50% | 12/01/2027 | 350 | &nbsp;&nbsp; 352480 |
| Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017, Ref. RB | 5.00% | 12/01/2025 | 65 | &nbsp;&nbsp; 65000 |
| Michigan (State of) Hospital Finance Authority (Trinity Health Credit Group), Series 2008 C, Ref. RB | 5.00% | 12/01/2025 | 105 | &nbsp;&nbsp; 105000 |
| Wayne (County of), MI Airport Authority, Series 2015 D, RB<sup>(c)(d)</sup> | 5.00% | 12/05/2025 | 100 | &nbsp;&nbsp; 100025 |
|  |  |  |  | &nbsp;&nbsp; 657505 |
| **Minnesota-0.36%** |  |  |  |  |
| Metropolitan Council, Series 2021 B, GO Bonds | 5.00% | 12/01/2025 | 180 | &nbsp;&nbsp; 180000 |
| &nbsp;&nbsp;&nbsp; St. Paul (City of), MN Housing & Redevelopment Authority (Healthpartners Obligated Group), <br> Series 2015, Ref. RB<br>| 4.00% | 07/01/2035 | 500 | &nbsp;&nbsp; 500072 |
|  |  |  |  | &nbsp;&nbsp; 680072 |
| **Nebraska-0.56%** |  |  |  |  |
| Gretna Public Schools, Series 2022 B, GO Bonds | 5.00% | 12/15/2027 | 1050 | &nbsp;&nbsp; 1051455 |
| **Nevada-0.34%** |  |  |  |  |
| Clark County School District, Series 2015 C, Ref. GO Bonds<sup>(c)(d)</sup> | 5.00% | 12/15/2025 | 415 | &nbsp;&nbsp; 415374 |
| Nevada (State of), Series 2016, Ref. RB | 5.00% | 12/01/2025 | 225 | &nbsp;&nbsp; 225000 |
|  |  |  |  | &nbsp;&nbsp; 640374 |
| **New Jersey-0.98%** |  |  |  |  |
| New Jersey (State of) Economic Development Authority, Series 2015 WW, RB | 5.25% | 06/15/2028 | 100 | &nbsp;&nbsp; 100120 |
| New Jersey (State of) Economic Development Authority, Series 2015 XX, Ref. RB | 4.38% | 06/15/2027 | 35 | &nbsp;&nbsp; 35022 |
| New Jersey (State of) Educational Facilities Authority, Series 2015 H, Ref. RB, (INS - AGI)<sup>(e)</sup> | 4.00% | 07/01/2033 | 380 | &nbsp;&nbsp; 380285 |
| &nbsp;&nbsp;&nbsp; New Jersey (State of) Health Care Facilities Financing Authority (Virtua Health), Series 2009 B, VRD <br> RB, (LOC - JP Morgan Chase Bank N.A.)<sup>(a)(b)</sup><br>| 1.65% | 07/01/2043 | 1000 | &nbsp;&nbsp; 1000000 |
| New Jersey (State of) Health Care Facilities Financing Authority (Virtua Health), Series 2013, Ref. RB | 5.00% | 07/01/2028 | 235 | &nbsp;&nbsp; 236673 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2015 AA, RB | 5.25% | 06/15/2031 | 15 | &nbsp;&nbsp; 15022 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2019, Ref. RB | 5.00% | 12/15/2025 | 45 | &nbsp;&nbsp; 45036 |
| New Jersey (State of) Turnpike Authority, Series 2014 A, RB | 5.00% | 01/01/2027 | 35 | &nbsp;&nbsp; 35059 |
|  |  |  |  | &nbsp;&nbsp; 1847217 |
| **New York-13.41%** |  |  |  |  |
| Metropolitan Transportation Authority, Series 2002 D, VRD Ref. RB, (LOC - Truist Bank)<sup>(a)(b)</sup> | 1.40% | 11/01/2032 | 1000 | &nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority (Green Bonds), Series 2008 A-1, VRD Ref. RB, <br> (LOC - TD Bank, N.A.)<sup>(a)(b)</sup><br>| 1.25% | 11/01/2031 | 2000 | &nbsp;&nbsp; 2000000 |
| Nassau (County of), NY Industrial Development Agency, Series 1999, Ref. VRD RB<sup>(a)</sup> | 1.15% | 01/01/2034 | 850 | &nbsp;&nbsp; 850000 |
| New York & New Jersey (States of) Port Authority, Two Hundred Thirtieth Series 2022, Ref. RB | 4.00% | 12/01/2025 | 100 | &nbsp;&nbsp; 100000 |
| New York (City of), NY, Series 2022 A-3, VRD GO Bonds<sup>(a)</sup> | 1.25% | 09/01/2049 | 500 | &nbsp;&nbsp; 500000 |
| New York (City of), NY, Series 2022A-4, VRD GO Bonds<sup>(a)</sup> | 1.25% | 09/01/2049 | 1050 | &nbsp;&nbsp; 1050000 |
| New York (City of), NY, Subseries 2012 A-3, VRD GO Bonds, (LOC - Mizuho Bank Ltd.)<sup>(a)(b)</sup> | 1.20% | 10/01/2040 | 1000 | &nbsp;&nbsp; 1000000 |
| New York (City of), NY, Subseries 2015 F, VRD GO Bonds<sup>(a)</sup> | 1.40% | 06/01/2044 | 650 | &nbsp;&nbsp; 650000 |
| New York (City of), NY, Subseries 2016 A-5, VRD GO Bonds<sup>(a)</sup> | 1.40% | 08/01/2044 | 1330 | &nbsp;&nbsp; 1330000 |
| New York (City of), NY, Subseries 2025 G-3, VRD GO Bonds<sup>(a)</sup> | 1.25% | 02/01/2055 | 1075 | &nbsp;&nbsp; 1075000 |
| New York (City of), NY Municipal Water Finance Authority, Series 2010 DD, VRD RB<sup>(a)</sup> | 1.40% | 06/15/2043 | 1000 | &nbsp;&nbsp; 1000000 |
| New York (City of), NY Municipal Water Finance Authority, Series 2011 FF-2, VRD RB<sup>(a)</sup> | 1.40% | 06/15/2044 | 1090 | &nbsp;&nbsp; 1090000 |
| New York (City of), NY Municipal Water Finance Authority, Series 2013, VRD RB<sup>(a)</sup> | 1.25% | 06/15/2049 | 750 | &nbsp;&nbsp; 750000 |
| New York (City of), NY Municipal Water Finance Authority, Series 2014 AA-6, VRD RB<sup>(a)</sup> | 1.20% | 06/15/2048 | 2000 | &nbsp;&nbsp; 2000000 |
| New York (City of), NY Municipal Water Finance Authority, Series 2015 HH, Ref. RB | 3.38% | 06/15/2030 | 65 | &nbsp;&nbsp; 65026 |
| New York (City of), NY Municipal Water Finance Authority, Series 2015, Ref. RB | 3.50% | 06/15/2032 | 70 | &nbsp;&nbsp; 70023 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2025 Municipal Bond ETF (BSMP)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| New York (City of), NY Municipal Water Finance Authority, Series 2018 EE, Ref. RB<sup>(c)(d)</sup> | 3.13% | 01/02/2026 | $100 | &nbsp;&nbsp; $100035 |
| New York (City of), NY Municipal Water Finance Authority, Series 2020 DD-2, RB<sup>(c)(d)</sup> | 5.00% | 01/02/2026 | 425 | &nbsp;&nbsp; 425835 |
| New York (City of), NY Municipal Water Finance Authority, Series 2021 BB-2, Ref. RB<sup>(c)(d)</sup> | 5.00% | 01/02/2026 | 175 | &nbsp;&nbsp; 175344 |
| New York (City of), NY Municipal Water Finance Authority, Series 2021, RB<sup>(c)(d)</sup> | 5.00% | 01/02/2026 | 20 | &nbsp;&nbsp; 20039 |
| New York (City of), NY Municipal Water Finance Authority, Series 2022 CC-2, RB<sup>(c)(d)</sup> | 5.00% | 01/02/2026 | 2030 | &nbsp;&nbsp; 2033989 |
| New York (City of), NY Transitional Finance Authority, Series 2015 C, Ref. RB | 5.00% | 11/01/2027 | 200 | &nbsp;&nbsp; 200293 |
| New York (City of), NY Transitional Finance Authority, Series 2016 E-4, VRD RB<sup>(a)</sup> | 1.40% | 02/01/2045 | 1035 | &nbsp;&nbsp; 1035000 |
| New York (City of), NY Transitional Finance Authority, Series 2018 A-4, VRD RB<sup>(a)</sup> | 1.40% | 08/01/2045 | 1000 | &nbsp;&nbsp; 1000000 |
| New York (City of), NY Transitional Finance Authority, Series 2018, VRD RB<sup>(a)</sup> | 1.40% | 08/01/2042 | 2500 | &nbsp;&nbsp; 2500000 |
| New York (City of), NY Transitional Finance Authority, Subseries 2015 B-1, RB | 5.00% | 11/01/2029 | 75 | &nbsp;&nbsp; 75220 |
| New York (City of), NY Transitional Finance Authority, Subseries 2015 B-1, RB | 5.00% | 11/01/2032 | 180 | &nbsp;&nbsp; 180462 |
| New York (City of), NY Transitional Finance Authority, Subseries 2015 B-1, RB | 5.00% | 11/01/2033 | 300 | &nbsp;&nbsp; 300729 |
| New York (City of), NY Transitional Finance Authority, Subseries 2015 B-1, RB | 5.00% | 11/01/2035 | 150 | &nbsp;&nbsp; 150316 |
| &nbsp;&nbsp;&nbsp; New York (State of) Dormitory Authority (Icahn School of Medicine at Mount Sinai), Series 2015 A, <br> Ref. RB<br>| 5.00% | 07/01/2035 | 130 | &nbsp;&nbsp; 130012 |
| New York (State of) Utility Debt Securitization Authority, Series 2015, Ref. RB | 5.00% | 12/15/2027 | 85 | &nbsp;&nbsp; 85075 |
| New York (State of) Utility Debt Securitization Authority, Series 2015, Ref. RB | 5.00% | 12/15/2033 | 485 | &nbsp;&nbsp; 485430 |
| New York (State of) Utility Debt Securitization Authority, Series 2015, Ref. RB | 5.00% | 12/15/2034 | 100 | &nbsp;&nbsp; 100089 |
| New York (State of) Utility Debt Securitization Authority, Series 2015, Ref. RB | 5.00% | 12/15/2036 | 325 | &nbsp;&nbsp; 325288 |
| New York (State of) Utility Debt Securitization Authority, Series 2015, Ref. RB | 4.00% | 12/15/2037 | 50 | &nbsp;&nbsp; 50025 |
| New York (State of) Utility Debt Securitization Authority, Series 2015, Ref. RB | 5.00% | 12/15/2037 | 625 | &nbsp;&nbsp; 625554 |
| New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB | 5.00% | 11/15/2029 | 15 | &nbsp;&nbsp; 15019 |
| New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB | 5.00% | 11/15/2032 | 5 | &nbsp;&nbsp; 5006 |
| New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB | 5.00% | 11/15/2033 | 95 | &nbsp;&nbsp; 95109 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. <br> RB<br>| 5.00% | 12/01/2025 | 100 | &nbsp;&nbsp; 100000 |
| Suffolk (County of), NY Water Authority, Series 2015, Ref. RB | 4.00% | 06/01/2031 | 155 | &nbsp;&nbsp; 155171 |
| Triborough Bridge & Tunnel Authority, Series 2015 A, RB | 5.00% | 11/15/2050 | 410 | &nbsp;&nbsp; 410008 |
|  |  |  |  | &nbsp;&nbsp; 25309097 |
| **North Carolina-1.19%** |  |  |  |  |
| Charlotte-Mecklenburg Hospital Authority (The) (Atrium Health), Series 2018 G, VRD RB<sup>(a)</sup> | 1.40% | 01/15/2048 | 1000 | &nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp; Charlotte-Mecklenburg Hospital Authority (The) (Carolinas Health Care Systems), Series 2007, Ref. <br> VRD RB<sup>(a)</sup><br>| 1.40% | 01/15/2037 | 1000 | &nbsp;&nbsp; 1000000 |
| Mecklenburg (County of), NC, Series 2013 A, Ref. GO Bonds | 5.00% | 12/01/2025 | 95 | &nbsp;&nbsp; 95000 |
| North Carolina (State of) Medical Care Commission (Vidant Health), Series 2015, Ref. RB | 4.00% | 06/01/2034 | 160 | &nbsp;&nbsp; 160058 |
|  |  |  |  | &nbsp;&nbsp; 2255058 |
| **Ohio-1.37%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Cincinnati City School District (Classroom Construction & Improvement), Series 2006, Ref. GO Bonds, <br> (INS - NATL)<sup>(e)</sup><br>| 5.25% | 12/01/2025 | 200 | &nbsp;&nbsp; 200000 |
| Columbus (City of), OH, Series 2016 A, GO Bonds | 4.00% | 08/15/2027 | 500 | &nbsp;&nbsp; 500485 |
| Hamilton (County of), OH, Series 2016 A, Ref. RB | 5.00% | 12/01/2025 | 25 | &nbsp;&nbsp; 25000 |
| North Royalton City School District, Series 2017, GO Bonds<sup>(c)(d)</sup> | 5.00% | 12/18/2025 | 1000 | &nbsp;&nbsp; 1001071 |
| Ohio (State of) (Garvee), Series 2016-1, RB | 5.00% | 12/15/2025 | 180 | &nbsp;&nbsp; 180167 |
| Ohio (State of) (Garvee), Series 2018 1, RB | 5.00% | 12/15/2025 | 100 | &nbsp;&nbsp; 100093 |
| Ohio (State of) Higher Educational Facility Commission (Kenyon College), Series 2015, Ref. RB | 5.00% | 07/01/2041 | 440 | &nbsp;&nbsp; 440338 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2016, RB | 5.00% | 12/01/2025 | 5 | &nbsp;&nbsp; 5000 |
| Willoughby-Eastlake City School District, Series 2016, GO Bonds<sup>(c)(d)</sup> | 5.00% | 12/01/2025 | 140 | &nbsp;&nbsp; 140000 |
|  |  |  |  | &nbsp;&nbsp; 2592154 |
| **Pennsylvania-1.45%** |  |  |  |  |
| Allegheny (County of), PA Sanitary Authority, Series 2015, Ref. RB<sup>(c)(d)</sup> | 5.00% | 12/01/2025 | 410 | &nbsp;&nbsp; 410000 |
| Commonwealth Financing Authority, Series 2015 A, RB | 5.00% | 06/01/2033 | 600 | &nbsp;&nbsp; 603032 |
| Commonwealth Financing Authority, Series 2015 A, RB | 5.00% | 06/01/2035 | 285 | &nbsp;&nbsp; 286440 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2015 A-1, Ref. RB<sup>(c)(d)</sup> | 5.00% | 12/01/2025 | 50 | &nbsp;&nbsp; 50000 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2015 B, RB<sup>(c)(d)</sup> | 5.00% | 12/01/2025 | 20 | &nbsp;&nbsp; 20000 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016, Ref. RB<sup>(c)(d)</sup> | 5.00% | 12/01/2025 | 200 | &nbsp;&nbsp; 200000 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016, Ref. RB<sup>(c)(d)</sup> | 5.00% | 12/01/2025 | 25 | &nbsp;&nbsp; 25000 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 A-2, Ref. RB | 5.00% | 12/01/2025 | 40 | &nbsp;&nbsp; 40000 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2025 Municipal Bond ETF (BSMP)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Pennsylvania-(continued)** |  |  |  |  |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019, Ref. RB | 5.00% | 12/01/2025 | $100 | &nbsp;&nbsp; $100000 |
| &nbsp;&nbsp;&nbsp; Philadelphia (City of), PA Authority for Industrial Development (Children's Hospital of Philadelphia), <br> Series 2024, VRD RB<sup>(a)</sup><br>| 1.40% | 07/01/2054 | 1000 | &nbsp;&nbsp; 1000000 |
|  |  |  |  | &nbsp;&nbsp; 2734472 |
| **South Carolina-0.20%** |  |  |  |  |
| Charleston Educational Excellence Finance Corp. (Charleston County School), Series 2023, Ref. RB | 5.00% | 12/01/2025 | 90 | &nbsp;&nbsp; 90000 |
| Greenville County School District, Series 2023, Ref. RB | 5.00% | 12/01/2025 | 125 | &nbsp;&nbsp; 125000 |
| South Carolina (State of) Transportation Infrastructure Bank, Series 2016 A, Ref. RB | 4.00% | 10/01/2028 | 5 | &nbsp;&nbsp; 5002 |
| South Carolina (State of) Transportation Infrastructure Bank, Series 2016 A, Ref. RB | 4.00% | 10/01/2031 | 150 | &nbsp;&nbsp; 150047 |
|  |  |  |  | &nbsp;&nbsp; 370049 |
| **Texas-3.01%** |  |  |  |  |
| Dallas (City of), TX Area Rapid Transit, Series 2016 A, Ref. RB<sup>(c)(d)</sup> | 5.00% | 12/01/2025 | 155 | &nbsp;&nbsp; 155000 |
| Dallas (City of), TX Area Rapid Transit, Series 2016 A, Ref. RB<sup>(c)(d)</sup> | 5.00% | 12/01/2025 | 1500 | &nbsp;&nbsp; 1500000 |
| Dallas (City of), TX Area Rapid Transit, Series 2016 A, Ref. RB<sup>(c)(d)</sup> | 5.00% | 12/01/2025 | 175 | &nbsp;&nbsp; 175000 |
| Dallas (City of), TX Area Rapid Transit, Series 2016 A, Ref. RB<sup>(c)(d)</sup> | 5.00% | 12/01/2025 | 10 | &nbsp;&nbsp; 10000 |
| Dallas (City of), TX Area Rapid Transit, Series 2016 A, Ref. RB<sup>(c)(d)</sup> | 5.00% | 12/01/2025 | 25 | &nbsp;&nbsp; 25000 |
| Dallas (City of), TX Area Rapid Transit, Series 2016 A, Ref. RB<sup>(c)(d)</sup> | 5.00% | 12/01/2025 | 175 | &nbsp;&nbsp; 175000 |
| Dallas (City of), TX Area Rapid Transit, Series 2016 A, Ref. RB<sup>(c)(d)</sup> | 5.00% | 12/01/2025 | 200 | &nbsp;&nbsp; 200000 |
| Dallas College, Series 2022, GO Bonds | 5.00% | 02/15/2035 | 90 | &nbsp;&nbsp; 90392 |
| &nbsp;&nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp. (Texas Children's Hospital), Series 2015, Ref. <br> RB<br>| 5.00% | 10/01/2027 | 15 | &nbsp;&nbsp; 15013 |
| Houston (City of), TX, Series 2014 D, Ref. RB | 5.00% | 11/15/2028 | 55 | &nbsp;&nbsp; 55088 |
| &nbsp;&nbsp;&nbsp; Kerrville Health Facilities Development Corp. (Peterson Regional Medical Center), Series 2015, Ref. <br> RB<br>| 5.00% | 08/15/2035 | 25 | &nbsp;&nbsp; 25061 |
| &nbsp;&nbsp;&nbsp; Lewisville Independent School District, Series 2016 A, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 08/15/2027 | 210 | &nbsp;&nbsp; 210179 |
| San Jacinto River Authority (Groundwater Reduction Plan Division), Series 2011, RB, (INS - AGI)<sup>(e)</sup> | 5.00% | 10/01/2032 | 215 | &nbsp;&nbsp; 215239 |
| Tarrant (County of), TX Regional Water District, Series 2015, Ref. RB | 5.00% | 03/01/2029 | 150 | &nbsp;&nbsp; 150232 |
| &nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health), Series 2024, <br> Ref. VRD RB<sup>(a)</sup><br>| 0.90% | 11/15/2050 | 1000 | &nbsp;&nbsp; 1000000 |
| Tennessee (State of), Series 2010, VRD GO Bonds<sup>(a)</sup> | 1.90% | 12/01/2040 | 100 | &nbsp;&nbsp; 100000 |
| Texas (State of), Series 2014 D, VRD GO Bonds<sup>(a)</sup> | 2.00% | 06/01/2045 | 100 | &nbsp;&nbsp; 100000 |
| Texas (State of), Series 2020, VRD GO Bonds<sup>(a)</sup> | 2.00% | 12/01/2050 | 100 | &nbsp;&nbsp; 100000 |
| Texas (State of), Series 2022 B, Ref. GO Bonds | 5.00% | 08/01/2041 | 575 | &nbsp;&nbsp; 574989 |
| Texas (State of) Water Development Board, Series 2015 A, RB | 5.00% | 10/15/2030 | 305 | &nbsp;&nbsp; 305453 |
| Texas (State of) Water Development Board, Series 2015 A, RB | 4.00% | 10/15/2033 | 500 | &nbsp;&nbsp; 500171 |
|  |  |  |  | &nbsp;&nbsp; 5681817 |
| **Virginia-0.55%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (Public Higher Education Financing), <br> Series 2015 B, Ref. RB, (CEP - Colorado Higher Education Intercept Program)<br>| 5.00% | 09/01/2028 | 30 | &nbsp;&nbsp; 30051 |
| Virginia (Commonwealth of) Public Building Authority, Series 2015 A, RB | 4.00% | 08/01/2033 | 1000 | &nbsp;&nbsp; 1000641 |
|  |  |  |  | &nbsp;&nbsp; 1030692 |
| **Washington-0.55%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; King County School District No. 403 Renton, Series 2016, Ref. GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2028 | 25 | &nbsp;&nbsp; 25036 |
| &nbsp;&nbsp;&nbsp; King County School District No. 411 Issaquah, Series 2015, Ref. GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2025 | 50 | &nbsp;&nbsp; 50000 |
| &nbsp;&nbsp;&nbsp; King County School District No. 411 Issaquah, Series 2015, Ref. GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 3.50% | 12/01/2028 | 40 | &nbsp;&nbsp; 40012 |
| Pierce County School District No. 10 Tacoma, Series 2015, Ref. GO Bonds<sup>(c)(d)</sup> | 5.00% | 12/01/2025 | 435 | &nbsp;&nbsp; 435000 |
| Pierce County School District No. 10 Tacoma, Series 2015, Ref. GO Bonds<sup>(c)(d)</sup> | 5.00% | 12/01/2025 | 210 | &nbsp;&nbsp; 210000 |
| &nbsp;&nbsp;&nbsp; Pierce County School District No. 10 Tacoma, Series 2015, Ref. GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2028 | 35 | &nbsp;&nbsp; 35032 |
| &nbsp;&nbsp;&nbsp; Pierce County School District No. 10 Tacoma (Social Bonds), Series 2020 B, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2025 | 60 | &nbsp;&nbsp; 60000 |
| Snohomish (County of), WA Public Utility District No. 1, Series 2015, RB<sup>(c)(d)</sup> | 5.00% | 12/01/2025 | 20 | &nbsp;&nbsp; 20000 |
| Snohomish (County of), WA Public Utility District No. 1, Series 2015, RB<sup>(c)(d)</sup> | 5.00% | 12/01/2025 | 15 | &nbsp;&nbsp; 15000 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2025 Municipal Bond ETF (BSMP)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Washington-(continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Snohomish County School District No. 15 Edmonds, Series 2024, Ref. GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2025 | $| 25 | &nbsp;&nbsp; $25000 |
| Snohomish County School District No. 201 Snohomish, Series 2016, Ref. GO Bonds<sup>(c)(d)</sup> | 5.00% | 12/19/2025 |  | 10 | &nbsp;&nbsp; 10011 |
| &nbsp;&nbsp;&nbsp; Washington (State of) Health Care Facilities Authority (Central Washington Health Services <br> Association), Series 2015, Ref. RB<br>| 4.00% | 07/01/2036 |  | 110 | &nbsp;&nbsp; 110001 |
|  |  |  |  |  | &nbsp;&nbsp; 1035092 |
| **Wisconsin-0.79%** |  |  |  |  |  |
| University of Wisconsin Hospitals & Clinics, Series 2018 B, Ref. VRD RB<sup>(a)</sup> | 1.40% | 04/01/2048 |  | 1000 | &nbsp;&nbsp; 1000000 |
| Waushara (County of), WI, Series 2022 A, RB | 4.50% | 06/01/2027 |  | 500 | &nbsp;&nbsp; 500481 |
|  |  |  |  |  | &nbsp;&nbsp; 1500481 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(f)</sup>-37.02% <br>(Cost $69,857,770) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(f)</sup>-37.02% <br>(Cost $69,857,770) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(f)</sup>-37.02% <br>(Cost $69,857,770) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(f)</sup>-37.02% <br>(Cost $69,857,770) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(f)</sup>-37.02% <br>(Cost $69,857,770) | &nbsp;&nbsp; 69848654 |
| OTHER ASSETS LESS LIABILITIES-62.98% | OTHER ASSETS LESS LIABILITIES-62.98% | OTHER ASSETS LESS LIABILITIES-62.98% | OTHER ASSETS LESS LIABILITIES-62.98% | OTHER ASSETS LESS LIABILITIES-62.98% | &nbsp;&nbsp; 118830573 |
| NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $188679227 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| AGI | -Assured Guaranty, Inc. |
| CEP | -Credit Enhancement Provider |
| COP | -Certificates of Participation |
| GO | -General Obligation |
| INS | -Insurer |
| LOC | -Letter of Credit |
| NATL | -National Public Finance Guarantee Corp. |
| RAC | -Revenue Anticipation Certificates |
| RB | -Revenue Bonds |
| Ref. | -Refunding |
| VRD | -Variable Rate Demand |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by <br> the issuer or agent based on current market conditions. Rate shown is the rate in effect on November 30, 2025.<br>|
| <sup>(b)</sup> | Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
| <sup>(c)</sup> | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. |
| <sup>(d)</sup> | Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. |
| <sup>(e)</sup> | Principal and/or interest payments are secured by the bond insurance company listed. |
| <sup>(f)</sup> | This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the <br> securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily <br> responsible for the issuer's obligations but may be called upon to satisfy the issuer's obligations.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Entity** | **Percentage** |
| TD Bank N.A. | 7.72% |

---

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

See accompanying notes which are an integral part of this schedule.

------

Schedule of Investments

**Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)**

November 30, 2025

*(Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Municipal Obligations-94.23%** |  |  |  |  |
| **Alabama-0.38%** |  |  |  |  |
| Alabama (State of) Federal Aid Highway Finance Authority, Series 2025 B, Ref. RB | 5.00% | 09/01/2026 | $5 | &nbsp;&nbsp; $5089 |
| Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2017 B, Ref. RB<sup>(a)</sup> | 5.00% | 09/01/2026 | 20 | &nbsp;&nbsp; 20356 |
| Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB | 5.00% | 11/01/2026 | 360 | &nbsp;&nbsp; 367690 |
| Alhambra Unified School District, Series 2016 B, RB | 4.00% | 10/01/2043 | 10 | &nbsp;&nbsp; 9658 |
| Auburn University, Series 2016 A, Ref. RB | 5.00% | 06/01/2038 | 85 | &nbsp;&nbsp; 85786 |
| Homewood (City of), AL, Series 2016, Ref. GO Bonds<sup>(a)(b)</sup> | 5.25% | 09/01/2026 | 30 | &nbsp;&nbsp; 30590 |
| Jefferson (County of), AL, Series 2024, Ref. RB | 5.00% | 10/01/2026 | 5 | &nbsp;&nbsp; 5085 |
| &nbsp;&nbsp;&nbsp; Mobile (City of), AL Infirmary Health System Special Care Facilities Financing Authority (Infirmary <br> Health System, Inc.), Series 2016 A, RB<br>| 5.00% | 02/01/2036 | 25 | &nbsp;&nbsp; 25060 |
| &nbsp;&nbsp;&nbsp; Mobile (City of), AL Infirmary Health System Special Care Facilities Financing Authority (Infirmary <br> Health System, Inc.), Series 2016, RB<br>| 5.00% | 02/01/2041 | 140 | &nbsp;&nbsp; 140211 |
| Tuscaloosa (City of), AL Board of Education, Series 2016, Revenue Wts.<sup>(a)(b)</sup> | 5.00% | 08/01/2026 | 50 | &nbsp;&nbsp; 50775 |
| Tuscaloosa (City of), AL Board of Education, Series 2016, Revenue Wts.<sup>(a)(b)</sup> | 5.00% | 08/01/2026 | 80 | &nbsp;&nbsp; 81240 |
| UAB Medicine Finance Authority, Series 2016 B, Ref. RB | 5.00% | 09/01/2034 | 85 | &nbsp;&nbsp; 86143 |
| UAB Medicine Finance Authority, Series 2016 B, Ref. RB | 5.00% | 09/01/2035 | 85 | &nbsp;&nbsp; 86094 |
| UAB Medicine Finance Authority, Series 2016 B, Ref. RB | 3.63% | 09/01/2041 | 20 | &nbsp;&nbsp; 19477 |
| UAB Medicine Finance Authority, Series 2016 B, Ref. RB | 5.00% | 09/01/2041 | 125 | &nbsp;&nbsp; 125851 |
|  |  |  |  | &nbsp;&nbsp; 1139105 |
| **Alaska-0.10%** |  |  |  |  |
| North Slope (Borough of), AK, Series 2021 C, GO Bonds | 4.00% | 06/30/2026 | 295 | &nbsp;&nbsp; 297258 |
| **Arizona-1.14%** |  |  |  |  |
| Arizona (State of), Series 2019 A, Ref. COP<sup>(a)</sup> | 5.00% | 10/01/2026 | 410 | &nbsp;&nbsp; 418365 |
| Arizona (State of) Department of Transportation, Series 2016, Ref. RB | 5.00% | 07/01/2029 | 15 | &nbsp;&nbsp; 15203 |
| Arizona (State of) Department of Transportation, Series 2016, Ref. RB | 5.00% | 07/01/2032 | 35 | &nbsp;&nbsp; 35464 |
| Arizona (State of) Department of Transportation, Series 2016, Ref. RB | 5.00% | 07/01/2033 | 500 | &nbsp;&nbsp; 506275 |
| Arizona (State of) Department of Transportation, Series 2016, Ref. RB | 5.00% | 07/01/2034 | 20 | &nbsp;&nbsp; 20235 |
| Arizona (State of) Sports & Tourism Authority, Series 2022, Ref. RB, (INS - BAM)<sup>(c)</sup> | 5.00% | 07/01/2026 | 100 | &nbsp;&nbsp; 101367 |
| Arizona (State of) Transportation Board (Garvee), Series 2016, Ref. RB | 5.00% | 07/01/2026 | 130 | &nbsp;&nbsp; 131914 |
| Glendale (City of), AZ Industrial Development Authority (Sun Health Services), Series 2019 A, Ref. RB | 5.00% | 11/15/2042 | 20 | &nbsp;&nbsp; 20084 |
| &nbsp;&nbsp;&nbsp; Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), <br> Series 2016, Ref. RB<br>| 5.00% | 01/01/2026 | 30 | &nbsp;&nbsp; 30053 |
| &nbsp;&nbsp;&nbsp; Maricopa (County of), AZ Special Health Care District (Maricopa Integrated Health), Series 2018 C, GO <br> Bonds<br>| 5.00% | 07/01/2026 | 30 | &nbsp;&nbsp; 30405 |
| Maricopa County Union High School District No. 210-Phoenix (2023), Series 2025 B, GO Bonds | 5.00% | 07/01/2026 | 25 | &nbsp;&nbsp; 25359 |
| Mesa (City of), AZ, Series 2016, Ref. RB | 4.00% | 07/01/2031 | 120 | &nbsp;&nbsp; 120586 |
| Mesa (City of), AZ, Series 2016, Ref. RB | 4.00% | 07/01/2032 | 575 | &nbsp;&nbsp; 577550 |
| Mesa (City of), AZ, Series 2017, Ref. RB | 4.00% | 07/01/2026 | 5 | &nbsp;&nbsp; 5040 |
| Phoenix (City of), AZ, Series 2016, Ref. GO Bonds | 5.00% | 07/01/2026 | 150 | &nbsp;&nbsp; 152164 |
| Phoenix Civic Improvement Corp., Series 2016, Ref. RB | 5.00% | 07/01/2032 | 15 | &nbsp;&nbsp; 15185 |
| Phoenix Civic Improvement Corp., Series 2016, Ref. RB | 5.00% | 07/01/2033 | 130 | &nbsp;&nbsp; 131556 |
| Phoenix Civic Improvement Corp., Series 2016, Ref. RB | 5.00% | 07/01/2035 | 95 | &nbsp;&nbsp; 96032 |
| Phoenix Civic Improvement Corp., Series 2017, Ref. RB | 5.00% | 07/01/2026 | 75 | &nbsp;&nbsp; 76034 |
| Phoenix Civic Improvement Corp., Series 2017, Ref. RB | 5.00% | 07/01/2026 | 30 | &nbsp;&nbsp; 30419 |
| Phoenix Civic Improvement Corp., Series 2017, Ref. RB | 5.00% | 07/01/2028 | 10 | &nbsp;&nbsp; 10139 |
| Phoenix Civic Improvement Corp., Series 2017, Ref. RB | 5.00% | 07/01/2029 | 50 | &nbsp;&nbsp; 50683 |
| Phoenix Civic Improvement Corp., Series 2017, Ref. RB | 5.00% | 07/01/2030 | 70 | &nbsp;&nbsp; 70919 |
| Phoenix Civic Improvement Corp., Series 2017, Ref. RB | 5.00% | 07/01/2032 | 35 | &nbsp;&nbsp; 35431 |
| Phoenix Civic Improvement Corp., Series 2017, Ref. RB | 5.00% | 07/01/2033 | 110 | &nbsp;&nbsp; 111316 |
| Phoenix Civic Improvement Corp., Series 2017, Ref. RB | 5.00% | 07/01/2034 | 25 | &nbsp;&nbsp; 25288 |
| Phoenix Civic Improvement Corp., Series 2017, Ref. RB | 5.00% | 07/01/2037 | 100 | &nbsp;&nbsp; 100953 |
| Phoenix Civic Improvement Corp., Series 2021 B, Ref. RB | 5.00% | 07/01/2026 | 85 | &nbsp;&nbsp; 86187 |
| Pima (County of), AZ, Series 2016, Ref. RB<sup>(a)</sup> | 5.00% | 07/01/2026 | 5 | &nbsp;&nbsp; 5068 |
| Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB | 5.00% | 01/01/2026 | 70 | &nbsp;&nbsp; 70143 |
| Salt River Project Agricultural Improvement & Power District, Series 2021 A, Ref. RB | 5.00% | 01/01/2026 | 110 | &nbsp;&nbsp; 110225 |
| University of Arizona Board of Regents (Green Bonds), Series 2016 B, RB | 5.00% | 07/01/2042 | 200 | &nbsp;&nbsp; 200446 |
|  |  |  |  | &nbsp;&nbsp; 3416088 |
| **California-15.09%** |  |  |  |  |
| Alameda (County of), CA Joint Powers Authority (Highland Hospital Project), Series 2023, Ref. RB | 5.00% | 12/01/2026 | 20 | &nbsp;&nbsp; 20513 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| Alameda (County of), CA Joint Powers Authority (Juvenile Justice), Series 2016, Ref. RB | 4.00% | 12/01/2034 | $25 | &nbsp;&nbsp; $25163 |
| Bay Area Toll Authority, Series 2023 F-1, RB | 5.00% | 04/01/2026 | 5 | &nbsp;&nbsp; 5047 |
| Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB | 5.00% | 04/01/2026 | 70 | &nbsp;&nbsp; 70660 |
| California (State of), Series 2016 B, Ref. GO Bonds | 5.00% | 09/01/2026 | 110 | &nbsp;&nbsp; 112150 |
| California (State of), Series 2016, GO Bonds | 5.00% | 09/01/2026 | 5 | &nbsp;&nbsp; 5098 |
| California (State of), Series 2016, GO Bonds | 5.00% | 09/01/2028 | 80 | &nbsp;&nbsp; 81474 |
| California (State of), Series 2016, GO Bonds | 5.00% | 09/01/2029 | 25 | &nbsp;&nbsp; 25461 |
| California (State of), Series 2016, GO Bonds | 4.00% | 09/01/2031 | 80 | &nbsp;&nbsp; 80654 |
| California (State of), Series 2016, GO Bonds | 4.00% | 09/01/2032 | 5 | &nbsp;&nbsp; 5037 |
| California (State of), Series 2016, GO Bonds | 4.00% | 09/01/2032 | 180 | &nbsp;&nbsp; 181339 |
| California (State of), Series 2016, GO Bonds | 5.00% | 09/01/2045 | 180 | &nbsp;&nbsp; 181306 |
| California (State of), Series 2016, Ref. GO Bonds | 3.25% | 09/01/2028 | 60 | &nbsp;&nbsp; 60203 |
| California (State of), Series 2016, Ref. GO Bonds | 4.00% | 09/01/2028 | 50 | &nbsp;&nbsp; 50516 |
| California (State of), Series 2016, Ref. GO Bonds | 5.00% | 09/01/2028 | 215 | &nbsp;&nbsp; 218961 |
| California (State of), Series 2016, Ref. GO Bonds | 5.00% | 08/01/2029 | 35 | &nbsp;&nbsp; 35577 |
| California (State of), Series 2016, Ref. GO Bonds | 5.00% | 09/01/2029 | 700 | &nbsp;&nbsp; 712895 |
| California (State of), Series 2016, Ref. GO Bonds | 5.00% | 09/01/2029 | 35 | &nbsp;&nbsp; 35645 |
| California (State of), Series 2016, Ref. GO Bonds | 5.00% | 09/01/2030 | 200 | &nbsp;&nbsp; 203729 |
| California (State of), Series 2016, Ref. GO Bonds | 5.00% | 09/01/2030 | 20 | &nbsp;&nbsp; 20373 |
| California (State of), Series 2016, Ref. GO Bonds | 4.00% | 09/01/2031 | 440 | &nbsp;&nbsp; 443597 |
| California (State of), Series 2016, Ref. GO Bonds | 5.00% | 09/01/2031 | 225 | &nbsp;&nbsp; 229162 |
| California (State of), Series 2016, Ref. GO Bonds | 4.00% | 09/01/2032 | 100 | &nbsp;&nbsp; 100744 |
| California (State of), Series 2016, Ref. GO Bonds | 5.00% | 09/01/2032 | 430 | &nbsp;&nbsp; 437792 |
| California (State of), Series 2016, Ref. GO Bonds | 5.00% | 09/01/2032 | 180 | &nbsp;&nbsp; 183262 |
| California (State of), Series 2016, Ref. GO Bonds | 4.00% | 09/01/2033 | 55 | &nbsp;&nbsp; 55317 |
| California (State of), Series 2016, Ref. GO Bonds | 4.00% | 09/01/2033 | 65 | &nbsp;&nbsp; 65375 |
| California (State of), Series 2016, Ref. GO Bonds | 5.00% | 09/01/2033 | 105 | &nbsp;&nbsp; 106847 |
| California (State of), Series 2016, Ref. GO Bonds | 4.00% | 09/01/2034 | 775 | &nbsp;&nbsp; 778924 |
| California (State of), Series 2016, Ref. GO Bonds | 4.00% | 09/01/2034 | 20 | &nbsp;&nbsp; 20101 |
| California (State of), Series 2016, Ref. GO Bonds | 5.00% | 09/01/2034 | 60 | &nbsp;&nbsp; 61024 |
| California (State of), Series 2016, Ref. GO Bonds | 5.00% | 09/01/2034 | 45 | &nbsp;&nbsp; 45768 |
| California (State of), Series 2016, Ref. GO Bonds | 4.00% | 09/01/2035 | 45 | &nbsp;&nbsp; 45216 |
| California (State of), Series 2016, Ref. GO Bonds | 5.00% | 09/01/2035 | 25 | &nbsp;&nbsp; 25406 |
| California (State of), Series 2016, Ref. GO Bonds | 4.00% | 09/01/2036 | 65 | &nbsp;&nbsp; 65302 |
| California (State of), Series 2016, Ref. GO Bonds | 5.00% | 09/01/2036 | 10 | &nbsp;&nbsp; 10149 |
| California (State of), Series 2016, Ref. GO Bonds | 4.00% | 09/01/2037 | 35 | &nbsp;&nbsp; 35151 |
| California (State of), Series 2016, Ref. GO Bonds | 5.00% | 09/01/2037 | 60 | &nbsp;&nbsp; 60836 |
| California (State of), Series 2017, GO Bonds | 5.00% | 11/01/2026 | 5 | &nbsp;&nbsp; 5120 |
| California (State of), Series 2017, Ref. GO Bonds | 5.00% | 08/01/2026 | 350 | &nbsp;&nbsp; 356078 |
| California (State of), Series 2017, Ref. GO Bonds | 5.00% | 08/01/2026 | 175 | &nbsp;&nbsp; 178039 |
| California (State of), Series 2017, Ref. GO Bonds | 5.00% | 11/01/2026 | 315 | &nbsp;&nbsp; 322538 |
| California (State of), Series 2017, Ref. GO Bonds | 3.00% | 08/01/2028 | 15 | &nbsp;&nbsp; 15020 |
| California (State of), Series 2017, Ref. GO Bonds | 5.00% | 08/01/2029 | 90 | &nbsp;&nbsp; 91485 |
| California (State of), Series 2017, Ref. GO Bonds | 4.00% | 08/01/2030 | 5 | &nbsp;&nbsp; 5040 |
| California (State of), Series 2017, Ref. GO Bonds | 4.00% | 08/01/2031 | 25 | &nbsp;&nbsp; 25182 |
| California (State of), Series 2017, Ref. GO Bonds | 5.00% | 08/01/2031 | 5 | &nbsp;&nbsp; 5083 |
| California (State of), Series 2017, Ref. GO Bonds | 4.00% | 08/01/2032 | 25 | &nbsp;&nbsp; 25166 |
| California (State of), Series 2017, Ref. GO Bonds | 5.00% | 08/01/2032 | 85 | &nbsp;&nbsp; 86380 |
| California (State of), Series 2017, Ref. GO Bonds | 4.00% | 08/01/2033 | 25 | &nbsp;&nbsp; 25129 |
| California (State of), Series 2017, Ref. GO Bonds | 5.00% | 08/01/2033 | 155 | &nbsp;&nbsp; 157443 |
| California (State of), Series 2017, Ref. GO Bonds | 4.00% | 08/01/2034 | 100 | &nbsp;&nbsp; 100454 |
| California (State of), Series 2017, Ref. GO Bonds | 5.00% | 08/01/2034 | 500 | &nbsp;&nbsp; 507615 |
| California (State of), Series 2017, Ref. GO Bonds | 4.00% | 08/01/2036 | 50 | &nbsp;&nbsp; 50210 |
| California (State of), Series 2017, Ref. GO Bonds | 5.00% | 08/01/2036 | 100 | &nbsp;&nbsp; 101343 |
| California (State of), Series 2017, Ref. GO Bonds | 5.00% | 08/01/2037 | 5 | &nbsp;&nbsp; 5063 |
| California (State of), Series 2017, Ref. GO Bonds | 4.00% | 08/01/2038 | 50 | &nbsp;&nbsp; 50170 |
| California (State of), Series 2018, GO Bonds | 5.00% | 10/01/2026 | 770 | &nbsp;&nbsp; 786740 |
| California (State of), Series 2018, GO Bonds | 5.00% | 10/01/2026 | 2015 | &nbsp;&nbsp; 2031945 |
| California (State of), Series 2018, GO Bonds | 5.25% | 10/01/2039 | 25 | &nbsp;&nbsp; 25159 |
| California (State of), Series 2018, GO Bonds | 5.00% | 10/01/2047 | 600 | &nbsp;&nbsp; 601823 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| California (State of), Series 2018, Ref. GO Bonds | 5.00% | 10/01/2029 | $315 | &nbsp;&nbsp; $317632 |
| California (State of), Series 2019, Ref. GO Bonds | 5.00% | 04/01/2026 | 500 | &nbsp;&nbsp; 504312 |
| California (State of), Series 2019, Ref. GO Bonds | 5.00% | 10/01/2026 | 80 | &nbsp;&nbsp; 81739 |
| California (State of), Series 2020, GO Bonds | 3.00% | 03/01/2026 | 100 | &nbsp;&nbsp; 100120 |
| California (State of), Series 2020, GO Bonds | 5.00% | 11/01/2026 | 15 | &nbsp;&nbsp; 15359 |
| California (State of), Series 2020, Ref. GO Bonds | 4.00% | 11/01/2026 | 30 | &nbsp;&nbsp; 30448 |
| California (State of), Series 2021, GO Bonds | 5.00% | 12/01/2031 | 15 | &nbsp;&nbsp; 15187 |
| California (State of), Series 2021, GO Bonds | 5.00% | 12/01/2032 | 20 | &nbsp;&nbsp; 20244 |
| California (State of), Series 2021, GO Bonds | 5.00% | 12/01/2034 | 10 | &nbsp;&nbsp; 10114 |
| California (State of), Series 2021, Ref. GO Bonds | 4.00% | 10/01/2026 | 5 | &nbsp;&nbsp; 5068 |
| California (State of), Series 2021, Ref. GO Bonds | 5.00% | 12/01/2026 | 435 | &nbsp;&nbsp; 446366 |
| California (State of), Series 2022 A, Ref. GO Bonds | 5.00% | 11/01/2026 | 85 | &nbsp;&nbsp; 87034 |
| California (State of), Series 2022, GO Bonds | 5.00% | 04/01/2026 | 20 | &nbsp;&nbsp; 20172 |
| California (State of), Series 2022, Ref. GO Bonds | 4.00% | 09/01/2026 | 10 | &nbsp;&nbsp; 10122 |
| California (State of), Series 2023, GO Bonds | 5.00% | 09/01/2026 | 5 | &nbsp;&nbsp; 5098 |
| California (State of), Series 2023, Ref. GO Bonds | 5.00% | 09/01/2026 | 235 | &nbsp;&nbsp; 239594 |
| California (State of), Series 2024, Ref. GO Bonds | 5.00% | 08/01/2026 | 190 | &nbsp;&nbsp; 193300 |
| California (State of), Subseries 2018, Ref. GO Bonds | 5.00% | 09/01/2031 | 135 | &nbsp;&nbsp; 137497 |
| California (State of), Subseries 2018, Ref. GO Bonds | 4.00% | 09/01/2032 | 50 | &nbsp;&nbsp; 50372 |
| California (State of), Subseries 2018, Ref. GO Bonds | 4.00% | 09/01/2033 | 50 | &nbsp;&nbsp; 50288 |
| California (State of) (Bid Group C), Series 2016, Ref. GO Bonds | 5.00% | 08/01/2028 | 130 | &nbsp;&nbsp; 132136 |
| California (State of) (Bid Group C), Series 2016, Ref. GO Bonds | 5.00% | 08/01/2030 | 65 | &nbsp;&nbsp; 66081 |
| California (State of) (Bid Group C), Series 2016, Ref. GO Bonds | 5.00% | 08/01/2033 | 280 | &nbsp;&nbsp; 284414 |
| California (State of) (Bid Group C), Series 2018, Ref. GO Bonds | 5.00% | 08/01/2026 | 50 | &nbsp;&nbsp; 50868 |
| California (State of) Department of Water Resources, Series 2016 AW, Ref. RB<sup>(a)(b)</sup> | 5.00% | 12/01/2026 | 30 | &nbsp;&nbsp; 30820 |
| California (State of) Department of Water Resources, Series 2016 AW, Ref. RB | 5.00% | 12/01/2026 | 100 | &nbsp;&nbsp; 102834 |
| California (State of) Department of Water Resources, Series 2016 AW, Ref. RB | 5.00% | 12/01/2030 | 145 | &nbsp;&nbsp; 148789 |
| California (State of) Department of Water Resources, Series 2016 AW, Ref. RB | 5.00% | 12/01/2031 | 75 | &nbsp;&nbsp; 76935 |
| California (State of) Department of Water Resources, Series 2017 AX, Ref. RB | 5.00% | 12/01/2026 | 55 | &nbsp;&nbsp; 56558 |
| California (State of) Department of Water Resources, Series 2019 BA, RB | 5.00% | 12/01/2026 | 55 | &nbsp;&nbsp; 56558 |
| California (State of) Department of Water Resources (Central Valley), Series 2016 AW, Ref. RB<sup>(a)(b)</sup> | 5.00% | 12/01/2026 | 20 | &nbsp;&nbsp; 20547 |
| California (State of) Department of Water Resources (Central Valley), Series 2016 AW, Ref. RB | 5.00% | 12/01/2028 | 90 | &nbsp;&nbsp; 92385 |
| California (State of) Department of Water Resources (Central Valley), Series 2016 AW, Ref. RB | 5.00% | 12/01/2029 | 35 | &nbsp;&nbsp; 35905 |
| California (State of) Department of Water Resources (Central Valley), Series 2016 AW, Ref. RB | 4.00% | 12/01/2034 | 95 | &nbsp;&nbsp; 95938 |
| California (State of) Department of Water Resources (Central Valley), Series 2016 AW, Ref. RB | 4.00% | 12/01/2035 | 130 | &nbsp;&nbsp; 131147 |
| California (State of) Department of Water Resources (Central Valley), Series 2020 BB, Ref. RB | 5.00% | 12/01/2026 | 100 | &nbsp;&nbsp; 102834 |
| California (State of) Department of Water Resources (Central Valley), Series 2021, RB | 5.00% | 12/01/2026 | 95 | &nbsp;&nbsp; 97692 |
| California (State of) Educational Facilities Authority (Pepperdine University), Series 2016, Ref. RB<sup>(a)(b)</sup> | 5.00% | 04/01/2026 | 20 | &nbsp;&nbsp; 20174 |
| &nbsp;&nbsp;&nbsp; California (State of) Health Facilities Financing Authority (Adventist Health System), Series 2016 A, <br> Ref. RB<br>| 4.00% | 03/01/2039 | 555 | &nbsp;&nbsp; 541532 |
| &nbsp;&nbsp;&nbsp; California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2015, <br> Ref. RB<br>| 5.00% | 11/15/2026 | 45 | &nbsp;&nbsp; 45072 |
| &nbsp;&nbsp;&nbsp; California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 A, <br> RB<br>| 5.00% | 08/15/2031 | 55 | &nbsp;&nbsp; 55957 |
| &nbsp;&nbsp;&nbsp; California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 A, <br> RB<br>| 5.00% | 08/15/2032 | 5 | &nbsp;&nbsp; 5085 |
| &nbsp;&nbsp;&nbsp; California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 A, <br> RB<br>| 5.00% | 08/15/2033 | 95 | &nbsp;&nbsp; 96568 |
| &nbsp;&nbsp;&nbsp; California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 B, <br> Ref. RB<br>| 5.00% | 08/15/2031 | 10 | &nbsp;&nbsp; 10174 |
| &nbsp;&nbsp;&nbsp; California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 B, <br> Ref. RB<br>| 5.00% | 08/15/2032 | 130 | &nbsp;&nbsp; 132219 |
| &nbsp;&nbsp;&nbsp; California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 B, <br> Ref. RB<br>| 5.00% | 08/15/2033 | 60 | &nbsp;&nbsp; 60991 |
| &nbsp;&nbsp;&nbsp; California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 B, <br> Ref. RB<br>| 4.00% | 08/15/2035 | 190 | &nbsp;&nbsp; 190560 |
| &nbsp;&nbsp;&nbsp; California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 B, <br> Ref. RB<br>| 5.00% | 08/15/2035 | 285 | &nbsp;&nbsp; 289321 |
| &nbsp;&nbsp;&nbsp; California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 B, <br> Ref. RB<br>| 4.00% | 08/15/2036 | 515 | &nbsp;&nbsp; 516205 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 B, <br> Ref. RB<br>| 4.00% | 08/15/2039 | $715 | &nbsp;&nbsp; $715324 |
| &nbsp;&nbsp;&nbsp; California (State of) Health Facilities Financing Authority (Lucile Salter Packard Children's Hospital at <br> Stanford), Series 2016 B, RB<br>| 5.00% | 08/15/2055 | 150 | &nbsp;&nbsp; 150599 |
| &nbsp;&nbsp;&nbsp; California (State of) Health Facilities Financing Authority (Providence St. Joseph Health), Series 2016 <br> A, Ref. RB<br>| 4.00% | 10/01/2036 | 100 | &nbsp;&nbsp; 100151 |
| &nbsp;&nbsp;&nbsp; California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. <br> RB<br>| 5.00% | 11/15/2026 | 25 | &nbsp;&nbsp; 25636 |
| California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 B, Ref. RB | 5.00% | 11/15/2046 | 60 | &nbsp;&nbsp; 60384 |
| California (State of) Infrastructure & Economic Development Bank, Series 2016 A, RB<sup>(a)(b)</sup> | 4.00% | 10/01/2026 | 80 | &nbsp;&nbsp; 81117 |
| &nbsp;&nbsp;&nbsp; California (State of) Infrastructure & Economic Development Bank (Bay Area Toll Bridges), <br> Series 2003 A, RB<sup>(a)</sup><br>| 5.00% | 07/01/2026 | 250 | &nbsp;&nbsp; 253944 |
| &nbsp;&nbsp;&nbsp; California (State of) Infrastructure & Economic Development Bank (Bay Area Toll Bridges), <br> Series 2003, RB<sup>(a)(b)</sup><br>| 5.13% | 07/01/2026 | 95 | &nbsp;&nbsp; 96567 |
| &nbsp;&nbsp;&nbsp; California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) <br> (Green Bonds), Series 2016, RB<br>| 5.00% | 10/01/2026 | 5 | &nbsp;&nbsp; 5044 |
| &nbsp;&nbsp;&nbsp; California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) <br> (Green Bonds), Series 2016, RB<br>| 5.00% | 10/01/2027 | 115 | &nbsp;&nbsp; 116035 |
| &nbsp;&nbsp;&nbsp; California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) <br> (Green Bonds), Series 2016, RB<br>| 5.00% | 10/01/2028 | 160 | &nbsp;&nbsp; 161388 |
| &nbsp;&nbsp;&nbsp; California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) <br> (Green Bonds), Series 2016, RB<br>| 5.00% | 10/01/2029 | 85 | &nbsp;&nbsp; 85733 |
| &nbsp;&nbsp;&nbsp; California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) <br> (Green Bonds), Series 2016, RB<br>| 5.00% | 10/01/2030 | 95 | &nbsp;&nbsp; 95826 |
| &nbsp;&nbsp;&nbsp; California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) <br> (Green Bonds), Series 2016, RB<br>| 5.00% | 10/01/2031 | 60 | &nbsp;&nbsp; 60519 |
| &nbsp;&nbsp;&nbsp; California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) <br> (Green Bonds), Series 2017, RB<br>| 5.00% | 10/01/2026 | 55 | &nbsp;&nbsp; 56186 |
| &nbsp;&nbsp;&nbsp; California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) <br> (Green Bonds), Series 2018, RB<br>| 5.00% | 10/01/2026 | 5 | &nbsp;&nbsp; 5108 |
| California (State of) Public Works Board, Series 2015 F, Ref. RB | 5.00% | 05/01/2026 | 35 | &nbsp;&nbsp; 35124 |
| California (State of) Public Works Board, Series 2022 A, Ref. RB | 5.00% | 08/01/2026 | 1265 | &nbsp;&nbsp; 1286631 |
| California (State of) Public Works Board (Various Capital), Series 2016 C, Ref. RB | 5.00% | 11/01/2026 | 25 | &nbsp;&nbsp; 25589 |
| California (State of) Public Works Board (Various Capital), Series 2016 C, Ref. RB | 5.00% | 11/01/2029 | 70 | &nbsp;&nbsp; 71502 |
| California (State of) Public Works Board (Various Capital), Series 2016 C, Ref. RB | 4.00% | 11/01/2032 | 220 | &nbsp;&nbsp; 221939 |
| California (State of) Public Works Board (Various Capital), Series 2016 C, Ref. RB | 5.00% | 11/01/2033 | 55 | &nbsp;&nbsp; 56094 |
| California (State of) Public Works Board (Various Capital), Series 2016 C, Ref. RB | 5.00% | 11/01/2034 | 70 | &nbsp;&nbsp; 71335 |
| California (State of) Public Works Board (Various Capital), Series 2016 D, Ref. RB | 4.00% | 04/01/2031 | 60 | &nbsp;&nbsp; 60542 |
| California (State of) Public Works Board (Various Capital), Series 2016 D, Ref. RB | 4.00% | 04/01/2032 | 95 | &nbsp;&nbsp; 95792 |
| California (State of) Public Works Board (Various Capital), Series 2017 B, Ref. RB<sup>(a)</sup> | 5.00% | 10/01/2026 | 5 | &nbsp;&nbsp; 5107 |
| California (State of) Public Works Board (Various Capital), Series 2017 B, Ref. RB | 5.00% | 10/01/2026 | 25 | &nbsp;&nbsp; 25535 |
| California (State of) Public Works Board (Various Capital), Series 2019 C, RB | 5.00% | 11/01/2026 | 5 | &nbsp;&nbsp; 5118 |
| California (State of) Public Works Board (Various Capital), Series 2023 C, Ref. RB | 5.00% | 09/01/2026 | 5 | &nbsp;&nbsp; 5096 |
| California (State of) Public Works Board (Various Capital), Series 2023, Ref. RB | 5.00% | 12/01/2026 | 500 | &nbsp;&nbsp; 512863 |
| &nbsp;&nbsp;&nbsp; California (State of) Statewide Communities Development Authority (Adventist Health System), <br> Series 2015 A, Ref. RB<br>| 4.38% | 03/01/2044 | 405 | &nbsp;&nbsp; 394123 |
| &nbsp;&nbsp;&nbsp; California (State of) Statewide Communities Development Authority (Enloe Medical Center), <br> Series 2015, Ref. RB<sup>(a)(b)</sup><br>| 4.00% | 02/15/2026 | 20 | &nbsp;&nbsp; 20061 |
| &nbsp;&nbsp;&nbsp; California (State of) Statewide Communities Development Authority (John Muir Health), Series 2016 <br> A, Ref. RB<br>| 5.00% | 08/15/2051 | 30 | &nbsp;&nbsp; 30104 |
| California State University, Series 2016 A, Ref. RB | 5.00% | 11/01/2026 | 145 | &nbsp;&nbsp; 146565 |
| California State University, Series 2016 A, Ref. RB | 5.00% | 11/01/2027 | 100 | &nbsp;&nbsp; 101090 |
| California State University, Series 2016 A, Ref. RB | 5.00% | 11/01/2028 | 65 | &nbsp;&nbsp; 65733 |
| California State University, Series 2016 A, Ref. RB | 5.00% | 11/01/2029 | 105 | &nbsp;&nbsp; 106180 |
| California State University, Series 2016 A, Ref. RB | 5.00% | 11/01/2030 | 30 | &nbsp;&nbsp; 30336 |
| California State University, Series 2016 A, Ref. RB | 5.00% | 11/01/2031 | 35 | &nbsp;&nbsp; 35384 |
| California State University, Series 2016 A, Ref. RB | 5.00% | 11/01/2032 | 125 | &nbsp;&nbsp; 126315 |
| California State University, Series 2016 A, Ref. RB | 5.00% | 11/01/2033 | 5 | &nbsp;&nbsp; 5050 |
| California State University, Series 2016 A, Ref. RB | 4.00% | 11/01/2034 | 65 | &nbsp;&nbsp; 65218 |
| California State University, Series 2016 A, Ref. RB | 4.00% | 11/01/2035 | 20 | &nbsp;&nbsp; 20058 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| California State University, Series 2016 A, Ref. RB | 5.00% | 11/01/2036 | $55 | &nbsp;&nbsp; $55464 |
| California State University, Series 2016 A, Ref. RB | 5.00% | 11/01/2041 | 600 | &nbsp;&nbsp; 603540 |
| California State University, Series 2016 A, Ref. RB | 5.00% | 11/01/2045 | 450 | &nbsp;&nbsp; 451835 |
| California State University, Series 2017 A, Ref. RB | 5.00% | 11/01/2026 | 30 | &nbsp;&nbsp; 30751 |
| Campbell Union High School District (Election of 2016), Series 2018 B, GO Bonds<sup>(a)(b)</sup> | 4.00% | 08/01/2026 | 20 | &nbsp;&nbsp; 20229 |
| Campbell Union High School District (Election of 2016), Series 2018 B, GO Bonds<sup>(a)(b)</sup> | 4.00% | 08/01/2026 | 35 | &nbsp;&nbsp; 35401 |
| Campbell Union High School District (Election of 2016), Series 2018 B, GO Bonds<sup>(a)(b)</sup> | 5.00% | 08/01/2026 | 55 | &nbsp;&nbsp; 55992 |
| Campbell Union High School District (Election of 2016), Series 2018 B, GO Bonds<sup>(a)(b)</sup> | 5.00% | 08/01/2026 | 20 | &nbsp;&nbsp; 20361 |
| Campbell Union High School District (Election of 2016), Series 2018 B, GO Bonds<sup>(a)(b)</sup> | 5.00% | 08/01/2026 | 55 | &nbsp;&nbsp; 55992 |
| Campbell Union High School District (Election of 2016), Series 2018 B, GO Bonds<sup>(a)(b)</sup> | 5.00% | 08/01/2026 | 65 | &nbsp;&nbsp; 66172 |
| Chabot-Las Positas Community College District, Series 2016, Ref. GO Bonds | 4.00% | 08/01/2033 | 25 | &nbsp;&nbsp; 25179 |
| Chabot-Las Positas Community College District, Series 2016, Ref. GO Bonds | 4.00% | 08/01/2034 | 245 | &nbsp;&nbsp; 246645 |
| Chabot-Las Positas Community College District, Series 2016, Ref. GO Bonds | 4.00% | 08/01/2035 | 125 | &nbsp;&nbsp; 125764 |
| Chabot-Las Positas Community College District, Series 2016, Ref. GO Bonds | 4.00% | 08/01/2037 | 75 | &nbsp;&nbsp; 75322 |
| Coachella Valley Unified School District (Election of 2005), Series 2016 F, GO Bonds, (INS - BAM)<sup>(c)</sup> | 5.00% | 08/01/2046 | 175 | &nbsp;&nbsp; 176133 |
| Contra Costa (County of), CA Transportation Authority, Series 2018 B, Ref. RB | 5.00% | 03/01/2026 | 30 | &nbsp;&nbsp; 30217 |
| Corona-Norco Unified School District, Series 2016 B, Ref. GO Bonds | 4.00% | 08/01/2035 | 50 | &nbsp;&nbsp; 50230 |
| Desert Community College District, Series 2016, Ref. GO Bonds<sup>(a)(b)</sup> | 5.00% | 02/01/2026 | 20 | &nbsp;&nbsp; 20087 |
| Desert Community College District, Series 2016, Ref. GO Bonds<sup>(a)(b)</sup> | 5.00% | 02/01/2026 | 75 | &nbsp;&nbsp; 75325 |
| Desert Community College District, Series 2016, Ref. GO Bonds<sup>(a)(b)</sup> | 5.00% | 02/01/2026 | 30 | &nbsp;&nbsp; 30130 |
| East Side Union High School District, Series 2003 B, Ref. GO Bonds, (INS - NATL)<sup>(c)</sup> | 5.25% | 02/01/2026 | 20 | &nbsp;&nbsp; 20100 |
| East Side Union High School District, Series 2025 D, GO Bonds | 5.00% | 08/01/2026 | 30 | &nbsp;&nbsp; 30535 |
| Eastern Municipal Water District, Series 2016 A, Ref. RB | 5.00% | 07/01/2042 | 625 | &nbsp;&nbsp; 630387 |
| Eastern Municipal Water District Financing Authority, Series 2016 B, Ref. RB | 5.00% | 07/01/2033 | 25 | &nbsp;&nbsp; 25381 |
| Eastern Municipal Water District Financing Authority, Series 2016 B, Ref. RB | 4.00% | 07/01/2034 | 50 | &nbsp;&nbsp; 50201 |
| Eastern Municipal Water District Financing Authority, Series 2016 B, Ref. RB | 4.00% | 07/01/2035 | 55 | &nbsp;&nbsp; 55210 |
| El Dorado Irrigation District, Series 2016 C, Ref. RB<sup>(a)(b)</sup> | 5.00% | 03/01/2026 | 5 | &nbsp;&nbsp; 5033 |
| Hayward Unified School District, Series 2017, GO Bonds, (INS - AGI)<sup>(c)</sup> | 3.50% | 08/01/2037 | 45 | &nbsp;&nbsp; 45006 |
| Hayward Unified School District, Series 2017, GO Bonds, (INS - AGI)<sup>(c)</sup> | 4.00% | 08/01/2039 | 50 | &nbsp;&nbsp; 50095 |
| Imperial Irrigation District, Series 2016 B-1, RB | 5.00% | 11/01/2034 | 25 | &nbsp;&nbsp; 25504 |
| Imperial Irrigation District, Series 2016 B-1, RB | 5.00% | 11/01/2046 | 80 | &nbsp;&nbsp; 80679 |
| Imperial Irrigation District, Series 2016 C, Ref. RB | 5.00% | 11/01/2032 | 45 | &nbsp;&nbsp; 45451 |
| Imperial Irrigation District, Series 2016 C, Ref. RB | 5.00% | 11/01/2036 | 250 | &nbsp;&nbsp; 252088 |
| Imperial Irrigation District, Series 2016 C, Ref. RB | 5.00% | 11/01/2038 | 25 | &nbsp;&nbsp; 25186 |
| Irvine Facilities Financing Authority (Gateway Preserve Land Acquisition), Series 2023, RB | 5.25% | 05/01/2043 | 225 | &nbsp;&nbsp; 226278 |
| Irvine Ranch Water District, Series 2016, RB | 5.25% | 02/01/2046 | 30 | &nbsp;&nbsp; 30358 |
| Long Beach (City of), CA, Series 2025 A, Ref. RB | 5.00% | 05/15/2026 | 40 | &nbsp;&nbsp; 40443 |
| Los Angeles (City of), CA, Series 2018 B, Ref. RB | 5.00% | 06/01/2026 | 75 | &nbsp;&nbsp; 76086 |
| Los Angeles (City of), CA, Series 2022 C, Ref. RB | 5.00% | 06/01/2026 | 5 | &nbsp;&nbsp; 5072 |
| Los Angeles (City of), CA Department of Airports, Series 2020 A, Ref. RB | 5.00% | 05/15/2026 | 120 | &nbsp;&nbsp; 121449 |
| Los Angeles (City of), CA Department of Water & Power, Series 2016 B, RB | 5.00% | 07/01/2027 | 15 | &nbsp;&nbsp; 15030 |
| Los Angeles (City of), CA Department of Water & Power, Series 2016 B, Ref. RB<sup>(a)(b)</sup> | 5.00% | 01/01/2026 | 25 | &nbsp;&nbsp; 25054 |
| Los Angeles (City of), CA Department of Water & Power, Series 2016 B, Ref. RB<sup>(a)(b)</sup> | 5.00% | 01/01/2026 | 25 | &nbsp;&nbsp; 25054 |
| Los Angeles (City of), CA Department of Water & Power, Series 2016 B, Ref. RB<sup>(a)(b)</sup> | 5.00% | 01/01/2026 | 10 | &nbsp;&nbsp; 10022 |
| Los Angeles (City of), CA Department of Water & Power, Series 2016 B, Ref. RB<sup>(a)(b)</sup> | 5.00% | 01/01/2026 | 40 | &nbsp;&nbsp; 40087 |
| Los Angeles (City of), CA Department of Water & Power, Series 2016 B, Ref. RB<sup>(a)(b)</sup> | 5.00% | 01/01/2026 | 1000 | &nbsp;&nbsp; 1002174 |
| Los Angeles (City of), CA Department of Water & Power, Series 2020 A, Ref. RB | 5.00% | 07/01/2026 | 215 | &nbsp;&nbsp; 218178 |
| Los Angeles (City of), CA Department of Water & Power, Series 2021 A, RB | 5.00% | 07/01/2026 | 250 | &nbsp;&nbsp; 252975 |
| Los Angeles (City of), CA Department of Water & Power, Series 2021, RB | 4.00% | 07/01/2026 | 5 | &nbsp;&nbsp; 5035 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB | 5.00% | 07/01/2026 | 570 | &nbsp;&nbsp; 578424 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2015 C, Ref. GO Bonds | 5.00% | 06/01/2026 | 20 | &nbsp;&nbsp; 20277 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2016 A, Ref. RB | 5.00% | 06/01/2030 | 200 | &nbsp;&nbsp; 202610 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2016 A, Ref. RB | 5.00% | 06/01/2031 | 90 | &nbsp;&nbsp; 91175 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2016 A, Ref. RB | 5.00% | 06/01/2032 | 60 | &nbsp;&nbsp; 60770 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2016 A, Ref. RB | 5.00% | 06/01/2033 | 1000 | &nbsp;&nbsp; 1012491 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2016 A, Ref. RB | 5.00% | 06/01/2034 | 35 | &nbsp;&nbsp; 35428 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2016 A, Ref. RB | 5.00% | 06/01/2035 | 10 | &nbsp;&nbsp; 10121 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2016 A, Ref. RB | 5.00% | 06/01/2037 | 15 | &nbsp;&nbsp; 15166 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB | 5.00% | 06/01/2026 | 25 | &nbsp;&nbsp; 25354 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB | 5.00% | 07/01/2026 | 50 | &nbsp;&nbsp; 50827 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB | 5.00% | 07/01/2026 | $50 | &nbsp;&nbsp; $50827 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB | 5.00% | 06/01/2026 | 535 | &nbsp;&nbsp; 542586 |
| Los Angeles (Port of), LA, Series 2019 B, Ref. RB | 5.00% | 08/01/2026 | 10 | &nbsp;&nbsp; 10172 |
| Los Angeles Community College District, Series 2016, Ref. GO Bonds | 4.00% | 08/01/2037 | 60 | &nbsp;&nbsp; 60175 |
| Los Angeles Community College District, Series 2016, Ref. GO Bonds | 4.00% | 08/01/2038 | 60 | &nbsp;&nbsp; 60114 |
| Los Angeles Community College District (Election of 2008), Series 2019 K, GO Bonds | 4.00% | 08/01/2036 | 50 | &nbsp;&nbsp; 50200 |
| Los Angeles Community College District (Election of 2016), Series 2023 D, GO Bonds | 5.00% | 08/01/2026 | 5 | &nbsp;&nbsp; 5092 |
| Los Angeles Community College District (Election of 2022), Series 2023 A-1, GO Bonds | 5.00% | 08/01/2026 | 5 | &nbsp;&nbsp; 5092 |
| Los Angeles Community College District (Election of 2022), Series 2024 C, GO Bonds | 5.00% | 08/01/2026 | 410 | &nbsp;&nbsp; 417560 |
| Los Angeles Unified School District, Series 2016 A, Ref. GO Bonds | 5.00% | 07/01/2026 | 260 | &nbsp;&nbsp; 260537 |
| Los Angeles Unified School District, Series 2016 B, Ref. GO Bonds | 5.00% | 07/01/2026 | 120 | &nbsp;&nbsp; 121907 |
| Los Angeles Unified School District, Series 2016 B, Ref. GO Bonds | 5.00% | 07/01/2030 | 235 | &nbsp;&nbsp; 238528 |
| Los Angeles Unified School District, Series 2017 A, Ref. GO Bonds | 5.00% | 07/01/2026 | 375 | &nbsp;&nbsp; 380959 |
| Los Angeles Unified School District, Series 2020 C, GO Bonds | 5.00% | 07/01/2026 | 390 | &nbsp;&nbsp; 396198 |
| Metropolitan Water District of Southern California, Series 2016 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 01/01/2026 | 15 | &nbsp;&nbsp; 15033 |
| Metropolitan Water District of Southern California, Series 2016 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 01/01/2026 | 35 | &nbsp;&nbsp; 35078 |
| Metropolitan Water District of Southern California, Series 2020 A, Ref. RB | 5.00% | 07/01/2026 | 70 | &nbsp;&nbsp; 71194 |
| Metropolitan Water District of Southern California, Series 2021 B, Ref. RB | 5.00% | 10/01/2026 | 155 | &nbsp;&nbsp; 158785 |
| Montebello Unified School District (Election of 2016), Series 2016 A, GO Bonds | 5.00% | 08/01/2041 | 110 | &nbsp;&nbsp; 111242 |
| Mountain View Whisman School District (Election of 2012), Series 2016 B, GO Bonds<sup>(a)(b)</sup> | 4.00% | 09/01/2026 | 175 | &nbsp;&nbsp; 177260 |
| Municipal Improvement Corp. of Los Angeles (Real Property), Series 2016 B, Ref. RB | 5.00% | 11/01/2026 | 65 | &nbsp;&nbsp; 66555 |
| Municipal Improvement Corp. of Los Angeles (Real Property), Series 2016 B, Ref. RB | 5.00% | 11/01/2028 | 95 | &nbsp;&nbsp; 97151 |
| Municipal Improvement Corp. of Los Angeles (Real Property), Series 2016 B, Ref. RB | 5.00% | 11/01/2029 | 420 | &nbsp;&nbsp; 429280 |
| Municipal Improvement Corp. of Los Angeles (Real Property), Series 2016 B, Ref. RB | 5.00% | 11/01/2030 | 245 | &nbsp;&nbsp; 250346 |
| Municipal Improvement Corp. of Los Angeles (Real Property), Series 2016 B, Ref. RB | 5.00% | 11/01/2031 | 100 | &nbsp;&nbsp; 102072 |
| Municipal Improvement Corp. of Los Angeles (Real Property), Series 2016 B, Ref. RB | 5.00% | 11/01/2032 | 60 | &nbsp;&nbsp; 61183 |
| Municipal Improvement Corp. of Los Angeles (Real Property), Series 2016 B, Ref. RB | 4.00% | 11/01/2036 | 65 | &nbsp;&nbsp; 65207 |
| Municipal Improvement Corp. of Los Angeles (Real Property), Series 2016 B, Ref. RB | 5.00% | 11/01/2036 | 45 | &nbsp;&nbsp; 45662 |
| Municipal Improvement Corp. of Los Angeles (Real Property), Series 2016 B, Ref. RB | 4.00% | 11/01/2037 | 250 | &nbsp;&nbsp; 250629 |
| Oakland Unified School District, Series 2016, Ref. GO Bonds | 5.00% | 08/01/2028 | 5 | &nbsp;&nbsp; 5080 |
| Oakland Unified School District, Series 2016, Ref. GO Bonds | 5.00% | 08/01/2029 | 45 | &nbsp;&nbsp; 45722 |
| Palomar Health, Series 2016 B, Ref. GO Bonds | 4.00% | 08/01/2035 | 20 | &nbsp;&nbsp; 18106 |
| Palomar Health, Series 2016, Ref. RB | 5.00% | 11/01/2039 | 110 | &nbsp;&nbsp; 101221 |
| Pasadena Unified School District (Election of 2008), Series 2016, GO Bonds | 4.00% | 08/01/2035 | 20 | &nbsp;&nbsp; 20092 |
| Pittsburg Successor Agency Redevelopment Agency, Series 2016 A, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 09/01/2028 | 210 | &nbsp;&nbsp; 213762 |
| Pittsburg Successor Agency Redevelopment Agency, Series 2016 A, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 09/01/2029 | 30 | &nbsp;&nbsp; 30536 |
| Regents of the University of California Medical Center, Series 2016 L, Ref. RB | 5.00% | 05/15/2032 | 400 | &nbsp;&nbsp; 404277 |
| Regents of the University of California Medical Center, Series 2016 L, Ref. RB | 5.00% | 05/15/2033 | 40 | &nbsp;&nbsp; 40415 |
| Regents of the University of California Medical Center, Series 2016 L, Ref. RB | 5.00% | 05/15/2034 | 180 | &nbsp;&nbsp; 181827 |
| Regents of the University of California Medical Center, Series 2016 L, Ref. RB | 5.00% | 05/15/2035 | 875 | &nbsp;&nbsp; 883537 |
| Regents of the University of California Medical Center, Series 2016 L, Ref. RB | 4.00% | 05/15/2037 | 15 | &nbsp;&nbsp; 15027 |
| Regents of the University of California Medical Center, Series 2016 L, Ref. RB | 5.00% | 05/15/2041 | 220 | &nbsp;&nbsp; 221575 |
| Riverside Community College District (Election of 2024), Series 2025 A, GO Bonds | 5.00% | 08/01/2026 | 5 | &nbsp;&nbsp; 5093 |
| &nbsp;&nbsp;&nbsp; Sacramento (City of), CA Area Flood Control Agency (Consolidated Capital Assessment District No.2), <br> Series 2016, Ref. RB<br>| 5.00% | 10/01/2043 | 150 | &nbsp;&nbsp; 151644 |
| Sacramento (City of), CA Municipal Utility District, Series 2018 F, Ref. RB | 5.00% | 08/15/2026 | 5 | &nbsp;&nbsp; 5101 |
| Sacramento (City of), CA Municipal Utility District, Series 2021 I, Ref. RB | 5.00% | 08/15/2026 | 25 | &nbsp;&nbsp; 25504 |
| San Bernardino (County of), CA (Arrowhead), Series 2019 A, Ref. COP | 5.00% | 10/01/2026 | 100 | &nbsp;&nbsp; 102191 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2015, Ref. RB | 4.00% | 05/15/2026 | 120 | &nbsp;&nbsp; 120146 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2016 A, Ref. RB | 5.00% | 05/15/2029 | 30 | &nbsp;&nbsp; 30372 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2016 A, Ref. RB | 5.00% | 05/15/2032 | 155 | &nbsp;&nbsp; 156808 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2016 A, Ref. RB | 5.00% | 05/15/2034 | 10 | &nbsp;&nbsp; 10105 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2016 A, Ref. RB | 5.00% | 05/15/2035 | 100 | &nbsp;&nbsp; 100988 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2016 A, Ref. RB | 5.00% | 05/15/2036 | 100 | &nbsp;&nbsp; 100925 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2016 A, Ref. RB | 5.00% | 05/15/2037 | 10 | &nbsp;&nbsp; 10084 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2016 B, Ref. RB | 5.00% | 08/01/2028 | 880 | &nbsp;&nbsp; 895401 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2016 B, Ref. RB | 5.00% | 08/01/2034 | 80 | &nbsp;&nbsp; 81208 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2016 B, Ref. RB | 5.00% | 08/01/2037 | 65 | &nbsp;&nbsp; 65783 |
| San Diego (County of), CA Regional Transportation Commission, Series 2016 A, RB | 5.00% | 04/01/2041 | 180 | &nbsp;&nbsp; 180972 |
| San Diego (County of), CA Regional Transportation Commission, Series 2016 A, Ref. RB | 5.00% | 05/15/2033 | 30 | &nbsp;&nbsp; 30335 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| San Diego (County of), CA Regional Transportation Commission, Series 2016 B, Ref. RB | 5.00% | 08/01/2026 | $150 | &nbsp;&nbsp; $152776 |
| San Diego (County of), CA Regional Transportation Commission, Series 2016 B, Ref. RB | 5.00% | 08/01/2032 | 100 | &nbsp;&nbsp; 101676 |
| San Diego (County of), CA Regional Transportation Commission, Series 2016 B, Ref. RB | 5.00% | 08/01/2035 | 70 | &nbsp;&nbsp; 70987 |
| San Diego Community College District, Series 2016, Ref. GO Bonds<sup>(a)(b)</sup> | 4.00% | 08/01/2026 | 165 | &nbsp;&nbsp; 166913 |
| San Diego Community College District, Series 2016, Ref. GO Bonds<sup>(a)(b)</sup> | 4.00% | 08/01/2026 | 60 | &nbsp;&nbsp; 60696 |
| San Diego Community College District, Series 2016, Ref. GO Bonds<sup>(a)(b)</sup> | 4.00% | 08/01/2026 | 55 | &nbsp;&nbsp; 55638 |
| San Diego Community College District, Series 2016, Ref. GO Bonds<sup>(a)(b)</sup> | 5.00% | 08/01/2026 | 195 | &nbsp;&nbsp; 198543 |
| San Diego Community College District, Series 2016, Ref. GO Bonds<sup>(a)(b)</sup> | 5.00% | 08/01/2026 | 110 | &nbsp;&nbsp; 111999 |
| San Diego Community College District, Series 2016, Ref. GO Bonds<sup>(a)(b)</sup> | 5.00% | 08/01/2026 | 5 | &nbsp;&nbsp; 5091 |
| San Diego Community College District, Series 2016, Ref. GO Bonds<sup>(a)(b)</sup> | 5.00% | 08/01/2026 | 145 | &nbsp;&nbsp; 147635 |
| San Diego Community College District, Series 2016, Ref. GO Bonds | 5.00% | 08/01/2028 | 100 | &nbsp;&nbsp; 101839 |
| San Diego Unified School District, Series 2016 R-5, Ref. GO Bonds | 5.00% | 07/01/2026 | 50 | &nbsp;&nbsp; 50751 |
| San Diego Unified School District, Series 2016 R-5, Ref. GO Bonds | 4.00% | 07/01/2029 | 110 | &nbsp;&nbsp; 111069 |
| San Diego Unified School District, Series 2016 R-5, Ref. GO Bonds | 5.00% | 07/01/2029 | 475 | &nbsp;&nbsp; 482298 |
| San Diego Unified School District (Election of 1998), Series 2005 C-2, Ref. GO Bonds, (INS - AGI)<sup>(c)</sup> | 5.50% | 07/01/2026 | 40 | &nbsp;&nbsp; 40770 |
| San Diego Unified School District (Election of 1998), Series 2005 E-2, Ref. GO Bonds, (INS - AGI)<sup>(c)</sup> | 5.50% | 07/01/2026 | 30 | &nbsp;&nbsp; 30577 |
| &nbsp;&nbsp;&nbsp; San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Second <br> Series 2022 B, Ref. RB<br>| 5.00% | 05/01/2026 | 5 | &nbsp;&nbsp; 5056 |
| &nbsp;&nbsp;&nbsp; San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), <br> Series 2016 A, Ref. RB<br>| 5.00% | 05/01/2026 | 30 | &nbsp;&nbsp; 30338 |
| &nbsp;&nbsp;&nbsp; San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), <br> Series 2016 C, RB<br>| 5.00% | 05/01/2046 | 100 | &nbsp;&nbsp; 100391 |
| &nbsp;&nbsp;&nbsp; San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), <br> Series 2019 D, Ref. RB<br>| 5.00% | 05/01/2026 | 40 | &nbsp;&nbsp; 40451 |
| San Francisco (City & County of), CA Public Utilities Commission, Series 2016, Ref. RB | 5.00% | 11/01/2026 | 35 | &nbsp;&nbsp; 35860 |
| San Francisco (City & County of), CA Public Utilities Commission, Series 2016, Ref. RB | 5.00% | 11/01/2028 | 295 | &nbsp;&nbsp; 301843 |
| San Francisco (City & County of), CA Public Utilities Commission, Series 2016, Ref. RB | 4.00% | 11/01/2036 | 435 | &nbsp;&nbsp; 437203 |
| San Francisco (City & County of), CA Public Utilities Commission, Series 2016, Ref. RB | 4.00% | 11/01/2039 | 35 | &nbsp;&nbsp; 35032 |
| &nbsp;&nbsp;&nbsp; San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2017 D, Ref. <br> RB<br>| 5.00% | 11/01/2026 | 105 | &nbsp;&nbsp; 107580 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023 A, RB | 5.00% | 10/01/2026 | 5 | &nbsp;&nbsp; 5112 |
| &nbsp;&nbsp;&nbsp; San Francisco (City & County of), CA Successor Agency to the Redevelopment Agency (Mission Bay <br> South Redevelopment), Series 2016 C, Ref. RB, (INS - NATL)<sup>(c)</sup><br>| 5.00% | 08/01/2041 | 150 | &nbsp;&nbsp; 151326 |
| San Francisco (County of), CA Transportation Authority, Series 2017, RB | 4.00% | 02/01/2026 | 150 | &nbsp;&nbsp; 150413 |
| San Jose (City of), CA Redevelopment Agency Successor Agency, Series 2017 B, Ref. RB | 5.00% | 08/01/2026 | 110 | &nbsp;&nbsp; 111888 |
| San Jose Unified School District (Election of 2012), Series 2019 N, GO Bonds | 4.00% | 08/01/2030 | 80 | &nbsp;&nbsp; 80723 |
| San Jose Unified School District (Election of 2016), Series 2024, Ref. GO Bonds | 5.00% | 08/01/2026 | 50 | &nbsp;&nbsp; 50925 |
| Santa Clara (County of), CA Water District (Green Bonds), Series 2022 B, COP | 5.00% | 12/01/2026 | 135 | &nbsp;&nbsp; 138308 |
| Santa Clara Valley Transportation Authority, Series 2018 A, Ref. RB | 5.00% | 06/01/2026 | 100 | &nbsp;&nbsp; 101358 |
| Santa Clara Valley Transportation Authority, Series 2023 A, Ref. RB | 5.00% | 04/01/2026 | 20 | &nbsp;&nbsp; 20180 |
| Santa Clara Valley Water District, Series 2023, COP | 4.00% | 06/01/2026 | 75 | &nbsp;&nbsp; 75523 |
| Silicon Valley Clean Water (WIFIA WWTP), Series 2021 B, RN | 0.50% | 03/01/2026 | 500 | &nbsp;&nbsp; 496935 |
| Sonoma (County of), CA Junior College District (Election of 2014), Series 2016 A, GO Bonds | 5.00% | 08/01/2041 | 5 | &nbsp;&nbsp; 5054 |
| Stockton Unified School District, Series 2016, Ref. GO Bonds | 5.00% | 08/01/2031 | 20 | &nbsp;&nbsp; 20073 |
| Sweetwater Union High School District, Series 2016, Ref. GO Bonds | 4.00% | 08/01/2042 | 20 | &nbsp;&nbsp; 19897 |
| Sweetwater Union High School District (Election of 2006), Series 2016 B, GO Bonds, (INS - AGI)<sup>(c)</sup> | 3.38% | 08/01/2040 | 80 | &nbsp;&nbsp; 76526 |
| Tahoe-Truckee Unified School District, Series 2016 B, GO Bonds | 5.00% | 08/01/2039 | 30 | &nbsp;&nbsp; 30365 |
| University of California, Series 2016 AR, Ref. RB | 5.00% | 05/15/2030 | 5 | &nbsp;&nbsp; 5051 |
| University of California, Series 2016 AR, Ref. RB | 5.00% | 05/15/2031 | 130 | &nbsp;&nbsp; 131273 |
| University of California, Series 2016 AR, Ref. RB | 5.00% | 05/15/2046 | 25 | &nbsp;&nbsp; 25047 |
| University of California, Series 2016, Ref. RB | 5.00% | 05/15/2038 | 10 | &nbsp;&nbsp; 10054 |
| University of California, Series 2017 AY, Ref. RB | 5.00% | 05/15/2026 | 200 | &nbsp;&nbsp; 202561 |
| University of California, Series 2024 BX, RB | 5.00% | 05/15/2026 | 1000 | &nbsp;&nbsp; 1012807 |
| University of California (Limited), Series 2016 K, RB | 5.00% | 05/15/2035 | 120 | &nbsp;&nbsp; 120897 |
| Victor Valley Community College District, Series 2016 A, Ref. GO Bonds | 4.00% | 08/01/2039 | 20 | &nbsp;&nbsp; 19908 |
| Victor Valley Union High School District (Election of 2008), Series 2009 A, GO Bonds, (INS - AGI)<sup>(c)</sup> | 5.75% | 08/01/2031 | 450 | &nbsp;&nbsp; 458555 |
| West Hollywood (City of), CA Public Financing Authority (Park Phase II), Series 2016, Ref. RB | 3.00% | 04/01/2041 | 125 | &nbsp;&nbsp; 109846 |
|  |  |  |  | &nbsp;&nbsp; 45232050 |
| **Colorado-2.55%** |  |  |  |  |
| Adams & Arapahoe Joint School District No. 28J Aurora, Series 2017 A, Ref. GO Bonds | 5.00% | 12/01/2030 | 235 | &nbsp;&nbsp; 240388 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Colorado-(continued)** |  |  |  |  |
| Adams & Arapahoe Joint School District No. 28J Aurora, Series 2017 A, Ref. GO Bonds | 5.00% | 12/01/2031 | $85 | &nbsp;&nbsp; $86940 |
| Adams & Arapahoe Joint School District No. 28J Aurora, Series 2017 A, Ref. GO Bonds | 5.00% | 12/01/2032 | 260 | &nbsp;&nbsp; 265805 |
| Adams & Arapahoe Joint School District No. 28J Aurora, Series 2025, GO Bonds | 5.50% | 12/01/2026 | 350 | &nbsp;&nbsp; 360513 |
| Adams 12 Five Star Schools, Series 2016 B, Ref. GO Bonds<sup>(a)(b)</sup> | 5.00% | 12/15/2026 | 5 | &nbsp;&nbsp; 5130 |
| Adams 12 Five Star Schools, Series 2016 B, Ref. GO Bonds<sup>(a)(b)</sup> | 5.00% | 12/15/2026 | 45 | &nbsp;&nbsp; 46174 |
| Adams 12 Five Star Schools, Series 2016 B, Ref. GO Bonds | 5.00% | 12/15/2028 | 110 | &nbsp;&nbsp; 112663 |
| Adams 12 Five Star Schools, Series 2016 B, Ref. GO Bonds | 5.00% | 12/15/2029 | 100 | &nbsp;&nbsp; 102389 |
| Adams 12 Five Star Schools, Series 2016 B, Ref. GO Bonds | 5.00% | 12/15/2030 | 225 | &nbsp;&nbsp; 230353 |
| Adams 12 Five Star Schools, Series 2016 B, Ref. GO Bonds | 4.00% | 12/15/2031 | 190 | &nbsp;&nbsp; 192260 |
| Adams 12 Five Star Schools, Series 2016 B, Ref. GO Bonds | 5.00% | 12/15/2032 | 85 | &nbsp;&nbsp; 86969 |
| Adams 12 Five Star Schools, Series 2016 B, Ref. GO Bonds | 5.00% | 12/15/2033 | 15 | &nbsp;&nbsp; 15326 |
| Adams County School District No. 1 (Mapleton Public Schools), Series 2017, GO Bonds | 5.25% | 12/01/2040 | 25 | &nbsp;&nbsp; 25264 |
| Arapahoe County School District No. 6 Littleton, Series 2019 A, GO Bonds | 5.00% | 12/01/2026 | 105 | &nbsp;&nbsp; 107607 |
| Aurora (City of), CO (Green Bonds), Series 2016, Ref. RB<sup>(a)(b)</sup> | 5.00% | 08/01/2026 | 70 | &nbsp;&nbsp; 71108 |
| Aurora (City of), CO (Green Bonds), Series 2016, Ref. RB<sup>(a)(b)</sup> | 5.00% | 08/01/2026 | 155 | &nbsp;&nbsp; 157454 |
| Aurora (City of), CO (Green Bonds), Series 2016, Ref. RB<sup>(a)(b)</sup> | 5.00% | 08/01/2026 | 30 | &nbsp;&nbsp; 30475 |
| Aurora (City of), CO (Green Bonds), Series 2016, Ref. RB<sup>(a)(b)</sup> | 5.00% | 08/01/2026 | 45 | &nbsp;&nbsp; 45712 |
| Colorado (State of), Series 2018 A, COP | 5.00% | 12/15/2026 | 25 | &nbsp;&nbsp; 25634 |
| Colorado (State of), Series 2021 A, COP | 5.00% | 12/15/2026 | 550 | &nbsp;&nbsp; 563950 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A, Ref. RB | 5.00% | 08/01/2026 | 75 | &nbsp;&nbsp; 75938 |
| &nbsp;&nbsp;&nbsp; Colorado (State of) Health Facilities Authority (Parkview Medical Center Obligation), Series 2016, <br> RB<sup>(a)(b)</sup><br>| 5.00% | 09/01/2026 | 20 | &nbsp;&nbsp; 20349 |
| Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB | 5.00% | 01/01/2026 | 95 | &nbsp;&nbsp; 95174 |
| Colorado (State of) Health Facilities Authority (Vail Valley Medical Center), Series 2015, RB | 5.00% | 01/15/2035 | 395 | &nbsp;&nbsp; 395878 |
| Colorado (State of) Higher Education, Series 2014 A, Ref. COP | 5.00% | 11/01/2026 | 65 | &nbsp;&nbsp; 66329 |
| Colorado (State of) Regional Transportation District (Fastracks), Series 2016 A, RB | 5.00% | 11/01/2046 | 510 | &nbsp;&nbsp; 513470 |
| Colorado (State of) Regional Transportation District (Fastracks), Series 2017 A, RB | 5.00% | 11/01/2040 | 25 | &nbsp;&nbsp; 25298 |
| Colorado Springs (City of), CO, Series 2018 A-1, Ref. RB | 5.00% | 11/15/2026 | 125 | &nbsp;&nbsp; 127952 |
| Commerce (City of), CO, Series 2016, RB<sup>(a)(b)</sup> | 5.00% | 08/01/2026 | 55 | &nbsp;&nbsp; 55852 |
| Denver (City & County of), CO, Series 2016 A, Ref. RB | 5.00% | 11/15/2031 | 125 | &nbsp;&nbsp; 127642 |
| Denver (City & County of), CO, Series 2016 A, Ref. RB | 5.00% | 11/15/2032 | 90 | &nbsp;&nbsp; 91837 |
| Denver (City & County of), CO, Series 2016 A, Ref. RB | 5.00% | 08/01/2044 | 60 | &nbsp;&nbsp; 60285 |
| Denver (City & County of), CO, Series 2018 A-1, RB | 5.00% | 08/01/2041 | 25 | &nbsp;&nbsp; 25179 |
| Denver (City & County of), CO, Series 2018 A-1, RB | 5.00% | 08/01/2048 | 700 | &nbsp;&nbsp; 702589 |
| Denver (City & County of), CO, Series 2020 B, Ref. GO Bonds | 5.00% | 08/01/2026 | 45 | &nbsp;&nbsp; 45754 |
| Denver (City & County of), CO, Series 2022 C, Ref. RB | 5.00% | 11/15/2026 | 15 | &nbsp;&nbsp; 15341 |
| Denver (City & County of), CO (Convention Center Expansion), Series 2018 A, COP | 5.38% | 06/01/2043 | 215 | &nbsp;&nbsp; 216320 |
| Denver City & County School District No. 1, Series 2016, Ref. GO Bonds<sup>(a)(b)</sup> | 4.00% | 02/27/2026 | 90 | &nbsp;&nbsp; 90280 |
| Denver City & County School District No. 1, Series 2017, GO Bonds | 5.00% | 12/01/2026 | 95 | &nbsp;&nbsp; 97330 |
| Denver City & County School District No. 1, Series 2017, GO Bonds | 5.00% | 12/01/2028 | 35 | &nbsp;&nbsp; 35827 |
| Denver City & County School District No. 1, Series 2017, GO Bonds | 5.00% | 12/01/2029 | 85 | &nbsp;&nbsp; 86991 |
| Denver City & County School District No. 1, Series 2017, GO Bonds | 5.00% | 12/01/2030 | 105 | &nbsp;&nbsp; 107387 |
| Denver City & County School District No. 1, Series 2017, GO Bonds | 5.00% | 12/01/2031 | 575 | &nbsp;&nbsp; 588012 |
| Denver City & County School District No. 1, Series 2017, GO Bonds | 5.00% | 12/01/2034 | 15 | &nbsp;&nbsp; 15289 |
| Denver City & County School District No. 1, Series 2017, GO Bonds | 5.00% | 12/01/2037 | 5 | &nbsp;&nbsp; 5079 |
| Denver City & County School District No. 1, Series 2017, GO Bonds | 5.00% | 12/01/2038 | 90 | &nbsp;&nbsp; 91332 |
| Denver City & County School District No. 1, Series 2021 B, Ref. GO Bonds | 4.00% | 12/01/2026 | 85 | &nbsp;&nbsp; 86250 |
| Denver City & County School District No. 1, Series 2025 A, GO Bonds | 5.00% | 12/01/2026 | 30 | &nbsp;&nbsp; 30736 |
| Douglas County School District No. Re-1 Douglas & Elbert Counties, Series 2022, Ref. GO Bonds | 5.00% | 12/15/2026 | 40 | &nbsp;&nbsp; 41031 |
| E-470 Public Highway Authority, Series 2020 B, Ref. RB | 5.00% | 09/01/2026 | 25 | &nbsp;&nbsp; 25429 |
| Eagle County School District No. Re50J, Series 2017, GO Bonds | 5.00% | 12/01/2034 | 10 | &nbsp;&nbsp; 10199 |
| Eagle County School District No. Re50J, Series 2017, GO Bonds | 5.00% | 12/01/2035 | 120 | &nbsp;&nbsp; 122274 |
| El Paso County School District No.49 Falcon, Series 2017 B, COP | 5.00% | 12/15/2042 | 55 | &nbsp;&nbsp; 55291 |
| Jefferson County School District R-1, Series 2012, Ref. GO Bonds | 5.00% | 12/15/2026 | 40 | &nbsp;&nbsp; 40998 |
| &nbsp;&nbsp;&nbsp; St. Vrain Valley School District Re-1J (Boulder, Larimer & Weld Counties and the City and County of <br> Broomfield), Series 2016 C, GO Bonds<sup>(a)(b)</sup><br>| 4.00% | 12/15/2026 | 50 | &nbsp;&nbsp; 50753 |
| &nbsp;&nbsp;&nbsp; St. Vrain Valley School District Re-1J (Boulder, Larimer & Weld Counties and the City and County of <br> Broomfield), Series 2016 C, GO Bonds<sup>(a)(b)</sup><br>| 5.00% | 12/15/2026 | 55 | &nbsp;&nbsp; 56389 |
| &nbsp;&nbsp;&nbsp; St. Vrain Valley School District Re-1J (Boulder, Larimer & Weld Counties and the City and County of <br> Broomfield), Series 2016 C, GO Bonds<br>| 5.00% | 12/15/2032 | 125 | &nbsp;&nbsp; 127896 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Colorado-(continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; St. Vrain Valley School District Re-1J (Boulder, Larimer & Weld Counties and the City and County of <br> Broomfield), Series 2024, GO Bonds<br>| 5.00% | 12/15/2026 | $290 | &nbsp;&nbsp; $297476 |
| University of Colorado, Series 2017 A-2, Ref. RB | 5.00% | 06/01/2026 | 55 | &nbsp;&nbsp; 55675 |
| Weld County School District No. RE-4, Series 2016, GO Bonds | 5.25% | 12/01/2041 | 100 | &nbsp;&nbsp; 101359 |
|  |  |  |  | &nbsp;&nbsp; 7652584 |
| **Connecticut-1.61%** |  |  |  |  |
| Connecticut (State of), Series 2016 A, GO Bonds | 5.00% | 03/15/2029 | 5 | &nbsp;&nbsp; 5033 |
| Connecticut (State of), Series 2016 A, GO Bonds | 4.00% | 03/15/2035 | 15 | &nbsp;&nbsp; 15020 |
| Connecticut (State of), Series 2016 A, GO Bonds | 4.00% | 03/15/2036 | 15 | &nbsp;&nbsp; 15014 |
| Connecticut (State of), Series 2016 B, Ref. GO Bonds | 5.00% | 05/15/2026 | 5 | &nbsp;&nbsp; 5056 |
| Connecticut (State of), Series 2016 E, GO Bonds | 5.00% | 10/15/2026 | 195 | &nbsp;&nbsp; 199166 |
| Connecticut (State of), Series 2016 E, GO Bonds | 5.00% | 10/15/2029 | 315 | &nbsp;&nbsp; 321260 |
| Connecticut (State of), Series 2016 E, GO Bonds | 5.00% | 10/15/2033 | 15 | &nbsp;&nbsp; 15287 |
| Connecticut (State of), Series 2016 F, GO Bonds | 5.00% | 10/15/2031 | 30 | &nbsp;&nbsp; 30606 |
| Connecticut (State of), Series 2018 B, RB | 5.00% | 10/01/2026 | 200 | &nbsp;&nbsp; 204047 |
| Connecticut (State of), Series 2018 C, GO Bonds | 5.00% | 06/15/2026 | 210 | &nbsp;&nbsp; 212766 |
| Connecticut (State of), Series 2018 C, Ref. RB | 5.00% | 10/01/2026 | 5 | &nbsp;&nbsp; 5101 |
| Connecticut (State of), Series 2018 E, GO Bonds | 5.00% | 09/15/2026 | 210 | &nbsp;&nbsp; 214054 |
| Connecticut (State of), Series 2018 F, Ref. GO Bonds | 5.00% | 09/15/2026 | 65 | &nbsp;&nbsp; 66255 |
| Connecticut (State of), Series 2019 A, GO Bonds | 5.00% | 04/15/2026 | 75 | &nbsp;&nbsp; 75679 |
| Connecticut (State of), Series 2019 B, Ref. GO Bonds | 5.00% | 02/15/2026 | 85 | &nbsp;&nbsp; 85421 |
| Connecticut (State of), Series 2020 A, GO Bonds | 5.00% | 01/15/2026 | 160 | &nbsp;&nbsp; 160469 |
| Connecticut (State of), Series 2020, RB | 5.00% | 05/01/2026 | 5 | &nbsp;&nbsp; 5050 |
| Connecticut (State of), Series 2021 A, GO Bonds | 3.00% | 01/15/2026 | 25 | &nbsp;&nbsp; 25007 |
| Connecticut (State of), Series 2022 D, Ref. GO Bonds | 5.00% | 09/15/2026 | 510 | &nbsp;&nbsp; 519846 |
| Connecticut (State of), Series 2022 E, GO Bonds | 5.00% | 11/15/2026 | 85 | &nbsp;&nbsp; 86991 |
| Connecticut (State of), Series 2022 G, Ref. GO Bonds | 5.00% | 11/15/2026 | 75 | &nbsp;&nbsp; 76757 |
| Connecticut (State of), Series 2024 F, GO Bonds | 5.00% | 11/15/2026 | 490 | &nbsp;&nbsp; 501478 |
| Connecticut (State of) (Green Bonds), Series 2016 F, GO Bonds | 5.00% | 10/15/2030 | 200 | &nbsp;&nbsp; 204052 |
| Connecticut (State of) (Green Bonds), Series 2021 B, GO Bonds | 4.00% | 06/01/2026 | 315 | &nbsp;&nbsp; 317296 |
| Connecticut (State of) (Green Bonds), Series 2021 D, Ref. GO Bonds | 5.00% | 07/15/2026 | 10 | &nbsp;&nbsp; 10152 |
| Connecticut (State of) (Green Bonds), Series 2024 C, Ref. GO Bonds | 5.00% | 03/01/2026 | 25 | &nbsp;&nbsp; 25151 |
| Connecticut (State of) (Transportation Infrastructure), Series 2016 A, RB | 5.00% | 09/01/2026 | 180 | &nbsp;&nbsp; 183275 |
| Connecticut (State of) (Transportation Infrastructure), Series 2016 A, RB | 5.00% | 09/01/2029 | 155 | &nbsp;&nbsp; 157641 |
| Connecticut (State of) (Transportation Infrastructure), Series 2016 A, RB | 5.00% | 09/01/2030 | 575 | &nbsp;&nbsp; 584979 |
| Connecticut (State of) (Transportation Infrastructure), Series 2016 A, RB | 5.00% | 09/01/2032 | 60 | &nbsp;&nbsp; 61023 |
| Connecticut (State of) (Transportation Infrastructure), Series 2016 A, RB | 5.00% | 09/01/2033 | 10 | &nbsp;&nbsp; 10165 |
| Connecticut (State of) (Transportation Infrastructure), Series 2016 A, RB, (INS - BAM)<sup>(c)</sup> | 5.00% | 09/01/2031 | 75 | &nbsp;&nbsp; 76318 |
| Connecticut (State of) (Transportation Infrastructure), Series 2016, RB | 5.00% | 09/01/2028 | 115 | &nbsp;&nbsp; 116939 |
| Connecticut (State of) (Transportation Infrastructure), Series 2018, RB | 5.00% | 01/01/2026 | 40 | &nbsp;&nbsp; 40079 |
| Connecticut (State of) (Transportation Infrastructure), Series 2022 A, RB | 5.00% | 07/01/2026 | 85 | &nbsp;&nbsp; 86202 |
| Connecticut (State of) Health & Educational Facilities Authority, Series 2024, Ref. RB | 5.00% | 07/01/2026 | 5 | &nbsp;&nbsp; 5066 |
| Connecticut (State of) Health & Educational Facilities Authority (Trinity Health Corp.), Series 2016, RB | 5.00% | 12/01/2041 | 5 | &nbsp;&nbsp; 5024 |
| Metropolitan District (The), Series 2016 C, GO Bonds, (INS - AGI)<sup>(c)</sup> | 4.00% | 11/01/2034 | 85 | &nbsp;&nbsp; 85644 |
|  |  |  |  | &nbsp;&nbsp; 4814369 |
| **Delaware-0.11%** |  |  |  |  |
| Delaware (State of), Series 2017 A, Ref. GO Bonds | 5.00% | 01/01/2026 | 11 | &nbsp;&nbsp; 11023 |
| Delaware (State of), Series 2023 A, GO Bonds | 5.00% | 05/01/2026 | 10 | &nbsp;&nbsp; 10105 |
| Delaware (State of) Transportation Authority, Series 2016, Ref. RB | 5.00% | 07/01/2026 | 295 | &nbsp;&nbsp; 299308 |
|  |  |  |  | &nbsp;&nbsp; 320436 |
| **District of Columbia-1.20%** |  |  |  |  |
| District of Columbia, Series 2016 A, GO Bonds | 4.00% | 06/01/2035 | 20 | &nbsp;&nbsp; 20051 |
| District of Columbia, Series 2016 A, GO Bonds | 5.00% | 06/01/2041 | 35 | &nbsp;&nbsp; 35166 |
| District of Columbia, Series 2016 D, GO Bonds | 5.00% | 06/01/2028 | 140 | &nbsp;&nbsp; 143224 |
| District of Columbia, Series 2016 D, GO Bonds | 5.00% | 06/01/2036 | 645 | &nbsp;&nbsp; 655180 |
| District of Columbia, Series 2016 D, GO Bonds | 5.00% | 06/01/2041 | 15 | &nbsp;&nbsp; 15140 |
| District of Columbia, Series 2016 E, Ref. GO Bonds | 5.00% | 06/01/2026 | 5 | &nbsp;&nbsp; 5061 |
| District of Columbia, Series 2016, GO Bonds | 5.00% | 06/01/2033 | 25 | &nbsp;&nbsp; 25249 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **District of Columbia-(continued)** |  |  |  |  |
| District of Columbia, Series 2019 A, GO Bonds | 5.00% | 10/15/2026 | $435 | &nbsp;&nbsp; $444331 |
| District of Columbia, Series 2019 C, Ref. RB | 5.00% | 10/01/2026 | 375 | &nbsp;&nbsp; 382745 |
| District of Columbia, Series 2020 B, Ref. RB | 5.00% | 10/01/2026 | 180 | &nbsp;&nbsp; 183718 |
| District of Columbia, Series 2022 C, Ref. RB | 5.00% | 12/01/2026 | 80 | &nbsp;&nbsp; 81986 |
| District of Columbia, Series 2023 B, Ref. GO Bonds | 5.00% | 06/01/2026 | 15 | &nbsp;&nbsp; 15184 |
| District of Columbia, Series 2024 A, GO Bonds | 5.00% | 08/01/2026 | 25 | &nbsp;&nbsp; 25409 |
| District of Columbia, Series 2024 C, Ref. GO Bonds | 5.00% | 12/01/2026 | 100 | &nbsp;&nbsp; 102463 |
| District of Columbia (Children's Hospital Obligated Group), Series 2015, Ref. RB | 5.00% | 07/15/2040 | 25 | &nbsp;&nbsp; 25039 |
| District of Columbia (Friendship Public Charter School, Inc.), Series 2016, Ref. RB | 5.00% | 06/01/2041 | 5 | &nbsp;&nbsp; 5007 |
| District of Columbia Water & Sewer Authority, Series 2016 A, Ref. RB | 5.00% | 10/01/2029 | 155 | &nbsp;&nbsp; 156140 |
| District of Columbia Water & Sewer Authority, Series 2016 A, Ref. RB | 5.00% | 10/01/2030 | 55 | &nbsp;&nbsp; 55393 |
| District of Columbia Water & Sewer Authority, Series 2016 A, Ref. RB | 5.00% | 10/01/2036 | 65 | &nbsp;&nbsp; 65308 |
| District of Columbia Water & Sewer Authority, Series 2016 A, Ref. RB | 5.00% | 10/01/2039 | 5 | &nbsp;&nbsp; 5017 |
| District of Columbia Water & Sewer Authority, Series 2024 A, Ref. RB | 5.00% | 10/01/2026 | 25 | &nbsp;&nbsp; 25496 |
| &nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement), Series 2009, <br> RB<sup>(a)(b)</sup><br>| 6.50% | 10/01/2026 | 600 | &nbsp;&nbsp; 618804 |
| Washington Convention & Sports Authority, Series 2018 A, Ref. RB | 5.00% | 10/01/2026 | 100 | &nbsp;&nbsp; 101766 |
| Washington Metropolitan Area Transit Authority, Series 2017 B, RB | 5.00% | 07/01/2026 | 200 | &nbsp;&nbsp; 202769 |
| Washington Metropolitan Area Transit Authority, Series 2020 A, RB | 5.00% | 07/15/2026 | 60 | &nbsp;&nbsp; 60886 |
| Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB | 5.00% | 07/15/2026 | 125 | &nbsp;&nbsp; 126846 |
|  |  |  |  | &nbsp;&nbsp; 3583378 |
| **Florida-3.92%** |  |  |  |  |
| Broward (County of), FL School Board, Series 2016 A, Ref. COP | 5.00% | 07/01/2032 | 5 | &nbsp;&nbsp; 5054 |
| Broward (County of), FL School Board, Series 2017 C, Ref. COP | 5.00% | 07/01/2026 | 510 | &nbsp;&nbsp; 516466 |
| Central Florida Expressway Authority, Series 2016 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 07/01/2026 | 5 | &nbsp;&nbsp; 5071 |
| Central Florida Expressway Authority, Series 2016 A, Ref. RB | 4.00% | 07/01/2031 | 35 | &nbsp;&nbsp; 35183 |
| Central Florida Expressway Authority, Series 2016 A, Ref. RB | 4.00% | 07/01/2037 | 60 | &nbsp;&nbsp; 60138 |
| Central Florida Expressway Authority, Series 2016 B, Ref. RB<sup>(a)(b)</sup> | 4.00% | 07/01/2026 | 500 | &nbsp;&nbsp; 504194 |
| Central Florida Expressway Authority, Series 2016 B, Ref. RB<sup>(a)(b)</sup> | 4.00% | 07/01/2026 | 250 | &nbsp;&nbsp; 252097 |
| Central Florida Expressway Authority, Series 2016 B, Ref. RB<sup>(a)(b)</sup> | 5.00% | 07/01/2026 | 325 | &nbsp;&nbsp; 329595 |
| Central Florida Expressway Authority, Series 2016 B, Ref. RB<sup>(a)(b)</sup> | 5.00% | 07/01/2026 | 65 | &nbsp;&nbsp; 65919 |
| Central Florida Expressway Authority, Series 2016 B, Ref. RB | 5.00% | 07/01/2028 | 135 | &nbsp;&nbsp; 136679 |
| Central Florida Expressway Authority, Series 2016 B, Ref. RB | 4.00% | 07/01/2030 | 65 | &nbsp;&nbsp; 65356 |
| Central Florida Expressway Authority, Series 2016 B, Ref. RB | 4.00% | 07/01/2031 | 75 | &nbsp;&nbsp; 75392 |
| Central Florida Expressway Authority, Series 2016 B, Ref. RB | 4.00% | 07/01/2038 | 20 | &nbsp;&nbsp; 20025 |
| Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 07/01/2026 | 375 | &nbsp;&nbsp; 380170 |
| Duval County (County of), FL School Board, Series 2016, Ref. COP | 4.00% | 07/01/2034 | 50 | &nbsp;&nbsp; 50174 |
| Florida (State of), Series 2016 A, Ref. GO Bonds | 5.00% | 07/01/2026 | 20 | &nbsp;&nbsp; 20283 |
| Florida (State of), Series 2016 B, Ref. RB | 5.00% | 07/01/2026 | 180 | &nbsp;&nbsp; 182597 |
| Florida (State of), Series 2017, RB | 5.00% | 07/01/2026 | 45 | &nbsp;&nbsp; 45649 |
| Florida (State of), Series 2021 B, Ref. GO Bonds | 5.00% | 06/01/2026 | 215 | &nbsp;&nbsp; 217650 |
| Florida (State of), Series 2022 C, Ref. GO Bonds | 5.00% | 06/01/2026 | 20 | &nbsp;&nbsp; 20246 |
| Florida (State of) Department of Environmental Protection (FL Forever), Series 2016 A, Ref. RB | 5.00% | 07/01/2026 | 100 | &nbsp;&nbsp; 101414 |
| Florida (State of) Department of Management Services, Series 2018 A, Ref. COP | 5.00% | 11/01/2026 | 140 | &nbsp;&nbsp; 142978 |
| Florida (State of) Department of Transportation, Series 2022 A, Ref. RB | 5.00% | 07/01/2026 | 15 | &nbsp;&nbsp; 15209 |
| Florida (State of) Municipal Power Agency, Series 2016 A, Ref. RB | 5.00% | 10/01/2026 | 105 | &nbsp;&nbsp; 106810 |
| Florida (State of) Municipal Power Agency, Series 2016 A, Ref. RB | 5.00% | 10/01/2028 | 130 | &nbsp;&nbsp; 132355 |
| Florida (State of) Municipal Power Agency (All-Requirements Power Supply), Series 2017 A, Ref. RB | 5.00% | 10/01/2026 | 65 | &nbsp;&nbsp; 66121 |
| Halifax Hospital Medical Center, Series 2016, Ref. RB | 5.00% | 06/01/2036 | 500 | &nbsp;&nbsp; 503157 |
| JEA Electric System, Series 2017 B, Ref. RB | 5.00% | 10/01/2026 | 45 | &nbsp;&nbsp; 45836 |
| JEA Water & Sewer System, Series 2017 A, Ref. RB | 5.00% | 10/01/2026 | 75 | &nbsp;&nbsp; 76536 |
| Miami (City of) & Dade (County of), FL School Board (The), Series 2015 D, Ref. COP | 5.00% | 02/01/2028 | 50 | &nbsp;&nbsp; 50170 |
| Miami (City of) & Dade (County of), FL School Board (The), Series 2015 D, Ref. COP | 5.00% | 02/01/2029 | 135 | &nbsp;&nbsp; 135441 |
| Miami (City of) & Dade (County of), FL School Board (The), Series 2015 D, Ref. COP | 5.00% | 02/01/2030 | 20 | &nbsp;&nbsp; 20064 |
| Miami (City of) & Dade (County of), FL School Board (The), Series 2015 D, Ref. COP | 5.00% | 02/01/2031 | 30 | &nbsp;&nbsp; 30092 |
| Miami (City of) & Dade (County of), FL School Board (The), Series 2016 A, Ref. COP | 5.00% | 05/01/2032 | 130 | &nbsp;&nbsp; 130965 |
| Miami (City of) & Dade (County of), FL School Board (The), Series 2016 C, Ref. COP | 5.00% | 02/01/2032 | 100 | &nbsp;&nbsp; 100298 |
| Miami (City of) & Dade (County of), FL School Board (The), Series 2016, GO Bonds | 5.00% | 03/15/2046 | 30 | &nbsp;&nbsp; 30045 |
| Miami-Dade (County of), FL, Series 2015 B, Ref. RB | 5.00% | 10/01/2026 | 25 | &nbsp;&nbsp; 25042 |
| Miami-Dade (County of), FL, Series 2015, GO Bonds | 5.00% | 07/01/2041 | 500 | &nbsp;&nbsp; 503236 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Florida-(continued)** |  |  |  |  |
| Miami-Dade (County of), FL, Series 2015, Ref. RB<sup>(a)(b)</sup> | 5.00% | 12/04/2025 | $100 | &nbsp;&nbsp; $100019 |
| Miami-Dade (County of), FL, Series 2016 A, Ref. GO Bonds | 5.00% | 07/01/2029 | 80 | &nbsp;&nbsp; 81004 |
| Miami-Dade (County of), FL, Series 2016 A, Ref. GO Bonds | 5.00% | 07/01/2030 | 115 | &nbsp;&nbsp; 116370 |
| Miami-Dade (County of), FL, Series 2016 A, Ref. GO Bonds | 5.00% | 07/01/2031 | 90 | &nbsp;&nbsp; 91067 |
| Miami-Dade (County of), FL, Series 2016 A, Ref. GO Bonds | 5.00% | 07/01/2032 | 55 | &nbsp;&nbsp; 55642 |
| Miami-Dade (County of), FL, Series 2016 A, Ref. GO Bonds | 5.00% | 07/01/2033 | 135 | &nbsp;&nbsp; 136608 |
| Miami-Dade (County of), FL, Series 2016 A, Ref. GO Bonds | 5.00% | 07/01/2034 | 140 | &nbsp;&nbsp; 141610 |
| Miami-Dade (County of), FL, Series 2016 A, Ref. GO Bonds | 5.00% | 07/01/2035 | 60 | &nbsp;&nbsp; 60659 |
| Miami-Dade (County of), FL, Series 2016 A, Ref. GO Bonds | 5.00% | 07/01/2036 | 115 | &nbsp;&nbsp; 116196 |
| Miami-Dade (County of), FL, Series 2016 A, Ref. GO Bonds | 5.00% | 07/01/2037 | 20 | &nbsp;&nbsp; 20196 |
| Miami-Dade (County of), FL, Series 2016 A, Ref. RB | 5.00% | 10/01/2041 | 200 | &nbsp;&nbsp; 201487 |
| Miami-Dade (County of), FL, Series 2016, Ref. RB | 5.00% | 10/01/2028 | 110 | &nbsp;&nbsp; 111942 |
| Miami-Dade (County of), FL, Series 2016, Ref. RB | 5.00% | 10/01/2030 | 55 | &nbsp;&nbsp; 55981 |
| Miami-Dade (County of), FL, Series 2016, Ref. RB | 5.00% | 10/01/2031 | 65 | &nbsp;&nbsp; 66114 |
| Miami-Dade (County of), FL, Series 2016, Ref. RB | 5.00% | 10/01/2034 | 510 | &nbsp;&nbsp; 518179 |
| Miami-Dade (County of), FL, Series 2016, Ref. RB | 5.00% | 10/01/2035 | 405 | &nbsp;&nbsp; 410189 |
| Miami-Dade (County of), FL Expressway Authority, Series 2016 A, Ref. RB | 5.00% | 07/01/2029 | 125 | &nbsp;&nbsp; 126300 |
| Miami-Dade (County of), FL Expressway Authority, Series 2016 A, Ref. RB | 5.00% | 07/01/2033 | 205 | &nbsp;&nbsp; 206788 |
| Orange (County of), FL Convention Center, Series 2017, Ref. RB | 5.00% | 10/01/2026 | 190 | &nbsp;&nbsp; 193528 |
| &nbsp;&nbsp;&nbsp; Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2016 A, <br> Ref. RB<br>| 5.00% | 10/01/2033 | 10 | &nbsp;&nbsp; 10151 |
| &nbsp;&nbsp;&nbsp; Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2016 A, <br> Ref. RB<br>| 5.00% | 10/01/2034 | 170 | &nbsp;&nbsp; 172477 |
| &nbsp;&nbsp;&nbsp; Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2016 A, <br> Ref. RB<br>| 5.00% | 10/01/2035 | 260 | &nbsp;&nbsp; 263576 |
| &nbsp;&nbsp;&nbsp; Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2016 A, <br> Ref. RB<br>| 5.00% | 10/01/2036 | 65 | &nbsp;&nbsp; 65833 |
| &nbsp;&nbsp;&nbsp; Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2016 A, <br> Ref. RB<br>| 5.00% | 10/01/2037 | 45 | &nbsp;&nbsp; 45519 |
| &nbsp;&nbsp;&nbsp; Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2016 A, <br> Ref. RB<br>| 5.00% | 10/01/2039 | 10 | &nbsp;&nbsp; 10091 |
| &nbsp;&nbsp;&nbsp; Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2019, Ref. <br> RB<br>| 5.00% | 10/01/2026 | 60 | &nbsp;&nbsp; 61139 |
| Orange (County of), FL School Board, Series 2016 C, Ref. COP<sup>(a)(b)</sup> | 3.38% | 08/01/2026 | 35 | &nbsp;&nbsp; 35188 |
| Orange (County of), FL School Board, Series 2016 C, Ref. COP<sup>(a)(b)</sup> | 5.00% | 08/01/2026 | 530 | &nbsp;&nbsp; 538567 |
| Orange (County of), FL School Board, Series 2016 C, Ref. COP<sup>(a)(b)</sup> | 5.00% | 08/01/2026 | 45 | &nbsp;&nbsp; 45727 |
| Orange (County of), FL School Board, Series 2017, Ref. COP | 5.00% | 08/01/2026 | 70 | &nbsp;&nbsp; 71047 |
| Orlando (City of), FL Utilities Commission, Series 2020 A, Ref. RB | 5.00% | 10/01/2026 | 25 | &nbsp;&nbsp; 25498 |
| Palm Beach County School District, Series 2017 A, Ref. COP | 5.00% | 08/01/2026 | 45 | &nbsp;&nbsp; 45673 |
| Port St. Lucie (City of), FL, Series 2016, Ref. RB | 5.00% | 09/01/2029 | 210 | &nbsp;&nbsp; 213567 |
| Port St. Lucie (City of), FL, Series 2016, Ref. RB | 4.00% | 09/01/2030 | 10 | &nbsp;&nbsp; 10062 |
| Port St. Lucie (City of), FL, Series 2016, Ref. RB | 4.00% | 09/01/2031 | 600 | &nbsp;&nbsp; 603546 |
| Port St. Lucie (City of), FL, Series 2016, Ref. RB | 4.00% | 09/01/2032 | 5 | &nbsp;&nbsp; 5025 |
| Port St. Lucie (City of), FL, Series 2016, Ref. RB | 4.00% | 09/01/2033 | 5 | &nbsp;&nbsp; 5020 |
| Reedy Creek Improvement District, Series 2016, GO Bonds | 5.00% | 06/01/2035 | 200 | &nbsp;&nbsp; 201721 |
| South Broward Hospital District, Series 2016, Ref. RB | 4.00% | 05/01/2033 | 455 | &nbsp;&nbsp; 456154 |
| South Florida Water Management District, Series 2016, Ref. COP | 5.00% | 10/01/2026 | 10 | &nbsp;&nbsp; 10075 |
| South Florida Water Management District, Series 2016, Ref. COP | 5.00% | 10/01/2027 | 50 | &nbsp;&nbsp; 50346 |
| South Florida Water Management District, Series 2016, Ref. COP | 5.00% | 10/01/2028 | 255 | &nbsp;&nbsp; 256960 |
| South Florida Water Management District, Series 2016, Ref. COP | 5.00% | 10/01/2029 | 40 | &nbsp;&nbsp; 40297 |
| South Florida Water Management District, Series 2016, Ref. COP | 5.00% | 10/01/2032 | 30 | &nbsp;&nbsp; 30175 |
| South Florida Water Management District, Series 2016, Ref. COP | 5.00% | 10/01/2033 | 75 | &nbsp;&nbsp; 75391 |
| South Florida Water Management District, Series 2016, Ref. COP | 5.00% | 10/01/2034 | 10 | &nbsp;&nbsp; 10048 |
| South Florida Water Management District, Series 2016, Ref. COP | 5.00% | 10/01/2035 | 100 | &nbsp;&nbsp; 100441 |
| South Florida Water Management District, Series 2016, Ref. COP | 5.00% | 10/01/2036 | 70 | &nbsp;&nbsp; 70290 |
| &nbsp;&nbsp;&nbsp; South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group), <br> Series 2017, Ref. RB<br>| 5.00% | 08/15/2026 | 5 | &nbsp;&nbsp; 5065 |
| Tampa (City of), FL (H. Lee Moffitt Cancer Center), Series 2016, Ref. RB | 5.00% | 07/01/2037 | 125 | &nbsp;&nbsp; 126187 |
| Tampa Bay (City of), FL Water, Series 2016 A, Ref. RB | 5.00% | 10/01/2037 | 25 | &nbsp;&nbsp; 25424 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Florida-(continued)** |  |  |  |  |
| Tampa Bay (City of), FL Water, Series 2016 C, Ref. RB | 5.00% | 10/01/2026 | $50 | &nbsp;&nbsp; $50966 |
| Volusia (County of), FL School Board, Series 2016 A, Ref. COP<sup>(a)(b)</sup> | 5.00% | 02/01/2026 | 5 | &nbsp;&nbsp; 5019 |
|  |  |  |  | &nbsp;&nbsp; 11755851 |
| **Georgia-1.59%** |  |  |  |  |
| Atlanta (City of), GA, Series 2004, RB, (INS - AGI)<sup>(c)</sup> | 5.75% | 11/01/2026 | 70 | &nbsp;&nbsp; 72097 |
| Atlanta (City of), GA Department of Aviation, Series 2020 A, Ref. RB | 5.00% | 07/01/2026 | 215 | &nbsp;&nbsp; 218115 |
| Clarke (County of), GA Hospital Authority (Piedmont Healthcare, Inc.), Series 2016 A, Ref. RB | 5.00% | 07/01/2046 | 105 | &nbsp;&nbsp; 105330 |
| DeKalb (County of), GA, Series 2006 B, Ref. RB | 5.25% | 10/01/2026 | 65 | &nbsp;&nbsp; 66465 |
| DeKalb (County of), GA, Series 2006 B, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.25% | 10/01/2032 | 415 | &nbsp;&nbsp; 422749 |
| Fulton (County of), GA Development Authority (Piedmont Healthcare, Inc.), Series 2016 A, Ref. RB | 5.00% | 07/01/2046 | 110 | &nbsp;&nbsp; 110345 |
| Georgia (State of), Series 2016 E, Ref. GO Bonds | 5.00% | 12/01/2026 | 150 | &nbsp;&nbsp; 153739 |
| Georgia (State of), Series 2016 F, Ref. GO Bonds | 5.00% | 07/01/2026 | 50 | &nbsp;&nbsp; 50724 |
| Georgia (State of), Series 2017 A-1, GO Bonds | 5.00% | 02/01/2026 | 570 | &nbsp;&nbsp; 572410 |
| Georgia (State of), Series 2017 C, Ref. GO Bonds | 5.00% | 07/01/2026 | 15 | &nbsp;&nbsp; 15217 |
| Georgia (State of), Series 2018 A, GO Bonds | 5.00% | 07/01/2026 | 335 | &nbsp;&nbsp; 339853 |
| Georgia (State of) (Bidding Group 1), Series 2020 A, GO Bonds | 5.00% | 08/01/2026 | 80 | &nbsp;&nbsp; 81325 |
| Georgia (State of) (Bidding Group 1), Series 2021 A, Ref. GO Bonds | 5.00% | 07/01/2026 | 200 | &nbsp;&nbsp; 202898 |
| Georgia (State of) (Bidding Group 1), Series 2022 A, GO Bonds | 5.00% | 07/01/2026 | 85 | &nbsp;&nbsp; 86232 |
| Georgia (State of) (Bidding Group 3), Series 2022 C, Ref. GO Bonds | 4.00% | 07/01/2026 | 30 | &nbsp;&nbsp; 30262 |
| Georgia (State of) (Tranche 1), Series 2019 A, GO Bonds | 5.00% | 07/01/2026 | 105 | &nbsp;&nbsp; 106521 |
| Georgia (State of) (Tranche 2), Series 2015 A, GO Bonds | 5.00% | 02/01/2026 | 100 | &nbsp;&nbsp; 100181 |
| Georgia (State of) (Tranche 2), Series 2016 A, GO Bonds | 5.00% | 02/01/2030 | 30 | &nbsp;&nbsp; 30116 |
| Georgia (State of) Municipal Electric Authority, Series 2016 S, Ref. RB | 5.00% | 01/01/2028 | 10 | &nbsp;&nbsp; 10132 |
| Georgia (State of) Municipal Electric Authority, Series 2024, Ref. RB | 5.00% | 01/01/2026 | 50 | &nbsp;&nbsp; 50101 |
| Georgia (State of) Municipal Electric Authority (Project One), Series 2016 A, Ref. RB | 5.00% | 01/01/2028 | 185 | &nbsp;&nbsp; 187446 |
| Georgia (State of) Road & Tollway Authority (Garvee), Series 2020, RB | 5.00% | 06/01/2026 | 185 | &nbsp;&nbsp; 187336 |
| Gwinnett County School District, Series 2022 B, GO Bonds | 5.00% | 08/01/2026 | 100 | &nbsp;&nbsp; 101717 |
| Henry County School District, Series 2016, GO Bonds<sup>(a)(b)</sup> | 4.00% | 08/01/2026 | 60 | &nbsp;&nbsp; 60556 |
| Henry County School District, Series 2016, GO Bonds<sup>(a)(b)</sup> | 4.00% | 08/01/2026 | 10 | &nbsp;&nbsp; 10093 |
| Henry County School District, Series 2016, GO Bonds<sup>(a)(b)</sup> | 4.00% | 08/01/2026 | 20 | &nbsp;&nbsp; 20185 |
| Henry County School District, Series 2016, GO Bonds | 5.00% | 08/01/2026 | 145 | &nbsp;&nbsp; 147344 |
| Main Street Natural Gas, Inc., Series 2007 A, RB | 5.50% | 09/15/2026 | 170 | &nbsp;&nbsp; 172749 |
| Metropolitan Atlanta Rapid Transit Authority, Series 2015 C, Ref. RB | 5.00% | 07/01/2026 | 175 | &nbsp;&nbsp; 177617 |
| Metropolitan Atlanta Rapid Transit Authority, Series 2015 C, Ref. RB | 5.00% | 07/01/2028 | 35 | &nbsp;&nbsp; 35474 |
| Metropolitan Atlanta Rapid Transit Authority, Series 2015 C, Ref. RB | 5.00% | 07/01/2029 | 40 | &nbsp;&nbsp; 40544 |
| Metropolitan Atlanta Rapid Transit Authority, Series 2016 B, Ref. RB<sup>(a)(b)</sup> | 5.00% | 07/01/2026 | 130 | &nbsp;&nbsp; 131868 |
| Metropolitan Atlanta Rapid Transit Authority, Series 2016 B, Ref. RB<sup>(a)(b)</sup> | 5.00% | 07/01/2026 | 105 | &nbsp;&nbsp; 106509 |
| Metropolitan Atlanta Rapid Transit Authority, Series 2016 B, Ref. RB<sup>(a)(b)</sup> | 5.00% | 07/01/2026 | 35 | &nbsp;&nbsp; 35503 |
| Metropolitan Atlanta Rapid Transit Authority, Series 2016 B, Ref. RB<sup>(a)(b)</sup> | 5.00% | 07/01/2026 | 70 | &nbsp;&nbsp; 71006 |
| Private Colleges & Universities Authority (Emory University), Series 2016 A, Ref. RB | 5.00% | 10/01/2046 | 80 | &nbsp;&nbsp; 80207 |
| Private Colleges & Universities Authority (Emory University), Series 2016 B, Ref. RB | 5.00% | 10/01/2038 | 100 | &nbsp;&nbsp; 100936 |
| Richmond (County of), GA Board of Education, Series 2023, GO Bonds | 5.00% | 10/01/2026 | 25 | &nbsp;&nbsp; 25506 |
| Sandy Springs (City of), GA Public Facilities Authority (City Center), Series 2015, RB<sup>(a)(b)</sup> | 4.00% | 05/01/2026 | 20 | &nbsp;&nbsp; 20119 |
| Sandy Springs (City of), GA Public Facilities Authority (City Center), Series 2015, RB<sup>(a)(b)</sup> | 5.00% | 05/01/2026 | 130 | &nbsp;&nbsp; 131308 |
| Sandy Springs (City of), GA Public Facilities Authority (City Center), Series 2015, RB<sup>(a)(b)</sup> | 5.00% | 05/01/2026 | 85 | &nbsp;&nbsp; 85855 |
|  |  |  |  | &nbsp;&nbsp; 4754690 |
| **Hawaii-0.99%** |  |  |  |  |
| Hawaii (State of), Series 2015 EZ, Ref. GO Bonds | 5.00% | 10/01/2026 | 65 | &nbsp;&nbsp; 65243 |
| Hawaii (State of), Series 2016 FB, GO Bonds | 4.00% | 04/01/2026 | 195 | &nbsp;&nbsp; 195948 |
| Hawaii (State of), Series 2016 FB, GO Bonds | 4.00% | 04/01/2028 | 115 | &nbsp;&nbsp; 115352 |
| Hawaii (State of), Series 2016 FE, Ref. GO Bonds | 5.00% | 10/01/2026 | 5 | &nbsp;&nbsp; 5103 |
| Hawaii (State of), Series 2016 FE, Ref. GO Bonds | 5.00% | 10/01/2028 | 235 | &nbsp;&nbsp; 239472 |
| Hawaii (State of), Series 2016 FG, GO Bonds | 5.00% | 10/01/2028 | 75 | &nbsp;&nbsp; 76427 |
| Hawaii (State of), Series 2016 FG, GO Bonds | 5.00% | 10/01/2029 | 65 | &nbsp;&nbsp; 66242 |
| Hawaii (State of), Series 2016 FG, GO Bonds | 5.00% | 10/01/2030 | 120 | &nbsp;&nbsp; 122253 |
| Hawaii (State of), Series 2016 FG, GO Bonds | 5.00% | 10/01/2031 | 190 | &nbsp;&nbsp; 193552 |
| Hawaii (State of), Series 2016 FG, GO Bonds | 4.00% | 10/01/2032 | 20 | &nbsp;&nbsp; 20139 |
| Hawaii (State of), Series 2016 FG, GO Bonds | 4.00% | 10/01/2034 | 35 | &nbsp;&nbsp; 35211 |
| Hawaii (State of), Series 2016 FH, Ref. GO Bonds | 5.00% | 10/01/2026 | 110 | &nbsp;&nbsp; 112272 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Hawaii-(continued)** |  |  |  |  |
| Hawaii (State of), Series 2016 FH, Ref. GO Bonds | 5.00% | 10/01/2028 | $225 | &nbsp;&nbsp; $229281 |
| Hawaii (State of), Series 2016 FH, Ref. GO Bonds | 5.00% | 10/01/2029 | 20 | &nbsp;&nbsp; 20382 |
| Hawaii (State of), Series 2016 FH, Ref. GO Bonds | 4.00% | 10/01/2031 | 430 | &nbsp;&nbsp; 433221 |
| Hawaii (State of), Series 2017 D, GO Bonds | 5.00% | 05/01/2026 | 10 | &nbsp;&nbsp; 10102 |
| Hawaii (State of), Series 2017 FN, Ref. GO Bonds | 5.00% | 10/01/2026 | 155 | &nbsp;&nbsp; 158201 |
| Hawaii (State of), Series 2019 FW, GO Bonds | 5.00% | 01/01/2026 | 45 | &nbsp;&nbsp; 45091 |
| Honolulu (City & County of), HI, Series 2016 B, Ref. RB | 5.00% | 07/01/2035 | 10 | &nbsp;&nbsp; 10106 |
| Honolulu (City & County of), HI, Series 2016 B, Ref. RB | 5.00% | 07/01/2036 | 5 | &nbsp;&nbsp; 5050 |
| Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2019 A, GO Bonds | 5.00% | 09/01/2026 | 590 | &nbsp;&nbsp; 600957 |
| Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2020 B, Ref. GO Bonds | 5.00% | 03/01/2026 | 105 | &nbsp;&nbsp; 105655 |
| Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2021, GO Bonds | 5.00% | 03/01/2026 | 60 | &nbsp;&nbsp; 60375 |
| Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2023, Ref. GO Bonds | 5.00% | 03/01/2026 | 55 | &nbsp;&nbsp; 55336 |
|  |  |  |  | &nbsp;&nbsp; 2980971 |
| **Idaho-0.11%** |  |  |  |  |
| Idaho (State of) Housing & Finance Association, Series 2015, Ref. RB | 5.00% | 07/15/2026 | 260 | &nbsp;&nbsp; 263646 |
| Idaho State Building Authority, Series 2024 A, RB | 5.00% | 06/01/2026 | 40 | &nbsp;&nbsp; 40489 |
| Idaho State Building Authority (School Modernization Facilities), Series 2025, RB | 5.00% | 06/01/2026 | 30 | &nbsp;&nbsp; 30367 |
|  |  |  |  | &nbsp;&nbsp; 334502 |
| **Illinois-4.88%** |  |  |  |  |
| Chicago (City of), IL, Series 1999, RB | 5.00% | 11/01/2028 | 60 | &nbsp;&nbsp; 61173 |
| Chicago (City of), IL, Series 1999, RB | 5.00% | 11/01/2029 | 55 | &nbsp;&nbsp; 55963 |
| Chicago (City of), IL, Series 1999, RB | 5.00% | 11/01/2030 | 415 | &nbsp;&nbsp; 423195 |
| Chicago (City of), IL, Series 2004, Ref. RB | 5.00% | 11/01/2026 | 30 | &nbsp;&nbsp; 30545 |
| Chicago (City of), IL, Series 2016 C, Ref. GO Bonds | 5.00% | 01/01/2038 | 100 | &nbsp;&nbsp; 100020 |
| Chicago (City of), IL, Series 2020 A, Ref. GO Bonds<sup>(a)</sup> | 5.00% | 01/01/2026 | 100 | &nbsp;&nbsp; 100091 |
| Chicago (City of), IL (O'Hare International Airport), Series 2016 B, Ref. RB | 5.00% | 01/01/2033 | 20 | &nbsp;&nbsp; 20028 |
| Chicago (City of), IL (O'Hare International Airport), Series 2016 B, Ref. RB | 5.00% | 01/01/2034 | 55 | &nbsp;&nbsp; 55072 |
| Chicago (City of), IL (O'Hare International Airport), Series 2016 B, Ref. RB | 5.00% | 01/01/2041 | 300 | &nbsp;&nbsp; 300171 |
| Chicago (City of), IL (O'Hare International Airport), Series 2016 C, Ref. RB | 5.00% | 01/01/2026 | 25 | &nbsp;&nbsp; 25045 |
| Chicago (City of), IL (O'Hare International Airport), Series 2016 C, Ref. RB | 5.00% | 01/01/2028 | 80 | &nbsp;&nbsp; 80136 |
| Chicago (City of), IL (O'Hare International Airport), Series 2016 C, Ref. RB | 5.00% | 01/01/2029 | 80 | &nbsp;&nbsp; 80130 |
| Chicago (City of), IL (O'Hare International Airport), Series 2016 C, Ref. RB | 5.00% | 01/01/2030 | 60 | &nbsp;&nbsp; 60093 |
| Chicago (City of), IL (O'Hare International Airport), Series 2016 C, Ref. RB | 5.00% | 01/01/2032 | 80 | &nbsp;&nbsp; 80115 |
| Chicago (City of), IL (O'Hare International Airport), Series 2016 C, Ref. RB | 5.00% | 01/01/2033 | 90 | &nbsp;&nbsp; 90125 |
| Chicago (City of), IL (O'Hare International Airport), Series 2016 C, Ref. RB | 5.00% | 01/01/2034 | 260 | &nbsp;&nbsp; 260342 |
| Chicago (City of), IL (O'Hare International Airport), Series 2016 C, Ref. RB | 5.00% | 01/01/2036 | 140 | &nbsp;&nbsp; 140164 |
| Chicago (City of), IL (O'Hare International Airport), Series 2016 C, Ref. RB | 5.00% | 01/01/2037 | 285 | &nbsp;&nbsp; 285306 |
| Chicago (City of), IL (O'Hare International Airport), Series 2016 C, Ref. RB | 5.00% | 01/01/2038 | 125 | &nbsp;&nbsp; 125122 |
| Chicago (City of), IL (O'Hare International Airport), Series 2017 E, RB | 5.00% | 01/01/2026 | 40 | &nbsp;&nbsp; 40072 |
| Chicago (City of), IL (O'Hare International Airport), Series 2024 D, Ref. RB | 5.00% | 01/01/2026 | 100 | &nbsp;&nbsp; 100181 |
| Chicago (City of), IL Metropolitan Water Reclamation District, Series 2016 A, Ref. GO Bonds | 5.00% | 12/01/2026 | 1075 | &nbsp;&nbsp; 1099434 |
| Chicago (City of), IL Metropolitan Water Reclamation District, Series 2016 A, Ref. GO Bonds | 5.00% | 12/01/2029 | 260 | &nbsp;&nbsp; 265598 |
| Chicago (City of), IL Metropolitan Water Reclamation District, Series 2016 A, Ref. GO Bonds | 5.00% | 12/01/2030 | 95 | &nbsp;&nbsp; 96989 |
| Chicago (City of), IL Metropolitan Water Reclamation District, Series 2016 A, Ref. GO Bonds | 5.00% | 12/01/2031 | 40 | &nbsp;&nbsp; 40790 |
| &nbsp;&nbsp;&nbsp; Chicago (City of), IL Metropolitan Water Reclamation District (Green Bonds), Series 2016 A, Ref. GO <br> Bonds<br>| 5.00% | 12/01/2028 | 65 | &nbsp;&nbsp; 66400 |
| Chicago (City of), IL Midway International Airport, Series 2023 B, Ref. RB, (INS - BAM)<sup>(c)</sup> | 5.00% | 01/01/2026 | 5 | &nbsp;&nbsp; 5010 |
| Cook (County of), IL, Series 2016 A, Ref. GO Bonds | 5.00% | 11/15/2026 | 135 | &nbsp;&nbsp; 137943 |
| Cook (County of), IL, Series 2016 A, Ref. GO Bonds | 5.00% | 11/15/2028 | 40 | &nbsp;&nbsp; 40770 |
| Cook (County of), IL, Series 2016 A, Ref. GO Bonds | 5.00% | 11/15/2029 | 100 | &nbsp;&nbsp; 101829 |
| Cook (County of), IL, Series 2016 A, Ref. GO Bonds | 5.00% | 11/15/2030 | 345 | &nbsp;&nbsp; 350984 |
| Cook (County of), IL, Series 2016 A, Ref. GO Bonds | 5.00% | 11/15/2031 | 680 | &nbsp;&nbsp; 690766 |
| Cook (County of), IL, Series 2018, Ref. GO Bonds | 5.00% | 11/15/2034 | 30 | &nbsp;&nbsp; 30365 |
| Cook (County of), IL, Series 2018, Ref. GO Bonds | 5.00% | 11/15/2035 | 360 | &nbsp;&nbsp; 363937 |
| Cook (County of), IL, Series 2021 A, Ref. GO Bonds | 5.00% | 11/15/2026 | 30 | &nbsp;&nbsp; 30654 |
| &nbsp;&nbsp;&nbsp; Du Page & Will Counties Community School District No. 204 Indian Prairie, Series 2017, Ref. GO <br> Bonds<br>| 4.00% | 12/30/2026 | 170 | &nbsp;&nbsp; 172155 |
| Illinois (State of), Series 2016 C, Ref. RB | 4.00% | 06/15/2029 | 35 | &nbsp;&nbsp; 35092 |
| Illinois (State of), Series 2016 C, Ref. RB, (INS - BAM)<sup>(c)</sup> | 4.00% | 06/15/2028 | 120 | &nbsp;&nbsp; 120337 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Illinois-(continued)** |  |  |  |  |
| Illinois (State of), Series 2016 D, Ref. RB | 5.00% | 06/15/2028 | $10 | &nbsp;&nbsp; $10096 |
| Illinois (State of), Series 2016 D, Ref. RB | 4.00% | 06/15/2030 | 40 | &nbsp;&nbsp; 40121 |
| Illinois (State of), Series 2016, GO Bonds | 5.00% | 01/01/2026 | 20 | &nbsp;&nbsp; 20033 |
| Illinois (State of), Series 2016, GO Bonds | 5.00% | 06/01/2026 | 10 | &nbsp;&nbsp; 10102 |
| Illinois (State of), Series 2016, GO Bonds | 5.00% | 11/01/2028 | 75 | &nbsp;&nbsp; 76375 |
| Illinois (State of), Series 2016, GO Bonds | 5.00% | 11/01/2029 | 50 | &nbsp;&nbsp; 50907 |
| Illinois (State of), Series 2016, GO Bonds | 5.00% | 11/01/2030 | 20 | &nbsp;&nbsp; 20357 |
| Illinois (State of), Series 2016, GO Bonds | 4.00% | 01/01/2031 | 140 | &nbsp;&nbsp; 140073 |
| Illinois (State of), Series 2016, GO Bonds | 4.13% | 11/01/2031 | 210 | &nbsp;&nbsp; 211302 |
| Illinois (State of), Series 2016, GO Bonds | 5.00% | 01/01/2032 | 105 | &nbsp;&nbsp; 105163 |
| Illinois (State of), Series 2016, GO Bonds | 5.00% | 11/01/2032 | 115 | &nbsp;&nbsp; 116912 |
| Illinois (State of), Series 2016, GO Bonds | 5.00% | 01/01/2033 | 570 | &nbsp;&nbsp; 570841 |
| Illinois (State of), Series 2016, GO Bonds | 5.00% | 11/01/2033 | 60 | &nbsp;&nbsp; 60942 |
| Illinois (State of), Series 2016, GO Bonds | 5.00% | 11/01/2034 | 515 | &nbsp;&nbsp; 522776 |
| Illinois (State of), Series 2016, GO Bonds | 5.00% | 01/01/2035 | 130 | &nbsp;&nbsp; 130173 |
| Illinois (State of), Series 2016, GO Bonds | 4.00% | 06/01/2035 | 100 | &nbsp;&nbsp; 100156 |
| Illinois (State of), Series 2016, GO Bonds | 4.25% | 01/01/2036 | 325 | &nbsp;&nbsp; 325112 |
| Illinois (State of), Series 2016, GO Bonds | 5.00% | 11/01/2036 | 215 | &nbsp;&nbsp; 217734 |
| Illinois (State of), Series 2016, GO Bonds | 4.50% | 11/01/2039 | 10 | &nbsp;&nbsp; 10027 |
| Illinois (State of), Series 2016, GO Bonds, (INS - AGI)<sup>(c)</sup> | 4.00% | 01/01/2039 | 30 | &nbsp;&nbsp; 29999 |
| Illinois (State of), Series 2016, Ref. GO Bonds | 5.00% | 02/01/2026 | 180 | &nbsp;&nbsp; 180601 |
| Illinois (State of), Series 2017 A, GO Bonds | 5.00% | 12/01/2026 | 5 | &nbsp;&nbsp; 5103 |
| Illinois (State of), Series 2017 D, GO Bonds | 3.25% | 11/01/2026 | 80 | &nbsp;&nbsp; 80238 |
| Illinois (State of), Series 2017 D, GO Bonds | 5.00% | 11/01/2026 | 510 | &nbsp;&nbsp; 519529 |
| Illinois (State of), Series 2018 B, Ref. GO Bonds | 5.00% | 10/01/2026 | 145 | &nbsp;&nbsp; 147499 |
| Illinois (State of), Series 2019 A, GO Bonds | 5.00% | 11/01/2026 | 80 | &nbsp;&nbsp; 81517 |
| Illinois (State of), Series 2020 B, Ref. GO Bonds | 5.00% | 10/01/2026 | 50 | &nbsp;&nbsp; 50862 |
| Illinois (State of), Series 2020, GO Bonds | 5.50% | 05/01/2026 | 25 | &nbsp;&nbsp; 25262 |
| Illinois (State of), Series 2021 A, GO Bonds | 5.00% | 03/01/2026 | 5 | &nbsp;&nbsp; 5025 |
| Illinois (State of), Series 2021 A, GO Bonds | 5.00% | 12/01/2026 | 185 | &nbsp;&nbsp; 188845 |
| Illinois (State of), Series 2021 B, GO Bonds | 5.00% | 03/01/2026 | 5 | &nbsp;&nbsp; 5025 |
| Illinois (State of), Series 2022 A, GO Bonds | 5.00% | 03/01/2026 | 5 | &nbsp;&nbsp; 5025 |
| Illinois (State of), Series 2022 B, Ref. GO Bonds | 5.00% | 03/01/2026 | 20 | &nbsp;&nbsp; 20102 |
| Illinois (State of), Series 2023 D, Ref. GO Bonds | 5.00% | 07/01/2026 | 65 | &nbsp;&nbsp; 65768 |
| Illinois (State of), Series 2024 B, GO Bonds | 5.00% | 05/01/2026 | 25 | &nbsp;&nbsp; 25211 |
| Illinois (State of), Series 2024, Ref. GO Bonds | 5.00% | 02/01/2026 | 10 | &nbsp;&nbsp; 10033 |
| Illinois (State of) Educational Facilities Authority, Series 2002, RB | 4.00% | 11/01/2036 | 80 | &nbsp;&nbsp; 81032 |
| Illinois (State of) Finance Authority (Unitypoint Health), Series 2016 D, Ref. RB<sup>(a)(b)</sup> | 4.00% | 02/15/2026 | 55 | &nbsp;&nbsp; 55170 |
| Illinois (State of) Finance Authority (Art Institute of Chicago), Series 2016, Ref. RB | 5.00% | 03/01/2030 | 160 | &nbsp;&nbsp; 160750 |
| Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB | 5.00% | 02/15/2026 | 215 | &nbsp;&nbsp; 215922 |
| Illinois (State of) Finance Authority (Clean Water Initiative), Series 2016, RB<sup>(a)(b)</sup> | 4.00% | 01/01/2026 | 135 | &nbsp;&nbsp; 135145 |
| Illinois (State of) Finance Authority (Clean Water Initiative), Series 2017, RB | 5.00% | 07/01/2026 | 5 | &nbsp;&nbsp; 5069 |
| Illinois (State of) Finance Authority (Mercy Health Corp.), Series 2016, Ref. RB | 5.00% | 12/01/2040 | 305 | &nbsp;&nbsp; 306663 |
| Illinois (State of) Finance Authority (Northwest Community Hospital), Series 2016 A, Ref. RB<sup>(a)(b)</sup> | 4.00% | 07/01/2026 | 5 | &nbsp;&nbsp; 5045 |
| Illinois (State of) Finance Authority (Northwest Community Hospital), Series 2016 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 07/01/2026 | 35 | &nbsp;&nbsp; 35515 |
| Illinois (State of) Finance Authority (Northwest Community Hospital), Series 2016 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 07/01/2026 | 15 | &nbsp;&nbsp; 15221 |
| Illinois (State of) Finance Authority (Northwestern Memorial Healthcare), Series 2017, Ref. RB | 5.00% | 07/15/2026 | 5 | &nbsp;&nbsp; 5069 |
| Illinois (State of) Finance Authority (Northwestern University), Series 2015, RB | 5.00% | 12/01/2026 | 20 | &nbsp;&nbsp; 20061 |
| &nbsp;&nbsp;&nbsp; Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion), Series 2024, <br> Ref. RB<br>| 4.00% | 12/15/2026 | 30 | &nbsp;&nbsp; 30289 |
| Illinois (State of) Regional Transportation Authority, Series 2017 A, Ref. RB | 5.00% | 07/01/2026 | 75 | &nbsp;&nbsp; 75938 |
| Illinois (State of) Toll Highway Authority, Series 2015 B, RB | 5.00% | 01/01/2036 | 260 | &nbsp;&nbsp; 260364 |
| Illinois (State of) Toll Highway Authority, Series 2015 B, RB | 5.00% | 01/01/2037 | 10 | &nbsp;&nbsp; 10013 |
| Illinois (State of) Toll Highway Authority, Series 2015 B, RB | 5.00% | 01/01/2040 | 1120 | &nbsp;&nbsp; 1121105 |
| Illinois (State of) Toll Highway Authority, Series 2016 A, Ref. RB | 4.00% | 12/01/2031 | 175 | &nbsp;&nbsp; 175133 |
| Illinois (State of) Toll Highway Authority, Series 2016 A, Ref. RB | 5.00% | 12/01/2031 | 190 | &nbsp;&nbsp; 190328 |
| Illinois (State of) Toll Highway Authority, Series 2016 A, Ref. RB | 5.00% | 12/01/2032 | 295 | &nbsp;&nbsp; 295520 |
| Illinois (State of) Toll Highway Authority, Series 2019 B, Ref. RB | 5.00% | 01/01/2026 | 160 | &nbsp;&nbsp; 160308 |
| Illinois (State of) Toll Highway Authority, Series 2019, Ref. RB | 5.00% | 01/01/2026 | 420 | &nbsp;&nbsp; 420809 |
| Northern Illinois Municipal Power Agency, Series 2016 A, Ref. RB | 5.00% | 12/01/2041 | 90 | &nbsp;&nbsp; 90697 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Illinois-(continued)** |  |  |  |  |
| Rosemont (Village of), IL, Series 2017 A, GO Bonds, (INS - AGI)<sup>(c)</sup> | 5.00% | 12/01/2046 | $335 | &nbsp;&nbsp; $335383 |
| Sales Tax Securitization Corp., Series 2017 A, Ref. RB | 5.00% | 01/01/2026 | 35 | &nbsp;&nbsp; 35054 |
| Sales Tax Securitization Corp., Series 2021 A, Ref. RB | 5.00% | 01/01/2026 | 35 | &nbsp;&nbsp; 35054 |
| &nbsp;&nbsp;&nbsp; Will & Kendall Counties Community Consolidated School District 202 Plainfield, Series 2018 A, Ref. GO <br> Bonds<br>| 4.00% | 01/01/2026 | 15 | &nbsp;&nbsp; 15015 |
|  |  |  |  | &nbsp;&nbsp; 14638660 |
| **Indiana-1.26%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Carmel (City of), IN Local Public Improvement Bond Bank, Series 2016, RB, <br> (CEP - Colorado Higher Education Intercept Program)<br>| 5.00% | 07/15/2031 | 90 | &nbsp;&nbsp; 91047 |
| &nbsp;&nbsp;&nbsp; Carmel (City of), IN Local Public Improvement Bond Bank, Series 2016, RB, <br> (CEP - Colorado Higher Education Intercept Program)<br>| 5.00% | 07/15/2032 | 250 | &nbsp;&nbsp; 252817 |
| &nbsp;&nbsp;&nbsp; Carmel (City of), IN Local Public Improvement Bond Bank, Series 2016, RB, <br> (CEP - Colorado Higher Education Intercept Program)<br>| 5.00% | 07/15/2033 | 100 | &nbsp;&nbsp; 101083 |
| &nbsp;&nbsp;&nbsp; Carmel (City of), IN Local Public Improvement Bond Bank, Series 2016, RB, <br> (CEP - Colorado Higher Education Intercept Program)<br>| 5.00% | 07/15/2034 | 555 | &nbsp;&nbsp; 560909 |
| Indiana (State of) Finance Authority, Series 2016 C, Ref. RB | 5.00% | 06/01/2028 | 40 | &nbsp;&nbsp; 40798 |
| Indiana (State of) Finance Authority, Series 2016, RB | 5.00% | 10/01/2046 | 165 | &nbsp;&nbsp; 165816 |
| Indiana (State of) Finance Authority, Series 2016, Ref. RB | 5.00% | 09/01/2036 | 65 | &nbsp;&nbsp; 65812 |
| Indiana (State of) Finance Authority (CWA Authority), Series 2021, Ref. RB | 5.00% | 10/01/2026 | 35 | &nbsp;&nbsp; 35694 |
| &nbsp;&nbsp;&nbsp; Indiana (State of) Finance Authority (Deaconess Health System Obligated Group), Series 2016 A, <br> RB<sup>(a)(b)</sup><br>| 4.00% | 09/01/2026 | 175 | &nbsp;&nbsp; 176633 |
| Indiana (State of) Finance Authority (Green Bonds), Series 2016 B, Ref. RB<sup>(a)(b)</sup> | 5.00% | 02/01/2026 | 10 | &nbsp;&nbsp; 10038 |
| Indiana (State of) Finance Authority (Green Bonds), Series 2016 E, Ref. RB | 5.00% | 02/01/2026 | 500 | &nbsp;&nbsp; 502038 |
| Indiana (State of) Finance Authority (Green Bonds), Series 2016, Ref. RB | 5.00% | 02/01/2029 | 15 | &nbsp;&nbsp; 15225 |
| Indiana (State of) Municipal Power Agency, Series 2016 A, Ref. RB | 5.00% | 01/01/2033 | 55 | &nbsp;&nbsp; 55521 |
| Indiana (State of) Municipal Power Agency, Series 2016 A, Ref. RB | 5.00% | 01/01/2034 | 35 | &nbsp;&nbsp; 35311 |
| Indiana (State of) Municipal Power Agency, Series 2016 A, Ref. RB | 5.00% | 01/01/2035 | 260 | &nbsp;&nbsp; 262208 |
| Indiana (State of) Municipal Power Agency, Series 2016 A, Ref. RB | 5.00% | 01/01/2036 | 40 | &nbsp;&nbsp; 40321 |
| Indiana (State of) Municipal Power Agency, Series 2016 A, Ref. RB | 5.00% | 01/01/2037 | 30 | &nbsp;&nbsp; 30227 |
| Indiana (State of) Municipal Power Agency, Series 2016 A, Ref. RB | 5.00% | 01/01/2042 | 615 | &nbsp;&nbsp; 619016 |
| Indiana (State of) Municipal Power Agency, Series 2016 C, Ref. RB | 5.00% | 01/01/2039 | 65 | &nbsp;&nbsp; 65522 |
| Indiana University, Series 2016 A, Ref. RB | 5.00% | 06/01/2028 | 25 | &nbsp;&nbsp; 25282 |
| Indianapolis (City of), IN Department of Public Utilities, Series 2018 A, Ref. RB | 5.00% | 10/01/2026 | 545 | &nbsp;&nbsp; 555438 |
| Indianapolis Local Public Improvement Bond Bank, Series 2021 A, Ref. RB | 5.00% | 06/01/2026 | 60 | &nbsp;&nbsp; 60689 |
|  |  |  |  | &nbsp;&nbsp; 3767445 |
| **Iowa-0.17%** |  |  |  |  |
| Iowa (State of), Series 2016 A, Ref. RB | 4.00% | 06/01/2026 | 35 | &nbsp;&nbsp; 35225 |
| Iowa (State of), Series 2016 A, Ref. RB | 5.00% | 06/01/2028 | 55 | &nbsp;&nbsp; 55607 |
| Iowa (State of) Finance Authority (Green Bonds), Series 2017, Ref. RB | 5.00% | 08/01/2026 | 80 | &nbsp;&nbsp; 81277 |
| Iowa (State of) Higher Education Loan Authority (Grinnell College), Series 2017, RB | 5.00% | 12/01/2041 | 205 | &nbsp;&nbsp; 206827 |
| Xenia (City of), IA Rural Water District, Series 2016, Ref. RB<sup>(a)(b)</sup> | 5.00% | 12/01/2026 | 85 | &nbsp;&nbsp; 87068 |
| Xenia (City of), IA Rural Water District, Series 2016, Ref. RN<sup>(a)(b)</sup> | 5.00% | 12/01/2026 | 30 | &nbsp;&nbsp; 30730 |
|  |  |  |  | &nbsp;&nbsp; 496734 |
| **Kansas-0.38%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Johnson (County of), KS Public Building Commission (Courthouse & Medical Examiners), Series 2018 <br> A, RB<br>| 5.00% | 09/01/2026 | 145 | &nbsp;&nbsp; 147551 |
| Johnson (County of), KS Unified School District No. 233 (Olathe), Series 2016 B, Ref. GO Bonds | 4.00% | 09/01/2030 | 25 | &nbsp;&nbsp; 25220 |
| Johnson (County of), KS Unified School District No. 233 (Olathe), Series 2016 B, Ref. GO Bonds | 4.00% | 09/01/2031 | 125 | &nbsp;&nbsp; 126008 |
| Kansas (State of) Department of Transportation, Series 2024 A, Ref. RB | 5.00% | 09/01/2026 | 110 | &nbsp;&nbsp; 112010 |
| Kansas (State of) Department of Transportation, Series 2025 A, Ref. RB | 5.00% | 09/01/2026 | 125 | &nbsp;&nbsp; 127284 |
| Sedgwick County Unified School District No. 260 Derby, Series 2018 B, Ref. GO Bonds<sup>(a)(b)</sup> | 5.00% | 10/01/2026 | 20 | &nbsp;&nbsp; 20396 |
| Wyandotte County Unified School District No. 500, Series 2016 A, GO Bonds<sup>(a)(b)</sup> | 4.00% | 09/01/2026 | 55 | &nbsp;&nbsp; 55612 |
| Wyandotte County Unified School District No. 500, Series 2016 A, GO Bonds<sup>(a)(b)</sup> | 4.13% | 09/01/2026 | 70 | &nbsp;&nbsp; 70843 |
| Wyandotte County Unified School District No. 500, Series 2016 A, GO Bonds<sup>(a)(b)</sup> | 5.25% | 09/01/2026 | 55 | &nbsp;&nbsp; 56119 |
| Wyandotte County Unified School District No. 500, Series 2016 A, GO Bonds<sup>(a)(b)</sup> | 5.50% | 09/01/2026 | 380 | &nbsp;&nbsp; 388430 |
|  |  |  |  | &nbsp;&nbsp; 1129473 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Kentucky-0.72%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Kentucky (Commonwealth of) Asset Liability Commission (2014 Federal Highway Trust Fund), <br> Series 2024, Ref. RB<br>| 5.00% | 09/01/2026 | $175 | &nbsp;&nbsp; $177974 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 112), Series 2016 B, Ref. RB | 5.00% | 11/01/2026 | 455 | &nbsp;&nbsp; 464970 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 112), Series 2016 B, Ref. RB | 5.00% | 11/01/2028 | 80 | &nbsp;&nbsp; 81725 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 130), Series 2024 B, Ref. RB | 5.00% | 11/01/2026 | 100 | &nbsp;&nbsp; 102191 |
| Kentucky (Commonwealth of) Turnpike Authority (Revitalization), Series 2016 A, Ref. RB | 5.00% | 07/01/2028 | 70 | &nbsp;&nbsp; 70765 |
| Kentucky (Commonwealth of) Turnpike Authority (Revitalization), Series 2017 B, Ref. RB | 5.00% | 07/01/2026 | 245 | &nbsp;&nbsp; 248206 |
| &nbsp;&nbsp;&nbsp; Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.), <br> Series 2016 A, Ref. RB<br>| 5.00% | 10/01/2029 | 85 | &nbsp;&nbsp; 86332 |
| &nbsp;&nbsp;&nbsp; Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.), <br> Series 2016 A, Ref. RB<br>| 5.00% | 10/01/2030 | 385 | &nbsp;&nbsp; 391020 |
| &nbsp;&nbsp;&nbsp; Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.), <br> Series 2016 A, Ref. RB<br>| 5.00% | 10/01/2031 | 140 | &nbsp;&nbsp; 142125 |
| &nbsp;&nbsp;&nbsp; Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.), <br> Series 2016 A, Ref. RB<br>| 5.00% | 10/01/2032 | 130 | &nbsp;&nbsp; 131873 |
| &nbsp;&nbsp;&nbsp; Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.), <br> Series 2016 A, Ref. RB<br>| 5.00% | 10/01/2033 | 150 | &nbsp;&nbsp; 152053 |
| Louisville (City of) & Jefferson (County of), KY Metropolitan Sewer District, Series 2023 C, Ref. RB | 5.00% | 05/15/2026 | 75 | &nbsp;&nbsp; 75834 |
| University of Kentucky, Series 2018 A, RB, (CEP - Colorado Higher Education Intercept Program) | 4.00% | 10/01/2032 | 45 | &nbsp;&nbsp; 45103 |
|  |  |  |  | &nbsp;&nbsp; 2170171 |
| **Louisiana-0.48%** |  |  |  |  |
| Louisiana (State of), Series 2016 B, Ref. GO Bonds | 5.00% | 08/01/2026 | 385 | &nbsp;&nbsp; 391223 |
| Louisiana (State of), Series 2016 B, Ref. GO Bonds | 5.00% | 08/01/2028 | 65 | &nbsp;&nbsp; 65987 |
| Louisiana (State of) (Garvee), Series 2019 A, RB | 5.00% | 09/01/2026 | 265 | &nbsp;&nbsp; 269822 |
| &nbsp;&nbsp;&nbsp; Louisiana (State of) Local Government Environmental Facilities & Community Development Authority <br> (Louisiana Insurance Guaranty Association Project), Series 2022, RB<br>| 5.00% | 08/15/2026 | 20 | &nbsp;&nbsp; 20311 |
| Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation), Series 2016, Ref. RB | 4.00% | 05/15/2035 | 160 | &nbsp;&nbsp; 160158 |
| Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation), Series 2016, Ref. RB | 4.00% | 05/15/2036 | 320 | &nbsp;&nbsp; 320164 |
| Louisiana State Citizens Property Insurance Corp., Series 2016 A, Ref. RB | 5.00% | 06/01/2026 | 160 | &nbsp;&nbsp; 161805 |
| Shreveport (City of), LA, Series 2016 B, RB | 5.00% | 12/01/2041 | 50 | &nbsp;&nbsp; 49794 |
|  |  |  |  | &nbsp;&nbsp; 1439264 |
| **Maine-0.02%** |  |  |  |  |
| Maine (State of) Municipal Bond Bank (Transcap), Series 2021 A, Ref. RB<sup>(a)</sup> | 5.00% | 09/01/2026 | 50 | &nbsp;&nbsp; 50932 |
| **Maryland-1.70%** |  |  |  |  |
| Howard (County of), MD, Series 2017 D, Ref. GO Bonds | 5.00% | 02/15/2026 | 45 | &nbsp;&nbsp; 45229 |
| Maryland (State of), Second Series 2018 B, GO Bonds | 5.00% | 08/01/2026 | 70 | &nbsp;&nbsp; 71164 |
| Maryland (State of), Series 2015 B, Ref. GO Bonds | 4.00% | 08/01/2026 | 205 | &nbsp;&nbsp; 207064 |
| Maryland (State of), Series 2017 A, GO Bonds | 5.00% | 03/15/2026 | 20 | &nbsp;&nbsp; 20143 |
| Maryland (State of), Series 2017 A, GO Bonds | 5.00% | 08/01/2026 | 80 | &nbsp;&nbsp; 81330 |
| Maryland (State of), Series 2017 B, Ref. GO Bonds | 5.00% | 08/01/2026 | 105 | &nbsp;&nbsp; 106746 |
| Maryland (State of), Series 2018 A, GO Bonds | 5.00% | 03/15/2026 | 100 | &nbsp;&nbsp; 100714 |
| Maryland (State of), Series 2019, GO Bonds | 5.00% | 03/15/2026 | 25 | &nbsp;&nbsp; 25178 |
| Maryland (State of), Series 2022 C, Ref. GO Bonds | 5.00% | 03/01/2026 | 10 | &nbsp;&nbsp; 10062 |
| Maryland (State of) (Bidding Group 1), Second Series 2019 A, GO Bonds | 5.00% | 08/01/2026 | 105 | &nbsp;&nbsp; 106746 |
| Maryland (State of) (Bidding Group 1), Series 2020 A, GO Bonds | 5.00% | 08/01/2026 | 150 | &nbsp;&nbsp; 152495 |
| Maryland (State of) (Bidding Group 1), Series 2021 A, GO Bonds | 5.00% | 08/01/2026 | 180 | &nbsp;&nbsp; 182994 |
| Maryland (State of) Department of Transportation, Series 2017, RB | 5.00% | 05/01/2026 | 35 | &nbsp;&nbsp; 35040 |
| Maryland (State of) Department of Transportation, Series 2019, RB | 5.00% | 10/01/2026 | 1500 | &nbsp;&nbsp; 1530981 |
| Maryland (State of) Department of Transportation, Series 2022 B, Ref. RB | 5.00% | 12/01/2026 | 60 | &nbsp;&nbsp; 61490 |
| Maryland (State of) Department of Transportation (Second Issue), Series 2018, RB | 5.00% | 10/01/2026 | 165 | &nbsp;&nbsp; 168408 |
| Maryland (State of) Department of Transportation (Second Issue), Series 2018, RB | 5.00% | 10/01/2028 | 250 | &nbsp;&nbsp; 255039 |
| Maryland (State of) Department of Transportation (Second Issue), Series 2018, RB | 5.00% | 10/01/2029 | 10 | &nbsp;&nbsp; 10196 |
| Maryland (State of) Stadium Authority (Baltimore City Public Schools), Series 2016, RB<sup>(a)(b)</sup> | 5.00% | 05/01/2026 | 615 | &nbsp;&nbsp; 621189 |
| Maryland (State of) Stadium Authority (Baltimore City Public Schools), Series 2016, RB<sup>(a)(b)</sup> | 5.00% | 05/01/2026 | 310 | &nbsp;&nbsp; 313120 |
| Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB | 5.00% | 07/01/2026 | 35 | &nbsp;&nbsp; 35501 |
| Maryland (State of) Transportation Authority, Series 2021 B, Ref. RB | 5.00% | 12/01/2026 | 50 | &nbsp;&nbsp; 51241 |
| Maryland (State of) Transportation Authority, Series 2025 C, Ref. RB | 5.00% | 11/01/2026 | 85 | &nbsp;&nbsp; 86933 |
| Montgomery (County of), MD, Series 2017 A, GO Bonds | 5.00% | 11/01/2026 | 50 | &nbsp;&nbsp; 51137 |
| Montgomery (County of), MD, Series 2017 C, Ref. GO Bonds | 5.00% | 10/01/2026 | 370 | &nbsp;&nbsp; 377642 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Maryland-(continued)** |  |  |  |  |
| Montgomery (County of), MD, Series 2018 A, GO Bonds | 5.00% | 11/01/2026 | $160 | &nbsp;&nbsp; $163638 |
| Montgomery (County of), MD, Series 2020 A, GO Bonds | 4.00% | 08/01/2026 | 25 | &nbsp;&nbsp; 25248 |
| Montgomery (County of), MD, Series 2024 B, Ref. GO Bonds | 5.00% | 12/01/2026 | 80 | &nbsp;&nbsp; 81986 |
| Prince George's (County of), MD, Series 2018 A, GO Bonds | 5.00% | 07/15/2026 | 70 | &nbsp;&nbsp; 71064 |
| Prince George's (County of), MD, Series 2019 A, GO Bonds | 5.00% | 07/15/2026 | 10 | &nbsp;&nbsp; 10152 |
| Washington (State of) Suburban Sanitary Commission, Series 2017, Ref. RB | 3.00% | 06/01/2026 | 20 | &nbsp;&nbsp; 20025 |
|  |  |  |  | &nbsp;&nbsp; 5079895 |
| **Massachusetts-3.18%** |  |  |  |  |
| Massachusetts (Commonwealth of), Series 2015 A, Ref. GO Bonds | 5.00% | 07/01/2026 | 165 | &nbsp;&nbsp; 167391 |
| Massachusetts (Commonwealth of), Series 2016 A, Ref. GO Bonds | 5.00% | 07/01/2026 | 10 | &nbsp;&nbsp; 10145 |
| Massachusetts (Commonwealth of), Series 2016 A, Ref. GO Bonds | 5.00% | 07/01/2028 | 490 | &nbsp;&nbsp; 496784 |
| Massachusetts (Commonwealth of), Series 2016 A, Ref. GO Bonds | 5.00% | 07/01/2029 | 45 | &nbsp;&nbsp; 45612 |
| Massachusetts (Commonwealth of), Series 2016 A, Ref. GO Bonds | 5.00% | 07/01/2031 | 55 | &nbsp;&nbsp; 55726 |
| Massachusetts (Commonwealth of), Series 2016 A, Ref. GO Bonds | 5.00% | 07/01/2032 | 50 | &nbsp;&nbsp; 50645 |
| Massachusetts (Commonwealth of), Series 2016 A, Ref. RB | 5.00% | 06/01/2026 | 80 | &nbsp;&nbsp; 80982 |
| Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds | 5.00% | 07/01/2026 | 85 | &nbsp;&nbsp; 86231 |
| Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds | 5.00% | 07/01/2031 | 290 | &nbsp;&nbsp; 293828 |
| Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds | 4.00% | 07/01/2033 | 300 | &nbsp;&nbsp; 301287 |
| Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds | 5.00% | 07/01/2033 | 200 | &nbsp;&nbsp; 202491 |
| Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds | 5.00% | 07/01/2034 | 80 | &nbsp;&nbsp; 80965 |
| Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds | 5.00% | 07/01/2036 | 100 | &nbsp;&nbsp; 101091 |
| Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds | 5.00% | 07/01/2038 | 135 | &nbsp;&nbsp; 136300 |
| Massachusetts (Commonwealth of), Series 2016 C, Ref. GO Bonds | 5.00% | 04/01/2026 | 150 | &nbsp;&nbsp; 151223 |
| Massachusetts (Commonwealth of), Series 2016 G, GO Bonds | 4.00% | 09/01/2032 | 10 | &nbsp;&nbsp; 10063 |
| Massachusetts (Commonwealth of), Series 2016 G, GO Bonds | 4.00% | 09/01/2034 | 40 | &nbsp;&nbsp; 40182 |
| Massachusetts (Commonwealth of), Series 2016 G, GO Bonds | 4.00% | 09/01/2035 | 290 | &nbsp;&nbsp; 291137 |
| Massachusetts (Commonwealth of), Series 2016 G, GO Bonds | 4.00% | 09/01/2037 | 20 | &nbsp;&nbsp; 20067 |
| Massachusetts (Commonwealth of), Series 2016 G, Ref. GO Bonds | 4.00% | 09/01/2033 | 5 | &nbsp;&nbsp; 5027 |
| Massachusetts (Commonwealth of), Series 2016 H, GO Bonds | 5.00% | 12/01/2026 | 140 | &nbsp;&nbsp; 143490 |
| Massachusetts (Commonwealth of), Series 2016 I, GO Bonds | 5.00% | 12/01/2028 | 15 | &nbsp;&nbsp; 15356 |
| Massachusetts (Commonwealth of), Series 2016 I, GO Bonds | 5.00% | 12/01/2029 | 5 | &nbsp;&nbsp; 5116 |
| Massachusetts (Commonwealth of), Series 2016 I, GO Bonds | 5.00% | 12/01/2030 | 25 | &nbsp;&nbsp; 25588 |
| Massachusetts (Commonwealth of), Series 2016 I, GO Bonds | 5.00% | 12/01/2031 | 55 | &nbsp;&nbsp; 56232 |
| Massachusetts (Commonwealth of), Series 2016 I, GO Bonds | 5.00% | 12/01/2033 | 5 | &nbsp;&nbsp; 5105 |
| Massachusetts (Commonwealth of), Series 2016 I, GO Bonds | 5.00% | 12/01/2034 | 515 | &nbsp;&nbsp; 525478 |
| Massachusetts (Commonwealth of), Series 2016 I, GO Bonds | 5.00% | 12/01/2035 | 70 | &nbsp;&nbsp; 71350 |
| Massachusetts (Commonwealth of), Series 2016 J, GO Bonds | 5.00% | 12/01/2036 | 20 | &nbsp;&nbsp; 20363 |
| Massachusetts (Commonwealth of), Series 2016 J, GO Bonds | 5.00% | 12/01/2037 | 115 | &nbsp;&nbsp; 116959 |
| Massachusetts (Commonwealth of), Series 2016 J, Ref. GO Bonds | 5.00% | 12/01/2038 | 30 | &nbsp;&nbsp; 30481 |
| Massachusetts (Commonwealth of), Series 2017 C, Ref. GO Bonds | 5.00% | 10/01/2026 | 50 | &nbsp;&nbsp; 51037 |
| Massachusetts (Commonwealth of), Series 2017 D, Ref. GO Bonds | 5.00% | 07/01/2026 | 25 | &nbsp;&nbsp; 25362 |
| Massachusetts (Commonwealth of), Series 2017 E, Ref. GO Bonds | 5.00% | 11/01/2026 | 275 | &nbsp;&nbsp; 281278 |
| Massachusetts (Commonwealth of), Series 2018 B, Ref. GO Bonds | 5.00% | 07/01/2026 | 70 | &nbsp;&nbsp; 71014 |
| Massachusetts (Commonwealth of), Series 2018 C, Ref. GO Bonds | 5.00% | 09/01/2026 | 125 | &nbsp;&nbsp; 127331 |
| Massachusetts (Commonwealth of), Series 2019 A, Ref. GO Bonds | 5.00% | 01/01/2026 | 115 | &nbsp;&nbsp; 115231 |
| Massachusetts (Commonwealth of), Series 2019 C, Ref. GO Bonds | 5.00% | 05/01/2026 | 200 | &nbsp;&nbsp; 202046 |
| Massachusetts (Commonwealth of), Series 2019 E, Ref. GO Bonds | 3.00% | 12/01/2026 | 5 | &nbsp;&nbsp; 5012 |
| Massachusetts (Commonwealth of), Series 2019 F, GO Bonds | 5.00% | 05/01/2026 | 75 | &nbsp;&nbsp; 75767 |
| Massachusetts (Commonwealth of), Series 2020 E, GO Bonds | 5.00% | 11/01/2026 | 55 | &nbsp;&nbsp; 56256 |
| Massachusetts (Commonwealth of), Series 2021 A, Ref. GO Bonds | 5.00% | 09/01/2026 | 25 | &nbsp;&nbsp; 25466 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) (Rail Enhancement & Accelerated Bridge Program), Series 2016 A, <br> RB<br>| 5.00% | 06/01/2041 | 30 | &nbsp;&nbsp; 30180 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2005 A, RB | 5.00% | 07/01/2026 | 175 | &nbsp;&nbsp; 177515 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2006 A, Ref. RB | 5.25% | 07/01/2026 | 5 | &nbsp;&nbsp; 5080 |
| Massachusetts (Commonwealth of) Clean Water Trust (The), Series 2014, Ref. RB<sup>(a)</sup> | 5.00% | 08/01/2026 | 20 | &nbsp;&nbsp; 20323 |
| Massachusetts (Commonwealth of) Development Finance Agency, Series 2016 I, Ref. RB | 5.00% | 07/01/2036 | 25 | &nbsp;&nbsp; 25190 |
| Massachusetts (Commonwealth of) Development Finance Agency, Series 2017, RB | 5.00% | 07/01/2047 | 25 | &nbsp;&nbsp; 24499 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Development Finance Agency (Bentley University), Series 2016, <br> RB<br>| 5.00% | 07/01/2040 | 755 | &nbsp;&nbsp; 760146 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Massachusetts-(continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Development Finance Agency (Berklee College of Music), <br> Series 2016, Ref. RB<br>| 5.00% | 10/01/2046 | $250 | &nbsp;&nbsp; $250894 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center), <br> Series 2016 E, Ref. RB<br>| 5.00% | 07/01/2037 | 220 | &nbsp;&nbsp; 220961 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Development Finance Agency (Boston University), Series 2016 <br> BB-1, RB<br>| 5.00% | 10/01/2046 | 5 | &nbsp;&nbsp; 5013 |
| Massachusetts (Commonwealth of) Development Finance Agency (Caregroup), Series 2016 I, Ref. RB | 5.00% | 07/01/2028 | 10 | &nbsp;&nbsp; 10122 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Development Finance Agency (Harvard University), Series 2016 A, <br> Ref. RB<br>| 5.00% | 07/15/2026 | 100 | &nbsp;&nbsp; 101564 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Development Finance Agency (Harvard University), Series 2016 A, <br> Ref. RB<br>| 4.00% | 07/15/2029 | 20 | &nbsp;&nbsp; 20112 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Development Finance Agency (Harvard University), Series 2016 A, <br> Ref. RB<br>| 5.00% | 07/15/2033 | 510 | &nbsp;&nbsp; 516314 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Development Finance Agency (Harvard University), Series 2016 A, <br> Ref. RB<br>| 5.00% | 07/15/2034 | 20 | &nbsp;&nbsp; 20239 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Development Finance Agency (Harvard University), Series 2020 A, <br> Ref. RB<br>| 5.00% | 10/15/2026 | 305 | &nbsp;&nbsp; 311702 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), <br> Series 2016, Ref. RB<br>| 5.00% | 07/01/2028 | 15 | &nbsp;&nbsp; 15203 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), <br> Series 2016, Ref. RB<br>| 5.00% | 07/01/2029 | 25 | &nbsp;&nbsp; 25333 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), <br> Series 2016, Ref. RB<br>| 5.00% | 07/01/2031 | 250 | &nbsp;&nbsp; 253204 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), <br> Series 2016, Ref. RB<br>| 4.00% | 07/01/2032 | 10 | &nbsp;&nbsp; 10051 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), <br> Series 2016, Ref. RB<br>| 5.00% | 07/01/2041 | 200 | &nbsp;&nbsp; 201394 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), <br> Series 2017, Ref. RB<br>| 5.00% | 07/01/2026 | 25 | &nbsp;&nbsp; 25348 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Development Finance Agency (South Shore Hospital), Series 2016 <br> I, Ref. RB<br>| 5.00% | 07/01/2041 | 70 | &nbsp;&nbsp; 70102 |
| Massachusetts (Commonwealth of) School Building Authority, Series 2016 B, RB<sup>(a)(b)</sup> | 5.00% | 08/01/2026 | 155 | &nbsp;&nbsp; 157568 |
| Massachusetts (Commonwealth of) School Building Authority, Series 2016 B, RB | 5.00% | 11/15/2046 | 15 | &nbsp;&nbsp; 15097 |
| Massachusetts (Commonwealth of) School Building Authority, Series 2016 C, Ref. RB<sup>(a)(b)</sup> | 5.00% | 08/01/2026 | 5 | &nbsp;&nbsp; 5083 |
| Massachusetts (Commonwealth of) School Building Authority, Series 2016 C, Ref. RB | 5.00% | 08/01/2028 | 5 | &nbsp;&nbsp; 5082 |
| Massachusetts (Commonwealth of) School Building Authority, Series 2019 A, RB<sup>(a)(b)</sup> | 5.00% | 02/15/2026 | 250 | &nbsp;&nbsp; 251201 |
| Massachusetts (Commonwealth of) School Building Authority (Social Bonds), Series 2016 C, Ref. RB | 5.00% | 08/01/2029 | 5 | &nbsp;&nbsp; 5079 |
| Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2019 A, Ref. RB | 5.00% | 01/01/2026 | 90 | &nbsp;&nbsp; 90190 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Transportation Trust Fund (Contract Assistance), Series 2018, <br> Ref. RB<br>| 5.00% | 01/01/2026 | 65 | &nbsp;&nbsp; 65137 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2016 C, Ref. <br> RB<sup>(a)(b)</sup><br>| 5.00% | 08/01/2026 | 255 | &nbsp;&nbsp; 259224 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2016 C, Ref. <br> RB<sup>(a)(b)</sup><br>| 5.00% | 08/01/2026 | 160 | &nbsp;&nbsp; 162650 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2016 C, Ref. <br> RB<sup>(a)(b)</sup><br>| 5.00% | 08/01/2026 | 5 | &nbsp;&nbsp; 5083 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2016 C, Ref. <br> RB<sup>(a)(b)</sup><br>| 5.00% | 08/01/2026 | 495 | &nbsp;&nbsp; 503200 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2016 C, Ref. <br> RB<sup>(a)(b)</sup><br>| 5.00% | 08/01/2026 | 5 | &nbsp;&nbsp; 5083 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2016 C, Ref. <br> RB<sup>(a)(b)</sup><br>| 5.00% | 08/01/2026 | 5 | &nbsp;&nbsp; 5083 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2016 C, Ref. <br> RB<sup>(a)(b)</sup><br>| 5.00% | 08/01/2026 | 145 | &nbsp;&nbsp; 147402 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2016 C, Ref. <br> RB<sup>(a)(b)</sup><br>| 5.00% | 08/01/2026 | 35 | &nbsp;&nbsp; 35580 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2016 C, Ref. <br> RB<br>| 5.00% | 08/01/2030 | 20 | &nbsp;&nbsp; 20320 |
| University of Massachusetts Building Authority, Series 2021, Ref. RB | 5.00% | 11/01/2026 | 5 | &nbsp;&nbsp; 5112 |
|  |  |  |  | &nbsp;&nbsp; 9522158 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Michigan-2.28%** |  |  |  |  |
| Great Lakes Water Authority, Series 2016 A, RB | 5.00% | 07/01/2046 | $30 | &nbsp;&nbsp; $30163 |
| Great Lakes Water Authority, Series 2016 B, RB | 5.00% | 07/01/2046 | 20 | &nbsp;&nbsp; 20092 |
| Great Lakes Water Authority, Series 2016 C, Ref. RB | 5.00% | 07/01/2028 | 110 | &nbsp;&nbsp; 111476 |
| Great Lakes Water Authority, Series 2016 C, Ref. RB | 5.00% | 07/01/2029 | 25 | &nbsp;&nbsp; 25334 |
| Great Lakes Water Authority, Series 2016 C, Ref. RB | 5.00% | 07/01/2036 | 180 | &nbsp;&nbsp; 181912 |
| Great Lakes Water Authority, Series 2016 D, Ref. RB | 5.00% | 07/01/2030 | 500 | &nbsp;&nbsp; 506631 |
| Great Lakes Water Authority, Series 2016 D, Ref. RB | 5.00% | 07/01/2036 | 30 | &nbsp;&nbsp; 30322 |
| Great Lakes Water Authority, Series 2018 A, Ref. RB | 5.00% | 07/01/2026 | 170 | &nbsp;&nbsp; 172254 |
| Great Lakes Water Authority, Series 2024 A, Ref. RB | 5.00% | 07/01/2026 | 110 | &nbsp;&nbsp; 111523 |
| Great Lakes Water Authority, Series 2024 A, Ref. RB | 5.00% | 07/01/2026 | 5 | &nbsp;&nbsp; 5069 |
| Livonia Public Schools, Series 2016, GO Bonds, (INS - AGI)<sup>(c)</sup> | 5.00% | 05/01/2045 | 45 | &nbsp;&nbsp; 45012 |
| Michigan (State of), Series 2017 A, Ref. GO Bonds | 5.00% | 05/01/2026 | 75 | &nbsp;&nbsp; 75770 |
| Michigan (State of), Series 2018, GO Bonds | 4.00% | 05/01/2028 | 55 | &nbsp;&nbsp; 55314 |
| Michigan (State of), Series 2018, GO Bonds | 4.00% | 05/01/2029 | 60 | &nbsp;&nbsp; 60307 |
| Michigan (State of), Series 2023, RB | 5.00% | 11/15/2026 | 5 | &nbsp;&nbsp; 5119 |
| Michigan (State of) (Garvee), Series 2016, Ref. RB | 5.00% | 03/15/2026 | 185 | &nbsp;&nbsp; 186224 |
| Michigan (State of) Building Authority (Facilities Program), Series 2016 I, Ref. RB | 5.00% | 10/15/2030 | 160 | &nbsp;&nbsp; 163312 |
| Michigan (State of) Building Authority (Facilities Program), Series 2016 I, Ref. RB | 5.00% | 10/15/2031 | 175 | &nbsp;&nbsp; 178596 |
| Michigan (State of) Building Authority (Facilities Program), Series 2016 I, Ref. RB | 5.00% | 10/15/2032 | 135 | &nbsp;&nbsp; 137712 |
| Michigan (State of) Building Authority (Facilities Program), Series 2016 I, Ref. RB | 5.00% | 10/15/2033 | 90 | &nbsp;&nbsp; 91753 |
| Michigan (State of) Building Authority (Facilities Program), Series 2016 I, Ref. RB | 5.00% | 10/15/2034 | 500 | &nbsp;&nbsp; 509515 |
| Michigan (State of) Building Authority (Facilities Program), Series 2016 I, Ref. RB | 5.00% | 04/15/2035 | 135 | &nbsp;&nbsp; 137506 |
| Michigan (State of) Building Authority (Facilities Program), Series 2016 I, Ref. RB | 5.00% | 04/15/2041 | 300 | &nbsp;&nbsp; 303991 |
| Michigan (State of) Building Authority (Facilities Program), Series 2016 I, Ref. RB | 5.00% | 10/15/2046 | 150 | &nbsp;&nbsp; 151085 |
| Michigan (State of) Building Authority (Facilities Program), Series 2016 I, Ref. RB | 5.00% | 10/15/2051 | 400 | &nbsp;&nbsp; 402294 |
| Michigan (State of) Finance Authority (Bronson Healthcare Group), Series 2020 A, Ref. RB | 5.00% | 05/15/2036 | 80 | &nbsp;&nbsp; 80612 |
| Michigan (State of) Finance Authority (Clean Water Revolving Fund), Series 2016 B, Ref. RB | 5.00% | 10/01/2026 | 515 | &nbsp;&nbsp; 525551 |
| Michigan (State of) Finance Authority (Clean Water Revolving Fund), Series 2016 B, Ref. RB | 5.00% | 10/01/2029 | 140 | &nbsp;&nbsp; 142582 |
| Michigan (State of) Finance Authority (Clean Water Revolving Fund), Series 2016, Ref. RB | 5.00% | 10/01/2028 | 235 | &nbsp;&nbsp; 239354 |
| Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB | 5.00% | 11/15/2028 | 20 | &nbsp;&nbsp; 20415 |
| Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB | 5.00% | 11/15/2029 | 70 | &nbsp;&nbsp; 71456 |
| Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB | 5.00% | 11/15/2030 | 35 | &nbsp;&nbsp; 35744 |
| Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB | 5.00% | 11/15/2031 | 5 | &nbsp;&nbsp; 5106 |
| Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB | 5.00% | 11/15/2032 | 140 | &nbsp;&nbsp; 142872 |
| Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB | 5.00% | 11/15/2034 | 105 | &nbsp;&nbsp; 106994 |
| Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB | 5.00% | 11/15/2037 | 500 | &nbsp;&nbsp; 507827 |
| Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB | 5.00% | 11/15/2041 | 110 | &nbsp;&nbsp; 111255 |
| Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2016 MI, Ref. RB | 5.00% | 12/01/2033 | 220 | &nbsp;&nbsp; 222167 |
| Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017, Ref. RB | 5.00% | 12/01/2026 | 250 | &nbsp;&nbsp; 255832 |
| &nbsp;&nbsp;&nbsp; Michigan (State of) Hospital Finance Authority (Ascension Senior Credit Group), Series 2010, Ref. <br> RB<sup>(a)(b)</sup><br>| 5.00% | 11/15/2026 | 50 | &nbsp;&nbsp; 51066 |
| Michigan (State of) Hospital Finance Authority (Trinity Health Credit Group), Series 2008 C, Ref. RB | 5.00% | 12/01/2026 | 105 | &nbsp;&nbsp; 107449 |
| University of Michigan, Series 2015, Ref. RB<sup>(a)(b)</sup> | 5.00% | 04/01/2026 | 135 | &nbsp;&nbsp; 136060 |
| University of Michigan, Series 2015, Ref. RB<sup>(a)(b)</sup> | 5.00% | 04/01/2026 | 75 | &nbsp;&nbsp; 75589 |
| University of Michigan, Series 2015, Ref. RB<sup>(a)(b)</sup> | 5.00% | 04/01/2026 | 55 | &nbsp;&nbsp; 55432 |
| University of Michigan, Series 2015, Ref. RB<sup>(a)(b)</sup> | 5.00% | 04/01/2026 | 70 | &nbsp;&nbsp; 70550 |
| University of Michigan, Series 2015, Ref. RB | 5.00% | 04/01/2031 | 70 | &nbsp;&nbsp; 70566 |
| University of Michigan, Series 2015, Ref. RB | 4.00% | 04/01/2034 | 5 | &nbsp;&nbsp; 5015 |
| University of Michigan, Series 2017 A, Ref. RB | 5.00% | 04/01/2026 | 100 | &nbsp;&nbsp; 100805 |
|  |  |  |  | &nbsp;&nbsp; 6838585 |
| **Minnesota-0.90%** |  |  |  |  |
| Hennepin (County of), MN, Series 2016 A, GO Bonds | 5.00% | 12/01/2036 | 20 | &nbsp;&nbsp; 20341 |
| Metropolitan Council, Series 2021 C, GO Bonds | 5.00% | 12/01/2026 | 25 | &nbsp;&nbsp; 25606 |
| Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 A, Ref. RB | 5.00% | 01/01/2026 | 25 | &nbsp;&nbsp; 25050 |
| Minnesota (State of), Series 2016 D, Ref. GO Bonds | 5.00% | 08/01/2026 | 45 | &nbsp;&nbsp; 45745 |
| Minnesota (State of), Series 2017 A, GO Bonds | 5.00% | 10/01/2026 | 525 | &nbsp;&nbsp; 535887 |
| Minnesota (State of), Series 2017 D, Ref. GO Bonds | 5.00% | 10/01/2026 | 85 | &nbsp;&nbsp; 86763 |
| Minnesota (State of), Series 2018 A, GO Bonds | 5.00% | 08/01/2026 | 70 | &nbsp;&nbsp; 71160 |
| Minnesota (State of), Series 2020 A, GO Bonds | 5.00% | 08/01/2026 | 25 | &nbsp;&nbsp; 25414 |
| Minnesota (State of), Series 2021 A, GO Bonds | 5.00% | 09/01/2026 | 45 | &nbsp;&nbsp; 45839 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Minnesota-(continued)** |  |  |  |  |
| Minnesota (State of), Series 2022 A, Ref. RB | 5.00% | 03/01/2026 | $100 | &nbsp;&nbsp; $100604 |
| Minnesota (State of), Series 2023 D, Ref. GO Bonds | 5.00% | 08/01/2026 | 20 | &nbsp;&nbsp; 20331 |
| Minnesota (State of), Series 2023 E, Ref. GO Bonds | 5.00% | 08/01/2026 | 50 | &nbsp;&nbsp; 50828 |
| Minnesota (State of), Series 2024 B, GO Bonds | 5.00% | 08/01/2026 | 55 | &nbsp;&nbsp; 55911 |
| Minnesota (State of) Public Facilities Authority, Series 2016 A, RB | 5.00% | 03/01/2032 | 70 | &nbsp;&nbsp; 70328 |
| Minnesota (State of) Public Facilities Authority, Series 2016 A, RB | 5.00% | 03/01/2035 | 5 | &nbsp;&nbsp; 5021 |
| Minnesota (State of) Public Facilities Authority, Series 2016 A, RB | 5.00% | 03/01/2036 | 1250 | &nbsp;&nbsp; 1255515 |
| Rochester (City of), MN, Series 2017 A, Ref. RB | 5.00% | 12/01/2047 | 100 | &nbsp;&nbsp; 100638 |
| St. Cloud (City of), MN (CentraCare Health System), Series 2016 A, Ref. RB | 3.25% | 05/01/2039 | 100 | &nbsp;&nbsp; 91575 |
| University of Minnesota, Series 2016 A, RB | 5.00% | 04/01/2041 | 60 | &nbsp;&nbsp; 60155 |
|  |  |  |  | &nbsp;&nbsp; 2692711 |
| **Mississippi-0.36%** |  |  |  |  |
| Minnesota (State of), Series 2018 A, GO Bonds<sup>(a)(b)</sup> | 5.00% | 11/01/2026 | 25 | &nbsp;&nbsp; 25591 |
| Mississippi (State of), Series 2016 B, GO Bonds<sup>(a)(b)</sup> | 5.00% | 12/01/2026 | 105 | &nbsp;&nbsp; 107712 |
| Mississippi (State of), Series 2016 B, GO Bonds<sup>(a)(b)</sup> | 5.00% | 12/01/2026 | 50 | &nbsp;&nbsp; 51291 |
| Mississippi (State of), Series 2016 B, GO Bonds<sup>(a)(b)</sup> | 5.00% | 12/01/2026 | 55 | &nbsp;&nbsp; 56420 |
| Mississippi (State of), Series 2016 B, GO Bonds<sup>(a)(b)</sup> | 5.00% | 12/01/2026 | 55 | &nbsp;&nbsp; 56420 |
| Mississippi (State of), Series 2016 B, GO Bonds<sup>(a)(b)</sup> | 5.00% | 12/01/2026 | 20 | &nbsp;&nbsp; 20517 |
| Mississippi (State of), Series 2016 B, GO Bonds<sup>(a)(b)</sup> | 5.00% | 12/01/2026 | 50 | &nbsp;&nbsp; 51291 |
| Mississippi (State of), Series 2016 B, GO Bonds<sup>(a)(b)</sup> | 5.00% | 12/01/2026 | 35 | &nbsp;&nbsp; 35904 |
| Mississippi (State of), Series 2018 A, GO Bonds<sup>(a)(b)</sup> | 5.00% | 11/01/2026 | 140 | &nbsp;&nbsp; 143312 |
| Mississippi (State of), Series 2018 A, GO Bonds<sup>(a)(b)</sup> | 5.00% | 11/01/2026 | 155 | &nbsp;&nbsp; 158667 |
| Mississippi (State of), Series 2018 A, GO Bonds<sup>(a)(b)</sup> | 5.00% | 11/01/2026 | 30 | &nbsp;&nbsp; 30710 |
| Mississippi (State of), Series 2018 A, GO Bonds<sup>(a)(b)</sup> | 5.00% | 11/01/2026 | 150 | &nbsp;&nbsp; 153548 |
| &nbsp;&nbsp;&nbsp; Mississippi (State of) Hospital Equipment & Facilities Authority (Baptist Memorial Health Care), <br> Series 2016, RB<br>| 5.00% | 09/01/2041 | 200 | &nbsp;&nbsp; 200428 |
|  |  |  |  | &nbsp;&nbsp; 1091811 |
| **Missouri-0.70%** |  |  |  |  |
| Curators of the University of Missouri (The), Series 2024, Ref. RB | 5.00% | 11/01/2026 | 50 | &nbsp;&nbsp; 51118 |
| Hazelwood School District, Series 2017 A, Ref. GO Bonds | 3.00% | 03/01/2029 | 75 | &nbsp;&nbsp; 75061 |
| Hazelwood School District, Series 2017, Ref. GO Bonds | 4.00% | 03/01/2028 | 190 | &nbsp;&nbsp; 190673 |
| Hazelwood School District, Series 2017, Ref. GO Bonds | 4.00% | 03/01/2030 | 130 | &nbsp;&nbsp; 130418 |
| Kansas City (City of), MO, Series 2022 A, Ref. GO Bonds | 5.00% | 02/01/2026 | 110 | &nbsp;&nbsp; 110422 |
| Metropolitan St. Louis Sewer District, Series 2016 C, RB<sup>(a)</sup> | 4.00% | 05/01/2041 | 20 | &nbsp;&nbsp; 20077 |
| Metropolitan St. Louis Sewer District, Series 2017 A, Ref. RB | 5.00% | 05/01/2026 | 40 | &nbsp;&nbsp; 40403 |
| Missouri (State of) Board of Public Buildings, Series 2020 B, Ref. RB | 5.00% | 10/01/2026 | 55 | &nbsp;&nbsp; 56053 |
| &nbsp;&nbsp;&nbsp; Missouri (State of) Environmental Improvement & Energy Resources Authority, Series 2015 B, Ref. <br> RB<br>| 5.00% | 07/01/2026 | 15 | &nbsp;&nbsp; 15017 |
| Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2018 A, Ref. RB | 5.00% | 06/01/2026 | 10 | &nbsp;&nbsp; 10104 |
| &nbsp;&nbsp;&nbsp; Missouri (State of) Health & Educational Facilities Authority (St. Luke's Health System, Inc.), <br> Series 2016, Ref. RB<br>| 5.00% | 11/15/2028 | 25 | &nbsp;&nbsp; 25235 |
| &nbsp;&nbsp;&nbsp; Missouri (State of) Health & Educational Facilities Authority (St. Luke's Health System, Inc.), <br> Series 2016, Ref. RB<br>| 5.00% | 11/15/2029 | 75 | &nbsp;&nbsp; 75704 |
| &nbsp;&nbsp;&nbsp; Missouri (State of) Health & Educational Facilities Authority (St. Luke's Health System, Inc.), <br> Series 2016, Ref. RB<br>| 5.00% | 11/15/2030 | 75 | &nbsp;&nbsp; 75709 |
| &nbsp;&nbsp;&nbsp; Missouri (State of) Health & Educational Facilities Authority (St. Luke's Health System, Inc.), <br> Series 2016, Ref. RB<br>| 5.00% | 11/15/2031 | 55 | &nbsp;&nbsp; 55485 |
| &nbsp;&nbsp;&nbsp; Missouri (State of) Health & Educational Facilities Authority (St. Luke's Health System, Inc.), <br> Series 2016, Ref. RB<br>| 4.00% | 11/15/2033 | 55 | &nbsp;&nbsp; 55140 |
| &nbsp;&nbsp;&nbsp; Missouri (State of) Health & Educational Facilities Authority (St. Luke's Health System, Inc.), <br> Series 2016, Ref. RB<br>| 5.00% | 11/15/2034 | 30 | &nbsp;&nbsp; 30238 |
| Missouri (State of) Highway & Transportation Commission, Series 2014 A, Ref. RB | 5.00% | 05/01/2026 | 305 | &nbsp;&nbsp; 308146 |
| Missouri (State of) Highway & Transportation Commission, Series 2019 B, RB | 5.00% | 11/01/2026 | 175 | &nbsp;&nbsp; 178995 |
| Missouri (State of) Highway & Transportation Commission, Series 2021, RB | 5.00% | 11/01/2026 | 15 | &nbsp;&nbsp; 15342 |
| Missouri (State of) Highway & Transportation Commission, Series 2022, RB | 5.00% | 05/01/2026 | 10 | &nbsp;&nbsp; 10103 |
| &nbsp;&nbsp;&nbsp; Missouri (State of) Highway & Transportation Commission (State Appropriations Mega), Series 2023, <br> RB<br>| 5.00% | 05/01/2026 | 275 | &nbsp;&nbsp; 277837 |
| Missouri (State of) Joint Municipal Electric Utility Commission (Plum Point), Series 2015 A, Ref. RB | 3.75% | 01/01/2036 | 145 | &nbsp;&nbsp; 145020 |
| Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2016 A, Ref. RB | 4.00% | 12/01/2032 | 80 | &nbsp;&nbsp; 80204 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Missouri-(continued)** |  |  |  |  |
| St. Louis (City of), MO, Series 2007 A,Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.25% | 07/01/2026 | $20 | &nbsp;&nbsp; $20301 |
| St. Louis County Reorganized School District No. R-6, Series 2018, GO Bonds | 5.00% | 02/01/2026 | 20 | &nbsp;&nbsp; 20079 |
| St. Louis Land Clearance for Redevelopment Authority, Series 2017, RB | 5.00% | 06/01/2040 | 30 | &nbsp;&nbsp; 30099 |
|  |  |  |  | &nbsp;&nbsp; 2102983 |
| **Nebraska-0.16%** |  |  |  |  |
| Omaha (City of), NE Public Power District, Series 2016 A, Ref. RB | 5.00% | 02/01/2026 | 40 | &nbsp;&nbsp; 40160 |
| Omaha (City of), NE Public Power District, Series 2016 A, Ref. RB | 5.00% | 02/01/2028 | 85 | &nbsp;&nbsp; 85324 |
| Omaha (City of), NE Public Power District, Series 2016 A, Ref. RB | 5.00% | 02/01/2041 | 20 | &nbsp;&nbsp; 20036 |
| Public Power Generation Agency (Whelan Energy Center Unit 2), Series 2016, Ref. RB | 5.00% | 01/01/2032 | 85 | &nbsp;&nbsp; 86012 |
| Sarpy (County of), NE Hospital Authority No. 1 (NE Medicine), Series 2016, Ref. RB | 3.00% | 05/15/2046 | 310 | &nbsp;&nbsp; 250397 |
|  |  |  |  | &nbsp;&nbsp; 481929 |
| **Nevada-1.16%** |  |  |  |  |
| Clark (County of), NV, Series 2016 B, Ref. GO Bonds | 5.00% | 11/01/2026 | 305 | &nbsp;&nbsp; 311795 |
| Clark (County of), NV, Series 2016 B, Ref. GO Bonds | 5.00% | 11/01/2028 | 35 | &nbsp;&nbsp; 35742 |
| Clark (County of), NV, Series 2016 B, Ref. GO Bonds | 4.00% | 11/01/2031 | 90 | &nbsp;&nbsp; 90874 |
| Clark (County of), NV, Series 2016 B, Ref. GO Bonds | 4.00% | 11/01/2032 | 25 | &nbsp;&nbsp; 25208 |
| Clark (County of), NV, Series 2016 B, Ref. GO Bonds | 4.00% | 11/01/2034 | 60 | &nbsp;&nbsp; 60400 |
| Clark (County of), NV, Series 2020 C, Ref. RB | 5.00% | 07/01/2026 | 10 | &nbsp;&nbsp; 10143 |
| Clark (County of), NV (Las Vegas McCarran International Airport), Series 2015 C, Ref. RB | 5.00% | 07/01/2026 | 50 | &nbsp;&nbsp; 50684 |
| Clark (County of), NV (Las Vegas McCarran International Airport), Series 2019, Ref. RB | 5.00% | 07/01/2026 | 15 | &nbsp;&nbsp; 15205 |
| Clark (County of), NV Department of Aviation, Series 2019 A, Ref. RB | 5.00% | 07/01/2026 | 105 | &nbsp;&nbsp; 106435 |
| Clark (County of), NV Department of Aviation, Series 2019, Ref. RB | 5.00% | 07/01/2026 | 70 | &nbsp;&nbsp; 70957 |
| Clark (County of), NV Department of Aviation, Series 2024 A, Ref. RB | 5.00% | 07/01/2026 | 25 | &nbsp;&nbsp; 25342 |
| Clark (County of), NV Water Reclamation District, Series 2016, Ref. GO Bonds | 4.00% | 07/01/2035 | 250 | &nbsp;&nbsp; 251158 |
| Clark County School District, Series 2015 C, Ref. GO Bonds | 5.00% | 06/15/2026 | 25 | &nbsp;&nbsp; 25041 |
| Clark County School District, Series 2016 B, Ref. GO Bonds | 5.00% | 06/15/2026 | 85 | &nbsp;&nbsp; 86046 |
| Clark County School District, Series 2017 A, Ref. GO Bonds | 5.00% | 06/15/2026 | 95 | &nbsp;&nbsp; 96169 |
| Las Vegas Valley Water District, Series 2016 A, Ref. GO Bonds | 5.00% | 06/01/2033 | 500 | &nbsp;&nbsp; 505420 |
| Las Vegas Valley Water District, Series 2016 A, Ref. GO Bonds | 5.00% | 06/01/2035 | 10 | &nbsp;&nbsp; 10096 |
| Las Vegas Valley Water District, Series 2016 A, Ref. GO Bonds | 5.00% | 06/01/2036 | 175 | &nbsp;&nbsp; 176575 |
| Las Vegas Valley Water District, Series 2016 A, Ref. GO Bonds | 5.00% | 06/01/2037 | 75 | &nbsp;&nbsp; 75612 |
| Las Vegas Valley Water District, Series 2016 A, Ref. GO Bonds | 5.00% | 06/01/2038 | 295 | &nbsp;&nbsp; 297260 |
| Las Vegas Valley Water District, Series 2016 A, Ref. GO Bonds | 5.00% | 06/01/2041 | 175 | &nbsp;&nbsp; 175977 |
| Las Vegas Valley Water District, Series 2016 A, Ref. GO Bonds | 5.00% | 06/01/2046 | 110 | &nbsp;&nbsp; 110360 |
| Las Vegas Valley Water District, Series 2019 B, Ref. GO Bonds | 5.00% | 06/01/2026 | 75 | &nbsp;&nbsp; 75921 |
| Nevada (State of), Series 2016, Ref. RB | 5.00% | 12/01/2026 | 105 | &nbsp;&nbsp; 106180 |
| Nevada (State of), Series 2016, Ref. RB | 5.00% | 12/01/2028 | 80 | &nbsp;&nbsp; 80923 |
| Nevada (State of), Series 2025 A, Ref. GO Bonds | 5.00% | 04/01/2026 | 5 | &nbsp;&nbsp; 5041 |
| Nevada (State of), Series 2025 A, Ref. GO Bonds | 5.00% | 10/01/2026 | 140 | &nbsp;&nbsp; 142833 |
| Truckee Meadows Water Authority, Series 2016, Ref. RB<sup>(a)(b)</sup> | 5.00% | 07/01/2026 | 80 | &nbsp;&nbsp; 81131 |
| Truckee Meadows Water Authority, Series 2016, Ref. RB | 5.00% | 07/01/2031 | 240 | &nbsp;&nbsp; 242998 |
| Truckee Meadows Water Authority, Series 2016, Ref. RB | 5.00% | 07/01/2032 | 140 | &nbsp;&nbsp; 141708 |
|  |  |  |  | &nbsp;&nbsp; 3489234 |
| **New Hampshire-0.01%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; New Hampshire (State of) Health and Education Facilities Authority (Elliot Hospital), Series 2016, Ref. <br> RB<br>| 5.00% | 10/01/2038 | 30 | &nbsp;&nbsp; 30249 |
| **New Jersey-3.83%** |  |  |  |  |
| Bayonne (City of), NJ, Series 2016, Ref. GO Bonds<sup>(a)(b)</sup> | 5.00% | 07/01/2026 | 140 | &nbsp;&nbsp; 142012 |
| Cherry Hill Township School District, Series 2022, GO Bonds, (CEP - Oregon School Bond Guaranty) | 3.00% | 08/01/2026 | 5 | &nbsp;&nbsp; 5006 |
| &nbsp;&nbsp;&nbsp; Hudson County Improvement Authority (Hudson County Vocational - Technical Schools), Series 2016, <br> RB<br>| 5.00% | 05/01/2041 | 20 | &nbsp;&nbsp; 20111 |
| New Jersey (State of), Series 2020 A, GO Bonds | 5.00% | 06/01/2026 | 375 | &nbsp;&nbsp; 379454 |
| New Jersey (State of) Economic Development Authority, Series 2004, RB, (INS - NATL)<sup>(c)</sup> | 5.25% | 07/01/2026 | 35 | &nbsp;&nbsp; 35428 |
| New Jersey (State of) Economic Development Authority, Series 2015 XX, Ref. RB | 4.25% | 06/15/2026 | 80 | &nbsp;&nbsp; 80044 |
| New Jersey (State of) Economic Development Authority, Series 2016 AAA, RB<sup>(a)(b)</sup> | 5.00% | 12/15/2026 | 345 | &nbsp;&nbsp; 353711 |
| New Jersey (State of) Economic Development Authority, Series 2016 AAA, RB<sup>(a)(b)</sup> | 5.00% | 12/15/2026 | 275 | &nbsp;&nbsp; 281943 |
| New Jersey (State of) Economic Development Authority, Series 2016 BBB, Ref. RB<sup>(a)(b)</sup> | 4.75% | 12/15/2026 | 110 | &nbsp;&nbsp; 112497 |
| New Jersey (State of) Economic Development Authority, Series 2016 BBB, Ref. RB<sup>(a)(b)</sup> | 5.50% | 12/15/2026 | 465 | &nbsp;&nbsp; 479110 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New Jersey-(continued)** |  |  |  |  |
| New Jersey (State of) Economic Development Authority, Series 2016 BBB, Ref. RB<sup>(a)(b)</sup> | 5.50% | 12/15/2026 | $255 | &nbsp;&nbsp; $262737 |
| New Jersey (State of) Economic Development Authority, Series 2016 BBB, Ref. RB<sup>(a)(b)</sup> | 5.50% | 12/15/2026 | 55 | &nbsp;&nbsp; 56669 |
| New Jersey (State of) Economic Development Authority, Series 2017 B, Ref. RB | 5.00% | 11/01/2026 | 425 | &nbsp;&nbsp; 434196 |
| New Jersey (State of) Economic Development Authority, Series 2023 RRR, Ref. RB | 5.00% | 03/01/2026 | 665 | &nbsp;&nbsp; 668865 |
| New Jersey (State of) Economic Development Authority, Series 2024, Ref. RB | 5.00% | 06/15/2026 | 45 | &nbsp;&nbsp; 45571 |
| New Jersey (State of) Educational Facilities Authority, Series 2016 B, RB | 5.00% | 09/01/2036 | 10 | &nbsp;&nbsp; 10122 |
| New Jersey (State of) Educational Facilities Authority (Montclair University), Series 2016 B, Ref. RB | 5.00% | 07/01/2031 | 145 | &nbsp;&nbsp; 146777 |
| New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2024, Ref. RB | 5.00% | 03/01/2026 | 1000 | &nbsp;&nbsp; 1006242 |
| &nbsp;&nbsp;&nbsp; New Jersey (State of) Health Care Facilities Financing Authority (AHS Hospital Corp.), Series 2016, <br> Ref. RB<br>| 4.00% | 07/01/2032 | 190 | &nbsp;&nbsp; 190307 |
| &nbsp;&nbsp;&nbsp; New Jersey (State of) Health Care Facilities Financing Authority (AHS Hospital Corp.), Series 2016, <br> Ref. RB<br>| 5.00% | 07/01/2033 | 65 | &nbsp;&nbsp; 65761 |
| &nbsp;&nbsp;&nbsp; New Jersey (State of) Health Care Facilities Financing Authority (AHS Hospital Corp.), Series 2016, <br> Ref. RB<br>| 4.00% | 07/01/2036 | 360 | &nbsp;&nbsp; 360197 |
| &nbsp;&nbsp;&nbsp; New Jersey (State of) Health Care Facilities Financing Authority (Princeton HealthCare System), <br> Series 2016 A, Ref. RB<br>| 5.00% | 07/01/2039 | 100 | &nbsp;&nbsp; 100852 |
| &nbsp;&nbsp;&nbsp; New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated <br> Group), Series 2016 A, Ref. RB<br>| 5.00% | 07/01/2029 | 75 | &nbsp;&nbsp; 76002 |
| &nbsp;&nbsp;&nbsp; New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated <br> Group), Series 2016 A, Ref. RB<br>| 5.00% | 07/01/2030 | 170 | &nbsp;&nbsp; 172231 |
| &nbsp;&nbsp;&nbsp; New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated <br> Group), Series 2016 A, Ref. RB<br>| 5.00% | 07/01/2031 | 70 | &nbsp;&nbsp; 70893 |
| &nbsp;&nbsp;&nbsp; New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated <br> Group), Series 2016, Ref. RB<br>| 4.00% | 07/01/2035 | 665 | &nbsp;&nbsp; 665284 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2016 A-1, RN | 5.00% | 06/15/2028 | 580 | &nbsp;&nbsp; 586304 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2016 A-1, RN | 5.00% | 06/15/2029 | 280 | &nbsp;&nbsp; 282992 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2016 A-1, RN | 5.00% | 06/15/2030 | 315 | &nbsp;&nbsp; 318311 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2016 A-1, RN | 4.10% | 06/15/2031 | 480 | &nbsp;&nbsp; 482540 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB | 5.00% | 12/15/2026 | 240 | &nbsp;&nbsp; 245888 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB | 5.00% | 06/15/2028 | 45 | &nbsp;&nbsp; 45494 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RN | 5.00% | 06/15/2029 | 155 | &nbsp;&nbsp; 156665 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RN | 5.00% | 06/15/2030 | 575 | &nbsp;&nbsp; 581044 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RN | 5.00% | 06/15/2031 | 610 | &nbsp;&nbsp; 616203 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2019, Ref. RB | 5.00% | 12/15/2026 | 610 | &nbsp;&nbsp; 624965 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2021 A, Ref. RB | 5.00% | 06/15/2026 | 170 | &nbsp;&nbsp; 172157 |
| New Jersey (State of) Turnpike Authority, Series 2005 D-3, RB, (INS - AGI)<sup>(c)</sup> | 5.25% | 01/01/2026 | 220 | &nbsp;&nbsp; 220482 |
| New Jersey (State of) Turnpike Authority, Series 2005 D-4, RB, (INS - AGI)<sup>(c)</sup> | 5.25% | 01/01/2026 | 895 | &nbsp;&nbsp; 896962 |
| Newark (City of), NJ Housing Authority, Series 2016, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 12/01/2038 | 35 | &nbsp;&nbsp; 35468 |
|  |  |  |  | &nbsp;&nbsp; 11487497 |
| **New Mexico-0.36%** |  |  |  |  |
| New Mexico (State of) (Capital), Series 2017 A, GO Bonds | 5.00% | 03/01/2026 | 240 | &nbsp;&nbsp; 241419 |
| New Mexico (State of) Finance Authority, Series 2018 A, Ref. RB | 5.00% | 06/15/2026 | 120 | &nbsp;&nbsp; 121606 |
| New Mexico (State of) Finance Authority, Series 2021 A, RB | 5.00% | 06/15/2026 | 365 | &nbsp;&nbsp; 369886 |
| New Mexico (State of) Finance Authority, Series 2022 A, Ref. RB | 5.00% | 06/15/2026 | 10 | &nbsp;&nbsp; 10134 |
| New Mexico (State of) Severance Tax Permanent Fund, Series 2016 A, RB | 5.00% | 07/01/2026 | 220 | &nbsp;&nbsp; 223072 |
| New Mexico (State of) Severance Tax Permanent Fund, Series 2021 A, RB | 5.00% | 07/01/2026 | 30 | &nbsp;&nbsp; 30419 |
| New Mexico (State of) Severance Tax Permanent Fund, Series 2022 B, RB | 5.00% | 07/01/2026 | 80 | &nbsp;&nbsp; 81117 |
|  |  |  |  | &nbsp;&nbsp; 1077653 |
| **New York-15.48%** |  |  |  |  |
| Albany (County of), NY, Series 2018, GO Bonds | 4.00% | 04/01/2029 | 5 | &nbsp;&nbsp; 5023 |
| Battery Park (City of), NY Authority, Series 2023 B, Ref. RB | 5.00% | 11/01/2026 | 20 | &nbsp;&nbsp; 20499 |
| Build NYC Resource Corp. (Chapin School), Series 2016, RB | 4.00% | 11/01/2026 | 35 | &nbsp;&nbsp; 35442 |
| Build NYC Resource Corp. (Chapin School), Series 2016, RB | 5.00% | 11/01/2026 | 10 | &nbsp;&nbsp; 10218 |
| &nbsp;&nbsp;&nbsp; Erie (County of), NY Industrial Development Agency (The) (City of Buffalo School District), <br> Series 2015 A, Ref. RB<br>| 5.00% | 05/01/2026 | 10 | &nbsp;&nbsp; 10019 |
| &nbsp;&nbsp;&nbsp; Erie (County of), NY Industrial Development Agency (The) (City of Buffalo School District), <br> Series 2016 A, Ref. RB<br>| 5.00% | 05/01/2030 | 20 | &nbsp;&nbsp; 20402 |
| Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB | 5.00% | 02/15/2026 | 125 | &nbsp;&nbsp; 125700 |
| Long Island (City of), NY Power Authority, Series 2016 B, Ref. RB | 5.00% | 09/01/2030 | 10 | &nbsp;&nbsp; 10150 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| Long Island (City of), NY Power Authority, Series 2016 B, Ref. RB | 5.00% | 09/01/2031 | $5 | &nbsp;&nbsp; $5075 |
| Long Island (City of), NY Power Authority, Series 2016 B, Ref. RB | 5.00% | 09/01/2036 | 170 | &nbsp;&nbsp; 172075 |
| Long Island (City of), NY Power Authority, Series 2016 B, Ref. RB | 5.00% | 09/01/2046 | 500 | &nbsp;&nbsp; 502150 |
| Metropolitan Transportation Authority, Series 2006 B, RB, (INS - AGI)<sup>(c)</sup> | 5.25% | 11/15/2026 | 525 | &nbsp;&nbsp; 537375 |
| Metropolitan Transportation Authority, Series 2016 A, Ref. RB | 4.00% | 11/15/2026 | 85 | &nbsp;&nbsp; 86169 |
| Metropolitan Transportation Authority, Series 2016 A, Ref. RB | 5.00% | 11/15/2026 | 5 | &nbsp;&nbsp; 5118 |
| Metropolitan Transportation Authority, Series 2016 A, Ref. RB | 5.25% | 11/15/2028 | 230 | &nbsp;&nbsp; 235571 |
| Metropolitan Transportation Authority, Series 2016 A, Ref. RB | 5.25% | 11/15/2029 | 110 | &nbsp;&nbsp; 112671 |
| Metropolitan Transportation Authority, Series 2016 A, Ref. RB | 5.25% | 11/15/2030 | 10 | &nbsp;&nbsp; 10245 |
| Metropolitan Transportation Authority, Series 2016 A, Ref. RB | 5.25% | 11/15/2031 | 140 | &nbsp;&nbsp; 143394 |
| Metropolitan Transportation Authority, Series 2016 A, Ref. RB | 5.25% | 11/15/2032 | 30 | &nbsp;&nbsp; 30680 |
| Metropolitan Transportation Authority, Series 2016 A, Ref. RB | 5.25% | 11/15/2034 | 20 | &nbsp;&nbsp; 20389 |
| Metropolitan Transportation Authority, Series 2016 A, Ref. RB | 5.25% | 11/15/2035 | 80 | &nbsp;&nbsp; 81415 |
| Metropolitan Transportation Authority, Series 2016 B, Ref. RB | 5.00% | 11/15/2026 | 15 | &nbsp;&nbsp; 15324 |
| Metropolitan Transportation Authority, Series 2016 B, Ref. RB | 5.00% | 11/15/2033 | 100 | &nbsp;&nbsp; 101814 |
| Metropolitan Transportation Authority, Series 2016 B, Ref. RB | 5.00% | 11/15/2034 | 25 | &nbsp;&nbsp; 25430 |
| Metropolitan Transportation Authority, Series 2016 B, Ref. RB | 5.00% | 11/15/2035 | 75 | &nbsp;&nbsp; 76201 |
| Metropolitan Transportation Authority, Series 2016 B, Ref. RB | 4.00% | 11/15/2036 | 10 | &nbsp;&nbsp; 9994 |
| Metropolitan Transportation Authority, Series 2016 B, Ref. RB | 5.00% | 11/15/2037 | 750 | &nbsp;&nbsp; 760044 |
| Metropolitan Transportation Authority, Series 2016 D, Ref. RB | 5.00% | 11/15/2028 | 130 | &nbsp;&nbsp; 132597 |
| Metropolitan Transportation Authority, Series 2016 D, Ref. RB | 5.00% | 11/15/2029 | 265 | &nbsp;&nbsp; 270310 |
| Metropolitan Transportation Authority, Series 2016 D, Ref. RB | 5.00% | 11/15/2030 | 480 | &nbsp;&nbsp; 489738 |
| Metropolitan Transportation Authority, Series 2016 D, Ref. RB | 5.00% | 11/15/2031 | 110 | &nbsp;&nbsp; 112199 |
| Metropolitan Transportation Authority, Series 2016 D, Ref. RB | 4.00% | 11/15/2032 | 10 | &nbsp;&nbsp; 10033 |
| Metropolitan Transportation Authority, Series 2016 D, Ref. RB | 4.00% | 11/15/2033 | 205 | &nbsp;&nbsp; 205326 |
| Metropolitan Transportation Authority (Green Bonds), Series 2016 A-1, RB | 5.25% | 11/15/2056 | 255 | &nbsp;&nbsp; 255488 |
| Metropolitan Transportation Authority (Green Bonds), Series 2016 A-2, Ref. RB | 5.00% | 11/15/2026 | 370 | &nbsp;&nbsp; 377996 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 A-2, Ref. RB | 5.00% | 11/15/2026 | 500 | &nbsp;&nbsp; 510806 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 B-2, RB | 5.00% | 11/15/2026 | 10 | &nbsp;&nbsp; 10236 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 C-1, Ref. RB | 5.00% | 11/15/2026 | 445 | &nbsp;&nbsp; 454617 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017, Ref. RB | 5.00% | 11/15/2026 | 235 | &nbsp;&nbsp; 240079 |
| Metropolitan Transportation Authority (Green Bonds), Series 2018 B, Ref. RB | 5.00% | 11/15/2026 | 70 | &nbsp;&nbsp; 71513 |
| Metropolitan Transportation Authority (Green Bonds), Series 2020, Ref. RB | 4.00% | 11/15/2026 | 80 | &nbsp;&nbsp; 80979 |
| Metropolitan Transportation Authority (Green Bonds), Subseries 2016 B, Ref. RB | 5.00% | 11/15/2028 | 30 | &nbsp;&nbsp; 30656 |
| Metropolitan Transportation Authority (Green Bonds), Subseries 2016 B, Ref. RB | 5.00% | 11/15/2029 | 15 | &nbsp;&nbsp; 15329 |
| Metropolitan Transportation Authority (Green Bonds), Subseries 2016 B-1, RB | 5.00% | 11/15/2036 | 1010 | &nbsp;&nbsp; 1024420 |
| Metropolitan Transportation Authority (Green Bonds), Subseries 2016 B-1, RB | 5.00% | 11/15/2046 | 225 | &nbsp;&nbsp; 226017 |
| Nassau (County of), NY Interim Finance Authority, Series 2024 A, RB | 5.00% | 11/15/2026 | 500 | &nbsp;&nbsp; 512238 |
| New York & New Jersey (States of) Port Authority, One Hundred Ninty Eighth Series 2016, Ref. RB | 5.00% | 11/15/2041 | 185 | &nbsp;&nbsp; 187301 |
| New York & New Jersey (States of) Port Authority, One Hundred Ninty Eighth Series 2016, Ref. RB | 5.00% | 11/15/2046 | 25 | &nbsp;&nbsp; 25192 |
| New York & New Jersey (States of) Port Authority, One Hundred Ninty Eighth Series 2016, Ref. RB | 5.25% | 11/15/2056 | 100 | &nbsp;&nbsp; 100365 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Third Series 2023, Ref. RB | 5.00% | 12/01/2026 | 115 | &nbsp;&nbsp; 117763 |
| New York & New Jersey (States of) Port Authority, Two Hundred Thirtieth Series 2022, Ref. RB | 4.00% | 12/01/2026 | 20 | &nbsp;&nbsp; 20284 |
| New York (City of), NY, Series 2008 B, GO Bonds | 5.00% | 09/01/2026 | 10 | &nbsp;&nbsp; 10180 |
| New York (City of), NY, Series 2008 J, Ref. GO Bonds | 5.00% | 08/01/2026 | 125 | &nbsp;&nbsp; 127004 |
| New York (City of), NY, Series 2008 J-10, GO Bonds | 5.00% | 08/01/2026 | 295 | &nbsp;&nbsp; 299729 |
| New York (City of), NY, Series 2008 J-9, GO Bonds | 5.00% | 08/01/2026 | 35 | &nbsp;&nbsp; 35561 |
| New York (City of), NY, Series 2016 B-1, GO Bonds | 5.00% | 12/01/2029 | 45 | &nbsp;&nbsp; 45884 |
| New York (City of), NY, Series 2016 B-1, GO Bonds | 5.00% | 12/01/2030 | 35 | &nbsp;&nbsp; 35705 |
| New York (City of), NY, Series 2016 B-1, GO Bonds | 5.00% | 12/01/2031 | 30 | &nbsp;&nbsp; 30601 |
| New York (City of), NY, Series 2016 B-1, GO Bonds | 5.00% | 12/01/2033 | 510 | &nbsp;&nbsp; 519664 |
| New York (City of), NY, Series 2016 B-1, GO Bonds | 5.00% | 12/01/2034 | 15 | &nbsp;&nbsp; 15278 |
| New York (City of), NY, Series 2016 B-1, GO Bonds | 4.00% | 12/01/2036 | 5 | &nbsp;&nbsp; 5012 |
| New York (City of), NY, Series 2016 B-1, GO Bonds | 5.00% | 12/01/2037 | 370 | &nbsp;&nbsp; 375803 |
| New York (City of), NY, Series 2016 B-1, GO Bonds | 5.00% | 12/01/2038 | 5 | &nbsp;&nbsp; 5074 |
| New York (City of), NY, Series 2016 B-1, GO Bonds | 5.00% | 12/01/2041 | 215 | &nbsp;&nbsp; 217126 |
| New York (City of), NY, Series 2016 C, Ref. GO Bonds | 5.00% | 08/01/2026 | 375 | &nbsp;&nbsp; 376438 |
| New York (City of), NY, Series 2016 C, Ref. GO Bonds | 5.00% | 08/01/2027 | 100 | &nbsp;&nbsp; 100388 |
| New York (City of), NY, Series 2016 C, Ref. GO Bonds | 5.00% | 08/01/2028 | 65 | &nbsp;&nbsp; 65210 |
| New York (City of), NY, Series 2016 C, Ref. GO Bonds | 5.00% | 08/01/2029 | 55 | &nbsp;&nbsp; 55179 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| New York (City of), NY, Series 2016 C, Ref. GO Bonds | 5.00% | 08/01/2030 | $25 | &nbsp;&nbsp; $25083 |
| New York (City of), NY, Series 2016 C, Ref. GO Bonds | 5.00% | 08/01/2031 | 30 | &nbsp;&nbsp; 30100 |
| New York (City of), NY, Series 2016 C, Ref. GO Bonds | 5.00% | 08/01/2032 | 10 | &nbsp;&nbsp; 10033 |
| New York (City of), NY, Series 2016 C, Ref. GO Bonds | 5.00% | 08/01/2033 | 175 | &nbsp;&nbsp; 175557 |
| New York (City of), NY, Series 2016 C, Ref. GO Bonds | 4.00% | 08/01/2035 | 10 | &nbsp;&nbsp; 10005 |
| New York (City of), NY, Series 2016 E, Ref. GO Bonds | 5.00% | 08/01/2026 | 170 | &nbsp;&nbsp; 172725 |
| New York (City of), NY, Series 2016 E, Ref. GO Bonds | 5.00% | 08/01/2028 | 25 | &nbsp;&nbsp; 25326 |
| New York (City of), NY, Series 2016 E, Ref. GO Bonds | 5.00% | 08/01/2029 | 50 | &nbsp;&nbsp; 50656 |
| New York (City of), NY, Series 2016 E, Ref. GO Bonds | 5.00% | 08/01/2030 | 5 | &nbsp;&nbsp; 5067 |
| New York (City of), NY, Series 2016 E, Ref. GO Bonds | 5.00% | 08/01/2032 | 50 | &nbsp;&nbsp; 50659 |
| New York (City of), NY, Series 2016 E, Ref. GO Bonds | 4.00% | 08/01/2033 | 55 | &nbsp;&nbsp; 55198 |
| New York (City of), NY, Series 2017 A, Ref. GO Bonds | 5.00% | 08/01/2026 | 165 | &nbsp;&nbsp; 167645 |
| New York (City of), NY, Series 2017 C, Ref. GO Bonds | 5.00% | 08/01/2026 | 2000 | &nbsp;&nbsp; 2032061 |
| New York (City of), NY, Series 2017-1, GO Bonds | 5.00% | 08/01/2026 | 150 | &nbsp;&nbsp; 152405 |
| New York (City of), NY, Series 2018 A, Ref. GO Bonds | 5.00% | 08/01/2026 | 350 | &nbsp;&nbsp; 355611 |
| New York (City of), NY, Series 2019 E, Ref. GO Bonds | 5.00% | 08/01/2026 | 285 | &nbsp;&nbsp; 289569 |
| New York (City of), NY, Series 2020 A-1, Ref. GO Bonds | 5.00% | 08/01/2026 | 165 | &nbsp;&nbsp; 167645 |
| New York (City of), NY, Series 2020 B-1, Ref. GO Bonds | 5.00% | 11/01/2026 | 35 | &nbsp;&nbsp; 35773 |
| New York (City of), NY, Series 2020 C, GO Bonds | 5.00% | 08/01/2026 | 130 | &nbsp;&nbsp; 132084 |
| New York (City of), NY, Series 2020 C-1, Ref. GO Bonds | 5.00% | 08/01/2026 | 125 | &nbsp;&nbsp; 127004 |
| New York (City of), NY, Series 2021 F-1, GO Bonds | 5.00% | 03/01/2026 | 150 | &nbsp;&nbsp; 150891 |
| New York (City of), NY, Series 2022 A-1, GO Bonds | 5.00% | 09/01/2026 | 20 | &nbsp;&nbsp; 20361 |
| New York (City of), NY, Series 2022 B-1, Ref. GO Bonds | 5.00% | 08/01/2026 | 155 | &nbsp;&nbsp; 157485 |
| New York (City of), NY, Series 2023 F-1, Ref. GO Bonds | 5.00% | 08/01/2026 | 225 | &nbsp;&nbsp; 228607 |
| New York (City of), NY, Series 2024 A, Ref. GO Bonds | 5.00% | 08/01/2026 | 75 | &nbsp;&nbsp; 76202 |
| New York (City of), NY, Series 2024 C-1, GO Bonds | 5.00% | 09/01/2026 | 155 | &nbsp;&nbsp; 157797 |
| New York (City of), NY, Series 2024 D, GO Bonds | 5.00% | 04/01/2026 | 40 | &nbsp;&nbsp; 40318 |
| New York (City of), NY, Subseries 2016 A-1, GO Bonds | 4.00% | 08/01/2029 | 635 | &nbsp;&nbsp; 638387 |
| New York (City of), NY, Subseries 2016 A-1, GO Bonds | 5.00% | 08/01/2030 | 170 | &nbsp;&nbsp; 172275 |
| New York (City of), NY, Subseries 2016 A-1, GO Bonds | 5.00% | 08/01/2031 | 120 | &nbsp;&nbsp; 121614 |
| New York (City of), NY, Subseries 2016 A-1, GO Bonds | 4.00% | 08/01/2032 | 80 | &nbsp;&nbsp; 80343 |
| New York (City of), NY, Subseries 2016 A-1, GO Bonds | 5.00% | 08/01/2033 | 35 | &nbsp;&nbsp; 35450 |
| New York (City of), NY, Subseries 2016 A-1, GO Bonds | 5.00% | 08/01/2037 | 15 | &nbsp;&nbsp; 15161 |
| New York (City of), NY, Subseries 2016 A-1, GO Bonds | 5.00% | 08/01/2038 | 500 | &nbsp;&nbsp; 505036 |
| New York (City of), NY, Subseries 2022 B-1, GO Bonds | 5.00% | 10/01/2026 | 5 | &nbsp;&nbsp; 5100 |
| New York (City of), NY Municipal Water Finance Authority, Series 2016 A, Ref. RB | 4.50% | 06/15/2032 | 105 | &nbsp;&nbsp; 105887 |
| New York (City of), NY Municipal Water Finance Authority, Series 2016 CC, Ref. RB | 5.00% | 06/15/2046 | 5 | &nbsp;&nbsp; 5019 |
| New York (City of), NY Municipal Water Finance Authority, Series 2016, Ref. RB | 5.25% | 06/15/2046 | 1050 | &nbsp;&nbsp; 1055674 |
| New York (City of), NY Municipal Water Finance Authority, Series 2017 DD, RB | 5.00% | 06/15/2047 | 405 | &nbsp;&nbsp; 407754 |
| New York (City of), NY Municipal Water Finance Authority, Series 2021 AA-2, RB | 5.00% | 06/15/2028 | 270 | &nbsp;&nbsp; 276648 |
| New York (City of), NY Municipal Water Finance Authority, Series 2021 DD, Ref. RB | 5.00% | 06/15/2026 | 215 | &nbsp;&nbsp; 217925 |
| New York (City of), NY Municipal Water Finance Authority, Series 2021, RB | 5.00% | 06/15/2028 | 110 | &nbsp;&nbsp; 112708 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2016 B, Ref. RB | 5.25% | 06/15/2037 | 95 | &nbsp;&nbsp; 97001 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2016 CC-1, Ref. RB | 5.00% | 06/15/2037 | 420 | &nbsp;&nbsp; 427608 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2016 CC-1, Ref. RB | 5.00% | 06/15/2038 | 475 | &nbsp;&nbsp; 483068 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2016, Ref. RB | 4.00% | 06/15/2033 | 100 | &nbsp;&nbsp; 100844 |
| New York (City of), NY Transitional Finance Authority, Series 2015 C, Ref. RB | 5.00% | 11/01/2026 | 245 | &nbsp;&nbsp; 245424 |
| New York (City of), NY Transitional Finance Authority, Series 2016 A-1, RB | 5.00% | 05/01/2040 | 35 | &nbsp;&nbsp; 35076 |
| New York (City of), NY Transitional Finance Authority, Series 2016 S, RB<sup>(a)(b)</sup> | 5.00% | 01/15/2026 | 95 | &nbsp;&nbsp; 95282 |
| New York (City of), NY Transitional Finance Authority, Series 2016 S-1, RB<sup>(a)(b)</sup> | 5.00% | 01/15/2026 | 610 | &nbsp;&nbsp; 611810 |
| New York (City of), NY Transitional Finance Authority, Series 2016 S-1, RB<sup>(a)(b)</sup> | 5.00% | 01/15/2026 | 20 | &nbsp;&nbsp; 20059 |
| New York (City of), NY Transitional Finance Authority, Series 2016 S-1, RB<sup>(a)(b)</sup> | 5.00% | 01/15/2026 | 10 | &nbsp;&nbsp; 10030 |
| New York (City of), NY Transitional Finance Authority, Series 2016 S-1, RB<sup>(a)(b)</sup> | 5.00% | 01/15/2026 | 60 | &nbsp;&nbsp; 60178 |
| New York (City of), NY Transitional Finance Authority, Series 2016 S-1, RB<sup>(a)(b)</sup> | 5.00% | 01/15/2026 | 140 | &nbsp;&nbsp; 140415 |
| New York (City of), NY Transitional Finance Authority, Series 2016 S-1, RB<sup>(a)(b)</sup> | 5.00% | 01/15/2026 | 25 | &nbsp;&nbsp; 25074 |
| New York (City of), NY Transitional Finance Authority, Series 2016, RB | 5.00% | 05/01/2029 | 70 | &nbsp;&nbsp; 70636 |
| New York (City of), NY Transitional Finance Authority, Series 2016, RB | 4.00% | 05/01/2030 | 45 | &nbsp;&nbsp; 45183 |
| New York (City of), NY Transitional Finance Authority, Series 2016, RB | 4.00% | 05/01/2031 | 5 | &nbsp;&nbsp; 5019 |
| New York (City of), NY Transitional Finance Authority, Series 2016, RB | 5.00% | 05/01/2032 | 20 | &nbsp;&nbsp; 20176 |
| New York (City of), NY Transitional Finance Authority, Series 2016, RB | 5.00% | 05/01/2033 | 25 | &nbsp;&nbsp; 25205 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| New York (City of), NY Transitional Finance Authority, Series 2016, RB | 5.00% | 05/01/2034 | $165 | &nbsp;&nbsp; $166232 |
| New York (City of), NY Transitional Finance Authority, Series 2016, RB | 5.00% | 05/01/2035 | 100 | &nbsp;&nbsp; 100672 |
| New York (City of), NY Transitional Finance Authority, Series 2016, RB | 4.00% | 05/01/2036 | 65 | &nbsp;&nbsp; 65105 |
| New York (City of), NY Transitional Finance Authority, Series 2017 C, Ref. RB | 5.00% | 11/01/2026 | 60 | &nbsp;&nbsp; 61364 |
| New York (City of), NY Transitional Finance Authority, Series 2017, RB | 5.00% | 11/01/2026 | 65 | &nbsp;&nbsp; 66478 |
| New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB | 5.00% | 11/01/2026 | 465 | &nbsp;&nbsp; 475573 |
| New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB | 5.00% | 11/01/2026 | 545 | &nbsp;&nbsp; 557391 |
| New York (City of), NY Transitional Finance Authority, Series 2022 B-1, RB | 5.00% | 11/01/2026 | 5 | &nbsp;&nbsp; 5114 |
| New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB | 5.00% | 02/01/2026 | 35 | &nbsp;&nbsp; 35147 |
| New York (City of), NY Transitional Finance Authority, Series 2025 E, RB | 5.00% | 11/01/2026 | 150 | &nbsp;&nbsp; 153411 |
| New York (City of), NY Transitional Finance Authority, Series 2025 H, RB | 5.00% | 11/01/2026 | 70 | &nbsp;&nbsp; 71592 |
| New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, RB | 5.00% | 08/01/2029 | 250 | &nbsp;&nbsp; 253629 |
| New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, RB | 5.00% | 08/01/2030 | 655 | &nbsp;&nbsp; 664551 |
| New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, RB | 5.00% | 08/01/2031 | 15 | &nbsp;&nbsp; 15216 |
| New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, RB | 5.00% | 08/01/2033 | 200 | &nbsp;&nbsp; 202597 |
| New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, RB | 5.00% | 08/01/2034 | 1205 | &nbsp;&nbsp; 1219290 |
| New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, RB | 4.00% | 08/01/2035 | 65 | &nbsp;&nbsp; 65228 |
| New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, RB | 5.00% | 08/01/2036 | 105 | &nbsp;&nbsp; 105961 |
| New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, RB | 5.00% | 08/01/2038 | 25 | &nbsp;&nbsp; 25161 |
| New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, RB | 5.00% | 08/01/2040 | 5 | &nbsp;&nbsp; 5018 |
| New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, Ref. RB | 5.00% | 08/01/2032 | 25 | &nbsp;&nbsp; 25348 |
| New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, Ref. RB | 4.00% | 08/01/2037 | 40 | &nbsp;&nbsp; 40072 |
| New York (City of), NY Transitional Finance Authority, Subseries 2016 E-1, RB | 5.00% | 02/01/2030 | 245 | &nbsp;&nbsp; 245887 |
| New York (City of), NY Transitional Finance Authority, Subseries 2016 E-1, RB | 5.00% | 02/01/2031 | 350 | &nbsp;&nbsp; 351261 |
| New York (City of), NY Transitional Finance Authority, Subseries 2016 E-1, RB | 5.00% | 02/01/2032 | 35 | &nbsp;&nbsp; 35123 |
| New York (City of), NY Transitional Finance Authority, Subseries 2016 E-1, RB | 5.00% | 02/01/2034 | 5 | &nbsp;&nbsp; 5015 |
| New York (City of), NY Transitional Finance Authority, Subseries 2016 E-1, RB | 5.00% | 02/01/2035 | 195 | &nbsp;&nbsp; 195525 |
| New York (City of), NY Transitional Finance Authority, Subseries 2016 E-1, RB | 5.00% | 02/01/2037 | 565 | &nbsp;&nbsp; 566119 |
| New York (City of), NY Transitional Finance Authority, Subseries 2016 E-1, RB | 5.00% | 02/01/2038 | 55 | &nbsp;&nbsp; 55089 |
| New York (City of), NY Transitional Finance Authority, Subseries 2016 E-1, RB | 5.00% | 02/01/2039 | 250 | &nbsp;&nbsp; 250323 |
| New York (City of), NY Transitional Finance Authority, Subseries 2016 E-1, RB | 5.00% | 02/01/2040 | 15 | &nbsp;&nbsp; 15012 |
| New York (City of), NY Transitional Finance Authority, Subseries 2016 F-3, RB | 5.00% | 02/01/2030 | 135 | &nbsp;&nbsp; 135489 |
| New York (City of), NY Transitional Finance Authority, Subseries 2016 F-3, RB | 5.00% | 02/01/2032 | 10 | &nbsp;&nbsp; 10035 |
| New York (City of), NY Transitional Finance Authority, Subseries 2016 F-3, RB | 4.00% | 02/01/2033 | 120 | &nbsp;&nbsp; 120155 |
| New York (City of), NY Transitional Finance Authority, Subseries 2016 F-3, RB | 4.00% | 02/01/2034 | 500 | &nbsp;&nbsp; 500532 |
| New York (City of), NY Transitional Finance Authority, Subseries 2016 F-3, RB | 4.00% | 02/01/2036 | 545 | &nbsp;&nbsp; 545349 |
| New York (City of), NY Transitional Finance Authority, Subseries 2017 C-1, Ref. GO Bonds | 5.00% | 07/15/2026 | 20 | &nbsp;&nbsp; 20287 |
| New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB | 5.00% | 07/15/2026 | 20 | &nbsp;&nbsp; 20287 |
| New York (City of), NY Transitional Finance Authority, Subseries 2020 D-1, RB | 5.00% | 11/01/2026 | 5 | &nbsp;&nbsp; 5114 |
| New York (City of), NY Transitional Finance Authority, Subseries 2021 F-1, Ref. RB | 5.00% | 11/01/2026 | 30 | &nbsp;&nbsp; 30682 |
| New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB | 5.00% | 11/01/2026 | 15 | &nbsp;&nbsp; 15341 |
| &nbsp;&nbsp;&nbsp; New York (City of), NY Trust for Cultural Resources (Museum of Modern Arts (The)), Series 2016, <br> Ref. RB<br>| 4.00% | 04/01/2029 | 225 | &nbsp;&nbsp; 227980 |
| &nbsp;&nbsp;&nbsp; New York (City of), NY Trust for Cultural Resources (Museum of Modern Arts (The)), Series 2016, <br> Ref. RB<br>| 4.00% | 04/01/2031 | 505 | &nbsp;&nbsp; 511479 |
| &nbsp;&nbsp;&nbsp; New York (City of), NY Trust for Cultural Resources (Museum of Modern Arts (The)), Series 2016-1E, <br> Ref. RB<br>| 4.00% | 04/01/2030 | 110 | &nbsp;&nbsp; 111438 |
| &nbsp;&nbsp;&nbsp; New York (City of), NY Trust for Cultural Resources (The) (Lincoln Center for Performing Arts), <br> Series 2016 A, Ref. RB<br>| 5.00% | 12/01/2026 | 45 | &nbsp;&nbsp; 46086 |
| &nbsp;&nbsp;&nbsp; New York (City of), NY Trust for Cultural Resources (The) (The Museum of Modern Art), Series 2016 <br> 1E, Ref. RB<br>| 4.00% | 04/01/2028 | 45 | &nbsp;&nbsp; 45596 |
| New York (State of) Dormitory Authority, Series 2005 B, Ref. RB, (INS - AMBAC)<sup>(c)</sup> | 5.50% | 03/15/2026 | 5 | &nbsp;&nbsp; 5043 |
| New York (State of) Dormitory Authority, Series 2016 A, RB<sup>(a)</sup> | 5.00% | 03/15/2026 | 20 | &nbsp;&nbsp; 20133 |
| New York (State of) Dormitory Authority, Series 2016 A, RB | 5.00% | 07/01/2026 | 5 | &nbsp;&nbsp; 5069 |
| New York (State of) Dormitory Authority, Series 2016 A, RB<sup>(a)(b)</sup> | 5.00% | 08/15/2026 | 50 | &nbsp;&nbsp; 50894 |
| New York (State of) Dormitory Authority, Series 2016 A, RB<sup>(a)(b)</sup> | 5.00% | 08/15/2026 | 20 | &nbsp;&nbsp; 20358 |
| New York (State of) Dormitory Authority, Series 2016 A, RB | 5.00% | 03/15/2028 | 70 | &nbsp;&nbsp; 71272 |
| New York (State of) Dormitory Authority, Series 2016 A, RB | 5.00% | 07/01/2028 | 45 | &nbsp;&nbsp; 45620 |
| New York (State of) Dormitory Authority, Series 2016 A, RB | 5.00% | 07/01/2029 | 65 | &nbsp;&nbsp; 65861 |
| New York (State of) Dormitory Authority, Series 2016 A, RB | 5.00% | 07/01/2030 | 70 | &nbsp;&nbsp; 70891 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| New York (State of) Dormitory Authority, Series 2016 A, RB | 5.00% | 03/15/2032 | $195 | &nbsp;&nbsp; $198483 |
| New York (State of) Dormitory Authority, Series 2016 A, RB | 5.00% | 07/01/2032 | 90 | &nbsp;&nbsp; 91020 |
| New York (State of) Dormitory Authority, Series 2016 A, RB | 5.00% | 02/15/2033 | 60 | &nbsp;&nbsp; 60896 |
| New York (State of) Dormitory Authority, Series 2016 A, RB | 5.00% | 03/15/2033 | 505 | &nbsp;&nbsp; 513542 |
| New York (State of) Dormitory Authority, Series 2016 A, RB | 5.00% | 02/15/2034 | 355 | &nbsp;&nbsp; 360125 |
| New York (State of) Dormitory Authority, Series 2016 A, RB | 5.00% | 03/15/2034 | 50 | &nbsp;&nbsp; 50799 |
| New York (State of) Dormitory Authority, Series 2016 A, RB | 5.00% | 07/01/2034 | 210 | &nbsp;&nbsp; 212087 |
| New York (State of) Dormitory Authority, Series 2016 A, RB | 5.00% | 02/15/2035 | 45 | &nbsp;&nbsp; 45621 |
| New York (State of) Dormitory Authority, Series 2016 A, RB | 5.00% | 03/15/2035 | 130 | &nbsp;&nbsp; 132015 |
| New York (State of) Dormitory Authority, Series 2016 A, RB | 5.00% | 07/01/2035 | 180 | &nbsp;&nbsp; 181643 |
| New York (State of) Dormitory Authority, Series 2016 A, RB | 5.00% | 02/15/2036 | 70 | &nbsp;&nbsp; 70912 |
| New York (State of) Dormitory Authority, Series 2016 A, RB | 5.00% | 03/15/2036 | 25 | &nbsp;&nbsp; 25368 |
| New York (State of) Dormitory Authority, Series 2016 A, RB | 5.00% | 02/15/2037 | 25 | &nbsp;&nbsp; 25305 |
| New York (State of) Dormitory Authority, Series 2016 A, RB | 5.00% | 02/15/2038 | 210 | &nbsp;&nbsp; 212428 |
| New York (State of) Dormitory Authority, Series 2016 A, RB | 5.00% | 02/15/2039 | 35 | &nbsp;&nbsp; 35378 |
| New York (State of) Dormitory Authority, Series 2016 A, RB | 5.00% | 02/15/2041 | 210 | &nbsp;&nbsp; 211826 |
| New York (State of) Dormitory Authority, Series 2016 A, RB | 5.00% | 02/15/2042 | 835 | &nbsp;&nbsp; 841565 |
| New York (State of) Dormitory Authority, Series 2016 D, Ref. RB<sup>(a)(b)</sup> | 5.00% | 08/15/2026 | 50 | &nbsp;&nbsp; 50894 |
| New York (State of) Dormitory Authority, Series 2016, Ref. RB | 4.00% | 07/01/2040 | 565 | &nbsp;&nbsp; 565521 |
| New York (State of) Dormitory Authority, Series 2017 A, Ref. RB<sup>(a)</sup> | 5.00% | 02/15/2026 | 105 | &nbsp;&nbsp; 105539 |
| New York (State of) Dormitory Authority, Series 2017 A, Ref. RB | 5.00% | 07/01/2026 | 10 | &nbsp;&nbsp; 10140 |
| New York (State of) Dormitory Authority, Series 2017 B, Ref. RB<sup>(a)</sup> | 5.00% | 02/15/2026 | 20 | &nbsp;&nbsp; 20103 |
| New York (State of) Dormitory Authority, Series 2018 1, Ref. RB | 5.00% | 01/15/2026 | 140 | &nbsp;&nbsp; 140435 |
| New York (State of) Dormitory Authority, Series 2018 A, RB | 5.00% | 10/01/2026 | 60 | &nbsp;&nbsp; 61249 |
| New York (State of) Dormitory Authority, Series 2018 A, RB | 5.00% | 10/01/2028 | 15 | &nbsp;&nbsp; 15269 |
| New York (State of) Dormitory Authority, Series 2018 A, RB | 5.00% | 10/01/2029 | 10 | &nbsp;&nbsp; 10179 |
| New York (State of) Dormitory Authority, Series 2018 A, RB | 5.00% | 10/01/2030 | 170 | &nbsp;&nbsp; 173008 |
| New York (State of) Dormitory Authority, Series 2018 A, RB | 5.00% | 10/01/2031 | 450 | &nbsp;&nbsp; 457814 |
| New York (State of) Dormitory Authority, Series 2018 A, RB | 5.00% | 10/01/2032 | 45 | &nbsp;&nbsp; 45766 |
| New York (State of) Dormitory Authority, Series 2018 A, RB | 5.00% | 10/01/2033 | 120 | &nbsp;&nbsp; 121974 |
| New York (State of) Dormitory Authority, Series 2018 A, Ref. RB | 5.00% | 03/15/2033 | 125 | &nbsp;&nbsp; 127085 |
| New York (State of) Dormitory Authority, Series 2018 A, Ref. RB | 5.00% | 03/15/2034 | 250 | &nbsp;&nbsp; 254032 |
| New York (State of) Dormitory Authority, Series 2018 A, Ref. RB | 5.00% | 03/15/2035 | 70 | &nbsp;&nbsp; 71074 |
| New York (State of) Dormitory Authority, Series 2018 E, Ref. RB<sup>(a)</sup> | 5.00% | 03/15/2026 | 35 | &nbsp;&nbsp; 35233 |
| New York (State of) Dormitory Authority, Series 2019 A, RB | 5.00% | 10/01/2026 | 125 | &nbsp;&nbsp; 127603 |
| New York (State of) Dormitory Authority, Series 2020 A, Ref. RB | 5.00% | 03/15/2026 | 5 | &nbsp;&nbsp; 5036 |
| New York (State of) Dormitory Authority, Series 2020 D, Ref. RB | 5.00% | 02/15/2026 | 5 | &nbsp;&nbsp; 5026 |
| New York (State of) Dormitory Authority, Series 2023, RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 10/01/2026 | 20 | &nbsp;&nbsp; 20408 |
| New York (State of) Dormitory Authority, Series 2024 A, RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 10/01/2026 | 25 | &nbsp;&nbsp; 25510 |
| New York (State of) Dormitory Authority (Bidding Group 1), Series 2018 A, RB<sup>(a)</sup> | 5.00% | 03/15/2026 | 20 | &nbsp;&nbsp; 20133 |
| New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 C, Ref. RB<sup>(a)</sup> | 5.00% | 03/15/2026 | 5 | &nbsp;&nbsp; 5033 |
| New York (State of) Dormitory Authority (Bidding Group B), Series 2016 A, RB | 5.00% | 03/15/2031 | 455 | &nbsp;&nbsp; 463378 |
| New York (State of) Dormitory Authority (Columbia University) (Green Bonds), Series 2016 A, RB | 5.00% | 10/01/2026 | 465 | &nbsp;&nbsp; 474643 |
| New York (State of) Dormitory Authority (Columbia University) (Green Bonds), Series 2016, RB | 4.00% | 10/01/2026 | 25 | &nbsp;&nbsp; 25314 |
| New York (State of) Dormitory Authority (Cornell University), Series 2020 A, Ref. RB | 5.00% | 07/01/2026 | 25 | &nbsp;&nbsp; 25372 |
| New York (State of) Dormitory Authority (Fordham University), Series 2016 A, Ref. RB | 5.00% | 07/01/2041 | 25 | &nbsp;&nbsp; 25186 |
| New York (State of) Dormitory Authority (General Purpose), Series 2016 D, Ref. RB<sup>(a)(b)</sup> | 5.00% | 08/15/2026 | 70 | &nbsp;&nbsp; 71251 |
| New York (State of) Dormitory Authority (Group B), Series 2016 A, RB<sup>(a)(b)</sup> | 5.00% | 09/15/2026 | 265 | &nbsp;&nbsp; 269882 |
| New York (State of) Dormitory Authority (New York University), Series 2016 A, RB | 5.00% | 07/01/2031 | 90 | &nbsp;&nbsp; 91088 |
| New York (State of) Dormitory Authority (New York University), Series 2016 A, RB | 5.00% | 07/01/2033 | 745 | &nbsp;&nbsp; 752965 |
| New York (State of) Dormitory Authority (New York University), Series 2016 A, RB | 5.00% | 07/01/2036 | 155 | &nbsp;&nbsp; 156361 |
| New York (State of) Dormitory Authority (New York University), Series 2016 A, RB | 5.00% | 07/01/2039 | 155 | &nbsp;&nbsp; 156227 |
| New York (State of) Dormitory Authority (New York University), Series 2019 A, RB | 5.00% | 07/01/2026 | 20 | &nbsp;&nbsp; 20277 |
| New York (State of) Dormitory Authority (Northwell Health Obligated Group), Series 2025, Ref. RB | 5.00% | 05/01/2026 | 40 | &nbsp;&nbsp; 40361 |
| New York (State of) Power Authority (Green Transmission), Series 2022, RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 11/15/2026 | 70 | &nbsp;&nbsp; 71733 |
| New York (State of) Thruway Authority, Series 2016 A, RB | 5.00% | 01/01/2032 | 20 | &nbsp;&nbsp; 20032 |
| New York (State of) Thruway Authority, Series 2016 A, RB | 5.00% | 01/01/2033 | 60 | &nbsp;&nbsp; 60090 |
| New York (State of) Thruway Authority, Series 2016 A, RB | 5.00% | 01/01/2035 | 15 | &nbsp;&nbsp; 15019 |
| New York (State of) Thruway Authority, Series 2016 A, RB | 5.00% | 01/01/2036 | 20 | &nbsp;&nbsp; 20023 |
| New York (State of) Thruway Authority, Series 2016 A, RB | 5.00% | 01/01/2041 | 55 | &nbsp;&nbsp; 55031 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| New York (State of) Thruway Authority, Series 2016 A, RB | 5.25% | 01/01/2056 | $270 | &nbsp;&nbsp; $270072 |
| New York (State of) Utility Debt Securitization Authority, Series 2016 A, Ref. RB | 5.00% | 06/15/2028 | 120 | &nbsp;&nbsp; 121555 |
| New York (State of) Utility Debt Securitization Authority, Series 2016 A, Ref. RB | 5.00% | 12/15/2028 | 50 | &nbsp;&nbsp; 50648 |
| New York (State of) Utility Debt Securitization Authority, Series 2016 A, Ref. RB | 5.00% | 12/15/2032 | 100 | &nbsp;&nbsp; 101140 |
| New York (State of) Utility Debt Securitization Authority, Series 2016 A, Ref. RB | 5.00% | 12/15/2033 | 55 | &nbsp;&nbsp; 55591 |
| New York (State of) Utility Debt Securitization Authority, Series 2016 A, Ref. RB | 5.00% | 12/15/2034 | 430 | &nbsp;&nbsp; 434347 |
| New York (State of) Utility Debt Securitization Authority, Series 2016 B, Ref. RB | 5.00% | 12/15/2030 | 130 | &nbsp;&nbsp; 131642 |
| New York (State of) Utility Debt Securitization Authority, Series 2016 B, Ref. RB | 5.00% | 12/15/2033 | 170 | &nbsp;&nbsp; 171828 |
| New York (State of) Utility Debt Securitization Authority, Series 2016 B, Ref. RB | 5.00% | 12/15/2034 | 225 | &nbsp;&nbsp; 227274 |
| New York (State of) Utility Debt Securitization Authority, Series 2016 B, Ref. RB | 5.00% | 12/15/2035 | 220 | &nbsp;&nbsp; 222047 |
| New York State Environmental Facilities Corp., Series 2016, Ref. RB | 5.00% | 06/15/2033 | 10 | &nbsp;&nbsp; 10097 |
| New York State Environmental Facilities Corp., Series 2017, Ref. RB | 5.00% | 06/15/2026 | 55 | &nbsp;&nbsp; 55766 |
| &nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp. (2010 Master Financing Program) (Green Bonds), <br> Series 2016, RB<br>| 5.00% | 08/15/2041 | 215 | &nbsp;&nbsp; 216123 |
| &nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2016 <br> A, Ref. RB<br>| 5.00% | 06/15/2028 | 35 | &nbsp;&nbsp; 35442 |
| &nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2016 <br> A, Ref. RB<br>| 5.00% | 06/15/2029 | 70 | &nbsp;&nbsp; 70847 |
| &nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2016 <br> A, Ref. RB<br>| 5.00% | 06/15/2030 | 60 | &nbsp;&nbsp; 60693 |
| &nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2016 <br> A, Ref. RB<br>| 5.00% | 06/15/2032 | 225 | &nbsp;&nbsp; 227347 |
| &nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2016 <br> A, Ref. RB<br>| 5.00% | 06/15/2041 | 50 | &nbsp;&nbsp; 50202 |
| &nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2016, <br> Ref. RB<br>| 5.00% | 06/15/2034 | 10 | &nbsp;&nbsp; 10090 |
| &nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2021, <br> RB<br>| 5.00% | 06/15/2026 | 75 | &nbsp;&nbsp; 76045 |
| &nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2022, <br> Ref. RB<br>| 5.00% | 06/15/2026 | 5 | &nbsp;&nbsp; 5070 |
| New York State Urban Development Corp., Series 2016 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 03/15/2026 | 580 | &nbsp;&nbsp; 584204 |
| New York State Urban Development Corp., Series 2016 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 03/15/2026 | 200 | &nbsp;&nbsp; 201450 |
| New York State Urban Development Corp., Series 2016 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 03/15/2026 | 30 | &nbsp;&nbsp; 30217 |
| New York State Urban Development Corp., Series 2016 A, Ref. RB | 5.00% | 03/15/2030 | 20 | &nbsp;&nbsp; 20125 |
| New York State Urban Development Corp., Series 2016 A, Ref. RB | 5.00% | 03/15/2032 | 15 | &nbsp;&nbsp; 15086 |
| New York State Urban Development Corp., Series 2016 A, Ref. RB | 5.00% | 03/15/2033 | 135 | &nbsp;&nbsp; 135733 |
| New York State Urban Development Corp., Series 2016 A, Ref. RB | 5.00% | 03/15/2034 | 225 | &nbsp;&nbsp; 226156 |
| New York State Urban Development Corp., Series 2016 A, Ref. RB | 5.00% | 03/15/2035 | 325 | &nbsp;&nbsp; 326576 |
| New York State Urban Development Corp., Series 2016, Ref. RB<sup>(a)</sup> | 5.00% | 03/15/2026 | 10 | &nbsp;&nbsp; 10072 |
| New York State Urban Development Corp., Series 2016, Ref. RB<sup>(a)</sup> | 5.00% | 03/15/2026 | 60 | &nbsp;&nbsp; 60435 |
| New York State Urban Development Corp., Series 2016, Ref. RB | 5.00% | 03/15/2031 | 5 | &nbsp;&nbsp; 5030 |
| New York State Urban Development Corp., Series 2017 C-1, Ref. RB | 5.00% | 03/15/2026 | 20 | &nbsp;&nbsp; 20144 |
| New York State Urban Development Corp., Series 2017, Ref. RB<sup>(a)</sup> | 5.00% | 03/15/2026 | 65 | &nbsp;&nbsp; 65471 |
| New York State Urban Development Corp., Series 2020, Ref. RB | 5.00% | 03/15/2026 | 95 | &nbsp;&nbsp; 95684 |
| New York State Urban Development Corp. (Bidding Group 1), Series 2023 A, RB | 5.00% | 03/15/2026 | 80 | &nbsp;&nbsp; 80576 |
| New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, RB | 5.00% | 12/01/2026 | 100 | &nbsp;&nbsp; 101994 |
| Suffolk (County of), NY, Series 2017 A, Ref. GO Bonds, (INS - AGI)<sup>(c)</sup> | 5.00% | 02/01/2026 | 5 | &nbsp;&nbsp; 5021 |
| Triborough Bridge & Tunnel Authority, Series 2008 B-2, RB | 5.00% | 11/15/2026 | 85 | &nbsp;&nbsp; 87056 |
| Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB | 5.00% | 11/15/2026 | 70 | &nbsp;&nbsp; 70731 |
| Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB | 5.00% | 11/15/2028 | 10 | &nbsp;&nbsp; 10085 |
| Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB | 5.00% | 11/15/2029 | 20 | &nbsp;&nbsp; 20169 |
| Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB | 5.00% | 11/15/2031 | 500 | &nbsp;&nbsp; 504226 |
| Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB | 5.00% | 11/15/2041 | 575 | &nbsp;&nbsp; 577313 |
| Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB | 5.00% | 11/15/2046 | 300 | &nbsp;&nbsp; 300681 |
| Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB | 5.00% | 11/15/2026 | 15 | &nbsp;&nbsp; 15363 |
| Triborough Bridge & Tunnel Authority, Series 2018 B, Ref. RB | 5.00% | 11/15/2026 | 55 | &nbsp;&nbsp; 56330 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023, Ref. RB | 5.00% | 11/15/2026 | 85 | &nbsp;&nbsp; 87056 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Subseries 2017 C-1, Ref. RB | 5.00% | 11/15/2026 | 80 | &nbsp;&nbsp; 81935 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels) (Green Bonds), Series 2023, Ref. RB | 5.00% | 11/15/2026 | 305 | &nbsp;&nbsp; 312378 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| Westchester (County of), NY, Series 2018 A, GO Bonds | 4.00% | 12/01/2028 | $30 | &nbsp;&nbsp; $30551 |
| Westchester (County of), NY, Series 2018 A, GO Bonds | 4.00% | 12/01/2029 | 145 | &nbsp;&nbsp; 147715 |
|  |  |  |  | &nbsp;&nbsp; 46392075 |
| **North Carolina-0.94%** |  |  |  |  |
| Mecklenburg (County of), NC, Series 2013 A, Ref. GO Bonds | 5.00% | 12/01/2026 | 190 | &nbsp;&nbsp; 194755 |
| Mecklenburg (County of), NC, Series 2022, GO Bonds | 5.00% | 09/01/2026 | 75 | &nbsp;&nbsp; 76404 |
| North Carolina (State of), Series 2013 C, Ref. GO Bonds | 5.00% | 05/01/2026 | 45 | &nbsp;&nbsp; 45472 |
| North Carolina (State of), Series 2014 B, Ref. RB | 5.00% | 06/01/2026 | 30 | &nbsp;&nbsp; 30358 |
| North Carolina (State of), Series 2016 A, Ref. GO Bonds | 5.00% | 06/01/2026 | 90 | &nbsp;&nbsp; 91136 |
| North Carolina (State of), Series 2017 B, Ref. RB | 5.00% | 05/01/2026 | 85 | &nbsp;&nbsp; 85841 |
| North Carolina (State of), Series 2018 A, GO Bonds | 5.00% | 06/01/2026 | 340 | &nbsp;&nbsp; 344293 |
| North Carolina (State of), Series 2020 A, GO Bonds | 5.00% | 06/01/2026 | 475 | &nbsp;&nbsp; 480998 |
| North Carolina (State of), Series 2022 A, RB | 5.00% | 05/01/2026 | 60 | &nbsp;&nbsp; 60594 |
| North Carolina (State of) (Build North Carolina Programs), Series 2019 A, RB | 5.00% | 05/01/2026 | 85 | &nbsp;&nbsp; 85841 |
| North Carolina (State of) (Build North Carolina Programs), Series 2020 B, RB | 5.00% | 05/01/2026 | 65 | &nbsp;&nbsp; 65643 |
| North Carolina (State of) (Garvee), Series 2019, RB | 5.00% | 03/01/2026 | 65 | &nbsp;&nbsp; 65396 |
| North Carolina (State of) Capital Facilities Finance Agency (Duke University), Series 2016 B, Ref. RB | 5.00% | 10/01/2026 | 85 | &nbsp;&nbsp; 86756 |
| North Carolina (State of) Capital Facilities Finance Agency (Duke University), Series 2016 B, Ref. RB | 4.00% | 10/01/2039 | 30 | &nbsp;&nbsp; 30099 |
| North Carolina (State of) Capital Facilities Finance Agency (Duke University), Series 2016 B, Ref. RB | 5.00% | 10/01/2040 | 215 | &nbsp;&nbsp; 217048 |
| North Carolina (State of) Capital Facilities Finance Agency (Duke University), Series 2016 B, Ref. RB | 5.00% | 10/01/2044 | 55 | &nbsp;&nbsp; 55330 |
| North Carolina (State of) Eastern Municipal Power Agency, Series 1993 B, Ref. RB<sup>(a)</sup> | 6.00% | 01/01/2026 | 25 | &nbsp;&nbsp; 25066 |
| &nbsp;&nbsp;&nbsp; North Carolina (State of) Medical Care Commission (Deerfield Episcopal Retirement Community), <br> Series 2016, Ref. RB<br>| 5.00% | 11/01/2037 | 150 | &nbsp;&nbsp; 151082 |
| &nbsp;&nbsp;&nbsp; North Carolina (State of) Medical Care Commission (Duke University Health system), Series 2016, Ref. <br> RB<br>| 5.00% | 06/01/2026 | 5 | &nbsp;&nbsp; 5057 |
| North Carolina (State of) Municipal Power Agency No. 1 (Catawba), Series 2015 A, Ref. RB | 5.00% | 01/01/2026 | 15 | &nbsp;&nbsp; 15029 |
| North Carolina (State of) Municipal Power Agency No. 1 (Catawba), Series 2015 A, Ref. RB | 5.00% | 01/01/2028 | 35 | &nbsp;&nbsp; 35065 |
| North Carolina (State of) Municipal Power Agency No. 1 (Catawba), Series 2015 A, Ref. RB | 5.00% | 01/01/2031 | 5 | &nbsp;&nbsp; 5010 |
| North Carolina (State of) Municipal Power Agency No. 1 (Catawba), Series 2015 A, Ref. RB | 5.00% | 01/01/2032 | 135 | &nbsp;&nbsp; 135253 |
| North Carolina (State of) Municipal Power Agency No. 1 (Catawba), Series 2015 C, Ref. RB | 5.00% | 01/01/2029 | 10 | &nbsp;&nbsp; 10019 |
| North Carolina (State of) Municipal Power Agency No. 1 (Catawba), Series 2016 A, Ref. RB | 5.00% | 01/01/2028 | 110 | &nbsp;&nbsp; 111454 |
| North Carolina (State of) Municipal Power Agency No. 1 (Catawba), Series 2016 A, Ref. RB | 5.00% | 01/01/2029 | 265 | &nbsp;&nbsp; 268524 |
| Wake (County of), NC, Series 2010 C, Ref. GO Bonds | 5.00% | 03/01/2026 | 40 | &nbsp;&nbsp; 40248 |
|  |  |  |  | &nbsp;&nbsp; 2817771 |
| **Ohio-2.35%** |  |  |  |  |
| Allen (County of), OH, Series 2017 A, Ref. RB | 5.00% | 08/01/2026 | 220 | &nbsp;&nbsp; 223321 |
| American Municipal Power, Inc. (Combined Hydroelectric), Series 2016 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 02/15/2026 | 50 | &nbsp;&nbsp; 50250 |
| American Municipal Power, Inc. (Greenup Hydroelectric), Series 2016 A, RB<sup>(a)(b)</sup> | 5.00% | 02/15/2026 | 125 | &nbsp;&nbsp; 125624 |
| American Municipal Power, Inc. (Greenup Hydroelectric), Series 2016 A, RB<sup>(a)(b)</sup> | 5.00% | 02/15/2026 | 300 | &nbsp;&nbsp; 301497 |
| &nbsp;&nbsp;&nbsp; Cincinnati City School District (Classroom Construction & Improvement), Series 2006, Ref. GO Bonds, <br> (INS - NATL)<sup>(c)</sup><br>| 5.25% | 12/01/2026 | 235 | &nbsp;&nbsp; 241293 |
| Columbus (City of), OH, Series 2015, Ref. RB | 5.00% | 06/01/2029 | 150 | &nbsp;&nbsp; 151731 |
| Columbus (City of), OH, Series 2015, Ref. RB | 5.00% | 06/01/2030 | 25 | &nbsp;&nbsp; 25280 |
| Columbus (City of), OH, Series 2015, Ref. RB | 5.00% | 06/01/2032 | 1015 | &nbsp;&nbsp; 1024488 |
| Columbus (City of), OH, Series 2016-1, Ref. GO Bonds | 5.00% | 07/01/2026 | 135 | &nbsp;&nbsp; 136980 |
| Columbus (City of), OH, Series 2022 A, GO Bonds | 5.00% | 04/01/2026 | 505 | &nbsp;&nbsp; 509203 |
| Columbus City School District (Construction and Improvement), Series 2016 A, Ref. GO Bonds | 5.00% | 12/01/2031 | 100 | &nbsp;&nbsp; 100970 |
| Columbus City School District (Construction and Improvement), Subseries 2016, Ref. GO Bonds | 5.00% | 12/01/2030 | 25 | &nbsp;&nbsp; 25259 |
| Cuyahoga (County of), OH, Series 2020 D, Ref. RB | 5.00% | 12/01/2026 | 25 | &nbsp;&nbsp; 25553 |
| Euclid City School District (Classroom Construction & Improvement), Series 2017, GO Bonds<sup>(a)(b)</sup> | 5.25% | 01/15/2026 | 105 | &nbsp;&nbsp; 105324 |
| Hamilton (County of), OH, Series 2016 A, Ref. RB | 5.00% | 12/01/2026 | 45 | &nbsp;&nbsp; 46086 |
| Hamilton (County of), OH, Series 2016 A, Ref. RB | 5.00% | 12/01/2029 | 340 | &nbsp;&nbsp; 348338 |
| Hamilton (County of), OH, Series 2016 A, Ref. RB | 5.00% | 12/01/2030 | 45 | &nbsp;&nbsp; 46095 |
| Hamilton (County of), OH, Series 2016 A, Ref. RB | 4.00% | 12/01/2031 | 90 | &nbsp;&nbsp; 90938 |
| Hamilton (County of), OH, Series 2016 A, Ref. RB | 4.00% | 12/01/2032 | 30 | &nbsp;&nbsp; 30290 |
| Miami University, Series 2017, Ref. RB | 5.00% | 09/01/2041 | 105 | &nbsp;&nbsp; 105799 |
| Ohio (State of), Series 2016 S, GO Bonds | 5.00% | 05/01/2028 | 5 | &nbsp;&nbsp; 5051 |
| Ohio (State of), Series 2016 S, GO Bonds | 5.00% | 05/01/2029 | 75 | &nbsp;&nbsp; 75738 |
| Ohio (State of), Series 2016 S, GO Bonds | 5.00% | 05/01/2030 | 15 | &nbsp;&nbsp; 15143 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Ohio-(continued)** |  |  |  |  |
| Ohio (State of), Series 2016 S, GO Bonds | 5.00% | 05/01/2031 | $90 | &nbsp;&nbsp; $90863 |
| Ohio (State of), Series 2017 B, Ref. GO Bonds | 5.00% | 09/15/2026 | 210 | &nbsp;&nbsp; 214054 |
| Ohio (State of), Series 2017 C, Ref. GO Bonds | 5.00% | 08/01/2026 | 50 | &nbsp;&nbsp; 50815 |
| Ohio (State of), Series 2018 A, GO Bonds<sup>(a)(b)</sup> | 5.00% | 02/01/2026 | 100 | &nbsp;&nbsp; 100381 |
| Ohio (State of), Series 2018 A, GO Bonds<sup>(a)(b)</sup> | 5.00% | 02/01/2026 | 125 | &nbsp;&nbsp; 125476 |
| Ohio (State of), Series 2018 A, GO Bonds<sup>(a)(b)</sup> | 5.00% | 02/01/2026 | 30 | &nbsp;&nbsp; 30114 |
| Ohio (State of), Series 2018 A, GO Bonds<sup>(a)(b)</sup> | 5.00% | 02/01/2026 | 25 | &nbsp;&nbsp; 25095 |
| Ohio (State of), Series 2018 A, GO Bonds<sup>(a)(b)</sup> | 5.00% | 02/01/2026 | 5 | &nbsp;&nbsp; 5019 |
| Ohio (State of), Series 2018 A, GO Bonds | 5.00% | 06/15/2031 | 10 | &nbsp;&nbsp; 10066 |
| Ohio (State of), Series 2018 A, GO Bonds | 5.00% | 06/15/2032 | 50 | &nbsp;&nbsp; 50325 |
| Ohio (State of), Series 2018 A, GO Bonds | 5.00% | 06/15/2033 | 15 | &nbsp;&nbsp; 15095 |
| Ohio (State of), Series 2018 A, GO Bonds | 5.00% | 06/15/2034 | 50 | &nbsp;&nbsp; 50305 |
| Ohio (State of), Series 2019-1, RB | 5.00% | 12/15/2026 | 190 | &nbsp;&nbsp; 194819 |
| Ohio (State of), Series 2020 B, Ref. GO Bonds | 5.00% | 08/01/2026 | 115 | &nbsp;&nbsp; 116874 |
| Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017, Ref. RB | 5.00% | 01/01/2026 | 5 | &nbsp;&nbsp; 5009 |
| Ohio (State of) (Garvee), Series 2016 1, RB | 5.00% | 12/15/2028 | 180 | &nbsp;&nbsp; 182245 |
| Ohio (State of) (Garvee), Series 2016-1, RB | 5.00% | 12/15/2026 | 75 | &nbsp;&nbsp; 75928 |
| Ohio (State of) (Garvee), Series 2016-1, RB | 5.00% | 12/15/2027 | 85 | &nbsp;&nbsp; 86062 |
| Ohio (State of) (Garvee), Series 2018-1, RB | 5.00% | 12/15/2026 | 105 | &nbsp;&nbsp; 107663 |
| Ohio (State of) (Garvee), Series 2018-1, RB | 5.00% | 12/15/2028 | 110 | &nbsp;&nbsp; 111372 |
| Ohio (State of) (Garvee), Series 2018-1, RB | 5.00% | 12/15/2029 | 200 | &nbsp;&nbsp; 202451 |
| Ohio (State of) (University Hospitals Health System, Inc.), Series 2016 A, Ref. RB | 5.00% | 01/15/2041 | 335 | &nbsp;&nbsp; 335104 |
| Ohio (State of) Turnpike & Infrastructure Commission, Series 2017 A, Ref. RB | 5.00% | 02/15/2026 | 40 | &nbsp;&nbsp; 40182 |
| Ohio (State of) Water Development Authority, Series 2016 A, RB | 5.00% | 12/01/2031 | 40 | &nbsp;&nbsp; 40438 |
| Ohio (State of) Water Development Authority, Series 2016 A, RB | 5.00% | 12/01/2032 | 200 | &nbsp;&nbsp; 202009 |
| Ohio (State of) Water Development Authority, Series 2016 A, RB | 5.00% | 12/01/2033 | 30 | &nbsp;&nbsp; 30276 |
| Ohio (State of) Water Development Authority, Series 2016 A, RB | 5.00% | 12/01/2034 | 50 | &nbsp;&nbsp; 50430 |
| Ohio (State of) Water Development Authority, Series 2024 A, RB | 5.00% | 06/01/2026 | 90 | &nbsp;&nbsp; 91091 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2016 A, RB | 5.00% | 06/01/2026 | 10 | &nbsp;&nbsp; 10121 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2017 A, RB | 5.00% | 12/01/2026 | 90 | &nbsp;&nbsp; 92189 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 A, RB | 5.00% | 06/01/2026 | 95 | &nbsp;&nbsp; 96152 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 A, RB | 5.00% | 12/01/2026 | 80 | &nbsp;&nbsp; 81946 |
| &nbsp;&nbsp;&nbsp; Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2023 A, <br> Ref. RB<br>| 5.00% | 06/01/2026 | 75 | &nbsp;&nbsp; 75910 |
| &nbsp;&nbsp;&nbsp; Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2023 A, <br> Ref. RB<br>| 5.00% | 12/01/2026 | 55 | &nbsp;&nbsp; 56338 |
| Ohio State University (The), Series 2020 A, Ref. RB | 5.00% | 12/01/2026 | 50 | &nbsp;&nbsp; 51201 |
| University of Cincinnati, Series 2016 C, RB | 5.00% | 06/01/2046 | 125 | &nbsp;&nbsp; 125176 |
|  |  |  |  | &nbsp;&nbsp; 7038845 |
| **Oklahoma-0.99%** |  |  |  |  |
| Canadian (County of), OK Educational Facilities Authority (Mustang Public Schools), Series 2017, RB | 5.00% | 09/01/2026 | 85 | &nbsp;&nbsp; 86324 |
| Grand River Dam Authority, Series 2016 A, Ref. RB | 5.00% | 06/01/2026 | 10 | &nbsp;&nbsp; 10111 |
| Grand River Dam Authority, Series 2016 A, Ref. RB | 5.00% | 06/01/2029 | 75 | &nbsp;&nbsp; 76615 |
| Grand River Dam Authority, Series 2016 A, Ref. RB | 5.00% | 06/01/2030 | 30 | &nbsp;&nbsp; 30643 |
| Grand River Dam Authority, Series 2016 A, Ref. RB | 5.00% | 06/01/2031 | 55 | &nbsp;&nbsp; 56162 |
| Grand River Dam Authority, Series 2016 A, Ref. RB | 5.00% | 06/01/2032 | 90 | &nbsp;&nbsp; 91839 |
| Grand River Dam Authority, Series 2016 A, Ref. RB | 4.00% | 06/01/2033 | 600 | &nbsp;&nbsp; 605328 |
| Oklahoma (State of) Capitol Improvement Authority, Series 2024 A, Ref. RB | 5.00% | 07/01/2026 | 45 | &nbsp;&nbsp; 45631 |
| Oklahoma (State of) Municipal Power Authority, Series 2016 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 01/01/2026 | 50 | &nbsp;&nbsp; 50095 |
| Oklahoma (State of) Turnpike Authority, Series 2017 A, RB<sup>(a)(b)</sup> | 5.00% | 01/02/2026 | 170 | &nbsp;&nbsp; 170333 |
| Oklahoma (State of) Turnpike Authority, Series 2017 A, RB<sup>(a)(b)</sup> | 5.00% | 01/02/2026 | 190 | &nbsp;&nbsp; 190372 |
| Oklahoma (State of) Turnpike Authority, Series 2017 A, RB | 4.00% | 01/01/2033 | 170 | &nbsp;&nbsp; 169047 |
| Oklahoma (State of) Turnpike Authority, Series 2017 A, RB | 4.00% | 01/01/2034 | 830 | &nbsp;&nbsp; 824408 |
| Oklahoma (State of) Turnpike Authority, Series 2017 A, RB | 4.00% | 01/01/2036 | 15 | &nbsp;&nbsp; 14941 |
| Oklahoma (State of) Turnpike Authority, Series 2020 A, Ref. RB | 5.00% | 01/01/2026 | 30 | &nbsp;&nbsp; 30060 |
| Oklahoma County Independent School District No. 89, Series 2024 A, GO Bonds | 1.25% | 07/01/2026 | 480 | &nbsp;&nbsp; 475751 |
| Tulsa (County of), OK Industrial Authority (Jenks Public Schools), Series 2015, RB | 5.00% | 09/01/2026 | 25 | &nbsp;&nbsp; 25040 |
|  |  |  |  | &nbsp;&nbsp; 2952700 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Oregon-0.45%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Clackamas County School District No. 12 North Clackamas, Series 2016, Ref. GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 4.00% | 06/15/2032 | $35 | &nbsp;&nbsp; $35178 |
| Hillsboro School District No. 1J, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 06/15/2026 | 80 | &nbsp;&nbsp; 81050 |
| &nbsp;&nbsp;&nbsp; Multnomah County School District No. 1, Series 2020, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 06/15/2026 | 110 | &nbsp;&nbsp; 111425 |
| Oregon (State of) (Article XI - Q State), Series 2016 F, Ref. GO Bonds | 5.00% | 05/01/2028 | 20 | &nbsp;&nbsp; 20190 |
| Oregon (State of) (Article XI - Q State), Series 2023, GO Bonds | 5.00% | 05/01/2026 | 40 | &nbsp;&nbsp; 40399 |
| Oregon (State of) (Article XI-G OHSU), Series 2016 C, GO Bonds | 5.00% | 08/01/2041 | 100 | &nbsp;&nbsp; 100737 |
| Oregon (State of) (Seismic), Series 2016 F, Ref. GO Bonds | 5.00% | 05/01/2029 | 30 | &nbsp;&nbsp; 30287 |
| Oregon (State of) Department of Transportation, Series 2017 A, RB | 5.00% | 11/15/2026 | 60 | &nbsp;&nbsp; 61423 |
| Oregon (State of) Facilities Authority (Samaritan Health Services), Series 2016 A, Ref. RB | 5.00% | 10/01/2035 | 15 | &nbsp;&nbsp; 15045 |
| Oregon (State of) Tri-County Metropolitan Transportation District, Series 2017 A, RB<sup>(a)(b)</sup> | 5.00% | 09/01/2026 | 500 | &nbsp;&nbsp; 509098 |
| Oregon Health & Science University, Series 2016 B, Ref. RB | 5.00% | 07/01/2033 | 50 | &nbsp;&nbsp; 50569 |
| Oregon Health & Science University, Series 2016 B, Ref. RB | 5.00% | 07/01/2035 | 40 | &nbsp;&nbsp; 40407 |
| Oregon Health & Science University, Series 2016 B, Ref. RB | 5.00% | 07/01/2036 | 160 | &nbsp;&nbsp; 161516 |
| Oregon Health & Science University, Series 2016 B, Ref. RB | 5.00% | 07/01/2037 | 10 | &nbsp;&nbsp; 10088 |
| Portland Community College District, Series 2018, GO Bonds | 5.00% | 06/15/2029 | 25 | &nbsp;&nbsp; 25313 |
| University of Oregon, Series 2016 A, RB | 5.00% | 04/01/2046 | 60 | &nbsp;&nbsp; 60075 |
|  |  |  |  | &nbsp;&nbsp; 1352800 |
| **Pennsylvania-4.25%** |  |  |  |  |
| Allegheny (County of), PA, Series 2016 C-75, Ref. GO Bonds | 5.00% | 11/01/2026 | 80 | &nbsp;&nbsp; 81731 |
| Allegheny (County of), PA, Series 2016 C-75, Ref. GO Bonds | 5.00% | 11/01/2028 | 75 | &nbsp;&nbsp; 76480 |
| Allegheny (County of), PA, Series 2016 C-75, Ref. GO Bonds | 5.00% | 11/01/2029 | 25 | &nbsp;&nbsp; 25482 |
| Allegheny (County of), PA, Series 2016 C-75, Ref. GO Bonds | 4.00% | 11/01/2032 | 200 | &nbsp;&nbsp; 201697 |
| Allegheny (County of), PA, Series 2016 C-76, GO Bonds | 5.00% | 11/01/2041 | 175 | &nbsp;&nbsp; 176238 |
| &nbsp;&nbsp;&nbsp; Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), <br> Series 2019, Ref. RB<br>| 5.00% | 07/15/2026 | 55 | &nbsp;&nbsp; 55727 |
| Allegheny (County of), PA Port Authority, Series 2020, Ref. RB | 5.00% | 03/01/2026 | 100 | &nbsp;&nbsp; 100543 |
| Chester (County of), PA, Series 2016 A, Ref. GO Bonds | 4.00% | 07/15/2028 | 65 | &nbsp;&nbsp; 65591 |
| Chester (County of), PA, Series 2016 A, Ref. GO Bonds | 4.00% | 07/15/2029 | 55 | &nbsp;&nbsp; 55498 |
| Delaware County Regional Water Quality Control Authority, Series 2016, RB | 5.00% | 11/01/2046 | 105 | &nbsp;&nbsp; 105097 |
| Erie (City & County of), PA Water Authority, Series 2016, Ref. RB<sup>(a)(b)</sup> | 5.00% | 12/01/2026 | 80 | &nbsp;&nbsp; 81826 |
| Lancaster (County of), PA Hospital Authority (University of Pennsylvania), Series 2016 A, Ref. RB | 5.00% | 08/15/2042 | 140 | &nbsp;&nbsp; 140889 |
| Lancaster (County of), PA Hospital Authority (University of Pennsylvania), Series 2016, Ref. RB | 5.00% | 08/15/2026 | 80 | &nbsp;&nbsp; 81239 |
| Monroeville Finance Authority, Series 2012, RB | 5.00% | 02/15/2026 | 65 | &nbsp;&nbsp; 65279 |
| Pennsylvania (Commonwealth of), First Series 2016, GO Bonds | 5.00% | 02/01/2026 | 320 | &nbsp;&nbsp; 321272 |
| Pennsylvania (Commonwealth of), First Series 2016, GO Bonds | 5.00% | 02/01/2029 | 300 | &nbsp;&nbsp; 301106 |
| Pennsylvania (Commonwealth of), First Series 2016, GO Bonds | 4.00% | 02/01/2030 | 15 | &nbsp;&nbsp; 15028 |
| Pennsylvania (Commonwealth of), First Series 2016, GO Bonds | 4.00% | 02/01/2031 | 50 | &nbsp;&nbsp; 50093 |
| Pennsylvania (Commonwealth of), First Series 2016, GO Bonds | 4.00% | 02/01/2032 | 200 | &nbsp;&nbsp; 200361 |
| Pennsylvania (Commonwealth of), First Series 2016, GO Bonds | 4.00% | 02/01/2033 | 20 | &nbsp;&nbsp; 20034 |
| Pennsylvania (Commonwealth of), First Series 2016, GO Bonds, (INS - AGI)<sup>(c)</sup> | 4.00% | 02/01/2034 | 20 | &nbsp;&nbsp; 20034 |
| Pennsylvania (Commonwealth of), First Series 2016, Ref. GO Bonds | 5.00% | 09/15/2026 | 235 | &nbsp;&nbsp; 239500 |
| Pennsylvania (Commonwealth of), First Series 2017, Ref. GO Bonds | 5.00% | 01/01/2026 | 130 | &nbsp;&nbsp; 130238 |
| Pennsylvania (Commonwealth of), First Series 2020, GO Bonds | 5.00% | 05/01/2026 | 30 | &nbsp;&nbsp; 30302 |
| Pennsylvania (Commonwealth of), First Series 2021, GO Bonds | 5.00% | 05/15/2026 | 1000 | &nbsp;&nbsp; 1011025 |
| Pennsylvania (Commonwealth of), First series 2023 A, GO Bonds | 5.00% | 09/01/2026 | 125 | &nbsp;&nbsp; 127274 |
| Pennsylvania (Commonwealth of), First series 2024 C, GO Bonds | 5.00% | 08/15/2026 | 200 | &nbsp;&nbsp; 203422 |
| Pennsylvania (Commonwealth of), Second series 2016, GO Bonds | 5.00% | 09/15/2026 | 100 | &nbsp;&nbsp; 101915 |
| Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds | 5.00% | 09/15/2028 | 300 | &nbsp;&nbsp; 305358 |
| Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds | 5.00% | 09/15/2029 | 95 | &nbsp;&nbsp; 96674 |
| Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds | 4.00% | 09/15/2030 | 65 | &nbsp;&nbsp; 65581 |
| Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds | 4.00% | 09/15/2031 | 35 | &nbsp;&nbsp; 35307 |
| Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds | 4.00% | 09/15/2032 | 660 | &nbsp;&nbsp; 665562 |
| Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds | 4.00% | 09/15/2034 | 375 | &nbsp;&nbsp; 377795 |
| Pennsylvania (Commonwealth of), Series 2019, Ref. GO Bonds | 5.00% | 07/15/2026 | 5 | &nbsp;&nbsp; 5075 |
| Pennsylvania (Commonwealth of), Series 2022, GO Bonds | 5.00% | 10/01/2026 | 175 | &nbsp;&nbsp; 178541 |
| Pennsylvania (Commonwealth of), Series 2025 A, Ref. GO Bonds | 5.00% | 08/15/2026 | 195 | &nbsp;&nbsp; 198337 |
| &nbsp;&nbsp;&nbsp; Pennsylvania (Commonwealth of) Economic Development Financing Authority (State System Higher <br> Education), Series 2016, Ref. RB<br>| 4.00% | 03/15/2033 | 95 | &nbsp;&nbsp; 95562 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Pennsylvania-(continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Drexel University), <br> Series 2016, Ref. RB<br>| 5.00% | 05/01/2034 | $370 | &nbsp;&nbsp; $371483 |
| &nbsp;&nbsp;&nbsp; Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Trustees University of <br> Pennsylvania), Series 2016 A, Ref. RB<br>| 4.00% | 08/15/2031 | 500 | &nbsp;&nbsp; 502482 |
| &nbsp;&nbsp;&nbsp; Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania <br> Health System), Series 2016 A, Ref. RB<br>| 4.00% | 08/15/2029 | 20 | &nbsp;&nbsp; 20100 |
| &nbsp;&nbsp;&nbsp; Pennsylvania (Commonwealth of) Public School Building Authority (Philadelphia School District), <br> Series 2016 A, Ref. RB, (INS - AGI)<sup>(c)</sup><br>| 5.00% | 06/01/2030 | 65 | &nbsp;&nbsp; 66264 |
| &nbsp;&nbsp;&nbsp; Pennsylvania (Commonwealth of) Public School Building Authority (Philadelphia School District), <br> Series 2016 A, Ref. RB, (INS - AGI)<sup>(c)</sup><br>| 5.00% | 06/01/2031 | 310 | &nbsp;&nbsp; 315782 |
| &nbsp;&nbsp;&nbsp; Pennsylvania (Commonwealth of) Public School Building Authority (Philadelphia School District), <br> Series 2016 A, Ref. RB, (INS - AGI)<sup>(c)</sup><br>| 5.00% | 06/01/2032 | 125 | &nbsp;&nbsp; 127183 |
| &nbsp;&nbsp;&nbsp; Pennsylvania (Commonwealth of) Public School Building Authority (Philadelphia School District), <br> Series 2016 A, Ref. RB, (INS - AGI)<sup>(c)</sup><br>| 5.00% | 06/01/2033 | 435 | &nbsp;&nbsp; 442038 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Second Series 2016 B, Ref. RB | 5.00% | 06/01/2028 | 35 | &nbsp;&nbsp; 35398 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A, Ref. RB | 5.00% | 12/01/2026 | 155 | &nbsp;&nbsp; 158616 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A, Ref. RB | 5.00% | 12/01/2028 | 45 | &nbsp;&nbsp; 46075 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A, Ref. RB | 5.00% | 12/01/2029 | 85 | &nbsp;&nbsp; 87020 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A, Ref. RB | 5.00% | 12/01/2030 | 230 | &nbsp;&nbsp; 235343 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A, Ref. RB | 5.00% | 12/01/2031 | 20 | &nbsp;&nbsp; 20474 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A, Ref. RB | 5.00% | 12/01/2032 | 260 | &nbsp;&nbsp; 266014 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A, Ref. RB | 5.00% | 12/01/2036 | 170 | &nbsp;&nbsp; 173307 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A-1, RB | 5.00% | 12/01/2034 | 60 | &nbsp;&nbsp; 60663 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A-1, RB | 5.00% | 12/01/2035 | 235 | &nbsp;&nbsp; 237471 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A-1, RB | 5.00% | 12/01/2036 | 255 | &nbsp;&nbsp; 257524 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A-1, RB | 5.00% | 12/01/2041 | 525 | &nbsp;&nbsp; 528772 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A-1, RB | 5.00% | 12/01/2046 | 540 | &nbsp;&nbsp; 542542 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 B, Ref. RB | 5.00% | 06/01/2029 | 85 | &nbsp;&nbsp; 85981 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 B, Ref. RB | 4.00% | 06/01/2033 | 400 | &nbsp;&nbsp; 401859 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 B, Ref. RB | 4.00% | 06/01/2034 | 155 | &nbsp;&nbsp; 155663 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 B, Ref. RB | 5.00% | 06/01/2035 | 85 | &nbsp;&nbsp; 85897 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 B, Ref. RB | 5.00% | 06/01/2039 | 55 | &nbsp;&nbsp; 55450 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016, Ref. RB<sup>(a)(b)</sup> | 5.00% | 12/01/2025 | 40 | &nbsp;&nbsp; 40000 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016, Ref. RB | 5.00% | 12/01/2030 | 100 | &nbsp;&nbsp; 102443 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 A-2, Ref. RB | 5.00% | 12/01/2026 | 65 | &nbsp;&nbsp; 66516 |
| Pennsylvania State University (The), Series 2016 A, RB | 5.00% | 09/01/2041 | 300 | &nbsp;&nbsp; 301643 |
| Pennsylvania State University (The), Series 2016 B, Ref. RB | 5.00% | 09/01/2028 | 20 | &nbsp;&nbsp; 20322 |
| Pennsylvania State University (The), Series 2016 B, Ref. RB | 5.00% | 09/01/2029 | 15 | &nbsp;&nbsp; 15238 |
| Philadelphia (City of), PA, Fourteenth Series 2016, Ref. RB | 5.00% | 10/01/2032 | 235 | &nbsp;&nbsp; 239159 |
| Philadelphia (City of), PA, Series 2016, Ref. RB | 5.00% | 10/01/2026 | 15 | &nbsp;&nbsp; 15287 |
| Philadelphia (City of), PA, Series 2017 A, Ref. GO Bonds | 5.00% | 08/01/2026 | 75 | &nbsp;&nbsp; 76147 |
| Philadelphia (City of), PA, Series 2017, Ref. GO Bonds, (INS - AGI)<sup>(c)</sup> | 5.00% | 08/01/2026 | 20 | &nbsp;&nbsp; 20313 |
| Philadelphia (City of), PA, Series 2019 A, Ref. GO Bonds | 5.00% | 08/01/2026 | 230 | &nbsp;&nbsp; 233518 |
| Philadelphia (City of), PA (1998 General Ordinance), Series 2016, Ref. RB | 5.00% | 10/01/2033 | 10 | &nbsp;&nbsp; 10171 |
| Philadelphia School District (The), Series 2016 F, Ref. GO Bonds | 5.00% | 09/01/2029 | 20 | &nbsp;&nbsp; 20266 |
| Philadelphia School District (The), Series 2016, Ref. GO Bonds | 5.00% | 09/01/2036 | 25 | &nbsp;&nbsp; 25211 |
| Pittsburgh (City of), PA Water & Sewer Authority, Series 2017 A, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 09/01/2026 | 145 | &nbsp;&nbsp; 147530 |
| School District of Philadelphia (The), Series 2016 F, Ref. GO Bonds | 5.00% | 09/01/2026 | 5 | &nbsp;&nbsp; 5086 |
|  |  |  |  | &nbsp;&nbsp; 12726964 |
| **Rhode Island-0.41%** |  |  |  |  |
| Rhode Island (State of) Turnpike & Bridge Authority, Series 2016 A, Ref. RB | 5.00% | 10/01/2040 | 330 | &nbsp;&nbsp; 330850 |
| Rhode Island Commerce Corp. (Garvee), Series 2016 B, RB | 5.00% | 06/15/2026 | 50 | &nbsp;&nbsp; 50586 |
| Rhode Island Commerce Corp. (Garvee), Series 2016 B, RB | 5.00% | 06/15/2028 | 245 | &nbsp;&nbsp; 247490 |
| Rhode Island Commerce Corp. (Garvee), Series 2016 B, RB | 5.00% | 06/15/2029 | 215 | &nbsp;&nbsp; 217242 |
| Rhode Island Commerce Corp. (Garvee), Series 2016 B, RB | 5.00% | 06/15/2030 | 265 | &nbsp;&nbsp; 267863 |
| Rhode Island Commerce Corp. (Garvee), Series 2016 B, RB | 5.00% | 06/15/2031 | 125 | &nbsp;&nbsp; 126378 |
|  |  |  |  | &nbsp;&nbsp; 1240409 |
| **South Carolina-0.85%** |  |  |  |  |
| Beaufort County School District, Series 2025 A, GO Bonds | 5.00% | 03/02/2026 | 70 | &nbsp;&nbsp; 70428 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **South Carolina-(continued)** |  |  |  |  |
| Charleston Educational Excellence Finance Corp. (Charleston County School), Series 2023, Ref. RB | 5.00% | 12/01/2026 | $290 | &nbsp;&nbsp; $296678 |
| Greenville County School District, Series 2023, Ref. RB | 5.00% | 12/01/2026 | 235 | &nbsp;&nbsp; 240811 |
| Horry County School District, Series 2024, GO Bonds | 5.00% | 03/01/2026 | 5 | &nbsp;&nbsp; 5031 |
| &nbsp;&nbsp;&nbsp; South Carolina (State of) Jobs-Economic Development Authority (Carealliance Health Services), <br> Series 2016 A, RB<br>| 5.25% | 08/15/2046 | 85 | &nbsp;&nbsp; 85221 |
| South Carolina (State of) Public Service Authority, Series 2016 A, Ref. RB | 5.00% | 12/01/2029 | 225 | &nbsp;&nbsp; 227421 |
| South Carolina (State of) Public Service Authority, Series 2016 A, Ref. RB | 5.00% | 12/01/2030 | 140 | &nbsp;&nbsp; 141525 |
| South Carolina (State of) Public Service Authority, Series 2016 A, Ref. RB | 5.00% | 12/01/2031 | 150 | &nbsp;&nbsp; 151609 |
| South Carolina (State of) Public Service Authority, Series 2016 A, Ref. RB | 5.00% | 12/01/2032 | 145 | &nbsp;&nbsp; 146507 |
| South Carolina (State of) Public Service Authority, Series 2016 A, Ref. RB | 5.00% | 12/01/2033 | 20 | &nbsp;&nbsp; 20199 |
| South Carolina (State of) Public Service Authority, Series 2016 A, Ref. RB | 5.00% | 12/01/2034 | 240 | &nbsp;&nbsp; 242316 |
| South Carolina (State of) Public Service Authority, Series 2016 A, Ref. RB | 5.00% | 12/01/2035 | 25 | &nbsp;&nbsp; 25228 |
| South Carolina (State of) Public Service Authority, Series 2016 A, Ref. RB | 5.00% | 12/01/2036 | 95 | &nbsp;&nbsp; 95813 |
| South Carolina (State of) Public Service Authority, Series 2016 A, Ref. RB | 5.00% | 12/01/2037 | 170 | &nbsp;&nbsp; 171316 |
| South Carolina (State of) Public Service Authority, Series 2016 A, Ref. RB | 5.00% | 12/01/2038 | 215 | &nbsp;&nbsp; 216503 |
| South Carolina (State of) Public Service Authority, Series 2016 B, Ref. RB | 5.00% | 12/01/2035 | 65 | &nbsp;&nbsp; 66177 |
| South Carolina (State of) Public Service Authority, Series 2016 B, Ref. RB | 5.00% | 12/01/2036 | 25 | &nbsp;&nbsp; 25424 |
| South Carolina (State of) Public Service Authority, Series 2016 B, Ref. RB | 5.00% | 12/01/2037 | 75 | &nbsp;&nbsp; 76152 |
| South Carolina (State of) Public Service Authority, Series 2025 B, Ref. RB | 5.00% | 12/01/2026 | 15 | &nbsp;&nbsp; 15332 |
| South Carolina (State of) Transportation Infrastructure Bank, Series 2021 B, Ref. RB | 5.00% | 10/01/2026 | 210 | &nbsp;&nbsp; 214267 |
|  |  |  |  | &nbsp;&nbsp; 2533958 |
| **South Dakota-0.01%** |  |  |  |  |
| Rapid City (City of), SD, Series 2018, RB<sup>(a)(b)</sup> | 4.00% | 12/01/2026 | 25 | &nbsp;&nbsp; 25338 |
| **Tennessee-0.70%** |  |  |  |  |
| Clarksville (City of), TN, Series 2016, Ref. RB<sup>(a)(b)</sup> | 5.00% | 02/01/2026 | 45 | &nbsp;&nbsp; 45175 |
| &nbsp;&nbsp;&nbsp; Memphis (City of) & Shelby (County of), TN Economic Development Growth Engine Industrial <br> Development Board (Graceland), Series 2017 B, Ref. RB<br>| 5.00% | 11/01/2030 | 25 | &nbsp;&nbsp; 25493 |
| Memphis (City of), TN, Series 2015 A, Ref. GO Bonds | 5.00% | 04/01/2026 | 145 | &nbsp;&nbsp; 145513 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2016, Ref. GO Bonds | 5.00% | 01/01/2026 | 50 | &nbsp;&nbsp; 50101 |
| &nbsp;&nbsp;&nbsp; Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2016, Ref. GO <br> Bonds<sup>(a)(b)</sup><br>| 5.00% | 07/01/2026 | 100 | &nbsp;&nbsp; 101355 |
| &nbsp;&nbsp;&nbsp; Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2016, Ref. GO <br> Bonds<sup>(a)(b)</sup><br>| 5.00% | 07/01/2026 | 25 | &nbsp;&nbsp; 25339 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2016, Ref. GO Bonds | 5.00% | 01/01/2028 | 35 | &nbsp;&nbsp; 35459 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2016, Ref. GO Bonds | 4.00% | 01/01/2030 | 45 | &nbsp;&nbsp; 45264 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2016, Ref. GO Bonds | 5.00% | 01/01/2030 | 5 | &nbsp;&nbsp; 5064 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2016, Ref. GO Bonds | 4.00% | 01/01/2031 | 100 | &nbsp;&nbsp; 100541 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2016, Ref. GO Bonds | 5.00% | 01/01/2031 | 115 | &nbsp;&nbsp; 116462 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2016, Ref. GO Bonds | 4.00% | 01/01/2032 | 40 | &nbsp;&nbsp; 40185 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2016, Ref. GO Bonds | 4.00% | 01/01/2033 | 85 | &nbsp;&nbsp; 85311 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2017, GO Bonds | 4.75% | 07/01/2026 | 20 | &nbsp;&nbsp; 20259 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2018, GO Bonds | 5.00% | 07/01/2026 | 190 | &nbsp;&nbsp; 192730 |
| &nbsp;&nbsp;&nbsp; Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities <br> Board (The) (Lipscomb University), Series 2016 A, Ref. RB<br>| 5.00% | 10/01/2041 | 55 | &nbsp;&nbsp; 55007 |
| &nbsp;&nbsp;&nbsp; Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities <br> Board (The) (Vanderbilt University Medical Center), Series 2016 A, RB<br>| 5.00% | 07/01/2029 | 130 | &nbsp;&nbsp; 131434 |
| &nbsp;&nbsp;&nbsp; Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities <br> Board (The) (Vanderbilt University Medical Center), Series 2016 A, RB<br>| 5.00% | 07/01/2030 | 100 | &nbsp;&nbsp; 101128 |
| &nbsp;&nbsp;&nbsp; Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities <br> Board (The) (Vanderbilt University Medical Center), Series 2016 A, RB<br>| 5.00% | 07/01/2031 | 210 | &nbsp;&nbsp; 212354 |
| &nbsp;&nbsp;&nbsp; Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities <br> Board (The) (Vanderbilt University Medical Center), Series 2016 A, RB<br>| 5.00% | 07/01/2035 | 150 | &nbsp;&nbsp; 151450 |
| Tennessee (State of), Series 2016 B, Ref. GO Bonds | 5.00% | 08/01/2028 | 65 | &nbsp;&nbsp; 66049 |
| Tennessee (State of), Series 2016 B, Ref. GO Bonds | 5.00% | 08/01/2030 | 100 | &nbsp;&nbsp; 101573 |
| &nbsp;&nbsp;&nbsp; Tennessee (State of) School Bond Authority, Series 2017 B, Ref. RB, <br> (CEP - Colorado Higher Education Intercept Program)<br>| 5.00% | 11/01/2026 | 80 | &nbsp;&nbsp; 81782 |
| Tennessee Energy Acquisition Corp., Series 2006 A, RB | 5.25% | 09/01/2026 | 85 | &nbsp;&nbsp; 86049 |
| Tennessee Energy Acquisition Corp., Series 2006 B, RB | 5.63% | 09/01/2026 | 75 | &nbsp;&nbsp; 76115 |
|  |  |  |  | &nbsp;&nbsp; 2097192 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas-8.93%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Aledo Independent School District, Series 2016, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2040 | $500 | &nbsp;&nbsp; $500074 |
| Allen Independent School District, Series 2017, GO Bonds<sup>(a)(b)</sup> | 5.00% | 02/15/2026 | 100 | &nbsp;&nbsp; 100470 |
| Allen Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2042 | 420 | &nbsp;&nbsp; 420344 |
| Aurora (City of), IL, Series 2016, Ref. RB | 5.00% | 11/15/2030 | 15 | &nbsp;&nbsp; 15330 |
| Austin (City of), TX, Series 2016, Ref. RB | 5.00% | 11/15/2029 | 55 | &nbsp;&nbsp; 56218 |
| Austin (City of), TX, Series 2016, Ref. RB | 5.00% | 11/15/2031 | 150 | &nbsp;&nbsp; 153228 |
| Austin (City of), TX, Series 2016, Ref. RB | 5.00% | 11/15/2032 | 55 | &nbsp;&nbsp; 56133 |
| Austin (City of), TX, Series 2016, Ref. RB | 5.00% | 11/15/2045 | 150 | &nbsp;&nbsp; 151164 |
| Austin (City of), TX, Series 2017 A, RB | 5.00% | 11/15/2041 | 40 | &nbsp;&nbsp; 40342 |
| Austin (City of), TX, Series 2021, Ref. RB | 5.00% | 11/15/2026 | 110 | &nbsp;&nbsp; 112472 |
| Austin (City of), TX, Series 2024, Ref. RB | 5.00% | 11/15/2026 | 80 | &nbsp;&nbsp; 81798 |
| Austin Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/01/2026 | 60 | &nbsp;&nbsp; 60950 |
| Bexar (County of), TX, Series 2017, Ref. GO Bonds<sup>(a)(b)</sup> | 5.00% | 06/15/2026 | 100 | &nbsp;&nbsp; 101251 |
| Bexar (County of), TX, Series 2017, Ref. GO Bonds<sup>(a)(b)</sup> | 5.00% | 06/15/2026 | 220 | &nbsp;&nbsp; 222753 |
| Bexar (County of), TX, Series 2017, Ref. GO Bonds | 5.00% | 06/15/2028 | 500 | &nbsp;&nbsp; 505752 |
| Board of Regents of the University of Texas System, Series 2014 B, Ref. RB | 5.00% | 08/15/2026 | 115 | &nbsp;&nbsp; 116968 |
| Board of Regents of the University of Texas System, Series 2016 D, RB | 5.00% | 08/15/2026 | 445 | &nbsp;&nbsp; 452614 |
| Board of Regents of the University of Texas System, Series 2016 E, RB | 5.00% | 08/15/2026 | 25 | &nbsp;&nbsp; 25428 |
| Board of Regents of the University of Texas System, Series 2016 J, RB | 5.00% | 08/15/2026 | 405 | &nbsp;&nbsp; 411930 |
| Board of Regents of the University of Texas System, Series 2016 J, RB | 5.00% | 08/15/2028 | 125 | &nbsp;&nbsp; 126963 |
| Board of Regents of the University of Texas System, Series 2017 C, Ref. RB | 5.00% | 08/15/2026 | 30 | &nbsp;&nbsp; 30513 |
| Board of Regents of the University of Texas System, Series 2025 A, RB | 5.00% | 08/15/2026 | 10 | &nbsp;&nbsp; 10171 |
| Board of Regents of the University of Texas System (Green Bonds), Series 2016 B, RB | 5.00% | 08/15/2026 | 170 | &nbsp;&nbsp; 172909 |
| &nbsp;&nbsp;&nbsp; Clifton Higher Education Finance Corp. (Idea Public Schools), Series 2016 A, Ref. RB, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 08/15/2046 | 10 | &nbsp;&nbsp; 10012 |
| &nbsp;&nbsp;&nbsp; Cypress-Fairbanks Independent School District, Series 2016, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2026 | 120 | &nbsp;&nbsp; 120590 |
| &nbsp;&nbsp;&nbsp; Cypress-Fairbanks Independent School District, Series 2016, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2028 | 175 | &nbsp;&nbsp; 175848 |
| &nbsp;&nbsp;&nbsp; Cypress-Fairbanks Independent School District, Series 2023 A, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2026 | 5 | &nbsp;&nbsp; 5025 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 A, Ref. RB | 5.00% | 11/01/2026 | 260 | &nbsp;&nbsp; 265506 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020, Ref. RB | 5.00% | 11/01/2026 | 55 | &nbsp;&nbsp; 56165 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB | 5.00% | 11/01/2026 | 70 | &nbsp;&nbsp; 71482 |
| Dallas (City of), TX, Series 2015 A, Ref. RB | 5.00% | 10/01/2026 | 160 | &nbsp;&nbsp; 160275 |
| Dallas (City of), TX, Series 2016 A, Ref. RB | 5.00% | 10/01/2029 | 45 | &nbsp;&nbsp; 45815 |
| Dallas (City of), TX, Series 2016 A, Ref. RB | 5.00% | 10/01/2031 | 50 | &nbsp;&nbsp; 50910 |
| Dallas (City of), TX, Series 2016 A, Ref. RB | 5.00% | 10/01/2032 | 10 | &nbsp;&nbsp; 10177 |
| Dallas (City of), TX, Series 2016 A, Ref. RB | 5.00% | 10/01/2035 | 60 | &nbsp;&nbsp; 60942 |
| Dallas (City of), TX, Series 2016 A, Ref. RB | 5.00% | 10/01/2036 | 35 | &nbsp;&nbsp; 35518 |
| Dallas (City of), TX, Series 2017, Ref. GO Bonds | 5.00% | 02/15/2026 | 500 | &nbsp;&nbsp; 502446 |
| Dallas (City of), TX, Series 2023 A, Ref. GO Bonds | 5.00% | 02/15/2026 | 210 | &nbsp;&nbsp; 211027 |
| Dallas (City of), TX Area Rapid Transit, Series 2016 B, Ref. RB | 5.00% | 12/01/2032 | 75 | &nbsp;&nbsp; 76377 |
| Dallas (City of), TX Area Rapid Transit, Series 2019, Ref. RB | 5.00% | 12/01/2026 | 160 | &nbsp;&nbsp; 163748 |
| Dallas (County of), TX Utility & Reclamation District, Series 2016, Ref. GO Bonds | 5.00% | 02/15/2026 | 30 | &nbsp;&nbsp; 30139 |
| Denton (City of), TX, Series 2017, RB | 5.00% | 12/01/2034 | 45 | &nbsp;&nbsp; 45942 |
| Denton (City of), TX, Series 2017, RB | 5.00% | 12/01/2035 | 165 | &nbsp;&nbsp; 168298 |
| Denton (City of), TX, Series 2017, RB | 5.00% | 12/01/2036 | 5 | &nbsp;&nbsp; 5095 |
| Denton (County of), TX, Series 2017, Ref. GO Bonds | 5.00% | 07/15/2031 | 50 | &nbsp;&nbsp; 50709 |
| &nbsp;&nbsp;&nbsp; Eagle Mountain & Saginaw Independent School District, Series 2016, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 08/15/2033 | 25 | &nbsp;&nbsp; 25035 |
| El Paso (City of), TX, Series 2016, GO Bonds | 5.00% | 08/15/2042 | 100 | &nbsp;&nbsp; 100767 |
| El Paso (City of), TX, Series 2016, Ref. GO Bonds | 4.00% | 08/15/2031 | 70 | &nbsp;&nbsp; 70347 |
| El Paso (City of), TX, Series 2016, Ref. GO Bonds | 4.00% | 08/15/2032 | 160 | &nbsp;&nbsp; 160699 |
| El Paso Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2036 | 60 | &nbsp;&nbsp; 60472 |
| El Paso Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2037 | 175 | &nbsp;&nbsp; 176157 |
| &nbsp;&nbsp;&nbsp; Fort Bend Independent School District, Series 2017 E, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2026 | 75 | &nbsp;&nbsp; 75362 |
| Garland Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2026 | 5 | &nbsp;&nbsp; 5025 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas-(continued)** |  |  |  |  |
| Harris (County of) & Houston (City of), TX Sports Authority, Series 2024 A, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 11/15/2026 | $25 | &nbsp;&nbsp; $25509 |
| Harris (County of), TX, Series 2016 A, Ref. RB | 5.00% | 08/15/2026 | 45 | &nbsp;&nbsp; 45764 |
| Harris (County of), TX, Series 2016 A, Ref. RB | 5.00% | 08/15/2028 | 10 | &nbsp;&nbsp; 10160 |
| Harris (County of), TX, Series 2016 A, Ref. RB | 5.00% | 08/15/2029 | 135 | &nbsp;&nbsp; 137120 |
| Harris (County of), TX, Series 2016 A, Ref. RB | 5.00% | 08/15/2030 | 305 | &nbsp;&nbsp; 309661 |
| Harris (County of), TX, Series 2016 A, Ref. RB | 5.00% | 08/15/2031 | 230 | &nbsp;&nbsp; 233434 |
| Harris (County of), TX, Series 2016 A, Ref. RB | 5.00% | 08/15/2032 | 135 | &nbsp;&nbsp; 136949 |
| Harris (County of), TX, Series 2016 A, Ref. RB | 5.00% | 08/15/2033 | 75 | &nbsp;&nbsp; 76035 |
| Harris (County of), TX, Series 2016 A, Ref. RB | 5.00% | 08/15/2034 | 105 | &nbsp;&nbsp; 106354 |
| Harris (County of), TX, Series 2016 A, Ref. RB | 5.00% | 08/15/2035 | 25 | &nbsp;&nbsp; 25298 |
| Harris (County of), TX, Series 2016 A, Ref. RB | 5.00% | 08/15/2036 | 225 | &nbsp;&nbsp; 227475 |
| Harris (County of), TX, Series 2020 A, Ref. GO Bonds | 5.00% | 10/01/2026 | 90 | &nbsp;&nbsp; 91806 |
| Harris (County of), TX, Series 2022 A, Ref. GO Bonds | 5.00% | 10/01/2026 | 20 | &nbsp;&nbsp; 20401 |
| Harris (County of), TX, Series 2024 A, GO Bonds | 5.00% | 08/15/2026 | 35 | &nbsp;&nbsp; 35594 |
| Harris (County of), TX, Series 2025 A, Ref. GO Bonds | 5.00% | 09/15/2026 | 15 | &nbsp;&nbsp; 15285 |
| Harris (County of), TX Flood Control District, Series 2025, Ref. GO Bonds | 5.00% | 09/15/2026 | 80 | &nbsp;&nbsp; 81519 |
| Harris (County of), TX Metropolitan Transit Authority, Series 2016 A, Ref. RB | 5.00% | 11/01/2026 | 130 | &nbsp;&nbsp; 132956 |
| Harris (County of), TX Metropolitan Transit Authority, Series 2016 A, Ref. RB | 5.00% | 11/01/2028 | 105 | &nbsp;&nbsp; 107207 |
| Harris (County of), TX Metropolitan Transit Authority, Series 2016 A, Ref. RB | 5.00% | 11/01/2029 | 250 | &nbsp;&nbsp; 255140 |
| Harris (County of), TX Toll Road Authority (The), Series 2022 A, Ref. RB | 5.00% | 08/15/2026 | 125 | &nbsp;&nbsp; 127121 |
| &nbsp;&nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), <br> Series 2016, RB<br>| 5.00% | 07/01/2039 | 10 | &nbsp;&nbsp; 10078 |
| &nbsp;&nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), <br> Series 2016, RB<br>| 5.00% | 07/01/2040 | 20 | &nbsp;&nbsp; 20140 |
| &nbsp;&nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), <br> Series 2019, Ref. RB<br>| 5.00% | 12/01/2026 | 65 | &nbsp;&nbsp; 66451 |
| Houston (City of), TX, Series 2016 A, Ref. GO Bonds | 5.00% | 03/01/2026 | 120 | &nbsp;&nbsp; 120707 |
| Houston (City of), TX, Series 2016 A, Ref. GO Bonds | 5.00% | 03/01/2028 | 20 | &nbsp;&nbsp; 20114 |
| Houston (City of), TX, Series 2016 B, Ref. RB | 5.00% | 11/15/2026 | 80 | &nbsp;&nbsp; 81828 |
| Houston (City of), TX, Series 2016 B, Ref. RB | 5.00% | 11/15/2028 | 245 | &nbsp;&nbsp; 250410 |
| Houston (City of), TX, Series 2016 B, Ref. RB | 4.00% | 11/15/2031 | 385 | &nbsp;&nbsp; 387603 |
| Houston (City of), TX, Series 2016 B, Ref. RB | 5.00% | 11/15/2035 | 25 | &nbsp;&nbsp; 25466 |
| Houston (City of), TX, Series 2016 B, Ref. RB | 5.00% | 11/15/2036 | 30 | &nbsp;&nbsp; 30528 |
| Houston (City of), TX, Series 2016 B, Ref. RB | 4.00% | 11/15/2037 | 5 | &nbsp;&nbsp; 5006 |
| Houston (City of), TX, Series 2016, Ref. RB | 5.00% | 11/15/2029 | 30 | &nbsp;&nbsp; 30647 |
| Houston (City of), TX, Series 2016, Ref. RB | 5.00% | 11/15/2034 | 150 | &nbsp;&nbsp; 152948 |
| Houston (City of), TX, Series 2017 A, Ref. GO Bonds | 5.00% | 03/01/2026 | 205 | &nbsp;&nbsp; 206207 |
| Houston (City of), TX, Series 2017 B, Ref. RB | 5.00% | 11/15/2026 | 340 | &nbsp;&nbsp; 347770 |
| Houston (City of), TX, Series 2018 B, Ref. RB | 5.00% | 07/01/2026 | 60 | &nbsp;&nbsp; 60796 |
| Houston (City of), TX, Series 2021 A, GO Bonds | 5.00% | 03/01/2026 | 55 | &nbsp;&nbsp; 55324 |
| Houston (City of), TX, Series 2024 B, Ref. GO Bonds | 5.00% | 03/01/2026 | 20 | &nbsp;&nbsp; 20118 |
| Houston (City of), TX, Series 2024, Ref. RB | 5.00% | 11/15/2026 | 500 | &nbsp;&nbsp; 511426 |
| &nbsp;&nbsp;&nbsp; Houston Independent School District, Series 2016 A, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2028 | 20 | &nbsp;&nbsp; 20088 |
| &nbsp;&nbsp;&nbsp; Houston Independent School District, Series 2016 A, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2032 | 5 | &nbsp;&nbsp; 5011 |
| &nbsp;&nbsp;&nbsp; Houston Independent School District, Series 2016 A, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2032 | 10 | &nbsp;&nbsp; 10037 |
| &nbsp;&nbsp;&nbsp; Houston Independent School District, Series 2016 A, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2033 | 20 | &nbsp;&nbsp; 20036 |
| &nbsp;&nbsp;&nbsp; Houston Independent School District, Series 2016 A, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2035 | 10 | &nbsp;&nbsp; 10014 |
| &nbsp;&nbsp;&nbsp; Houston Independent School District, Series 2016 A, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2037 | 10 | &nbsp;&nbsp; 10012 |
| &nbsp;&nbsp;&nbsp; Houston Independent School District, Series 2017, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2026 | 110 | &nbsp;&nbsp; 110552 |
| &nbsp;&nbsp;&nbsp; Hurst-Euless-Bedford Independent School District, Series 2024, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 08/15/2026 | 175 | &nbsp;&nbsp; 178056 |
| &nbsp;&nbsp;&nbsp; Leander Independent School District, Series 2016 A, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 08/15/2049 | 10 | &nbsp;&nbsp; 10005 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas-(continued)** |  |  |  |  |
| Lewisville Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2026 | $70 | &nbsp;&nbsp; $71173 |
| Lone Star College System, Series 2016, Ref. GO Bonds | 4.00% | 02/15/2032 | 45 | &nbsp;&nbsp; 45091 |
| Lone Star College System, Series 2016, Ref. GO Bonds | 5.00% | 02/15/2033 | 80 | &nbsp;&nbsp; 80336 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, Ref. RB | 5.00% | 05/15/2026 | 185 | &nbsp;&nbsp; 186980 |
| &nbsp;&nbsp;&nbsp; Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023, Ref. RB, <br> (INS - AGI)<sup>(c)</sup><br>| 5.00% | 05/15/2026 | 15 | &nbsp;&nbsp; 15155 |
| &nbsp;&nbsp;&nbsp; Medina Valley Independent School District, Series 2016, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2041 | 75 | &nbsp;&nbsp; 75019 |
| &nbsp;&nbsp;&nbsp; Mesquite Independent School District, Series 2017 B, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 08/15/2042 | 5 | &nbsp;&nbsp; 5015 |
| Midland Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2026 | 5 | &nbsp;&nbsp; 5025 |
| Montgomery (County of), TX, Series 2016, Ref. GO Bonds | 5.00% | 03/01/2028 | 35 | &nbsp;&nbsp; 35196 |
| Montgomery (County of), TX, Series 2016, Ref. GO Bonds | 5.00% | 03/01/2032 | 20 | &nbsp;&nbsp; 20112 |
| New Hope Cultural Education Facilities Finance Corp. (Cardinal Bay, Inc.), Series 2016, RB<sup>(d)</sup> | 5.00% | 12/31/2049 | 100 | &nbsp;&nbsp; 90250 |
| &nbsp;&nbsp;&nbsp; North East Independent School District, Series 2007, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.25% | 02/01/2026 | 30 | &nbsp;&nbsp; 30130 |
| North East Texas Regional Mobility Authority, Series 2016, RB<sup>(a)(b)</sup> | 5.00% | 01/01/2026 | 70 | &nbsp;&nbsp; 70130 |
| North Harris (County of), TX Regional Water Authority, Series 2016, Ref. RB | 4.00% | 12/15/2035 | 245 | &nbsp;&nbsp; 246604 |
| North Texas Tollway Authority, Series 2016 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 01/01/2026 | 20 | &nbsp;&nbsp; 20039 |
| North Texas Tollway Authority, Series 2016 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 01/01/2026 | 160 | &nbsp;&nbsp; 160310 |
| North Texas Tollway Authority, Series 2016 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 01/01/2026 | 100 | &nbsp;&nbsp; 100194 |
| North Texas Tollway Authority, Series 2016 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 01/01/2026 | 1105 | &nbsp;&nbsp; 1107139 |
| North Texas Tollway Authority, Series 2016 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 01/01/2026 | 20 | &nbsp;&nbsp; 20039 |
| North Texas Tollway Authority, Series 2016 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 01/01/2026 | 625 | &nbsp;&nbsp; 626210 |
| North Texas Tollway Authority, Series 2017 A, Ref. RB | 5.00% | 01/01/2029 | 20 | &nbsp;&nbsp; 20028 |
| North Texas Tollway Authority, Series 2017 A, Ref. RB | 5.00% | 01/01/2031 | 115 | &nbsp;&nbsp; 115159 |
| North Texas Tollway Authority, Series 2017 B, Ref. RB | 5.00% | 01/01/2028 | 15 | &nbsp;&nbsp; 15020 |
| North Texas Tollway Authority, Series 2017 B, Ref. RB | 5.00% | 01/01/2029 | 5 | &nbsp;&nbsp; 5007 |
| North Texas Tollway Authority, Series 2017 B, Ref. RB | 5.00% | 01/01/2030 | 65 | &nbsp;&nbsp; 65085 |
| North Texas Tollway Authority, Series 2017 B, Ref. RB | 5.00% | 01/01/2031 | 120 | &nbsp;&nbsp; 120157 |
| North Texas Tollway Authority, Series 2022 B, Ref. RB | 5.00% | 01/01/2026 | 45 | &nbsp;&nbsp; 45086 |
| Pearland (City of), TX, Series 2021 B, Ctfs. of Obligations | 5.00% | 03/01/2030 | 655 | &nbsp;&nbsp; 657576 |
| Pecos Barstow Toyah Independent School District, Series 2023, GO Bonds<sup>(a)(b)</sup> | 5.00% | 02/15/2026 | 1000 | &nbsp;&nbsp; 1004803 |
| &nbsp;&nbsp;&nbsp; Pecos Barstow Toyah Independent School District, Series 2023, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2039 | 310 | &nbsp;&nbsp; 310517 |
| Permanent University Fund - University of Texas System, Series 2007 B, Ref. RB | 5.25% | 07/01/2026 | 140 | &nbsp;&nbsp; 142221 |
| Plano Independent School District, Series 2016 A, Ref. GO Bonds<sup>(a)(b)</sup> | 5.00% | 02/15/2026 | 95 | &nbsp;&nbsp; 95446 |
| &nbsp;&nbsp;&nbsp; Round Rock Independent School District, Series 2019 A, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 08/01/2026 | 10 | &nbsp;&nbsp; 10158 |
| San Antonio (City of), TX, Series 2015, RB<sup>(a)(b)</sup> | 3.20% | 02/01/2026 | 15 | &nbsp;&nbsp; 15011 |
| San Antonio (City of), TX, Series 2015, RB<sup>(a)(b)</sup> | 4.00% | 02/01/2026 | 55 | &nbsp;&nbsp; 55114 |
| San Antonio (City of), TX, Series 2015, RB<sup>(a)(b)</sup> | 4.00% | 02/01/2026 | 70 | &nbsp;&nbsp; 70145 |
| San Antonio (City of), TX, Series 2015, RB<sup>(a)(b)</sup> | 4.00% | 02/01/2026 | 80 | &nbsp;&nbsp; 80166 |
| San Antonio (City of), TX, Series 2015, RB<sup>(a)(b)</sup> | 4.00% | 02/01/2026 | 25 | &nbsp;&nbsp; 25052 |
| San Antonio (City of), TX, Series 2015, Ref. RB<sup>(a)(b)</sup> | 3.13% | 02/01/2026 | 80 | &nbsp;&nbsp; 80048 |
| San Antonio (City of), TX, Series 2015, Ref. RB | 5.00% | 02/01/2026 | 70 | &nbsp;&nbsp; 70258 |
| San Antonio (City of), TX, Series 2015, Ref. RB<sup>(a)(b)</sup> | 5.00% | 02/01/2026 | 40 | &nbsp;&nbsp; 40149 |
| San Antonio (City of), TX, Series 2015, Ref. RB<sup>(a)(b)</sup> | 5.00% | 02/01/2026 | 40 | &nbsp;&nbsp; 40149 |
| San Antonio (City of), TX, Series 2016, Ref. RB | 5.00% | 02/01/2026 | 235 | &nbsp;&nbsp; 235866 |
| San Antonio (City of), TX, Series 2016, Ref. RB | 4.00% | 02/01/2028 | 60 | &nbsp;&nbsp; 60467 |
| San Antonio (City of), TX, Series 2016, Ref. RB | 5.00% | 02/01/2029 | 320 | &nbsp;&nbsp; 324762 |
| San Antonio (City of), TX, Series 2016, Ref. RB | 5.00% | 02/01/2030 | 105 | &nbsp;&nbsp; 106521 |
| San Antonio (City of), TX, Series 2016, Ref. RB | 4.00% | 02/01/2032 | 140 | &nbsp;&nbsp; 140791 |
| San Antonio (City of), TX, Series 2016, Ref. RB | 5.00% | 02/01/2032 | 85 | &nbsp;&nbsp; 86208 |
| San Antonio (City of), TX, Series 2016, Ref. RB | 4.00% | 02/01/2033 | 20 | &nbsp;&nbsp; 20097 |
| San Antonio (City of), TX, Series 2016, Ref. RB | 4.00% | 02/01/2034 | 65 | &nbsp;&nbsp; 65256 |
| San Antonio (City of), TX, Series 2018 A, RB | 5.00% | 02/01/2026 | 30 | &nbsp;&nbsp; 30111 |
| San Antonio (City of), TX, Series 2019, Ref. GO Bonds | 5.00% | 08/01/2026 | 130 | &nbsp;&nbsp; 132145 |
| San Antonio (City of), TX, Series 2019, Ref. RB | 4.00% | 02/01/2026 | 130 | &nbsp;&nbsp; 130266 |
| San Antonio (City of), TX, Series 2024, GO Bonds | 5.00% | 02/01/2026 | 5 | &nbsp;&nbsp; 5020 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas-(continued)** |  |  |  |  |
| San Antonio (City of), TX Water System, Series 2016 A, Ref. RB | 5.00% | 05/15/2031 | $185 | &nbsp;&nbsp; $186834 |
| San Antonio (City of), TX Water System, Series 2016 A, Ref. RB | 5.00% | 05/15/2032 | 35 | &nbsp;&nbsp; 35339 |
| San Antonio (City of), TX Water System, Series 2016 C, Ref. RB | 5.00% | 05/15/2033 | 45 | &nbsp;&nbsp; 45876 |
| San Antonio (City of), TX Water System, Series 2016 C, Ref. RB | 5.00% | 05/15/2034 | 120 | &nbsp;&nbsp; 122268 |
| San Antonio (City of), TX Water System, Series 2016 C, Ref. RB | 5.00% | 05/15/2036 | 200 | &nbsp;&nbsp; 203436 |
| San Antonio (City of), TX Water System, Series 2016 C, Ref. RB | 4.00% | 05/15/2037 | 15 | &nbsp;&nbsp; 15069 |
| Schertz-Cibolo-Universal City Independent School District, Series 2017, GO Bonds<sup>(a)(b)</sup> | 5.00% | 02/01/2026 | 145 | &nbsp;&nbsp; 145539 |
| Spring Independent School District, Series 2017 A, Ref. GO Bonds | 5.00% | 08/15/2028 | 10 | &nbsp;&nbsp; 10154 |
| Spring Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2042 | 50 | &nbsp;&nbsp; 50154 |
| &nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health), Series 2016 <br> A, Ref. RB<br>| 5.00% | 11/15/2029 | 205 | &nbsp;&nbsp; 206979 |
| &nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health), Series 2016 <br> A, Ref. RB<br>| 4.00% | 11/15/2035 | 420 | &nbsp;&nbsp; 417559 |
| &nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health), Series 2016, <br> Ref. RB<br>| 5.00% | 11/15/2028 | 50 | &nbsp;&nbsp; 50500 |
| &nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health), Series 2016, <br> Ref. RB<br>| 4.00% | 11/15/2034 | 540 | &nbsp;&nbsp; 540038 |
| &nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health), Series 2016, <br> Ref. RB<br>| 5.00% | 11/15/2037 | 20 | &nbsp;&nbsp; 20149 |
| &nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp. (Texas Health Resources System), <br> Series 2016 A, Ref. RB<br>| 5.00% | 02/15/2041 | 300 | &nbsp;&nbsp; 302634 |
| &nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp. (Texas Health Resources System), <br> Series 2016, Ref. RB<br>| 5.00% | 02/15/2034 | 90 | &nbsp;&nbsp; 91336 |
| Texas (State of), Series 2016 A, GO Bonds | 5.00% | 04/01/2026 | 270 | &nbsp;&nbsp; 272193 |
| Texas (State of), Series 2016 A, GO Bonds | 5.00% | 04/01/2038 | 250 | &nbsp;&nbsp; 250578 |
| Texas (State of), Series 2016, GO Bonds | 5.00% | 04/01/2028 | 20 | &nbsp;&nbsp; 20151 |
| Texas (State of), Series 2016, GO Bonds | 5.00% | 04/01/2029 | 20 | &nbsp;&nbsp; 20146 |
| Texas (State of), Series 2016, GO Bonds | 5.00% | 04/01/2029 | 10 | &nbsp;&nbsp; 10073 |
| Texas (State of), Series 2016, GO Bonds | 5.00% | 04/01/2030 | 260 | &nbsp;&nbsp; 261763 |
| Texas (State of), Series 2016, GO Bonds | 5.00% | 04/01/2031 | 140 | &nbsp;&nbsp; 140879 |
| Texas (State of), Series 2016, GO Bonds | 5.00% | 04/01/2031 | 30 | &nbsp;&nbsp; 30188 |
| Texas (State of), Series 2016, GO Bonds | 5.00% | 04/01/2032 | 5 | &nbsp;&nbsp; 5028 |
| Texas (State of), Series 2016, GO Bonds | 5.00% | 04/01/2032 | 400 | &nbsp;&nbsp; 402257 |
| Texas (State of), Series 2016, GO Bonds | 5.00% | 04/01/2033 | 20 | &nbsp;&nbsp; 20101 |
| Texas (State of), Series 2016, GO Bonds | 5.00% | 04/01/2033 | 10 | &nbsp;&nbsp; 10051 |
| Texas (State of), Series 2016, GO Bonds | 5.00% | 04/01/2034 | 10 | &nbsp;&nbsp; 10045 |
| Texas (State of), Series 2016, GO Bonds | 5.00% | 04/01/2037 | 100 | &nbsp;&nbsp; 100281 |
| Texas (State of), Series 2016, GO Bonds | 5.00% | 04/01/2038 | 25 | &nbsp;&nbsp; 25058 |
| Texas (State of), Series 2016, GO Bonds | 5.00% | 04/01/2043 | 5 | &nbsp;&nbsp; 5001 |
| Texas (State of), Series 2016, Ref. GO Bonds | 5.00% | 10/01/2026 | 5 | &nbsp;&nbsp; 5102 |
| Texas (State of), Series 2018 A, Ref. GO Bonds | 5.00% | 10/01/2026 | 35 | &nbsp;&nbsp; 35717 |
| Texas (State of), Series 2024, Ref. GO Bonds | 5.00% | 10/01/2026 | 200 | &nbsp;&nbsp; 204097 |
| Texas (State of) Transportation Commission, Series 2024, Ref. GO Bonds | 5.00% | 04/01/2026 | 30 | &nbsp;&nbsp; 30246 |
| Texas (State of) Transportation Commission State Highway Fund, Series 2015, Ref. RB | 5.00% | 10/01/2026 | 355 | &nbsp;&nbsp; 362273 |
| Texas (State of) Transportation Commission State Highway Fund, Series 2016 A, RB | 5.00% | 10/01/2026 | 145 | &nbsp;&nbsp; 147971 |
| Texas (State of) Transportation Commission State Highway Fund, Series 2016 A, RB | 5.00% | 10/01/2030 | 5 | &nbsp;&nbsp; 5084 |
| Texas (State of) Water Development Board, Series 2016, RB | 4.00% | 10/15/2030 | 120 | &nbsp;&nbsp; 120977 |
| Texas (State of) Water Development Board, Series 2016, RB | 4.00% | 10/15/2032 | 130 | &nbsp;&nbsp; 130892 |
| Texas (State of) Water Development Board, Series 2016, RB | 4.00% | 10/15/2033 | 40 | &nbsp;&nbsp; 40237 |
| Texas (State of) Water Development Board, Series 2016, RB | 4.00% | 10/15/2036 | 25 | &nbsp;&nbsp; 25070 |
| Texas (State of) Water Development Board, Series 2016, RB | 5.00% | 10/15/2046 | 10 | &nbsp;&nbsp; 10010 |
| Texas (State of) Water Development Board, Series 2017 A, RB | 5.00% | 04/15/2026 | 95 | &nbsp;&nbsp; 95842 |
| Texas (State of) Water Development Board, Series 2018 B, RB | 5.00% | 10/15/2026 | 135 | &nbsp;&nbsp; 137825 |
| Texas (State of) Water Development Board, Series 2020, RB | 5.00% | 08/01/2026 | 15 | &nbsp;&nbsp; 15239 |
| Texas (State of) Water Development Board, Series 2021, RB | 5.00% | 08/01/2026 | 145 | &nbsp;&nbsp; 147315 |
| Texas A&M University, Series 2016 C, Ref. RB | 4.00% | 05/15/2028 | 100 | &nbsp;&nbsp; 100536 |
| Texas A&M University, Series 2016 C, Ref. RB | 4.00% | 05/15/2029 | 70 | &nbsp;&nbsp; 70378 |
| Texas A&M University, Series 2017 E, Ref. RB | 5.00% | 05/15/2026 | 140 | &nbsp;&nbsp; 141543 |
| Texas State University Board of Regents, Series 2017 A, Ref. RB | 5.00% | 03/15/2026 | 220 | &nbsp;&nbsp; 221494 |
| Texas State University Board of Regents, Series 2024, Ref. RB | 5.00% | 03/15/2026 | 25 | &nbsp;&nbsp; 25170 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas-(continued)** |  |  |  |  |
| Trinity River Authority, Series 2016, Ref. RB | 5.00% | 08/01/2026 | $500 | &nbsp;&nbsp; $507915 |
| University of Houston, Series 2017 A, Ref. RB | 5.00% | 02/15/2026 | 50 | &nbsp;&nbsp; 50249 |
| University of Houston, Series 2017 A, Ref. RB | 5.00% | 02/15/2028 | 25 | &nbsp;&nbsp; 25123 |
| University of Houston, Series 2017 A, Ref. RB | 5.00% | 02/15/2030 | 75 | &nbsp;&nbsp; 75360 |
| University of Houston, Series 2017 A, Ref. RB | 5.00% | 02/15/2031 | 40 | &nbsp;&nbsp; 40170 |
| University of Houston, Series 2017 A, Ref. RB | 5.00% | 02/15/2032 | 95 | &nbsp;&nbsp; 95389 |
| University of Houston, Series 2017 A, Ref. RB | 5.00% | 02/15/2033 | 20 | &nbsp;&nbsp; 20079 |
| University of Houston, Series 2017 A, Ref. RB | 5.00% | 02/15/2034 | 20 | &nbsp;&nbsp; 20078 |
| University of Houston, Series 2017 A, Ref. RB | 5.00% | 02/15/2035 | 70 | &nbsp;&nbsp; 70268 |
| University of Houston, Series 2017 A, Ref. RB | 5.00% | 02/15/2036 | 400 | &nbsp;&nbsp; 401489 |
| Williamson (County of), TX, Series 2015 A, Ref. GO Bonds | 4.00% | 02/15/2026 | 10 | &nbsp;&nbsp; 10009 |
| Williamson (County of), TX, Series 2021, GO Notes | 4.00% | 02/15/2026 | 10 | &nbsp;&nbsp; 10029 |
|  |  |  |  | &nbsp;&nbsp; 26756696 |
| **Utah-0.53%** |  |  |  |  |
| Intermountain Power Agency, Series 2022 A, Ref. RB | 5.00% | 07/01/2026 | 5 | &nbsp;&nbsp; 5065 |
| Intermountain Power Agency, Series 2023 A, RB | 5.00% | 07/01/2026 | 225 | &nbsp;&nbsp; 227918 |
| University of Utah (The) (Green Bonds), Series 2022 B, RB | 5.00% | 08/01/2026 | 115 | &nbsp;&nbsp; 116836 |
| Utah (County of), UT (IHC Health Services, Inc.), Series 2016 B, RB | 3.00% | 05/15/2047 | 95 | &nbsp;&nbsp; 73526 |
| Utah (County of), UT (IHC Health Services, Inc.), Series 2018, Ref. RB | 5.00% | 05/15/2041 | 290 | &nbsp;&nbsp; 291696 |
| Utah (State of), Series 2017, GO Bonds | 5.00% | 07/01/2026 | 5 | &nbsp;&nbsp; 5071 |
| Utah (State of), Series 2018, GO Bonds | 5.00% | 07/01/2026 | 295 | &nbsp;&nbsp; 299205 |
| Utah (State of), Series 2020 B, GO Bonds | 5.00% | 07/01/2026 | 245 | &nbsp;&nbsp; 248492 |
| Utah (State of), Series 2020, GO Bonds | 5.00% | 07/01/2026 | 105 | &nbsp;&nbsp; 106497 |
| Utah (State of) Transit Authority, Series 2016, Ref. RB | 4.00% | 12/15/2029 | 45 | &nbsp;&nbsp; 45248 |
| Utah (State of) Transit Authority, Series 2016, Ref. RB | 4.00% | 12/15/2030 | 95 | &nbsp;&nbsp; 95577 |
| Utah (State of) Transit Authority, Series 2016, Ref. RB | 4.00% | 12/15/2031 | 35 | &nbsp;&nbsp; 35206 |
| Utah Municipal Power Agency, Series 2016 B, RB | 5.00% | 07/01/2038 | 25 | &nbsp;&nbsp; 25123 |
|  |  |  |  | &nbsp;&nbsp; 1575460 |
| **Vermont-0.11%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Vermont (State of) Educational & Health Buildings Financing Agency (University of Vermont Medical <br> Center (The)), Series 2016 A, Ref. RB<br>| 5.00% | 12/01/2032 | 10 | &nbsp;&nbsp; 10080 |
| &nbsp;&nbsp;&nbsp; Vermont (State of) Educational & Health Buildings Financing Agency (University of Vermont Medical <br> Center), Series 2016 A, Ref. RB<br>| 5.00% | 12/01/2034 | 5 | &nbsp;&nbsp; 5032 |
| &nbsp;&nbsp;&nbsp; Vermont (State of) Educational & Health Buildings Financing Agency (University of Vermont Medical <br> Center), Series 2016 A, Ref. RB<br>| 5.00% | 12/01/2035 | 235 | &nbsp;&nbsp; 236376 |
| &nbsp;&nbsp;&nbsp; Vermont (State of) Educational & Health Buildings Financing Agency (University of Vermont Medical <br> Center), Series 2016 A, Ref. RB<br>| 5.00% | 12/01/2036 | 80 | &nbsp;&nbsp; 80412 |
|  |  |  |  | &nbsp;&nbsp; 331900 |
| **Virginia-1.62%** |  |  |  |  |
| Arlington (County of), VA, Series 2016 B, Ref. GO Bonds | 5.00% | 08/15/2026 | 50 | &nbsp;&nbsp; 50884 |
| Chesapeake Bay Bridge & Tunnel District, Series 2016, RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 07/01/2041 | 105 | &nbsp;&nbsp; 105580 |
| Fairfax (County of), VA, Series 2016 A, Ref. GO Bonds<sup>(a)(b)</sup> | 5.00% | 04/01/2026 | 100 | &nbsp;&nbsp; 100815 |
| Fairfax (County of), VA, Series 2016 A, Ref. GO Bonds | 4.00% | 10/01/2026 | 125 | &nbsp;&nbsp; 125581 |
| Fairfax (County of), VA, Series 2016 A, Ref. GO Bonds | 4.00% | 10/01/2027 | 405 | &nbsp;&nbsp; 406849 |
| Fairfax (County of), VA, Series 2016 A, Ref. GO Bonds | 4.00% | 10/01/2028 | 75 | &nbsp;&nbsp; 75359 |
| Fairfax (County of), VA, Series 2023 A, GO Bonds | 4.00% | 10/01/2026 | 5 | &nbsp;&nbsp; 5062 |
| Fairfax (County of), VA, Series 2025 A, GO Bonds | 5.00% | 10/01/2026 | 110 | &nbsp;&nbsp; 112272 |
| &nbsp;&nbsp;&nbsp; Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2016 A, Ref. <br> RB<br>| 5.00% | 05/15/2030 | 125 | &nbsp;&nbsp; 126242 |
| &nbsp;&nbsp;&nbsp; Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2016 A, Ref. <br> RB<br>| 5.00% | 05/15/2031 | 90 | &nbsp;&nbsp; 90896 |
| &nbsp;&nbsp;&nbsp; Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2016, Ref. <br> RB<br>| 5.00% | 05/15/2026 | 5 | &nbsp;&nbsp; 5053 |
| &nbsp;&nbsp;&nbsp; Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2016, Ref. <br> RB<br>| 5.00% | 05/15/2026 | 15 | &nbsp;&nbsp; 15159 |
| Hampton Roads Sanitation District, Series 2016 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 08/01/2026 | 155 | &nbsp;&nbsp; 157547 |
| Hampton Roads Sanitation District, Series 2016 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 08/01/2026 | 40 | &nbsp;&nbsp; 40657 |
| Hampton Roads Sanitation District, Series 2016 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 08/01/2026 | 415 | &nbsp;&nbsp; 421819 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Virginia-(continued)** |  |  |  |  |
| Hampton Roads Sanitation District, Series 2016 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 08/01/2026 | $40 | &nbsp;&nbsp; $40657 |
| Hampton Roads Sanitation District, Series 2016 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 08/01/2026 | 15 | &nbsp;&nbsp; 15247 |
| Henrico (County of), VA, Series 2016, Ref. RB<sup>(a)(b)</sup> | 5.00% | 05/01/2026 | 75 | &nbsp;&nbsp; 75739 |
| Norfolk (City of), VA, Series 2016 B, Ref. GO Bonds | 4.00% | 10/01/2028 | 75 | &nbsp;&nbsp; 75905 |
| Richmond (City of), VA, Series 2016, Ref. RB | 5.00% | 01/15/2026 | 20 | &nbsp;&nbsp; 20059 |
| Richmond (City of), VA, Series 2016, Ref. RB<sup>(a)(b)</sup> | 5.00% | 01/15/2026 | 20 | &nbsp;&nbsp; 20058 |
| Richmond (City of), VA, Series 2016, Ref. RB<sup>(a)(b)</sup> | 5.00% | 01/15/2026 | 80 | &nbsp;&nbsp; 80232 |
| Richmond (City of), VA, Series 2016, Ref. RB<sup>(a)(b)</sup> | 5.00% | 01/15/2026 | 135 | &nbsp;&nbsp; 135392 |
| Richmond (City of), VA, Series 2016, Ref. RB<sup>(a)(b)</sup> | 5.00% | 01/15/2026 | 5 | &nbsp;&nbsp; 5015 |
| Richmond (City of), VA, Series 2016, Ref. RB<sup>(a)(b)</sup> | 5.00% | 01/15/2026 | 80 | &nbsp;&nbsp; 80232 |
| Richmond (City of), VA, Series 2016, Ref. RB | 4.00% | 01/15/2037 | 250 | &nbsp;&nbsp; 250131 |
| &nbsp;&nbsp;&nbsp; Stafford (County of), VA Economic Development Authority (Mary Washington Healthcare Obligated <br> Group), Series 2016, Ref. RB<br>| 5.00% | 06/15/2035 | 25 | &nbsp;&nbsp; 25230 |
| Virginia (Commonwealth of), Series 2024 B, Ref. GO Bonds | 5.00% | 06/01/2026 | 75 | &nbsp;&nbsp; 75940 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority, Series 2016 A, Ref. RB, <br> (CEP - Colorado Higher Education Intercept Program)<br>| 3.00% | 09/01/2026 | 135 | &nbsp;&nbsp; 135285 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority, Series 2016 A, Ref. RB, <br> (CEP - Colorado Higher Education Intercept Program)<br>| 5.00% | 09/01/2028 | 100 | &nbsp;&nbsp; 101609 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority, Series 2016 A, Ref. RB, <br> (CEP - Colorado Higher Education Intercept Program)<br>| 5.00% | 09/01/2029 | 65 | &nbsp;&nbsp; 66026 |
| Virginia (Commonwealth of) College Building Authority, Series 2019 A, RB | 5.00% | 02/01/2026 | 500 | &nbsp;&nbsp; 502004 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Centuity College and Equipment), <br> Series 2020, RB<br>| 5.00% | 02/01/2026 | 15 | &nbsp;&nbsp; 15060 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Centuity College and Equipment), <br> Series 2021, RB<br>| 5.00% | 02/01/2026 | 20 | &nbsp;&nbsp; 20080 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment <br> Programs), Series 2017, RB<br>| 5.00% | 02/01/2026 | 70 | &nbsp;&nbsp; 70281 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment <br> Programs), Series 2017, Ref. RB<br>| 5.00% | 02/01/2026 | 30 | &nbsp;&nbsp; 30120 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment <br> Programs), Series 2019 C, Ref. RB<br>| 5.00% | 02/01/2026 | 60 | &nbsp;&nbsp; 60241 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment <br> Programs), Series 2022 A, RB<br>| 5.00% | 02/01/2026 | 45 | &nbsp;&nbsp; 45180 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments <br> Programs), Series 2017, Ref. RB<br>| 5.00% | 02/01/2026 | 50 | &nbsp;&nbsp; 50200 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments <br> Programs), Series 2024, RB<br>| 5.00% | 02/01/2026 | 25 | &nbsp;&nbsp; 25100 |
| Virginia (Commonwealth of) Public Building Authority, Series 2016 B, Ref. RB | 5.00% | 08/01/2026 | 220 | &nbsp;&nbsp; 223630 |
| Virginia (Commonwealth of) Public Building Authority, Series 2020 B, Ref. RB | 5.00% | 08/01/2026 | 80 | &nbsp;&nbsp; 81320 |
| Virginia (Commonwealth of) Public Building Authority, Series 2021 A-1, RB | 5.00% | 08/01/2026 | 75 | &nbsp;&nbsp; 76237 |
| Virginia (Commonwealth of) Public Building Authority, Series 2024 B, Ref. RB | 5.00% | 08/01/2026 | 55 | &nbsp;&nbsp; 55907 |
| Virginia (Commonwealth of) Transportation Board, Series 2016, RB | 5.00% | 09/15/2030 | 230 | &nbsp;&nbsp; 234035 |
| Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB | 5.00% | 05/15/2026 | 85 | &nbsp;&nbsp; 85976 |
| Virginia (Commonwealth of) Transportation Board (Garvee), Series 2017, Ref. RB | 5.00% | 03/15/2026 | 225 | &nbsp;&nbsp; 226639 |
| Virginia (Commonwealth of) Transportation Board (Garvee), Series 2017, Ref. RB | 5.00% | 09/15/2026 | 25 | &nbsp;&nbsp; 25489 |
|  |  |  |  | &nbsp;&nbsp; 4870031 |
| **Washington-4.00%** |  |  |  |  |
| Central Puget Sound Regional Transit Authority (Green Bonds), Series 2016 S-1, RB | 5.00% | 11/01/2035 | 150 | &nbsp;&nbsp; 152509 |
| Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB | 5.00% | 11/01/2026 | 180 | &nbsp;&nbsp; 184093 |
| Energy Northwest (Bonneville Power Administration), Series 2016 A, Ref. RB | 5.00% | 07/01/2026 | 105 | &nbsp;&nbsp; 106515 |
| Energy Northwest (Bonneville Power Administration), Series 2016 A, Ref. RB | 5.00% | 07/01/2028 | 200 | &nbsp;&nbsp; 202848 |
| Energy Northwest (No. 1), Series 2017 A, Ref. RB | 5.00% | 07/01/2026 | 345 | &nbsp;&nbsp; 349978 |
| Energy Northwest (No. 1), Series 2021 A, Ref. RB | 5.00% | 07/01/2026 | 65 | &nbsp;&nbsp; 65938 |
| Energy Northwest (No. 1), Series 2022 A, Ref. RB | 5.00% | 07/01/2026 | 295 | &nbsp;&nbsp; 299257 |
| Energy Northwest (No. 1), Series 2024 B, Ref. RB | 5.00% | 07/01/2026 | 30 | &nbsp;&nbsp; 30433 |
| Energy Northwest (No. 3), Series 2018, Ref. RB | 5.00% | 07/01/2026 | 20 | &nbsp;&nbsp; 20289 |
| Grant (County of), WA Public Utility District No. 2, Series 2023 U, Ref. RB | 4.00% | 01/01/2026 | 110 | &nbsp;&nbsp; 110118 |
| &nbsp;&nbsp;&nbsp; King & Snohomish Counties School District No. 417 Northshore, Series 2024, Ref. GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2026 | 175 | &nbsp;&nbsp; 179205 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Washington-(continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; King & Snohomish Counties School District No. 417 Northshore, Series 2025, Ref. GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2026 | $25 | &nbsp;&nbsp; $25601 |
| King (County of), WA, Series 2016 A, Ref. RB<sup>(a)(b)</sup> | 4.00% | 01/01/2026 | 15 | &nbsp;&nbsp; 15016 |
| King (County of), WA, Series 2016 A, Ref. RB | 4.00% | 07/01/2038 | 265 | &nbsp;&nbsp; 265056 |
| King (County of), WA, Series 2016 B, Ref. RB | 5.00% | 07/01/2028 | 120 | &nbsp;&nbsp; 121618 |
| King (County of), WA, Series 2016 B, Ref. RB | 4.00% | 07/01/2030 | 130 | &nbsp;&nbsp; 130824 |
| King (County of), WA, Series 2016 B, Ref. RB | 4.00% | 07/01/2031 | 20 | &nbsp;&nbsp; 20136 |
| &nbsp;&nbsp;&nbsp; King (County of), WA Public Hospital District No. 1 (Valley Medical Center), Series 2017, Ref. GO <br> Bonds<br>| 5.00% | 12/01/2036 | 15 | &nbsp;&nbsp; 15163 |
| &nbsp;&nbsp;&nbsp; King County School District No. 401 Highline, Series 2015, Ref. GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2026 | 50 | &nbsp;&nbsp; 50057 |
| &nbsp;&nbsp;&nbsp; King County School District No. 401 Highline, Series 2017, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2028 | 240 | &nbsp;&nbsp; 245479 |
| &nbsp;&nbsp;&nbsp; King County School District No. 401 Highline, Series 2017, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 4.00% | 12/01/2029 | 180 | &nbsp;&nbsp; 182279 |
| &nbsp;&nbsp;&nbsp; King County School District No. 401 Highline, Series 2017, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2030 | 20 | &nbsp;&nbsp; 20433 |
| &nbsp;&nbsp;&nbsp; King County School District No. 401 Highline, Series 2017, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2031 | 120 | &nbsp;&nbsp; 122560 |
| &nbsp;&nbsp;&nbsp; King County School District No. 401 Highline, Series 2017, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 4.00% | 12/01/2035 | 105 | &nbsp;&nbsp; 105576 |
| &nbsp;&nbsp;&nbsp; King County School District No. 405 Bellevue, Series 2016, Ref. GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2026 | 55 | &nbsp;&nbsp; 56365 |
| &nbsp;&nbsp;&nbsp; King County School District No. 405 Bellevue, Series 2016, Ref. GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2028 | 65 | &nbsp;&nbsp; 66484 |
| &nbsp;&nbsp;&nbsp; King County School District No. 405 Bellevue, Series 2016, Ref. GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2029 | 350 | &nbsp;&nbsp; 357990 |
| &nbsp;&nbsp;&nbsp; King County School District No. 405 Bellevue, Series 2016, Ref. GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2030 | 555 | &nbsp;&nbsp; 567614 |
| &nbsp;&nbsp;&nbsp; King County School District No. 411 Issaquah, Series 2016, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 4.00% | 12/01/2031 | 65 | &nbsp;&nbsp; 65364 |
| &nbsp;&nbsp;&nbsp; King County School District No. 411 Issaquah, Series 2016, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 4.00% | 12/01/2032 | 20 | &nbsp;&nbsp; 20109 |
| &nbsp;&nbsp;&nbsp; King County School District No. 411 Issaquah, Series 2017, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2032 | 690 | &nbsp;&nbsp; 705270 |
| &nbsp;&nbsp;&nbsp; King County School District No. 411 Issaquah, Series 2022, Ref. GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2026 | 310 | &nbsp;&nbsp; 317448 |
| &nbsp;&nbsp;&nbsp; King County School District No. 414 Lake Washington, Series 2016, Ref. GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 4.00% | 12/01/2035 | 20 | &nbsp;&nbsp; 20066 |
| North Thurston Public Schools, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2026 | 145 | &nbsp;&nbsp; 148484 |
| &nbsp;&nbsp;&nbsp; Pierce County School District No. 10 Tacoma, Series 2024, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2026 | 30 | &nbsp;&nbsp; 30715 |
| Seattle (City of), WA, Series 2019 B, Ref. RB | 5.00% | 02/01/2026 | 70 | &nbsp;&nbsp; 70285 |
| Seattle (City of), WA, Series 2020 A, RB | 5.00% | 07/01/2026 | 130 | &nbsp;&nbsp; 131883 |
| Seattle (Port of), WA, Series 2016, Ref. RB | 5.00% | 02/01/2026 | 25 | &nbsp;&nbsp; 25098 |
| Seattle (Port of), WA, Series 2016, Ref. RB | 5.00% | 02/01/2028 | 10 | &nbsp;&nbsp; 10038 |
| Seattle (Port of), WA, Series 2016, Ref. RB | 5.00% | 02/01/2029 | 25 | &nbsp;&nbsp; 25092 |
| Seattle (Port of), WA, Series 2016, Ref. RB | 5.00% | 02/01/2030 | 35 | &nbsp;&nbsp; 35127 |
| Seattle (Port of), WA, Series 2022 A, Ref. RB | 5.00% | 08/01/2026 | 30 | &nbsp;&nbsp; 30479 |
| University of Washington, Series 2016 A, Ref. RB | 5.25% | 12/01/2046 | 200 | &nbsp;&nbsp; 202017 |
| Washington (State of), Series 2016 A, GO Bonds | 5.00% | 08/01/2031 | 215 | &nbsp;&nbsp; 218149 |
| Washington (State of), Series 2016 A, Ref. GO Bonds | 5.00% | 08/01/2031 | 90 | &nbsp;&nbsp; 91318 |
| Washington (State of), Series 2016 B, Ref. GO Bonds<sup>(a)(b)</sup> | 5.00% | 01/01/2026 | 270 | &nbsp;&nbsp; 270511 |
| Washington (State of), Series 2016 B, Ref. GO Bonds<sup>(a)(b)</sup> | 5.00% | 01/01/2026 | 75 | &nbsp;&nbsp; 75142 |
| Washington (State of), Series 2016 B, Ref. GO Bonds<sup>(a)(b)</sup> | 5.00% | 01/01/2026 | 250 | &nbsp;&nbsp; 250473 |
| Washington (State of), Series 2016 B, Ref. GO Bonds<sup>(a)(b)</sup> | 5.00% | 01/01/2026 | 90 | &nbsp;&nbsp; 90170 |
| Washington (State of), Series 2016 B, Ref. GO Bonds<sup>(a)(b)</sup> | 5.00% | 01/01/2026 | 115 | &nbsp;&nbsp; 115218 |
| Washington (State of), Series 2016 B, Ref. GO Bonds<sup>(a)(b)</sup> | 5.00% | 01/01/2026 | 70 | &nbsp;&nbsp; 70133 |
| Washington (State of), Series 2016 B, Ref. GO Bonds<sup>(a)(b)</sup> | 5.00% | 01/01/2026 | 5 | &nbsp;&nbsp; 5009 |
| Washington (State of), Series 2016 B, Ref. GO Bonds<sup>(a)(b)</sup> | 5.00% | 01/01/2026 | 5 | &nbsp;&nbsp; 5009 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Washington-(continued)** |  |  |  |  |
| Washington (State of), Series 2016 B, Ref. GO Bonds | 4.00% | 08/01/2026 | $60 | &nbsp;&nbsp; $60604 |
| Washington (State of), Series 2016 B, Ref. GO Bonds | 5.00% | 08/01/2028 | 85 | &nbsp;&nbsp; 86234 |
| Washington (State of), Series 2016 B, Ref. GO Bonds | 5.00% | 08/01/2029 | 25 | &nbsp;&nbsp; 25365 |
| Washington (State of), Series 2016 B, Ref. GO Bonds | 5.00% | 08/01/2030 | 215 | &nbsp;&nbsp; 218164 |
| Washington (State of), Series 2016 B, Ref. GO Bonds | 5.00% | 08/01/2031 | 135 | &nbsp;&nbsp; 136978 |
| Washington (State of), Series 2016 B, Ref. GO Bonds | 5.00% | 08/01/2032 | 115 | &nbsp;&nbsp; 116646 |
| Washington (State of), Series 2016 B, Ref. GO Bonds | 5.00% | 08/01/2033 | 25 | &nbsp;&nbsp; 25345 |
| Washington (State of), Series 2016 C, GO Bonds<sup>(a)(b)</sup> | 5.00% | 02/01/2026 | 40 | &nbsp;&nbsp; 40152 |
| Washington (State of), Series 2016 C, GO Bonds<sup>(a)(b)</sup> | 5.00% | 02/01/2026 | 50 | &nbsp;&nbsp; 50190 |
| Washington (State of), Series 2016 C, GO Bonds<sup>(a)(b)</sup> | 5.00% | 02/01/2026 | 130 | &nbsp;&nbsp; 130495 |
| Washington (State of), Series 2016 C, GO Bonds<sup>(a)(b)</sup> | 5.00% | 02/01/2026 | 20 | &nbsp;&nbsp; 20076 |
| Washington (State of), Series 2016 R, Ref. GO Bonds<sup>(a)(b)</sup> | 5.00% | 01/01/2026 | 215 | &nbsp;&nbsp; 215407 |
| Washington (State of), Series 2017 A, GO Bonds | 5.00% | 08/01/2026 | 110 | &nbsp;&nbsp; 111829 |
| Washington (State of), Series 2017 A, GO Bonds | 5.00% | 08/01/2028 | 20 | &nbsp;&nbsp; 20290 |
| Washington (State of), Series 2017 A, GO Bonds | 5.00% | 08/01/2032 | 5 | &nbsp;&nbsp; 5072 |
| Washington (State of), Series 2017 A, GO Bonds | 5.00% | 08/01/2033 | 75 | &nbsp;&nbsp; 76034 |
| Washington (State of), Series 2017 A, GO Bonds | 5.00% | 08/01/2034 | 145 | &nbsp;&nbsp; 146893 |
| Washington (State of), Series 2017 A, GO Bonds | 5.00% | 08/01/2035 | 30 | &nbsp;&nbsp; 30370 |
| Washington (State of), Series 2017 A, GO Bonds | 5.00% | 08/01/2036 | 60 | &nbsp;&nbsp; 60692 |
| Washington (State of), Series 2017 C, Ref. GO Bonds | 5.00% | 08/01/2026 | 40 | &nbsp;&nbsp; 40665 |
| Washington (State of), Series 2017-A, GO Bonds | 5.00% | 08/01/2030 | 60 | &nbsp;&nbsp; 60883 |
| Washington (State of), Series 2020 C, GO Bonds | 5.00% | 02/01/2026 | 90 | &nbsp;&nbsp; 90368 |
| Washington (State of), Series 2020 R, Ref. GO Bonds | 5.00% | 07/01/2026 | 45 | &nbsp;&nbsp; 45655 |
| Washington (State of), Series 2023, Ref. GO Bonds | 5.00% | 08/01/2026 | 10 | &nbsp;&nbsp; 10164 |
| Washington (State of), Series 2024, Ref. GO Bonds | 5.00% | 07/01/2026 | 45 | &nbsp;&nbsp; 45655 |
| Washington (State of), Series 2024, Ref. GO Bonds | 5.00% | 07/01/2026 | 75 | &nbsp;&nbsp; 76091 |
| Washington (State of), Series 2025 D, Ref. GO Bonds | 5.00% | 08/01/2026 | 105 | &nbsp;&nbsp; 106725 |
| Washington (State of), Series R-2017A, Ref. GO Bonds | 5.00% | 08/01/2026 | 155 | &nbsp;&nbsp; 157578 |
| Washington (State of), Series R-2017A, Ref. GO Bonds | 5.00% | 08/01/2028 | 420 | &nbsp;&nbsp; 426097 |
| Washington (State of), Series R-2017A, Ref. GO Bonds | 5.00% | 08/01/2029 | 35 | &nbsp;&nbsp; 35510 |
| Washington (State of), Series R-2017A, Ref. GO Bonds | 5.00% | 08/01/2030 | 80 | &nbsp;&nbsp; 81177 |
| Washington (State of), Series R-2017A, Ref. GO Bonds | 5.00% | 08/01/2032 | 355 | &nbsp;&nbsp; 360082 |
| Washington (State of), Series R-2017A, Ref. GO Bonds | 5.00% | 08/01/2033 | 130 | &nbsp;&nbsp; 131792 |
| Washington (State of), Series R-2017A, Ref. GO Bonds | 5.00% | 08/01/2034 | 200 | &nbsp;&nbsp; 202611 |
| Washington (State of), Series R-2018D, Ref. GO Bonds | 5.00% | 08/01/2026 | 10 | &nbsp;&nbsp; 10166 |
| Washington (State of), Series R-2020C, Ref. GO Bonds | 5.00% | 07/01/2026 | 180 | &nbsp;&nbsp; 182618 |
| Washington (State of), Series R-2022D, Ref. GO Bonds | 4.00% | 07/01/2026 | 375 | &nbsp;&nbsp; 378298 |
| Washington (State of), Series R-2024C, Ref. GO Bonds | 5.00% | 08/01/2026 | 15 | &nbsp;&nbsp; 15246 |
| Washington (State of) (Bid Group 1), Series 2022 C, GO Bonds | 5.00% | 02/01/2026 | 30 | &nbsp;&nbsp; 30123 |
| Washington (State of) (Bid Group 1), Series R-2022C, Ref. GO Bonds | 4.00% | 07/01/2026 | 760 | &nbsp;&nbsp; 766683 |
| &nbsp;&nbsp;&nbsp; Washington (State of) Higher Education Facilities Authority (Whitworth University), Series 2016 A, <br> Ref. RB<br>| 5.00% | 10/01/2040 | 70 | &nbsp;&nbsp; 69656 |
|  |  |  |  | &nbsp;&nbsp; 11998720 |
| **West Virginia-0.03%** |  |  |  |  |
| West Virginia (State of) Commissioner of Highways (Surface Transportation), Series 2017 A, RB | 5.00% | 09/01/2026 | 85 | &nbsp;&nbsp; 86502 |
| **Wisconsin-1.24%** |  |  |  |  |
| Wisconsin (State of), Series 2016-2, Ref. GO Bonds | 5.00% | 11/01/2026 | 40 | &nbsp;&nbsp; 40402 |
| Wisconsin (State of), Series 2016-2, Ref. GO Bonds | 5.00% | 11/01/2029 | 15 | &nbsp;&nbsp; 15136 |
| Wisconsin (State of), Series 2017, Ref. GO Bonds | 5.00% | 11/01/2026 | 85 | &nbsp;&nbsp; 86917 |
| Wisconsin (State of), Series 2017-2, Ref. GO Bonds | 5.00% | 11/01/2026 | 530 | &nbsp;&nbsp; 541953 |
| Wisconsin (State of), Series 2018 A, GO Bonds | 4.00% | 05/01/2033 | 25 | &nbsp;&nbsp; 25120 |
| Wisconsin (State of), Series 2018 A, GO Bonds | 4.00% | 05/01/2036 | 300 | &nbsp;&nbsp; 301112 |
| Wisconsin (State of), Series 2018 A, RB | 5.00% | 06/01/2026 | 225 | &nbsp;&nbsp; 227818 |
| Wisconsin (State of), Series 2019 A, Ref. RB<sup>(a)</sup> | 5.00% | 05/01/2026 | 95 | &nbsp;&nbsp; 95936 |
| Wisconsin (State of), Series 2021 1, Ref. GO Bonds | 5.00% | 05/01/2026 | 125 | &nbsp;&nbsp; 126274 |
| Wisconsin (State of), Series 2021-2, Ref. GO Bonds | 5.00% | 05/01/2026 | 45 | &nbsp;&nbsp; 45458 |
| Wisconsin (State of), Series 2025, Ref. GO Bonds | 5.00% | 05/01/2026 | 30 | &nbsp;&nbsp; 30306 |
| Wisconsin (State of) Department of Transportation, Series 2017 1, Ref. RB | 5.00% | 07/01/2026 | 110 | &nbsp;&nbsp; 111568 |
| Wisconsin (State of) Department of Transportation, Series 2017 2, Ref. RB | 5.00% | 07/01/2026 | 40 | &nbsp;&nbsp; 40570 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Wisconsin-(continued)** |  |  |  |  |  |
| Wisconsin (State of) Department of Transportation, Series 2024, Ref. RB | 5.00% | 07/01/2026 | $| 35 | &nbsp;&nbsp; $35497 |
| Wisconsin (State of) Health & Educational Facilities Authority, Series 2016, Ref. RB | 5.00% | 10/01/2041 |  | 215 | &nbsp;&nbsp; 217134 |
| &nbsp;&nbsp;&nbsp; Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), <br> Series 2016 A, Ref. RB<sup>(a)(b)</sup><br>| 3.13% | 05/15/2026 |  | 25 | &nbsp;&nbsp; 25067 |
| &nbsp;&nbsp;&nbsp; Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), <br> Series 2016 A, Ref. RB<br>| 4.00% | 11/15/2033 |  | 135 | &nbsp;&nbsp; 135350 |
| &nbsp;&nbsp;&nbsp; Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), <br> Series 2016 A, Ref. RB<br>| 5.00% | 11/15/2039 |  | 370 | &nbsp;&nbsp; 371559 |
| &nbsp;&nbsp;&nbsp; Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), <br> Series 2016, Ref. RB<br>| 5.00% | 11/15/2026 |  | 125 | &nbsp;&nbsp; 126107 |
| &nbsp;&nbsp;&nbsp; Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), <br> Series 2016, Ref. RB<br>| 5.00% | 11/15/2028 |  | 50 | &nbsp;&nbsp; 50470 |
| &nbsp;&nbsp;&nbsp; Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), <br> Series 2016, Ref. RB<br>| 5.00% | 11/15/2029 |  | 40 | &nbsp;&nbsp; 40366 |
| &nbsp;&nbsp;&nbsp; Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), <br> Series 2016, Ref. RB<br>| 5.00% | 11/15/2030 |  | 65 | &nbsp;&nbsp; 65573 |
| &nbsp;&nbsp;&nbsp; Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), <br> Series 2016, Ref. RB<br>| 5.00% | 11/15/2031 |  | 270 | &nbsp;&nbsp; 272355 |
| &nbsp;&nbsp;&nbsp; Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), <br> Series 2016, Ref. RB<br>| 4.00% | 11/15/2032 |  | 70 | &nbsp;&nbsp; 70206 |
| &nbsp;&nbsp;&nbsp; Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), <br> Series 2016, Ref. RB<br>| 5.00% | 11/15/2035 |  | 145 | &nbsp;&nbsp; 145968 |
| &nbsp;&nbsp;&nbsp; Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), <br> Series 2019, Ref. RB<br>| 5.00% | 11/15/2026 |  | 10 | &nbsp;&nbsp; 10204 |
| &nbsp;&nbsp;&nbsp; Wisconsin (State of) Health & Educational Facilities Authority (Ascension Senior Credit Group), <br> Series 2016, Ref. RB<br>| 5.00% | 11/15/2036 |  | 165 | &nbsp;&nbsp; 165980 |
| &nbsp;&nbsp;&nbsp; Wisconsin (State of) Health & Educational Facilities Authority (Medical College of Wisconsin), <br> Series 2016, Ref. RB<br>| 5.00% | 12/01/2041 |  | 60 | &nbsp;&nbsp; 60626 |
| &nbsp;&nbsp;&nbsp; Wisconsin (State of) Public Finance Authority (KU Campus Development Corp. - Central District <br> Development), Series 2016, RB<br>| 5.00% | 03/01/2041 |  | 200 | &nbsp;&nbsp; 200189 |
| &nbsp;&nbsp;&nbsp; Wisconsin (State of) Public Finance Authority (KU Campus Development Corp. - Central District <br> Development), Series 2016, RB<br>| 5.00% | 03/01/2046 |  | 45 | &nbsp;&nbsp; 45003 |
|  |  |  |  |  | &nbsp;&nbsp; 3726224 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(e)</sup>-94.23% <br>(Cost $282,299,314) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(e)</sup>-94.23% <br>(Cost $282,299,314) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(e)</sup>-94.23% <br>(Cost $282,299,314) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(e)</sup>-94.23% <br>(Cost $282,299,314) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(e)</sup>-94.23% <br>(Cost $282,299,314) | &nbsp;&nbsp; 282392251 |
| OTHER ASSETS LESS LIABILITIES-5.77% | OTHER ASSETS LESS LIABILITIES-5.77% | OTHER ASSETS LESS LIABILITIES-5.77% | OTHER ASSETS LESS LIABILITIES-5.77% | OTHER ASSETS LESS LIABILITIES-5.77% | &nbsp;&nbsp; 17281335 |
| NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $299673586 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| AGI | -Assured Guaranty, Inc. |
| 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 |
| RN | -Revenue Notes |
| Wts. | -Warrants |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. |
| <sup>(b)</sup> | Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. |
| <sup>(c)</sup> | Principal and/or interest payments are secured by the bond insurance company listed. |
| <sup>(d)</sup> | Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The value of this security at November 30, 2025 <br> represented less than 1% of the Fund's Net Assets.<br>|
| <sup>(e)</sup> | 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 <br> obligations but may be called upon to satisfy the issuer's obligations. No concentration of any single entity was greater than 5% each.<br>|

---

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

See accompanying notes which are an integral part of this schedule.

------

Schedule of Investments

**Invesco BulletShares 2027 Municipal Bond ETF (BSMR)**

November 30, 2025

*(Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Municipal Obligations-97.29%** |  |  |  |  |
| **Alabama-0.44%** |  |  |  |  |
| Alabama (State of), Series 2016 C, Ref. GO Bonds | 5.00% | 08/01/2027 | $50 | &nbsp;&nbsp; $50801 |
| Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB | 5.00% | 11/01/2027 | 450 | &nbsp;&nbsp; 470491 |
| Birmingham (City of), AL Water Works Board (The), Series 2016 B, Ref. RB<sup>(a)(b)</sup> | 4.00% | 01/01/2027 | 25 | &nbsp;&nbsp; 25393 |
| Birmingham (City of), AL Water Works Board (The), Series 2016 B, Ref. RB<sup>(a)(b)</sup> | 5.00% | 01/01/2027 | 75 | &nbsp;&nbsp; 76974 |
| Birmingham (City of), AL Water Works Board (The), Series 2016 B, Ref. RB<sup>(a)(b)</sup> | 5.00% | 01/01/2027 | 115 | &nbsp;&nbsp; 118028 |
| Jefferson (County of), AL, Series 2017, Ref. RB | 5.00% | 09/15/2028 | 10 | &nbsp;&nbsp; 10296 |
| Jefferson (County of), AL, Series 2017, Ref. RB | 4.00% | 09/15/2037 | 95 | &nbsp;&nbsp; 95540 |
| Jefferson (County of), AL, Series 2017, Ref. Revenue Wts. | 5.00% | 09/15/2030 | 150 | &nbsp;&nbsp; 154228 |
| Jefferson (County of), AL, Series 2024, Ref. RB | 5.00% | 10/01/2027 | 5 | &nbsp;&nbsp; 5187 |
| Tuscaloosa (City of), AL Board of Education, Series 2017, Revenue Wts.<sup>(a)(b)</sup> | 4.00% | 02/01/2027 | 275 | &nbsp;&nbsp; 279651 |
|  |  |  |  | &nbsp;&nbsp; 1286589 |
| **Alaska-0.23%** |  |  |  |  |
| Alaska (State of) Municipal Bond Bank Authority, Series 2017 A, RB | 4.00% | 10/01/2037 | 420 | &nbsp;&nbsp; 423648 |
| Alaska (State of) Municipal Bond Bank Authority, Series 2017 A, RB | 5.50% | 10/01/2042 | 20 | &nbsp;&nbsp; 20389 |
| North Slope (Borough of), AK, Series 2022 A, GO Bonds | 5.00% | 06/30/2027 | 215 | &nbsp;&nbsp; 222775 |
|  |  |  |  | &nbsp;&nbsp; 666812 |
| **Arizona-1.52%** |  |  |  |  |
| Arizona (State of), Series 2019 A, Ref. COP<sup>(a)</sup> | 5.00% | 10/01/2027 | 120 | &nbsp;&nbsp; 125380 |
| Arizona (State of) Department of Transportation, Series 2016, Ref. RB | 5.00% | 07/01/2027 | 10 | &nbsp;&nbsp; 10144 |
| Arizona (State of) Department of Transportation, Series 2023, RB | 5.00% | 07/01/2027 | 280 | &nbsp;&nbsp; 290984 |
| Arizona (State of) Sports & Tourism Authority, Series 2022, Ref. RB, (INS - BAM)<sup>(c)</sup> | 5.00% | 07/01/2027 | 115 | &nbsp;&nbsp; 119275 |
| Arizona Water Infrastructure Finance Authority, Series 2024, Ref. RB | 5.00% | 10/01/2027 | 110 | &nbsp;&nbsp; 114891 |
| Chandler (City of), AZ, Series 2016, Ref. GO Bonds | 5.00% | 07/01/2027 | 140 | &nbsp;&nbsp; 145381 |
| &nbsp;&nbsp;&nbsp; Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), <br> Series 2016 A, Ref. RB<br>| 4.00% | 01/01/2032 | 465 | &nbsp;&nbsp; 469494 |
| &nbsp;&nbsp;&nbsp; Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), <br> Series 2016 A, Ref. RB<br>| 5.00% | 01/01/2032 | 25 | &nbsp;&nbsp; 25601 |
| &nbsp;&nbsp;&nbsp; Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), <br> Series 2016 A, Ref. RB<br>| 5.00% | 01/01/2033 | 45 | &nbsp;&nbsp; 46044 |
| &nbsp;&nbsp;&nbsp; Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), <br> Series 2016 A, Ref. RB<br>| 4.00% | 01/01/2036 | 170 | &nbsp;&nbsp; 170717 |
| &nbsp;&nbsp;&nbsp; Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), <br> Series 2016, Ref. RB<br>| 5.00% | 01/01/2027 | 30 | &nbsp;&nbsp; 30709 |
| &nbsp;&nbsp;&nbsp; Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), <br> Series 2016, Ref. RB<br>| 5.00% | 01/01/2031 | 135 | &nbsp;&nbsp; 138284 |
| &nbsp;&nbsp;&nbsp; Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), <br> Series 2016, Ref. RB<br>| 5.00% | 01/01/2034 | 115 | &nbsp;&nbsp; 117548 |
| &nbsp;&nbsp;&nbsp; Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), <br> Series 2016, Ref. RB<br>| 5.00% | 01/01/2035 | 355 | &nbsp;&nbsp; 362585 |
| &nbsp;&nbsp;&nbsp; Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), <br> Series 2016, Ref. RB<br>| 5.00% | 01/01/2038 | 35 | &nbsp;&nbsp; 35697 |
| &nbsp;&nbsp;&nbsp; Maricopa (County of), AZ Special Health Care District (Maricopa Integrated Health), Series 2018, GO <br> Bonds<br>| 5.00% | 07/01/2027 | 5 | &nbsp;&nbsp; 5184 |
| Maricopa County Union High School District No. 210-Phoenix (2023), Series 2024 A, GO Bonds | 5.00% | 07/01/2027 | 130 | &nbsp;&nbsp; 135079 |
| Maricopa County Union High School District No. 210-Phoenix (2023), Series 2025 B, GO Bonds | 5.00% | 07/01/2027 | 35 | &nbsp;&nbsp; 36367 |
| Mesa (City of), AZ, Series 2017, Ref. RB | 4.00% | 07/01/2027 | 65 | &nbsp;&nbsp; 66414 |
| Phoenix (City of), AZ, Series 2016, Ref. GO Bonds | 5.00% | 07/01/2027 | 5 | &nbsp;&nbsp; 5067 |
| Phoenix (City of), AZ, Series 2022, Ref. GO Bonds | 5.00% | 07/01/2027 | 20 | &nbsp;&nbsp; 20785 |
| Phoenix Civic Improvement Corp., Series 2017 D, Ref. RB | 5.00% | 07/01/2032 | 210 | &nbsp;&nbsp; 216860 |
| Phoenix Civic Improvement Corp., Series 2017, Ref. RB | 5.00% | 07/01/2027 | 40 | &nbsp;&nbsp; 40526 |
| Phoenix Civic Improvement Corp., Series 2017, Ref. RB | 5.00% | 07/01/2027 | 185 | &nbsp;&nbsp; 191877 |
| Phoenix Civic Improvement Corp., Series 2017, Ref. RB | 5.00% | 07/01/2029 | 10 | &nbsp;&nbsp; 10360 |
| Phoenix Civic Improvement Corp., Series 2017, Ref. RB | 5.00% | 07/01/2030 | 5 | &nbsp;&nbsp; 5182 |
| Phoenix Civic Improvement Corp., Series 2017, Ref. RB | 5.00% | 07/01/2031 | 25 | &nbsp;&nbsp; 25838 |
| Phoenix Civic Improvement Corp., Series 2017, Ref. RB | 5.00% | 07/01/2033 | 10 | &nbsp;&nbsp; 10315 |
| Phoenix Civic Improvement Corp., Series 2017, Ref. RB | 5.00% | 07/01/2036 | 360 | &nbsp;&nbsp; 369842 |
| Phoenix Civic Improvement Corp., Series 2017, Ref. RB | 4.00% | 07/01/2040 | 20 | &nbsp;&nbsp; 20067 |
| Salt River Project Agricultural Improvement & Power District, Series 2016 A, Ref. RB | 5.00% | 01/01/2027 | 350 | &nbsp;&nbsp; 359252 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Arizona-(continued)** |  |  |  |  |
| Salt River Project Agricultural Improvement & Power District, Series 2016 A, Ref. RB | 5.00% | 01/01/2029 | $75 | &nbsp;&nbsp; $77013 |
| Salt River Project Agricultural Improvement & Power District, Series 2016 A, Ref. RB | 5.00% | 01/01/2030 | 20 | &nbsp;&nbsp; 20528 |
| Salt River Project Agricultural Improvement & Power District, Series 2016 A, Ref. RB | 5.00% | 01/01/2031 | 15 | &nbsp;&nbsp; 15393 |
| Salt River Project Agricultural Improvement & Power District, Series 2016 A, Ref. RB | 5.00% | 01/01/2033 | 15 | &nbsp;&nbsp; 15375 |
| Salt River Project Agricultural Improvement & Power District, Series 2016 A, Ref. RB | 5.00% | 01/01/2034 | 90 | &nbsp;&nbsp; 92172 |
| Salt River Project Agricultural Improvement & Power District, Series 2016 A, Ref. RB | 5.00% | 01/01/2036 | 140 | &nbsp;&nbsp; 143122 |
| Salt River Project Agricultural Improvement & Power District, Series 2016 A, Ref. RB | 5.00% | 01/01/2038 | 45 | &nbsp;&nbsp; 45844 |
| Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB | 5.00% | 01/01/2027 | 70 | &nbsp;&nbsp; 71850 |
| Salt River Project Agricultural Improvement & Power District, Series 2021 A, Ref. RB | 5.00% | 01/01/2027 | 125 | &nbsp;&nbsp; 128304 |
| Salt River Project Agricultural Improvement & Power District, Series 2025 B, Ref. RB | 5.00% | 01/01/2027 | 10 | &nbsp;&nbsp; 10264 |
| University of Arizona Board of Regents, Series 2017 B, Ref. RB | 5.00% | 07/01/2042 | 145 | &nbsp;&nbsp; 147762 |
|  |  |  |  | &nbsp;&nbsp; 4489376 |
| **California-16.71%** |  |  |  |  |
| Adelanto Public Utility Authority (Utility System), Series 2017 A, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 07/01/2039 | 180 | &nbsp;&nbsp; 184827 |
| Anaheim (City of), CA Housing & Public Improvements Authority, Series 2022, Ref. RB | 5.00% | 10/01/2034 | 1155 | &nbsp;&nbsp; 1205112 |
| &nbsp;&nbsp;&nbsp; Anaheim (City of), CA Public Financing Authority (Anaheim Public Improvements), Series 2019 A, Ref. <br> RB, (INS - BAM)<sup>(c)</sup><br>| 5.00% | 09/01/2036 | 200 | &nbsp;&nbsp; 206942 |
| &nbsp;&nbsp;&nbsp; Anaheim (City of), CA Public Financing Authority (Anaheim Public Improvements), Series 2019, Ref. <br> RB, (INS - BAM)<sup>(c)</sup><br>| 5.00% | 09/01/2035 | 5 | &nbsp;&nbsp; 5185 |
| Antelope Valley Community College District, Series 2017 A, Ref. GO Bonds<sup>(a)(b)</sup> | 4.50% | 02/15/2027 | 110 | &nbsp;&nbsp; 112544 |
| Bay Area Toll Authority (San Francisco Bay Area), Series 2017 F-1, RB<sup>(a)(b)</sup> | 5.00% | 04/01/2027 | 105 | &nbsp;&nbsp; 108792 |
| Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB | 5.00% | 04/01/2027 | 110 | &nbsp;&nbsp; 114179 |
| Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB | 4.00% | 04/01/2029 | 150 | &nbsp;&nbsp; 152826 |
| Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB | 4.00% | 04/01/2030 | 115 | &nbsp;&nbsp; 117156 |
| Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB | 4.00% | 04/01/2031 | 215 | &nbsp;&nbsp; 218937 |
| California (State of), Series 2003, GO Bonds, (INS - AMBAC)<sup>(c)</sup> | 5.00% | 02/01/2027 | 60 | &nbsp;&nbsp; 61826 |
| California (State of), Series 2016, Ref. GO Bonds | 5.00% | 09/01/2027 | 65 | &nbsp;&nbsp; 66240 |
| California (State of), Series 2016, Ref. GO Bonds | 5.00% | 09/01/2027 | 5 | &nbsp;&nbsp; 5095 |
| California (State of), Series 2017, GO Bonds | 5.00% | 11/01/2027 | 160 | &nbsp;&nbsp; 167992 |
| California (State of), Series 2017, GO Bonds | 5.00% | 08/01/2029 | 65 | &nbsp;&nbsp; 67776 |
| California (State of), Series 2017, GO Bonds | 5.00% | 08/01/2031 | 280 | &nbsp;&nbsp; 291896 |
| California (State of), Series 2017, GO Bonds | 5.00% | 11/01/2031 | 190 | &nbsp;&nbsp; 199229 |
| California (State of), Series 2017, GO Bonds | 5.00% | 08/01/2032 | 20 | &nbsp;&nbsp; 20831 |
| California (State of), Series 2017, GO Bonds | 4.00% | 11/01/2032 | 150 | &nbsp;&nbsp; 153346 |
| California (State of), Series 2017, GO Bonds | 5.00% | 11/01/2032 | 5 | &nbsp;&nbsp; 5237 |
| California (State of), Series 2017, GO Bonds | 5.00% | 11/01/2035 | 45 | &nbsp;&nbsp; 46921 |
| California (State of), Series 2017, GO Bonds | 5.00% | 11/01/2047 | 160 | &nbsp;&nbsp; 164035 |
| California (State of), Series 2017, Ref. GO Bonds | 3.50% | 08/01/2027 | 345 | &nbsp;&nbsp; 350899 |
| California (State of), Series 2017, Ref. GO Bonds | 4.00% | 08/01/2027 | 250 | &nbsp;&nbsp; 252598 |
| California (State of), Series 2017, Ref. GO Bonds | 5.00% | 08/01/2027 | 80 | &nbsp;&nbsp; 81357 |
| California (State of), Series 2017, Ref. GO Bonds | 5.00% | 08/01/2027 | 180 | &nbsp;&nbsp; 187820 |
| California (State of), Series 2017, Ref. GO Bonds | 5.00% | 11/01/2027 | 805 | &nbsp;&nbsp; 845210 |
| California (State of), Series 2017, Ref. GO Bonds | 5.00% | 08/01/2029 | 110 | &nbsp;&nbsp; 114697 |
| California (State of), Series 2017, Ref. GO Bonds | 5.00% | 08/01/2029 | 10 | &nbsp;&nbsp; 10427 |
| California (State of), Series 2017, Ref. GO Bonds | 5.00% | 11/01/2029 | 350 | &nbsp;&nbsp; 367154 |
| California (State of), Series 2017, Ref. GO Bonds | 5.00% | 08/01/2030 | 605 | &nbsp;&nbsp; 630839 |
| California (State of), Series 2017, Ref. GO Bonds | 5.00% | 08/01/2030 | 15 | &nbsp;&nbsp; 15641 |
| California (State of), Series 2017, Ref. GO Bonds | 5.00% | 11/01/2030 | 170 | &nbsp;&nbsp; 178351 |
| California (State of), Series 2017, Ref. GO Bonds | 5.00% | 11/01/2031 | 85 | &nbsp;&nbsp; 89129 |
| California (State of), Series 2017, Ref. GO Bonds | 4.00% | 11/01/2032 | 160 | &nbsp;&nbsp; 163569 |
| California (State of), Series 2017, Ref. GO Bonds | 5.00% | 08/01/2033 | 165 | &nbsp;&nbsp; 171648 |
| California (State of), Series 2017, Ref. GO Bonds | 4.00% | 11/01/2033 | 85 | &nbsp;&nbsp; 86691 |
| California (State of), Series 2017, Ref. GO Bonds | 5.00% | 08/01/2034 | 20 | &nbsp;&nbsp; 20784 |
| California (State of), Series 2017, Ref. GO Bonds | 4.00% | 11/01/2034 | 200 | &nbsp;&nbsp; 203562 |
| California (State of), Series 2017, Ref. GO Bonds | 5.00% | 08/01/2035 | 475 | &nbsp;&nbsp; 492895 |
| California (State of), Series 2017, Ref. GO Bonds | 5.00% | 11/01/2035 | 25 | &nbsp;&nbsp; 26067 |
| California (State of), Series 2017, Ref. GO Bonds | 5.00% | 08/01/2036 | 95 | &nbsp;&nbsp; 98435 |
| California (State of), Series 2017, Ref. GO Bonds | 5.00% | 11/01/2036 | 20 | &nbsp;&nbsp; 20818 |
| California (State of), Series 2017, Ref. GO Bonds | 5.00% | 11/01/2037 | 60 | &nbsp;&nbsp; 62325 |
| California (State of), Series 2018, Ref. GO Bonds | 5.00% | 08/01/2027 | 605 | &nbsp;&nbsp; 631284 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| California (State of), Series 2019, GO Bonds | 5.00% | 11/01/2027 | $210 | &nbsp;&nbsp; $220490 |
| California (State of), Series 2019, Ref. GO Bonds | 5.00% | 04/01/2027 | 465 | &nbsp;&nbsp; 481171 |
| California (State of), Series 2019, Ref. GO Bonds | 5.00% | 10/01/2027 | 235 | &nbsp;&nbsp; 246227 |
| California (State of), Series 2020 B, Ref. GO Bonds | 5.00% | 11/01/2027 | 275 | &nbsp;&nbsp; 288736 |
| California (State of), Series 2020, GO Bonds | 3.00% | 03/01/2027 | 370 | &nbsp;&nbsp; 372458 |
| California (State of), Series 2020, GO Bonds | 4.00% | 03/01/2027 | 15 | &nbsp;&nbsp; 15305 |
| California (State of), Series 2020, GO Bonds | 5.00% | 11/01/2027 | 75 | &nbsp;&nbsp; 78746 |
| California (State of), Series 2020, Ref. GO Bonds | 5.00% | 11/01/2027 | 40 | &nbsp;&nbsp; 41998 |
| California (State of), Series 2021 B, Ref. GO Bonds | 5.00% | 10/01/2027 | 5 | &nbsp;&nbsp; 5239 |
| California (State of), Series 2021, Ref. GO Bonds | 5.00% | 09/01/2027 | 250 | &nbsp;&nbsp; 261402 |
| California (State of), Series 2021, Ref. GO Bonds | 4.00% | 10/01/2027 | 515 | &nbsp;&nbsp; 530416 |
| California (State of), Series 2021, Ref. GO Bonds | 5.00% | 10/01/2027 | 320 | &nbsp;&nbsp; 335288 |
| California (State of), Series 2021, Ref. GO Bonds | 5.00% | 12/01/2027 | 1010 | &nbsp;&nbsp; 1062653 |
| California (State of), Series 2022 A, Ref. GO Bonds | 5.00% | 11/01/2027 | 5 | &nbsp;&nbsp; 5250 |
| California (State of), Series 2022, GO Bonds | 5.00% | 04/01/2027 | 335 | &nbsp;&nbsp; 346650 |
| California (State of), Series 2022, Ref. GO Bonds | 4.00% | 09/01/2027 | 190 | &nbsp;&nbsp; 195427 |
| California (State of), Series 2022, Ref. GO Bonds | 5.00% | 04/01/2042 | 140 | &nbsp;&nbsp; 144337 |
| California (State of), Series 2023 A, Ref. GO Bonds | 5.00% | 09/01/2027 | 35 | &nbsp;&nbsp; 36596 |
| California (State of), Series 2023, Ref. GO Bonds | 5.00% | 09/01/2027 | 70 | &nbsp;&nbsp; 73192 |
| California (State of), Series 2023, Ref. GO Bonds | 5.00% | 10/01/2027 | 20 | &nbsp;&nbsp; 20956 |
| California (State of), Series 2024, GO Bonds | 4.00% | 09/01/2027 | 20 | &nbsp;&nbsp; 20571 |
| California (State of), Series 2024, GO Bonds | 5.00% | 09/01/2027 | 10 | &nbsp;&nbsp; 10456 |
| California (State of), Series 2024, Ref. GO Bonds | 5.00% | 08/01/2027 | 45 | &nbsp;&nbsp; 46955 |
| California (State of), Series 2024, Ref. GO Bonds | 5.00% | 08/01/2027 | 85 | &nbsp;&nbsp; 88693 |
| California (State of), Series 2024, Ref. GO Bonds | 5.00% | 09/01/2027 | 30 | &nbsp;&nbsp; 31368 |
| California (State of), Series 2025, Ref. GO Bonds | 5.00% | 03/01/2027 | 55 | &nbsp;&nbsp; 56793 |
| California (State of) (Bid Group C), Series 2016, Ref. GO Bonds | 5.00% | 08/01/2027 | 265 | &nbsp;&nbsp; 269494 |
| California (State of) Department of Water Resources, Series 2017 AX, Ref. RB | 5.00% | 12/01/2027 | 60 | &nbsp;&nbsp; 63454 |
| California (State of) Department of Water Resources, Series 2017 AX, Ref. RB | 5.00% | 12/01/2031 | 150 | &nbsp;&nbsp; 157861 |
| California (State of) Department of Water Resources, Series 2019 BA, RB | 5.00% | 12/01/2027 | 115 | &nbsp;&nbsp; 121621 |
| California (State of) Department of Water Resources, Series 2025, RB | 5.00% | 12/01/2027 | 60 | &nbsp;&nbsp; 63454 |
| California (State of) Department of Water Resources (Central Valley), Series 2016 AW, Ref. RB | 5.00% | 12/01/2027 | 25 | &nbsp;&nbsp; 25689 |
| California (State of) Department of Water Resources (Central Valley), Series 2017 AX, Ref. RB<sup>(a)(b)</sup> | 5.00% | 12/01/2027 | 95 | &nbsp;&nbsp; 100182 |
| California (State of) Department of Water Resources (Central Valley), Series 2017 AX, Ref. RB | 5.00% | 12/01/2030 | 210 | &nbsp;&nbsp; 221397 |
| California (State of) Department of Water Resources (Central Valley), Series 2017 AX, Ref. RB | 5.00% | 12/01/2032 | 105 | &nbsp;&nbsp; 110382 |
| California (State of) Department of Water Resources (Central Valley), Series 2020 B, Ref. RB | 5.00% | 12/01/2027 | 5 | &nbsp;&nbsp; 5288 |
| California (State of) Department of Water Resources (Central Valley), Series 2021, RB | 5.00% | 12/01/2027 | 160 | &nbsp;&nbsp; 169211 |
| California (State of) Educational Facilities Authority (Loma Linda University), Series 2017 A, Ref. RB | 5.00% | 04/01/2042 | 250 | &nbsp;&nbsp; 251573 |
| &nbsp;&nbsp;&nbsp; California (State of) Enterprise Development Authority (Riverside County-Mead Valley Wellness <br> Village), Series 2024, RB<br>| 5.25% | 11/01/2049 | 185 | &nbsp;&nbsp; 189131 |
| &nbsp;&nbsp;&nbsp; California (State of) Health Facilities Financing Authority (Children's Hospital Los Angeles), <br> Series 2017 A, Ref. RB<br>| 5.00% | 08/15/2042 | 60 | &nbsp;&nbsp; 60284 |
| &nbsp;&nbsp;&nbsp; California (State of) Health Facilities Financing Authority (Children's Hospital Los Angeles), <br> Series 2017 A, Ref. RB<br>| 5.00% | 08/15/2047 | 620 | &nbsp;&nbsp; 610704 |
| California (State of) Health Facilities Financing Authority (El Camino Hospital), Series 2017, RB | 4.00% | 02/01/2042 | 360 | &nbsp;&nbsp; 361295 |
| &nbsp;&nbsp;&nbsp; California (State of) Health Facilities Financing Authority (Kaiser Permanente), Subseries 2017 A-1, <br> RB<br>| 5.00% | 11/01/2027 | 790 | &nbsp;&nbsp; 830374 |
| &nbsp;&nbsp;&nbsp; California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. <br> RB<br>| 5.00% | 11/15/2027 | 15 | &nbsp;&nbsp; 15782 |
| &nbsp;&nbsp;&nbsp; California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. <br> RB<br>| 5.00% | 11/15/2029 | 265 | &nbsp;&nbsp; 278615 |
| &nbsp;&nbsp;&nbsp; California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. <br> RB<br>| 5.00% | 11/15/2030 | 60 | &nbsp;&nbsp; 63066 |
| &nbsp;&nbsp;&nbsp; California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. <br> RB<br>| 5.00% | 11/15/2031 | 225 | &nbsp;&nbsp; 236367 |
| &nbsp;&nbsp;&nbsp; California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. <br> RB<br>| 5.00% | 11/15/2032 | 40 | &nbsp;&nbsp; 42000 |
| &nbsp;&nbsp;&nbsp; California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. <br> RB<br>| 5.00% | 11/15/2033 | 85 | &nbsp;&nbsp; 89117 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. <br> RB<br>| 5.00% | 11/15/2034 | $20 | &nbsp;&nbsp; $20926 |
| &nbsp;&nbsp;&nbsp; California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. <br> RB<br>| 5.00% | 11/15/2035 | 10 | &nbsp;&nbsp; 10452 |
| &nbsp;&nbsp;&nbsp; California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. <br> RB<br>| 5.00% | 11/15/2036 | 75 | &nbsp;&nbsp; 78285 |
| &nbsp;&nbsp;&nbsp; California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. <br> RB<br>| 5.00% | 11/15/2037 | 5 | &nbsp;&nbsp; 5214 |
| California (State of) Health Facilities Financing Authority (Sutter Health), Series 2017 A, Ref. RB | 5.00% | 11/15/2032 | 80 | &nbsp;&nbsp; 83624 |
| California (State of) Health Facilities Financing Authority (Sutter Health), Series 2017 A, Ref. RB | 5.00% | 11/15/2033 | 115 | &nbsp;&nbsp; 120011 |
| California (State of) Health Facilities Financing Authority (Sutter Health), Series 2017 A, Ref. RB | 5.00% | 11/15/2034 | 165 | &nbsp;&nbsp; 172026 |
| California (State of) Health Facilities Financing Authority (Sutter Health), Series 2017 A, Ref. RB | 5.00% | 11/15/2035 | 50 | &nbsp;&nbsp; 52028 |
| California (State of) Health Facilities Financing Authority (Sutter Health), Series 2017 A, Ref. RB | 5.00% | 11/15/2036 | 40 | &nbsp;&nbsp; 41534 |
| California (State of) Health Facilities Financing Authority (Sutter Health), Series 2017 A, Ref. RB | 5.00% | 11/15/2038 | 265 | &nbsp;&nbsp; 274057 |
| California (State of) Health Facilities Financing Authority (Sutter Health), Series 2017 A, Ref. RB | 5.00% | 11/15/2048 | 200 | &nbsp;&nbsp; 202297 |
| California (State of) Health Facilities Financing Authority (Sutter Health), Series 2018 A, RB | 5.00% | 11/15/2032 | 80 | &nbsp;&nbsp; 83624 |
| California (State of) Health Facilities Financing Authority (Sutter Health), Series 2018 A, RB | 5.00% | 11/15/2033 | 130 | &nbsp;&nbsp; 135665 |
| California (State of) Health Facilities Financing Authority (Sutter Health), Series 2018 A, RB | 5.00% | 11/15/2034 | 225 | &nbsp;&nbsp; 234582 |
| California (State of) Health Facilities Financing Authority (Sutter Health), Series 2018 A, RB | 5.00% | 11/15/2035 | 195 | &nbsp;&nbsp; 202909 |
| California (State of) Health Facilities Financing Authority (Sutter Health), Series 2018 A, RB | 5.00% | 11/15/2036 | 180 | &nbsp;&nbsp; 186903 |
| California (State of) Health Facilities Financing Authority (Sutter Health), Series 2018 A, RB | 5.00% | 11/15/2048 | 615 | &nbsp;&nbsp; 621949 |
| &nbsp;&nbsp;&nbsp; California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) <br> (Green Bonds), Series 2017, RB<br>| 5.00% | 10/01/2027 | 215 | &nbsp;&nbsp; 222886 |
| &nbsp;&nbsp;&nbsp; California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) <br> (Green Bonds), Series 2017, RB<br>| 5.00% | 10/01/2028 | 10 | &nbsp;&nbsp; 10377 |
| &nbsp;&nbsp;&nbsp; California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) <br> (Green Bonds), Series 2017, RB<br>| 5.00% | 10/01/2029 | 125 | &nbsp;&nbsp; 129693 |
| &nbsp;&nbsp;&nbsp; California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) <br> (Green Bonds), Series 2017, RB<br>| 5.00% | 10/01/2030 | 45 | &nbsp;&nbsp; 46693 |
| &nbsp;&nbsp;&nbsp; California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) <br> (Green Bonds), Series 2017, RB<br>| 5.00% | 10/01/2031 | 225 | &nbsp;&nbsp; 233277 |
| &nbsp;&nbsp;&nbsp; California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) <br> (Green Bonds), Series 2018, RB<br>| 5.00% | 10/01/2027 | 375 | &nbsp;&nbsp; 393884 |
| &nbsp;&nbsp;&nbsp; California (State of) Municipal Finance Authority (Community Medical Centers), Series 2017 A, Ref. <br> RB<br>| 5.00% | 02/01/2036 | 25 | &nbsp;&nbsp; 25358 |
| &nbsp;&nbsp;&nbsp; California (State of) Municipal Finance Authority (Orange County Civic Center Infrastructure <br> Improvement Program - Phase I), Series 2017 A, RB<br>| 5.00% | 06/01/2042 | 45 | &nbsp;&nbsp; 45882 |
| California (State of) Public Works Board, Series 2017 B, Ref. RB | 5.00% | 10/01/2027 | 40 | &nbsp;&nbsp; 41896 |
| California (State of) Public Works Board, Series 2022 B, Ref. RB | 5.00% | 06/01/2027 | 500 | &nbsp;&nbsp; 519422 |
| California (State of) Public Works Board, Series 2022 C, Ref. RB | 5.00% | 08/01/2027 | 25 | &nbsp;&nbsp; 26078 |
| California (State of) Public Works Board (Various Capital), Series 2016 C, Ref. RB | 5.00% | 11/01/2027 | 40 | &nbsp;&nbsp; 40819 |
| California (State of) Public Works Board (Various Capital), Series 2017 B, Ref. RB | 5.00% | 10/01/2029 | 340 | &nbsp;&nbsp; 355572 |
| California (State of) Public Works Board (Various Capital), Series 2019 C, RB | 5.00% | 11/01/2027 | 25 | &nbsp;&nbsp; 26239 |
| California (State of) Public Works Board (Various Capital), Series 2022 A, Ref. RB | 5.00% | 08/01/2027 | 5 | &nbsp;&nbsp; 5216 |
| California (State of) Public Works Board (Various Capital), Series 2023 B, Ref. RB | 5.00% | 12/01/2027 | 10 | &nbsp;&nbsp; 10517 |
| California (State of) Public Works Board (Various Capital), Series 2024, Ref. RB | 5.00% | 09/01/2027 | 25 | &nbsp;&nbsp; 26131 |
| California State University, Series 2017 A, Ref. RB | 5.00% | 11/01/2027 | 10 | &nbsp;&nbsp; 10367 |
| California State University, Series 2017 A, Ref. RB | 5.00% | 11/01/2028 | 165 | &nbsp;&nbsp; 171371 |
| California State University, Series 2017 A, Ref. RB | 5.00% | 11/01/2029 | 70 | &nbsp;&nbsp; 72660 |
| California State University, Series 2017 A, Ref. RB | 5.00% | 11/01/2030 | 45 | &nbsp;&nbsp; 46720 |
| California State University, Series 2017 A, Ref. RB | 5.00% | 11/01/2031 | 460 | &nbsp;&nbsp; 477134 |
| California State University, Series 2017 A, Ref. RB | 5.00% | 11/01/2032 | 160 | &nbsp;&nbsp; 165790 |
| California State University, Series 2017 A, Ref. RB | 5.00% | 11/01/2033 | 80 | &nbsp;&nbsp; 82794 |
| California State University, Series 2017 A, Ref. RB | 5.00% | 11/01/2035 | 75 | &nbsp;&nbsp; 77446 |
| California State University, Series 2017 A, Ref. RB | 5.00% | 11/01/2036 | 65 | &nbsp;&nbsp; 67016 |
| California State University, Series 2017 A, Ref. RB | 5.00% | 11/01/2037 | 120 | &nbsp;&nbsp; 123528 |
| California State University, Series 2017 A, Ref. RB | 5.00% | 11/01/2038 | 55 | &nbsp;&nbsp; 56538 |
| California State University, Series 2017 A, Ref. RB | 5.00% | 11/01/2042 | 185 | &nbsp;&nbsp; 188866 |
| Ceres Unified School District, Series 2017, GO Bonds, (INS - BAM)<sup>(c)</sup> | 5.00% | 08/01/2051 | 270 | &nbsp;&nbsp; 273241 |
| Chabot-Las Positas Community College District (Election of 2016), Series 2023 C, GO Bonds | 5.00% | 08/01/2027 | 130 | &nbsp;&nbsp; 136128 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| Coast Community College District (Election of 2012), Series 2017 D, GO Bonds<sup>(a)(b)</sup> | 4.50% | 08/01/2027 | $55 | &nbsp;&nbsp; $57034 |
| Coast Community College District (Election of 2012), Series 2017 D, GO Bonds<sup>(a)(b)</sup> | 5.00% | 08/01/2027 | 50 | &nbsp;&nbsp; 52256 |
| Coast Community College District (Election of 2012), Series 2017 D, GO Bonds<sup>(a)(b)</sup> | 5.00% | 08/01/2027 | 35 | &nbsp;&nbsp; 36579 |
| Coast Community College District (Election of 2012), Series 2017 D, GO Bonds<sup>(a)(b)</sup> | 5.00% | 08/01/2027 | 60 | &nbsp;&nbsp; 62707 |
| Coast Community College District (Election of 2012), Series 2017 D, GO Bonds<sup>(a)(b)</sup> | 5.00% | 08/01/2027 | 30 | &nbsp;&nbsp; 31354 |
| Contra Costa (County of), CA Transportation Authority, Series 2018 B, Ref. RB | 5.00% | 03/01/2029 | 100 | &nbsp;&nbsp; 103326 |
| Contra Costa (County of), CA Transportation Authority, Series 2018 B, Ref. RB | 5.00% | 03/01/2030 | 45 | &nbsp;&nbsp; 46505 |
| Desert Community College District, Series 2017, Ref. GO Bonds | 5.00% | 08/01/2033 | 110 | &nbsp;&nbsp; 114965 |
| East Bay Municipal Utility District, Series 2017 B, Ref. RB | 5.00% | 06/01/2029 | 10 | &nbsp;&nbsp; 10415 |
| East Bay Municipal Utility District, Series 2017 B, Ref. RB | 5.00% | 06/01/2030 | 25 | &nbsp;&nbsp; 26033 |
| East Bay Municipal Utility District, Series 2017 B, Ref. RB | 5.00% | 06/01/2031 | 45 | &nbsp;&nbsp; 46854 |
| East Bay Municipal Utility District, Series 2017 B, Ref. RB | 5.00% | 06/01/2032 | 60 | &nbsp;&nbsp; 62386 |
| East Bay Municipal Utility District, Series 2017 B, Ref. RB | 5.00% | 06/01/2033 | 65 | &nbsp;&nbsp; 67504 |
| East Bay Municipal Utility District, Series 2017 B, Ref. RB | 5.00% | 06/01/2034 | 150 | &nbsp;&nbsp; 155576 |
| East Bay Municipal Utility District, Series 2017 B, Ref. RB | 5.00% | 06/01/2035 | 90 | &nbsp;&nbsp; 93186 |
| East Bay Municipal Utility District, Series 2017 B, Ref. RB | 5.00% | 06/01/2036 | 5 | &nbsp;&nbsp; 5168 |
| East Bay Municipal Utility District, Series 2025 B, Ref. RB | 5.00% | 06/01/2027 | 25 | &nbsp;&nbsp; 26080 |
| East Bay Municipal Utility District (Green Bonds), Series 2017 A, RB | 5.00% | 06/01/2045 | 5 | &nbsp;&nbsp; 5093 |
| Eastern Municipal Water District Financing Authority, Series 2017 D, RB | 5.00% | 07/01/2047 | 240 | &nbsp;&nbsp; 244577 |
| El Monte Union High School District, Series 2021 B, GO Bonds | 4.00% | 06/01/2046 | 110 | &nbsp;&nbsp; 108200 |
| Etiwanda School District (Election of 2016), Series 2017 A, GO Bonds | 5.00% | 08/01/2046 | 180 | &nbsp;&nbsp; 182147 |
| Fairfield (City of), CA, Series 2017, Ref. RB | 5.00% | 04/01/2042 | 85 | &nbsp;&nbsp; 86317 |
| Fontana Redevelopment Agency Successor Agency, Series 2017 A, Ref. RB | 5.00% | 10/01/2032 | 70 | &nbsp;&nbsp; 72935 |
| Gilroy Unified School District (Elections of 2008 & 2016), Series 2019, GO Bonds | 4.00% | 08/01/2048 | 15 | &nbsp;&nbsp; 14499 |
| Glendale Community College District (Election of 2016), Series 2017 A, GO Bonds<sup>(a)(b)</sup> | 5.25% | 08/01/2027 | 125 | &nbsp;&nbsp; 131148 |
| Hacienda La Puente Unified School District (Election of 2016), Series 2017 A, GO Bonds | 5.25% | 08/01/2042 | 115 | &nbsp;&nbsp; 118407 |
| Hartnell Community College District (Election of 2002), Series 2009 D, GO Bonds | 7.00% | 08/01/2034 | 60 | &nbsp;&nbsp; 64490 |
| Hartnell Community College District (Election of 2016), Series 2017 A, GO Bonds | 4.00% | 08/01/2047 | 100 | &nbsp;&nbsp; 96690 |
| Hayward Area Recreation & Park District, Series 2017 A, Ref. GO Bonds | 5.00% | 08/01/2042 | 5 | &nbsp;&nbsp; 5131 |
| Hayward Unified School District, Series 2022, COP | 5.25% | 08/01/2052 | 150 | &nbsp;&nbsp; 151803 |
| Long Beach (City of), CA, Series 2017 C, Ref. RB | 5.00% | 05/15/2047 | 105 | &nbsp;&nbsp; 106825 |
| Long Beach (City of), CA (Green Bonds), Series 2025, Ref. RB | 5.00% | 05/15/2027 | 25 | &nbsp;&nbsp; 25968 |
| Los Angeles (City of), CA, Series 2017 A, RB | 5.00% | 06/01/2029 | 60 | &nbsp;&nbsp; 62383 |
| Los Angeles (City of), CA, Series 2018 B, Ref. RB | 5.00% | 06/01/2027 | 125 | &nbsp;&nbsp; 130440 |
| Los Angeles (City of), CA, Series 2025 A, Ref. RB | 5.00% | 06/01/2027 | 25 | &nbsp;&nbsp; 26088 |
| Los Angeles (City of), CA, Series 2025, Ref. RB | 5.00% | 06/01/2027 | 420 | &nbsp;&nbsp; 438278 |
| Los Angeles (City of), CA (Green Bonds), Series 2017 A, RB | 5.00% | 06/01/2030 | 100 | &nbsp;&nbsp; 103998 |
| Los Angeles (City of), CA (Green Bonds), Series 2017 A, RB | 5.00% | 06/01/2031 | 125 | &nbsp;&nbsp; 129991 |
| Los Angeles (City of), CA (Green Bonds), Series 2017 A, RB | 5.00% | 06/01/2032 | 75 | &nbsp;&nbsp; 77938 |
| Los Angeles (City of), CA (Green Bonds), Series 2017 A, RB | 5.25% | 06/01/2047 | 500 | &nbsp;&nbsp; 508906 |
| Los Angeles (City of), CA Department of Airports, Series 2020 B, Ref. RB | 5.00% | 05/15/2027 | 110 | &nbsp;&nbsp; 114258 |
| Los Angeles (City of), CA Department of Water & Power, Series 2017 A, RB | 5.00% | 07/01/2033 | 500 | &nbsp;&nbsp; 511065 |
| Los Angeles (City of), CA Department of Water & Power, Series 2017 A, RB | 5.00% | 07/01/2034 | 40 | &nbsp;&nbsp; 40856 |
| Los Angeles (City of), CA Department of Water & Power, Series 2017 A, RB | 5.00% | 07/01/2042 | 350 | &nbsp;&nbsp; 353798 |
| Los Angeles (City of), CA Department of Water & Power, Series 2017 A, Ref. RB | 5.00% | 07/01/2036 | 20 | &nbsp;&nbsp; 20381 |
| Los Angeles (City of), CA Department of Water & Power, Series 2017 A, Ref. RB | 5.00% | 07/01/2037 | 45 | &nbsp;&nbsp; 45798 |
| Los Angeles (City of), CA Department of Water & Power, Series 2017 A, Ref. RB | 5.00% | 07/01/2041 | 50 | &nbsp;&nbsp; 50621 |
| Los Angeles (City of), CA Department of Water & Power, Series 2017 A, Ref. RB | 5.25% | 07/01/2044 | 150 | &nbsp;&nbsp; 151619 |
| Los Angeles (City of), CA Department of Water & Power, Series 2017 B, Ref. RB | 5.00% | 07/01/2028 | 85 | &nbsp;&nbsp; 87072 |
| Los Angeles (City of), CA Department of Water & Power, Series 2017 B, Ref. RB | 5.00% | 07/01/2031 | 90 | &nbsp;&nbsp; 92164 |
| Los Angeles (City of), CA Department of Water & Power, Series 2017 B, Ref. RB | 5.00% | 07/01/2032 | 80 | &nbsp;&nbsp; 81852 |
| Los Angeles (City of), CA Department of Water & Power, Series 2017 B, Ref. RB | 5.00% | 07/01/2033 | 380 | &nbsp;&nbsp; 388410 |
| Los Angeles (City of), CA Department of Water & Power, Series 2017 B, Ref. RB | 5.00% | 07/01/2034 | 25 | &nbsp;&nbsp; 25535 |
| Los Angeles (City of), CA Department of Water & Power, Series 2017 B, Ref. RB | 5.00% | 07/01/2035 | 10 | &nbsp;&nbsp; 10204 |
| Los Angeles (City of), CA Department of Water & Power, Series 2017 B, Ref. RB | 5.00% | 07/01/2036 | 5 | &nbsp;&nbsp; 5095 |
| Los Angeles (City of), CA Department of Water & Power, Series 2018 A, Ref. RB | 5.00% | 07/01/2027 | 185 | &nbsp;&nbsp; 192257 |
| Los Angeles (City of), CA Department of Water & Power, Series 2020 A, Ref. RB | 5.00% | 07/01/2027 | 150 | &nbsp;&nbsp; 155884 |
| Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB | 4.00% | 07/01/2027 | 95 | &nbsp;&nbsp; 96815 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 E, RB | 5.00% | 07/01/2027 | 45 | &nbsp;&nbsp; 46765 |
| Los Angeles (City of), CA Department of Water & Power, Series 2023 A, Ref. RB | 5.00% | 07/01/2027 | 130 | &nbsp;&nbsp; 134484 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| Los Angeles (City of), CA Department of Water & Power, Series 2023 A, Ref. RB | 5.00% | 07/01/2027 | $20 | &nbsp;&nbsp; $20785 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 A, Ref. RB | 5.00% | 07/01/2027 | 40 | &nbsp;&nbsp; 41569 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 C, Ref. RB | 5.00% | 07/01/2027 | 35 | &nbsp;&nbsp; 36373 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2017 A, RB | 5.00% | 07/01/2029 | 225 | &nbsp;&nbsp; 234876 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2017 A, RB | 5.00% | 07/01/2030 | 85 | &nbsp;&nbsp; 88778 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2017 A, RB | 5.00% | 07/01/2031 | 10 | &nbsp;&nbsp; 10441 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2017 A, RB | 5.00% | 07/01/2036 | 20 | &nbsp;&nbsp; 20781 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2017 A, RB | 5.00% | 07/01/2038 | 260 | &nbsp;&nbsp; 269660 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2017 A, RB | 5.00% | 07/01/2042 | 500 | &nbsp;&nbsp; 513545 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB | 5.00% | 06/01/2027 | 185 | &nbsp;&nbsp; 192883 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB | 5.00% | 07/01/2027 | 35 | &nbsp;&nbsp; 36573 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB | 5.00% | 07/01/2029 | 215 | &nbsp;&nbsp; 224437 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB | 5.00% | 07/01/2030 | 95 | &nbsp;&nbsp; 99222 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB | 5.00% | 07/01/2031 | 25 | &nbsp;&nbsp; 26102 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB | 5.00% | 07/01/2032 | 15 | &nbsp;&nbsp; 15648 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB | 5.00% | 07/01/2033 | 30 | &nbsp;&nbsp; 31267 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB | 5.00% | 07/01/2034 | 60 | &nbsp;&nbsp; 62504 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB | 5.00% | 07/01/2036 | 30 | &nbsp;&nbsp; 31172 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB | 5.00% | 07/01/2037 | 10 | &nbsp;&nbsp; 10380 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB | 5.00% | 07/01/2038 | 110 | &nbsp;&nbsp; 114087 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB | 5.00% | 07/01/2039 | 75 | &nbsp;&nbsp; 77576 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB | 5.00% | 07/01/2040 | 125 | &nbsp;&nbsp; 129019 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB | 5.00% | 07/01/2042 | 90 | &nbsp;&nbsp; 92438 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB | 5.00% | 07/01/2027 | 50 | &nbsp;&nbsp; 52248 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB | 5.00% | 06/01/2027 | 325 | &nbsp;&nbsp; 338849 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020, RB | 5.00% | 06/01/2033 | 170 | &nbsp;&nbsp; 176958 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020, RB | 5.00% | 06/01/2034 | 30 | &nbsp;&nbsp; 31169 |
| Los Angeles Community College District, Series 2024, GO Bonds | 5.00% | 08/01/2027 | 460 | &nbsp;&nbsp; 481218 |
| Los Angeles Community College District (Election of 2016), Series 2023 D, GO Bonds | 5.00% | 08/01/2027 | 145 | &nbsp;&nbsp; 151688 |
| Los Angeles Community College District (Election of 2016), Series 2024 E, GO Bonds | 5.00% | 08/01/2027 | 20 | &nbsp;&nbsp; 20923 |
| Los Angeles Community College District (Election of 2022), Series 2023 A-1, GO Bonds | 5.00% | 08/01/2027 | 390 | &nbsp;&nbsp; 407990 |
| Los Angeles Unified School District, Series 2016 B, Ref. GO Bonds | 5.00% | 07/01/2027 | 255 | &nbsp;&nbsp; 258876 |
| Los Angeles Unified School District, Series 2017 A, Ref. GO Bonds | 5.00% | 07/01/2027 | 295 | &nbsp;&nbsp; 307744 |
| Los Angeles Unified School District, Series 2019 A, Ref. GO Bonds | 5.00% | 07/01/2027 | 210 | &nbsp;&nbsp; 219072 |
| Los Angeles Unified School District, Series 2020 A, Ref. GO Bonds | 5.00% | 07/01/2027 | 305 | &nbsp;&nbsp; 318176 |
| Los Angeles Unified School District, Series 2020 C, GO Bonds | 5.00% | 07/01/2027 | 90 | &nbsp;&nbsp; 93888 |
| Los Angeles Unified School District, Series 2020 RYQ, GO Bonds | 5.00% | 07/01/2027 | 50 | &nbsp;&nbsp; 52160 |
| Los Angeles Unified School District, Series 2024 A, Ref. GO Bonds | 5.00% | 07/01/2027 | 345 | &nbsp;&nbsp; 359904 |
| Los Angeles Unified School District (Sustainability Bonds), Series 2022 QRR, GO Bonds | 5.00% | 07/01/2027 | 105 | &nbsp;&nbsp; 109536 |
| Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds | 5.00% | 07/01/2027 | 130 | &nbsp;&nbsp; 135616 |
| Los Angeles Unified School District (Green Bonds), Series 2023, COP<sup>(a)</sup> | 5.00% | 10/01/2027 | 15 | &nbsp;&nbsp; 15750 |
| Los Angeles Unified School District (Green Bonds), Series 2023, GO Bonds | 5.00% | 07/01/2027 | 150 | &nbsp;&nbsp; 156480 |
| Los Angeles Unified School District (Green Bonds), Series 2024 QRR, GO Bonds | 5.00% | 07/01/2027 | 110 | &nbsp;&nbsp; 114752 |
| Los Rios Community College District, Series 2024 B, Ref. GO Bonds | 5.00% | 08/01/2027 | 25 | &nbsp;&nbsp; 26191 |
| Los Rios Community College District, Series 2025, Ref. GO Bonds | 5.00% | 08/01/2027 | 5 | &nbsp;&nbsp; 5238 |
| Marin Community College District (Election of 2016), Series 2019 B, GO Bonds<sup>(a)(b)</sup> | 4.00% | 02/15/2027 | 10 | &nbsp;&nbsp; 10211 |
| Metropolitan Water District of Southern California, Series 2011 C, Ref. RB | 5.00% | 10/01/2027 | 90 | &nbsp;&nbsp; 94832 |
| Metropolitan Water District of Southern California, Series 2019 A, Ref. RB | 5.00% | 07/01/2027 | 160 | &nbsp;&nbsp; 167423 |
| Metropolitan Water District of Southern California, Series 2020 A, Ref. RB | 5.00% | 07/01/2027 | 100 | &nbsp;&nbsp; 104639 |
| Metropolitan Water District of Southern California, Series 2022 B, Ref. RB | 3.00% | 07/01/2027 | 5 | &nbsp;&nbsp; 5047 |
| Municipal Improvement Corp. of Los Angeles (Real Property), Series 2016 B, Ref. RB | 5.00% | 11/01/2027 | 220 | &nbsp;&nbsp; 225011 |
| Oakland Unified School District, Series 2016, Ref. GO Bonds | 5.00% | 08/01/2027 | 110 | &nbsp;&nbsp; 111726 |
| Orange (County of), CA Sanitation District, Series 2017 A, Ref. RB | 5.00% | 02/01/2029 | 85 | &nbsp;&nbsp; 87804 |
| Orange (County of), CA Sanitation District, Series 2017 A, Ref. RB | 5.00% | 02/01/2030 | 55 | &nbsp;&nbsp; 56699 |
| Palomar Community College District (Election of 2006), Series 2017 D, GO Bonds | 5.25% | 08/01/2045 | 195 | &nbsp;&nbsp; 199693 |
| Pittsburg Successor Agency Redevelopment Agency, Series 2016 A, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 09/01/2027 | 30 | &nbsp;&nbsp; 30518 |
| Regents of the University of California Medical Center, Series 2016 L, Ref. RB | 5.00% | 05/15/2027 | 50 | &nbsp;&nbsp; 50571 |
| Richmond (City of), CA, Series 2017 A, Ref. RB | 5.25% | 08/01/2047 | 150 | &nbsp;&nbsp; 153023 |
| Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB | 5.00% | 06/01/2027 | 40 | &nbsp;&nbsp; 41554 |
| Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB | 5.00% | 06/01/2029 | 45 | &nbsp;&nbsp; 47470 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB | 5.00% | 06/01/2030 | $105 | &nbsp;&nbsp; $110692 |
| Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB | 5.00% | 06/01/2031 | 85 | &nbsp;&nbsp; 89568 |
| Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB | 5.00% | 06/01/2032 | 165 | &nbsp;&nbsp; 173602 |
| Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB | 5.00% | 06/01/2033 | 95 | &nbsp;&nbsp; 99793 |
| Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB | 5.00% | 06/01/2034 | 40 | &nbsp;&nbsp; 41963 |
| Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB | 5.00% | 06/01/2035 | 10 | &nbsp;&nbsp; 10474 |
| Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB | 5.00% | 06/01/2037 | 60 | &nbsp;&nbsp; 62576 |
| Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB | 5.00% | 06/01/2038 | 205 | &nbsp;&nbsp; 213364 |
| Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB | 5.00% | 06/01/2039 | 15 | &nbsp;&nbsp; 15584 |
| Riverside Community College District (Election of 2024), Series 2025 A, GO Bonds | 5.00% | 08/01/2027 | 20 | &nbsp;&nbsp; 20926 |
| Roseville (City of), CA, Series 2017 A, Ref. RB | 4.00% | 02/01/2037 | 75 | &nbsp;&nbsp; 75542 |
| Roseville Joint Union High School District (Election of 2016), Series 2017 A, GO Bonds | 4.00% | 08/01/2045 | 50 | &nbsp;&nbsp; 48709 |
| Sacramento (City of), CA Municipal Utility District, Series 2016 D, Ref. RB | 5.00% | 08/15/2027 | 85 | &nbsp;&nbsp; 89143 |
| Sacramento (City of), CA Municipal Utility District, Series 2016 I, Ref. RB | 5.00% | 08/15/2027 | 5 | &nbsp;&nbsp; 5244 |
| Sacramento (City of), CA Municipal Utility District, Series 2017 E, Ref. RB | 5.00% | 08/15/2027 | 5 | &nbsp;&nbsp; 5244 |
| Sacramento (City of), CA Municipal Utility District, Series 2018 D, Ref. RB | 5.00% | 08/15/2027 | 40 | &nbsp;&nbsp; 41950 |
| Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2020 A, Ref. RB | 5.00% | 12/01/2027 | 115 | &nbsp;&nbsp; 121435 |
| Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2021, Ref. RB | 5.00% | 12/01/2027 | 25 | &nbsp;&nbsp; 26399 |
| San Bernardino (City of), CA, Series 2019 A, Ref. COP | 5.00% | 10/01/2027 | 35 | &nbsp;&nbsp; 36653 |
| &nbsp;&nbsp;&nbsp; San Bernardino City Unified School District (Election of 2012), Series 2017 D, GO Bonds, <br> (INS - AGI)<sup>(c)</sup><br>| 4.00% | 08/01/2042 | 5 | &nbsp;&nbsp; 5012 |
| San Bernardino Community College District, Series 2017 B, Ref. GO Bonds | 4.00% | 08/01/2034 | 70 | &nbsp;&nbsp; 71356 |
| San Bernardino Community College District, Series 2019 A, GO Bonds<sup>(a)(b)</sup> | 4.00% | 08/16/2027 | 35 | &nbsp;&nbsp; 36039 |
| San Bernardino Community College District (Election of 2018), Series 2019 A, GO Bonds<sup>(a)(b)</sup> | 4.00% | 08/16/2027 | 155 | &nbsp;&nbsp; 159601 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2016 A, Ref. RB | 5.00% | 05/15/2027 | 45 | &nbsp;&nbsp; 45534 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2016 B, Ref. RB | 5.00% | 08/01/2027 | 40 | &nbsp;&nbsp; 40694 |
| San Diego (County of), CA Regional Airport Authority, Series 2017 A, Ref. RB | 5.00% | 07/01/2042 | 200 | &nbsp;&nbsp; 204100 |
| San Diego (County of), CA Regional Transportation Commission, Series 2023 A, Ref. RB | 5.00% | 04/01/2027 | 15 | &nbsp;&nbsp; 15554 |
| San Diego Community College District, Series 2024, GO Bonds | 5.00% | 08/01/2027 | 5 | &nbsp;&nbsp; 5237 |
| San Diego Community College District (Election of 2002), Series 2009, GO Bonds<sup>(a)(b)</sup> | 6.00% | 08/01/2027 | 20 | &nbsp;&nbsp; 21231 |
| San Diego Unified School District (Election of 1998), Series 2005 E-2, Ref. GO Bonds, (INS - AGI)<sup>(c)</sup> | 5.50% | 07/01/2027 | 80 | &nbsp;&nbsp; 84216 |
| San Diego Unified School District (Election of 2018) (Green Bonds), Series 2023, GO Bonds | 5.00% | 07/01/2027 | 50 | &nbsp;&nbsp; 52160 |
| San Francisco (City & County of), CA, Series 2022-R1, Ref. GO Bonds | 5.00% | 06/15/2027 | 5 | &nbsp;&nbsp; 5220 |
| San Francisco (City & County of), CA, Series 2024, Ref. GO Bonds | 5.00% | 06/15/2027 | 20 | &nbsp;&nbsp; 20880 |
| &nbsp;&nbsp;&nbsp; San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Second <br> Series 2022 B, Ref. RB<br>| 5.00% | 05/01/2027 | 40 | &nbsp;&nbsp; 41541 |
| &nbsp;&nbsp;&nbsp; San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), <br> Series 2017 B, RB<br>| 5.00% | 05/01/2047 | 500 | &nbsp;&nbsp; 506359 |
| &nbsp;&nbsp;&nbsp; San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), <br> Series 2019, Ref. RB<br>| 5.00% | 05/01/2027 | 65 | &nbsp;&nbsp; 67504 |
| San Francisco (City & County of), CA Public Utilities Commission, Series 2016, Ref. RB | 5.00% | 11/01/2027 | 100 | &nbsp;&nbsp; 102333 |
| &nbsp;&nbsp;&nbsp; San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2017 D, Ref. <br> RB<br>| 5.00% | 11/01/2027 | 65 | &nbsp;&nbsp; 68560 |
| &nbsp;&nbsp;&nbsp; San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2017 D, Ref. <br> RB<br>| 5.00% | 11/01/2029 | 265 | &nbsp;&nbsp; 279060 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023 A, RB | 5.00% | 10/01/2027 | 35 | &nbsp;&nbsp; 36834 |
| San Francisco (City of), CA Public Utilities Commission (Green Bonds), Series 2017 D, Ref. RB | 5.00% | 11/01/2034 | 5 | &nbsp;&nbsp; 5245 |
| San Francisco (County of), CA Transportation Authority, Series 2017, RB | 4.00% | 02/01/2029 | 140 | &nbsp;&nbsp; 142749 |
| San Francisco Bay Area Rapid Transit District, Series 2019 A, RB | 4.00% | 07/01/2035 | 65 | &nbsp;&nbsp; 65853 |
| &nbsp;&nbsp;&nbsp; San Francisco Bay Area Rapid Transit District (Election of 2004) (Green Bonds), Series 2017, Ref. GO <br> Bonds<br>| 4.00% | 08/01/2037 | 500 | &nbsp;&nbsp; 506449 |
| &nbsp;&nbsp;&nbsp; San Francisco Bay Area Rapid Transit District (Election of 2016) (Green Bonds), Series 2017 A, GO <br> Bonds<br>| 5.00% | 08/01/2047 | 90 | &nbsp;&nbsp; 91629 |
| San Francisco Unified School District (Election of 2024, Series 2025 A, GO Bonds | 5.00% | 06/15/2027 | 15 | &nbsp;&nbsp; 15618 |
| San Jose (City of), CA, Series 2017 B, Ref. RB | 5.00% | 03/01/2042 | 40 | &nbsp;&nbsp; 40650 |
| San Jose (City of), CA, Series 2017 B, Ref. RB | 5.00% | 03/01/2047 | 295 | &nbsp;&nbsp; 298312 |
| San Jose (City of), CA Redevelopment Agency Successor Agency, Series 2017 A, Ref. RB | 5.00% | 08/01/2034 | 140 | &nbsp;&nbsp; 145308 |
| San Jose (City of), CA Redevelopment Agency Successor Agency, Series 2017 A, Ref. RB | 5.00% | 08/01/2035 | 235 | &nbsp;&nbsp; 243476 |
| San Jose (City of), CA Redevelopment Agency Successor Agency, Series 2017 B, Ref. RB | 5.00% | 08/01/2027 | 75 | &nbsp;&nbsp; 78221 |
| Santa Clara (County of), CA, Series 2017 C, Ref. GO Bonds | 5.00% | 08/01/2031 | 335 | &nbsp;&nbsp; 349680 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| Santa Clara (County of), CA, Series 2017 C, Ref. GO Bonds | 5.00% | 08/01/2033 | $50 | &nbsp;&nbsp; $52073 |
| Santa Clara (County of), CA (Election of 2008), Series 2022 D, Ref. GO Bonds | 5.00% | 08/01/2027 | 20 | &nbsp;&nbsp; 20899 |
| Santa Clara Unified School District, Series 2025, GO Bonds | 4.00% | 07/01/2027 | 10 | &nbsp;&nbsp; 10291 |
| Santa Clara Valley Transportation Authority, Series 2023 A, Ref. RB | 5.00% | 04/01/2027 | 500 | &nbsp;&nbsp; 518125 |
| Santa Monica (City of), CA Public Financing Authority (Green Bonds), Series 2017, RB | 4.00% | 07/01/2047 | 20 | &nbsp;&nbsp; 19534 |
| Solano County Community College District (Election of 2012), Series 2017 C, GO Bonds<sup>(a)(b)</sup> | 5.25% | 08/15/2027 | 90 | &nbsp;&nbsp; 94065 |
| Southern California Public Power Authority (Green Bonds), Series 2023, Ref. RB | 5.00% | 07/01/2027 | 20 | &nbsp;&nbsp; 20785 |
| Southwestern Community College District (Election of 2016), Series 2017 A, GO Bonds | 4.00% | 08/01/2047 | 65 | &nbsp;&nbsp; 63936 |
| Tuolumne (City of), CA Wind Project Authority (Tuolumne Wind Project), Series 2016 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 01/01/2027 | 75 | &nbsp;&nbsp; 77080 |
| Tuolumne (City of), CA Wind Project Authority (Tuolumne Wind Project), Series 2016 A, Ref. RB<sup>(a)</sup> | 5.00% | 01/01/2027 | 50 | &nbsp;&nbsp; 51387 |
| Turlock (City of), CA Irrigation District, Series 2016, Ref. RB | 5.00% | 01/01/2041 | 5 | &nbsp;&nbsp; 5086 |
| Turlock (City of), CA Irrigation District, Series 2016, Ref. RB | 5.00% | 01/01/2046 | 130 | &nbsp;&nbsp; 131445 |
| University of California, Series 2017 AV, RB | 5.00% | 05/15/2034 | 5 | &nbsp;&nbsp; 5177 |
| University of California, Series 2017 AV, RB | 5.00% | 05/15/2036 | 125 | &nbsp;&nbsp; 129059 |
| University of California, Series 2017 AV, RB | 5.00% | 05/15/2042 | 425 | &nbsp;&nbsp; 434427 |
| University of California, Series 2017 AV, RB | 5.25% | 05/15/2042 | 600 | &nbsp;&nbsp; 615593 |
| University of California, Series 2017 AY, Ref. RB | 5.00% | 05/15/2027 | 95 | &nbsp;&nbsp; 98900 |
| University of California, Series 2017 AY, Ref. RB | 5.00% | 05/15/2029 | 55 | &nbsp;&nbsp; 57169 |
| University of California, Series 2017 AY, Ref. RB | 5.00% | 05/15/2030 | 175 | &nbsp;&nbsp; 181890 |
| University of California, Series 2017 AY, Ref. RB | 5.00% | 05/15/2031 | 85 | &nbsp;&nbsp; 88321 |
| University of California, Series 2017 AY, Ref. RB | 5.00% | 05/15/2032 | 35 | &nbsp;&nbsp; 36332 |
| University of California, Series 2017 AY, Ref. RB | 4.00% | 05/15/2033 | 220 | &nbsp;&nbsp; 223998 |
| University of California, Series 2017 AY, Ref. RB | 4.00% | 05/15/2034 | 170 | &nbsp;&nbsp; 172869 |
| University of California, Series 2017 AY, Ref. RB | 4.00% | 05/15/2035 | 70 | &nbsp;&nbsp; 71070 |
| University of California, Series 2017 AY, Ref. RB | 5.00% | 05/15/2036 | 30 | &nbsp;&nbsp; 30974 |
| University of California, Series 2017 AY, Ref. RB | 5.00% | 05/15/2037 | 15 | &nbsp;&nbsp; 15454 |
| University of California, Series 2017 M, RB | 5.00% | 05/15/2037 | 5 | &nbsp;&nbsp; 5150 |
| University of California, Series 2018 AZ, Ref. RB | 4.00% | 05/15/2027 | 65 | &nbsp;&nbsp; 66742 |
| University of California, Series 2018, Ref. RB | 5.00% | 05/15/2027 | 35 | &nbsp;&nbsp; 36437 |
| University of California, Series 2022 S, Ref. RB | 5.00% | 05/15/2027 | 5 | &nbsp;&nbsp; 5205 |
| University of California, Series 2023 BM, Ref. RB | 5.00% | 05/15/2027 | 10 | &nbsp;&nbsp; 10411 |
| University of California, Series 2023 BN, Ref. RB | 5.00% | 05/15/2027 | 60 | &nbsp;&nbsp; 62463 |
| University of California, Series 2024 BS, Ref. RB | 5.00% | 05/15/2027 | 125 | &nbsp;&nbsp; 130131 |
| University of California, Series 2024 BX, RB | 5.00% | 05/15/2027 | 25 | &nbsp;&nbsp; 26026 |
| University of California, Series 2025 BZ, Ref. RB | 5.00% | 05/15/2027 | 155 | &nbsp;&nbsp; 161363 |
| University of California (Limited), Series 2017 M, RB | 5.00% | 05/15/2030 | 45 | &nbsp;&nbsp; 46759 |
| University of California (Limited), Series 2017 M, RB | 5.00% | 05/15/2031 | 165 | &nbsp;&nbsp; 171398 |
| University of California (Limited), Series 2017 M, RB | 5.00% | 05/15/2032 | 35 | &nbsp;&nbsp; 36322 |
| University of California (Limited), Series 2017 M, RB | 5.00% | 05/15/2033 | 40 | &nbsp;&nbsp; 41457 |
| University of California (Limited), Series 2017 M, RB | 5.00% | 05/15/2034 | 10 | &nbsp;&nbsp; 10351 |
| University of California (Limited), Series 2017 M, RB | 5.00% | 05/15/2035 | 5 | &nbsp;&nbsp; 5171 |
| University of California (Limited), Series 2017 M, RB | 5.00% | 05/15/2036 | 15 | &nbsp;&nbsp; 15483 |
| University of California (Limited), Series 2017 M, RB | 5.00% | 05/15/2042 | 470 | &nbsp;&nbsp; 480291 |
| University of California (Limited), Series 2017 M, RB | 5.00% | 05/15/2047 | 350 | &nbsp;&nbsp; 355864 |
| University of California (Limited), Series 2017 M, RB | 5.00% | 05/15/2052 | 100 | &nbsp;&nbsp; 101555 |
| Vernon (City of), CA, Series 2021 A, RB | 5.00% | 10/01/2027 | 160 | &nbsp;&nbsp; 165425 |
| West Valley-Mission Community College District, Series 2017 B, Ref. GO Bonds | 5.00% | 08/01/2032 | 110 | &nbsp;&nbsp; 114736 |
| West Valley-Mission Community College District, Series 2017 B, Ref. GO Bonds | 4.00% | 08/01/2034 | 20 | &nbsp;&nbsp; 20410 |
|  |  |  |  | &nbsp;&nbsp; 49300504 |
| **Colorado-1.39%** |  |  |  |  |
| Adams & Weld Counties School District No. 27J Brighton, Series 2017, GO Bonds | 5.00% | 12/01/2042 | 215 | &nbsp;&nbsp; 219311 |
| Adams 12 Five Star Schools, Series 2016 B, Ref. GO Bonds | 5.00% | 12/15/2027 | 60 | &nbsp;&nbsp; 61462 |
| Arapahoe County School District No. 5 Cherry Creek, Series 2025, Ref. GO Bonds | 5.00% | 12/15/2027 | 5 | &nbsp;&nbsp; 5247 |
| Arapahoe County School District No. 6 Littleton, Series 2019 A, GO Bonds | 5.50% | 12/01/2027 | 150 | &nbsp;&nbsp; 158583 |
| Colorado (State of), Series 2017 J, COP | 5.00% | 03/15/2032 | 140 | &nbsp;&nbsp; 143753 |
| Colorado (State of), Series 2017 J, COP | 5.00% | 03/15/2037 | 235 | &nbsp;&nbsp; 239890 |
| Colorado (State of), Series 2018 A, COP | 5.00% | 12/15/2027 | 40 | &nbsp;&nbsp; 41953 |
| Colorado (State of), Series 2020 A, COP | 5.00% | 12/15/2027 | 185 | &nbsp;&nbsp; 194034 |
| Colorado (State of), Series 2021 A, COP | 5.00% | 12/15/2027 | 245 | &nbsp;&nbsp; 256965 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Colorado-(continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Colorado (State of) Educational & Cultural Facilities Authority (University of Denver), Series 2017 A, <br> RB<br>| 5.00% | 03/01/2040 | $250 | &nbsp;&nbsp; $254860 |
| &nbsp;&nbsp;&nbsp; Colorado (State of) Educational & Cultural Facilities Authority (University of Denver), Series 2017 A, <br> RB<br>| 5.00% | 03/01/2043 | 180 | &nbsp;&nbsp; 182779 |
| &nbsp;&nbsp;&nbsp; Colorado (State of) Educational & Cultural Facilities Authority (University of Denver), Series 2017 A, <br> RB<br>| 5.00% | 03/01/2047 | 115 | &nbsp;&nbsp; 116366 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A, Ref. RB | 5.00% | 08/01/2027 | 40 | &nbsp;&nbsp; 41253 |
| Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB | 5.00% | 01/01/2027 | 60 | &nbsp;&nbsp; 61469 |
| Colorado (State of) Regional Transportation District, Series 2017 B, Ref. RB | 5.00% | 11/01/2033 | 70 | &nbsp;&nbsp; 72815 |
| Colorado (State of) Regional Transportation District, Series 2017 B, Ref. RB | 4.00% | 11/01/2036 | 190 | &nbsp;&nbsp; 192591 |
| Colorado (State of) Regional Transportation District (Fastracks), Series 2013 A, Ref. RB | 5.00% | 11/01/2027 | 225 | &nbsp;&nbsp; 235677 |
| Colorado (State of) Regional Transportation District (Fastracks), Series 2017 B, Ref. RB | 5.00% | 11/01/2034 | 270 | &nbsp;&nbsp; 280344 |
| Colorado (State of) Regional Transportation District (Fastracks), Series 2023 A, Ref. RB | 5.00% | 11/01/2027 | 85 | &nbsp;&nbsp; 89033 |
| Colorado Springs (City of), CO, Series 2017 A-2, RB | 5.00% | 11/15/2042 | 100 | &nbsp;&nbsp; 101960 |
| Denver (City & County of), CO, Series 2017 B, Ref. RB | 5.00% | 11/15/2033 | 70 | &nbsp;&nbsp; 72669 |
| Denver (City & County of), CO, Series 2020 B, Ref. GO Bonds | 5.00% | 08/01/2027 | 40 | &nbsp;&nbsp; 41618 |
| Denver (City & County of), CO, Series 2022 C, Ref. RB | 5.00% | 11/15/2027 | 125 | &nbsp;&nbsp; 130808 |
| Denver (City & County of), CO, Series 2023 A, Ref. RB | 5.00% | 11/15/2027 | 55 | &nbsp;&nbsp; 57502 |
| Denver City & County School District No. 1, Series 2017, GO Bonds | 5.00% | 12/01/2027 | 70 | &nbsp;&nbsp; 71643 |
| Denver City & County School District No. 1, Series 2021 B, Ref. GO Bonds | 4.00% | 12/01/2027 | 85 | &nbsp;&nbsp; 87510 |
| Douglas County School District No. Re-1 Douglas & Elbert Counties, Series 2022, Ref. GO Bonds | 5.00% | 12/15/2027 | 155 | &nbsp;&nbsp; 162664 |
| E-470 Public Highway Authority, Series 2020 A, Ref. RB | 5.00% | 09/01/2027 | 65 | &nbsp;&nbsp; 67600 |
| Metro Water Recovery, Series 2025 A, Ref. RB | 5.00% | 04/01/2027 | 30 | &nbsp;&nbsp; 30979 |
| Rampart Range Metropolitan District No. 1, Series 2017, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 12/01/2042 | 110 | &nbsp;&nbsp; 111025 |
| Rampart Range Metropolitan District No. 1, Series 2017, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 12/01/2047 | 95 | &nbsp;&nbsp; 95237 |
| &nbsp;&nbsp;&nbsp; St. Vrain Valley School District Re-1J (Boulder, Larimer & Weld Counties and the City and County of <br> Broomfield), Series 2024, GO Bonds<br>| 5.00% | 12/15/2027 | 175 | &nbsp;&nbsp; 183831 |
| University of Colorado, Series 2017 A-2, Ref. RB | 5.00% | 06/01/2027 | 50 | &nbsp;&nbsp; 51815 |
|  |  |  |  | &nbsp;&nbsp; 4115246 |
| **Connecticut-1.87%** |  |  |  |  |
| Connecticut (State of), Series 2016 B, Ref. GO Bonds | 5.00% | 05/15/2027 | 70 | &nbsp;&nbsp; 70703 |
| Connecticut (State of), Series 2016 E, GO Bonds | 5.00% | 10/15/2027 | 180 | &nbsp;&nbsp; 183696 |
| Connecticut (State of), Series 2016, Ref. RB | 5.00% | 09/01/2027 | 5 | &nbsp;&nbsp; 5088 |
| Connecticut (State of), Series 2017 A, GO Bonds | 5.00% | 04/15/2027 | 115 | &nbsp;&nbsp; 118863 |
| Connecticut (State of), Series 2017 A, GO Bonds | 3.50% | 04/15/2031 | 225 | &nbsp;&nbsp; 227306 |
| Connecticut (State of), Series 2017 A, GO Bonds | 5.00% | 04/15/2032 | 15 | &nbsp;&nbsp; 15473 |
| Connecticut (State of), Series 2018 B, RB | 5.00% | 10/01/2027 | 175 | &nbsp;&nbsp; 182782 |
| Connecticut (State of), Series 2018 C, GO Bonds | 5.00% | 06/15/2027 | 115 | &nbsp;&nbsp; 119333 |
| Connecticut (State of), Series 2018 D, Ref. GO Bonds | 5.00% | 04/15/2027 | 205 | &nbsp;&nbsp; 211887 |
| Connecticut (State of), Series 2018 E, GO Bonds | 5.00% | 09/15/2027 | 285 | &nbsp;&nbsp; 297469 |
| Connecticut (State of), Series 2018 F, Ref. GO Bonds | 5.00% | 09/15/2027 | 130 | &nbsp;&nbsp; 135687 |
| Connecticut (State of), Series 2019 A, GO Bonds | 5.00% | 04/15/2027 | 160 | &nbsp;&nbsp; 165375 |
| Connecticut (State of), Series 2020 A, RB | 5.00% | 05/01/2027 | 120 | &nbsp;&nbsp; 124128 |
| Connecticut (State of), Series 2021 A, GO Bonds | 4.00% | 01/15/2027 | 550 | &nbsp;&nbsp; 559072 |
| Connecticut (State of), Series 2021 A, RB | 5.00% | 05/01/2027 | 140 | &nbsp;&nbsp; 144816 |
| Connecticut (State of), Series 2021 D, RB | 5.00% | 11/01/2027 | 70 | &nbsp;&nbsp; 73255 |
| Connecticut (State of), Series 2022 A, GO Bonds | 4.00% | 01/15/2027 | 60 | &nbsp;&nbsp; 60990 |
| Connecticut (State of), Series 2022 D, Ref. GO Bonds | 5.00% | 09/15/2027 | 525 | &nbsp;&nbsp; 547969 |
| Connecticut (State of), Series 2022 E, GO Bonds | 5.00% | 11/15/2027 | 150 | &nbsp;&nbsp; 157116 |
| Connecticut (State of), Series 2022 G, Ref. GO Bonds | 5.00% | 11/15/2027 | 205 | &nbsp;&nbsp; 214726 |
| Connecticut (State of), Series 2023 B, Ref. GO Bonds | 5.00% | 08/01/2027 | 130 | &nbsp;&nbsp; 135300 |
| Connecticut (State of), Series 2024 A, GO Bonds | 5.00% | 01/15/2027 | 35 | &nbsp;&nbsp; 35962 |
| Connecticut (State of), Series 2024 A-1, RB | 5.00% | 07/01/2027 | 45 | &nbsp;&nbsp; 46730 |
| Connecticut (State of), Series 2024 B, Ref. RB | 5.00% | 07/01/2027 | 15 | &nbsp;&nbsp; 15577 |
| Connecticut (State of), Series 2024 F, GO Bonds | 5.00% | 11/15/2027 | 155 | &nbsp;&nbsp; 162354 |
| Connecticut (State of) (Green Bonds), Series 2017 A, RB | 5.00% | 05/01/2032 | 50 | &nbsp;&nbsp; 51696 |
| Connecticut (State of) (Green Bonds), Series 2017 A, RB | 5.00% | 05/01/2033 | 55 | &nbsp;&nbsp; 56820 |
| Connecticut (State of) (Green Bonds), Series 2017 A, RB | 5.00% | 05/01/2034 | 55 | &nbsp;&nbsp; 56791 |
| Connecticut (State of) (Green Bonds), Series 2017 A, Ref. RB | 5.00% | 05/01/2031 | 10 | &nbsp;&nbsp; 10348 |
| Connecticut (State of) (Green Bonds), Series 2021 D, Ref. GO Bonds | 5.00% | 07/15/2027 | 15 | &nbsp;&nbsp; 15595 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Connecticut-(continued)** |  |  |  |  |
| Connecticut (State of) (Green Bonds), Series 2024 C, Ref. GO Bonds | 5.00% | 03/01/2027 | $5 | &nbsp;&nbsp; $5153 |
| Connecticut (State of) (Social Bonds), Series 2021 B, GO Bonds | 4.00% | 06/01/2027 | 225 | &nbsp;&nbsp; 229974 |
| Connecticut (State of) (Transportation Infrastructure), Series 2016 A, RB | 5.00% | 09/01/2027 | 50 | &nbsp;&nbsp; 50882 |
| Connecticut (State of) (Transportation Infrastructure), Series 2018, RB | 5.00% | 01/01/2027 | 45 | &nbsp;&nbsp; 46185 |
| Connecticut (State of) (Transportation Infrastructure), Series 2022 A, RB | 5.00% | 07/01/2027 | 10 | &nbsp;&nbsp; 10384 |
| Connecticut (State of) (Transportation Infrastructure), Series 2022, Ref. RB | 5.00% | 07/01/2027 | 70 | &nbsp;&nbsp; 72691 |
| Connecticut (State of) Health & Educational Facilities Authority, Series 2017, Ref. RB | 5.00% | 07/01/2042 | 225 | &nbsp;&nbsp; 228586 |
| Connecticut (State of) Health & Educational Facilities Authority (Yale University), Series 1997 S, RB | 5.00% | 07/01/2027 | 160 | &nbsp;&nbsp; 166429 |
| University of Connecticut, Series 2017 A, RB | 5.00% | 01/15/2029 | 295 | &nbsp;&nbsp; 302985 |
| University of Connecticut, Series 2017 A, RB | 5.00% | 01/15/2030 | 80 | &nbsp;&nbsp; 82155 |
| University of Connecticut, Series 2017 A, RB | 5.00% | 01/15/2033 | 100 | &nbsp;&nbsp; 102600 |
| University of Connecticut, Series 2017 A, RB | 5.00% | 01/15/2034 | 15 | &nbsp;&nbsp; 15380 |
|  |  |  |  | &nbsp;&nbsp; 5516311 |
| **Delaware-0.16%** |  |  |  |  |
| Delaware (State of), Series 2017 A, Ref. GO Bonds | 5.00% | 01/01/2027 | 130 | &nbsp;&nbsp; 133507 |
| Delaware (State of), Series 2019, GO Bonds | 5.00% | 02/01/2027 | 125 | &nbsp;&nbsp; 128629 |
| Delaware (State of), Series 2020 A, GO Bonds | 5.00% | 01/01/2027 | 75 | &nbsp;&nbsp; 77023 |
| Delaware (State of), Series 2023 A, GO Bonds | 5.00% | 05/01/2027 | 30 | &nbsp;&nbsp; 31058 |
| Delaware (State of) Health Facilities Authority (Bayhealth Medical Center), Series 2017 A, Ref. RB | 4.00% | 07/01/2040 | 10 | &nbsp;&nbsp; 10003 |
| Delaware (State of) Transportation Authority, Series 2016, Ref. RB | 5.00% | 07/01/2027 | 15 | &nbsp;&nbsp; 15211 |
| Delaware (State of) Transportation Authority, Series 2020, Ref. RB | 5.00% | 07/01/2027 | 85 | &nbsp;&nbsp; 88375 |
|  |  |  |  | &nbsp;&nbsp; 483806 |
| **District of Columbia-2.39%** |  |  |  |  |
| District of Columbia, Series 2016 A, GO Bonds | 5.00% | 06/01/2027 | 40 | &nbsp;&nbsp; 40472 |
| District of Columbia, Series 2016 E, Ref. GO Bonds | 5.00% | 06/01/2027 | 75 | &nbsp;&nbsp; 76759 |
| District of Columbia, Series 2017 A, Ref. GO Bonds | 5.00% | 06/01/2029 | 90 | &nbsp;&nbsp; 93217 |
| District of Columbia, Series 2017 A, Ref. GO Bonds | 5.00% | 06/01/2030 | 150 | &nbsp;&nbsp; 155388 |
| District of Columbia, Series 2017 A, Ref. GO Bonds | 5.00% | 06/01/2031 | 50 | &nbsp;&nbsp; 51782 |
| District of Columbia, Series 2017 A, Ref. GO Bonds | 5.00% | 06/01/2032 | 595 | &nbsp;&nbsp; 615719 |
| District of Columbia, Series 2017 A, Ref. GO Bonds | 5.00% | 06/01/2033 | 130 | &nbsp;&nbsp; 134384 |
| District of Columbia, Series 2017 A, Ref. GO Bonds | 5.00% | 06/01/2034 | 150 | &nbsp;&nbsp; 154903 |
| District of Columbia, Series 2017 A, Ref. GO Bonds | 5.00% | 06/01/2035 | 35 | &nbsp;&nbsp; 36103 |
| District of Columbia, Series 2017 A, Ref. GO Bonds | 5.00% | 06/01/2037 | 580 | &nbsp;&nbsp; 596220 |
| District of Columbia, Series 2017 D, GO Bonds | 5.00% | 06/01/2027 | 90 | &nbsp;&nbsp; 93320 |
| District of Columbia, Series 2017 D, GO Bonds | 5.00% | 06/01/2029 | 180 | &nbsp;&nbsp; 186434 |
| District of Columbia, Series 2017 D, GO Bonds | 5.00% | 06/01/2030 | 90 | &nbsp;&nbsp; 93233 |
| District of Columbia, Series 2017 D, GO Bonds | 5.00% | 06/01/2031 | 130 | &nbsp;&nbsp; 134634 |
| District of Columbia, Series 2017 D, GO Bonds | 5.00% | 06/01/2032 | 70 | &nbsp;&nbsp; 72438 |
| District of Columbia, Series 2017 D, GO Bonds | 4.00% | 06/01/2033 | 75 | &nbsp;&nbsp; 76162 |
| District of Columbia, Series 2017 D, GO Bonds | 5.00% | 06/01/2038 | 75 | &nbsp;&nbsp; 76939 |
| District of Columbia, Series 2017, Ref. RB | 5.00% | 04/01/2031 | 60 | &nbsp;&nbsp; 61527 |
| District of Columbia, Series 2017, Ref. RB | 5.00% | 04/01/2035 | 80 | &nbsp;&nbsp; 81746 |
| District of Columbia, Series 2019 A, GO Bonds | 5.00% | 10/15/2027 | 440 | &nbsp;&nbsp; 459982 |
| District of Columbia, Series 2019 A, RB | 5.00% | 03/01/2027 | 80 | &nbsp;&nbsp; 82478 |
| District of Columbia, Series 2019 C, Ref. RB | 5.00% | 10/01/2027 | 145 | &nbsp;&nbsp; 151581 |
| District of Columbia, Series 2020 A, RB | 5.00% | 03/01/2027 | 95 | &nbsp;&nbsp; 97943 |
| District of Columbia, Series 2020 B, Ref. RB | 5.00% | 10/01/2027 | 50 | &nbsp;&nbsp; 52269 |
| District of Columbia, Series 2020, Ref. RB | 5.00% | 12/01/2027 | 110 | &nbsp;&nbsp; 115118 |
| District of Columbia, Series 2021 E, Ref. GO Bonds | 5.00% | 02/01/2027 | 55 | &nbsp;&nbsp; 56578 |
| District of Columbia, Series 2022 C, Ref. RB | 5.00% | 12/01/2027 | 165 | &nbsp;&nbsp; 172875 |
| District of Columbia, Series 2023 B, Ref. GO Bonds | 5.00% | 06/01/2027 | 55 | &nbsp;&nbsp; 57029 |
| District of Columbia, Series 2024 A, GO Bonds | 5.00% | 08/01/2027 | 10 | &nbsp;&nbsp; 10409 |
| District of Columbia, Series 2024 C, Ref. GO Bonds | 5.00% | 12/01/2027 | 40 | &nbsp;&nbsp; 41909 |
| District of Columbia, Series 2025 A, Ref. RB | 5.00% | 06/01/2027 | 90 | &nbsp;&nbsp; 93347 |
| District of Columbia (Georgetown University), Series 2017, Ref. RB<sup>(a)(b)</sup> | 5.00% | 04/01/2027 | 10 | &nbsp;&nbsp; 10310 |
| District of Columbia (Georgetown University), Series 2017, Ref. RB | 5.00% | 04/01/2030 | 30 | &nbsp;&nbsp; 30777 |
| District of Columbia (Georgetown University), Series 2017, Ref. RB | 5.00% | 04/01/2032 | 10 | &nbsp;&nbsp; 10249 |
| District of Columbia (Georgetown University), Series 2017, Ref. RB | 5.00% | 04/01/2033 | 30 | &nbsp;&nbsp; 30712 |
| District of Columbia Water & Sewer Authority, Series 2024 A, Ref. RB | 5.00% | 10/01/2027 | 40 | &nbsp;&nbsp; 41742 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **District of Columbia-(continued)** |  |  |  |  |
| Washington Convention & Sports Authority, Series 2018 A, Ref. RB | 5.00% | 10/01/2027 | $5 | &nbsp;&nbsp; $5194 |
| Washington Convention & Sports Authority, Series 2018 A, Ref. RB | 5.00% | 10/01/2029 | 20 | &nbsp;&nbsp; 20814 |
| Washington Convention & Sports Authority, Series 2018 A, Ref. RB | 5.00% | 10/01/2030 | 35 | &nbsp;&nbsp; 36440 |
| Washington Metropolitan Area Transit Authority, Series 2017 A-2, Ref. RB | 5.00% | 07/01/2033 | 40 | &nbsp;&nbsp; 41304 |
| Washington Metropolitan Area Transit Authority, Series 2017 B, RB | 5.00% | 07/01/2027 | 25 | &nbsp;&nbsp; 25941 |
| Washington Metropolitan Area Transit Authority, Series 2017 B, RB | 5.00% | 07/01/2030 | 110 | &nbsp;&nbsp; 113880 |
| Washington Metropolitan Area Transit Authority, Series 2017 B, RB | 5.00% | 07/01/2031 | 570 | &nbsp;&nbsp; 590015 |
| Washington Metropolitan Area Transit Authority, Series 2017 B, RB | 5.00% | 07/01/2032 | 50 | &nbsp;&nbsp; 51696 |
| Washington Metropolitan Area Transit Authority, Series 2017 B, RB | 5.00% | 07/01/2033 | 5 | &nbsp;&nbsp; 5163 |
| Washington Metropolitan Area Transit Authority, Series 2017 B, RB | 5.00% | 07/01/2034 | 15 | &nbsp;&nbsp; 15467 |
| Washington Metropolitan Area Transit Authority, Series 2017 B, RB | 5.00% | 07/01/2035 | 600 | &nbsp;&nbsp; 617855 |
| Washington Metropolitan Area Transit Authority, Series 2017 B, RB | 5.00% | 07/01/2036 | 600 | &nbsp;&nbsp; 616667 |
| Washington Metropolitan Area Transit Authority, Series 2017 B, RB | 5.00% | 07/01/2037 | 90 | &nbsp;&nbsp; 92348 |
| Washington Metropolitan Area Transit Authority, Series 2017 B, RB | 5.00% | 07/01/2042 | 420 | &nbsp;&nbsp; 427224 |
| Washington Metropolitan Area Transit Authority, Series 2020 A, RB | 5.00% | 07/15/2027 | 25 | &nbsp;&nbsp; 25964 |
| Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB | 5.00% | 07/15/2027 | 25 | &nbsp;&nbsp; 25964 |
|  |  |  |  | &nbsp;&nbsp; 7058624 |
| **Florida-3.06%** |  |  |  |  |
| Brevard County School District, Series 2017 A, Ref. COP | 5.00% | 07/01/2031 | 185 | &nbsp;&nbsp; 191409 |
| Brevard County School District, Series 2017 A, Ref. COP | 5.00% | 07/01/2032 | 150 | &nbsp;&nbsp; 155231 |
| Brevard County School District, Series 2024 A, Ref. COP | 5.00% | 07/01/2027 | 325 | &nbsp;&nbsp; 337235 |
| Broward (County of), FL School Board, Series 2019 A, Ref. COP | 5.00% | 07/01/2027 | 235 | &nbsp;&nbsp; 243105 |
| Central Florida Expressway Authority, Series 2016 B, Ref. RB | 5.00% | 07/01/2027 | 10 | &nbsp;&nbsp; 10123 |
| Central Florida Expressway Authority, Series 2017, Ref. RB | 5.00% | 07/01/2037 | 530 | &nbsp;&nbsp; 545913 |
| Central Florida Expressway Authority, Series 2017, Ref. RB | 5.00% | 07/01/2038 | 15 | &nbsp;&nbsp; 15429 |
| Central Florida Expressway Authority, Series 2017, Ref. RB | 5.00% | 07/01/2039 | 165 | &nbsp;&nbsp; 169502 |
| Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 07/01/2027 | 30 | &nbsp;&nbsp; 31120 |
| Duval County (County of), FL School Board, Series 2022 A, COP, (INS - AGI)<sup>(c)</sup> | 5.00% | 07/01/2027 | 25 | &nbsp;&nbsp; 25937 |
| East Central Regional Wastewater Treatment Facilities Operation Board, Series 2017, Ref. RB | 5.00% | 10/01/2044 | 285 | &nbsp;&nbsp; 289980 |
| Escambia (County of), FL, Series 2017, RB | 5.00% | 10/01/2043 | 100 | &nbsp;&nbsp; 102272 |
| Escambia (County of), FL, Series 2017, RB | 5.00% | 10/01/2046 | 40 | &nbsp;&nbsp; 40536 |
| Florida (State of), Series 2016 A, Ref. GO Bonds | 5.00% | 07/01/2027 | 40 | &nbsp;&nbsp; 40538 |
| Florida (State of), Series 2016 A, Ref. RB | 5.00% | 07/01/2027 | 45 | &nbsp;&nbsp; 45608 |
| Florida (State of), Series 2017 A, Ref. RB | 5.00% | 07/01/2027 | 125 | &nbsp;&nbsp; 129904 |
| Florida (State of), Series 2021 B, Ref. GO Bonds | 5.00% | 06/01/2027 | 100 | &nbsp;&nbsp; 103704 |
| Florida (State of), Series 2022 C, Ref. GO Bonds | 5.00% | 06/01/2027 | 280 | &nbsp;&nbsp; 290372 |
| Florida (State of) (Capital Outlay), Series 2017 C, Ref. GO Bonds | 4.00% | 06/01/2032 | 10 | &nbsp;&nbsp; 10156 |
| Florida (State of) (Capital Outlay), Series 2017 C, Ref. GO Bonds | 4.00% | 06/01/2033 | 200 | &nbsp;&nbsp; 202923 |
| Florida (State of) (Capital Outlay), Series 2017 C, Ref. GO Bonds | 4.00% | 06/01/2037 | 10 | &nbsp;&nbsp; 10093 |
| Florida (State of) Department of Environmental Protection (FL Forever), Series 2016 A, Ref. RB | 5.00% | 07/01/2027 | 105 | &nbsp;&nbsp; 106461 |
| Florida (State of) Department of Management Services, Series 2018 A, Ref. COP | 5.00% | 11/01/2027 | 55 | &nbsp;&nbsp; 57525 |
| Florida (State of) Department of Transportation, Series 2022 A, Ref. RB | 5.00% | 07/01/2027 | 190 | &nbsp;&nbsp; 197153 |
| Florida (State of) Higher Educational Facilities Financial Authority (Rollins College), Series 2017, RB | 5.00% | 03/01/2047 | 110 | &nbsp;&nbsp; 107672 |
| Florida (State of) Municipal Power Agency, Series 2016 A, Ref. RB | 5.00% | 10/01/2027 | 30 | &nbsp;&nbsp; 30526 |
| Florida (State of) Municipal Power Agency, Series 2017 A, Ref. RB | 5.00% | 10/01/2027 | 80 | &nbsp;&nbsp; 83192 |
| Florida (State of) Municipal Power Agency, Series 2018 A, Ref. RB | 4.00% | 10/01/2030 | 105 | &nbsp;&nbsp; 107252 |
| Gainesville (City of), FL, Series 2017 A, RB<sup>(a)</sup> | 5.00% | 10/01/2027 | 15 | &nbsp;&nbsp; 15626 |
| Gainesville (City of), FL, Series 2017 A, RB | 5.00% | 10/01/2031 | 110 | &nbsp;&nbsp; 114666 |
| Gainesville (City of), FL, Series 2017 A, RB | 5.00% | 10/01/2032 | 90 | &nbsp;&nbsp; 93692 |
| Gainesville (City of), FL, Series 2017 A, RB | 5.00% | 10/01/2033 | 90 | &nbsp;&nbsp; 93564 |
| Gainesville (City of), FL, Series 2017 A, RB | 5.00% | 10/01/2034 | 175 | &nbsp;&nbsp; 181735 |
| Gainesville (City of), FL, Series 2017 A, RB | 5.00% | 10/01/2035 | 70 | &nbsp;&nbsp; 72568 |
| Gainesville (City of), FL, Series 2017 A, RB | 5.00% | 10/01/2037 | 20 | &nbsp;&nbsp; 20634 |
| Hillsborough (County of), FL School Board, Series 2020, Ref. COP | 5.00% | 07/01/2027 | 15 | &nbsp;&nbsp; 15513 |
| JEA Electric System, Series 2017 B, Ref. RB | 5.00% | 10/01/2027 | 10 | &nbsp;&nbsp; 10408 |
| JEA Electric System, Series 2017 B, Ref. RB | 5.00% | 10/01/2029 | 410 | &nbsp;&nbsp; 426090 |
| JEA Electric System, Series 2017 B, Ref. RB | 5.00% | 10/01/2030 | 175 | &nbsp;&nbsp; 181849 |
| JEA Electric System, Series 2017 B, Ref. RB | 5.00% | 10/01/2032 | 45 | &nbsp;&nbsp; 46749 |
| JEA Electric System, Series 2024-3, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 10/01/2027 | 85 | &nbsp;&nbsp; 88640 |
| JEA Water & Sewer System, Series 2017 A, Ref. RB | 5.00% | 10/01/2027 | 10 | &nbsp;&nbsp; 10445 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Florida-(continued)** |  |  |  |  |
| JEA Water & Sewer System, Series 2017 A, Ref. RB | 5.00% | 10/01/2029 | $105 | &nbsp;&nbsp; $109562 |
| JEA Water & Sewer System, Series 2017 A, Ref. RB | 5.00% | 10/01/2032 | 35 | &nbsp;&nbsp; 36455 |
| Miami (City of) & Dade (County of), FL School Board (The), Series 2016 B, Ref. COP | 5.00% | 08/01/2027 | 20 | &nbsp;&nbsp; 20302 |
| Miami (City of) & Dade (County of), FL School Board (The), Series 2025 A, Ref. COP | 5.00% | 05/01/2027 | 20 | &nbsp;&nbsp; 20651 |
| Miami Beach (City of), FL, Series 2017, Ref. RB | 5.00% | 09/01/2047 | 155 | &nbsp;&nbsp; 157052 |
| Miami-Dade (County of), FL, Series 2017 A, RB | 4.00% | 10/01/2035 | 75 | &nbsp;&nbsp; 76118 |
| Miami-Dade (County of), FL, Series 2017 A, RB | 4.00% | 10/01/2038 | 10 | &nbsp;&nbsp; 10096 |
| Miami-Dade (County of), FL, Series 2017 A, RB | 4.00% | 10/01/2039 | 55 | &nbsp;&nbsp; 55453 |
| Miami-Dade (County of), FL, Series 2017 A, RB | 4.00% | 10/01/2040 | 140 | &nbsp;&nbsp; 140814 |
| Miami-Dade (County of), FL, Series 2017 A, RB | 3.38% | 10/01/2047 | 40 | &nbsp;&nbsp; 32628 |
| Miami-Dade (County of), FL, Series 2017 A, Ref. RB | 4.00% | 10/01/2036 | 100 | &nbsp;&nbsp; 101302 |
| Miami-Dade (County of), FL, Series 2017 B, Ref. RB | 5.00% | 10/01/2027 | 55 | &nbsp;&nbsp; 57385 |
| Miami-Dade (County of), FL, Series 2017 B, Ref. RB | 5.00% | 10/01/2029 | 5 | &nbsp;&nbsp; 5211 |
| Miami-Dade (County of), FL, Series 2017 B, Ref. RB | 4.00% | 10/01/2034 | 75 | &nbsp;&nbsp; 76251 |
| Miami-Dade (County of), FL, Series 2017 B, Ref. RB | 4.00% | 10/01/2035 | 120 | &nbsp;&nbsp; 121790 |
| Miami-Dade (County of), FL, Series 2017 B, Ref. RB | 4.00% | 10/01/2036 | 165 | &nbsp;&nbsp; 167149 |
| Miami-Dade (County of), FL, Series 2021, RB | 5.00% | 10/01/2027 | 50 | &nbsp;&nbsp; 52095 |
| Orange (County of), FL Convention Center, Series 2017, Ref. RB | 5.00% | 10/01/2027 | 65 | &nbsp;&nbsp; 67653 |
| Orange (County of), FL School Board, Series 2016 B, Ref. COP | 5.00% | 08/01/2027 | 310 | &nbsp;&nbsp; 314698 |
| Orange (County of), FL School Board, Series 2017, Ref. COP | 5.00% | 08/01/2027 | 105 | &nbsp;&nbsp; 108932 |
| Orlando (City of), FL Utilities Commission, Series 2020 A, Ref. RB | 5.00% | 10/01/2027 | 215 | &nbsp;&nbsp; 224442 |
| Palm Beach County School District, Series 2017 A, Ref. COP | 5.00% | 08/01/2027 | 395 | &nbsp;&nbsp; 409790 |
| Pinellas (County of), FL School Board, Series 2017 A, COP | 5.00% | 07/01/2041 | 30 | &nbsp;&nbsp; 30571 |
| Polk County School District, Series 2020 A, Ref. COP | 5.00% | 01/01/2027 | 150 | &nbsp;&nbsp; 153705 |
| Reedy Creek Improvement District, Series 2017 A, GO Bonds | 5.00% | 06/01/2037 | 200 | &nbsp;&nbsp; 204691 |
| South Broward Hospital District, Series 2017, Ref. RB | 4.00% | 05/01/2032 | 95 | &nbsp;&nbsp; 96142 |
| &nbsp;&nbsp;&nbsp; South Miami (City of), FL Health Facilities Authority (Baptist Health South Florida Obligated Group), <br> Series 2017, Ref. RB<br>| 5.00% | 08/15/2042 | 50 | &nbsp;&nbsp; 50826 |
| &nbsp;&nbsp;&nbsp; South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group), <br> Series 2017, Ref. RB<br>| 5.00% | 08/15/2027 | 10 | &nbsp;&nbsp; 10354 |
| &nbsp;&nbsp;&nbsp; South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group), <br> Series 2017, Ref. RB<br>| 5.00% | 08/15/2029 | 130 | &nbsp;&nbsp; 134711 |
| &nbsp;&nbsp;&nbsp; South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group), <br> Series 2017, Ref. RB<br>| 5.00% | 08/15/2032 | 80 | &nbsp;&nbsp; 82825 |
| &nbsp;&nbsp;&nbsp; South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group), <br> Series 2017, Ref. RB<br>| 4.00% | 08/15/2033 | 75 | &nbsp;&nbsp; 75850 |
| &nbsp;&nbsp;&nbsp; South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group), <br> Series 2017, Ref. RB<br>| 5.00% | 08/15/2035 | 10 | &nbsp;&nbsp; 10307 |
| &nbsp;&nbsp;&nbsp; South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group), <br> Series 2017, Ref. RB<br>| 5.00% | 08/15/2037 | 100 | &nbsp;&nbsp; 102660 |
| &nbsp;&nbsp;&nbsp; South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group), <br> Series 2017, Ref. RB<br>| 4.00% | 08/15/2042 | 255 | &nbsp;&nbsp; 246100 |
| Tampa (City of) & Hillsborough (County of), FL Expressway Authority, Series 2017, RB | 5.00% | 07/01/2047 | 310 | &nbsp;&nbsp; 314148 |
| Tampa Bay (City of), FL Water, Series 2016 C, Ref. RB | 5.00% | 10/01/2027 | 105 | &nbsp;&nbsp; 109496 |
|  |  |  |  | &nbsp;&nbsp; 9041265 |
| **Georgia-2.07%** |  |  |  |  |
| Atlanta (City of), GA, Series 2001 A, RB, (INS - NATL)<sup>(c)</sup> | 5.50% | 11/01/2027 | 35 | &nbsp;&nbsp; 36393 |
| Atlanta (City of), GA, Series 2004, RB, (INS - AGI)<sup>(c)</sup> | 5.75% | 11/01/2027 | 115 | &nbsp;&nbsp; 122062 |
| Atlanta (City of), GA, Series 2017 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 11/01/2027 | 115 | &nbsp;&nbsp; 120347 |
| Atlanta (City of), GA, Series 2017 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 11/01/2027 | 115 | &nbsp;&nbsp; 120347 |
| Atlanta (City of), GA, Series 2017 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 11/01/2027 | 165 | &nbsp;&nbsp; 172672 |
| Atlanta (City of), GA, Series 2017 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 11/01/2027 | 120 | &nbsp;&nbsp; 125579 |
| Atlanta (City of), GA, Series 2017 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 11/01/2027 | 50 | &nbsp;&nbsp; 52325 |
| Atlanta (City of), GA, Series 2018 B, RB | 5.00% | 11/01/2047 | 25 | &nbsp;&nbsp; 25316 |
| Atlanta (City of), GA, Series 2018 C, Ref. RB | 5.00% | 11/01/2027 | 135 | &nbsp;&nbsp; 141406 |
| Atlanta (City of), GA, Series 2018 C, Ref. RB<sup>(a)(b)</sup> | 5.00% | 11/01/2027 | 145 | &nbsp;&nbsp; 151742 |
| Atlanta (City of), GA, Series 2018 C, Ref. RB<sup>(a)(b)</sup> | 5.00% | 11/01/2027 | 35 | &nbsp;&nbsp; 36627 |
| Atlanta (City of), GA, Series 2018 C, Ref. RB<sup>(a)(b)</sup> | 5.00% | 11/01/2027 | 100 | &nbsp;&nbsp; 104649 |
| Atlanta (City of), GA, Series 2018 C, Ref. RB<sup>(a)(b)</sup> | 5.00% | 11/01/2027 | 105 | &nbsp;&nbsp; 109882 |
| Atlanta (City of), GA, Series 2018 C, Ref. RB<sup>(a)(b)</sup> | 5.00% | 11/01/2027 | 175 | &nbsp;&nbsp; 183136 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Georgia-(continued)** |  |  |  |  |
| Atlanta (City of), GA, Series 2018 C, Ref. RB<sup>(a)(b)</sup> | 5.00% | 11/01/2027 | $60 | &nbsp;&nbsp; $62790 |
| Atlanta (City of), GA, Series 2018 C, Ref. RB<sup>(a)(b)</sup> | 5.00% | 11/01/2027 | 90 | &nbsp;&nbsp; 94184 |
| Atlanta (City of), GA, Series 2018 C, Ref. RB | 5.00% | 11/01/2029 | 150 | &nbsp;&nbsp; 156776 |
| Atlanta (City of), GA, Series 2018, Ref. RB<sup>(a)(b)</sup> | 5.00% | 11/01/2027 | 55 | &nbsp;&nbsp; 57557 |
| Atlanta (City of), GA, Series 2018, Ref. RB<sup>(a)(b)</sup> | 5.00% | 11/01/2027 | 80 | &nbsp;&nbsp; 83720 |
| Atlanta (City of), GA Department of Aviation, Series 2020 A, Ref. RB | 5.00% | 07/01/2027 | 35 | &nbsp;&nbsp; 36379 |
| Cherokee County Board of Education, Series 2025 B, Ref. GO Bonds | 5.00% | 02/01/2027 | 70 | &nbsp;&nbsp; 72024 |
| Clark County School District, Series 2022, GO Bonds | 5.00% | 09/01/2027 | 285 | &nbsp;&nbsp; 296949 |
| Georgia (State of), Series 2016 C-1, Ref. GO Bonds | 3.00% | 01/01/2027 | 30 | &nbsp;&nbsp; 30140 |
| Georgia (State of), Series 2016 E, Ref. GO Bonds | 5.00% | 12/01/2027 | 430 | &nbsp;&nbsp; 440778 |
| Georgia (State of), Series 2016 F, Ref. GO Bonds | 5.00% | 01/01/2027 | 540 | &nbsp;&nbsp; 554567 |
| Georgia (State of), Series 2016 F, Ref. GO Bonds | 5.00% | 07/01/2027 | 115 | &nbsp;&nbsp; 117980 |
| Georgia (State of), Series 2016 F, Ref. GO Bonds | 5.00% | 07/01/2028 | 195 | &nbsp;&nbsp; 200302 |
| Georgia (State of), Series 2017 A-1, GO Bonds | 5.00% | 02/01/2027 | 85 | &nbsp;&nbsp; 87468 |
| Georgia (State of), Series 2017 A-2, GO Bonds | 5.00% | 02/01/2029 | 40 | &nbsp;&nbsp; 41149 |
| Georgia (State of), Series 2017 A-2, GO Bonds | 5.00% | 02/01/2032 | 10 | &nbsp;&nbsp; 10281 |
| Georgia (State of), Series 2017 A-2, GO Bonds | 5.00% | 02/01/2033 | 25 | &nbsp;&nbsp; 25683 |
| Georgia (State of), Series 2017 C, Ref. GO Bonds | 5.00% | 07/01/2029 | 75 | &nbsp;&nbsp; 77915 |
| Georgia (State of), Series 2018 A, GO Bonds | 5.00% | 07/01/2027 | 300 | &nbsp;&nbsp; 311816 |
| Georgia (State of), Series 2019 A, GO Bonds | 5.00% | 07/01/2027 | 80 | &nbsp;&nbsp; 83151 |
| Georgia (State of), Series 2020 A, GO Bonds | 5.00% | 08/01/2027 | 340 | &nbsp;&nbsp; 354090 |
| Georgia (State of), Series 2023 C, Ref. GO Bonds | 4.00% | 01/01/2027 | 60 | &nbsp;&nbsp; 60981 |
| Georgia (State of) (Bid Group 1), Series 2023 A, GO Bonds | 5.00% | 07/01/2027 | 20 | &nbsp;&nbsp; 20788 |
| Georgia (State of) (Tranche 2), Series 2016 A, GO Bonds | 5.00% | 02/01/2027 | 30 | &nbsp;&nbsp; 30119 |
| Georgia (State of) Road & Tollway Authority (Garvee), Series 2020, RB | 5.00% | 06/01/2027 | 370 | &nbsp;&nbsp; 383484 |
| Gwinnett (County of), GA Development Authority, Series 2017, Ref. RB | 5.00% | 07/01/2040 | 20 | &nbsp;&nbsp; 20307 |
| Gwinnett County School District, Series 2022 B, GO Bonds | 5.00% | 08/01/2027 | 450 | &nbsp;&nbsp; 468573 |
| Metropolitan Atlanta Rapid Transit Authority, Series 2015 C, Ref. RB | 5.00% | 07/01/2027 | 65 | &nbsp;&nbsp; 65912 |
| Metropolitan Atlanta Rapid Transit Authority, Series 2017 C, Ref. RB | 4.00% | 07/01/2036 | 100 | &nbsp;&nbsp; 101218 |
| Richmond (County of), GA Board of Education, Series 2023, GO Bonds | 5.00% | 10/01/2027 | 245 | &nbsp;&nbsp; 255895 |
|  |  |  |  | &nbsp;&nbsp; 6105459 |
| **Hawaii-0.87%** |  |  |  |  |
| Hawaii (State of), Series 2016 FB, GO Bonds | 5.00% | 04/01/2027 | 235 | &nbsp;&nbsp; 236836 |
| Hawaii (State of), Series 2016 FE, Ref. GO Bonds | 5.00% | 10/01/2027 | 60 | &nbsp;&nbsp; 61117 |
| Hawaii (State of), Series 2016 FG, GO Bonds | 5.00% | 10/01/2027 | 90 | &nbsp;&nbsp; 91675 |
| Hawaii (State of), Series 2016 FH, Ref. GO Bonds | 5.00% | 10/01/2027 | 10 | &nbsp;&nbsp; 10186 |
| Hawaii (State of), Series 2017 FK, GO Bonds | 5.00% | 05/01/2027 | 135 | &nbsp;&nbsp; 139606 |
| Hawaii (State of), Series 2017 FK, GO Bonds | 5.00% | 05/01/2029 | 60 | &nbsp;&nbsp; 62028 |
| Hawaii (State of), Series 2017 FK, GO Bonds | 4.00% | 05/01/2031 | 190 | &nbsp;&nbsp; 192922 |
| Hawaii (State of), Series 2017 FK, GO Bonds | 5.00% | 05/01/2033 | 60 | &nbsp;&nbsp; 61850 |
| Hawaii (State of), Series 2017 FK, GO Bonds | 5.00% | 05/01/2034 | 35 | &nbsp;&nbsp; 36040 |
| Hawaii (State of), Series 2017 FK, GO Bonds | 4.00% | 05/01/2035 | 15 | &nbsp;&nbsp; 15151 |
| Hawaii (State of), Series 2017 FK, GO Bonds | 4.00% | 05/01/2036 | 20 | &nbsp;&nbsp; 20176 |
| Hawaii (State of), Series 2017 FN, Ref. GO Bonds | 5.00% | 10/01/2027 | 55 | &nbsp;&nbsp; 57426 |
| Hawaii (State of), Series 2017 FN, Ref. GO Bonds | 5.00% | 10/01/2030 | 410 | &nbsp;&nbsp; 427067 |
| Hawaii (State of), Series 2017 FN, Ref. GO Bonds | 5.00% | 10/01/2031 | 210 | &nbsp;&nbsp; 218550 |
| Hawaii (State of), Series 2017 RN, Ref. GO Bonds | 5.00% | 10/01/2029 | 20 | &nbsp;&nbsp; 20854 |
| Hawaii (State of), Series 2018 FT, GO Bonds | 5.00% | 01/01/2027 | 190 | &nbsp;&nbsp; 195084 |
| Hawaii (State of), Series 2019 FW, GO Bonds | 5.00% | 01/01/2027 | 120 | &nbsp;&nbsp; 123211 |
| Honolulu (City & County of), HI, Series 2022 A, Ref. GO Bonds | 5.00% | 11/01/2027 | 105 | &nbsp;&nbsp; 109983 |
| Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2019, GO Bonds | 5.00% | 09/01/2027 | 60 | &nbsp;&nbsp; 62599 |
| Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2020 B, Ref. GO Bonds | 5.00% | 03/01/2027 | 210 | &nbsp;&nbsp; 216505 |
| Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2021 E, GO Bonds | 5.00% | 03/01/2027 | 185 | &nbsp;&nbsp; 190730 |
| Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2023, Ref. GO Bonds | 5.00% | 03/01/2027 | 20 | &nbsp;&nbsp; 20619 |
|  |  |  |  | &nbsp;&nbsp; 2570215 |
| **Idaho-0.18%** |  |  |  |  |
| Idaho (State of) Housing & Finance Association, Series 2017 A, Ref. RAC | 5.00% | 07/15/2027 | 230 | &nbsp;&nbsp; 238422 |
| Idaho State Building Authority, Series 2024 A, RB | 5.00% | 06/01/2027 | 185 | &nbsp;&nbsp; 191797 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Idaho-(continued)** |  |  |  |  |
| Idaho State Building Authority, Series 2025, RB | 5.00% | 06/01/2027 | $25 | &nbsp;&nbsp; $25918 |
| Idaho State Building Authority (State Office Campus), Series 2017 A, RB<sup>(a)(b)</sup> | 4.00% | 09/01/2027 | 60 | &nbsp;&nbsp; 61423 |
|  |  |  |  | &nbsp;&nbsp; 517560 |
| **Illinois-5.69%** |  |  |  |  |
| Chicago (City of), IL, Series 2017 A, RB, (INS - AGI)<sup>(c)</sup> | 5.25% | 01/01/2042 | 200 | &nbsp;&nbsp; 202595 |
| Chicago (City of), IL, Series 2017, Ref. RB | 5.00% | 11/01/2029 | 55 | &nbsp;&nbsp; 57202 |
| Chicago (City of), IL, Series 2017, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 11/01/2031 | 25 | &nbsp;&nbsp; 25910 |
| Chicago (City of), IL, Series 2017-2, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 11/01/2030 | 500 | &nbsp;&nbsp; 518273 |
| Chicago (City of), IL, Series 2017-2, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 11/01/2033 | 600 | &nbsp;&nbsp; 620200 |
| Chicago (City of), IL, Series 2017-2, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 11/01/2034 | 430 | &nbsp;&nbsp; 444473 |
| Chicago (City of), IL, Series 2017-2, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 11/01/2035 | 150 | &nbsp;&nbsp; 154364 |
| Chicago (City of), IL, Series 2017-2, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 11/01/2036 | 10 | &nbsp;&nbsp; 10281 |
| Chicago (City of), IL, Series 2020 A, Ref. GO Bonds<sup>(a)</sup> | 5.00% | 01/01/2027 | 125 | &nbsp;&nbsp; 126409 |
| Chicago (City of), IL (O'Hare International Airport), Series 2016 C, Ref. RB | 5.00% | 01/01/2027 | 15 | &nbsp;&nbsp; 15024 |
| Chicago (City of), IL (O'Hare International Airport), Series 2017 B, Ref. RB | 5.00% | 01/01/2033 | 90 | &nbsp;&nbsp; 91992 |
| Chicago (City of), IL (O'Hare International Airport), Series 2017 B, Ref. RB | 5.00% | 01/01/2034 | 300 | &nbsp;&nbsp; 306388 |
| Chicago (City of), IL (O'Hare International Airport), Series 2017 B, Ref. RB | 5.00% | 01/01/2035 | 55 | &nbsp;&nbsp; 56133 |
| Chicago (City of), IL (O'Hare International Airport), Series 2017 B, Ref. RB | 5.00% | 01/01/2036 | 230 | &nbsp;&nbsp; 234475 |
| Chicago (City of), IL (O'Hare International Airport), Series 2017 B, Ref. RB | 5.00% | 01/01/2037 | 170 | &nbsp;&nbsp; 173100 |
| Chicago (City of), IL (O'Hare International Airport), Series 2017 B, Ref. RB | 5.00% | 01/01/2038 | 370 | &nbsp;&nbsp; 376299 |
| Chicago (City of), IL (O'Hare International Airport), Series 2017 B, Ref. RB | 5.00% | 01/01/2039 | 145 | &nbsp;&nbsp; 147313 |
| Chicago (City of), IL (O'Hare International Airport), Series 2017 C, Ref. RB | 5.00% | 01/01/2041 | 245 | &nbsp;&nbsp; 248067 |
| Chicago (City of), IL (O'Hare International Airport), Series 2017 D, RB | 5.25% | 01/01/2030 | 145 | &nbsp;&nbsp; 148800 |
| Chicago (City of), IL (O'Hare International Airport), Series 2017 D, RB | 5.25% | 01/01/2031 | 25 | &nbsp;&nbsp; 25661 |
| Chicago (City of), IL (O'Hare International Airport), Series 2017 D, RB | 5.25% | 01/01/2032 | 25 | &nbsp;&nbsp; 25651 |
| Chicago (City of), IL (O'Hare International Airport), Series 2017 D, RB | 5.25% | 01/01/2033 | 15 | &nbsp;&nbsp; 15380 |
| Chicago (City of), IL (O'Hare International Airport), Series 2017 D, RB | 5.25% | 01/01/2034 | 30 | &nbsp;&nbsp; 30734 |
| Chicago (City of), IL (O'Hare International Airport), Series 2017 D, RB | 5.25% | 01/01/2035 | 60 | &nbsp;&nbsp; 61427 |
| Chicago (City of), IL (O'Hare International Airport), Series 2017 D, RB | 5.25% | 01/01/2036 | 40 | &nbsp;&nbsp; 40905 |
| Chicago (City of), IL (O'Hare International Airport), Series 2017 D, RB | 5.25% | 01/01/2037 | 375 | &nbsp;&nbsp; 383149 |
| Chicago (City of), IL (O'Hare International Airport), Series 2022, Ref. RB | 5.00% | 01/01/2027 | 5 | &nbsp;&nbsp; 5115 |
| Chicago (City of), IL Board of Education, Series 2017, RB | 5.75% | 04/01/2033 | 100 | &nbsp;&nbsp; 102544 |
| Chicago (City of), IL Board of Education, Series 2017, RB | 5.00% | 04/01/2042 | 480 | &nbsp;&nbsp; 477845 |
| Chicago (City of), IL Board of Education, Series 2017, RB | 5.00% | 04/01/2046 | 210 | &nbsp;&nbsp; 200791 |
| Chicago (City of), IL Board of Education, Series 2018 A, Ref. GO Bonds, (INS - AGI)<sup>(c)</sup> | 5.00% | 12/01/2027 | 100 | &nbsp;&nbsp; 103210 |
| Chicago (City of), IL Metropolitan Water Reclamation District, Series 2016 A, Ref. GO Bonds | 5.00% | 12/01/2027 | 90 | &nbsp;&nbsp; 92013 |
| Chicago (City of), IL Metropolitan Water Reclamation District, Series 2024 C, Ref. GO Bonds | 5.00% | 12/01/2027 | 50 | &nbsp;&nbsp; 52337 |
| Chicago (City of), IL Midway International Airport, Series 2023 B, Ref. RB, (INS - BAM)<sup>(c)</sup> | 5.00% | 01/01/2027 | 20 | &nbsp;&nbsp; 20540 |
| Chicago (City of), IL Park District, Series 2023 C, Ref. GO Bonds | 5.00% | 01/01/2027 | 65 | &nbsp;&nbsp; 66543 |
| &nbsp;&nbsp;&nbsp; Chicago (City of), IL Transit Authority (FTA Section 5307 Urbanized Area Formula Funds), <br> Series 2021, Ref. RB<br>| 5.00% | 06/01/2027 | 35 | &nbsp;&nbsp; 35880 |
| Cook (County of), IL, Series 2017, Ref. RB | 5.00% | 11/15/2033 | 155 | &nbsp;&nbsp; 161271 |
| Cook (County of), IL, Series 2017, Ref. RB | 4.00% | 11/15/2034 | 275 | &nbsp;&nbsp; 278576 |
| Cook (County of), IL, Series 2017, Ref. RB | 5.00% | 11/15/2035 | 30 | &nbsp;&nbsp; 31112 |
| Cook (County of), IL, Series 2017, Ref. RB | 5.00% | 11/15/2036 | 10 | &nbsp;&nbsp; 10347 |
| Cook (County of), IL, Series 2017, Ref. RB | 5.00% | 11/15/2038 | 40 | &nbsp;&nbsp; 41229 |
| Cook (County of), IL, Series 2018, Ref. RB | 5.00% | 11/15/2032 | 170 | &nbsp;&nbsp; 177105 |
| Cook (County of), IL, Series 2018, Ref. RB | 5.00% | 11/15/2033 | 140 | &nbsp;&nbsp; 145664 |
| Cook (County of), IL, Series 2018, Ref. RB | 5.25% | 11/15/2035 | 15 | &nbsp;&nbsp; 15627 |
| Cook (County of), IL, Series 2018, Ref. RB | 4.00% | 11/15/2038 | 25 | &nbsp;&nbsp; 25078 |
| Cook (County of), IL, Series 2021 A, Ref. GO Bonds | 5.00% | 11/15/2027 | 30 | &nbsp;&nbsp; 31277 |
| Cook (County of), IL, Series 2021 B, Ref. GO Bonds | 4.00% | 11/15/2027 | 150 | &nbsp;&nbsp; 153491 |
| Illinois (State of), Series 2016, GO Bonds | 5.00% | 11/01/2027 | 45 | &nbsp;&nbsp; 45833 |
| Illinois (State of), Series 2016, Ref. GO Bonds | 5.00% | 02/01/2027 | 105 | &nbsp;&nbsp; 107426 |
| Illinois (State of), Series 2016, Ref. GO Bonds | 5.00% | 02/01/2029 | 115 | &nbsp;&nbsp; 117575 |
| Illinois (State of), Series 2016, Ref. GO Bonds, (INS - AGI)<sup>(c)</sup> | 4.00% | 02/01/2030 | 260 | &nbsp;&nbsp; 262622 |
| Illinois (State of), Series 2016, Ref. GO Bonds, (INS - AGI)<sup>(c)</sup> | 4.00% | 02/01/2031 | 325 | &nbsp;&nbsp; 327727 |
| Illinois (State of), Series 2016, Ref. GO Bonds, (INS - AGI)<sup>(c)</sup> | 4.00% | 02/01/2032 | 100 | &nbsp;&nbsp; 100667 |
| Illinois (State of), Series 2017 A, GO Bonds | 5.13% | 12/01/2029 | 35 | &nbsp;&nbsp; 36400 |
| Illinois (State of), Series 2017 A, GO Bonds | 5.00% | 12/01/2031 | 50 | &nbsp;&nbsp; 51815 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Illinois-(continued)** |  |  |  |  |
| Illinois (State of), Series 2017 A, GO Bonds | 5.00% | 12/01/2032 | $500 | &nbsp;&nbsp; $517300 |
| Illinois (State of), Series 2017 A, GO Bonds | 5.00% | 12/01/2034 | 25 | &nbsp;&nbsp; 25781 |
| Illinois (State of), Series 2017 A, GO Bonds | 5.00% | 12/01/2035 | 75 | &nbsp;&nbsp; 77162 |
| Illinois (State of), Series 2017 A, GO Bonds | 5.00% | 12/01/2038 | 25 | &nbsp;&nbsp; 25520 |
| Illinois (State of), Series 2017 C, GO Bonds | 5.00% | 11/01/2029 | 1180 | &nbsp;&nbsp; 1222553 |
| Illinois (State of), Series 2017 D, GO Bonds | 5.00% | 11/01/2027 | 565 | &nbsp;&nbsp; 586786 |
| Illinois (State of), Series 2018 A, GO Bonds | 6.00% | 05/01/2027 | 40 | &nbsp;&nbsp; 41721 |
| Illinois (State of), Series 2018 A, Ref. GO Bonds | 5.00% | 10/01/2027 | 130 | &nbsp;&nbsp; 134822 |
| Illinois (State of), Series 2019 A, GO Bonds | 5.00% | 11/01/2027 | 20 | &nbsp;&nbsp; 20771 |
| Illinois (State of), Series 2019 B, Ref. GO Bonds | 5.00% | 09/01/2027 | 535 | &nbsp;&nbsp; 554253 |
| Illinois (State of), Series 2020 B, Ref. GO Bonds | 5.00% | 10/01/2027 | 130 | &nbsp;&nbsp; 134822 |
| Illinois (State of), Series 2021 A, GO Bonds | 5.00% | 03/01/2027 | 80 | &nbsp;&nbsp; 82048 |
| Illinois (State of), Series 2021 A, GO Bonds | 5.00% | 12/01/2027 | 70 | &nbsp;&nbsp; 72829 |
| Illinois (State of), Series 2022 A, GO Bonds | 5.00% | 03/01/2027 | 50 | &nbsp;&nbsp; 51280 |
| Illinois (State of), Series 2022 B, Ref. GO Bonds | 5.00% | 03/01/2027 | 85 | &nbsp;&nbsp; 87176 |
| Illinois (State of), Series 2023 D, Ref. GO Bonds | 5.00% | 07/01/2027 | 85 | &nbsp;&nbsp; 87733 |
| Illinois (State of), Series 2024 B, GO Bonds | 5.00% | 05/01/2027 | 175 | &nbsp;&nbsp; 180045 |
| Illinois (State of), Series 2024, Ref. GO Bonds | 5.00% | 02/01/2027 | 15 | &nbsp;&nbsp; 15363 |
| Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB<sup>(a)(b)</sup> | 3.75% | 02/15/2027 | 200 | &nbsp;&nbsp; 203095 |
| Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB<sup>(a)(b)</sup> | 5.00% | 02/15/2027 | 25 | &nbsp;&nbsp; 25762 |
| Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB<sup>(a)(b)</sup> | 5.00% | 02/15/2027 | 475 | &nbsp;&nbsp; 489473 |
| Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB<sup>(a)(b)</sup> | 5.00% | 02/15/2027 | 10 | &nbsp;&nbsp; 10305 |
| Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB | 5.00% | 02/15/2030 | 145 | &nbsp;&nbsp; 148582 |
| Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB | 5.00% | 02/15/2031 | 5 | &nbsp;&nbsp; 5126 |
| Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB | 5.00% | 02/15/2032 | 170 | &nbsp;&nbsp; 174253 |
| Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB | 5.00% | 02/15/2034 | 5 | &nbsp;&nbsp; 5114 |
| Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB | 5.00% | 02/15/2036 | 125 | &nbsp;&nbsp; 127529 |
| Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB | 5.00% | 02/15/2041 | 525 | &nbsp;&nbsp; 531399 |
| Illinois (State of) Finance Authority (Clean Water Initiative), Series 2017, RB | 5.00% | 01/01/2027 | 140 | &nbsp;&nbsp; 143610 |
| Illinois (State of) Finance Authority (Clean Water Initiative), Series 2017, RB | 5.00% | 07/01/2027 | 15 | &nbsp;&nbsp; 15389 |
| Illinois (State of) Finance Authority (Clean Water Initiative), Series 2017, RB | 5.00% | 07/01/2028 | 145 | &nbsp;&nbsp; 148833 |
| Illinois (State of) Finance Authority (Clean Water Initiative), Series 2017, RB | 5.00% | 01/01/2029 | 90 | &nbsp;&nbsp; 92303 |
| Illinois (State of) Finance Authority (Clean Water Initiative), Series 2017, RB | 5.00% | 07/01/2029 | 85 | &nbsp;&nbsp; 87187 |
| Illinois (State of) Finance Authority (Edward-Elmhurst Healthcare), Series 2017 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 01/01/2027 | 50 | &nbsp;&nbsp; 51371 |
| Illinois (State of) Finance Authority (Edward-Elmhurst Healthcare), Series 2017 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 01/01/2027 | 25 | &nbsp;&nbsp; 25685 |
| Illinois (State of) Finance Authority (Edward-Elmhurst Healthcare), Series 2017, Ref. RB<sup>(a)(b)</sup> | 4.00% | 01/01/2027 | 110 | &nbsp;&nbsp; 111846 |
| Illinois (State of) Finance Authority (Edward-Elmhurst Healthcare), Series 2017, Ref. RB<sup>(a)(b)</sup> | 5.00% | 01/01/2027 | 90 | &nbsp;&nbsp; 92467 |
| Illinois (State of) Finance Authority (Edward-Elmhurst Healthcare), Series 2017, Ref. RB<sup>(a)(b)</sup> | 5.00% | 01/01/2027 | 35 | &nbsp;&nbsp; 35959 |
| Illinois (State of) Finance Authority (Edward-Elmhurst Healthcare), Series 2017, Ref. RB<sup>(a)(b)</sup> | 5.00% | 01/01/2027 | 45 | &nbsp;&nbsp; 46233 |
| Illinois (State of) Finance Authority (Northwestern Memorial Healthcare), Series 2017, Ref. RB | 5.00% | 07/15/2027 | 90 | &nbsp;&nbsp; 93252 |
| Illinois (State of) Finance Authority (Rosalind Franklin University), Series 2017, Ref. RB | 5.00% | 08/01/2047 | 100 | &nbsp;&nbsp; 98246 |
| Illinois (State of) Finance Authority (Southern Illinois Healthcare), Series 2017, RB | 5.00% | 03/01/2047 | 600 | &nbsp;&nbsp; 603342 |
| &nbsp;&nbsp;&nbsp; Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion), Series 2023, <br> Ref. RB<br>| 5.00% | 12/15/2027 | 300 | &nbsp;&nbsp; 310952 |
| &nbsp;&nbsp;&nbsp; Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion), Series 2024, <br> Ref. RB<br>| 5.00% | 06/15/2029 | 30 | &nbsp;&nbsp; 31093 |
| Illinois (State of) Regional Transportation Authority, Series 2017 A, Ref. RB | 5.00% | 07/01/2027 | 270 | &nbsp;&nbsp; 279184 |
| Illinois (State of) Toll Highway Authority, Series 2019 A, Ref. RB | 5.00% | 01/01/2027 | 55 | &nbsp;&nbsp; 56412 |
| Illinois (State of) Toll Highway Authority, Series 2019 B, Ref. RB | 5.00% | 01/01/2027 | 225 | &nbsp;&nbsp; 230777 |
| Illinois (State of) Toll Highway Authority, Series 2019, Ref. RB | 5.00% | 01/01/2027 | 170 | &nbsp;&nbsp; 174365 |
| Kane McHenry Cook & De Kalb Counties Unit School District No. 300, Series 2017, Ref. GO Bonds | 5.00% | 01/01/2029 | 235 | &nbsp;&nbsp; 243524 |
| Sales Tax Securitization Corp., Series 2020 A, Ref. RB | 5.00% | 01/01/2027 | 145 | &nbsp;&nbsp; 148019 |
| Sales Tax Securitization Corp., Series 2021 A, Ref. RB | 5.00% | 01/01/2027 | 40 | &nbsp;&nbsp; 40833 |
| University of Illinois, Series 2023 A, Ref. RB | 5.00% | 04/01/2027 | 100 | &nbsp;&nbsp; 103184 |
| &nbsp;&nbsp;&nbsp; Will & Kendall Counties Community Consolidated School District 202 Plainfield, Series 2018 A, Ref. GO <br> Bonds<br>| 4.00% | 01/01/2027 | 60 | &nbsp;&nbsp; 60846 |
|  |  |  |  | &nbsp;&nbsp; 16781380 |
| **Indiana-0.38%** |  |  |  |  |
| Indiana (State of) Finance Authority, Series 2016 C, Ref. RB | 5.00% | 06/01/2027 | 165 | &nbsp;&nbsp; 168787 |
| Indiana (State of) Finance Authority (CWA Authority), Series 2021, Ref. RB | 5.00% | 10/01/2027 | 35 | &nbsp;&nbsp; 36524 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Indiana-(continued)** |  |  |  |  |
| Indiana (State of) Finance Authority (Franciscan Alliance, Inc.), Series 2017 B, RB | 5.00% | 11/01/2029 | $155 | &nbsp;&nbsp; $161295 |
| Indiana (State of) Finance Authority (Franciscan Alliance, Inc.), Series 2017 B, RB | 5.00% | 11/01/2030 | 15 | &nbsp;&nbsp; 15611 |
| Indiana (State of) Finance Authority (Franciscan Alliance, Inc.), Series 2017 C, Ref. RB | 5.00% | 11/01/2032 | 25 | &nbsp;&nbsp; 25945 |
| Indiana (State of) Finance Authority (Franciscan Alliance, Inc.), Series 2017 C, Ref. RB | 4.00% | 11/01/2033 | 15 | &nbsp;&nbsp; 15209 |
| Indiana (State of) Finance Authority (Franciscan Alliance, Inc.), Series 2017 C, Ref. RB | 4.00% | 11/01/2034 | 120 | &nbsp;&nbsp; 121516 |
| Indiana (State of) Finance Authority (Green Bonds), Series 2016 E, Ref. RB | 5.00% | 02/01/2027 | 80 | &nbsp;&nbsp; 81222 |
| Indiana (State of) Finance Authority (Green Bonds), Series 2018 A, RB | 5.00% | 02/01/2027 | 100 | &nbsp;&nbsp; 102903 |
| Indiana (State of) Finance Authority (Green Bonds), Series 2019 A, RB | 5.00% | 02/01/2027 | 185 | &nbsp;&nbsp; 190371 |
| Indianapolis (City of), IN Department of Public Utilities, Series 2016 B, Ref. RB | 5.00% | 10/01/2027 | 40 | &nbsp;&nbsp; 40735 |
| Indianapolis (City of), IN Department of Public Utilities, Series 2017 A, Ref. RB | 5.00% | 08/15/2027 | 145 | &nbsp;&nbsp; 150679 |
|  |  |  |  | &nbsp;&nbsp; 1110797 |
| **Iowa-0.24%** |  |  |  |  |
| Iowa (State of), Series 2016 A, Ref. RB | 5.00% | 06/01/2027 | 70 | &nbsp;&nbsp; 70777 |
| Iowa (State of) Finance Authority (Green Bonds), Series 2017, Ref. RB | 5.00% | 08/01/2027 | 425 | &nbsp;&nbsp; 441974 |
| Iowa (State of) Finance Authority (Green Bonds), Series 2017, Ref. RB | 5.00% | 08/01/2029 | 85 | &nbsp;&nbsp; 88450 |
| Iowa (State of) Finance Authority (Green Bonds), Series 2017, Ref. RB | 5.00% | 08/01/2030 | 105 | &nbsp;&nbsp; 109216 |
|  |  |  |  | &nbsp;&nbsp; 710417 |
| **Kansas-0.19%** |  |  |  |  |
| Butler (County of), KS Unified School District No. 385 (Andover), Series 2017, Ref. GO Bonds<sup>(a)(b)</sup> | 5.00% | 09/01/2027 | 35 | &nbsp;&nbsp; 36455 |
| Butler (County of), KS Unified School District No. 385 (Andover), Series 2017, Ref. GO Bonds<sup>(a)(b)</sup> | 5.00% | 09/01/2027 | 95 | &nbsp;&nbsp; 98949 |
| Butler (County of), KS Unified School District No. 385 (Andover), Series 2017, Ref. GO Bonds<sup>(a)(b)</sup> | 5.00% | 09/01/2027 | 35 | &nbsp;&nbsp; 36455 |
| &nbsp;&nbsp;&nbsp; Johnson (County of), KS Public Building Commission (Courthouse & Medical Examiners), Series 2018 <br> A, RB<br>| 4.00% | 09/01/2027 | 45 | &nbsp;&nbsp; 45412 |
| Kansas (State of) Department of Transportation, Series 2017 A, RB | 5.00% | 09/01/2035 | 95 | &nbsp;&nbsp; 98248 |
| Kansas (State of) Department of Transportation, Series 2017 A, RB | 5.00% | 09/01/2037 | 35 | &nbsp;&nbsp; 36066 |
| Kansas (State of) Department of Transportation, Series 2024 A, Ref. RB | 5.00% | 09/01/2027 | 75 | &nbsp;&nbsp; 78197 |
| Kansas (State of) Department of Transportation, Series 2025 A, Ref. RB | 5.00% | 09/01/2027 | 50 | &nbsp;&nbsp; 52131 |
| Riley County Unified School District No. 383 Manhattan-Ogden, Series 2018 A, GO Bonds<sup>(a)(b)</sup> | 5.00% | 09/01/2027 | 80 | &nbsp;&nbsp; 83326 |
|  |  |  |  | &nbsp;&nbsp; 565239 |
| **Kentucky-0.44%** |  |  |  |  |
| Boone (County of), KY, Series 2008, Ref. RB | 3.70% | 08/01/2027 | 50 | &nbsp;&nbsp; 50304 |
| &nbsp;&nbsp;&nbsp; Kentucky (Commonwealth of) Economic Development Finance Authority (Baptist Healthcare System), <br> Series 2017 B, RB<br>| 4.13% | 08/15/2041 | 320 | &nbsp;&nbsp; 317784 |
| &nbsp;&nbsp;&nbsp; Kentucky (Commonwealth of) Economic Development Finance Authority (Baptist Healthcare System), <br> Series 2017 B, RB<br>| 5.00% | 08/15/2041 | 15 | &nbsp;&nbsp; 15307 |
| &nbsp;&nbsp;&nbsp; Kentucky (Commonwealth of) Economic Development Finance Authority (Owensboro Health, Inc.), <br> Series 2017 A, Ref. RB<br>| 5.00% | 06/01/2037 | 150 | &nbsp;&nbsp; 151145 |
| &nbsp;&nbsp;&nbsp; Kentucky (Commonwealth of) Economic Development Finance Authority (Owensboro Health, Inc.), <br> Series 2017 A, Ref. RB<br>| 5.25% | 06/01/2041 | 20 | &nbsp;&nbsp; 20190 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 112), Series 2016 B, Ref. RB | 5.00% | 11/01/2027 | 265 | &nbsp;&nbsp; 270477 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 115), Series 2017, RB | 5.00% | 04/01/2037 | 15 | &nbsp;&nbsp; 15364 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 115), Series 2017, RB | 5.00% | 04/01/2038 | 30 | &nbsp;&nbsp; 30699 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 130), Series 2024 B, Ref. RB | 5.00% | 11/01/2027 | 215 | &nbsp;&nbsp; 224832 |
| Kentucky (Commonwealth of) Turnpike Authority (Revitalization), Series 2016 A, Ref. RB | 5.00% | 07/01/2027 | 120 | &nbsp;&nbsp; 121509 |
| Kentucky (Commonwealth of) Turnpike Authority (Revitalization), Series 2017 B, Ref. RB | 5.00% | 07/01/2027 | 75 | &nbsp;&nbsp; 77669 |
| Trimble (County of), KY (Louisville Gas & Electric), Series 2017, Ref. RB | 3.75% | 06/01/2033 | 10 | &nbsp;&nbsp; 10039 |
|  |  |  |  | &nbsp;&nbsp; 1305319 |
| **Louisiana-0.69%** |  |  |  |  |
| Jefferson (Parish of), LA Sales Tax District, Series 2017 B, RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 12/01/2042 | 50 | &nbsp;&nbsp; 50967 |
| Lafayette (Parish of), LA School Board, Series 2018, RB<sup>(a)(b)</sup> | 5.00% | 04/01/2027 | 25 | &nbsp;&nbsp; 25776 |
| Louisiana (State of), Series 2016 B, Ref. GO Bonds | 5.00% | 08/01/2027 | 170 | &nbsp;&nbsp; 172610 |
| Louisiana (State of), Series 2017 B, GO Bonds | 5.00% | 10/01/2029 | 130 | &nbsp;&nbsp; 135339 |
| Louisiana (State of), Series 2017 B, GO Bonds | 4.00% | 10/01/2035 | 110 | &nbsp;&nbsp; 111640 |
| Louisiana (State of), Series 2017 B, GO Bonds | 4.00% | 10/01/2036 | 85 | &nbsp;&nbsp; 86092 |
| Louisiana (State of), Series 2023 A, Ref. GO Bonds | 5.00% | 02/01/2027 | 5 | &nbsp;&nbsp; 5142 |
| Louisiana (State of), Series 2024 B, Ref. GO Bonds | 5.00% | 08/01/2027 | 5 | &nbsp;&nbsp; 5198 |
| Louisiana (State of) (Garvee), Series 2019 A, RB | 5.00% | 09/01/2027 | 180 | &nbsp;&nbsp; 187483 |
| Louisiana (State of) (Garvee), Series 2023, RB | 5.00% | 09/01/2027 | 75 | &nbsp;&nbsp; 78118 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Louisiana-(continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Louisiana (State of) Local Government Environmental Facilities & Community Development Authority <br> (Louisiana Insurance Guaranty Association Project), Series 2022, RB<br>| 5.00% | 08/15/2030 | $75 | &nbsp;&nbsp; $77466 |
| &nbsp;&nbsp;&nbsp; Louisiana (State of) Local Government Environmental Facilities & Community Development Authority <br> (Louisiana Insurance Guaranty Association Project), Series 2022, RB<br>| 5.00% | 08/15/2031 | 120 | &nbsp;&nbsp; 123931 |
| &nbsp;&nbsp;&nbsp; Louisiana (State of) Local Government Environmental Facilities & Community Development Authority <br> (Louisiana Insurance Guaranty Association Project), Series 2022, RB<br>| 5.00% | 08/15/2034 | 90 | &nbsp;&nbsp; 92634 |
| &nbsp;&nbsp;&nbsp; Louisiana (State of) Local Government Environmental Facilities & Community Development Authority <br> (Louisiana Insurance Guaranty Association Project), Series 2022, RB<br>| 5.00% | 08/15/2037 | 40 | &nbsp;&nbsp; 40913 |
| &nbsp;&nbsp;&nbsp; Louisiana (State of) Local Government Environmental Facilities & Community Development Authority <br> (Woman's Hospital Foundation), Series 2017 A, Ref. RB<br>| 5.00% | 10/01/2041 | 450 | &nbsp;&nbsp; 456229 |
| Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation), Series 2017, Ref. RB | 4.00% | 05/15/2037 | 245 | &nbsp;&nbsp; 245210 |
| Shreveport (City of), LA, Series 2017 A, RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 12/01/2041 | 150 | &nbsp;&nbsp; 153037 |
|  |  |  |  | &nbsp;&nbsp; 2047785 |
| **Maryland-2.28%** |  |  |  |  |
| Baltimore (City of), MD (Water), Series 2017 A, RB | 5.00% | 07/01/2041 | 20 | &nbsp;&nbsp; 20248 |
| Howard (County of), MD, Series 2017 B, Ref. GO Bonds | 5.00% | 02/15/2027 | 35 | &nbsp;&nbsp; 36046 |
| Howard (County of), MD, Series 2017 D, Ref. GO Bonds | 5.00% | 02/15/2027 | 20 | &nbsp;&nbsp; 20598 |
| Maryland (State of), Second Series 2018 B, GO Bonds | 5.00% | 08/01/2027 | 200 | &nbsp;&nbsp; 208255 |
| Maryland (State of), Second Series 2020 B, Ref. GO Bonds | 5.00% | 08/01/2027 | 200 | &nbsp;&nbsp; 208255 |
| Maryland (State of), Series 2017 A, GO Bonds | 5.00% | 03/15/2027 | 155 | &nbsp;&nbsp; 159950 |
| Maryland (State of), Series 2017 A, GO Bonds | 5.00% | 08/01/2027 | 140 | &nbsp;&nbsp; 145778 |
| Maryland (State of), Series 2017 A, GO Bonds | 5.00% | 03/15/2029 | 160 | &nbsp;&nbsp; 164661 |
| Maryland (State of), Series 2017 A, GO Bonds | 5.00% | 08/01/2029 | 45 | &nbsp;&nbsp; 46689 |
| Maryland (State of), Series 2017 A, GO Bonds | 4.00% | 03/15/2030 | 5 | &nbsp;&nbsp; 5084 |
| Maryland (State of), Series 2017 A, GO Bonds | 4.00% | 08/01/2030 | 10 | &nbsp;&nbsp; 10217 |
| Maryland (State of), Series 2017 A, GO Bonds | 5.00% | 03/15/2031 | 105 | &nbsp;&nbsp; 108156 |
| Maryland (State of), Series 2018 A, GO Bonds | 5.00% | 03/15/2027 | 300 | &nbsp;&nbsp; 309581 |
| Maryland (State of), Series 2019, GO Bonds | 5.00% | 03/15/2027 | 75 | &nbsp;&nbsp; 77395 |
| Maryland (State of), Series 2020, GO Bonds | 5.00% | 08/01/2027 | 35 | &nbsp;&nbsp; 36445 |
| Maryland (State of) (Bidding Group 1), Second Series 2019 A, GO Bonds | 5.00% | 08/01/2027 | 800 | &nbsp;&nbsp; 833018 |
| Maryland (State of) (Bidding Group 1), Second Series 2021 A, GO Bonds | 5.00% | 08/01/2027 | 40 | &nbsp;&nbsp; 41651 |
| Maryland (State of) (Bidding Group 1), Series 2020 A, GO Bonds | 5.00% | 03/15/2027 | 135 | &nbsp;&nbsp; 139312 |
| Maryland (State of) (Bidding Group 1), Series 2021 A, GO Bonds | 5.00% | 03/01/2027 | 185 | &nbsp;&nbsp; 190730 |
| Maryland (State of) Department of Transportation, Series 2016, Ref. RB | 4.00% | 09/01/2027 | 165 | &nbsp;&nbsp; 169312 |
| Maryland (State of) Department of Transportation, Series 2017, RB | 5.00% | 09/01/2027 | 185 | &nbsp;&nbsp; 192983 |
| Maryland (State of) Department of Transportation, Series 2017, RB | 5.00% | 09/01/2029 | 55 | &nbsp;&nbsp; 57310 |
| Maryland (State of) Department of Transportation, Series 2017, RB | 5.00% | 09/01/2030 | 60 | &nbsp;&nbsp; 62470 |
| Maryland (State of) Department of Transportation, Series 2019, RB | 5.00% | 10/01/2027 | 90 | &nbsp;&nbsp; 94052 |
| Maryland (State of) Department of Transportation, Series 2019, RB | 4.00% | 10/01/2032 | 70 | &nbsp;&nbsp; 71388 |
| Maryland (State of) Department of Transportation, Series 2020, RB | 5.00% | 10/01/2027 | 40 | &nbsp;&nbsp; 41801 |
| Maryland (State of) Department of Transportation, Series 2021 A, RB | 5.00% | 10/01/2027 | 285 | &nbsp;&nbsp; 297830 |
| Maryland (State of) Department of Transportation, Series 2021 B, Ref. RB | 5.00% | 12/01/2027 | 70 | &nbsp;&nbsp; 73425 |
| Maryland (State of) Department of Transportation, Series 2022 B, Ref. RB | 5.00% | 12/01/2027 | 25 | &nbsp;&nbsp; 26223 |
| Maryland (State of) Department of Transportation (Second Issue), Series 2018, RB | 5.00% | 10/01/2027 | 105 | &nbsp;&nbsp; 107059 |
| &nbsp;&nbsp;&nbsp; Maryland (State of) Health & Higher Educational Facilities Authority (MedStar Health), Series 2017 A, <br> RB<br>| 5.00% | 05/15/2045 | 115 | &nbsp;&nbsp; 115650 |
| &nbsp;&nbsp;&nbsp; Maryland (State of) Health & Higher Educational Facilities Authority (University of Maryland Medical <br> System), Series 2017 B, Ref. RB<br>| 3.75% | 07/01/2036 | 715 | &nbsp;&nbsp; 719566 |
| &nbsp;&nbsp;&nbsp; Maryland (State of) Health & Higher Educational Facilities Authority (University of Maryland Medical <br> System), Series 2017 B, Ref. RB<br>| 4.00% | 07/01/2039 | 15 | &nbsp;&nbsp; 15031 |
| Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB | 5.00% | 07/01/2027 | 125 | &nbsp;&nbsp; 129805 |
| Maryland (State of) Transportation Authority, Series 2024, Ref. RB | 5.00% | 07/01/2027 | 10 | &nbsp;&nbsp; 10384 |
| Maryland (State of) Transportation Authority, Series 2025 C, Ref. RB | 5.00% | 11/01/2027 | 50 | &nbsp;&nbsp; 52344 |
| Montgomery (County of), MD, Series 2017 A, GO Bonds | 5.00% | 11/01/2027 | 150 | &nbsp;&nbsp; 157089 |
| Montgomery (County of), MD, Series 2017 C, Ref. GO Bonds | 5.00% | 10/01/2027 | 45 | &nbsp;&nbsp; 47034 |
| Montgomery (County of), MD, Series 2019 A, GO Bonds | 5.00% | 11/01/2027 | 130 | &nbsp;&nbsp; 136144 |
| Montgomery (County of), MD, Series 2020 A, GO Bonds | 4.00% | 08/01/2027 | 285 | &nbsp;&nbsp; 292091 |
| Montgomery (County of), MD, Series 2021 A, Ref. GO Bonds | 5.00% | 08/01/2027 | 235 | &nbsp;&nbsp; 244660 |
| Prince George's (County of), MD, Series 2017 A, GO Bonds | 3.00% | 09/15/2027 | 10 | &nbsp;&nbsp; 10051 |
| Prince George's (County of), MD, Series 2018 A, GO Bonds | 5.00% | 07/15/2027 | 150 | &nbsp;&nbsp; 155954 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Maryland-(continued)** |  |  |  |  |
| Prince George's (County of), MD, Series 2019 A, GO Bonds | 5.00% | 07/15/2027 | $640 | &nbsp;&nbsp; $665405 |
| Washington (State of) Suburban Sanitary Commission, Series 2017, Ref. RB | 3.00% | 06/01/2027 | 30 | &nbsp;&nbsp; 30127 |
|  |  |  |  | &nbsp;&nbsp; 6737257 |
| **Massachusetts-3.39%** |  |  |  |  |
| Boston (City of), MA, Series 2023, GO Bonds | 5.00% | 11/01/2027 | 195 | &nbsp;&nbsp; 205003 |
| Boston (City of), MA, Series 2025 A, GO Bonds | 5.00% | 02/01/2027 | 25 | &nbsp;&nbsp; 25732 |
| Massachusetts (Commonwealth of), Series 2005, Ref. RB, (INS - NATL)<sup>(c)</sup> | 5.50% | 01/01/2027 | 80 | &nbsp;&nbsp; 82496 |
| Massachusetts (Commonwealth of), Series 2015 A, Ref. GO Bonds | 5.00% | 07/01/2027 | 165 | &nbsp;&nbsp; 171499 |
| Massachusetts (Commonwealth of), Series 2016 A, Ref. GO Bonds | 5.00% | 07/01/2027 | 40 | &nbsp;&nbsp; 40515 |
| Massachusetts (Commonwealth of), Series 2016 A, Ref. RB | 5.00% | 06/01/2027 | 50 | &nbsp;&nbsp; 50590 |
| Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds | 5.00% | 07/01/2027 | 350 | &nbsp;&nbsp; 363785 |
| Massachusetts (Commonwealth of), Series 2016 I, GO Bonds | 5.00% | 12/01/2027 | 65 | &nbsp;&nbsp; 66597 |
| Massachusetts (Commonwealth of), Series 2017 A, GO Bonds | 5.00% | 04/01/2032 | 190 | &nbsp;&nbsp; 195915 |
| Massachusetts (Commonwealth of), Series 2017 A, GO Bonds | 5.00% | 04/01/2033 | 65 | &nbsp;&nbsp; 66962 |
| Massachusetts (Commonwealth of), Series 2017 A, GO Bonds | 5.00% | 04/01/2034 | 555 | &nbsp;&nbsp; 570846 |
| Massachusetts (Commonwealth of), Series 2017 A, GO Bonds | 5.00% | 04/01/2037 | 40 | &nbsp;&nbsp; 40984 |
| Massachusetts (Commonwealth of), Series 2017 A, GO Bonds | 5.00% | 04/01/2042 | 150 | &nbsp;&nbsp; 152363 |
| Massachusetts (Commonwealth of), Series 2017 A, GO Bonds | 5.00% | 04/01/2047 | 205 | &nbsp;&nbsp; 207161 |
| Massachusetts (Commonwealth of), Series 2017 A, GO Bonds | 5.25% | 04/01/2047 | 500 | &nbsp;&nbsp; 507003 |
| Massachusetts (Commonwealth of), Series 2017 A, Ref. RB | 5.00% | 06/01/2031 | 165 | &nbsp;&nbsp; 173206 |
| Massachusetts (Commonwealth of), Series 2017 A, Ref. RB | 5.00% | 06/01/2032 | 145 | &nbsp;&nbsp; 151978 |
| Massachusetts (Commonwealth of), Series 2017 A, Ref. RB | 5.00% | 06/01/2043 | 255 | &nbsp;&nbsp; 260473 |
| Massachusetts (Commonwealth of), Series 2017 C, Ref. GO Bonds | 5.00% | 10/01/2027 | 85 | &nbsp;&nbsp; 88873 |
| Massachusetts (Commonwealth of), Series 2017 D, GO Bonds | 5.00% | 02/01/2033 | 10 | &nbsp;&nbsp; 10266 |
| Massachusetts (Commonwealth of), Series 2017 D, GO Bonds | 5.00% | 02/01/2036 | 10 | &nbsp;&nbsp; 10231 |
| Massachusetts (Commonwealth of), Series 2017 D, Ref. GO Bonds | 5.00% | 07/01/2027 | 175 | &nbsp;&nbsp; 181893 |
| Massachusetts (Commonwealth of), Series 2017 E, GO Bonds | 5.00% | 11/01/2031 | 110 | &nbsp;&nbsp; 115048 |
| Massachusetts (Commonwealth of), Series 2017 E, GO Bonds | 4.00% | 11/01/2032 | 40 | &nbsp;&nbsp; 40817 |
| Massachusetts (Commonwealth of), Series 2017 E, Ref. GO Bonds | 5.00% | 11/01/2027 | 220 | &nbsp;&nbsp; 230482 |
| Massachusetts (Commonwealth of), Series 2017 F, GO Bonds | 5.00% | 11/01/2037 | 10 | &nbsp;&nbsp; 10338 |
| Massachusetts (Commonwealth of), Series 2017 F, GO Bonds | 5.00% | 11/01/2038 | 5 | &nbsp;&nbsp; 5159 |
| Massachusetts (Commonwealth of), Series 2017 F, GO Bonds | 5.00% | 11/01/2041 | 205 | &nbsp;&nbsp; 210162 |
| Massachusetts (Commonwealth of), Series 2017 F, GO Bonds | 5.00% | 11/01/2044 | 30 | &nbsp;&nbsp; 30543 |
| Massachusetts (Commonwealth of), Series 2017 F, GO Bonds | 5.00% | 11/01/2045 | 40 | &nbsp;&nbsp; 40682 |
| Massachusetts (Commonwealth of), Series 2018 B, GO Bonds | 5.00% | 01/01/2027 | 60 | &nbsp;&nbsp; 61619 |
| Massachusetts (Commonwealth of), Series 2018 B, Ref. GO Bonds | 5.00% | 07/01/2027 | 275 | &nbsp;&nbsp; 285831 |
| Massachusetts (Commonwealth of), Series 2018 C Ref., GO Bonds | 5.00% | 09/01/2027 | 95 | &nbsp;&nbsp; 99133 |
| Massachusetts (Commonwealth of), Series 2019 A, Ref. GO Bonds | 5.00% | 01/01/2027 | 135 | &nbsp;&nbsp; 138642 |
| Massachusetts (Commonwealth of), Series 2019 C, Ref. GO Bonds | 5.00% | 05/01/2027 | 185 | &nbsp;&nbsp; 191522 |
| Massachusetts (Commonwealth of), Series 2019 F, GO Bonds | 5.00% | 05/01/2027 | 150 | &nbsp;&nbsp; 155288 |
| Massachusetts (Commonwealth of), Series 2019 G, GO Bonds | 5.00% | 09/01/2027 | 255 | &nbsp;&nbsp; 266093 |
| Massachusetts (Commonwealth of), Series 2020 E, GO Bonds | 5.00% | 11/01/2027 | 315 | &nbsp;&nbsp; 330008 |
| Massachusetts (Commonwealth of), Series 2020, GO Bonds | 5.00% | 07/01/2027 | 110 | &nbsp;&nbsp; 114333 |
| Massachusetts (Commonwealth of), Series 2021 A, Ref. GO Bonds | 5.00% | 09/01/2027 | 345 | &nbsp;&nbsp; 360008 |
| Massachusetts (Commonwealth of), Series 2023 A, GO Bonds | 5.00% | 05/01/2027 | 105 | &nbsp;&nbsp; 108702 |
| Massachusetts (Commonwealth of), Series 2023 B, GO Bonds | 5.00% | 10/01/2027 | 15 | &nbsp;&nbsp; 15684 |
| Massachusetts (Commonwealth of), Series 2024 A, GO Bonds | 5.00% | 01/01/2027 | 380 | &nbsp;&nbsp; 390251 |
| Massachusetts (Commonwealth of), Series 2024 B, GO Bonds | 5.00% | 05/01/2027 | 80 | &nbsp;&nbsp; 82820 |
| Massachusetts (Commonwealth of) (Green Bonds), Series 2017 B, GO Bonds | 5.00% | 04/01/2037 | 75 | &nbsp;&nbsp; 76845 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) (Rail Enhancement & Accelerated Bridge Program), Series 2017 A, <br> RB<br>| 5.00% | 06/01/2042 | 175 | &nbsp;&nbsp; 178179 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) (Rail Enhancement & Accelerated Bridge Program), Series 2017 A, <br> RB<br>| 5.00% | 06/01/2047 | 45 | &nbsp;&nbsp; 45515 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2005 A, RB | 5.00% | 07/01/2027 | 500 | &nbsp;&nbsp; 519614 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2016 A, Ref. RB | 5.00% | 07/01/2027 | 820 | &nbsp;&nbsp; 831746 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center), <br> Series 2017, Ref. RB<br>| 5.00% | 07/01/2039 | 5 | &nbsp;&nbsp; 5124 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center), <br> Series 2017, Ref. RB<br>| 5.00% | 07/01/2042 | 250 | &nbsp;&nbsp; 254569 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Massachusetts-(continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center), <br> Series 2020 A-2, Ref. RB<br>| 5.00% | 07/01/2027 | $5 | &nbsp;&nbsp; $5185 |
| Massachusetts (Commonwealth of) Development Finance Agency (Caregroup), Series 2016 I, Ref. RB | 5.00% | 07/01/2027 | 480 | &nbsp;&nbsp; 485004 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Development Finance Agency (Harvard University), Series 2020 A, <br> Ref. RB<br>| 5.00% | 10/15/2027 | 40 | &nbsp;&nbsp; 41884 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Development Finance Agency (Umass Memorial Health Care <br> Obligated Group), Series 2017, Ref. RB<br>| 5.00% | 07/01/2038 | 15 | &nbsp;&nbsp; 15144 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Development Finance Agency (Williams College), Series 2017, Ref. <br> RB<br>| 5.00% | 09/01/2042 | 10 | &nbsp;&nbsp; 10157 |
| Massachusetts (Commonwealth of) School Building Authority, Series 2025, Ref. RB | 5.00% | 02/15/2027 | 10 | &nbsp;&nbsp; 10292 |
| Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2019 A, Ref. RB | 5.00% | 01/01/2027 | 50 | &nbsp;&nbsp; 51349 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Transportation Trust Fund (Contract Assistance), Series 2018, <br> Ref. RB<br>| 5.00% | 01/01/2027 | 10 | &nbsp;&nbsp; 10270 |
| Massachusetts (Commonwealth of) Water Resources Authority, Series 2007 B, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.25% | 08/01/2027 | 60 | &nbsp;&nbsp; 62770 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2017 C, Ref. <br> RB<br>| 5.00% | 08/01/2032 | 20 | &nbsp;&nbsp; 20784 |
| Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2017, Ref. RB | 5.00% | 08/01/2030 | 10 | &nbsp;&nbsp; 10415 |
| Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2017, Ref. RB | 5.00% | 08/01/2031 | 10 | &nbsp;&nbsp; 10413 |
| University of Massachusetts Building Authority, Series 2017, RB | 5.25% | 11/01/2042 | 350 | &nbsp;&nbsp; 359329 |
| University of Massachusetts Building Authority, Series 2017, Ref. RB | 5.00% | 11/01/2030 | 65 | &nbsp;&nbsp; 67982 |
| University of Massachusetts Building Authority, Series 2017, Ref. RB | 5.00% | 11/01/2031 | 25 | &nbsp;&nbsp; 26139 |
|  |  |  |  | &nbsp;&nbsp; 10006245 |
| **Michigan-1.29%** |  |  |  |  |
| Detroit City School District, Series 2005 A, Ref. GO Bonds, (INS - AGI)<sup>(c)</sup> | 5.25% | 05/01/2027 | 90 | &nbsp;&nbsp; 93178 |
| Great Lakes Water Authority, Series 2016 C, Ref. RB | 5.00% | 07/01/2027 | 95 | &nbsp;&nbsp; 96278 |
| Great Lakes Water Authority, Series 2018 A, Ref. RB | 5.00% | 07/01/2027 | 30 | &nbsp;&nbsp; 31082 |
| Great Lakes Water Authority, Series 2024 A, Ref. RB | 5.00% | 07/01/2027 | 20 | &nbsp;&nbsp; 20753 |
| Great Lakes Water Authority, Series 2024 A, Ref. RB | 5.00% | 07/01/2027 | 70 | &nbsp;&nbsp; 72635 |
| Karegnondi Water Authority (Genesee, Lapeer and Sanilac Counties), Series 2018, Ref. RB | 5.00% | 11/01/2045 | 165 | &nbsp;&nbsp; 167437 |
| Macomb (County of), MI Interceptor Drain Drainage District, Series 2017 A, Ref. RB | 5.00% | 05/01/2042 | 180 | &nbsp;&nbsp; 183184 |
| Michigan (State of), Series 2017 A, Ref. GO Bonds | 5.00% | 05/01/2027 | 20 | &nbsp;&nbsp; 20702 |
| Michigan (State of), Series 2018, GO Bonds | 4.00% | 05/01/2027 | 530 | &nbsp;&nbsp; 533037 |
| Michigan (State of), Series 2020 B, RB | 5.00% | 11/15/2027 | 120 | &nbsp;&nbsp; 125810 |
| Michigan (State of), Series 2023, RB | 5.00% | 11/15/2027 | 35 | &nbsp;&nbsp; 36695 |
| Michigan (State of) (Garvee), Series 2016, Ref. RB | 5.00% | 03/15/2027 | 245 | &nbsp;&nbsp; 252319 |
| Michigan (State of) Building Authority (Facilities Program), Series 2020 I, Ref. RB | 5.00% | 10/15/2027 | 105 | &nbsp;&nbsp; 109847 |
| Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2022, Ref. RB | 5.00% | 04/15/2027 | 60 | &nbsp;&nbsp; 61802 |
| Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2008 C, Ref. RB | 5.00% | 12/01/2031 | 80 | &nbsp;&nbsp; 83410 |
| Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017 A, Ref. RB | 5.00% | 12/01/2034 | 290 | &nbsp;&nbsp; 301001 |
| Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017 A, Ref. RB | 5.00% | 12/01/2037 | 330 | &nbsp;&nbsp; 339578 |
| Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017 MI, Ref. RB | 5.00% | 12/01/2031 | 100 | &nbsp;&nbsp; 103219 |
| Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017, Ref. RB | 5.00% | 12/01/2027 | 140 | &nbsp;&nbsp; 146235 |
| Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017, Ref. RB | 5.00% | 12/01/2035 | 250 | &nbsp;&nbsp; 258862 |
| Michigan (State of) Hospital Finance Authority (Ascension Health Credit Group), Series 1999, RB | 4.00% | 11/15/2027 | 215 | &nbsp;&nbsp; 219881 |
| Michigan (State of) Hospital Finance Authority (Trinity Health Credit Group), Series 2008 C, Ref. RB | 5.00% | 12/01/2027 | 30 | &nbsp;&nbsp; 31336 |
| Michigan (State of) Hospital Finance Authority (Trinity Health Credit Group), Series 2008, Ref. RB | 5.00% | 12/01/2032 | 125 | &nbsp;&nbsp; 130087 |
| University of Michigan, Series 2017 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 04/01/2027 | 45 | &nbsp;&nbsp; 46427 |
| University of Michigan, Series 2017 A, Ref. RB | 5.00% | 04/01/2027 | 185 | &nbsp;&nbsp; 191014 |
| University of Michigan, Series 2017 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 04/01/2027 | 20 | &nbsp;&nbsp; 20634 |
| University of Michigan, Series 2017 A, Ref. RB | 5.00% | 04/01/2029 | 125 | &nbsp;&nbsp; 128977 |
|  |  |  |  | &nbsp;&nbsp; 3805420 |
| **Minnesota-1.05%** |  |  |  |  |
| Metropolitan Council, Series 2021 C, GO Bonds | 5.00% | 12/01/2027 | 90 | &nbsp;&nbsp; 94331 |
| Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 A, Ref. RB | 5.00% | 01/01/2027 | 220 | &nbsp;&nbsp; 225839 |
| Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 A, Ref. RB | 5.00% | 01/01/2029 | 40 | &nbsp;&nbsp; 40939 |
| Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 A, Ref. RB | 5.00% | 01/01/2030 | 25 | &nbsp;&nbsp; 25589 |
| Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 A, Ref. RB | 5.00% | 01/01/2031 | 40 | &nbsp;&nbsp; 40930 |
| Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 A, Ref. RB | 5.00% | 01/01/2032 | 50 | &nbsp;&nbsp; 51143 |
| Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2023 A, Ref. RB | 5.00% | 01/01/2027 | 45 | &nbsp;&nbsp; 46165 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Minnesota-(continued)** |  |  |  |  |
| Minnesota (State of), Series 2017 A, GO Bonds | 5.00% | 10/01/2027 | $70 | &nbsp;&nbsp; $73190 |
| Minnesota (State of), Series 2017 A, GO Bonds | 5.00% | 10/01/2030 | 20 | &nbsp;&nbsp; 20926 |
| Minnesota (State of), Series 2017 A, GO Bonds | 5.00% | 10/01/2031 | 25 | &nbsp;&nbsp; 26148 |
| Minnesota (State of), Series 2017 A, GO Bonds | 5.00% | 10/01/2032 | 640 | &nbsp;&nbsp; 668594 |
| Minnesota (State of), Series 2017 A, GO Bonds | 5.00% | 10/01/2033 | 65 | &nbsp;&nbsp; 67812 |
| Minnesota (State of), Series 2017 D, Ref. GO Bonds | 5.00% | 10/01/2027 | 165 | &nbsp;&nbsp; 172519 |
| Minnesota (State of), Series 2018 A, GO Bonds | 5.00% | 08/01/2027 | 65 | &nbsp;&nbsp; 67694 |
| Minnesota (State of), Series 2019 A, GO Bonds | 5.00% | 08/01/2027 | 295 | &nbsp;&nbsp; 307225 |
| Minnesota (State of), Series 2020 A, GO Bonds | 5.00% | 08/01/2027 | 300 | &nbsp;&nbsp; 312432 |
| Minnesota (State of), Series 2021 A, GO Bonds | 5.00% | 09/01/2027 | 100 | &nbsp;&nbsp; 104350 |
| Minnesota (State of), Series 2021 B, GO Bonds | 5.00% | 09/01/2027 | 90 | &nbsp;&nbsp; 93915 |
| Minnesota (State of), Series 2022 A, GO Bonds | 5.00% | 08/01/2027 | 60 | &nbsp;&nbsp; 62486 |
| Minnesota (State of), Series 2022 A, Ref. RB | 5.00% | 03/01/2027 | 75 | &nbsp;&nbsp; 77295 |
| Minnesota (State of), Series 2023 D, Ref. GO Bonds | 5.00% | 08/01/2027 | 90 | &nbsp;&nbsp; 93730 |
| Minnesota (State of), Series 2024 A, GO Bonds | 5.00% | 08/01/2027 | 10 | &nbsp;&nbsp; 10414 |
| Minnesota (State of), Series 2024 B, GO Bonds | 5.00% | 08/01/2027 | 5 | &nbsp;&nbsp; 5207 |
| Minnesota (State of), Series 2024 D, Ref. GO Bonds | 5.00% | 08/01/2027 | 145 | &nbsp;&nbsp; 151009 |
| &nbsp;&nbsp;&nbsp; Minnesota (State of) Higher Education Facilities Authority (Gustavus Adolphus College), Series 2017, <br> Ref. RB<br>| 5.00% | 10/01/2047 | 20 | &nbsp;&nbsp; 20008 |
| Minnesota (State of) Public Facilities Authority, Series 2023 A, RB | 5.00% | 03/01/2027 | 150 | &nbsp;&nbsp; 154552 |
| University of Minnesota, Series 2017 B, Ref. RB | 5.00% | 12/01/2030 | 60 | &nbsp;&nbsp; 62704 |
| University of Minnesota, Series 2017 B, Ref. RB | 5.00% | 12/01/2031 | 20 | &nbsp;&nbsp; 20888 |
|  |  |  |  | &nbsp;&nbsp; 3098034 |
| **Mississippi-0.61%** |  |  |  |  |
| Mississippi (State of), Series 2017 A, Ref. GO Bonds | 5.00% | 10/01/2027 | 125 | &nbsp;&nbsp; 130673 |
| Mississippi (State of), Series 2017 A, Ref. GO Bonds<sup>(a)(b)</sup> | 5.00% | 10/01/2027 | 160 | &nbsp;&nbsp; 167556 |
| Mississippi (State of), Series 2017 A, Ref. GO Bonds<sup>(a)(b)</sup> | 5.00% | 10/01/2027 | 85 | &nbsp;&nbsp; 89014 |
| Mississippi (State of), Series 2017 A, Ref. GO Bonds<sup>(a)(b)</sup> | 5.00% | 10/01/2027 | 85 | &nbsp;&nbsp; 89014 |
| Mississippi (State of), Series 2017 A, Ref. GO Bonds<sup>(a)(b)</sup> | 5.00% | 10/01/2027 | 95 | &nbsp;&nbsp; 99486 |
| Mississippi (State of), Series 2017 A, Ref. GO Bonds | 5.00% | 10/01/2029 | 165 | &nbsp;&nbsp; 172224 |
| Mississippi (State of), Series 2017 A, Ref. GO Bonds | 5.00% | 10/01/2030 | 1010 | &nbsp;&nbsp; 1053555 |
|  |  |  |  | &nbsp;&nbsp; 1801522 |
| **Missouri-0.44%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Cape Girardeau (County of), MO Industrial Development Authority (South Eastern Health), <br> Series 2017 A, Ref. RB<br>| 5.00% | 03/01/2036 | 50 | &nbsp;&nbsp; 50910 |
| Curators of the University of Missouri (The), Series 2024, Ref. RB | 5.00% | 11/01/2027 | 25 | &nbsp;&nbsp; 26167 |
| Metropolitan St. Louis Sewer District, Series 2017 A, Ref. RB | 5.00% | 05/01/2027 | 145 | &nbsp;&nbsp; 149947 |
| Metropolitan St. Louis Sewer District, Series 2017 A, Ref. RB | 5.00% | 05/01/2029 | 135 | &nbsp;&nbsp; 139541 |
| Metropolitan St. Louis Sewer District, Series 2017 A, Ref. RB | 5.00% | 05/01/2042 | 200 | &nbsp;&nbsp; 203359 |
| Metropolitan St. Louis Sewer District, Series 2017 A, Ref. RB | 5.00% | 05/01/2047 | 20 | &nbsp;&nbsp; 20198 |
| Missouri (State of) Board of Public Buildings, Series 2020 B, Ref. RB | 5.00% | 10/01/2027 | 65 | &nbsp;&nbsp; 67736 |
| Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2018 A, Ref. RB | 5.00% | 06/01/2027 | 230 | &nbsp;&nbsp; 237145 |
| Missouri (State of) Health & Educational Facilities Authority (SSM Health), Series 2022 A, RB | 5.00% | 06/01/2027 | 100 | &nbsp;&nbsp; 102884 |
| Missouri (State of) Health & Educational Facilities Authority (St. Louis University), Series 2017 A, RB | 5.00% | 10/01/2042 | 100 | &nbsp;&nbsp; 101395 |
| Missouri (State of) Highway & Transportation Commission, Series 2022, RB | 5.00% | 05/01/2027 | 60 | &nbsp;&nbsp; 62115 |
| St. Louis (City of), MO, Series 2005, RB, (INS - NATL)<sup>(c)</sup> | 5.50% | 07/01/2027 | 90 | &nbsp;&nbsp; 93925 |
| St. Louis (City of), MO, Series 2017 C, RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 07/01/2047 | 5 | &nbsp;&nbsp; 5049 |
| St. Louis Municipal Finance Corp., Series 2017, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 10/01/2038 | 30 | &nbsp;&nbsp; 30711 |
|  |  |  |  | &nbsp;&nbsp; 1291082 |
| **Montana-0.01%** |  |  |  |  |
| Montana (State of) Facility Finance Authority, Series 2016, Ref. RB | 5.00% | 02/15/2041 | 35 | &nbsp;&nbsp; 35394 |
| **Nebraska-0.18%** |  |  |  |  |
| Gretna Public Schools, Series 2024, GO Bonds, (INS - AGI)<sup>(c)</sup> | 5.00% | 12/15/2030 | 60 | &nbsp;&nbsp; 62441 |
| Omaha (City of), NE (Omaha Convention Center), Series 2004, Ref. GO Bonds | 5.25% | 04/01/2027 | 75 | &nbsp;&nbsp; 77632 |
| Omaha (City of), NE Public Power District, Series 2016 A, Ref. RB | 5.00% | 02/01/2027 | 25 | &nbsp;&nbsp; 25095 |
| Omaha (City of), NE Public Power District, Series 2017 A, Ref. RB | 5.00% | 02/01/2035 | 200 | &nbsp;&nbsp; 207471 |
| Omaha (City of), NE Public Power District, Series 2017 A, Ref. RB | 5.00% | 02/01/2037 | 140 | &nbsp;&nbsp; 144813 |
|  |  |  |  | &nbsp;&nbsp; 517452 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Nevada-0.84%** |  |  |  |  |
| Clark (County of), NV, Series 2016 B, Ref. GO Bonds | 5.00% | 11/01/2027 | $60 | &nbsp;&nbsp; $61229 |
| Clark (County of), NV, Series 2017, Ref. GO Bonds | 5.00% | 06/01/2030 | 990 | &nbsp;&nbsp; 1024962 |
| Clark (County of), NV, Series 2017, Ref. GO Bonds | 4.00% | 06/01/2032 | 105 | &nbsp;&nbsp; 106602 |
| Clark (County of), NV, Series 2017, Ref. GO Bonds | 4.00% | 06/01/2034 | 120 | &nbsp;&nbsp; 121526 |
| Clark (County of), NV, Series 2017, Ref. GO Bonds | 4.00% | 06/01/2035 | 30 | &nbsp;&nbsp; 30340 |
| Clark (County of), NV, Series 2020 C, Ref. RB | 5.00% | 07/01/2027 | 45 | &nbsp;&nbsp; 46744 |
| Clark (County of), NV (Las Vegas McCarran International Airport), Series 2015, Ref. RB | 5.00% | 07/01/2027 | 65 | &nbsp;&nbsp; 67416 |
| Clark (County of), NV (Las Vegas McCarran International Airport), Series 2019, Ref. RB | 5.00% | 07/01/2027 | 190 | &nbsp;&nbsp; 197063 |
| Clark (County of), NV Department of Aviation, Series 2024 A, Ref. RB | 5.00% | 07/01/2027 | 40 | &nbsp;&nbsp; 41487 |
| Clark County School District, Series 2016 B, Ref. GO Bonds | 5.00% | 06/15/2027 | 90 | &nbsp;&nbsp; 91958 |
| Las Vegas Valley Water District, Series 2021 A, Ref. GO Bonds | 5.00% | 06/01/2027 | 15 | &nbsp;&nbsp; 15553 |
| Las Vegas Valley Water District, Series 2021 C, GO Bonds | 5.00% | 06/01/2027 | 65 | &nbsp;&nbsp; 67398 |
| Nevada (State of), Series 2017, RB | 5.00% | 12/01/2030 | 15 | &nbsp;&nbsp; 15512 |
| Nevada (State of), Series 2017, RB | 5.00% | 12/01/2031 | 185 | &nbsp;&nbsp; 191174 |
| Truckee Meadows Water Authority, Series 2017, Ref. RB | 5.00% | 07/01/2029 | 20 | &nbsp;&nbsp; 20766 |
| Truckee Meadows Water Authority, Series 2017, Ref. RB | 5.00% | 07/01/2030 | 375 | &nbsp;&nbsp; 388953 |
|  |  |  |  | &nbsp;&nbsp; 2488683 |
| **New Jersey-2.41%** |  |  |  |  |
| Atlantic City (City of), NJ, Series 2017 A, Ref. GO Bonds, (INS - BAM)<sup>(c)</sup> | 5.00% | 03/01/2037 | 100 | &nbsp;&nbsp; 102070 |
| New Jersey (State of), Series 2016, GO Bonds<sup>(a)(b)</sup> | 4.00% | 06/01/2027 | 15 | &nbsp;&nbsp; 15327 |
| New Jersey (State of), Series 2016, GO Bonds<sup>(a)(b)</sup> | 4.00% | 06/01/2027 | 20 | &nbsp;&nbsp; 20436 |
| New Jersey (State of), Series 2016, GO Bonds<sup>(a)(b)</sup> | 4.00% | 06/01/2027 | 15 | &nbsp;&nbsp; 15327 |
| New Jersey (State of), Series 2016, GO Bonds<sup>(a)(b)</sup> | 5.00% | 06/01/2027 | 5 | &nbsp;&nbsp; 5182 |
| New Jersey (State of), Series 2016, GO Bonds | 5.00% | 06/01/2029 | 30 | &nbsp;&nbsp; 31059 |
| New Jersey (State of), Series 2016, GO Bonds | 3.50% | 06/01/2030 | 50 | &nbsp;&nbsp; 50548 |
| New Jersey (State of), Series 2020 A, GO Bonds | 5.00% | 06/01/2027 | 1040 | &nbsp;&nbsp; 1077121 |
| New Jersey (State of), Series 2020, GO Bonds | 5.00% | 06/01/2040 | 220 | &nbsp;&nbsp; 227029 |
| New Jersey (State of), Series 2020, GO Bonds | 5.00% | 06/01/2041 | 250 | &nbsp;&nbsp; 257292 |
| New Jersey (State of) Economic Development Authority, Series 2005 N-1, Ref. RB, (INS - NATL)<sup>(c)</sup> | 5.50% | 09/01/2027 | 160 | &nbsp;&nbsp; 167956 |
| New Jersey (State of) Economic Development Authority, Series 2014, Ref. RB | 3.50% | 06/15/2027 | 35 | &nbsp;&nbsp; 35007 |
| New Jersey (State of) Economic Development Authority, Series 2017 A, RB | 4.00% | 11/01/2027 | 380 | &nbsp;&nbsp; 390097 |
| New Jersey (State of) Economic Development Authority, Series 2017 A, RB | 5.00% | 11/01/2027 | 110 | &nbsp;&nbsp; 114967 |
| New Jersey (State of) Economic Development Authority, Series 2017 A, Ref. RB | 5.00% | 07/01/2033 | 100 | &nbsp;&nbsp; 101810 |
| New Jersey (State of) Economic Development Authority, Series 2017 A, Ref. RB, (INS - BAM)<sup>(c)</sup> | 5.00% | 07/01/2027 | 25 | &nbsp;&nbsp; 25744 |
| New Jersey (State of) Economic Development Authority, Series 2017 DDD, RB<sup>(a)(b)</sup> | 4.00% | 06/15/2027 | 85 | &nbsp;&nbsp; 86900 |
| New Jersey (State of) Economic Development Authority, Series 2017 DDD, RB<sup>(a)(b)</sup> | 5.00% | 06/15/2027 | 230 | &nbsp;&nbsp; 238592 |
| New Jersey (State of) Economic Development Authority, Series 2017 DDD, RB<sup>(a)(b)</sup> | 5.00% | 06/15/2027 | 10 | &nbsp;&nbsp; 10374 |
| New Jersey (State of) Educational Facilities Authority, Series 2024 A, Ref. RB | 5.00% | 05/15/2027 | 65 | &nbsp;&nbsp; 67185 |
| New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 B, Ref. RB | 5.00% | 07/01/2029 | 145 | &nbsp;&nbsp; 150507 |
| New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 B, Ref. RB | 5.00% | 07/01/2031 | 75 | &nbsp;&nbsp; 77870 |
| New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 B, Ref. RB | 5.00% | 07/01/2032 | 30 | &nbsp;&nbsp; 31112 |
| New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 B, Ref. RB | 5.00% | 07/01/2034 | 115 | &nbsp;&nbsp; 118988 |
| New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 B, Ref. RB | 4.00% | 07/01/2035 | 50 | &nbsp;&nbsp; 50727 |
| New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB | 5.00% | 07/01/2029 | 55 | &nbsp;&nbsp; 57089 |
| New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB | 5.00% | 07/01/2030 | 25 | &nbsp;&nbsp; 25947 |
| New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB | 5.00% | 07/01/2031 | 500 | &nbsp;&nbsp; 519137 |
| New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB | 5.00% | 07/01/2032 | 35 | &nbsp;&nbsp; 36298 |
| New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB | 5.00% | 07/01/2034 | 15 | &nbsp;&nbsp; 15520 |
| New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB | 5.00% | 07/01/2035 | 20 | &nbsp;&nbsp; 20671 |
| New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB | 5.00% | 07/01/2036 | 10 | &nbsp;&nbsp; 10322 |
| &nbsp;&nbsp;&nbsp; New Jersey (State of) Educational Facilities Authority (Stevenns Institute Technology), Series 2017, <br> Ref. RB<br>| 5.00% | 07/01/2042 | 320 | &nbsp;&nbsp; 323413 |
| &nbsp;&nbsp;&nbsp; New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health <br> Obligated Group), Series 2017 A, Ref. RB<br>| 5.00% | 07/01/2037 | 220 | &nbsp;&nbsp; 225877 |
| &nbsp;&nbsp;&nbsp; New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health <br> Obligated Group), Series 2017, Ref. RB<br>| 5.00% | 07/01/2027 | 45 | &nbsp;&nbsp; 46552 |
| &nbsp;&nbsp;&nbsp; New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health <br> Obligated Group), Series 2017, Ref. RB<br>| 5.00% | 07/01/2029 | 80 | &nbsp;&nbsp; 82748 |
| &nbsp;&nbsp;&nbsp; New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health <br> Obligated Group), Series 2017, Ref. RB<br>| 4.00% | 07/01/2034 | 310 | &nbsp;&nbsp; 313969 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New Jersey-(continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health <br> Obligated Group), Series 2017, Ref. RB<br>| 5.00% | 07/01/2035 | $5 | &nbsp;&nbsp; $5152 |
| &nbsp;&nbsp;&nbsp; New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health <br> Obligated Group), Series 2017, Ref. RB<br>| 5.00% | 07/01/2039 | 90 | &nbsp;&nbsp; 92128 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2016 A-1, RN | 5.00% | 06/15/2027 | 450 | &nbsp;&nbsp; 454388 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB | 5.00% | 12/15/2027 | 145 | &nbsp;&nbsp; 151963 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2019, Ref. RB | 5.00% | 12/15/2027 | 310 | &nbsp;&nbsp; 324887 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2021 A, Ref. RB | 5.00% | 06/15/2027 | 75 | &nbsp;&nbsp; 77722 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022 AA, Ref. RB | 5.00% | 06/15/2027 | 215 | &nbsp;&nbsp; 222804 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2023, Ref. RB | 5.00% | 06/15/2027 | 95 | &nbsp;&nbsp; 98390 |
| New Jersey (State of) Turnpike Authority, Series 2005 A, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.25% | 01/01/2027 | 95 | &nbsp;&nbsp; 97763 |
| New Jersey (State of) Turnpike Authority, Series 2017 A, RB | 5.00% | 01/01/2027 | 30 | &nbsp;&nbsp; 30780 |
| New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB | 5.00% | 01/01/2027 | 335 | &nbsp;&nbsp; 343710 |
| New Jersey (State of) Turnpike Authority, Series 2017 E, Ref. RB | 5.00% | 01/01/2027 | 50 | &nbsp;&nbsp; 51300 |
| New Jersey (State of) Turnpike Authority, Series 2025 B, RB | 5.00% | 01/01/2027 | 20 | &nbsp;&nbsp; 20520 |
|  |  |  |  | &nbsp;&nbsp; 7118277 |
| **New Mexico-0.45%** |  |  |  |  |
| New Mexico (State of), Series 2021, GO Bonds | 5.00% | 03/01/2027 | 65 | &nbsp;&nbsp; 66948 |
| New Mexico (State of) (Capital), Series 2017 A, GO Bonds | 5.00% | 03/01/2027 | 150 | &nbsp;&nbsp; 154496 |
| New Mexico (State of) Finance Authority, Series 2018 A, Ref. RB | 5.00% | 06/15/2027 | 220 | &nbsp;&nbsp; 228425 |
| New Mexico (State of) Finance Authority, Series 2024 A, Ref. RB | 5.00% | 06/15/2027 | 140 | &nbsp;&nbsp; 145362 |
| &nbsp;&nbsp;&nbsp; New Mexico (State of) Hospital Equipment Loan Council (Presbyterian Healthcare), Series 2017 A, <br> Ref. RB<br>| 4.00% | 08/01/2035 | 20 | &nbsp;&nbsp; 20083 |
| &nbsp;&nbsp;&nbsp; New Mexico (State of) Hospital Equipment Loan Council (Presbyterian Healthcare), Series 2017 A, <br> Ref. RB<br>| 4.00% | 08/01/2037 | 5 | &nbsp;&nbsp; 5011 |
| New Mexico (State of) Severance Tax Permanent Fund, Series 2021 A, RB | 5.00% | 07/01/2027 | 40 | &nbsp;&nbsp; 41518 |
| New Mexico (State of) Severance Tax Permanent Fund, Series 2022 A, RB | 5.00% | 07/01/2027 | 540 | &nbsp;&nbsp; 560499 |
| New Mexico (State of) Severance Tax Permanent Fund, Series 2022 B, RB | 5.00% | 07/01/2027 | 115 | &nbsp;&nbsp; 119366 |
|  |  |  |  | &nbsp;&nbsp; 1341708 |
| **New York-19.01%** |  |  |  |  |
| Battery Park (City of), NY Authority, Series 2023 B, Ref. RB | 5.00% | 11/01/2027 | 30 | &nbsp;&nbsp; 31522 |
| Buffalo & Fort Erie Public Bridge Authority, Series 2017, RB | 5.00% | 01/01/2042 | 160 | &nbsp;&nbsp; 161994 |
| Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB | 5.00% | 02/15/2027 | 15 | &nbsp;&nbsp; 15499 |
| Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB | 5.00% | 02/15/2029 | 20 | &nbsp;&nbsp; 20567 |
| Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB | 5.00% | 02/15/2030 | 25 | &nbsp;&nbsp; 25712 |
| Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB | 5.00% | 02/15/2031 | 450 | &nbsp;&nbsp; 462894 |
| Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB | 5.00% | 02/15/2032 | 95 | &nbsp;&nbsp; 97676 |
| Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB | 5.00% | 02/15/2033 | 235 | &nbsp;&nbsp; 241422 |
| Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB | 5.00% | 02/15/2034 | 145 | &nbsp;&nbsp; 148831 |
| Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB | 5.00% | 02/15/2035 | 150 | &nbsp;&nbsp; 153837 |
| Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB | 4.00% | 02/15/2036 | 420 | &nbsp;&nbsp; 423118 |
| Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB | 5.00% | 02/15/2036 | 10 | &nbsp;&nbsp; 10243 |
| Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB | 5.00% | 02/15/2037 | 80 | &nbsp;&nbsp; 81843 |
| Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB | 5.00% | 02/15/2038 | 35 | &nbsp;&nbsp; 35781 |
| Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB | 5.00% | 02/15/2039 | 960 | &nbsp;&nbsp; 980175 |
| Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB | 5.00% | 02/15/2042 | 975 | &nbsp;&nbsp; 989486 |
| Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB | 5.00% | 02/15/2045 | 500 | &nbsp;&nbsp; 505894 |
| Long Island (City of), NY Power Authority, Series 2017, RB | 5.00% | 09/01/2042 | 325 | &nbsp;&nbsp; 332670 |
| Long Island (City of), NY Power Authority, Series 2017, RB | 5.00% | 09/01/2047 | 255 | &nbsp;&nbsp; 258925 |
| Long Island (City of), NY Power Authority, Series 2018, RB | 5.00% | 09/01/2027 | 15 | &nbsp;&nbsp; 15650 |
| Long Island (City of), NY Power Authority, Series 2023 F, Ref. RB | 5.00% | 09/01/2027 | 5 | &nbsp;&nbsp; 5217 |
| Metropolitan Transportation Authority, Series 2016 B, Ref. RB | 5.00% | 11/15/2027 | 50 | &nbsp;&nbsp; 50992 |
| Metropolitan Transportation Authority, Series 2016 D, Ref. RB | 5.00% | 11/15/2027 | 15 | &nbsp;&nbsp; 15298 |
| Metropolitan Transportation Authority (Green Bonds), Series 2016 A2, Ref. RB | 5.00% | 11/15/2027 | 15 | &nbsp;&nbsp; 15298 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB | 5.00% | 11/15/2034 | 105 | &nbsp;&nbsp; 108137 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB | 5.00% | 11/15/2035 | 340 | &nbsp;&nbsp; 349695 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB | 5.00% | 11/15/2042 | 65 | &nbsp;&nbsp; 66071 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB | 5.00% | 11/15/2047 | 100 | &nbsp;&nbsp; 100786 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 A-2, Ref. RB | 5.00% | 11/15/2028 | 190 | &nbsp;&nbsp; 195385 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 B, Ref. RB | 5.00% | 11/15/2027 | $280 | &nbsp;&nbsp; $292355 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 B-1, RB | 5.00% | 11/15/2034 | 240 | &nbsp;&nbsp; 249567 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 B-1, RB | 5.00% | 11/15/2035 | 210 | &nbsp;&nbsp; 217987 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 B-1, RB | 5.00% | 11/15/2042 | 270 | &nbsp;&nbsp; 275926 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 B-2, RB | 5.00% | 11/15/2027 | 50 | &nbsp;&nbsp; 52411 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 B-2, RB | 4.00% | 11/15/2032 | 80 | &nbsp;&nbsp; 81069 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 B-2, RB | 4.00% | 11/15/2033 | 115 | &nbsp;&nbsp; 116364 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 B-2, RB | 5.00% | 11/15/2033 | 170 | &nbsp;&nbsp; 176943 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 B-2, RB | 5.25% | 11/15/2033 | 125 | &nbsp;&nbsp; 130696 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 B-2, RB | 4.00% | 11/15/2034 | 10 | &nbsp;&nbsp; 10111 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 B-2, RB | 5.00% | 11/15/2034 | 95 | &nbsp;&nbsp; 98787 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 C-1, Ref. RB | 5.00% | 11/15/2027 | 150 | &nbsp;&nbsp; 156619 |
| Metropolitan Transportation Authority (Green Bonds), Series 2018 B, Ref. RB | 5.00% | 11/15/2027 | 65 | &nbsp;&nbsp; 67868 |
| Metropolitan Transportation Authority (Green Bonds), Series 2020 E, Ref. RB | 5.00% | 11/15/2027 | 140 | &nbsp;&nbsp; 146178 |
| Nassau (County of), NY, Series 2017 C, Ref. GO Bonds | 5.00% | 10/01/2027 | 40 | &nbsp;&nbsp; 41882 |
| Nassau (County of), NY Interim Finance Authority, Series 2024 A, RB | 5.00% | 11/15/2027 | 50 | &nbsp;&nbsp; 52588 |
| Nassau Health Care Corp., Series 2009, Ref. RB | 5.00% | 08/01/2027 | 15 | &nbsp;&nbsp; 15567 |
| New York & New Jersey (States of) Port Authority, Series 2017, Ref. RB | 5.00% | 11/15/2034 | 175 | &nbsp;&nbsp; 182519 |
| New York & New Jersey (States of) Port Authority, Series 2017, Ref. RB | 5.00% | 10/15/2042 | 160 | &nbsp;&nbsp; 163538 |
| New York & New Jersey (States of) Port Authority, Two Hundred fifth series 2017, Ref. RB | 5.00% | 11/15/2037 | 20 | &nbsp;&nbsp; 20727 |
| New York & New Jersey (States of) Port Authority, Two Hundred Fifth Series 2017, Ref. RB | 5.00% | 11/15/2029 | 15 | &nbsp;&nbsp; 15689 |
| New York & New Jersey (States of) Port Authority, Two Hundred Fifth Series 2017, Ref. RB | 5.00% | 11/15/2030 | 70 | &nbsp;&nbsp; 73263 |
| New York & New Jersey (States of) Port Authority, Two Hundred Fifth Series 2017, Ref. RB | 5.00% | 11/15/2032 | 120 | &nbsp;&nbsp; 125483 |
| New York & New Jersey (States of) Port Authority, Two Hundred Fifth Series 2017, Ref. RB | 5.00% | 11/15/2033 | 270 | &nbsp;&nbsp; 281920 |
| New York & New Jersey (States of) Port Authority, Two Hundred Fifth Series 2017, Ref. RB | 5.00% | 11/15/2036 | 95 | &nbsp;&nbsp; 98680 |
| New York & New Jersey (States of) Port Authority, Two Hundred Fifth Series 2017, Ref. RB | 5.00% | 11/15/2047 | 300 | &nbsp;&nbsp; 305454 |
| New York & New Jersey (States of) Port Authority, Two Hundred Fifth Series 2017, Ref. RB | 5.25% | 11/15/2057 | 100 | &nbsp;&nbsp; 102272 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Five Series 2024, Ref. RB | 5.00% | 09/01/2027 | 55 | &nbsp;&nbsp; 57306 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Third Series 2023, Ref. RB | 5.00% | 12/01/2027 | 110 | &nbsp;&nbsp; 115426 |
| New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB | 5.00% | 07/15/2027 | 145 | &nbsp;&nbsp; 150850 |
| New York & New Jersey (States of) Port Authority, Two Hundred Thirtieth Series 2022, Ref. RB | 4.00% | 12/01/2027 | 185 | &nbsp;&nbsp; 190354 |
| New York & New Jersey (States of) Port Authority, Two Hundredth Series 2017, Ref. RB | 5.00% | 10/15/2047 | 20 | &nbsp;&nbsp; 20258 |
| New York & New Jersey (States of) Port Authority, Two Hundrend Fifth Series 2017, Ref. RB | 5.00% | 11/15/2031 | 270 | &nbsp;&nbsp; 282685 |
| New York (City of), NY, Series 2005-1, GO Bonds | 5.00% | 09/01/2027 | 95 | &nbsp;&nbsp; 98999 |
| New York (City of), NY, Series 2007 C, GO Bonds, (INS - AGI)<sup>(c)</sup> | 5.00% | 10/01/2027 | 80 | &nbsp;&nbsp; 83513 |
| New York (City of), NY, Series 2008 B, GO Bonds | 5.00% | 09/01/2027 | 185 | &nbsp;&nbsp; 192788 |
| New York (City of), NY, Series 2008 J, Ref. GO Bonds | 5.00% | 08/01/2027 | 5 | &nbsp;&nbsp; 5201 |
| New York (City of), NY, Series 2008 J-10, GO Bonds | 5.00% | 08/01/2027 | 110 | &nbsp;&nbsp; 114412 |
| New York (City of), NY, Series 2008 J-9, GO Bonds | 5.00% | 08/01/2027 | 35 | &nbsp;&nbsp; 35547 |
| New York (City of), NY, Series 2017 1, GO Bonds | 5.00% | 08/01/2027 | 10 | &nbsp;&nbsp; 10401 |
| New York (City of), NY, Series 2017 1, GO Bonds | 5.00% | 08/01/2029 | 90 | &nbsp;&nbsp; 93423 |
| New York (City of), NY, Series 2017 1, GO Bonds | 5.00% | 08/01/2030 | 165 | &nbsp;&nbsp; 171304 |
| New York (City of), NY, Series 2017 1, GO Bonds | 5.00% | 08/01/2032 | 65 | &nbsp;&nbsp; 67387 |
| New York (City of), NY, Series 2017 1, GO Bonds | 5.00% | 08/01/2033 | 45 | &nbsp;&nbsp; 46589 |
| New York (City of), NY, Series 2017 A, Ref. GO Bonds | 5.00% | 08/01/2027 | 270 | &nbsp;&nbsp; 280829 |
| New York (City of), NY, Series 2017 B-1, GO Bonds | 5.25% | 10/01/2030 | 220 | &nbsp;&nbsp; 230223 |
| New York (City of), NY, Series 2017 B-1, GO Bonds | 5.25% | 10/01/2031 | 55 | &nbsp;&nbsp; 57522 |
| New York (City of), NY, Series 2017 B-1, GO Bonds | 5.25% | 10/01/2032 | 135 | &nbsp;&nbsp; 141014 |
| New York (City of), NY, Series 2017 B-1, GO Bonds | 5.25% | 10/01/2033 | 55 | &nbsp;&nbsp; 57372 |
| New York (City of), NY, Series 2017 B-1, GO Bonds | 5.00% | 10/01/2035 | 85 | &nbsp;&nbsp; 88024 |
| New York (City of), NY, Series 2017 B-1, GO Bonds | 5.00% | 10/01/2036 | 385 | &nbsp;&nbsp; 397562 |
| New York (City of), NY, Series 2017 B-1, GO Bonds | 5.00% | 10/01/2037 | 375 | &nbsp;&nbsp; 386126 |
| New York (City of), NY, Series 2017 B-1, GO Bonds | 5.00% | 10/01/2038 | 185 | &nbsp;&nbsp; 189977 |
| New York (City of), NY, Series 2017 B-1, GO Bonds | 5.00% | 10/01/2039 | 35 | &nbsp;&nbsp; 35880 |
| New York (City of), NY, Series 2017 C, Ref. GO Bonds | 5.00% | 08/01/2027 | 30 | &nbsp;&nbsp; 31203 |
| New York (City of), NY, Series 2017 C, Ref. GO Bonds | 5.00% | 08/01/2027 | 60 | &nbsp;&nbsp; 61631 |
| New York (City of), NY, Series 2017 C, Ref. GO Bonds | 5.00% | 08/01/2028 | 255 | &nbsp;&nbsp; 261895 |
| New York (City of), NY, Series 2017, GO Bonds | 5.00% | 08/01/2031 | 155 | &nbsp;&nbsp; 160862 |
| New York (City of), NY, Series 2019 E, Ref. GO Bonds | 5.00% | 08/01/2027 | 45 | &nbsp;&nbsp; 46805 |
| New York (City of), NY, Series 2020 A-1, Ref. GO Bonds | 5.00% | 08/01/2027 | 575 | &nbsp;&nbsp; 598061 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| New York (City of), NY, Series 2020 C, GO Bonds | 5.00% | 08/01/2027 | $300 | &nbsp;&nbsp; $312032 |
| New York (City of), NY, Series 2020 C-1, Ref. GO Bonds | 5.00% | 08/01/2027 | 50 | &nbsp;&nbsp; 52005 |
| New York (City of), NY, Series 2021 F-1, GO Bonds | 5.00% | 03/01/2027 | 450 | &nbsp;&nbsp; 463544 |
| New York (City of), NY, Series 2022 A-1, GO Bonds | 5.00% | 09/01/2027 | 55 | &nbsp;&nbsp; 57315 |
| New York (City of), NY, Series 2022 B-1, Ref. GO Bonds | 5.00% | 08/01/2027 | 135 | &nbsp;&nbsp; 140414 |
| New York (City of), NY, Series 2023 A, GO Bonds | 5.00% | 08/01/2027 | 5 | &nbsp;&nbsp; 5201 |
| New York (City of), NY, Series 2023 C, Ref. GO Bonds | 5.00% | 08/01/2027 | 10 | &nbsp;&nbsp; 10401 |
| New York (City of), NY, Series 2024 A, Ref. GO Bonds | 5.00% | 08/01/2027 | 465 | &nbsp;&nbsp; 483649 |
| New York (City of), NY, Series 2024 C, GO Bonds | 5.00% | 03/01/2027 | 305 | &nbsp;&nbsp; 314180 |
| New York (City of), NY, Series 2024 C-1, GO Bonds | 5.00% | 09/01/2027 | 125 | &nbsp;&nbsp; 130262 |
| New York (City of), NY, Series 2025, Ref. GO Bonds | 5.00% | 08/01/2027 | 180 | &nbsp;&nbsp; 187219 |
| New York (City of), NY, Subseries 2022 B-1, GO Bonds | 5.00% | 10/01/2027 | 25 | &nbsp;&nbsp; 26103 |
| New York (City of), NY, Subseries 2023 F-1, Ref. GO Bonds | 5.00% | 08/01/2027 | 210 | &nbsp;&nbsp; 218422 |
| &nbsp;&nbsp;&nbsp; New York (City of), NY Industrial Development Agency (Queens Baseball Stadium), Series 2021, Ref. <br> RB, (INS - AGI)<sup>(c)</sup><br>| 5.00% | 01/01/2027 | 15 | &nbsp;&nbsp; 15346 |
| New York (City of), NY Municipal Water Finance Authority, Series 2017 BB-1, RB | 5.00% | 06/15/2046 | 420 | &nbsp;&nbsp; 426329 |
| New York (City of), NY Municipal Water Finance Authority, Series 2017 CC-1, RB | 5.00% | 06/15/2048 | 5 | &nbsp;&nbsp; 5069 |
| New York (City of), NY Municipal Water Finance Authority, Series 2017 EE, Ref. RB | 5.00% | 06/15/2033 | 90 | &nbsp;&nbsp; 93024 |
| New York (City of), NY Municipal Water Finance Authority, Series 2017 EE, Ref. RB | 5.25% | 06/15/2033 | 25 | &nbsp;&nbsp; 25937 |
| New York (City of), NY Municipal Water Finance Authority, Series 2017 EE, Ref. RB | 5.00% | 06/15/2036 | 200 | &nbsp;&nbsp; 206065 |
| New York (City of), NY Municipal Water Finance Authority, Series 2017 EE, Ref. RB | 5.00% | 06/15/2037 | 565 | &nbsp;&nbsp; 581238 |
| New York (City of), NY Municipal Water Finance Authority, Series 2017, Ref. RB<sup>(a)(b)</sup> | 5.00% | 06/15/2027 | 135 | &nbsp;&nbsp; 140064 |
| New York (City of), NY Municipal Water Finance Authority, Series 2017, Ref. RB<sup>(a)(b)</sup> | 5.00% | 06/15/2027 | 100 | &nbsp;&nbsp; 103751 |
| New York (City of), NY Municipal Water Finance Authority, Series 2017, Ref. RB | 5.00% | 06/15/2032 | 5 | &nbsp;&nbsp; 5174 |
| New York (City of), NY Municipal Water Finance Authority, Series 2017, Ref. RB | 5.00% | 06/15/2037 | 505 | &nbsp;&nbsp; 519513 |
| New York (City of), NY Municipal Water Finance Authority, Series 2017, Ref. RB | 5.00% | 06/15/2038 | 60 | &nbsp;&nbsp; 61626 |
| New York (City of), NY Municipal Water Finance Authority, Series 2018 BB-2, Ref. RB<sup>(a)(b)</sup> | 5.00% | 06/15/2027 | 25 | &nbsp;&nbsp; 25938 |
| New York (City of), NY Municipal Water Finance Authority, Series 2018 BB-2, Ref. RB | 5.00% | 06/15/2031 | 5 | &nbsp;&nbsp; 5178 |
| New York (City of), NY Municipal Water Finance Authority, Series 2018 DD, Ref. RB | 5.00% | 06/15/2032 | 170 | &nbsp;&nbsp; 177788 |
| New York (City of), NY Municipal Water Finance Authority, Series 2018 DD-1, RB | 5.00% | 06/15/2048 | 20 | &nbsp;&nbsp; 20376 |
| New York (City of), NY Municipal Water Finance Authority, Series 2018 DD-2, Ref. RB | 5.00% | 06/15/2040 | 1000 | &nbsp;&nbsp; 1030528 |
| New York (City of), NY Municipal Water Finance Authority, Series 2018 EE, Ref. RB | 5.00% | 06/15/2040 | 460 | &nbsp;&nbsp; 474043 |
| New York (City of), NY Municipal Water Finance Authority, Series 2018, Ref. RB | 5.00% | 06/15/2038 | 25 | &nbsp;&nbsp; 25891 |
| New York (City of), NY Municipal Water Finance Authority, Series 2019, Ref. RB | 5.00% | 06/15/2027 | 270 | &nbsp;&nbsp; 280506 |
| New York (City of), NY Municipal Water Finance Authority, Series 2020 GG, RB | 5.00% | 06/15/2029 | 5 | &nbsp;&nbsp; 5235 |
| New York (City of), NY Municipal Water Finance Authority, Series 2020, Ref. RB | 5.00% | 06/15/2027 | 390 | &nbsp;&nbsp; 405176 |
| New York (City of), NY Municipal Water Finance Authority, Series 2022 AA-2, Ref. RB | 5.00% | 06/15/2029 | 20 | &nbsp;&nbsp; 20938 |
| New York (City of), NY Municipal Water Finance Authority, Series 2025, Ref. RB | 5.00% | 06/15/2027 | 100 | &nbsp;&nbsp; 103891 |
| New York (City of), NY Transitional Finance Authority, Series 2017 A-2, RB | 5.00% | 08/01/2033 | 20 | &nbsp;&nbsp; 20650 |
| New York (City of), NY Transitional Finance Authority, Series 2017 A-2, RB | 5.00% | 08/01/2034 | 525 | &nbsp;&nbsp; 541460 |
| New York (City of), NY Transitional Finance Authority, Series 2017 A-2, RB | 5.00% | 08/01/2035 | 195 | &nbsp;&nbsp; 201078 |
| New York (City of), NY Transitional Finance Authority, Series 2017 A-2, RB | 5.00% | 08/01/2036 | 250 | &nbsp;&nbsp; 257581 |
| New York (City of), NY Transitional Finance Authority, Series 2017 A-2, RB | 5.00% | 08/01/2037 | 125 | &nbsp;&nbsp; 128563 |
| New York (City of), NY Transitional Finance Authority, Series 2017 A-2, RB | 5.00% | 08/01/2038 | 190 | &nbsp;&nbsp; 195137 |
| New York (City of), NY Transitional Finance Authority, Series 2017 A-2, RB | 5.00% | 08/01/2039 | 150 | &nbsp;&nbsp; 153889 |
| New York (City of), NY Transitional Finance Authority, Series 2017 A-3, RB | 5.00% | 08/01/2040 | 250 | &nbsp;&nbsp; 255942 |
| New York (City of), NY Transitional Finance Authority, Series 2017 A-3, RB | 5.00% | 08/01/2041 | 255 | &nbsp;&nbsp; 260418 |
| New York (City of), NY Transitional Finance Authority, Series 2017 A-E-1, RB | 5.00% | 02/01/2038 | 60 | &nbsp;&nbsp; 61183 |
| New York (City of), NY Transitional Finance Authority, Series 2017 A-E-1, RB | 5.00% | 02/01/2039 | 1015 | &nbsp;&nbsp; 1034181 |
| New York (City of), NY Transitional Finance Authority, Series 2017 B-1, RB | 5.00% | 08/01/2029 | 40 | &nbsp;&nbsp; 41457 |
| New York (City of), NY Transitional Finance Authority, Series 2017 B-1, RB | 5.00% | 08/01/2030 | 185 | &nbsp;&nbsp; 191669 |
| New York (City of), NY Transitional Finance Authority, Series 2017 B-1, RB | 5.00% | 08/01/2032 | 290 | &nbsp;&nbsp; 299849 |
| New York (City of), NY Transitional Finance Authority, Series 2017 B-1, RB | 5.00% | 08/01/2034 | 405 | &nbsp;&nbsp; 417698 |
| New York (City of), NY Transitional Finance Authority, Series 2017 B-1, RB | 4.00% | 08/01/2035 | 85 | &nbsp;&nbsp; 85814 |
| New York (City of), NY Transitional Finance Authority, Series 2017 B-1, RB | 4.00% | 08/01/2037 | 40 | &nbsp;&nbsp; 40197 |
| New York (City of), NY Transitional Finance Authority, Series 2017 B-1, RB | 5.00% | 08/01/2045 | 35 | &nbsp;&nbsp; 35466 |
| New York (City of), NY Transitional Finance Authority, Series 2017 C, Ref. RB | 5.00% | 11/01/2027 | 75 | &nbsp;&nbsp; 77370 |
| New York (City of), NY Transitional Finance Authority, Series 2017 C, Ref. RB | 5.00% | 11/01/2028 | 140 | &nbsp;&nbsp; 144421 |
| New York (City of), NY Transitional Finance Authority, Series 2017 C, Ref. RB | 5.00% | 11/01/2030 | 50 | &nbsp;&nbsp; 51537 |
| New York (City of), NY Transitional Finance Authority, Series 2017 C, Ref. RB | 5.00% | 11/01/2031 | 65 | &nbsp;&nbsp; 66944 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| New York (City of), NY Transitional Finance Authority, Series 2017 C, Ref. RB | 5.00% | 11/01/2033 | $175 | &nbsp;&nbsp; $179755 |
| New York (City of), NY Transitional Finance Authority, Series 2017 C, Ref. RB | 4.00% | 11/01/2034 | 30 | &nbsp;&nbsp; 30303 |
| New York (City of), NY Transitional Finance Authority, Series 2017 E-1, RB | 5.00% | 02/01/2030 | 80 | &nbsp;&nbsp; 82024 |
| New York (City of), NY Transitional Finance Authority, Series 2017 E-1, RB | 3.50% | 02/01/2038 | 45 | &nbsp;&nbsp; 44021 |
| New York (City of), NY Transitional Finance Authority, Series 2017 E-1, RB | 5.00% | 02/01/2043 | 420 | &nbsp;&nbsp; 424823 |
| New York (City of), NY Transitional Finance Authority, Series 2017 F-1, RB | 5.00% | 05/01/2031 | 240 | &nbsp;&nbsp; 247268 |
| New York (City of), NY Transitional Finance Authority, Series 2017 F-1, RB | 5.00% | 05/01/2033 | 80 | &nbsp;&nbsp; 82241 |
| New York (City of), NY Transitional Finance Authority, Series 2017 F-1, RB | 5.00% | 05/01/2035 | 115 | &nbsp;&nbsp; 118082 |
| New York (City of), NY Transitional Finance Authority, Series 2017 F-1, RB | 5.00% | 05/01/2036 | 125 | &nbsp;&nbsp; 128298 |
| New York (City of), NY Transitional Finance Authority, Series 2017 F-1, RB | 4.00% | 05/01/2037 | 360 | &nbsp;&nbsp; 361681 |
| New York (City of), NY Transitional Finance Authority, Series 2017 F-1, RB | 5.00% | 05/01/2042 | 325 | &nbsp;&nbsp; 330260 |
| New York (City of), NY Transitional Finance Authority, Series 2017 F-1, RB | 5.00% | 05/01/2043 | 30 | &nbsp;&nbsp; 30415 |
| New York (City of), NY Transitional Finance Authority, Series 2017 F-1, Ref. RB | 5.00% | 05/01/2030 | 80 | &nbsp;&nbsp; 82461 |
| New York (City of), NY Transitional Finance Authority, Series 2017 F-1, Ref. RB | 5.00% | 05/01/2032 | 5 | &nbsp;&nbsp; 5146 |
| New York (City of), NY Transitional Finance Authority, Series 2017 S-1, Ref. RB | 5.00% | 07/15/2027 | 70 | &nbsp;&nbsp; 72620 |
| New York (City of), NY Transitional Finance Authority, Series 2017 S-1, Ref. RB | 5.00% | 07/15/2029 | 30 | &nbsp;&nbsp; 31047 |
| New York (City of), NY Transitional Finance Authority, Series 2017 S-1, Ref. RB | 5.00% | 07/15/2030 | 185 | &nbsp;&nbsp; 191545 |
| New York (City of), NY Transitional Finance Authority, Series 2017 S-1, Ref. RB | 5.00% | 07/15/2032 | 120 | &nbsp;&nbsp; 124151 |
| New York (City of), NY Transitional Finance Authority, Series 2017 S-1, Ref. RB | 5.00% | 07/15/2035 | 165 | &nbsp;&nbsp; 170233 |
| New York (City of), NY Transitional Finance Authority, Series 2017 S-2, Ref. RB | 5.00% | 07/15/2036 | 25 | &nbsp;&nbsp; 25746 |
| New York (City of), NY Transitional Finance Authority, Series 2017, RB | 5.00% | 11/01/2027 | 120 | &nbsp;&nbsp; 125625 |
| New York (City of), NY Transitional Finance Authority, Series 2017, RB | 5.00% | 02/01/2031 | 150 | &nbsp;&nbsp; 153757 |
| New York (City of), NY Transitional Finance Authority, Series 2017, RB | 5.00% | 02/01/2032 | 625 | &nbsp;&nbsp; 640166 |
| New York (City of), NY Transitional Finance Authority, Series 2017, RB | 5.00% | 02/01/2033 | 5 | &nbsp;&nbsp; 5116 |
| New York (City of), NY Transitional Finance Authority, Series 2017, RB | 5.00% | 02/01/2034 | 45 | &nbsp;&nbsp; 46002 |
| New York (City of), NY Transitional Finance Authority, Series 2017, RB | 5.00% | 02/01/2035 | 90 | &nbsp;&nbsp; 92017 |
| New York (City of), NY Transitional Finance Authority, Series 2017, RB | 5.00% | 02/01/2036 | 105 | &nbsp;&nbsp; 107320 |
| New York (City of), NY Transitional Finance Authority, Series 2017, RB | 5.00% | 02/01/2037 | 25 | &nbsp;&nbsp; 25522 |
| New York (City of), NY Transitional Finance Authority, Series 2017, RB | 5.00% | 02/01/2040 | 510 | &nbsp;&nbsp; 518566 |
| New York (City of), NY Transitional Finance Authority, Series 2017, Ref. RB | 5.00% | 11/01/2029 | 70 | &nbsp;&nbsp; 72167 |
| New York (City of), NY Transitional Finance Authority, Series 2017, Ref. RB | 5.00% | 11/01/2032 | 40 | &nbsp;&nbsp; 41148 |
| New York (City of), NY Transitional Finance Authority, Series 2018 S-1, Ref. RB | 5.00% | 07/15/2031 | 15 | &nbsp;&nbsp; 15530 |
| New York (City of), NY Transitional Finance Authority, Series 2018 S-2A, Ref. RB | 5.00% | 07/15/2027 | 25 | &nbsp;&nbsp; 25936 |
| New York (City of), NY Transitional Finance Authority, Series 2018 S-4A, Ref. RB | 5.00% | 07/15/2027 | 80 | &nbsp;&nbsp; 82994 |
| New York (City of), NY Transitional Finance Authority, Series 2018-1, RB | 5.00% | 11/01/2029 | 110 | &nbsp;&nbsp; 114577 |
| New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB | 5.00% | 11/01/2027 | 515 | &nbsp;&nbsp; 539142 |
| New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB | 5.00% | 11/01/2027 | 300 | &nbsp;&nbsp; 314063 |
| New York (City of), NY Transitional Finance Authority, Series 2021 F-1, Ref. RB | 5.00% | 11/01/2027 | 115 | &nbsp;&nbsp; 120391 |
| New York (City of), NY Transitional Finance Authority, Series 2022 B-1, Ref. RB | 5.00% | 11/01/2027 | 635 | &nbsp;&nbsp; 664767 |
| New York (City of), NY Transitional Finance Authority, Series 2022, RB | 5.00% | 11/01/2027 | 70 | &nbsp;&nbsp; 73281 |
| New York (City of), NY Transitional Finance Authority, Series 2023 A, RB | 5.00% | 05/01/2027 | 35 | &nbsp;&nbsp; 36224 |
| New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB | 5.00% | 11/01/2027 | 140 | &nbsp;&nbsp; 146563 |
| New York (City of), NY Transitional Finance Authority, Series 2024 D, RB | 5.00% | 05/01/2027 | 10 | &nbsp;&nbsp; 10350 |
| New York (City of), NY Transitional Finance Authority, Series 2024 D-1, Ref. RB | 5.00% | 11/01/2027 | 95 | &nbsp;&nbsp; 99453 |
| New York (City of), NY Transitional Finance Authority, Series 2024, Ref. RB | 5.00% | 11/01/2027 | 35 | &nbsp;&nbsp; 36641 |
| New York (City of), NY Transitional Finance Authority, Series 2025 E, RB | 5.00% | 11/01/2027 | 5 | &nbsp;&nbsp; 5234 |
| New York (City of), NY Transitional Finance Authority, Series 2025 H, RB | 5.00% | 11/01/2027 | 5 | &nbsp;&nbsp; 5234 |
| New York (City of), NY Transitional Finance Authority, Series 2025, Ref. RB | 5.00% | 11/01/2027 | 5 | &nbsp;&nbsp; 5234 |
| New York (City of), NY Transitional Finance Authority, Series 2025, Ref. RB | 5.00% | 11/01/2027 | 65 | &nbsp;&nbsp; 68047 |
| New York (City of), NY Transitional Finance Authority, Subseries 1998 A-2, RB | 5.00% | 11/01/2027 | 285 | &nbsp;&nbsp; 298360 |
| New York (City of), NY Transitional Finance Authority, Subseries 2017 B-1, RB | 5.00% | 08/01/2031 | 25 | &nbsp;&nbsp; 25882 |
| New York (City of), NY Transitional Finance Authority, Subseries 2017 B-1, RB | 5.00% | 08/01/2033 | 40 | &nbsp;&nbsp; 41300 |
| New York (City of), NY Transitional Finance Authority, Subseries 2017 F-1, RB | 5.00% | 05/01/2038 | 70 | &nbsp;&nbsp; 71648 |
| New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB | 5.00% | 07/15/2027 | 115 | &nbsp;&nbsp; 119304 |
| New York (City of), NY Transitional Finance Authority, Subseries 2022 S-1A, Ref. RB | 5.00% | 07/15/2027 | 20 | &nbsp;&nbsp; 20749 |
| New York (City of), NY Transitional Finance Authority, Subseries 2022-1, RB | 5.00% | 11/01/2027 | 175 | &nbsp;&nbsp; 183204 |
| &nbsp;&nbsp;&nbsp; New York (City of), NY Trust for Cultural Resources (Museum of Modern Arts (The)), Series 2016, <br> Ref. RB<br>| 4.00% | 04/01/2027 | 35 | &nbsp;&nbsp; 35460 |
| New York (State of), Series 2018 A, Ref. GO Bonds | 5.00% | 02/15/2027 | 65 | &nbsp;&nbsp; 67107 |
| New York (State of), Series 2025 C, Ref. GO Bonds | 5.00% | 03/15/2027 | 35 | &nbsp;&nbsp; 36213 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| New York (State of) Dormitory Authority, Series 2005 B, Ref. RB, (INS - AMBAC)<sup>(c)</sup> | 5.50% | 03/15/2027 | $5 | &nbsp;&nbsp; $5191 |
| New York (State of) Dormitory Authority, Series 2016 A, RB | 5.00% | 07/01/2027 | 35 | &nbsp;&nbsp; 35410 |
| New York (State of) Dormitory Authority, Series 2017 A, RB<sup>(a)(b)</sup> | 5.00% | 03/15/2027 | 125 | &nbsp;&nbsp; 128765 |
| New York (State of) Dormitory Authority, Series 2017 A, RB<sup>(a)</sup> | 5.00% | 03/15/2027 | 85 | &nbsp;&nbsp; 87560 |
| New York (State of) Dormitory Authority, Series 2017 A, RB<sup>(a)(b)</sup> | 5.00% | 03/15/2027 | 65 | &nbsp;&nbsp; 66958 |
| New York (State of) Dormitory Authority, Series 2017 A, RB | 5.00% | 10/01/2027 | 95 | &nbsp;&nbsp; 99329 |
| New York (State of) Dormitory Authority, Series 2017 A, RB | 5.00% | 03/15/2030 | 45 | &nbsp;&nbsp; 46373 |
| New York (State of) Dormitory Authority, Series 2017 A, RB | 5.00% | 03/15/2031 | 25 | &nbsp;&nbsp; 25767 |
| New York (State of) Dormitory Authority, Series 2017 A, RB | 5.00% | 03/15/2033 | 50 | &nbsp;&nbsp; 51449 |
| New York (State of) Dormitory Authority, Series 2017 A, RB | 5.00% | 03/15/2034 | 70 | &nbsp;&nbsp; 71980 |
| New York (State of) Dormitory Authority, Series 2017 A, RB | 5.00% | 03/15/2035 | 50 | &nbsp;&nbsp; 51375 |
| New York (State of) Dormitory Authority, Series 2017 A, RB | 5.00% | 03/15/2036 | 30 | &nbsp;&nbsp; 30782 |
| New York (State of) Dormitory Authority, Series 2017 A, RB | 5.00% | 03/15/2037 | 20 | &nbsp;&nbsp; 20490 |
| New York (State of) Dormitory Authority, Series 2017 A, RB | 5.00% | 03/15/2038 | 205 | &nbsp;&nbsp; 209732 |
| New York (State of) Dormitory Authority, Series 2017 A, RB | 5.00% | 03/15/2039 | 35 | &nbsp;&nbsp; 35765 |
| New York (State of) Dormitory Authority, Series 2017 A, RB | 5.00% | 03/15/2040 | 200 | &nbsp;&nbsp; 203936 |
| New York (State of) Dormitory Authority, Series 2017 A, RB | 5.00% | 03/15/2041 | 700 | &nbsp;&nbsp; 712450 |
| New York (State of) Dormitory Authority, Series 2017 A, RB | 5.00% | 03/15/2042 | 300 | &nbsp;&nbsp; 304798 |
| New York (State of) Dormitory Authority, Series 2017 A, RB | 5.00% | 03/15/2043 | 75 | &nbsp;&nbsp; 76081 |
| New York (State of) Dormitory Authority, Series 2017 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 02/15/2027 | 220 | &nbsp;&nbsp; 226730 |
| New York (State of) Dormitory Authority, Series 2017 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 02/15/2027 | 165 | &nbsp;&nbsp; 170047 |
| New York (State of) Dormitory Authority, Series 2017 A, Ref. RB | 5.00% | 07/01/2027 | 20 | &nbsp;&nbsp; 20753 |
| New York (State of) Dormitory Authority, Series 2017 A, Ref. RB | 5.00% | 07/01/2027 | 35 | &nbsp;&nbsp; 36334 |
| New York (State of) Dormitory Authority, Series 2017 A, Ref. RB | 5.00% | 07/01/2029 | 80 | &nbsp;&nbsp; 83082 |
| New York (State of) Dormitory Authority, Series 2017 A, Ref. RB | 5.00% | 07/01/2030 | 50 | &nbsp;&nbsp; 51917 |
| New York (State of) Dormitory Authority, Series 2017 A, Ref. RB | 5.00% | 02/15/2032 | 380 | &nbsp;&nbsp; 390590 |
| New York (State of) Dormitory Authority, Series 2017 A, Ref. RB | 5.00% | 07/01/2032 | 145 | &nbsp;&nbsp; 150409 |
| New York (State of) Dormitory Authority, Series 2017 A, Ref. RB | 5.00% | 07/01/2033 | 245 | &nbsp;&nbsp; 253835 |
| New York (State of) Dormitory Authority, Series 2017 A, Ref. RB | 5.00% | 02/15/2037 | 70 | &nbsp;&nbsp; 71540 |
| New York (State of) Dormitory Authority, Series 2017 A, Ref. RB | 5.00% | 02/15/2038 | 230 | &nbsp;&nbsp; 234702 |
| New York (State of) Dormitory Authority, Series 2017 B, Ref. RB<sup>(a)</sup> | 5.00% | 02/15/2027 | 60 | &nbsp;&nbsp; 61835 |
| New York (State of) Dormitory Authority, Series 2017 B, Ref. RB<sup>(a)(b)</sup> | 5.00% | 08/15/2027 | 80 | &nbsp;&nbsp; 83459 |
| New York (State of) Dormitory Authority, Series 2017 B, Ref. RB<sup>(a)(b)</sup> | 5.00% | 08/15/2027 | 160 | &nbsp;&nbsp; 166918 |
| New York (State of) Dormitory Authority, Series 2017 B, Ref. RB | 5.00% | 02/15/2030 | 70 | &nbsp;&nbsp; 72728 |
| New York (State of) Dormitory Authority, Series 2017 B, Ref. RB | 5.00% | 02/15/2031 | 65 | &nbsp;&nbsp; 67555 |
| New York (State of) Dormitory Authority, Series 2017 B, Ref. RB | 5.00% | 02/15/2032 | 155 | &nbsp;&nbsp; 161014 |
| New York (State of) Dormitory Authority, Series 2017 B, Ref. RB | 5.00% | 02/15/2033 | 90 | &nbsp;&nbsp; 93400 |
| New York (State of) Dormitory Authority, Series 2017 B, Ref. RB | 5.00% | 02/15/2034 | 70 | &nbsp;&nbsp; 72549 |
| New York (State of) Dormitory Authority, Series 2017 B, Ref. RB | 5.00% | 02/15/2035 | 160 | &nbsp;&nbsp; 165556 |
| New York (State of) Dormitory Authority, Series 2017 B, Ref. RB | 5.00% | 02/15/2036 | 25 | &nbsp;&nbsp; 25813 |
| New York (State of) Dormitory Authority, Series 2017 B, Ref. RB | 5.00% | 02/15/2037 | 225 | &nbsp;&nbsp; 231865 |
| New York (State of) Dormitory Authority, Series 2017 B, Ref. RB | 5.00% | 02/15/2039 | 5 | &nbsp;&nbsp; 5132 |
| New York (State of) Dormitory Authority, Series 2017 B, Ref. RB | 5.00% | 02/15/2040 | 75 | &nbsp;&nbsp; 76723 |
| New York (State of) Dormitory Authority, Series 2017 B, Ref. RB | 5.00% | 02/15/2041 | 150 | &nbsp;&nbsp; 153122 |
| New York (State of) Dormitory Authority, Series 2017, Ref. RB<sup>(a)</sup> | 5.00% | 02/15/2027 | 60 | &nbsp;&nbsp; 61835 |
| New York (State of) Dormitory Authority, Series 2017, Ref. RB | 5.00% | 02/15/2030 | 50 | &nbsp;&nbsp; 51400 |
| New York (State of) Dormitory Authority, Series 2017, Ref. RB | 5.00% | 02/15/2031 | 125 | &nbsp;&nbsp; 128544 |
| New York (State of) Dormitory Authority, Series 2017, Ref. RB | 4.00% | 02/15/2034 | 130 | &nbsp;&nbsp; 131016 |
| New York (State of) Dormitory Authority, Series 2017, Ref. RB | 4.00% | 02/15/2035 | 150 | &nbsp;&nbsp; 150890 |
| New York (State of) Dormitory Authority, Series 2017, Ref. RB | 5.00% | 02/15/2036 | 85 | &nbsp;&nbsp; 86991 |
| New York (State of) Dormitory Authority, Series 2017, Ref. RB | 5.00% | 02/15/2039 | 105 | &nbsp;&nbsp; 107009 |
| New York (State of) Dormitory Authority, Series 2018 1, Ref. RB | 5.00% | 01/15/2027 | 35 | &nbsp;&nbsp; 36017 |
| New York (State of) Dormitory Authority, Series 2018 A, RB | 5.00% | 10/01/2027 | 1000 | &nbsp;&nbsp; 1018779 |
| New York (State of) Dormitory Authority, Series 2018 A, Ref. RB<sup>(a)</sup> | 5.00% | 03/15/2027 | 10 | &nbsp;&nbsp; 10327 |
| New York (State of) Dormitory Authority, Series 2018 E, Ref. RB<sup>(a)</sup> | 5.00% | 03/15/2027 | 70 | &nbsp;&nbsp; 72108 |
| New York (State of) Dormitory Authority, Series 2019 A, RB | 5.00% | 10/01/2027 | 215 | &nbsp;&nbsp; 224837 |
| New York (State of) Dormitory Authority, Series 2019 A, RB | 5.00% | 10/01/2029 | 5 | &nbsp;&nbsp; 5214 |
| New York (State of) Dormitory Authority, Series 2019 A, RB | 5.00% | 10/01/2030 | 20 | &nbsp;&nbsp; 20878 |
| New York (State of) Dormitory Authority, Series 2019 A, RB | 5.00% | 10/01/2033 | 250 | &nbsp;&nbsp; 260037 |
| New York (State of) Dormitory Authority, Series 2019 A, RB | 5.00% | 10/01/2034 | 220 | &nbsp;&nbsp; 228541 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| New York (State of) Dormitory Authority, Series 2019 A, Ref. RB<sup>(a)</sup> | 5.00% | 03/15/2027 | $195 | &nbsp;&nbsp; $201376 |
| New York (State of) Dormitory Authority, Series 2020, RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 10/01/2027 | 70 | &nbsp;&nbsp; 73203 |
| New York (State of) Dormitory Authority, Series 2021 A, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 10/01/2027 | 70 | &nbsp;&nbsp; 73203 |
| New York (State of) Dormitory Authority, Series 2022 A, RB, (INS - BAM)<sup>(c)</sup> | 5.00% | 10/01/2027 | 165 | &nbsp;&nbsp; 172549 |
| New York (State of) Dormitory Authority, Series 2022 A, Ref. RB<sup>(a)</sup> | 5.00% | 03/15/2027 | 5 | &nbsp;&nbsp; 5163 |
| New York (State of) Dormitory Authority, Series 2023 A, RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 10/01/2027 | 10 | &nbsp;&nbsp; 10458 |
| New York (State of) Dormitory Authority, Series 2024 A, Ref. RB | 5.00% | 03/15/2027 | 50 | &nbsp;&nbsp; 51597 |
| New York (State of) Dormitory Authority, Series 2024 B, Ref. RB | 5.00% | 03/15/2027 | 70 | &nbsp;&nbsp; 72236 |
| New York (State of) Dormitory Authority, Series 2025 C, Ref. RB | 5.00% | 03/15/2027 | 20 | &nbsp;&nbsp; 20639 |
| New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 C, Ref. RB<sup>(a)</sup> | 5.00% | 03/15/2027 | 65 | &nbsp;&nbsp; 66958 |
| New York (State of) Dormitory Authority (Bidding Group 3), Series 2017 B, Ref. RB | 5.00% | 02/15/2038 | 5 | &nbsp;&nbsp; 5142 |
| New York (State of) Dormitory Authority (Bidding Group 3), Series 2017 B, Ref. RB | 5.00% | 02/15/2042 | 305 | &nbsp;&nbsp; 310690 |
| New York (State of) Dormitory Authority (Memorial Sloan Kettering Cancer), Series 2017, Ref. RB | 5.00% | 07/01/2027 | 40 | &nbsp;&nbsp; 41556 |
| New York (State of) Dormitory Authority (Memorial Sloan Kettering Cancer), Series 2017, Ref. RB | 5.00% | 07/01/2042 | 160 | &nbsp;&nbsp; 163097 |
| New York (State of) Dormitory Authority (Montefiore Obligated Group), Series 2018 A, Ref. RB | 5.00% | 08/01/2027 | 85 | &nbsp;&nbsp; 86938 |
| New York (State of) Dormitory Authority (New School (The)), Series 2016 A, Ref. RB | 5.00% | 07/01/2041 | 720 | &nbsp;&nbsp; 725516 |
| New York (State of) Dormitory Authority (New York University), Series 1998 A, RB, (INS - NATL)<sup>(c)</sup> | 5.75% | 07/01/2027 | 45 | &nbsp;&nbsp; 46484 |
| New York (State of) Dormitory Authority (New York University), Series 2015, Ref. RB | 2.80% | 07/01/2027 | 240 | &nbsp;&nbsp; 239417 |
| New York (State of) Dormitory Authority (New York University), Series 2017 A, Ref. RB | 5.00% | 07/01/2031 | 40 | &nbsp;&nbsp; 41519 |
| New York (State of) Dormitory Authority (New York University), Series 2017 A, Ref. RB | 5.00% | 07/01/2034 | 335 | &nbsp;&nbsp; 346880 |
| New York (State of) Dormitory Authority (New York University), Series 2017 A, Ref. RB | 4.00% | 07/01/2035 | 5 | &nbsp;&nbsp; 5048 |
| New York (State of) Dormitory Authority (New York University), Series 2017 A, Ref. RB | 5.00% | 07/01/2043 | 115 | &nbsp;&nbsp; 117057 |
| New York (State of) Dormitory Authority (New York University), Series 2019 A, RB | 5.00% | 07/01/2027 | 55 | &nbsp;&nbsp; 57070 |
| New York (State of) Dormitory Authority (Northwell Health Obligated Group), Series 2025, Ref. RB | 5.00% | 05/01/2027 | 20 | &nbsp;&nbsp; 20629 |
| New York (State of) Dormitory Authority (St. John's University), Series 2017, Ref. RB | 5.00% | 07/01/2027 | 25 | &nbsp;&nbsp; 25910 |
| New York (State of) Power Authority (Green Transmission), Series 2022, RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 11/15/2027 | 10 | &nbsp;&nbsp; 10516 |
| &nbsp;&nbsp;&nbsp; New York (State of) Power Authority (Green Transmission) (Green Bonds), Series 2023, RB, <br> (INS - AGI)<sup>(c)</sup><br>| 5.00% | 11/15/2027 | 15 | &nbsp;&nbsp; 15773 |
| New York (State of) Thruway Authority, Series 2018 L, Ref. RB | 5.00% | 01/01/2027 | 55 | &nbsp;&nbsp; 56430 |
| New York (State of) Thruway Authority, Series 2021 A-1, Ref. RB | 5.00% | 03/15/2027 | 5 | &nbsp;&nbsp; 5160 |
| New York (State of) Thruway Authority, Series 2024 P, Ref. RB | 5.00% | 01/01/2027 | 255 | &nbsp;&nbsp; 261630 |
| New York (State of) Thruway Authority (Bidding Group 1), Series 2025 A, RB | 5.00% | 03/15/2027 | 50 | &nbsp;&nbsp; 51597 |
| New York (State of) Utility Debt Securitization Authority, Series 2017, RB | 5.00% | 12/15/2039 | 260 | &nbsp;&nbsp; 270218 |
| New York (State of) Utility Debt Securitization Authority, Series 2017, RB | 5.00% | 12/15/2041 | 1000 | &nbsp;&nbsp; 1032363 |
| New York City Health and Hospitals Corp., Series 2021 A, Ref. RB | 5.00% | 02/15/2027 | 30 | &nbsp;&nbsp; 30878 |
| &nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp. (New York City Municipal Water Finance Authority <br> Projects - 2nd Resolution Bonds), Series 2017 E, RB<br>| 5.00% | 06/15/2042 | 150 | &nbsp;&nbsp; 153289 |
| &nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2016, <br> Ref. RB<br>| 5.00% | 06/15/2027 | 25 | &nbsp;&nbsp; 25324 |
| &nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2017, <br> Ref. RB<br>| 5.00% | 06/15/2027 | 40 | &nbsp;&nbsp; 41581 |
| &nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2017, <br> Ref. RB<br>| 5.00% | 06/15/2029 | 15 | &nbsp;&nbsp; 15564 |
| &nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2017, <br> Ref. RB<br>| 5.00% | 06/15/2031 | 230 | &nbsp;&nbsp; 238627 |
| &nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2017, <br> Ref. RB<br>| 5.00% | 06/15/2032 | 15 | &nbsp;&nbsp; 15550 |
| &nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2017, <br> Ref. RB<br>| 5.00% | 06/15/2033 | 30 | &nbsp;&nbsp; 31068 |
| &nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2017, <br> Ref. RB<br>| 5.00% | 06/15/2034 | 145 | &nbsp;&nbsp; 150020 |
| &nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2017, <br> Ref. RB<br>| 5.00% | 06/15/2035 | 90 | &nbsp;&nbsp; 93026 |
| &nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2017, <br> Ref. RB<br>| 5.00% | 06/15/2042 | 80 | &nbsp;&nbsp; 81754 |
| &nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2021, <br> RB<br>| 5.00% | 06/15/2027 | 55 | &nbsp;&nbsp; 57174 |
| &nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2022, <br> Ref. RB<br>| 5.00% | 06/15/2027 | 15 | &nbsp;&nbsp; 15593 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2023, <br> Ref. RB<br>| 5.00% | 06/15/2027 | $60 | &nbsp;&nbsp; $62372 |
| &nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2024, <br> Ref. RB<br>| 5.00% | 06/15/2027 | 45 | &nbsp;&nbsp; 46779 |
| New York State Urban Development Corp., Series 2017 A, Ref. RB | 5.00% | 03/15/2030 | 200 | &nbsp;&nbsp; 205715 |
| New York State Urban Development Corp., Series 2017 A, Ref. RB | 5.00% | 03/15/2032 | 220 | &nbsp;&nbsp; 226312 |
| New York State Urban Development Corp., Series 2017 A, Ref. RB | 5.00% | 03/15/2033 | 460 | &nbsp;&nbsp; 472856 |
| New York State Urban Development Corp., Series 2017 A-G, Ref. RB | 5.00% | 03/15/2034 | 90 | &nbsp;&nbsp; 92465 |
| New York State Urban Development Corp., Series 2017 A-G, Ref. RB | 5.00% | 03/15/2035 | 130 | &nbsp;&nbsp; 133443 |
| New York State Urban Development Corp., Series 2017 A-G, Ref. RB | 5.00% | 03/15/2038 | 40 | &nbsp;&nbsp; 40883 |
| New York State Urban Development Corp., Series 2017 C, Ref. RB<sup>(a)</sup> | 5.00% | 03/15/2027 | 20 | &nbsp;&nbsp; 20654 |
| New York State Urban Development Corp., Series 2017 C, Ref. RB | 5.00% | 03/15/2031 | 155 | &nbsp;&nbsp; 161170 |
| New York State Urban Development Corp., Series 2017 C, Ref. RB | 5.00% | 03/15/2032 | 5 | &nbsp;&nbsp; 5198 |
| New York State Urban Development Corp., Series 2017 C, Ref. RB | 5.00% | 03/15/2034 | 35 | &nbsp;&nbsp; 36322 |
| New York State Urban Development Corp., Series 2017 C, Ref. RB | 5.00% | 03/15/2037 | 90 | &nbsp;&nbsp; 92911 |
| New York State Urban Development Corp., Series 2017 C, Ref. RB | 5.00% | 03/15/2038 | 70 | &nbsp;&nbsp; 72128 |
| New York State Urban Development Corp., Series 2017 C, Ref. RB | 5.00% | 03/15/2039 | 200 | &nbsp;&nbsp; 205773 |
| New York State Urban Development Corp., Series 2017 C, Ref. RB | 5.00% | 03/15/2040 | 150 | &nbsp;&nbsp; 153908 |
| New York State Urban Development Corp., Series 2017 C, Ref. RB | 5.00% | 03/15/2042 | 25 | &nbsp;&nbsp; 25529 |
| New York State Urban Development Corp., Series 2017 C-2, Ref. RB | 5.00% | 03/15/2035 | 280 | &nbsp;&nbsp; 290223 |
| New York State Urban Development Corp., Series 2017 C-2, Ref. RB | 5.00% | 03/15/2036 | 145 | &nbsp;&nbsp; 150008 |
| New York State Urban Development Corp., Series 2017 C-3, Ref. RB | 5.00% | 03/15/2041 | 180 | &nbsp;&nbsp; 184251 |
| New York State Urban Development Corp., Series 2017, Ref. RB<sup>(a)(b)</sup> | 5.00% | 03/15/2027 | 225 | &nbsp;&nbsp; 232357 |
| New York State Urban Development Corp., Series 2017, Ref. RB<sup>(a)(b)</sup> | 5.00% | 03/15/2027 | 140 | &nbsp;&nbsp; 144578 |
| New York State Urban Development Corp., Series 2017, Ref. RB<sup>(a)</sup> | 5.00% | 03/15/2027 | 15 | &nbsp;&nbsp; 15490 |
| New York State Urban Development Corp., Series 2017, Ref. RB | 5.00% | 03/15/2031 | 15 | &nbsp;&nbsp; 15433 |
| New York State Urban Development Corp., Series 2020, Ref. RB | 5.00% | 03/15/2027 | 20 | &nbsp;&nbsp; 20639 |
| New York State Urban Development Corp., Series 2021, Ref. RB | 5.00% | 03/15/2027 | 5 | &nbsp;&nbsp; 5160 |
| New York State Urban Development Corp., Series 2022, Ref. RB<sup>(a)</sup> | 5.00% | 09/15/2027 | 110 | &nbsp;&nbsp; 114988 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. <br> RB<br>| 5.00% | 12/01/2027 | 10 | &nbsp;&nbsp; 10396 |
| Schenectady County Capital Resource Corp. (Union College), Series 2017, Ref. RB | 5.00% | 01/01/2047 | 20 | &nbsp;&nbsp; 20126 |
| Suffolk (County of), NY, Series 2017 A, Ref. GO Bonds, (INS - AGI)<sup>(c)</sup> | 5.00% | 02/01/2027 | 30 | &nbsp;&nbsp; 30903 |
| Suffolk (County of), NY, Series 2017 D, Ref. GO Bonds, (INS - BAM)<sup>(c)</sup> | 4.00% | 10/15/2027 | 115 | &nbsp;&nbsp; 118452 |
| Triborough Bridge & Tunnel Authority, Series 2008 B-2, RB | 5.00% | 11/15/2027 | 120 | &nbsp;&nbsp; 125928 |
| Triborough Bridge & Tunnel Authority, Series 2017 A, RB | 5.00% | 11/15/2027 | 45 | &nbsp;&nbsp; 46501 |
| Triborough Bridge & Tunnel Authority, Series 2017 A, RB | 5.00% | 11/15/2042 | 10 | &nbsp;&nbsp; 10180 |
| Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB | 5.00% | 11/15/2027 | 55 | &nbsp;&nbsp; 56834 |
| Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB | 5.00% | 11/15/2029 | 100 | &nbsp;&nbsp; 103351 |
| Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB | 5.00% | 11/15/2030 | 260 | &nbsp;&nbsp; 268850 |
| Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB | 5.00% | 11/15/2031 | 280 | &nbsp;&nbsp; 289526 |
| Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB | 5.00% | 11/15/2032 | 595 | &nbsp;&nbsp; 614846 |
| Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB | 5.00% | 11/15/2033 | 220 | &nbsp;&nbsp; 227116 |
| Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB | 5.00% | 11/15/2034 | 205 | &nbsp;&nbsp; 211481 |
| Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB | 5.00% | 11/15/2035 | 135 | &nbsp;&nbsp; 139083 |
| Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB | 5.00% | 11/15/2036 | 530 | &nbsp;&nbsp; 545085 |
| Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB | 5.00% | 11/15/2037 | 200 | &nbsp;&nbsp; 205393 |
| Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB | 5.00% | 11/15/2038 | 270 | &nbsp;&nbsp; 276883 |
| Triborough Bridge & Tunnel Authority, Series 2018 B, Ref. RB | 5.00% | 11/15/2027 | 80 | &nbsp;&nbsp; 83952 |
| Triborough Bridge & Tunnel Authority, Series 2022 E, Ref. RB | 5.00% | 11/15/2027 | 265 | &nbsp;&nbsp; 276082 |
| Triborough Bridge & Tunnel Authority, Series 2022, RB | 4.00% | 05/15/2027 | 20 | &nbsp;&nbsp; 20452 |
| Triborough Bridge & Tunnel Authority, Subseries 2023 B-2, Ref. RB | 5.00% | 11/15/2027 | 5 | &nbsp;&nbsp; 5247 |
| Triborough Bridge & Tunnel Authority (Green Bonds), Series 2022 E-1, Ref. RB | 5.00% | 11/15/2027 | 495 | &nbsp;&nbsp; 515701 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2017 C-2, RB | 5.00% | 11/15/2042 | 310 | &nbsp;&nbsp; 317422 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2017, Ref. RB | 5.00% | 11/15/2027 | 55 | &nbsp;&nbsp; 57717 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022, RB | 5.00% | 05/15/2027 | 460 | &nbsp;&nbsp; 476933 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023, Ref. RB | 5.00% | 11/15/2027 | 90 | &nbsp;&nbsp; 94446 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels) (Green Bonds), Series 2023, Ref. RB | 5.00% | 11/15/2027 | 85 | &nbsp;&nbsp; 89199 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| Westchester (County of), NY, Series 2017 A, GO Bonds | 4.00% | 07/01/2029 | $40 | &nbsp;&nbsp; $41008 |
| Westchester (County of), NY, Series 2018 A, GO Bonds | 4.00% | 12/01/2027 | 170 | &nbsp;&nbsp; 173167 |
|  |  |  |  | &nbsp;&nbsp; 56088296 |
| **North Carolina-1.07%** |  |  |  |  |
| Charlotte (City of), NC, Series 2023 B, Ref. GO Bonds | 5.00% | 07/01/2027 | 500 | &nbsp;&nbsp; 519535 |
| Charlotte (City of), NC (Charlotte Douglas International Airport), Series 2017 A, RB | 5.00% | 07/01/2047 | 50 | &nbsp;&nbsp; 50525 |
| Charlotte-Mecklenburg Hospital Authority (The) (Atrium Health), Series 2022 A, Ref. RB | 5.00% | 01/15/2027 | 100 | &nbsp;&nbsp; 102536 |
| Guilford (County of), NC, Series 2017, Ref. GO Bonds | 5.00% | 03/01/2027 | 55 | &nbsp;&nbsp; 56704 |
| Mecklenburg (County of), NC, Series 2017 A, GO Bonds | 4.00% | 04/01/2029 | 40 | &nbsp;&nbsp; 40738 |
| Mecklenburg (County of), NC, Series 2022, GO Bonds | 5.00% | 09/01/2027 | 10 | &nbsp;&nbsp; 10437 |
| North Carolina (State of), Series 2017 B, Ref. RB | 5.00% | 05/01/2027 | 530 | &nbsp;&nbsp; 547783 |
| North Carolina (State of), Series 2017 B, Ref. RB | 5.00% | 05/01/2029 | 530 | &nbsp;&nbsp; 547633 |
| North Carolina (State of), Series 2018 A, GO Bonds | 5.00% | 06/01/2027 | 130 | &nbsp;&nbsp; 134854 |
| North Carolina (State of), Series 2019 B, GO Bonds | 5.00% | 06/01/2027 | 35 | &nbsp;&nbsp; 36307 |
| North Carolina (State of), Series 2020 A, GO Bonds | 5.00% | 06/01/2027 | 60 | &nbsp;&nbsp; 62240 |
| North Carolina (State of) (Build North Carolina Programs), Series 2019 A, RB | 5.00% | 05/01/2027 | 70 | &nbsp;&nbsp; 72349 |
| North Carolina (State of) (Build North Carolina Programs), Series 2020 B, RB | 5.00% | 05/01/2027 | 350 | &nbsp;&nbsp; 361744 |
| North Carolina (State of) (Build North Carolina Programs), Series 2022 A, RB | 5.00% | 05/01/2027 | 180 | &nbsp;&nbsp; 186040 |
| North Carolina (State of) (Garvee), Series 2019, RB | 5.00% | 03/01/2027 | 90 | &nbsp;&nbsp; 92698 |
| &nbsp;&nbsp;&nbsp; North Carolina (State of) Medical Care Commission (Duke University Health system), Series 2016, Ref. <br> RB<br>| 5.00% | 06/01/2027 | 45 | &nbsp;&nbsp; 46525 |
| North Carolina (State of) Municipal Power Agency No. 1 (Catawba), Series 2015 A, Ref. RB | 5.00% | 01/01/2027 | 20 | &nbsp;&nbsp; 20045 |
| North Carolina (State of) Municipal Power Agency No. 1 (Catawba), Series 2016 A, Ref. RB | 5.00% | 01/01/2027 | 35 | &nbsp;&nbsp; 35448 |
| North Carolina (State of) Turnpike Authority, Series 2017, Ref. RB | 5.00% | 01/01/2032 | 30 | &nbsp;&nbsp; 30647 |
| Raleigh (City of), NC, Series 2024, Ref. RB | 5.00% | 10/01/2027 | 50 | &nbsp;&nbsp; 52187 |
| Wake (County of), NC, Series 2021, RB | 5.00% | 03/01/2027 | 75 | &nbsp;&nbsp; 77295 |
| Wake (County of), NC, Series 2023 A, Ref. GO Bonds | 5.00% | 05/01/2027 | 80 | &nbsp;&nbsp; 82820 |
|  |  |  |  | &nbsp;&nbsp; 3167090 |
| **North Dakota-0.17%** |  |  |  |  |
| Cass County Joint Water Resource District, Series 2024 A, Ref. RB | 3.45% | 04/01/2027 | 500 | &nbsp;&nbsp; 500239 |
| **Ohio-1.76%** |  |  |  |  |
| Allen (County of), OH, Series 2017 A, Ref. RB | 5.00% | 08/01/2027 | 100 | &nbsp;&nbsp; 103728 |
| American Municipal Power, Inc. (Combined Hydroelectric), Series 2020, Ref. RB | 5.00% | 02/15/2027 | 65 | &nbsp;&nbsp; 66801 |
| Chillicothe (City of), OH (Adena Health System Obligated Group), Series 2017, Ref. RB | 5.00% | 12/01/2037 | 25 | &nbsp;&nbsp; 25425 |
| Columbus (City of), OH, Series 2016-3, Ref. GO Bonds | 5.00% | 02/15/2027 | 110 | &nbsp;&nbsp; 113340 |
| Columbus (City of), OH, Series 2017 A, GO Bonds | 4.00% | 04/01/2027 | 20 | &nbsp;&nbsp; 20411 |
| Columbus (City of), OH, Series 2017 A, GO Bonds | 4.00% | 04/01/2029 | 5 | &nbsp;&nbsp; 5088 |
| Columbus (City of), OH, Series 2017 A, GO Bonds | 4.00% | 04/01/2030 | 10 | &nbsp;&nbsp; 10171 |
| Columbus (City of), OH, Series 2017 A, GO Bonds | 4.00% | 04/01/2033 | 130 | &nbsp;&nbsp; 131925 |
| Columbus (City of), OH, Series 2017, Ref. GO Bonds | 4.00% | 04/01/2030 | 35 | &nbsp;&nbsp; 35817 |
| Columbus (City of), OH, Series 2017-1, Ref. GO Bonds | 4.00% | 04/01/2027 | 30 | &nbsp;&nbsp; 30616 |
| Columbus (City of), OH, Series 2017-1, Ref. GO Bonds | 5.00% | 04/01/2029 | 90 | &nbsp;&nbsp; 93774 |
| Columbus (City of), OH, Series 2018 A, GO Bonds | 5.00% | 04/01/2027 | 120 | &nbsp;&nbsp; 124029 |
| Columbus (City of), OH, Series 2021 A, GO Bonds | 5.00% | 04/01/2027 | 15 | &nbsp;&nbsp; 15504 |
| Columbus (City of), OH, Series 2022 A, GO Bonds | 5.00% | 04/01/2027 | 220 | &nbsp;&nbsp; 227386 |
| Columbus (City of), OH, Series 2023 A, GO Bonds | 5.00% | 08/15/2027 | 190 | &nbsp;&nbsp; 198154 |
| Cuyahoga (County of), OH (Convention Hotel), Series 2014, Ref. RB | 3.00% | 12/01/2027 | 160 | &nbsp;&nbsp; 160037 |
| Cuyahoga (County of), OH (Convention Hotel), Series 2024, Ref. COP | 5.00% | 12/01/2027 | 40 | &nbsp;&nbsp; 41647 |
| Franklin (County of), OH (Trinity Health Credit Group), Series 2017, RB | 4.00% | 12/01/2046 | 145 | &nbsp;&nbsp; 133194 |
| Hamilton (County of), OH, Series 2016 A, Ref. RB | 5.00% | 12/01/2027 | 80 | &nbsp;&nbsp; 83850 |
| Ohio (State of), Series 2016 A, Ref. GO Bonds | 5.00% | 09/01/2027 | 10 | &nbsp;&nbsp; 10428 |
| Ohio (State of), Series 2017 B, Ref. GO Bonds | 5.00% | 09/15/2027 | 90 | &nbsp;&nbsp; 93937 |
| Ohio (State of), Series 2017 C, Ref. GO Bonds | 5.00% | 08/01/2027 | 155 | &nbsp;&nbsp; 161346 |
| Ohio (State of), Series 2017 U, Ref. GO Bonds | 5.00% | 05/01/2027 | 315 | &nbsp;&nbsp; 325926 |
| Ohio (State of), Series 2019 A, GO Bonds<sup>(a)(b)</sup> | 5.00% | 05/01/2027 | 135 | &nbsp;&nbsp; 139453 |
| Ohio (State of), Series 2019 A, GO Bonds | 5.00% | 05/01/2031 | 45 | &nbsp;&nbsp; 46565 |
| Ohio (State of), Series 2019 A, GO Bonds | 5.00% | 05/01/2033 | 10 | &nbsp;&nbsp; 10327 |
| Ohio (State of), Series 2019 A, GO Bonds | 5.00% | 05/01/2038 | 10 | &nbsp;&nbsp; 10232 |
| Ohio (State of), Series 2019-1, RB | 5.00% | 12/15/2027 | 235 | &nbsp;&nbsp; 246428 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Ohio-(continued)** |  |  |  |  |
| Ohio (State of), Series 2021, RB | 5.00% | 02/01/2027 | $10 | &nbsp;&nbsp; $10279 |
| Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017, Ref. RB | 5.00% | 01/01/2027 | 150 | &nbsp;&nbsp; 153657 |
| Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2021, Ref. RB | 5.00% | 01/01/2027 | 15 | &nbsp;&nbsp; 15366 |
| Ohio (State of) (Garvee), Series 2018-1, RB | 5.00% | 12/15/2027 | 210 | &nbsp;&nbsp; 220213 |
| Ohio (State of) Higher Educational Facility Commission (Kenyon College), Series 2017, RB | 5.00% | 07/01/2042 | 500 | &nbsp;&nbsp; 507662 |
| Ohio (State of) Turnpike & Infrastructure Commission, Series 2010 A, Ref. RB | 5.25% | 02/15/2027 | 95 | &nbsp;&nbsp; 98004 |
| Ohio (State of) Turnpike & Infrastructure Commission, Series 2018, RB | 5.00% | 02/15/2027 | 130 | &nbsp;&nbsp; 133727 |
| Ohio (State of) Water Development Authority, Series 2019 A, RB | 5.00% | 06/01/2027 | 60 | &nbsp;&nbsp; 62186 |
| Ohio (State of) Water Development Authority, Series 2019 A, RB | 5.00% | 12/01/2027 | 180 | &nbsp;&nbsp; 188735 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2017 A, RB | 5.00% | 06/01/2027 | 350 | &nbsp;&nbsp; 362755 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2017 A, RB | 5.00% | 12/01/2027 | 90 | &nbsp;&nbsp; 93296 |
| &nbsp;&nbsp;&nbsp; Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2023 A, <br> Ref. RB<br>| 5.00% | 06/01/2027 | 75 | &nbsp;&nbsp; 77733 |
| &nbsp;&nbsp;&nbsp; Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2023 A, <br> Ref. RB<br>| 5.00% | 12/01/2027 | 55 | &nbsp;&nbsp; 57669 |
| Ohio State University (The), Series 2017 A, Ref. RB | 5.00% | 12/01/2044 | 240 | &nbsp;&nbsp; 242991 |
| Ohio State University (The), Series 2020 A, Ref. RB | 5.00% | 12/01/2027 | 5 | &nbsp;&nbsp; 5240 |
| University of Cincinnati, Series 2017 A, RB | 5.00% | 06/01/2045 | 280 | &nbsp;&nbsp; 283200 |
| Upper Arlington City School District, Series 2018 A, GO Bonds<sup>(a)(b)</sup> | 5.00% | 12/01/2027 | 15 | &nbsp;&nbsp; 15746 |
|  |  |  |  | &nbsp;&nbsp; 5193998 |
| **Oklahoma-0.53%** |  |  |  |  |
| Canadian (County of), OK Educational Facilities Authority (Mustang Public Schools), Series 2017, RB | 5.00% | 09/01/2027 | 80 | &nbsp;&nbsp; 81202 |
| Canadian (County of), OK Educational Facilities Authority (Yukon Public Schools), Series 2023, RB | 5.00% | 09/01/2027 | 70 | &nbsp;&nbsp; 72544 |
| Cleveland (County of), OK Educational Facilities Authority (Moore Public Schools), Series 2021, RB | 4.00% | 06/01/2027 | 120 | &nbsp;&nbsp; 122014 |
| Edmond Public Works Authority, Series 2017, RB | 5.00% | 07/01/2042 | 200 | &nbsp;&nbsp; 203409 |
| Edmond Public Works Authority, Series 2017, RB | 5.00% | 07/01/2047 | 10 | &nbsp;&nbsp; 10115 |
| Grand River Dam Authority, Series 2016 A, Ref. RB | 5.00% | 06/01/2027 | 115 | &nbsp;&nbsp; 117456 |
| Oklahoma (State of) Capitol Improvement Authority, Series 2024 A, Ref. RB | 5.00% | 07/01/2027 | 105 | &nbsp;&nbsp; 109003 |
| Oklahoma (State of) Industries Authority (Oklahoma City Public Schools), Series 2024, RB | 5.00% | 04/01/2027 | 100 | &nbsp;&nbsp; 102918 |
| Oklahoma (State of) Turnpike Authority, Second Series 2017 C, RB | 5.00% | 01/01/2047 | 20 | &nbsp;&nbsp; 20202 |
| Oklahoma (State of) Turnpike Authority, Series 2017 D, Ref. RB | 5.00% | 01/01/2027 | 155 | &nbsp;&nbsp; 159131 |
| Oklahoma (State of) Turnpike Authority, Series 2017 E, Ref. RB | 4.00% | 01/01/2029 | 80 | &nbsp;&nbsp; 80965 |
| Oklahoma (State of) Turnpike Authority, Series 2017 E, Ref. RB | 5.00% | 01/01/2029 | 45 | &nbsp;&nbsp; 46119 |
| Oklahoma (State of) Turnpike Authority, Series 2017, Ref. RB | 4.00% | 01/01/2031 | 25 | &nbsp;&nbsp; 25288 |
| Oklahoma (State of) Turnpike Authority, Series 2018 A, RB | 5.00% | 01/01/2040 | 5 | &nbsp;&nbsp; 5083 |
| Oklahoma (State of) Turnpike Authority, Series 2020 A, Ref. RB | 5.00% | 01/01/2027 | 70 | &nbsp;&nbsp; 71866 |
| Oklahoma County Independent School District No. 89, Series 2023 A, GO Bonds | 3.00% | 07/01/2027 | 110 | &nbsp;&nbsp; 110409 |
| Oklahoma County Independent School District No. 89, Series 2024 A, GO Bonds | 4.00% | 07/01/2027 | 85 | &nbsp;&nbsp; 86916 |
| Tulsa (City of), OK, Series 2024 D, GO Bonds | 4.00% | 10/01/2027 | 10 | &nbsp;&nbsp; 10252 |
| Tulsa (County of), OK Industrial Authority (Broken Arrow Public Schools), Series 2019 A, RB | 5.00% | 09/01/2027 | 105 | &nbsp;&nbsp; 108999 |
| Tulsa County Independent School District No. 4 Bixby, Series 2025, GO Bonds | 5.00% | 06/01/2027 | 10 | &nbsp;&nbsp; 10327 |
|  |  |  |  | &nbsp;&nbsp; 1554218 |
| **Oregon-1.28%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Clackamas County School District No. 12 North Clackamas, Series 2017 B, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 06/15/2033 | 25 | &nbsp;&nbsp; 25813 |
| &nbsp;&nbsp;&nbsp; Clackamas County School District No. 12 North Clackamas, Series 2017 B, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 06/15/2034 | 65 | &nbsp;&nbsp; 67034 |
| &nbsp;&nbsp;&nbsp; Clackamas County School District No. 12 North Clackamas, Series 2017 B, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 06/15/2037 | 145 | &nbsp;&nbsp; 148810 |
| Hillsboro School District No. 1J, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 06/15/2027 | 60 | &nbsp;&nbsp; 62252 |
| Hillsboro School District No. 1J, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 06/15/2032 | 80 | &nbsp;&nbsp; 82724 |
| Hillsboro School District No. 1J, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 06/15/2033 | 75 | &nbsp;&nbsp; 77485 |
| Hillsboro School District No. 1J, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 06/15/2034 | 70 | &nbsp;&nbsp; 72223 |
| Hillsboro School District No. 1J, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 06/15/2035 | 45 | &nbsp;&nbsp; 46354 |
| Hillsboro School District No. 1J, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 06/15/2036 | 60 | &nbsp;&nbsp; 61704 |
| Hillsboro School District No. 1J, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 06/15/2037 | 40 | &nbsp;&nbsp; 41063 |
| Hillsboro School District No. 1J, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 06/15/2038 | 45 | &nbsp;&nbsp; 46121 |
| &nbsp;&nbsp;&nbsp; Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow, Series 2017 B, GO <br> Bonds, (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 06/15/2027 | 85 | &nbsp;&nbsp; 88111 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Oregon-(continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow, Series 2017 B, GO <br> Bonds, (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 06/15/2029 | $105 | &nbsp;&nbsp; $108817 |
| &nbsp;&nbsp;&nbsp; Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow, Series 2017 B, GO <br> Bonds, (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 06/15/2030 | 50 | &nbsp;&nbsp; 51810 |
| &nbsp;&nbsp;&nbsp; Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow, Series 2017 B, GO <br> Bonds, (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 06/15/2031 | 105 | &nbsp;&nbsp; 108704 |
| &nbsp;&nbsp;&nbsp; Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow, Series 2017 B, GO <br> Bonds, (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 06/15/2037 | 70 | &nbsp;&nbsp; 71839 |
| Multnomah (County of), OR, Series 2021 A, GO Bonds | 5.00% | 06/15/2027 | 85 | &nbsp;&nbsp; 88177 |
| &nbsp;&nbsp;&nbsp; Multnomah County School District No. 1, Series 2020, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 06/15/2027 | 105 | &nbsp;&nbsp; 108892 |
| Oregon (State of), Series 2017 L, Ref. GO Bonds | 5.00% | 08/01/2042 | 160 | &nbsp;&nbsp; 162739 |
| Oregon (State of) (Article XI - Q State), Series 2023 A, GO Bonds | 5.00% | 05/01/2027 | 95 | &nbsp;&nbsp; 98241 |
| Oregon (State of) (Article XI-Q State), Series 2017 A, GO Bonds | 5.00% | 05/01/2042 | 700 | &nbsp;&nbsp; 710450 |
| Oregon (State of) Department of Transportation, Series 2017 A, RB | 5.00% | 11/15/2027 | 40 | &nbsp;&nbsp; 41375 |
| Oregon (State of) Department of Transportation, Series 2017 B, Ref. RB | 5.00% | 11/15/2027 | 40 | &nbsp;&nbsp; 41375 |
| Oregon (State of) Department of Transportation, Series 2017 B, Ref. RB | 5.00% | 11/15/2028 | 30 | &nbsp;&nbsp; 31037 |
| Oregon (State of) Department of Transportation, Series 2017 B, Ref. RB | 5.00% | 11/15/2029 | 95 | &nbsp;&nbsp; 98283 |
| Oregon (State of) Facilities Authority (Reed College), Series 2017 A, Ref. RB<sup>(a)(b)</sup> | 4.00% | 07/01/2027 | 50 | &nbsp;&nbsp; 51072 |
| Oregon (State of) Lottery, Series 2017 C, Ref. RB | 5.00% | 04/01/2030 | 65 | &nbsp;&nbsp; 67015 |
| Oregon (State of) Lottery, Series 2017 C, Ref. RB | 5.00% | 04/01/2031 | 150 | &nbsp;&nbsp; 154529 |
| Oregon (State of) Tri-County Metropolitan Transportation District, Series 2018 A, RB<sup>(a)(b)</sup> | 5.00% | 09/01/2027 | 10 | &nbsp;&nbsp; 10425 |
| Oregon (State of) Tri-County Metropolitan Transportation District, Series 2018 A, RB<sup>(a)(b)</sup> | 5.00% | 09/01/2027 | 30 | &nbsp;&nbsp; 31273 |
| Oregon Health & Science University, Series 2017 A, RB | 5.00% | 07/01/2042 | 100 | &nbsp;&nbsp; 101152 |
| Portland Community College District, Series 2023, GO Bonds | 5.00% | 06/15/2027 | 130 | &nbsp;&nbsp; 134858 |
| &nbsp;&nbsp;&nbsp; Washington & Clackamas Counties School District No. 23J Tigard-Tualatin, Series 2017, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 06/15/2033 | 45 | &nbsp;&nbsp; 46463 |
| &nbsp;&nbsp;&nbsp; Washington & Clackamas Counties School District No. 23J Tigard-Tualatin, Series 2017, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 06/15/2034 | 130 | &nbsp;&nbsp; 134069 |
| &nbsp;&nbsp;&nbsp; Washington & Multnomah Counties School District No. 48J Beaverton, Series 2017 C, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 06/15/2027 | 70 | &nbsp;&nbsp; 72584 |
| &nbsp;&nbsp;&nbsp; Washington & Multnomah Counties School District No. 48J Beaverton, Series 2017 D, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 06/15/2035 | 245 | &nbsp;&nbsp; 252257 |
| &nbsp;&nbsp;&nbsp; Washington & Multnomah Counties School District No. 48J Beaverton, Series 2017 D, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 06/15/2036 | 180 | &nbsp;&nbsp; 185031 |
|  |  |  |  | &nbsp;&nbsp; 3782161 |
| **Pennsylvania-4.37%** |  |  |  |  |
| Allegheny (County of), PA, Series 2016 C-75, Ref. GO Bonds | 5.00% | 11/01/2027 | 20 | &nbsp;&nbsp; 20413 |
| &nbsp;&nbsp;&nbsp; Allegheny (County of), PA Higher Education Building Authority (Carnegie Mellon University), <br> Series 2017, RB<br>| 5.00% | 08/01/2027 | 200 | &nbsp;&nbsp; 207821 |
| &nbsp;&nbsp;&nbsp; Allegheny (County of), PA Higher Education Building Authority (Carnegie Mellon University), <br> Series 2017, RB<br>| 5.00% | 08/01/2029 | 105 | &nbsp;&nbsp; 109197 |
| &nbsp;&nbsp;&nbsp; Allegheny (County of), PA Higher Education Building Authority (Carnegie Mellon University), <br> Series 2019, Ref. RB<br>| 5.00% | 08/01/2027 | 110 | &nbsp;&nbsp; 114302 |
| &nbsp;&nbsp;&nbsp; Allegheny (County of), PA Higher Education Building Authority (Carnegie Mellon University), <br> Series 2022, Ref. RB<br>| 5.00% | 08/01/2027 | 60 | &nbsp;&nbsp; 62346 |
| &nbsp;&nbsp;&nbsp; Allegheny (County of), PA Higher Education Building Authority (Carnegie Mellon University), <br> Series 2024 A, Ref. RB<br>| 5.00% | 08/01/2027 | 100 | &nbsp;&nbsp; 103911 |
| &nbsp;&nbsp;&nbsp; Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated <br> Group Issue), Series 2018 A, Ref. RB<br>| 5.00% | 04/01/2027 | 35 | &nbsp;&nbsp; 35915 |
| &nbsp;&nbsp;&nbsp; Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), <br> Series 2019, Ref. RB<br>| 5.00% | 07/15/2027 | 125 | &nbsp;&nbsp; 129315 |
| Allegheny (County of), PA Port Authority, Series 2020, Ref. RB | 5.00% | 03/01/2027 | 150 | &nbsp;&nbsp; 154290 |
| Chester (County of), PA, Series 2017, Ref. GO Bonds | 5.00% | 11/15/2030 | 170 | &nbsp;&nbsp; 178223 |
| Chester (County of), PA, Series 2017, Ref. GO Bonds | 4.00% | 11/15/2031 | 10 | &nbsp;&nbsp; 10277 |
| Chester (County of), PA, Series 2017, Ref. GO Bonds | 4.00% | 11/15/2032 | 100 | &nbsp;&nbsp; 102540 |
| Delaware (County of), PA Authority (Haverford College), Series 2017 A, Ref. RB | 5.00% | 10/01/2042 | 95 | &nbsp;&nbsp; 96227 |
| Delaware River Joint Toll Bridge Commission (Pennsylvania - New Jersey), Series 2017, RB | 5.00% | 07/01/2033 | 80 | &nbsp;&nbsp; 82819 |
| Delaware River Joint Toll Bridge Commission (Pennsylvania - New Jersey), Series 2017, RB | 5.00% | 07/01/2034 | 180 | &nbsp;&nbsp; 186112 |
| Delaware River Joint Toll Bridge Commission (Pennsylvania - New Jersey), Series 2017, RB | 5.00% | 07/01/2035 | 50 | &nbsp;&nbsp; 51692 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Pennsylvania-(continued)** |  |  |  |  |
| Delaware River Joint Toll Bridge Commission (Pennsylvania - New Jersey), Series 2017, RB | 5.00% | 07/01/2036 | $85 | &nbsp;&nbsp; $87723 |
| Delaware River Joint Toll Bridge Commission (Pennsylvania - New Jersey), Series 2017, RB | 5.00% | 07/01/2037 | 10 | &nbsp;&nbsp; 10313 |
| Delaware River Joint Toll Bridge Commission (Pennsylvania - New Jersey), Series 2017, RB | 5.00% | 07/01/2047 | 35 | &nbsp;&nbsp; 35409 |
| Geisinger Authority (Geisinger Health System), Series 2017 A-2, Ref. RB | 5.00% | 02/15/2032 | 160 | &nbsp;&nbsp; 163888 |
| Geisinger Authority (Geisinger Health System), Series 2017 A-2, Ref. RB | 5.00% | 02/15/2034 | 125 | &nbsp;&nbsp; 127823 |
| Geisinger Authority (Geisinger Health System), Series 2017 A-2, Ref. RB | 4.00% | 02/15/2039 | 95 | &nbsp;&nbsp; 94083 |
| Geisinger Authority (Geisinger Health System), Series 2017, Ref. RB | 5.00% | 02/15/2039 | 5 | &nbsp;&nbsp; 5076 |
| &nbsp;&nbsp;&nbsp; Lehigh (County of), PA Industrial Development Authority (PPL Electric Utilities Corp.), Series 2016, <br> Ref. RB<br>| 2.63% | 02/15/2027 | 145 | &nbsp;&nbsp; 144297 |
| Monroeville Finance Authority, Series 2012, RB | 5.00% | 02/15/2027 | 30 | &nbsp;&nbsp; 30770 |
| Northampton (County of), PA General Purpose Authority (LaFayette College), Series 2017, Ref. RB | 5.00% | 11/01/2027 | 10 | &nbsp;&nbsp; 10417 |
| Northampton (County of), PA General Purpose Authority (LaFayette College), Series 2017, Ref. RB | 5.00% | 11/01/2034 | 90 | &nbsp;&nbsp; 93284 |
| Pennsylvania (Commonwealth of), First Series 2016, Ref. GO Bonds | 5.00% | 09/15/2027 | 115 | &nbsp;&nbsp; 117062 |
| Pennsylvania (Commonwealth of), First series 2017, Ref. GO Bonds | 4.00% | 01/01/2030 | 100 | &nbsp;&nbsp; 101279 |
| Pennsylvania (Commonwealth of), First Series 2017, Ref. GO Bonds | 5.00% | 01/01/2027 | 790 | &nbsp;&nbsp; 810798 |
| Pennsylvania (Commonwealth of), First Series 2018, GO Bonds | 5.00% | 03/01/2027 | 5 | &nbsp;&nbsp; 5152 |
| Pennsylvania (Commonwealth of), First Series 2020, GO Bonds | 5.00% | 05/01/2027 | 160 | &nbsp;&nbsp; 165505 |
| Pennsylvania (Commonwealth of), First Series 2021, GO Bonds | 5.00% | 05/15/2027 | 320 | &nbsp;&nbsp; 331313 |
| Pennsylvania (Commonwealth of), First Series 2023, GO Bonds | 5.00% | 09/01/2027 | 115 | &nbsp;&nbsp; 119821 |
| Pennsylvania (Commonwealth of), First series 2023, Ref. GO Bonds | 5.00% | 09/01/2027 | 50 | &nbsp;&nbsp; 52096 |
| Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds | 5.00% | 09/15/2027 | 160 | &nbsp;&nbsp; 162869 |
| Pennsylvania (Commonwealth of), Second Series 2016, Ref. GO Bonds | 5.00% | 01/15/2027 | 200 | &nbsp;&nbsp; 205452 |
| Pennsylvania (Commonwealth of), Series 2019, Ref. GO Bonds | 5.00% | 07/15/2027 | 765 | &nbsp;&nbsp; 795119 |
| Pennsylvania (Commonwealth of), Series 2022, GO Bonds | 5.00% | 10/01/2027 | 110 | &nbsp;&nbsp; 114831 |
| Pennsylvania (Commonwealth of), Series 2024, GO Bonds | 5.00% | 08/15/2027 | 10 | &nbsp;&nbsp; 10412 |
| Pennsylvania (Commonwealth of), Series 2025 A, Ref. GO Bonds | 5.00% | 08/15/2027 | 5 | &nbsp;&nbsp; 5206 |
| &nbsp;&nbsp;&nbsp; Pennsylvania (Commonwealth of) Economic Development Financing Authority, Series 2017 A, Ref. <br> RB<br>| 4.00% | 11/15/2035 | 60 | &nbsp;&nbsp; 60628 |
| &nbsp;&nbsp;&nbsp; Pennsylvania (Commonwealth of) Economic Development Financing Authority, Series 2017 A, Ref. <br> RB<br>| 4.00% | 11/15/2037 | 140 | &nbsp;&nbsp; 140469 |
| Pennsylvania (Commonwealth of) Higher Educational Facilities Authority, Series 2017 A, RB | 5.00% | 08/15/2033 | 55 | &nbsp;&nbsp; 56890 |
| Pennsylvania (Commonwealth of) Higher Educational Facilities Authority, Series 2017, RB | 4.00% | 08/15/2034 | 100 | &nbsp;&nbsp; 101157 |
| &nbsp;&nbsp;&nbsp; Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania <br> Health System), Series 2017 A, RB<br>| 4.00% | 08/15/2036 | 115 | &nbsp;&nbsp; 115911 |
| &nbsp;&nbsp;&nbsp; Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania <br> Health System), Series 2017 A, RB<br>| 4.00% | 08/15/2042 | 30 | &nbsp;&nbsp; 29197 |
| &nbsp;&nbsp;&nbsp; Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania <br> Health System), Series 2017 A, RB<br>| 5.00% | 08/15/2042 | 100 | &nbsp;&nbsp; 101636 |
| &nbsp;&nbsp;&nbsp; Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania <br> Health System), Series 2017, RB<br>| 5.00% | 08/15/2037 | 195 | &nbsp;&nbsp; 200122 |
| &nbsp;&nbsp;&nbsp; Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania <br> Health System), Series 2017, RB<br>| 4.00% | 08/15/2041 | 270 | &nbsp;&nbsp; 270421 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Second series 2017, Ref. RB | 5.00% | 12/01/2035 | 10 | &nbsp;&nbsp; 10386 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Second series 2017, Ref. RB | 5.00% | 12/01/2036 | 20 | &nbsp;&nbsp; 20727 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Second series 2017, Ref. RB | 5.00% | 12/01/2037 | 10 | &nbsp;&nbsp; 10379 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Second series 2017, Ref. RB | 5.00% | 12/01/2037 | 30 | &nbsp;&nbsp; 31029 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Second Series 2017, Ref. RB | 5.00% | 12/01/2031 | 70 | &nbsp;&nbsp; 73178 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Second Series 2017, Ref. RB | 5.00% | 12/01/2032 | 30 | &nbsp;&nbsp; 31328 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Second Series 2017, Ref. RB | 5.00% | 12/01/2033 | 45 | &nbsp;&nbsp; 46903 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Second Series 2017, Ref. RB | 5.00% | 12/01/2034 | 75 | &nbsp;&nbsp; 78068 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Second Series 2017, Ref. RB | 5.00% | 12/01/2035 | 20 | &nbsp;&nbsp; 20863 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Second Series 2017, Ref. RB | 5.00% | 12/01/2036 | 85 | &nbsp;&nbsp; 88443 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Second Series 2017, Ref. RB | 5.00% | 12/01/2038 | 25 | &nbsp;&nbsp; 25808 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Second Series 2017, Ref. RB | 5.00% | 12/01/2041 | 145 | &nbsp;&nbsp; 148721 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2009 E, RB | 6.00% | 12/01/2030 | 85 | &nbsp;&nbsp; 90151 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2009 E, RB | 6.38% | 12/01/2038 | 55 | &nbsp;&nbsp; 57978 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A, Ref. RB | 5.00% | 12/01/2027 | 15 | &nbsp;&nbsp; 15358 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 B, Ref. RB | 5.00% | 06/01/2027 | 15 | &nbsp;&nbsp; 15168 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 A-1, RB | 5.00% | 12/01/2042 | 45 | &nbsp;&nbsp; 46035 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 A-1, RB | 5.00% | 12/01/2047 | 210 | &nbsp;&nbsp; 213454 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Pennsylvania-(continued)** |  |  |  |  |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 A-2, Ref. RB | 5.00% | 12/01/2027 | $185 | &nbsp;&nbsp; $193867 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 B-1, RB | 5.00% | 06/01/2036 | 230 | &nbsp;&nbsp; 236378 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 B-1, RB | 5.00% | 06/01/2037 | 175 | &nbsp;&nbsp; 179803 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 B-1, RB | 5.00% | 06/01/2042 | 515 | &nbsp;&nbsp; 524107 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 B-2, Ref. RB | 5.00% | 06/01/2027 | 5 | &nbsp;&nbsp; 5170 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 B-2, Ref. RB | 5.00% | 06/01/2032 | 40 | &nbsp;&nbsp; 41360 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 B-2, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 06/01/2034 | 45 | &nbsp;&nbsp; 46494 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017, Ref. RB | 5.00% | 12/01/2030 | 30 | &nbsp;&nbsp; 31382 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017, Ref. RB | 5.00% | 12/01/2031 | 245 | &nbsp;&nbsp; 256124 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017, Ref. RB | 5.00% | 12/01/2035 | 50 | &nbsp;&nbsp; 51930 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017, Ref. RB | 4.00% | 12/01/2036 | 440 | &nbsp;&nbsp; 446588 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017-3, Ref. RB | 5.00% | 12/01/2031 | 260 | &nbsp;&nbsp; 271857 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017-3, Ref. RB | 4.00% | 12/01/2038 | 75 | &nbsp;&nbsp; 75593 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017-3, Ref. RB | 5.00% | 12/01/2040 | 675 | &nbsp;&nbsp; 694948 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Subseries 2017 B-2, Ref. RB | 5.00% | 06/01/2031 | 285 | &nbsp;&nbsp; 294797 |
| Pennsylvania State University (The), Series 2017 A, RB | 5.00% | 09/01/2047 | 215 | &nbsp;&nbsp; 217701 |
| Philadelphia (City of), PA, Fifteenth Series 2017, Ref. RB | 5.00% | 08/01/2042 | 245 | &nbsp;&nbsp; 249087 |
| Philadelphia (City of), PA, Series 2017 15, Ref. RB | 5.00% | 08/01/2047 | 30 | &nbsp;&nbsp; 30299 |
| Philadelphia (City of), PA, Series 2017 A, RB | 5.00% | 10/01/2042 | 25 | &nbsp;&nbsp; 25566 |
| Philadelphia (City of), PA, Series 2017 A, RB | 5.25% | 10/01/2052 | 175 | &nbsp;&nbsp; 178047 |
| Philadelphia (City of), PA, Series 2017 A, Ref. GO Bonds | 5.00% | 08/01/2027 | 10 | &nbsp;&nbsp; 10383 |
| Philadelphia (City of), PA, Series 2017 A, Ref. RB | 5.00% | 07/01/2042 | 5 | &nbsp;&nbsp; 5082 |
| Philadelphia (City of), PA, Series 2017 B, Ref. RB | 5.00% | 11/01/2029 | 100 | &nbsp;&nbsp; 104462 |
| Philadelphia (City of), PA, Series 2017, Ref. GO Bonds | 5.00% | 08/01/2041 | 55 | &nbsp;&nbsp; 56267 |
| Philadelphia (City of), PA, Series 2025 C, Ref. GO Bonds | 5.00% | 08/01/2027 | 35 | &nbsp;&nbsp; 36340 |
| &nbsp;&nbsp;&nbsp; Philadelphia (City of), PA Authority for Industrial Development (Children's Hospital of Philadelphia), <br> Series 2017, Ref. RB<br>| 5.00% | 07/01/2033 | 20 | &nbsp;&nbsp; 20668 |
| &nbsp;&nbsp;&nbsp; Philadelphia (City of), PA Authority for Industrial Development (Children's Hospital of Philadelphia), <br> Series 2017, Ref. RB<br>| 5.00% | 07/01/2034 | 80 | &nbsp;&nbsp; 82565 |
| &nbsp;&nbsp;&nbsp; Philadelphia (City of), PA Authority for Industrial Development (Children's Hospital of Philadelphia), <br> Series 2017, Ref. RB<br>| 4.00% | 07/01/2037 | 30 | &nbsp;&nbsp; 29863 |
| &nbsp;&nbsp;&nbsp; Philadelphia (City of), PA Authority for Industrial Development (Children's Hospital of Philadelphia), <br> Series 2021, Ref. RB<br>| 5.00% | 07/01/2027 | 40 | &nbsp;&nbsp; 41474 |
| &nbsp;&nbsp;&nbsp; Philadelphia (City of), PA Authority for Industrial Development (Thomas Jefferson University), <br> Series 2017 A, Ref. RB<br>| 5.00% | 09/01/2035 | 40 | &nbsp;&nbsp; 40682 |
| &nbsp;&nbsp;&nbsp; Philadelphia (City of), PA Authority for Industrial Development (Thomas Jefferson University), <br> Series 2017 A, Ref. RB<br>| 5.00% | 09/01/2042 | 100 | &nbsp;&nbsp; 100915 |
| &nbsp;&nbsp;&nbsp; Philadelphia (City of), PA Authority for Industrial Development (Thomas Jefferson University), <br> Series 2017 A, Ref. RB<br>| 5.00% | 09/01/2047 | 50 | &nbsp;&nbsp; 50337 |
| &nbsp;&nbsp;&nbsp; Philadelphia (City of), PA Hospitals & Higher Education Facilities Authority (The) (Temple University <br> Health System), Series 2017, Ref. RB<br>| 5.00% | 07/01/2033 | 75 | &nbsp;&nbsp; 76151 |
| Philadelphia School District (The), Series 2007 A, Ref. GO Bonds, (INS - NATL)<sup>(c)</sup> | 5.00% | 06/01/2027 | 10 | &nbsp;&nbsp; 10346 |
| Philadelphia School District (The), Series 2016 F, Ref. GO Bonds | 5.00% | 09/01/2027 | 30 | &nbsp;&nbsp; 30496 |
| Pottsville (City of), PA Hospital Authority (Lehigh Valley), Series 2016 B, Ref. RB<sup>(a)(b)</sup> | 5.00% | 01/01/2027 | 10 | &nbsp;&nbsp; 10263 |
| Reading School District, Series 2017, Ref. GO Bonds, (INS - AGI)<sup>(c)</sup> | 5.00% | 03/01/2037 | 20 | &nbsp;&nbsp; 20370 |
| Westmoreland (County of), PA Municipal Authority, Series 2017, Ref. RB, (INS - BAM)<sup>(c)</sup> | 5.00% | 08/15/2031 | 375 | &nbsp;&nbsp; 389807 |
| Westmoreland (County of), PA Municipal Authority, Series 2017, Ref. RB, (INS - BAM)<sup>(c)</sup> | 4.00% | 08/15/2034 | 50 | &nbsp;&nbsp; 50637 |
| Westmoreland (County of), PA Municipal Authority, Series 2017, Ref. RB, (INS - BAM)<sup>(c)</sup> | 5.00% | 08/15/2036 | 115 | &nbsp;&nbsp; 118749 |
|  |  |  |  | &nbsp;&nbsp; 12882761 |
| **Rhode Island-0.10%** |  |  |  |  |
| Rhode Island Commerce Corp. (Garvee), Series 2016 B, RB | 5.00% | 06/15/2027 | 100 | &nbsp;&nbsp; 101136 |
| Rhode Island Health & Educational Building Corp. (Brown University), Series 2017 A, Ref. RB | 5.00% | 09/01/2029 | 200 | &nbsp;&nbsp; 207640 |
|  |  |  |  | &nbsp;&nbsp; 308776 |
| **South Carolina-0.50%** |  |  |  |  |
| Beaufort County School District, Series 2025 B, GO Bonds | 5.00% | 03/01/2027 | 5 | &nbsp;&nbsp; 5153 |
| Greenville County School District, Series 2023, Ref. RB | 5.00% | 12/01/2027 | 445 | &nbsp;&nbsp; 466861 |
| Horry County School District, Series 2024, GO Bonds | 5.00% | 03/01/2027 | 15 | &nbsp;&nbsp; 15468 |
| Lexington County Health Services District, Inc. (Lexmed Obligated Group), Series 2017, Ref. RB | 4.00% | 11/01/2030 | 175 | &nbsp;&nbsp; 177937 |
| Lexington County Health Services District, Inc. (Lexmed Obligated Group), Series 2017, Ref. RB | 4.00% | 11/01/2031 | 60 | &nbsp;&nbsp; 60777 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **South Carolina-(continued)** |  |  |  |  |
| Lexington County Health Services District, Inc. (Lexmed Obligated Group), Series 2017, Ref. RB | 4.00% | 11/01/2032 | $195 | &nbsp;&nbsp; $197354 |
| Piedmont Municipal Power Agency, Series 2021 C, Ref. RB | 5.00% | 01/01/2034 | 100 | &nbsp;&nbsp; 102022 |
| South Carolina (State of) Public Service Authority, Series 2025 B, Ref. RB | 5.00% | 12/01/2027 | 45 | &nbsp;&nbsp; 47049 |
| South Carolina (State of) Transportation Infrastructure Bank, Series 2017 A, Ref. RB | 5.00% | 10/01/2038 | 65 | &nbsp;&nbsp; 66994 |
| South Carolina (State of) Transportation Infrastructure Bank, Series 2017 A, Ref. RB | 5.00% | 10/01/2039 | 105 | &nbsp;&nbsp; 108054 |
| South Carolina (State of) Transportation Infrastructure Bank, Series 2017, Ref. RB | 5.00% | 10/01/2034 | 45 | &nbsp;&nbsp; 46731 |
| South Carolina (State of) Transportation Infrastructure Bank, Series 2017, Ref. RB | 5.00% | 10/01/2037 | 10 | &nbsp;&nbsp; 10325 |
| South Carolina (State of) Transportation Infrastructure Bank, Series 2017, Ref. RB | 5.00% | 10/01/2040 | 10 | &nbsp;&nbsp; 10266 |
| South Carolina (State of) Transportation Infrastructure Bank, Series 2017, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 10/01/2035 | 30 | &nbsp;&nbsp; 31133 |
| South Carolina (State of) Transportation Infrastructure Bank, Series 2021 B, Ref. RB | 5.00% | 10/01/2027 | 115 | &nbsp;&nbsp; 120051 |
|  |  |  |  | &nbsp;&nbsp; 1466175 |
| **South Dakota-0.01%** |  |  |  |  |
| South Dakota (State of) Health & Educational Facilities Authority (Avera Health), Series 2017, Ref. RB | 4.00% | 07/01/2042 | 30 | &nbsp;&nbsp; 28301 |
| **Tennessee-0.80%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Knox (County of), TN Health, Educational & Housing Facility Board (Covenant Health), Series 2016 A, <br> Ref. RB<br>| 5.00% | 01/01/2037 | 20 | &nbsp;&nbsp; 20316 |
| &nbsp;&nbsp;&nbsp; Knox (County of), TN Health, Educational & Housing Facility Board (Covenant Health), Series 2016 A, <br> Ref. RB<br>| 5.00% | 01/01/2042 | 85 | &nbsp;&nbsp; 85834 |
| &nbsp;&nbsp;&nbsp; Knox (County of), TN Health, Educational & Housing Facility Board (University Health), Series 2017, <br> Ref. RB<br>| 5.00% | 04/01/2036 | 50 | &nbsp;&nbsp; 50475 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2016, Ref. GO Bonds | 5.00% | 01/01/2027 | 90 | &nbsp;&nbsp; 91204 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2017 A, RB | 5.00% | 05/15/2042 | 460 | &nbsp;&nbsp; 466931 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2017, GO Bonds | 4.00% | 07/01/2027 | 115 | &nbsp;&nbsp; 117556 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2017, GO Bonds | 4.00% | 07/01/2029 | 80 | &nbsp;&nbsp; 81437 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2017, GO Bonds | 4.00% | 07/01/2030 | 50 | &nbsp;&nbsp; 50874 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2017, GO Bonds | 4.00% | 07/01/2034 | 25 | &nbsp;&nbsp; 25281 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2018, GO Bonds | 5.00% | 07/01/2027 | 240 | &nbsp;&nbsp; 249377 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2024 A, GO Bonds | 5.00% | 01/01/2027 | 120 | &nbsp;&nbsp; 123211 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2024 B, Ref. RB | 5.00% | 05/15/2027 | 70 | &nbsp;&nbsp; 72454 |
| &nbsp;&nbsp;&nbsp; Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities <br> Board (The) (Vanderbilt University Medical Center), Series 2017 A, RB<br>| 5.00% | 07/01/2048 | 475 | &nbsp;&nbsp; 477996 |
| &nbsp;&nbsp;&nbsp; Nashville (City of) & Davidson (County of), TN Metropolitan Government of Convention Center <br> Authority, Series 2017, GO Bonds<br>| 4.00% | 07/01/2033 | 40 | &nbsp;&nbsp; 40491 |
| Tennessee (State of), Series 2023 A, GO Bonds | 5.00% | 05/01/2027 | 45 | &nbsp;&nbsp; 46612 |
| &nbsp;&nbsp;&nbsp; Tennessee (State of) School Bond Authority, Series 2017 B, Ref. RB, <br> (CEP - Colorado Higher Education Intercept Program)<br>| 5.00% | 11/01/2027 | 125 | &nbsp;&nbsp; 130620 |
| Tennessee Energy Acquisition Corp., Series 2006 C, RB | 5.00% | 02/01/2027 | 215 | &nbsp;&nbsp; 217692 |
|  |  |  |  | &nbsp;&nbsp; 2348361 |
| **Texas-7.87%** |  |  |  |  |
| Alamo Community College District, Series 2017, Ref. GO Bonds | 5.00% | 08/15/2027 | 155 | &nbsp;&nbsp; 161413 |
| Alamo Community College District, Series 2022, GO Notes | 5.00% | 02/15/2027 | 230 | &nbsp;&nbsp; 236733 |
| &nbsp;&nbsp;&nbsp; Aldine Independent School District, Series 2017, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2042 | 25 | &nbsp;&nbsp; 25411 |
| &nbsp;&nbsp;&nbsp; Arlington Independent School District, Series 2025, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2027 | 35 | &nbsp;&nbsp; 36003 |
| Austin (City of), TX, Series 2017, Ref. RB | 5.00% | 11/15/2027 | 85 | &nbsp;&nbsp; 88900 |
| Austin (City of), TX, Series 2017, Ref. RB<sup>(a)</sup> | 5.00% | 11/15/2027 | 10 | &nbsp;&nbsp; 10426 |
| Austin (City of), TX, Series 2017, Ref. RB | 5.00% | 11/15/2029 | 65 | &nbsp;&nbsp; 67945 |
| Austin (City of), TX, Series 2017, Ref. RB | 5.00% | 11/15/2037 | 10 | &nbsp;&nbsp; 10327 |
| Austin (City of), TX, Series 2017, Ref. RB | 5.00% | 11/15/2042 | 65 | &nbsp;&nbsp; 66494 |
| Austin (City of), TX, Series 2024, Ref. RB | 5.00% | 11/15/2027 | 95 | &nbsp;&nbsp; 99359 |
| Austin Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/01/2027 | 30 | &nbsp;&nbsp; 31188 |
| Bexar (County of), TX, Series 2018, Ctfs. of Obligations | 5.00% | 06/15/2042 | 100 | &nbsp;&nbsp; 102035 |
| Bexar (County of), TX Hospital District, Series 2018, Ctfs. Of Obligations | 5.00% | 02/15/2048 | 75 | &nbsp;&nbsp; 75720 |
| Board of Regents of the University of Texas System, Series 2016 E, RB | 5.00% | 08/15/2027 | 165 | &nbsp;&nbsp; 171546 |
| Board of Regents of the University of Texas System, Series 2016 J, RB | 5.00% | 08/15/2027 | 405 | &nbsp;&nbsp; 411724 |
| Board of Regents of the University of Texas System, Series 2017 B, RB | 5.00% | 08/15/2027 | 205 | &nbsp;&nbsp; 213133 |
| Board of Regents of the University of Texas System, Series 2019 A, Ref. RB | 5.00% | 08/15/2027 | 80 | &nbsp;&nbsp; 83174 |
| Board of Regents of the University of Texas System, Series 2024 A, Ref. RB | 5.00% | 08/15/2027 | 80 | &nbsp;&nbsp; 83174 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas-(continued)** |  |  |  |  |
| Board of Regents of the University of Texas System, Series 2025 A, RB | 5.00% | 08/15/2027 | $50 | &nbsp;&nbsp; $51984 |
| Central Texas Regional Mobility Authority, Series 2021 C, RB | 5.00% | 01/01/2027 | 255 | &nbsp;&nbsp; 255537 |
| &nbsp;&nbsp;&nbsp; Conroe Independent School District, Series 2020 A, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2027 | 285 | &nbsp;&nbsp; 293171 |
| &nbsp;&nbsp;&nbsp; Cypress-Fairbanks Independent School District, Series 2020 A, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2027 | 55 | &nbsp;&nbsp; 56610 |
| &nbsp;&nbsp;&nbsp; Cypress-Fairbanks Independent School District, Series 2023 A, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2027 | 355 | &nbsp;&nbsp; 365393 |
| Dallas & Fort Worth (Cities of), TX, Series 2020 A, Ref. RB | 5.00% | 11/01/2027 | 55 | &nbsp;&nbsp; 57452 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020, Ref. RB | 5.00% | 11/01/2027 | 35 | &nbsp;&nbsp; 36560 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB | 5.00% | 11/01/2027 | 135 | &nbsp;&nbsp; 141018 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2023 B, Ref. RB | 5.00% | 11/01/2027 | 55 | &nbsp;&nbsp; 57452 |
| Dallas (City of), TX, Series 2017, RB | 5.00% | 10/01/2042 | 5 | &nbsp;&nbsp; 5120 |
| Dallas (City of), TX, Series 2017, RB | 5.00% | 10/01/2046 | 150 | &nbsp;&nbsp; 152675 |
| Dallas (City of), TX, Series 2023 A, Ref. GO Bonds | 5.00% | 02/15/2027 | 510 | &nbsp;&nbsp; 524869 |
| Dallas (City of), TX, Series 2024 B, GO Bonds | 5.00% | 02/15/2027 | 30 | &nbsp;&nbsp; 30875 |
| Dallas (City of), TX, Series 2024 B, Ref. GO Bonds | 5.00% | 02/15/2027 | 10 | &nbsp;&nbsp; 10292 |
| Dallas (City of), TX, Series 2024 C, Ref. GO Bonds | 5.00% | 02/15/2027 | 65 | &nbsp;&nbsp; 66895 |
| Dallas (City of), TX Area Rapid Transit, Series 2019, Ref. RB | 5.00% | 12/01/2027 | 60 | &nbsp;&nbsp; 62780 |
| &nbsp;&nbsp;&nbsp; Dallas (City of), TX Independent School District, Series 2021 A, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2027 | 85 | &nbsp;&nbsp; 87550 |
| &nbsp;&nbsp;&nbsp; Dallas (City of), TX Independent School District, Series 2025 C, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2027 | 265 | &nbsp;&nbsp; 272950 |
| Dallas (County of), TX Utility & Reclamation District, Series 2016, Ref. GO Bonds | 5.00% | 02/15/2027 | 50 | &nbsp;&nbsp; 51349 |
| Dallas College, Series 2022, GO Bonds | 5.00% | 02/15/2033 | 500 | &nbsp;&nbsp; 519295 |
| Dallas College, Series 2022, GO Bonds | 5.00% | 02/15/2034 | 50 | &nbsp;&nbsp; 51874 |
| Denton Independent School District, Series 2018, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2037 | 125 | &nbsp;&nbsp; 128970 |
| Denton Independent School District, Series 2018, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2038 | 150 | &nbsp;&nbsp; 154530 |
| Denton Independent School District, Series 2018, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2039 | 15 | &nbsp;&nbsp; 15435 |
| Denton Independent School District, Series 2018, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2048 | 10 | &nbsp;&nbsp; 10136 |
| Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2027 | 210 | &nbsp;&nbsp; 218188 |
| &nbsp;&nbsp;&nbsp; Ector County Independent School District, Series 2024 A, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 08/15/2027 | 125 | &nbsp;&nbsp; 130215 |
| El Paso (County of), TX Hospital District, Series 2017, Ref. GO Bonds | 4.00% | 08/15/2038 | 115 | &nbsp;&nbsp; 110292 |
| &nbsp;&nbsp;&nbsp; Fort Bend Independent School District, Series 2017 E, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2027 | 45 | &nbsp;&nbsp; 46296 |
| &nbsp;&nbsp;&nbsp; Fort Bend Independent School District, Series 2018, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 08/15/2029 | 120 | &nbsp;&nbsp; 124634 |
| &nbsp;&nbsp;&nbsp; Fort Bend Independent School District, Series 2018, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 08/15/2030 | 125 | &nbsp;&nbsp; 129857 |
| Fort Worth (City of), TX, Series 2025, GO Bonds | 5.00% | 03/01/2027 | 20 | &nbsp;&nbsp; 20589 |
| &nbsp;&nbsp;&nbsp; Fort Worth Independent School District, Series 2025, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2027 | 75 | &nbsp;&nbsp; 77150 |
| &nbsp;&nbsp;&nbsp; Frisco Independent School District, Series 2017, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 08/15/2035 | 10 | &nbsp;&nbsp; 10087 |
| &nbsp;&nbsp;&nbsp; Frisco Independent School District, Series 2025 A, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2027 | 35 | &nbsp;&nbsp; 36004 |
| &nbsp;&nbsp;&nbsp; Grapevine-Colleyville Independent School District, Series 2025, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 08/15/2027 | 75 | &nbsp;&nbsp; 78039 |
| Harris (County of), TX, Series 2020 A, Ref. GO Bonds | 5.00% | 10/01/2027 | 80 | &nbsp;&nbsp; 83411 |
| Harris (County of), TX, Series 2022 A, Ref. GO Bonds | 5.00% | 08/15/2027 | 265 | &nbsp;&nbsp; 275513 |
| Harris (County of), TX, Series 2022 A, Ref. RB | 5.00% | 08/15/2027 | 210 | &nbsp;&nbsp; 218331 |
| Harris (County of), TX, Series 2024 A, RB | 5.00% | 08/15/2027 | 75 | &nbsp;&nbsp; 77975 |
| Harris (County of), TX Metropolitan Transit Authority, Series 2016 A, Ref. RB | 5.00% | 11/01/2027 | 200 | &nbsp;&nbsp; 204116 |
| &nbsp;&nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), <br> Series 2019, Ref. RB<br>| 5.00% | 12/01/2027 | 215 | &nbsp;&nbsp; 224448 |
| Harris County Cultural Education Facilities Finance Corp. (Teco Project), Series 2017, Ref. RB | 5.00% | 11/15/2031 | 180 | &nbsp;&nbsp; 187723 |
| Harris County Cultural Education Facilities Finance Corp. (Teco Project), Series 2017, Ref. RB | 4.00% | 11/15/2032 | 50 | &nbsp;&nbsp; 50584 |
| Harris County Cultural Education Facilities Finance Corp. (Teco Project), Series 2017, Ref. RB | 5.00% | 11/15/2033 | 100 | &nbsp;&nbsp; 103891 |
| Houston (City of), TX, Series 2016 B, Ref. RB | 5.00% | 11/15/2027 | 65 | &nbsp;&nbsp; 66407 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas-(continued)** |  |  |  |  |
| Houston (City of), TX, Series 2017 A, Ref. GO Bonds | 5.00% | 03/01/2027 | $110 | &nbsp;&nbsp; $113283 |
| Houston (City of), TX, Series 2017 A, Ref. GO Bonds | 5.00% | 03/01/2030 | 115 | &nbsp;&nbsp; 118306 |
| Houston (City of), TX, Series 2017 A, Ref. GO Bonds | 4.00% | 03/01/2033 | 65 | &nbsp;&nbsp; 65613 |
| Houston (City of), TX, Series 2017 A, Ref. GO Bonds | 4.00% | 03/01/2034 | 40 | &nbsp;&nbsp; 40340 |
| Houston (City of), TX, Series 2017 B, Ref. RB | 5.00% | 11/15/2027 | 55 | &nbsp;&nbsp; 57566 |
| Houston (City of), TX, Series 2017 B, Ref. RB | 5.00% | 11/15/2042 | 1000 | &nbsp;&nbsp; 1022792 |
| Houston (City of), TX, Series 2017, A Ref. GO Bonds | 4.00% | 03/01/2037 | 5 | &nbsp;&nbsp; 5020 |
| Houston (City of), TX, Series 2018 B, Ref. RB | 5.00% | 07/01/2027 | 70 | &nbsp;&nbsp; 72580 |
| Houston (City of), TX, Series 2021 A, GO Bonds | 5.00% | 03/01/2027 | 40 | &nbsp;&nbsp; 41194 |
| Houston (City of), TX, Series 2024, Ref. RB | 5.00% | 11/15/2027 | 85 | &nbsp;&nbsp; 88966 |
| &nbsp;&nbsp;&nbsp; Houston Independent School District, Series 2017, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2042 | 15 | &nbsp;&nbsp; 15250 |
| &nbsp;&nbsp;&nbsp; Houston Independent School District, Series 2017, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2030 | 40 | &nbsp;&nbsp; 41146 |
| &nbsp;&nbsp;&nbsp; Houston Independent School District, Series 2017, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2032 | 20 | &nbsp;&nbsp; 20250 |
| &nbsp;&nbsp;&nbsp; Houston Independent School District, Series 2017, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2033 | 15 | &nbsp;&nbsp; 15159 |
| &nbsp;&nbsp;&nbsp; Houston Independent School District, Series 2025 B, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2027 | 125 | &nbsp;&nbsp; 128720 |
| Hurst-Euless-Bedford Independent School District, Series 2017 A, Ref. GO Bonds | 5.00% | 08/15/2027 | 105 | &nbsp;&nbsp; 109130 |
| Katy Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2027 | 140 | &nbsp;&nbsp; 144014 |
| &nbsp;&nbsp;&nbsp; Keller Independent School District, Series 2025, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2027 | 25 | &nbsp;&nbsp; 25687 |
| &nbsp;&nbsp;&nbsp; Lewisville Independent School District, Series 2017 A, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 08/15/2029 | 110 | &nbsp;&nbsp; 111504 |
| Lewisville Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2027 | 180 | &nbsp;&nbsp; 187294 |
| &nbsp;&nbsp;&nbsp; Liberty Hill Independent School District, Series 2019, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/01/2049 | 100 | &nbsp;&nbsp; 100834 |
| Lone Star College System, Series 2017 A, GO Bonds | 5.00% | 08/15/2042 | 55 | &nbsp;&nbsp; 55820 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2019, Ref. RB | 5.00% | 05/15/2027 | 20 | &nbsp;&nbsp; 20687 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, Ref. RB | 5.00% | 05/15/2027 | 15 | &nbsp;&nbsp; 15515 |
| &nbsp;&nbsp;&nbsp; Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023, Ref. RB, <br> (INS - AGI)<sup>(c)</sup><br>| 5.00% | 05/15/2027 | 35 | &nbsp;&nbsp; 36161 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2025, Ref. RB | 5.00% | 05/15/2027 | 50 | &nbsp;&nbsp; 51717 |
| Midtown Redevelopment Authority, Series 2017, Ref. RB | 5.00% | 01/01/2036 | 50 | &nbsp;&nbsp; 50967 |
| &nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp. (Children's Health System of Texas), Series 2017 <br> A, Ref. RB<br>| 5.00% | 08/15/2029 | 110 | &nbsp;&nbsp; 113967 |
| &nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp. (Children's Health System of Texas), Series 2017 <br> A, Ref. RB<br>| 5.00% | 08/15/2030 | 5 | &nbsp;&nbsp; 5183 |
| &nbsp;&nbsp;&nbsp; North East Independent School District, Series 2007, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.25% | 02/01/2027 | 130 | &nbsp;&nbsp; 133994 |
| &nbsp;&nbsp;&nbsp; North East Independent School District, Series 2018, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 08/01/2043 | 5 | &nbsp;&nbsp; 5100 |
| North Texas Tollway Authority, Series 2017 A, Ref. RB | 5.00% | 01/01/2027 | 20 | &nbsp;&nbsp; 20036 |
| North Texas Tollway Authority, Series 2017 A, Ref. RB | 4.00% | 01/01/2032 | 125 | &nbsp;&nbsp; 126129 |
| North Texas Tollway Authority, Series 2017 A, Ref. RB | 5.00% | 01/01/2032 | 170 | &nbsp;&nbsp; 174142 |
| North Texas Tollway Authority, Series 2017 A, Ref. RB | 4.00% | 01/01/2033 | 180 | &nbsp;&nbsp; 181440 |
| North Texas Tollway Authority, Series 2017 A, Ref. RB | 5.00% | 01/01/2033 | 180 | &nbsp;&nbsp; 184274 |
| North Texas Tollway Authority, Series 2017 A, Ref. RB | 5.00% | 01/01/2034 | 30 | &nbsp;&nbsp; 30687 |
| North Texas Tollway Authority, Series 2017 A, Ref. RB | 5.00% | 01/01/2035 | 5 | &nbsp;&nbsp; 5111 |
| North Texas Tollway Authority, Series 2017 A, Ref. RB | 5.00% | 01/01/2036 | 280 | &nbsp;&nbsp; 285869 |
| North Texas Tollway Authority, Series 2017 A, Ref. RB | 5.00% | 01/01/2037 | 130 | &nbsp;&nbsp; 132566 |
| North Texas Tollway Authority, Series 2017 B, Ref. RB | 5.00% | 01/01/2027 | 15 | &nbsp;&nbsp; 15028 |
| North Texas Tollway Authority, Series 2017 B, Ref. RB | 5.00% | 01/01/2032 | 80 | &nbsp;&nbsp; 81897 |
| North Texas Tollway Authority, Series 2017 B, Ref. RB | 5.00% | 01/01/2039 | 25 | &nbsp;&nbsp; 25388 |
| North Texas Tollway Authority, Series 2017 B, Ref. RB | 5.00% | 01/01/2043 | 160 | &nbsp;&nbsp; 161511 |
| North Texas Tollway Authority, Series 2017 B, Ref. RB | 5.00% | 01/01/2048 | 845 | &nbsp;&nbsp; 851370 |
| North Texas Tollway Authority, Series 2017 B, Ref. RB, (INS - AGI)<sup>(c)</sup> | 4.00% | 01/01/2034 | 490 | &nbsp;&nbsp; 492961 |
| North Texas Tollway Authority, Series 2019 B, Ref. RB | 5.00% | 01/01/2027 | 195 | &nbsp;&nbsp; 199986 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas-(continued)** |  |  |  |  |
| North Texas Tollway Authority, Series 2023 A, Ref. RB | 5.00% | 01/01/2027 | $240 | &nbsp;&nbsp; $246370 |
| &nbsp;&nbsp;&nbsp; Pearland Independent School District, Series 2020, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2027 | 25 | &nbsp;&nbsp; 25717 |
| Permanent University Fund - University of Texas System, Series 2022 A, RB | 5.00% | 07/01/2027 | 105 | &nbsp;&nbsp; 109119 |
| Plano Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2027 | 190 | &nbsp;&nbsp; 195677 |
| &nbsp;&nbsp;&nbsp; Round Rock Independent School District, Series 2019 A, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 08/01/2027 | 140 | &nbsp;&nbsp; 145545 |
| San Antonio (City of), TX, Series 2016, Ref. RB | 5.00% | 02/01/2027 | 305 | &nbsp;&nbsp; 309253 |
| San Antonio (City of), TX, Series 2017, Ref. RB | 5.00% | 02/01/2042 | 250 | &nbsp;&nbsp; 252627 |
| San Antonio (City of), TX, Series 2018, Ref. RB | 5.00% | 02/01/2027 | 175 | &nbsp;&nbsp; 179612 |
| San Antonio (City of), TX, Series 2019, Ref. GO Bonds | 5.00% | 08/01/2027 | 155 | &nbsp;&nbsp; 161397 |
| San Antonio (City of), TX, Series 2024, GO Bonds | 5.00% | 02/01/2027 | 20 | &nbsp;&nbsp; 20578 |
| San Antonio Education Facilities Corp. (Trinity University), Series 2017, RB | 5.00% | 06/01/2047 | 380 | &nbsp;&nbsp; 386632 |
| Socorro Independent School District, Series 2018, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2039 | 325 | &nbsp;&nbsp; 331782 |
| Socorro Independent School District, Series 2018, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2040 | 140 | &nbsp;&nbsp; 142698 |
| &nbsp;&nbsp;&nbsp; Spring Branch Independent School District, Series 2025, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/01/2027 | 200 | &nbsp;&nbsp; 205550 |
| Texas (State of), Series 2016, GO Bonds | 5.00% | 04/01/2027 | 60 | &nbsp;&nbsp; 60459 |
| Texas (State of), Series 2017 A, Ref. GO Bonds | 5.00% | 10/01/2032 | 210 | &nbsp;&nbsp; 218806 |
| Texas (State of), Series 2017 A, Ref. GO Bonds | 5.00% | 10/01/2033 | 140 | &nbsp;&nbsp; 145672 |
| Texas (State of), Series 2017 A, Ref. GO Bonds | 5.00% | 10/01/2034 | 155 | &nbsp;&nbsp; 161102 |
| Texas (State of), Series 2017 B, Ref. GO Bonds | 5.00% | 10/01/2033 | 275 | &nbsp;&nbsp; 286142 |
| Texas (State of), Series 2017, Ref. GO Bonds | 5.00% | 10/01/2029 | 175 | &nbsp;&nbsp; 182598 |
| Texas (State of), Series 2017, Ref. GO Bonds | 5.00% | 10/01/2030 | 40 | &nbsp;&nbsp; 41754 |
| Texas (State of), Series 2017, Ref. GO Bonds | 5.00% | 10/01/2030 | 85 | &nbsp;&nbsp; 88728 |
| Texas (State of), Series 2017, Ref. GO Bonds | 5.00% | 10/01/2031 | 110 | &nbsp;&nbsp; 114737 |
| Texas (State of), Series 2017, Ref. GO Bonds | 5.00% | 10/01/2031 | 230 | &nbsp;&nbsp; 239904 |
| Texas (State of), Series 2017, Ref. GO Bonds | 5.00% | 10/01/2032 | 110 | &nbsp;&nbsp; 114613 |
| Texas (State of), Series 2017, Ref. GO Bonds | 5.00% | 10/01/2034 | 195 | &nbsp;&nbsp; 202677 |
| Texas (State of), Series 2017, Ref. GO Bonds | 5.00% | 10/01/2035 | 45 | &nbsp;&nbsp; 46691 |
| Texas (State of), Series 2018 A, Ref. GO Bonds | 5.00% | 10/01/2027 | 185 | &nbsp;&nbsp; 193328 |
| Texas (State of), Series 2024, Ref. GO Bonds | 5.00% | 10/01/2027 | 200 | &nbsp;&nbsp; 209004 |
| Texas (State of) Transportation Commission, Series 2024, Ref. GO Bonds | 5.00% | 04/01/2027 | 400 | &nbsp;&nbsp; 413216 |
| Texas (State of) Water Development Board, Series 2016, RB | 5.00% | 04/15/2027 | 25 | &nbsp;&nbsp; 25530 |
| Texas (State of) Water Development Board, Series 2017 A, RB | 5.00% | 04/15/2027 | 135 | &nbsp;&nbsp; 139443 |
| Texas (State of) Water Development Board, Series 2017 A, RB | 4.00% | 10/15/2032 | 50 | &nbsp;&nbsp; 50772 |
| Texas (State of) Water Development Board, Series 2017 A, RB | 4.00% | 10/15/2033 | 170 | &nbsp;&nbsp; 172290 |
| Texas (State of) Water Development Board, Series 2017 A, RB | 5.00% | 10/15/2042 | 190 | &nbsp;&nbsp; 193950 |
| Texas (State of) Water Development Board, Series 2017 A, RB | 5.00% | 10/15/2047 | 820 | &nbsp;&nbsp; 830780 |
| Texas (State of) Water Development Board, Series 2017, RB | 5.00% | 10/15/2031 | 100 | &nbsp;&nbsp; 104064 |
| Texas (State of) Water Development Board, Series 2017, RB | 4.00% | 10/15/2034 | 240 | &nbsp;&nbsp; 242832 |
| Texas (State of) Water Development Board, Series 2018, RB | 5.00% | 08/01/2027 | 305 | &nbsp;&nbsp; 317181 |
| Texas (State of) Water Development Board, Series 2018, RB | 5.00% | 10/15/2027 | 235 | &nbsp;&nbsp; 245540 |
| Texas (State of) Water Development Board, Series 2018, RB | 5.00% | 08/01/2033 | 5 | &nbsp;&nbsp; 5172 |
| Texas (State of) Water Development Board, Series 2018, RB | 4.00% | 08/01/2035 | 5 | &nbsp;&nbsp; 5044 |
| Texas (State of) Water Development Board, Series 2018, RB | 5.00% | 08/01/2037 | 25 | &nbsp;&nbsp; 25700 |
| Texas (State of) Water Development Board, Series 2020, RB | 5.00% | 08/01/2027 | 110 | &nbsp;&nbsp; 114393 |
| Texas (State of) Water Development Board, Series 2021, RB | 5.00% | 08/01/2027 | 50 | &nbsp;&nbsp; 51997 |
| Texas A&M University, Series 2017 E, Ref. RB | 5.00% | 05/15/2027 | 185 | &nbsp;&nbsp; 191540 |
| Texas A&M University, Series 2017 E, Ref. RB | 5.00% | 05/15/2029 | 85 | &nbsp;&nbsp; 87850 |
| Texas A&M University, Series 2017 E, Ref. RB | 5.00% | 05/15/2030 | 55 | &nbsp;&nbsp; 56845 |
| Texas A&M University, Series 2024 A, RB | 5.00% | 05/15/2027 | 120 | &nbsp;&nbsp; 124242 |
| Texas State University Board of Regents, Series 2017 A, Ref. RB | 5.00% | 03/15/2027 | 105 | &nbsp;&nbsp; 108218 |
| Texas State University Board of Regents, Series 2017 A, Ref. RB | 5.00% | 03/15/2029 | 110 | &nbsp;&nbsp; 113257 |
| Texas State University Board of Regents, Series 2017 A, Ref. RB | 5.00% | 03/15/2030 | 235 | &nbsp;&nbsp; 241814 |
| Texas State University Board of Regents, Series 2017 A, Ref. RB | 5.00% | 03/15/2031 | 35 | &nbsp;&nbsp; 36016 |
| Texas State University Board of Regents, Series 2024, Ref. RB | 5.00% | 03/15/2027 | 45 | &nbsp;&nbsp; 46379 |
| Trinity River Authority, Series 2017, Ref. RB | 5.00% | 08/01/2030 | 50 | &nbsp;&nbsp; 51941 |
| Williamson (County of), TX, Series 2024, GO Bonds | 5.00% | 02/15/2027 | 295 | &nbsp;&nbsp; 303636 |
|  |  |  |  | &nbsp;&nbsp; 23209795 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Utah-0.44%** |  |  |  |  |
| Intermountain Power Agency, Series 2023 A, RB | 5.00% | 07/01/2027 | $105 | &nbsp;&nbsp; $108704 |
| Salt Lake City (City of), UT, Series 2017 B, RB | 5.00% | 07/01/2042 | 40 | &nbsp;&nbsp; 40653 |
| University of Utah (The) (Green Bonds), Series 2022 B, RB | 5.00% | 08/01/2027 | 275 | &nbsp;&nbsp; 285983 |
| Utah (State of), Series 2017, GO Bonds | 5.00% | 07/01/2027 | 160 | &nbsp;&nbsp; 164060 |
| Utah (State of), Series 2018, GO Bonds | 5.00% | 07/01/2027 | 60 | &nbsp;&nbsp; 62325 |
| Utah (State of), Series 2018, GO Bonds | 5.00% | 07/01/2029 | 10 | &nbsp;&nbsp; 10382 |
| Utah (State of), Series 2020 B, GO Bonds | 5.00% | 07/01/2027 | 175 | &nbsp;&nbsp; 181782 |
| Utah (State of), Series 2020, GO Bonds | 5.00% | 07/01/2027 | 175 | &nbsp;&nbsp; 181782 |
| Utah (State of) Transit Authority, Series 2006 C, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.25% | 06/15/2027 | 50 | &nbsp;&nbsp; 51227 |
| Utah (State of) Transit Authority, Series 2016, Ref. RB | 3.00% | 12/15/2027 | 205 | &nbsp;&nbsp; 205209 |
|  |  |  |  | &nbsp;&nbsp; 1292107 |
| **Virginia-2.49%** |  |  |  |  |
| Fairfax (County of), VA, Series 2017, RB | 5.00% | 07/15/2044 | 5 | &nbsp;&nbsp; 5085 |
| Fairfax (County of), VA, Series 2017, RB | 5.00% | 07/15/2047 | 15 | &nbsp;&nbsp; 15233 |
| Fairfax (County of), VA, Series 2020 A, Ref. GO Bonds | 4.50% | 10/01/2027 | 145 | &nbsp;&nbsp; 150210 |
| Fairfax (County of), VA, Series 2023 A, GO Bonds | 4.00% | 10/01/2027 | 140 | &nbsp;&nbsp; 143784 |
| Fairfax (County of), VA, Series 2025 A, GO Bonds | 4.00% | 10/01/2027 | 50 | &nbsp;&nbsp; 51351 |
| &nbsp;&nbsp;&nbsp; Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2022, Ref. <br> RB<br>| 5.00% | 05/15/2027 | 135 | &nbsp;&nbsp; 139577 |
| Hampton (City of), VA Roads Transportation Accountability Commission, Series 2023 A, RB | 5.00% | 07/01/2027 | 365 | &nbsp;&nbsp; 378625 |
| Richmond (City of), VA, Series 2016, Ref. RB | 5.00% | 01/15/2027 | 45 | &nbsp;&nbsp; 45125 |
| Richmond (City of), VA, Series 2017 B, Ref. GO Bonds | 4.00% | 07/15/2029 | 105 | &nbsp;&nbsp; 107185 |
| Richmond (City of), VA, Series 2017 D, Ref. GO Bonds | 5.00% | 03/01/2027 | 85 | &nbsp;&nbsp; 87622 |
| University of Virginia, Series 2017 A, Ref. RB | 5.00% | 04/01/2038 | 95 | &nbsp;&nbsp; 97786 |
| University of Virginia, Series 2017 A, Ref. RB | 5.00% | 04/01/2039 | 425 | &nbsp;&nbsp; 436525 |
| University of Virginia, Series 2017 A, Ref. RB | 5.00% | 04/01/2042 | 35 | &nbsp;&nbsp; 35710 |
| University of Virginia, Series 2017 A, Ref. RB | 5.00% | 04/01/2047 | 45 | &nbsp;&nbsp; 45644 |
| University of Virginia, Series 2017 B, Ref. RB | 5.00% | 04/01/2044 | 5 | &nbsp;&nbsp; 5086 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority, Series 2015 B, Ref. RB, <br> (CEP - Colorado Higher Education Intercept Program)<br>| 3.00% | 09/01/2027 | 25 | &nbsp;&nbsp; 25002 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority, Series 2016 A, Ref. RB, <br> (CEP - Colorado Higher Education Intercept Program)<br>| 5.00% | 09/01/2027 | 115 | &nbsp;&nbsp; 116840 |
| Virginia (Commonwealth of) College Building Authority, Series 2019 A, RB | 5.00% | 02/01/2027 | 220 | &nbsp;&nbsp; 226285 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Centuity College and Equipment), <br> Series 2020, RB<br>| 5.00% | 02/01/2027 | 290 | &nbsp;&nbsp; 298284 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Centuity College and Equipment), <br> Series 2021, RB<br>| 5.00% | 02/01/2027 | 185 | &nbsp;&nbsp; 190285 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment <br> Programs), Series 2017 C, RB<br>| 4.00% | 02/01/2033 | 230 | &nbsp;&nbsp; 232237 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment <br> Programs), Series 2017, RB<br>| 5.00% | 02/01/2027 | 230 | &nbsp;&nbsp; 236570 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment <br> Programs), Series 2017, RB<br>| 5.00% | 02/01/2030 | 115 | &nbsp;&nbsp; 118166 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment <br> Programs), Series 2017, RB<br>| 5.00% | 02/01/2031 | 115 | &nbsp;&nbsp; 118150 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment <br> Programs), Series 2017, Ref. RB<br>| 5.00% | 02/01/2027 | 195 | &nbsp;&nbsp; 200571 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment <br> Programs), Series 2019 C, Ref. RB<br>| 5.00% | 02/01/2027 | 275 | &nbsp;&nbsp; 282856 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments <br> Programs), Series 2017, RB<br>| 4.00% | 02/01/2037 | 5 | &nbsp;&nbsp; 5017 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments <br> Programs), Series 2022, RB<br>| 5.00% | 02/01/2027 | 55 | &nbsp;&nbsp; 56571 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments <br> Programs), Series 2023, RB<br>| 5.00% | 02/01/2027 | 90 | &nbsp;&nbsp; 92571 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments <br> Programs), Series 2024, RB<br>| 5.00% | 02/01/2027 | 85 | &nbsp;&nbsp; 87428 |
| Virginia (Commonwealth of) Public Building Authority, Series 2017 A, Ref. RB | 5.00% | 08/01/2027 | 75 | &nbsp;&nbsp; 78095 |
| Virginia (Commonwealth of) Public Building Authority, Series 2017 A, Ref. RB | 5.00% | 08/01/2029 | 70 | &nbsp;&nbsp; 72794 |
| Virginia (Commonwealth of) Public Building Authority, Series 2017 A, Ref. RB | 4.00% | 08/01/2030 | 20 | &nbsp;&nbsp; 20396 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Virginia-(continued)** |  |  |  |  |
| Virginia (Commonwealth of) Public Building Authority, Series 2017 A, Ref. RB | 4.00% | 08/01/2031 | $875 | &nbsp;&nbsp; $892337 |
| Virginia (Commonwealth of) Public Building Authority, Series 2020 B, Ref. RB | 5.00% | 08/01/2027 | 55 | &nbsp;&nbsp; 57270 |
| Virginia (Commonwealth of) Public Building Authority, Series 2021 A-1, RB | 5.00% | 08/01/2027 | 510 | &nbsp;&nbsp; 531049 |
| Virginia (Commonwealth of) Public Building Authority, Series 2022 A, RB | 5.00% | 08/01/2027 | 85 | &nbsp;&nbsp; 88508 |
| Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB | 5.00% | 05/15/2027 | 140 | &nbsp;&nbsp; 145052 |
| Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB | 5.00% | 05/15/2029 | 180 | &nbsp;&nbsp; 188303 |
| Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB | 5.00% | 05/15/2030 | 35 | &nbsp;&nbsp; 36598 |
| Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB | 5.00% | 05/15/2031 | 125 | &nbsp;&nbsp; 130708 |
| Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB | 5.00% | 05/15/2032 | 55 | &nbsp;&nbsp; 57495 |
| Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB | 4.00% | 05/15/2034 | 35 | &nbsp;&nbsp; 35652 |
| Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB | 4.00% | 05/15/2036 | 155 | &nbsp;&nbsp; 157231 |
| Virginia (Commonwealth of) Transportation Board (Garvee), Series 2017, Ref. RB | 5.00% | 03/15/2027 | 245 | &nbsp;&nbsp; 252825 |
| Virginia (Commonwealth of) Transportation Board (Garvee), Series 2017, Ref. RB | 5.00% | 09/15/2027 | 500 | &nbsp;&nbsp; 522143 |
| Virginia (Commonwealth of) Transportation Board (Transportation Capital), Series 2017 A, Ref. RB | 5.00% | 05/15/2033 | 50 | &nbsp;&nbsp; 52197 |
| Virginia (Commonwealth of) Transportation Board (Transportation Capital), Series 2024, Ref. RB | 5.00% | 05/15/2027 | 5 | &nbsp;&nbsp; 5180 |
|  |  |  |  | &nbsp;&nbsp; 7355214 |
| **Washington-3.97%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Auburn School District No. 408 of King & Pierce Counties, Series 2018, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 4.00% | 12/01/2034 | 25 | &nbsp;&nbsp; 25535 |
| &nbsp;&nbsp;&nbsp; Auburn School District No. 408 of King & Pierce Counties, Series 2018, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2035 | 540 | &nbsp;&nbsp; 559987 |
| Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB | 5.00% | 11/01/2027 | 35 | &nbsp;&nbsp; 36661 |
| Energy Northwest, Series 2017 A, Ref. RB | 5.00% | 07/01/2027 | 200 | &nbsp;&nbsp; 207846 |
| Energy Northwest (Bonneville Power Administration), Series 2016, Ref. RB | 5.00% | 07/01/2027 | 45 | &nbsp;&nbsp; 45610 |
| Energy Northwest (Columbia Generating Station), Series 2017 A, Ref. RB | 5.00% | 07/01/2029 | 170 | &nbsp;&nbsp; 176513 |
| Energy Northwest (Columbia Generating Station), Series 2017 A, Ref. RB | 5.00% | 07/01/2033 | 215 | &nbsp;&nbsp; 221612 |
| Energy Northwest (Columbia Generating Station), Series 2017 A, Ref. RB | 5.00% | 07/01/2034 | 55 | &nbsp;&nbsp; 56614 |
| Energy Northwest (No. 1), Series 2020 A, Ref. RB | 5.00% | 07/01/2027 | 95 | &nbsp;&nbsp; 98727 |
| Energy Northwest (No. 3), Series 2018, Ref. RB | 5.00% | 07/01/2027 | 115 | &nbsp;&nbsp; 119511 |
| &nbsp;&nbsp;&nbsp; Franklin County School District No. 1 Pasco, Series 2018, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2030 | 145 | &nbsp;&nbsp; 151660 |
| &nbsp;&nbsp;&nbsp; Franklin County School District No. 1 Pasco, Series 2018, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2031 | 150 | &nbsp;&nbsp; 156770 |
| &nbsp;&nbsp;&nbsp; Franklin County School District No. 1 Pasco, Series 2018, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2032 | 75 | &nbsp;&nbsp; 78251 |
| &nbsp;&nbsp;&nbsp; Franklin County School District No. 1 Pasco, Series 2023, Ref. GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 4.00% | 12/01/2027 | 60 | &nbsp;&nbsp; 61630 |
| King (County of), WA, Series 2017, Ref. GO Bonds | 4.00% | 07/01/2030 | 110 | &nbsp;&nbsp; 112057 |
| King (County of), WA, Series 2017, Ref. RB | 5.00% | 07/01/2049 | 100 | &nbsp;&nbsp; 101080 |
| &nbsp;&nbsp;&nbsp; King County School District No. 210 Federal Way, Series 2018, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 4.00% | 12/01/2034 | 110 | &nbsp;&nbsp; 112053 |
| &nbsp;&nbsp;&nbsp; King County School District No. 210 Federal Way, Series 2018, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 4.00% | 12/01/2035 | 35 | &nbsp;&nbsp; 35574 |
| &nbsp;&nbsp;&nbsp; King County School District No. 210 Federal Way, Series 2018, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 4.00% | 12/01/2036 | 40 | &nbsp;&nbsp; 40552 |
| &nbsp;&nbsp;&nbsp; King County School District No. 405 Bellevue, Series 2016, Ref. GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2027 | 470 | &nbsp;&nbsp; 480701 |
| &nbsp;&nbsp;&nbsp; King County School District No. 411 Issaquah, Series 2015, Ref. GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 3.00% | 12/01/2027 | 70 | &nbsp;&nbsp; 69681 |
| &nbsp;&nbsp;&nbsp; King County School District No. 411 Issaquah, Series 2018, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2032 | 80 | &nbsp;&nbsp; 83483 |
| &nbsp;&nbsp;&nbsp; King County School District No. 411 Issaquah, Series 2018, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2033 | 130 | &nbsp;&nbsp; 135428 |
| &nbsp;&nbsp;&nbsp; King County School District No. 414 Lake Washington, Series 2017, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2031 | 45 | &nbsp;&nbsp; 46549 |
| &nbsp;&nbsp;&nbsp; King County School District No. 414 Lake Washington, Series 2017, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 4.00% | 12/01/2033 | 105 | &nbsp;&nbsp; 106620 |
| &nbsp;&nbsp;&nbsp; King County School District No. 414 Lake Washington, Series 2020, Ref. GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 4.00% | 12/01/2027 | 90 | &nbsp;&nbsp; 92445 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Washington-(continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Pierce County School District No. 10 Tacoma, Series 2024, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2027 | $115 | &nbsp;&nbsp; $120466 |
| &nbsp;&nbsp;&nbsp; Pierce County School District No. 3 Puyallup, Series 2017, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2033 | 105 | &nbsp;&nbsp; 108316 |
| &nbsp;&nbsp;&nbsp; Pierce County School District No. 3 Puyallup, Series 2017, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2034 | 55 | &nbsp;&nbsp; 56639 |
| &nbsp;&nbsp;&nbsp; Pierce County School District No. 3 Puyallup, Series 2017, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2036 | 185 | &nbsp;&nbsp; 189800 |
| &nbsp;&nbsp;&nbsp; Puyallup School District No. 3 (Washing State School District Credit Enhancement Program), <br> Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2035 | 100 | &nbsp;&nbsp; 102787 |
| Seattle (City of), WA, Series 2017 C, Ref. RB<sup>(a)(b)</sup> | 5.00% | 09/01/2027 | 75 | &nbsp;&nbsp; 78118 |
| Seattle (City of), WA, Series 2017 C, Ref. RB<sup>(a)(b)</sup> | 5.00% | 09/01/2027 | 10 | &nbsp;&nbsp; 10416 |
| Seattle (City of), WA, Series 2017 C, Ref. RB | 5.00% | 09/01/2029 | 25 | &nbsp;&nbsp; 26051 |
| Seattle (City of), WA, Series 2017 C, Ref. RB | 5.00% | 09/01/2030 | 150 | &nbsp;&nbsp; 156203 |
| Seattle (City of), WA, Series 2017 C, Ref. RB | 4.00% | 09/01/2034 | 50 | &nbsp;&nbsp; 50675 |
| Seattle (City of), WA, Series 2017 C, Ref. RB | 4.00% | 09/01/2035 | 180 | &nbsp;&nbsp; 181956 |
| Seattle (City of), WA, Series 2017 C, Ref. RB | 4.00% | 09/01/2036 | 180 | &nbsp;&nbsp; 181446 |
| Seattle (City of), WA (Green Bonds), Series 2020 A, RB | 5.00% | 07/01/2027 | 260 | &nbsp;&nbsp; 270199 |
| Seattle (Port of), WA, Series 2016, Ref. RB | 5.00% | 02/01/2027 | 60 | &nbsp;&nbsp; 60218 |
| Seattle (Port of), WA, Series 2022 A, Ref. RB | 5.00% | 08/01/2027 | 125 | &nbsp;&nbsp; 129888 |
| &nbsp;&nbsp;&nbsp; Spokane County School District No. 354, Series 2018, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2036 | 25 | &nbsp;&nbsp; 25881 |
| &nbsp;&nbsp;&nbsp; Spokane County School District No. 81, Series 2017 B, Ref. GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 4.00% | 12/01/2030 | 5 | &nbsp;&nbsp; 5127 |
| Washington (State of), Series 2016 B, Ref. GO Bonds | 5.00% | 08/01/2027 | 195 | &nbsp;&nbsp; 198059 |
| Washington (State of), Series 2017 A, GO Bonds | 5.00% | 08/01/2033 | 95 | &nbsp;&nbsp; 98610 |
| Washington (State of), Series 2017 A, GO Bonds | 5.00% | 08/01/2035 | 70 | &nbsp;&nbsp; 72462 |
| Washington (State of), Series 2017 A, GO Bonds | 5.00% | 08/01/2036 | 50 | &nbsp;&nbsp; 51668 |
| Washington (State of), Series 2017 A, GO Bonds | 5.00% | 08/01/2037 | 20 | &nbsp;&nbsp; 20631 |
| Washington (State of), Series 2017 A, GO Bonds | 5.00% | 08/01/2038 | 115 | &nbsp;&nbsp; 118438 |
| Washington (State of), Series 2017 A, GO Bonds | 5.00% | 08/01/2039 | 5 | &nbsp;&nbsp; 5140 |
| Washington (State of), Series 2017 A, GO Bonds | 5.00% | 08/01/2040 | 10 | &nbsp;&nbsp; 10256 |
| Washington (State of), Series 2017 A, GO Bonds | 5.00% | 08/01/2042 | 150 | &nbsp;&nbsp; 153184 |
| Washington (State of), Series 2017 C, Ref. GO Bonds | 5.00% | 08/01/2027 | 420 | &nbsp;&nbsp; 437405 |
| Washington (State of), Series 2017 C, Ref. GO Bonds | 5.00% | 08/01/2029 | 275 | &nbsp;&nbsp; 285952 |
| Washington (State of), Series 2017 C, Ref. GO Bonds | 5.00% | 08/01/2030 | 95 | &nbsp;&nbsp; 98831 |
| Washington (State of), Series 2017 C, Ref. GO Bonds | 5.00% | 08/01/2031 | 315 | &nbsp;&nbsp; 327650 |
| Washington (State of), Series 2017 C, Ref. GO Bonds | 5.00% | 08/01/2032 | 105 | &nbsp;&nbsp; 109129 |
| Washington (State of), Series 2017 C, Ref. GO Bonds | 5.00% | 08/01/2034 | 210 | &nbsp;&nbsp; 217735 |
| Washington (State of), Series 2017 D, GO Bonds | 5.00% | 02/01/2027 | 40 | &nbsp;&nbsp; 41161 |
| Washington (State of), Series 2017 D, GO Bonds | 5.00% | 02/01/2029 | 60 | &nbsp;&nbsp; 61692 |
| Washington (State of), Series 2017 D, GO Bonds | 5.00% | 02/01/2030 | 55 | &nbsp;&nbsp; 56557 |
| Washington (State of), Series 2017 D, GO Bonds | 5.00% | 02/01/2031 | 135 | &nbsp;&nbsp; 138870 |
| Washington (State of), Series 2017 D, GO Bonds | 5.00% | 02/01/2032 | 10 | &nbsp;&nbsp; 10282 |
| Washington (State of), Series 2017 D, GO Bonds | 5.00% | 02/01/2033 | 105 | &nbsp;&nbsp; 107875 |
| Washington (State of), Series 2017 D, GO Bonds | 5.00% | 02/01/2034 | 20 | &nbsp;&nbsp; 20529 |
| Washington (State of), Series 2017 D, GO Bonds | 5.00% | 02/01/2035 | 50 | &nbsp;&nbsp; 51282 |
| Washington (State of), Series 2017 D, GO Bonds | 5.00% | 02/01/2039 | 30 | &nbsp;&nbsp; 30619 |
| Washington (State of), Series 2017 D, GO Bonds | 5.00% | 02/01/2040 | 80 | &nbsp;&nbsp; 81468 |
| Washington (State of), Series 2017 D, GO Bonds | 5.00% | 02/01/2042 | 160 | &nbsp;&nbsp; 162384 |
| Washington (State of), Series 2017 R, Ref. GO Bonds | 5.00% | 08/01/2033 | 85 | &nbsp;&nbsp; 88230 |
| Washington (State of), Series 2017, Ref. GO Bonds | 5.00% | 08/01/2034 | 145 | &nbsp;&nbsp; 150341 |
| Washington (State of), Series 2017, Ref. GO Bonds | 5.00% | 08/01/2035 | 30 | &nbsp;&nbsp; 31055 |
| Washington (State of), Series 2018 C, GO Bonds | 5.00% | 02/01/2027 | 205 | &nbsp;&nbsp; 210952 |
| Washington (State of), Series 2018 D, Ref. GO Bonds | 5.00% | 08/01/2031 | 110 | &nbsp;&nbsp; 114418 |
| Washington (State of), Series 2019 A, GO Bonds | 5.00% | 08/01/2027 | 110 | &nbsp;&nbsp; 114558 |
| Washington (State of), Series 2020 C, GO Bonds | 5.00% | 02/01/2027 | 50 | &nbsp;&nbsp; 51452 |
| Washington (State of), Series 2021 A, Ref. GO Bonds | 5.00% | 06/01/2027 | 125 | &nbsp;&nbsp; 129668 |
| Washington (State of), Series 2022, Ref. GO Bonds | 4.00% | 07/01/2027 | 40 | &nbsp;&nbsp; 40958 |
| Washington (State of), Series 2023 R, Ref. GO Bonds | 5.00% | 08/01/2027 | 65 | &nbsp;&nbsp; 67694 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Washington-(continued)** |  |  |  |  |  |
| Washington (State of), Series 2024, Ref. GO Bonds | 5.00% | 07/01/2027 | $| 65 | &nbsp;&nbsp; $67560 |
| Washington (State of), Series 2025 C, GO Bonds | 5.00% | 02/01/2027 |  | 45 | &nbsp;&nbsp; 46307 |
| Washington (State of), Series 2025B, Ref. GO Bonds | 5.00% | 07/01/2027 |  | 300 | &nbsp;&nbsp; 311816 |
| Washington (State of), Series R-2017A, Ref. GO Bonds | 5.00% | 08/01/2027 |  | 35 | &nbsp;&nbsp; 35549 |
| Washington (State of), Series R-2018D, Ref. GO Bonds | 5.00% | 08/01/2027 |  | 610 | &nbsp;&nbsp; 635278 |
| Washington (State of), Series R-2018D, Ref. GO Bonds | 5.00% | 08/01/2030 |  | 110 | &nbsp;&nbsp; 114436 |
| Washington (State of), Series R-2018D, Ref. GO Bonds | 5.00% | 08/01/2032 |  | 170 | &nbsp;&nbsp; 176686 |
| Washington (State of), Series R-2018D, Ref. GO Bonds | 5.00% | 08/01/2035 |  | 40 | &nbsp;&nbsp; 41407 |
| Washington (State of), Series R-2022D, Ref. GO Bonds | 4.00% | 07/01/2027 |  | 220 | &nbsp;&nbsp; 225270 |
| Washington (State of), Series R-2023B, Ref. GO Bonds | 5.00% | 07/01/2027 |  | 240 | &nbsp;&nbsp; 249453 |
| Washington (State of), Series R-2024C, Ref. GO Bonds | 5.00% | 08/01/2027 |  | 165 | &nbsp;&nbsp; 171755 |
| Washington (State of) (Bid Group 1), Series 2024 C, GO Bonds | 5.00% | 02/01/2027 |  | 80 | &nbsp;&nbsp; 82323 |
| Washington (State of) Health Care Facilities Authority (Seattle Children's Hospital), Series 2017 A, RB | 5.00% | 10/01/2047 |  | 135 | &nbsp;&nbsp; 136173 |
| &nbsp;&nbsp;&nbsp; Washington (State of) Health Care Facilities Authority (Virginia Mason Medical Center), Series 2017, <br> Ref. RB<br>| 5.00% | 08/15/2031 |  | 110 | &nbsp;&nbsp; 113027 |
| &nbsp;&nbsp;&nbsp; Washington (State of) Health Care Facilities Authority (Virginia Mason Medical Center), Series 2017, <br> Ref. RB<br>| 5.00% | 08/15/2034 |  | 150 | &nbsp;&nbsp; 153504 |
| &nbsp;&nbsp;&nbsp; Washington (State of) Health Care Facilities Authority (Virginia Mason Medical Center), Series 2017, <br> Ref. RB<br>| 5.00% | 08/15/2036 |  | 20 | &nbsp;&nbsp; 20432 |
|  |  |  |  |  | &nbsp;&nbsp; 11715507 |
| **West Virginia-0.13%** |  |  |  |  |  |
| West Virginia (State of) Commissioner of Highways (Surface Transportation), Series 2017 A, RB | 5.00% | 09/01/2027 |  | 335 | &nbsp;&nbsp; 348401 |
| West Virginia (State of) Commissioner of Highways (Surface Transportation), Series 2017 A, RB | 5.00% | 09/01/2029 |  | 35 | &nbsp;&nbsp; 36367 |
|  |  |  |  |  | &nbsp;&nbsp; 384768 |
| **Wisconsin-1.32%** |  |  |  |  |  |
| Green Bay Area Public School District, Series 2025, GO Bonds | 5.00% | 04/01/2027 |  | 5 | &nbsp;&nbsp; 5159 |
| Middleton-Cross Plains Area School District, Series 2019 A, GO Bonds | 3.25% | 03/01/2036 |  | 100 | &nbsp;&nbsp; 100121 |
| Wisconsin (State of), Series 2017 2, Ref. GO Bonds | 5.00% | 11/01/2027 |  | 185 | &nbsp;&nbsp; 191317 |
| Wisconsin (State of), Series 2017 3, Ref. GO Bonds | 5.00% | 11/01/2028 |  | 165 | &nbsp;&nbsp; 170716 |
| Wisconsin (State of), Series 2017 3, Ref. GO Bonds | 5.00% | 11/01/2030 |  | 25 | &nbsp;&nbsp; 25881 |
| Wisconsin (State of), Series 2017, Ref. GO Bonds | 5.00% | 11/01/2027 |  | 390 | &nbsp;&nbsp; 403318 |
| Wisconsin (State of), Series 2017, Ref. GO Bonds | 5.00% | 11/01/2028 |  | 210 | &nbsp;&nbsp; 217276 |
| Wisconsin (State of), Series 2017, Ref. GO Bonds | 5.00% | 11/01/2029 |  | 40 | &nbsp;&nbsp; 41395 |
| Wisconsin (State of), Series 2017, Ref. GO Bonds | 5.00% | 11/01/2031 |  | 200 | &nbsp;&nbsp; 206945 |
| Wisconsin (State of), Series 2017, Ref. GO Bonds | 5.00% | 11/01/2031 |  | 15 | &nbsp;&nbsp; 15521 |
| Wisconsin (State of), Series 2017-3, Ref. GO Bonds | 5.00% | 11/01/2027 |  | 135 | &nbsp;&nbsp; 139610 |
| Wisconsin (State of), Series 2019 A, Ref. RB<sup>(a)</sup> | 5.00% | 05/01/2027 |  | 275 | &nbsp;&nbsp; 284266 |
| Wisconsin (State of), Series 2019 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 05/01/2027 |  | 240 | &nbsp;&nbsp; 248087 |
| Wisconsin (State of), Series 2019 A, Ref. RB<sup>(a)(b)</sup> | 5.00% | 05/01/2027 |  | 170 | &nbsp;&nbsp; 175728 |
| Wisconsin (State of), Series 2021-1, Ref. GO Bonds | 5.00% | 05/01/2027 |  | 145 | &nbsp;&nbsp; 150050 |
| Wisconsin (State of), Series 2021-2, Ref. GO Bonds | 5.00% | 05/01/2027 |  | 40 | &nbsp;&nbsp; 41393 |
| Wisconsin (State of), Series 2023, Ref. GO Bonds | 5.00% | 05/01/2027 |  | 105 | &nbsp;&nbsp; 108657 |
| Wisconsin (State of), Series 2024 C, GO Bonds | 5.00% | 05/01/2027 |  | 10 | &nbsp;&nbsp; 10348 |
| Wisconsin (State of), Series 2024, Ref. GO Bonds | 5.00% | 05/01/2027 |  | 200 | &nbsp;&nbsp; 206966 |
| Wisconsin (State of), Series 2025, Ref. GO Bonds | 5.00% | 05/01/2027 |  | 175 | &nbsp;&nbsp; 181095 |
| Wisconsin (State of) Department of Transportation, Series 2017-1, Ref. GO Bonds | 5.00% | 07/01/2027 |  | 170 | &nbsp;&nbsp; 176696 |
| Wisconsin (State of) Department of Transportation, Series 2017-2, Ref. RB | 5.00% | 07/01/2027 |  | 125 | &nbsp;&nbsp; 129923 |
| Wisconsin (State of) Department of Transportation, Series 2024-2, Ref. RB | 5.00% | 07/01/2027 |  | 160 | &nbsp;&nbsp; 166302 |
| Wisconsin (State of) Health & Educational Facilities Authority (Froedtert Health), Series 2017, Ref. RB | 5.00% | 04/01/2035 |  | 40 | &nbsp;&nbsp; 40936 |
| Wisconsin (State of) Public Finance Authority (Prime Healthcare Foundation, Inc.), Series 2018 A, RB | 5.20% | 12/01/2037 |  | 450 | &nbsp;&nbsp; 461108 |
|  |  |  |  |  | &nbsp;&nbsp; 3898814 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-97.29% <br>(Cost $286,606,782) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-97.29% <br>(Cost $286,606,782) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-97.29% <br>(Cost $286,606,782) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-97.29% <br>(Cost $286,606,782) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-97.29% <br>(Cost $286,606,782) | &nbsp;&nbsp; 287090359 |
| OTHER ASSETS LESS LIABILITIES-2.71% | OTHER ASSETS LESS LIABILITIES-2.71% | OTHER ASSETS LESS LIABILITIES-2.71% | OTHER ASSETS LESS LIABILITIES-2.71% | OTHER ASSETS LESS LIABILITIES-2.71% | &nbsp;&nbsp; 7985603 |
| NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $295075962 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| AGI | -Assured Guaranty, Inc. |
| 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. |
| RAC | -Revenue Anticipation Certificates |
| RB | -Revenue Bonds |
| Ref. | -Refunding |
| RN | -Revenue Notes |
| Wts. | -Warrants |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. |
| <sup>(b)</sup> | Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. |
| <sup>(c)</sup> | Principal and/or interest payments are secured by the bond insurance company listed. |
| <sup>(d)</sup> | 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 <br> obligations but may be called upon to satisfy the issuer's obligations. No concentration of any single entity was greater than 5% each.<br>|

---

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

See accompanying notes which are an integral part of this schedule.

------

Schedule of Investments

**Invesco BulletShares 2028 Municipal Bond ETF (BSMS)**

November 30, 2025

*(Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Municipal Obligations-97.32%** |  |  |  |  |
| **Alabama-0.40%** |  |  |  |  |
| Alabama (State of) Federal Aid Highway Finance Authority, Series 2025 B, Ref. RB | 5.00% | 09/01/2028 | $40 | &nbsp;&nbsp; $42654 |
| Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB | 5.00% | 11/01/2028 | 270 | &nbsp;&nbsp; 288514 |
| Auburn University, Series 2018 A, RB | 5.00% | 06/01/2043 | 50 | &nbsp;&nbsp; 51334 |
| Auburn University, Series 2018 A, RB | 5.00% | 06/01/2048 | 55 | &nbsp;&nbsp; 56089 |
| Birmingham (City of) & Jefferson (County of), AL Civic Center Authority, Series 2018 A, RB | 5.00% | 07/01/2048 | 5 | &nbsp;&nbsp; 5043 |
| Birmingham (City of) & Jefferson (County of), AL Civic Center Authority, Series 2018 B, RB | 5.00% | 07/01/2043 | 300 | &nbsp;&nbsp; 303357 |
| Jefferson (County of), AL, Series 2024, Ref. RB | 5.00% | 10/01/2028 | 120 | &nbsp;&nbsp; 126876 |
| Jefferson County Board of Education, Series 2018, Revenue Wts. | 5.00% | 02/01/2046 | 100 | &nbsp;&nbsp; 101265 |
|  |  |  |  | &nbsp;&nbsp; 975132 |
| **Alaska-0.07%** |  |  |  |  |
| North Slope (Borough of), AK, Series 2022 A, GO Bonds | 5.00% | 06/30/2028 | 150 | &nbsp;&nbsp; 159121 |
| **Arizona-1.48%** |  |  |  |  |
| Arizona (State of), Series 2019 A, Ref. COP<sup>(a)</sup> | 5.00% | 10/01/2028 | 5 | &nbsp;&nbsp; 5345 |
| Arizona (State of) Department of Transportation, Series 2023, RB | 5.00% | 07/01/2028 | 150 | &nbsp;&nbsp; 159246 |
| &nbsp;&nbsp;&nbsp; Arizona (State of) Industrial Development Authority (Equitable School Revolving Fund), Series 2019, <br> RB<br>| 5.00% | 11/01/2044 | 10 | &nbsp;&nbsp; 10073 |
| &nbsp;&nbsp;&nbsp; Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), <br> Series 2016, Ref. RB<br>| 5.00% | 01/01/2028 | 20 | &nbsp;&nbsp; 20935 |
| &nbsp;&nbsp;&nbsp; Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), <br> Series 2017 A, RB<br>| 4.00% | 01/01/2041 | 50 | &nbsp;&nbsp; 48619 |
| &nbsp;&nbsp;&nbsp; Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), <br> Series 2017 A, RB<br>| 5.00% | 01/01/2041 | 250 | &nbsp;&nbsp; 256908 |
| Maricopa (County of), AZ Industrial Development Authority (HonorHealth), Series 2019 A, Ref. RB | 5.00% | 09/01/2036 | 5 | &nbsp;&nbsp; 5217 |
| Maricopa (County of), AZ Industrial Development Authority (HonorHealth), Series 2019 A, Ref. RB | 5.00% | 09/01/2037 | 150 | &nbsp;&nbsp; 156056 |
| Maricopa (County of), AZ Special Health Care District, Series 2021 D, GO Bonds | 5.00% | 07/01/2028 | 50 | &nbsp;&nbsp; 52928 |
| &nbsp;&nbsp;&nbsp; Maricopa (County of), AZ Special Health Care District (Maricopa Integrated Health), Series 2018 C, GO <br> Bonds<br>| 5.00% | 07/01/2028 | 150 | &nbsp;&nbsp; 158783 |
| &nbsp;&nbsp;&nbsp; Maricopa (County of), AZ Special Health Care District (Maricopa Integrated Health), Series 2018 C, GO <br> Bonds<br>| 5.00% | 07/01/2030 | 60 | &nbsp;&nbsp; 63553 |
| &nbsp;&nbsp;&nbsp; Maricopa (County of), AZ Special Health Care District (Maricopa Integrated Health), Series 2018 C, GO <br> Bonds<br>| 5.00% | 07/01/2031 | 155 | &nbsp;&nbsp; 164170 |
| &nbsp;&nbsp;&nbsp; Maricopa (County of), AZ Special Health Care District (Maricopa Integrated Health), Series 2018, GO <br> Bonds<br>| 5.00% | 07/01/2032 | 65 | &nbsp;&nbsp; 68690 |
| &nbsp;&nbsp;&nbsp; Maricopa (County of), AZ Special Health Care District (Maricopa Integrated Health), Series 2018, GO <br> Bonds<br>| 5.00% | 07/01/2033 | 100 | &nbsp;&nbsp; 105450 |
| &nbsp;&nbsp;&nbsp; Maricopa (County of), AZ Special Health Care District (Maricopa Integrated Health), Series 2018, GO <br> Bonds<br>| 5.00% | 07/01/2034 | 495 | &nbsp;&nbsp; 520991 |
| &nbsp;&nbsp;&nbsp; Maricopa (County of), AZ Special Health Care District (Maricopa Integrated Health), Series 2018, GO <br> Bonds<br>| 5.00% | 07/01/2035 | 45 | &nbsp;&nbsp; 47270 |
| &nbsp;&nbsp;&nbsp; Maricopa (County of), AZ Special Health Care District (Maricopa Integrated Health), Series 2018, GO <br> Bonds<br>| 5.00% | 07/01/2036 | 50 | &nbsp;&nbsp; 52386 |
| Mesa (City of), AZ, Series 2014, Ref. RB | 3.00% | 07/01/2028 | 30 | &nbsp;&nbsp; 29827 |
| &nbsp;&nbsp;&nbsp; Phoenix (City of), AZ Industrial Development Authority (Downtown Phoenix Student Housing, LLC- <br> Arizona State University), Series 2018, Ref. RB<br>| 5.00% | 07/01/2037 | 80 | &nbsp;&nbsp; 80889 |
| Phoenix Civic Improvement Corp., Series 2017, Ref. RB | 5.00% | 07/01/2028 | 45 | &nbsp;&nbsp; 46614 |
| Salt River Project Agricultural Improvement & Power District, Series 2016 A, Ref. RB | 5.00% | 01/01/2028 | 35 | &nbsp;&nbsp; 35936 |
| Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB | 5.00% | 01/01/2028 | 125 | &nbsp;&nbsp; 131390 |
| Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB | 5.00% | 01/01/2030 | 185 | &nbsp;&nbsp; 194497 |
| Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB | 5.00% | 01/01/2031 | 15 | &nbsp;&nbsp; 15758 |
| Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB | 5.00% | 01/01/2032 | 15 | &nbsp;&nbsp; 15744 |
| Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB | 5.00% | 01/01/2033 | 195 | &nbsp;&nbsp; 204355 |
| Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB | 5.00% | 01/01/2034 | 65 | &nbsp;&nbsp; 68012 |
| Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB | 5.00% | 01/01/2035 | 35 | &nbsp;&nbsp; 36583 |
| Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB | 5.00% | 01/01/2036 | 175 | &nbsp;&nbsp; 182524 |
| Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB | 5.00% | 01/01/2037 | 425 | &nbsp;&nbsp; 442020 |
| Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB | 5.00% | 01/01/2038 | 35 | &nbsp;&nbsp; 36300 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Arizona-(continued)** |  |  |  |  |
| Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB | 5.00% | 01/01/2039 | $115 | &nbsp;&nbsp; $119059 |
| Salt River Project Agricultural Improvement & Power District, Series 2021 A, Ref. RB | 5.00% | 01/01/2028 | 25 | &nbsp;&nbsp; 26278 |
|  |  |  |  | &nbsp;&nbsp; 3562406 |
| **Arkansas-0.07%** |  |  |  |  |
| Fort Smith (City of), AR, Series 2018, Ref. RB | 5.00% | 10/01/2033 | 65 | &nbsp;&nbsp; 67934 |
| Fort Smith (City of), AR, Series 2018, Ref. RB | 5.00% | 10/01/2034 | 90 | &nbsp;&nbsp; 93857 |
| Little Rock (City of), AR, Series 2022 A, GO Bonds | 3.88% | 02/01/2043 | 15 | &nbsp;&nbsp; 14995 |
|  |  |  |  | &nbsp;&nbsp; 176786 |
| **California-15.40%** |  |  |  |  |
| Alameda (County of), CA Joint Powers Authority (Highland Hospital Project), Series 2023, Ref. RB | 5.00% | 12/01/2028 | 20 | &nbsp;&nbsp; 21609 |
| Bay Area Toll Authority, Series 2023 F-1, RB | 5.00% | 04/01/2028 | 130 | &nbsp;&nbsp; 138590 |
| Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB | 5.00% | 04/01/2028 | 80 | &nbsp;&nbsp; 85248 |
| Brentwood Union School District (Election of 2016), Series 2018, GO Bonds | 4.00% | 08/01/2048 | 190 | &nbsp;&nbsp; 186092 |
| Cabrillo Unified School District (Election of 2018), Series 2020 B, GO Bonds | 5.00% | 08/01/2050 | 75 | &nbsp;&nbsp; 76839 |
| California (State of), Series 2003, GO Bonds, (INS - AMBAC)<sup>(b)</sup> | 5.00% | 02/01/2028 | 25 | &nbsp;&nbsp; 26415 |
| California (State of), Series 2013, Ref. GO Bonds | 3.25% | 10/01/2028 | 20 | &nbsp;&nbsp; 20006 |
| California (State of), Series 2017, GO Bonds | 5.00% | 08/01/2028 | 25 | &nbsp;&nbsp; 26068 |
| California (State of), Series 2017, Ref. GO Bonds | 5.00% | 08/01/2028 | 115 | &nbsp;&nbsp; 119913 |
| California (State of), Series 2017, Ref. GO Bonds | 5.00% | 08/01/2028 | 60 | &nbsp;&nbsp; 62564 |
| California (State of), Series 2017, Ref. GO Bonds | 5.00% | 11/01/2028 | 270 | &nbsp;&nbsp; 283250 |
| California (State of), Series 2018, GO Bonds | 5.00% | 10/01/2028 | 195 | &nbsp;&nbsp; 209378 |
| California (State of), Series 2018, GO Bonds | 5.00% | 10/01/2030 | 600 | &nbsp;&nbsp; 643407 |
| California (State of), Series 2018, Ref. GO Bonds | 5.00% | 08/01/2028 | 360 | &nbsp;&nbsp; 385006 |
| California (State of), Series 2018, Ref. GO Bonds | 5.00% | 08/01/2030 | 100 | &nbsp;&nbsp; 106810 |
| California (State of), Series 2018, Ref. GO Bonds | 5.00% | 08/01/2036 | 70 | &nbsp;&nbsp; 73978 |
| California (State of), Series 2018, Ref. GO Bonds | 5.00% | 08/01/2037 | 25 | &nbsp;&nbsp; 26326 |
| California (State of), Series 2019, GO Bonds | 5.00% | 11/01/2028 | 225 | &nbsp;&nbsp; 242072 |
| California (State of), Series 2019, GO Bonds | 5.00% | 11/01/2031 | 145 | &nbsp;&nbsp; 155637 |
| California (State of), Series 2019, GO Bonds | 5.00% | 11/01/2032 | 270 | &nbsp;&nbsp; 289297 |
| California (State of), Series 2019, Ref. GO Bonds | 5.00% | 04/01/2028 | 385 | &nbsp;&nbsp; 408446 |
| California (State of), Series 2019, Ref. GO Bonds | 5.00% | 04/01/2028 | 575 | &nbsp;&nbsp; 610017 |
| California (State of), Series 2019, Ref. GO Bonds | 5.00% | 10/01/2028 | 145 | &nbsp;&nbsp; 155691 |
| California (State of), Series 2019, Ref. GO Bonds | 5.00% | 11/01/2034 | 260 | &nbsp;&nbsp; 277674 |
| California (State of), Series 2019, Ref. GO Bonds | 5.00% | 11/01/2036 | 580 | &nbsp;&nbsp; 615462 |
| California (State of), Series 2019, Ref. GO Bonds | 5.00% | 11/01/2037 | 200 | &nbsp;&nbsp; 211399 |
| California (State of), Series 2019, Ref. GO Bonds | 5.00% | 11/01/2039 | 60 | &nbsp;&nbsp; 63094 |
| California (State of), Series 2020, GO Bonds | 3.00% | 03/01/2028 | 15 | &nbsp;&nbsp; 15158 |
| California (State of), Series 2020, GO Bonds | 4.00% | 03/01/2028 | 10 | &nbsp;&nbsp; 10365 |
| California (State of), Series 2020, Ref. GO Bonds | 5.00% | 11/01/2028 | 520 | &nbsp;&nbsp; 559455 |
| California (State of), Series 2020, Ref. GO Bonds | 5.00% | 11/01/2028 | 200 | &nbsp;&nbsp; 215175 |
| California (State of), Series 2021 B, Ref. GO Bonds | 5.00% | 10/01/2028 | 225 | &nbsp;&nbsp; 241589 |
| California (State of), Series 2021, Ref. GO Bonds | 5.00% | 09/01/2028 | 165 | &nbsp;&nbsp; 176813 |
| California (State of), Series 2021, Ref. GO Bonds | 5.00% | 10/01/2028 | 175 | &nbsp;&nbsp; 187903 |
| California (State of), Series 2021, Ref. GO Bonds | 5.00% | 12/01/2028 | 355 | &nbsp;&nbsp; 382698 |
| California (State of), Series 2022, GO Bonds | 5.00% | 04/01/2028 | 270 | &nbsp;&nbsp; 286443 |
| California (State of), Series 2022, Ref. GO Bonds | 4.00% | 09/01/2028 | 80 | &nbsp;&nbsp; 83564 |
| California (State of), Series 2022, Ref. GO Bonds | 5.00% | 11/01/2028 | 315 | &nbsp;&nbsp; 338900 |
| California (State of), Series 2022, Ref. GO Bonds | 5.00% | 04/01/2035 | 550 | &nbsp;&nbsp; 586649 |
| California (State of), Series 2023 A, Ref. GO Bonds | 5.00% | 09/01/2028 | 30 | &nbsp;&nbsp; 32148 |
| California (State of), Series 2023, GO Bonds | 5.00% | 10/01/2028 | 85 | &nbsp;&nbsp; 91267 |
| California (State of), Series 2023, Ref. GO Bonds | 5.00% | 09/01/2028 | 80 | &nbsp;&nbsp; 85727 |
| California (State of), Series 2024, GO Bonds | 5.00% | 08/01/2028 | 265 | &nbsp;&nbsp; 283407 |
| California (State of), Series 2024, GO Bonds | 5.00% | 09/01/2028 | 80 | &nbsp;&nbsp; 85727 |
| California (State of), Series 2024, Ref. GO Bonds | 5.00% | 08/01/2028 | 160 | &nbsp;&nbsp; 171114 |
| California (State of), Series 2025, GO Bonds | 5.00% | 03/01/2028 | 45 | &nbsp;&nbsp; 47644 |
| California (State of) (Bid Group A), Series 2018, GO Bonds | 5.00% | 10/01/2048 | 250 | &nbsp;&nbsp; 257361 |
| California (State of) (Green Bonds), Series 2014, GO Bonds | 3.00% | 10/01/2028 | 10 | &nbsp;&nbsp; 10001 |
| &nbsp;&nbsp;&nbsp; California (State of) Community College Financing Authority (NCCD - Orange Coast Properties LLC - <br> Orange Coast College), Series 2018, RB<br>| 5.25% | 05/01/2043 | 100 | &nbsp;&nbsp; 101846 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; California (State of) Community College Financing Authority (NCCD - Orange Coast Properties LLC - <br> Orange Coast College), Series 2018, RB<br>| 5.25% | 05/01/2053 | $20 | &nbsp;&nbsp; $20194 |
| California (State of) Department of Water Resources, Series 2019 BA, RB | 5.00% | 12/01/2028 | 55 | &nbsp;&nbsp; 59708 |
| California (State of) Department of Water Resources (Central Valley), Series 2018, Ref. RB | 5.00% | 12/01/2028 | 95 | &nbsp;&nbsp; 103132 |
| California (State of) Department of Water Resources (Central Valley), Series 2020 BB, Ref. RB | 5.00% | 12/01/2028 | 80 | &nbsp;&nbsp; 86848 |
| California (State of) Department of Water Resources (Central Valley), Series 2021, RB | 5.00% | 12/01/2028 | 65 | &nbsp;&nbsp; 70564 |
| California (State of) Department of Water Resources (Central Valley), Series 2025 BG, RB | 5.00% | 12/01/2028 | 15 | &nbsp;&nbsp; 16284 |
| California (State of) Educational Facilities Authority (University of San Francisco), Series 2018 A, RB | 5.00% | 10/01/2048 | 60 | &nbsp;&nbsp; 60420 |
| California (State of) Health Facilities Financing Authority (Adventist Health System), Series 2024, RB | 5.00% | 12/01/2028 | 150 | &nbsp;&nbsp; 158264 |
| &nbsp;&nbsp;&nbsp; California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. <br> RB<br>| 5.00% | 11/15/2028 | 15 | &nbsp;&nbsp; 15781 |
| &nbsp;&nbsp;&nbsp; California (State of) Infrastructure & Economic Development Bank (Bay Area Toll Bridges), <br> Series 2003 A, RB<sup>(a)(c)</sup><br>| 5.00% | 01/01/2028 | 115 | &nbsp;&nbsp; 121480 |
| &nbsp;&nbsp;&nbsp; California (State of) Infrastructure & Economic Development Bank (Bay Area Toll Bridges), <br> Series 2003 A, RB<sup>(a)(c)</sup><br>| 5.00% | 01/01/2028 | 175 | &nbsp;&nbsp; 184861 |
| &nbsp;&nbsp;&nbsp; California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) <br> (Green Bonds), Series 2018, RB<br>| 5.00% | 10/01/2028 | 95 | &nbsp;&nbsp; 101355 |
| &nbsp;&nbsp;&nbsp; California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) <br> (Green Bonds), Series 2018, RB<br>| 5.00% | 10/01/2029 | 150 | &nbsp;&nbsp; 160055 |
| &nbsp;&nbsp;&nbsp; California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) <br> (Green Bonds), Series 2018, RB<br>| 5.00% | 10/01/2030 | 70 | &nbsp;&nbsp; 74713 |
| &nbsp;&nbsp;&nbsp; California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) <br> (Green Bonds), Series 2018, RB<br>| 5.00% | 10/01/2031 | 100 | &nbsp;&nbsp; 106697 |
| &nbsp;&nbsp;&nbsp; California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) <br> (Green Bonds), Series 2018, RB<br>| 5.00% | 10/01/2032 | 55 | &nbsp;&nbsp; 58523 |
| &nbsp;&nbsp;&nbsp; California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) <br> (Green Bonds), Series 2018, RB<br>| 5.00% | 10/01/2033 | 55 | &nbsp;&nbsp; 58421 |
| &nbsp;&nbsp;&nbsp; California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) <br> (Green Bonds), Series 2018, RB<br>| 5.00% | 10/01/2034 | 10 | &nbsp;&nbsp; 10612 |
| &nbsp;&nbsp;&nbsp; California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) <br> (Green Bonds), Series 2018, RB<br>| 5.00% | 10/01/2035 | 115 | &nbsp;&nbsp; 121794 |
| &nbsp;&nbsp;&nbsp; California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) <br> (Green Bonds), Series 2023, RB<br>| 5.00% | 10/01/2028 | 10 | &nbsp;&nbsp; 10806 |
| &nbsp;&nbsp;&nbsp; California (State of) Infrastructure & Economic Development Bank (Segerstrom Center for the Arts), <br> Series 2017, Ref. RB<br>| 5.00% | 01/01/2028 | 310 | &nbsp;&nbsp; 325139 |
| &nbsp;&nbsp;&nbsp; California (State of) Infrastructure & Economic Development Bank (The Broad) (Green Bonds), <br> Series 2021, Ref. RB<br>| 5.00% | 06/01/2028 | 105 | &nbsp;&nbsp; 112509 |
| &nbsp;&nbsp;&nbsp; California (State of) Infrastructure & Economic Development Bank (The J. Paul Getty Trust), <br> Series 2023, Ref. RB<br>| 5.00% | 04/01/2028 | 15 | &nbsp;&nbsp; 15998 |
| &nbsp;&nbsp;&nbsp; California (State of) Infrastructure & Economic Development Bank (UCSF 2130 Third Street), <br> Series 2017, RB<br>| 5.00% | 05/15/2042 | 245 | &nbsp;&nbsp; 253434 |
| &nbsp;&nbsp;&nbsp; California (State of) Infrastructure & Economic Development Bank (UCSF 2130 Third Street), <br> Series 2017, RB<br>| 5.00% | 05/15/2047 | 165 | &nbsp;&nbsp; 168918 |
| California (State of) Municipal Finance Authority (Emerson College), Series 2017 B, Ref. RB | 5.00% | 01/01/2042 | 150 | &nbsp;&nbsp; 150454 |
| &nbsp;&nbsp;&nbsp; California (State of) Municipal Finance Authority (Orange County Civic Center Infrastructure <br> Improvement Program - Phase II), Series 2018 A, RB<br>| 5.00% | 06/01/2048 | 240 | &nbsp;&nbsp; 243955 |
| &nbsp;&nbsp;&nbsp; California (State of) Municipal Finance Authority (Orange County Civic Center Infrastructure <br> Improvement Program - Phase II), Series 2018, RB<br>| 5.00% | 06/01/2043 | 115 | &nbsp;&nbsp; 118261 |
| California (State of) Public Finance Authority (Sharp Healthcare), Series 2024, Ref. RB | 5.00% | 08/01/2028 | 30 | &nbsp;&nbsp; 32197 |
| California (State of) Public Works Board, Series 2021 A, Ref. RB | 5.00% | 02/01/2028 | 20 | &nbsp;&nbsp; 21115 |
| California (State of) Public Works Board, Series 2022 A, Ref. RB | 5.00% | 08/01/2028 | 220 | &nbsp;&nbsp; 235046 |
| California (State of) Public Works Board, Series 2022 C, Ref. RB | 5.00% | 08/01/2028 | 60 | &nbsp;&nbsp; 64103 |
| California (State of) Public Works Board (Various Capital), Series 2017 B, Ref. RB | 5.00% | 10/01/2028 | 140 | &nbsp;&nbsp; 146496 |
| California (State of) Public Works Board (Various Capital), Series 2019 C, RB | 5.00% | 11/01/2028 | 150 | &nbsp;&nbsp; 161205 |
| California (State of) Public Works Board (Various Capital), Series 2023 B, Ref. RB | 5.00% | 12/01/2028 | 255 | &nbsp;&nbsp; 274588 |
| California (State of) Public Works Board (Various Capital), Series 2023, Ref. RB | 5.00% | 09/01/2028 | 230 | &nbsp;&nbsp; 246212 |
| &nbsp;&nbsp;&nbsp; California (State of) Statewide Communities Development Authority (Methodist Hospital of Southern <br> California), Series 2018, RB<br>| 5.00% | 01/01/2038 | 25 | &nbsp;&nbsp; 25908 |
| &nbsp;&nbsp;&nbsp; California (State of) Statewide Communities Development Authority (Methodist Hospital of Southern <br> California), Series 2018, RB<br>| 5.00% | 01/01/2043 | 10 | &nbsp;&nbsp; 10236 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; California (State of) Statewide Communities Development Authority (Methodist Hospital of Southern <br> California), Series 2018, RB<br>| 4.38% | 01/01/2048 | $30 | &nbsp;&nbsp; $29826 |
| &nbsp;&nbsp;&nbsp; California (State of) Statewide Communities Development Authority (Methodist Hospital of Southern <br> California), Series 2018, RB<br>| 5.00% | 01/01/2048 | 265 | &nbsp;&nbsp; 269035 |
| California State University, Series 2018 A, Ref. RB | 5.00% | 11/01/2034 | 200 | &nbsp;&nbsp; 214587 |
| California State University, Series 2018 A, Ref. RB | 5.00% | 11/01/2036 | 150 | &nbsp;&nbsp; 159996 |
| California State University, Series 2018 A, Ref. RB | 5.00% | 11/01/2038 | 20 | &nbsp;&nbsp; 21150 |
| California State University, Series 2018 A, Ref. RB | 5.00% | 11/01/2043 | 220 | &nbsp;&nbsp; 228421 |
| California State University, Series 2018 A, Ref. RB | 5.00% | 11/01/2048 | 150 | &nbsp;&nbsp; 154001 |
| Chaffey Community College District, Series 2019 A, GO Bonds<sup>(a)(c)</sup> | 3.00% | 06/01/2028 | 15 | &nbsp;&nbsp; 15224 |
| Chaffey Community College District (Election of 2018), Series 2019 A, GO Bonds<sup>(a)(c)</sup> | 4.00% | 06/01/2028 | 160 | &nbsp;&nbsp; 166331 |
| Chaffey Community College District (Election of 2018), Series 2019 A, GO Bonds<sup>(a)(c)</sup> | 5.00% | 06/01/2028 | 150 | &nbsp;&nbsp; 159556 |
| Chaffey Joint Union High School District, Series 2019 D, GO Bonds | 4.00% | 08/01/2049 | 75 | &nbsp;&nbsp; 72154 |
| Contra Costa (County of), CA Transportation Authority, Series 2018 B, Ref. RB | 5.00% | 03/01/2028 | 125 | &nbsp;&nbsp; 129261 |
| East Bay Municipal Utility District, Series 2017 B, Ref. RB | 5.00% | 06/01/2028 | 25 | &nbsp;&nbsp; 26080 |
| East Side Union High School District, Series 2024 A, Ref. GO Bonds, (INS - AGI)<sup>(b)</sup> | 5.00% | 08/01/2028 | 25 | &nbsp;&nbsp; 26824 |
| El Camino Community College District Fountation (The) (Election of 2012), Series 2018 B, GO Bonds | 5.00% | 08/01/2048 | 155 | &nbsp;&nbsp; 158755 |
| Grossmont-Cuyamaca Community College District (Election of 2012), Series 2018 B, GO Bonds | 5.00% | 08/01/2044 | 5 | &nbsp;&nbsp; 5166 |
| Grossmont-Cuyamaca Community College District (Election of 2012), Series 2018 B, GO Bonds | 4.00% | 08/01/2047 | 25 | &nbsp;&nbsp; 24591 |
| Hartnell Community College District, Series 2020 B, GO Bonds | 3.00% | 08/01/2045 | 75 | &nbsp;&nbsp; 61007 |
| Hayward Unified School District, Series 2019 A, GO Bonds, (INS - BAM)<sup>(b)</sup> | 5.00% | 08/01/2044 | 120 | &nbsp;&nbsp; 123572 |
| Long Beach (City of), CA Bond Finance Authority, Series 2007 A, RB | 5.50% | 11/15/2028 | 5 | &nbsp;&nbsp; 5356 |
| Long Beach Community College District, Series 2019 C, GO Bonds | 4.00% | 08/01/2049 | 150 | &nbsp;&nbsp; 144092 |
| Los Angeles (City of), CA, Series 2018 A, RB | 5.00% | 06/01/2048 | 400 | &nbsp;&nbsp; 410285 |
| Los Angeles (City of), CA, Series 2018 B, Ref. RB | 5.00% | 06/01/2028 | 70 | &nbsp;&nbsp; 75024 |
| Los Angeles (City of), CA, Series 2022 C, Ref. RB | 5.00% | 06/01/2028 | 370 | &nbsp;&nbsp; 396556 |
| Los Angeles (City of), CA Department of Airports, Series 2019 C, Ref. RB | 5.00% | 05/15/2028 | 65 | &nbsp;&nbsp; 69518 |
| Los Angeles (City of), CA Department of Airports, Series 2020 B, Ref. RB | 5.00% | 05/15/2028 | 5 | &nbsp;&nbsp; 5348 |
| &nbsp;&nbsp;&nbsp; Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2019 E, <br> RB<br>| 5.00% | 05/15/2044 | 185 | &nbsp;&nbsp; 191846 |
| &nbsp;&nbsp;&nbsp; Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2019 E, <br> RB<br>| 5.00% | 05/15/2049 | 290 | &nbsp;&nbsp; 296739 |
| &nbsp;&nbsp;&nbsp; Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2020, <br> Ref. RB<br>| 5.00% | 05/15/2028 | 80 | &nbsp;&nbsp; 85561 |
| Los Angeles (City of), CA Department of Water & Power, Series 2018 A, Ref. RB | 5.00% | 07/01/2028 | 195 | &nbsp;&nbsp; 203943 |
| Los Angeles (City of), CA Department of Water & Power, Series 2018 A, Ref. RB | 5.00% | 07/01/2029 | 5 | &nbsp;&nbsp; 5229 |
| Los Angeles (City of), CA Department of Water & Power, Series 2018 A, Ref. RB | 5.00% | 07/01/2030 | 110 | &nbsp;&nbsp; 114949 |
| Los Angeles (City of), CA Department of Water & Power, Series 2018 A, Ref. RB | 5.00% | 07/01/2031 | 100 | &nbsp;&nbsp; 104275 |
| Los Angeles (City of), CA Department of Water & Power, Series 2018 A, Ref. RB | 5.00% | 07/01/2032 | 100 | &nbsp;&nbsp; 104207 |
| Los Angeles (City of), CA Department of Water & Power, Series 2018 A, Ref. RB | 5.00% | 07/01/2033 | 135 | &nbsp;&nbsp; 140528 |
| Los Angeles (City of), CA Department of Water & Power, Series 2018 A, Ref. RB | 5.00% | 07/01/2034 | 30 | &nbsp;&nbsp; 31199 |
| Los Angeles (City of), CA Department of Water & Power, Series 2018 A, Ref. RB | 5.00% | 07/01/2036 | 5 | &nbsp;&nbsp; 5181 |
| Los Angeles (City of), CA Department of Water & Power, Series 2018 A, Ref. RB | 5.00% | 07/01/2037 | 215 | &nbsp;&nbsp; 222569 |
| Los Angeles (City of), CA Department of Water & Power, Series 2018 A, Ref. RB | 5.00% | 07/01/2038 | 190 | &nbsp;&nbsp; 196003 |
| Los Angeles (City of), CA Department of Water & Power, Series 2018 B, Ref. RB | 5.00% | 07/01/2031 | 180 | &nbsp;&nbsp; 189477 |
| Los Angeles (City of), CA Department of Water & Power, Series 2018 B, Ref. RB | 5.00% | 07/01/2032 | 5 | &nbsp;&nbsp; 5259 |
| Los Angeles (City of), CA Department of Water & Power, Series 2018 B, Ref. RB | 5.00% | 07/01/2033 | 185 | &nbsp;&nbsp; 194326 |
| Los Angeles (City of), CA Department of Water & Power, Series 2018 B, Ref. RB | 5.00% | 07/01/2035 | 65 | &nbsp;&nbsp; 68103 |
| Los Angeles (City of), CA Department of Water & Power, Series 2018 B, Ref. RB | 5.00% | 07/01/2036 | 110 | &nbsp;&nbsp; 114887 |
| Los Angeles (City of), CA Department of Water & Power, Series 2018 B, Ref. RB | 5.00% | 07/01/2037 | 270 | &nbsp;&nbsp; 281695 |
| Los Angeles (City of), CA Department of Water & Power, Series 2018 B, Ref. RB | 5.00% | 07/01/2043 | 420 | &nbsp;&nbsp; 430047 |
| Los Angeles (City of), CA Department of Water & Power, Series 2018 D, Ref. RB | 5.00% | 07/01/2033 | 95 | &nbsp;&nbsp; 99789 |
| Los Angeles (City of), CA Department of Water & Power, Series 2018 D, Ref. RB | 5.00% | 07/01/2034 | 145 | &nbsp;&nbsp; 152133 |
| Los Angeles (City of), CA Department of Water & Power, Series 2018 D, Ref. RB | 5.00% | 07/01/2035 | 115 | &nbsp;&nbsp; 120490 |
| Los Angeles (City of), CA Department of Water & Power, Series 2018 D, Ref. RB | 5.00% | 07/01/2036 | 20 | &nbsp;&nbsp; 20889 |
| Los Angeles (City of), CA Department of Water & Power, Series 2018 D, Ref. RB | 5.00% | 07/01/2037 | 260 | &nbsp;&nbsp; 271262 |
| Los Angeles (City of), CA Department of Water & Power, Series 2018 D, Ref. RB | 5.00% | 07/01/2038 | 20 | &nbsp;&nbsp; 20777 |
| Los Angeles (City of), CA Department of Water & Power, Series 2018 D, Ref. RB | 5.00% | 07/01/2039 | 125 | &nbsp;&nbsp; 129505 |
| Los Angeles (City of), CA Department of Water & Power, Series 2020 A, Ref. RB | 5.00% | 07/01/2028 | 25 | &nbsp;&nbsp; 26412 |
| Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB | 4.00% | 07/01/2028 | 100 | &nbsp;&nbsp; 102970 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB | 5.00% | 07/01/2028 | $35 | &nbsp;&nbsp; $36977 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 E, Ref. RB | 5.00% | 07/01/2028 | 40 | &nbsp;&nbsp; 42260 |
| Los Angeles (City of), CA Department of Water & Power, Series 2023 A, Ref. RB | 5.00% | 07/01/2028 | 5 | &nbsp;&nbsp; 5282 |
| Los Angeles (City of), CA Department of Water & Power, Series 2023 A, Ref. RB | 5.00% | 07/01/2028 | 25 | &nbsp;&nbsp; 26412 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 E, Ref. RB | 5.00% | 07/01/2028 | 105 | &nbsp;&nbsp; 110932 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2017 A, RB | 5.00% | 07/01/2028 | 45 | &nbsp;&nbsp; 46986 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2019 B, RB | 5.00% | 07/01/2032 | 85 | &nbsp;&nbsp; 90990 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2019 B, RB | 5.00% | 07/01/2033 | 245 | &nbsp;&nbsp; 261764 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2019 B, RB | 5.00% | 07/01/2034 | 80 | &nbsp;&nbsp; 85345 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB | 5.00% | 06/01/2028 | 50 | &nbsp;&nbsp; 53589 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB | 5.00% | 07/01/2028 | 50 | &nbsp;&nbsp; 53706 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB | 5.00% | 07/01/2030 | 80 | &nbsp;&nbsp; 85846 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB | 5.00% | 07/01/2031 | 315 | &nbsp;&nbsp; 337751 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB | 5.00% | 07/01/2037 | 60 | &nbsp;&nbsp; 63562 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB | 5.00% | 07/01/2038 | 75 | &nbsp;&nbsp; 79258 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB | 5.00% | 07/01/2039 | 85 | &nbsp;&nbsp; 89743 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB | 5.00% | 07/01/2044 | 475 | &nbsp;&nbsp; 494337 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 B, RB | 5.00% | 07/01/2035 | 25 | &nbsp;&nbsp; 26633 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020, RB | 5.00% | 06/01/2028 | 565 | &nbsp;&nbsp; 604408 |
| &nbsp;&nbsp;&nbsp; Los Angeles (County of), CA Metropolitan Transportation Authority (Senior Bonds), Series 2023, Ref. <br> RB<br>| 5.00% | 07/01/2028 | 45 | &nbsp;&nbsp; 48335 |
| Los Angeles Community College District, Series 2024, GO Bonds | 5.00% | 08/01/2028 | 30 | &nbsp;&nbsp; 32237 |
| Los Angeles Community College District (Election of 2016), Series 2023 D, GO Bonds | 5.00% | 08/01/2028 | 95 | &nbsp;&nbsp; 102084 |
| Los Angeles Community College District (Election of 2016), Series 2024 E, GO Bonds | 5.00% | 08/01/2028 | 50 | &nbsp;&nbsp; 53729 |
| &nbsp;&nbsp;&nbsp; Los Angeles County Facilities, Inc. (Vermont Corridor County Administration Building), Series 2018 A, <br> RB<br>| 5.00% | 12/01/2043 | 150 | &nbsp;&nbsp; 156032 |
| &nbsp;&nbsp;&nbsp; Los Angeles County Facilities, Inc. (Vermont Corridor County Administration Building), Series 2018 A, <br> RB<br>| 5.00% | 12/01/2051 | 30 | &nbsp;&nbsp; 30807 |
| Los Angeles Unified School District, Series 2019 A, Ref. GO Bonds | 5.00% | 07/01/2028 | 120 | &nbsp;&nbsp; 128894 |
| Los Angeles Unified School District, Series 2020 A, Ref. GO Bonds | 5.00% | 07/01/2028 | 220 | &nbsp;&nbsp; 236305 |
| Los Angeles Unified School District, Series 2020 C, GO Bonds | 5.00% | 07/01/2028 | 205 | &nbsp;&nbsp; 220193 |
| Los Angeles Unified School District, Series 2020 RYQ, GO Bonds | 5.00% | 07/01/2028 | 105 | &nbsp;&nbsp; 112782 |
| Los Angeles Unified School District, Series 2021 A, Ref. GO Bonds | 5.00% | 07/01/2028 | 120 | &nbsp;&nbsp; 128894 |
| Los Angeles Unified School District, Series 2024 A, Ref. GO Bonds | 5.00% | 07/01/2028 | 165 | &nbsp;&nbsp; 177229 |
| Los Angeles Unified School District (Election of 2005), Series 2018 M, GO Bonds | 5.25% | 07/01/2042 | 35 | &nbsp;&nbsp; 36396 |
| Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds | 5.00% | 07/01/2028 | 1035 | &nbsp;&nbsp; 1097170 |
| Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds | 5.00% | 07/01/2029 | 95 | &nbsp;&nbsp; 100425 |
| Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds | 5.00% | 07/01/2030 | 100 | &nbsp;&nbsp; 105750 |
| Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds | 5.00% | 07/01/2031 | 545 | &nbsp;&nbsp; 575785 |
| Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds | 5.00% | 07/01/2032 | 5 | &nbsp;&nbsp; 5284 |
| Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds | 5.00% | 07/01/2033 | 80 | &nbsp;&nbsp; 84372 |
| Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds | 5.00% | 07/01/2034 | 120 | &nbsp;&nbsp; 126463 |
| Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds | 5.00% | 07/01/2035 | 55 | &nbsp;&nbsp; 57885 |
| Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds | 5.00% | 07/01/2036 | 75 | &nbsp;&nbsp; 78683 |
| Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds | 5.00% | 07/01/2037 | 20 | &nbsp;&nbsp; 20926 |
| Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds | 5.00% | 07/01/2038 | 50 | &nbsp;&nbsp; 52185 |
| Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds | 5.25% | 07/01/2042 | 395 | &nbsp;&nbsp; 410750 |
| Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds, (INS - BAM)<sup>(b)</sup> | 5.00% | 07/01/2031 | 15 | &nbsp;&nbsp; 15863 |
| Los Angeles Unified School District (Green Bonds), Series 2022 QRR, GO Bonds | 5.00% | 07/01/2028 | 30 | &nbsp;&nbsp; 32223 |
| Los Angeles Unified School District (Green Bonds), Series 2023, GO Bonds | 5.00% | 07/01/2028 | 45 | &nbsp;&nbsp; 48335 |
| Los Angeles Unified School District (Green Bonds), Series 2024 QRR, GO Bonds | 5.00% | 07/01/2028 | 110 | &nbsp;&nbsp; 118153 |
| Los Rios Community College District, Series 2025, Ref. GO Bonds | 5.00% | 08/01/2028 | 20 | &nbsp;&nbsp; 21518 |
| Metropolitan Water District of Southern California, Series 2018 B, RB | 5.00% | 09/01/2028 | 180 | &nbsp;&nbsp; 193785 |
| Metropolitan Water District of Southern California, Series 2022 A, Ref. RB | 5.00% | 10/01/2028 | 100 | &nbsp;&nbsp; 108146 |
| Metropolitan Water District of Southern California, Series 2022 B, Ref. RB | 3.00% | 07/01/2028 | 175 | &nbsp;&nbsp; 177747 |
| Mountain View Shoreline Regional Park Community, Series 2018 A, RB, (INS - AGI)<sup>(b)</sup> | 5.00% | 08/01/2043 | 100 | &nbsp;&nbsp; 102716 |
| Orange (County of), CA Sanitation District, Series 2017 A, Ref. RB | 5.00% | 02/01/2028 | 20 | &nbsp;&nbsp; 20659 |
| Oxnard Union High School District, Series 2020 B, GO Bonds | 5.00% | 08/01/2045 | 75 | &nbsp;&nbsp; 77366 |
| Pasadena Unified School District (Election of 2020), Series 2023 C, GO Bonds | 5.00% | 08/01/2028 | 50 | &nbsp;&nbsp; 53648 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Pittsburg Unified School District Financing Authority (Pittsburg Unified School District Bond Program), <br> Series 2019, RB, (INS - AGI)<sup>(b)</sup><br>| 5.00% | 09/01/2047 | $25 | &nbsp;&nbsp; $25563 |
| Rancho Santiago Community College District, Series 2005, GO Bonds, (INS - AGI)<sup>(b)</sup> | 5.13% | 09/01/2028 | 70 | &nbsp;&nbsp; 75711 |
| Redwood City School District (Election of 2015), Series 2018, GO Bonds | 5.25% | 08/01/2044 | 200 | &nbsp;&nbsp; 207913 |
| Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB | 5.00% | 06/01/2028 | 115 | &nbsp;&nbsp; 121288 |
| Riverside Community College District (Election of 2024), Series 2025 A, GO Bonds | 5.00% | 08/01/2028 | 70 | &nbsp;&nbsp; 75296 |
| Roseville Natural Gas Financing Authority, Series 2007, RB | 5.00% | 02/15/2028 | 15 | &nbsp;&nbsp; 15643 |
| Sacramento (City of), CA (Convention Center Complex), Series 2018 A, RB | 5.00% | 06/01/2043 | 185 | &nbsp;&nbsp; 190513 |
| Sacramento (City of), CA Municipal Utility District, Series 2016 D, Ref. RB | 5.00% | 08/15/2028 | 160 | &nbsp;&nbsp; 172322 |
| Sacramento (City of), CA Municipal Utility District, Series 2018 F, Ref. RB | 5.00% | 08/15/2028 | 90 | &nbsp;&nbsp; 96931 |
| Sacramento (City of), CA Municipal Utility District, Series 2021 I, Ref. RB | 5.00% | 08/15/2028 | 65 | &nbsp;&nbsp; 70006 |
| Sacramento (City of), CA Municipal Utility District, Series 2022 J, Ref. RB | 5.00% | 08/15/2028 | 15 | &nbsp;&nbsp; 16155 |
| Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2020 A, Ref. RB | 5.00% | 12/01/2028 | 45 | &nbsp;&nbsp; 48756 |
| Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2021, Ref. RB | 5.00% | 12/01/2028 | 60 | &nbsp;&nbsp; 65008 |
| Sacramento Transportation Authority (Measure A), Series 2023, Ref. RB | 5.00% | 10/01/2028 | 110 | &nbsp;&nbsp; 118897 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2018 A, RB | 5.00% | 08/01/2043 | 130 | &nbsp;&nbsp; 134936 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2018 A, RB | 5.25% | 08/01/2047 | 25 | &nbsp;&nbsp; 25855 |
| San Diego (County of), CA Regional Transportation Commission, Series 2023 A, Ref. RB | 5.00% | 04/01/2028 | 40 | &nbsp;&nbsp; 42747 |
| San Diego (County of), CA Water Authority (Green Bonds), Series 2021 S-1, Ref. RB | 5.00% | 05/01/2028 | 280 | &nbsp;&nbsp; 297580 |
| San Diego Unified School District (Election of 1998), Series 2006 G-1, Ref. GO Bonds, (INS - AGI)<sup>(b)</sup> | 5.25% | 07/01/2028 | 160 | &nbsp;&nbsp; 172944 |
| San Diego Unified School District (Election of 1998), Series 2006, Ref. GO Bonds, (INS - AGI)<sup>(b)</sup> | 5.25% | 07/01/2028 | 70 | &nbsp;&nbsp; 75663 |
| San Diego Unified School District (Election of 1998), Series 2024 A, GO Bonds | 5.00% | 07/01/2028 | 25 | &nbsp;&nbsp; 26833 |
| San Diego Unified School District (Election of 1998), Series 2025, Ref. GO Bonds | 5.00% | 07/01/2028 | 90 | &nbsp;&nbsp; 96600 |
| San Diego Unified School District (Election of 2018) (Green Bonds), Series 2023, GO Bonds | 5.00% | 07/01/2028 | 140 | &nbsp;&nbsp; 150266 |
| San Francisco (City & County of), CA, Series 2020 R-1, Ref. GO Bonds | 5.00% | 06/15/2030 | 70 | &nbsp;&nbsp; 75150 |
| San Francisco (City & County of), CA, Series 2020 R-1, Ref. GO Bonds | 5.00% | 06/15/2031 | 270 | &nbsp;&nbsp; 289684 |
| San Francisco (City & County of), CA, Series 2020 R-1, Ref. GO Bonds | 4.00% | 06/15/2032 | 140 | &nbsp;&nbsp; 145203 |
| San Francisco (City & County of), CA, Series 2022, Ref. GO Bonds | 5.00% | 06/15/2028 | 20 | &nbsp;&nbsp; 21447 |
| San Francisco (City & County of), CA, Series 2024 R1, Ref. GO Bonds | 5.00% | 06/15/2028 | 30 | &nbsp;&nbsp; 32171 |
| &nbsp;&nbsp;&nbsp; San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), <br> Series 2018, RB<br>| 5.00% | 05/01/2048 | 100 | &nbsp;&nbsp; 102069 |
| &nbsp;&nbsp;&nbsp; San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), <br> Series 2019 D, Ref. RB<br>| 5.00% | 05/01/2028 | 120 | &nbsp;&nbsp; 127596 |
| &nbsp;&nbsp;&nbsp; San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), <br> Series 2022, Ref. RB<br>| 5.00% | 05/01/2028 | 10 | &nbsp;&nbsp; 10633 |
| San Francisco (City & County of), CA Public Utilities Commission, Series 2023 B, Ref. RB | 5.00% | 10/01/2028 | 5 | &nbsp;&nbsp; 5406 |
| &nbsp;&nbsp;&nbsp; San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2017 D, Ref. <br> RB<br>| 5.00% | 11/01/2028 | 95 | &nbsp;&nbsp; 100028 |
| &nbsp;&nbsp;&nbsp; San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2018 B, Ref. <br> RB<br>| 5.00% | 10/01/2043 | 150 | &nbsp;&nbsp; 154739 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023 A, RB | 5.00% | 10/01/2028 | 60 | &nbsp;&nbsp; 64870 |
| San Francisco (County of), CA Transportation Authority, Series 2017, RB | 4.00% | 02/01/2028 | 45 | &nbsp;&nbsp; 45898 |
| San Jose (City of), CA, Series 2019 C, Ref. GO Bonds | 5.00% | 09/01/2028 | 25 | &nbsp;&nbsp; 26956 |
| San Leandro Unified School District (Election of 2020), Series 2020 A, GO Bonds, (INS - BAM)<sup>(b)</sup> | 4.00% | 08/01/2043 | 55 | &nbsp;&nbsp; 54281 |
| San Lorenzo Unified School District, Series 2021, GO Bonds | 4.00% | 08/01/2047 | 80 | &nbsp;&nbsp; 78690 |
| San Mateo (City of), CA Joint Powers Financing Authority (Capital), Series 2018 A, RB | 5.00% | 07/15/2043 | 150 | &nbsp;&nbsp; 155492 |
| San Mateo County Community College District (Election of 2014), Series 2018 B, GO Bonds | 5.00% | 09/01/2045 | 185 | &nbsp;&nbsp; 191480 |
| Santa Clara (County of), CA (Election of 2008), Series 2022 D, Ref. GO Bonds | 5.00% | 08/01/2028 | 25 | &nbsp;&nbsp; 26898 |
| Santa Clara (County of), CA Financing Authority, Series 2018 A, RB | 4.00% | 04/01/2043 | 20 | &nbsp;&nbsp; 19840 |
| Santa Clara Valley Transportation Authority, Series 2023 A, Ref. RB | 5.00% | 04/01/2028 | 95 | &nbsp;&nbsp; 101434 |
| Santa Monica Community College District (Election of 2016), Series 2018 A, GO Bonds | 5.00% | 08/01/2043 | 20 | &nbsp;&nbsp; 20718 |
| Southern California Public Power Authority (No.1), Series 2007 A, RB | 5.00% | 11/01/2028 | 100 | &nbsp;&nbsp; 104164 |
| &nbsp;&nbsp;&nbsp; Southern California Public Power Authority (Southern Transmission System Renewal), Series 2023, <br> RB<br>| 5.00% | 07/01/2028 | 10 | &nbsp;&nbsp; 10593 |
| Southern California Public Power Authority (Windy), Series 2023 B, Ref. RB | 5.00% | 07/01/2028 | 5 | &nbsp;&nbsp; 5297 |
| Sweetwater Union High School District, Series 2024, Ref. GO Bonds | 5.00% | 08/01/2028 | 10 | &nbsp;&nbsp; 10730 |
| University of California, Series 2018 AZ, Ref. RB | 4.00% | 05/15/2028 | 25 | &nbsp;&nbsp; 26038 |
| University of California, Series 2018 AZ, Ref. RB | 4.00% | 05/15/2030 | 80 | &nbsp;&nbsp; 82734 |
| University of California, Series 2018 AZ, Ref. RB | 4.00% | 05/15/2031 | 35 | &nbsp;&nbsp; 36136 |
| University of California, Series 2018 AZ, Ref. RB | 5.00% | 05/15/2031 | 5 | &nbsp;&nbsp; 5330 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| University of California, Series 2018 AZ, Ref. RB | 5.00% | 05/15/2032 | $25 | &nbsp;&nbsp; $26624 |
| University of California, Series 2018 AZ, Ref. RB | 5.00% | 05/15/2033 | 50 | &nbsp;&nbsp; 53158 |
| University of California, Series 2018 AZ, Ref. RB | 5.00% | 05/15/2034 | 215 | &nbsp;&nbsp; 228261 |
| University of California, Series 2018 AZ, Ref. RB | 5.00% | 05/15/2035 | 120 | &nbsp;&nbsp; 127015 |
| University of California, Series 2018 AZ, Ref. RB | 5.00% | 05/15/2036 | 115 | &nbsp;&nbsp; 121329 |
| University of California, Series 2018 AZ, Ref. RB | 5.00% | 05/15/2037 | 65 | &nbsp;&nbsp; 68507 |
| University of California, Series 2018 AZ, Ref. RB | 5.00% | 05/15/2038 | 30 | &nbsp;&nbsp; 31554 |
| University of California, Series 2018 AZ, Ref. RB | 5.00% | 05/15/2043 | 480 | &nbsp;&nbsp; 498117 |
| University of California, Series 2018 AZ, Ref. RB | 5.00% | 05/15/2048 | 145 | &nbsp;&nbsp; 149039 |
| University of California, Series 2018 AZ, Ref. RB | 5.25% | 05/15/2058 | 565 | &nbsp;&nbsp; 578571 |
| University of California, Series 2018, Ref. RB | 5.00% | 05/15/2028 | 30 | &nbsp;&nbsp; 32063 |
| University of California, Series 2022 S, Ref. RB | 5.00% | 05/15/2028 | 5 | &nbsp;&nbsp; 5344 |
| University of California, Series 2023 BM, Ref. RB | 5.00% | 05/15/2028 | 40 | &nbsp;&nbsp; 42770 |
| University of California, Series 2023 BN, Ref. RB | 5.00% | 05/15/2028 | 225 | &nbsp;&nbsp; 240584 |
| University of California, Series 2025 BZ, Ref. RB | 5.00% | 05/15/2028 | 85 | &nbsp;&nbsp; 90887 |
| University of California (Limited), Series 2018 O, Ref. RB | 4.00% | 05/15/2030 | 35 | &nbsp;&nbsp; 36179 |
| University of California (Limited), Series 2018 O, Ref. RB | 5.00% | 05/15/2031 | 140 | &nbsp;&nbsp; 149161 |
| University of California (Limited), Series 2018 O, Ref. RB | 5.00% | 05/15/2034 | 20 | &nbsp;&nbsp; 21224 |
| University of California (Limited), Series 2018 O, Ref. RB | 5.00% | 05/15/2035 | 95 | &nbsp;&nbsp; 100507 |
| University of California (Limited), Series 2018 O, Ref. RB | 5.00% | 05/15/2036 | 100 | &nbsp;&nbsp; 105455 |
| University of California (Limited), Series 2018 O, Ref. RB | 5.00% | 05/15/2037 | 95 | &nbsp;&nbsp; 100080 |
| University of California (Limited), Series 2018 O, Ref. RB | 5.00% | 05/15/2038 | 240 | &nbsp;&nbsp; 252317 |
| University of California (Limited), Series 2018 O, Ref. RB | 5.00% | 05/15/2039 | 50 | &nbsp;&nbsp; 52476 |
| University of California (Limited), Series 2018 O, Ref. RB | 5.00% | 05/15/2043 | 285 | &nbsp;&nbsp; 295621 |
| University of California (Limited), Series 2018 O, Ref. RB | 5.00% | 05/15/2048 | 190 | &nbsp;&nbsp; 194843 |
| Vacaville Unified School District, Series 2020 D, GO Bonds | 4.00% | 08/01/2045 | 160 | &nbsp;&nbsp; 157131 |
| Vernon (City of), CA, Series 2021 A, RB | 5.00% | 04/01/2028 | 100 | &nbsp;&nbsp; 104249 |
|  |  |  |  | &nbsp;&nbsp; 37123226 |
| **Colorado-2.07%** |  |  |  |  |
| Arapahoe County School District No. 6 Littleton, Series 2019 A, GO Bonds | 5.50% | 12/01/2028 | 335 | &nbsp;&nbsp; 363531 |
| Arapahoe County School District No. 6 Littleton, Series 2019 A, GO Bonds | 5.50% | 12/01/2043 | 30 | &nbsp;&nbsp; 31664 |
| Colorado (State of), Series 2018 A, COP | 5.00% | 12/15/2028 | 135 | &nbsp;&nbsp; 144760 |
| Colorado (State of), Series 2018 A, COP | 5.00% | 12/15/2030 | 5 | &nbsp;&nbsp; 5345 |
| Colorado (State of), Series 2018 A, COP | 5.00% | 12/15/2031 | 165 | &nbsp;&nbsp; 176165 |
| Colorado (State of), Series 2018 A, COP | 5.00% | 12/15/2032 | 75 | &nbsp;&nbsp; 79944 |
| Colorado (State of), Series 2018 A, COP | 4.00% | 12/15/2034 | 465 | &nbsp;&nbsp; 476684 |
| Colorado (State of), Series 2018 A, COP | 4.00% | 12/15/2036 | 10 | &nbsp;&nbsp; 10173 |
| Colorado (State of), Series 2018 M, Ref. COP | 5.00% | 03/15/2031 | 95 | &nbsp;&nbsp; 99738 |
| Colorado (State of), Series 2018 N, COP | 5.00% | 03/15/2037 | 15 | &nbsp;&nbsp; 15532 |
| Colorado (State of), Series 2018 N, COP | 5.00% | 03/15/2038 | 345 | &nbsp;&nbsp; 356382 |
| Colorado (State of), Series 2020 A, COP | 5.00% | 12/15/2028 | 100 | &nbsp;&nbsp; 107230 |
| Colorado (State of), Series 2021 A, COP | 5.00% | 12/15/2028 | 40 | &nbsp;&nbsp; 42892 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-1, Ref. RB | 5.00% | 08/01/2028 | 25 | &nbsp;&nbsp; 26226 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB | 5.00% | 08/01/2028 | 90 | &nbsp;&nbsp; 94415 |
| Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB | 5.00% | 01/01/2028 | 10 | &nbsp;&nbsp; 10476 |
| Colorado (State of) Regional Transportation District (Fastracks), Series 2013 A, Ref. RB | 5.00% | 11/01/2028 | 120 | &nbsp;&nbsp; 128438 |
| Colorado (State of) Regional Transportation District (Green Bonds), Series 2021, Ref. RB | 5.00% | 11/01/2028 | 125 | &nbsp;&nbsp; 133790 |
| Colorado Springs (City of), CO, Series 2018 A-4, RB | 5.00% | 11/15/2048 | 90 | &nbsp;&nbsp; 92207 |
| Denver (City & County of), CO, Series 2018 B, Ref. RB | 5.00% | 12/01/2043 | 15 | &nbsp;&nbsp; 15405 |
| Denver (City & County of), CO, Series 2020 B, Ref. GO Bonds | 5.00% | 08/01/2028 | 380 | &nbsp;&nbsp; 404972 |
| Denver (City & County of), CO, Series 2022 C, Ref. RB | 5.00% | 11/15/2028 | 45 | &nbsp;&nbsp; 48140 |
| Denver (City & County of), CO, Series 2023 A, Ref. RB | 5.00% | 11/15/2028 | 15 | &nbsp;&nbsp; 16033 |
| Denver (City & County of), CO (Wellington E. Webb Municipal Office Building), Series 2023, Ref. COP | 5.00% | 12/01/2028 | 40 | &nbsp;&nbsp; 42773 |
| Denver City & County School District No. 1, Series 2018 A, GO Bonds | 5.50% | 12/01/2028 | 40 | &nbsp;&nbsp; 42305 |
| Denver City & County School District No. 1, Series 2021 B, Ref. GO Bonds | 4.00% | 12/01/2028 | 60 | &nbsp;&nbsp; 62526 |
| Douglas County School District No. Re-1 Douglas & Elbert Counties, Series 2019, GO Bonds | 5.00% | 12/15/2028 | 50 | &nbsp;&nbsp; 53584 |
| Douglas County School District No. Re-1 Douglas & Elbert Counties, Series 2019, GO Bonds | 5.00% | 12/15/2037 | 25 | &nbsp;&nbsp; 26323 |
| Douglas County School District No. Re-1 Douglas & Elbert Counties, Series 2019, GO Bonds | 5.00% | 12/15/2038 | 30 | &nbsp;&nbsp; 31498 |
| E-470 Public Highway Authority, Series 2020 A, Ref. RB | 5.00% | 09/01/2028 | 20 | &nbsp;&nbsp; 21250 |
| Jefferson County School District R-1, Series 2018, GO Bonds | 5.00% | 12/15/2030 | 110 | &nbsp;&nbsp; 117920 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Colorado-(continued)** |  |  |  |  |
| Jefferson County School District R-1, Series 2018, GO Bonds | 5.00% | 12/15/2031 | $55 | &nbsp;&nbsp; $58921 |
| Jefferson County School District R-1, Series 2018, GO Bonds | 5.00% | 12/15/2032 | 55 | &nbsp;&nbsp; 58659 |
| Jefferson County School District R-1, Series 2018, GO Bonds | 5.00% | 12/15/2033 | 75 | &nbsp;&nbsp; 79834 |
| Jefferson County School District R-1, Series 2018, GO Bonds | 5.00% | 12/15/2034 | 85 | &nbsp;&nbsp; 90294 |
| Jefferson County School District R-1, Series 2018, GO Bonds | 5.00% | 12/15/2038 | 15 | &nbsp;&nbsp; 15745 |
| Larimer County School District No. R-1 Poudre, Series 2018, GO Bonds | 5.00% | 12/15/2031 | 100 | &nbsp;&nbsp; 107130 |
| Larimer County School District No. R-1 Poudre, Series 2018, GO Bonds | 4.00% | 12/15/2033 | 50 | &nbsp;&nbsp; 51493 |
| Larimer County School District No. R-1 Poudre, Series 2018, GO Bonds | 5.00% | 12/15/2034 | 110 | &nbsp;&nbsp; 117050 |
| Larimer County School District No. R-1 Poudre, Series 2018, GO Bonds | 4.00% | 12/15/2035 | 50 | &nbsp;&nbsp; 51219 |
| Larimer County School District No. R-1 Poudre, Series 2018, GO Bonds | 4.00% | 12/15/2036 | 55 | &nbsp;&nbsp; 56173 |
| Larimer County School District No. R-1 Poudre, Series 2018, GO Bonds | 5.00% | 12/15/2037 | 95 | &nbsp;&nbsp; 100057 |
| Loveland (City of), CO Electric & Communications Enterprise, Series 2019 A, RB | 5.00% | 12/01/2044 | 100 | &nbsp;&nbsp; 102099 |
| Metro Water Recovery, Series 2025 A, Ref. RB | 5.00% | 04/01/2028 | 35 | &nbsp;&nbsp; 37017 |
| University of Colorado, Series 2017 A-2, Ref. RB<sup>(a)(c)</sup> | 4.00% | 06/01/2028 | 160 | &nbsp;&nbsp; 165976 |
| University of Colorado, Series 2017 A-2, Ref. RB<sup>(a)(c)</sup> | 4.00% | 06/01/2028 | 85 | &nbsp;&nbsp; 88175 |
| University of Colorado, Series 2017 A-2, Ref. RB<sup>(a)(c)</sup> | 4.00% | 06/01/2028 | 10 | &nbsp;&nbsp; 10373 |
| University of Colorado, Series 2017 A-2, Ref. RB<sup>(a)(c)</sup> | 5.00% | 06/01/2028 | 70 | &nbsp;&nbsp; 74302 |
| University of Colorado, Series 2017 A-2, Ref. RB | 5.00% | 06/01/2028 | 125 | &nbsp;&nbsp; 132620 |
| University of Colorado, Series 2017 A-2, Ref. RB | 5.00% | 06/01/2030 | 10 | &nbsp;&nbsp; 10599 |
| University of Colorado, Series 2017 A-2, Ref. RB<sup>(a)</sup> | 4.00% | 06/01/2038 | 85 | &nbsp;&nbsp; 87176 |
| University of Colorado, Series 2017 A-2, Ref. RB | 4.00% | 06/01/2038 | 170 | &nbsp;&nbsp; 171831 |
| University of Colorado, Series 2017 A-2, Ref. RB | 4.00% | 06/01/2039 | 25 | &nbsp;&nbsp; 25231 |
| University of Colorado, Series 2024 A, Ref. RB | 5.00% | 10/01/2028 | 10 | &nbsp;&nbsp; 10689 |
|  |  |  |  | &nbsp;&nbsp; 4980984 |
| **Connecticut-3.03%** |  |  |  |  |
| Connecticut (State of), Series 2018 A, GO Bonds | 5.00% | 04/15/2033 | 10 | &nbsp;&nbsp; 10534 |
| Connecticut (State of), Series 2018 A, GO Bonds | 5.00% | 04/15/2034 | 30 | &nbsp;&nbsp; 31565 |
| Connecticut (State of), Series 2018 A, GO Bonds | 5.00% | 04/15/2035 | 75 | &nbsp;&nbsp; 78783 |
| Connecticut (State of), Series 2018 A, GO Bonds | 5.00% | 04/15/2037 | 40 | &nbsp;&nbsp; 41748 |
| Connecticut (State of), Series 2018 A, Ref. GO Bonds | 5.00% | 04/15/2028 | 70 | &nbsp;&nbsp; 73967 |
| Connecticut (State of), Series 2018 B, RB | 5.00% | 10/01/2028 | 275 | &nbsp;&nbsp; 293558 |
| Connecticut (State of), Series 2018 B, RB | 5.00% | 10/01/2030 | 75 | &nbsp;&nbsp; 80092 |
| Connecticut (State of), Series 2018 B, RB | 5.00% | 10/01/2031 | 480 | &nbsp;&nbsp; 512115 |
| Connecticut (State of), Series 2018 B, RB | 5.00% | 10/01/2032 | 140 | &nbsp;&nbsp; 149083 |
| Connecticut (State of), Series 2018 B, RB | 5.00% | 10/01/2034 | 30 | &nbsp;&nbsp; 31835 |
| Connecticut (State of), Series 2018 B, RB | 5.00% | 10/01/2035 | 115 | &nbsp;&nbsp; 121710 |
| Connecticut (State of), Series 2018 B, RB | 5.00% | 10/01/2036 | 35 | &nbsp;&nbsp; 36894 |
| Connecticut (State of), Series 2018 B, RB | 5.00% | 10/01/2038 | 65 | &nbsp;&nbsp; 68017 |
| Connecticut (State of), Series 2018 C, GO Bonds | 5.00% | 06/15/2028 | 40 | &nbsp;&nbsp; 42424 |
| Connecticut (State of), Series 2018 C, GO Bonds | 5.00% | 06/15/2032 | 595 | &nbsp;&nbsp; 630224 |
| Connecticut (State of), Series 2018 E, GO Bonds | 5.00% | 09/15/2028 | 10 | &nbsp;&nbsp; 10664 |
| Connecticut (State of), Series 2018 E, GO Bonds | 5.00% | 09/15/2032 | 45 | &nbsp;&nbsp; 47879 |
| Connecticut (State of), Series 2018 E, GO Bonds | 5.00% | 09/15/2033 | 75 | &nbsp;&nbsp; 79655 |
| Connecticut (State of), Series 2018 E, GO Bonds | 5.00% | 09/15/2035 | 10 | &nbsp;&nbsp; 10576 |
| Connecticut (State of), Series 2018 E, GO Bonds | 5.00% | 09/15/2037 | 100 | &nbsp;&nbsp; 104949 |
| Connecticut (State of), Series 2018 F, Ref. GO Bonds | 5.00% | 09/15/2028 | 60 | &nbsp;&nbsp; 63987 |
| Connecticut (State of), Series 2019 A, GO Bonds | 5.00% | 04/15/2028 | 100 | &nbsp;&nbsp; 105668 |
| Connecticut (State of), Series 2019 B, Ref. GO Bonds | 5.00% | 02/15/2028 | 155 | &nbsp;&nbsp; 163175 |
| Connecticut (State of), Series 2020 A, GO Bonds | 5.00% | 01/15/2028 | 20 | &nbsp;&nbsp; 21016 |
| Connecticut (State of), Series 2020 C, GO Bonds | 4.00% | 06/01/2028 | 110 | &nbsp;&nbsp; 113676 |
| Connecticut (State of), Series 2020, RB | 5.00% | 05/01/2028 | 320 | &nbsp;&nbsp; 338473 |
| Connecticut (State of), Series 2021 A, GO Bonds | 4.00% | 01/15/2028 | 230 | &nbsp;&nbsp; 236525 |
| Connecticut (State of), Series 2021 A, RB | 5.00% | 05/01/2028 | 480 | &nbsp;&nbsp; 507709 |
| Connecticut (State of), Series 2021 D, RB | 5.00% | 11/01/2028 | 150 | &nbsp;&nbsp; 160417 |
| Connecticut (State of), Series 2022 A, GO Bonds | 4.00% | 01/15/2028 | 95 | &nbsp;&nbsp; 97695 |
| Connecticut (State of), Series 2022 D, Ref. GO Bonds | 5.00% | 09/15/2028 | 180 | &nbsp;&nbsp; 191960 |
| Connecticut (State of), Series 2022 E, GO Bonds | 5.00% | 11/15/2028 | 240 | &nbsp;&nbsp; 256887 |
| Connecticut (State of), Series 2022 G, Ref. GO Bonds | 5.00% | 11/15/2028 | 365 | &nbsp;&nbsp; 390682 |
| Connecticut (State of), Series 2023 A, RB | 5.00% | 07/01/2028 | 35 | &nbsp;&nbsp; 37157 |
| Connecticut (State of), Series 2023 B, Ref. GO Bonds | 5.00% | 08/01/2028 | 95 | &nbsp;&nbsp; 101040 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Connecticut-(continued)** |  |  |  |  |
| Connecticut (State of), Series 2023 B, Ref. RB | 5.00% | 07/01/2028 | $15 | &nbsp;&nbsp; $15925 |
| Connecticut (State of), Series 2024 A, GO Bonds | 5.00% | 01/15/2028 | 175 | &nbsp;&nbsp; 183887 |
| Connecticut (State of), Series 2024 A-1, RB | 5.00% | 07/01/2028 | 30 | &nbsp;&nbsp; 31849 |
| Connecticut (State of), Series 2024 B, Ref. RB | 5.00% | 07/01/2028 | 55 | &nbsp;&nbsp; 58390 |
| Connecticut (State of), Series 2024 C, Ref. GO Bonds | 5.00% | 03/01/2028 | 70 | &nbsp;&nbsp; 73765 |
| Connecticut (State of), Series 2024 E, Ref. GO Bonds | 5.00% | 09/01/2028 | 10 | &nbsp;&nbsp; 10655 |
| Connecticut (State of), Series 2024 F, GO Bonds | 5.00% | 11/15/2028 | 15 | &nbsp;&nbsp; 16055 |
| Connecticut (State of), Series 2025 A, GO Bonds | 5.00% | 03/15/2028 | 150 | &nbsp;&nbsp; 158206 |
| Connecticut (State of), Subseries 2018 C, GO Bonds | 5.00% | 06/15/2030 | 30 | &nbsp;&nbsp; 31831 |
| Connecticut (State of) (Social Bonds), Series 2021 D, Ref. GO Bonds | 5.00% | 07/15/2028 | 115 | &nbsp;&nbsp; 122193 |
| Connecticut (State of) (Transportation Infrastructure), Series 2018 A, RB | 5.00% | 01/01/2032 | 90 | &nbsp;&nbsp; 94427 |
| Connecticut (State of) (Transportation Infrastructure), Series 2018 A, RB | 5.00% | 01/01/2036 | 85 | &nbsp;&nbsp; 88497 |
| Connecticut (State of) (Transportation Infrastructure), Series 2018 A, RB | 5.00% | 01/01/2038 | 155 | &nbsp;&nbsp; 160501 |
| Connecticut (State of) (Transportation Infrastructure), Series 2018 B, RB | 5.00% | 10/01/2033 | 80 | &nbsp;&nbsp; 85034 |
| Connecticut (State of) (Transportation Infrastructure), Series 2018, RB | 5.00% | 01/01/2028 | 125 | &nbsp;&nbsp; 131234 |
| Connecticut (State of) (Transportation Infrastructure), Series 2018, RB | 5.00% | 01/01/2030 | 130 | &nbsp;&nbsp; 136511 |
| Connecticut (State of) (Transportation Infrastructure), Series 2018, RB | 5.00% | 01/01/2031 | 75 | &nbsp;&nbsp; 78756 |
| Connecticut (State of) (Transportation Infrastructure), Series 2018, RB | 5.00% | 01/01/2033 | 230 | &nbsp;&nbsp; 240890 |
| Connecticut (State of) (Transportation Infrastructure), Series 2018, RB | 5.00% | 01/01/2034 | 140 | &nbsp;&nbsp; 146372 |
| Connecticut (State of) (Transportation Infrastructure), Series 2018, RB | 5.00% | 01/01/2037 | 25 | &nbsp;&nbsp; 25955 |
| Connecticut (State of) (Transportation Infrastructure), Series 2022 A, RB | 5.00% | 07/01/2028 | 25 | &nbsp;&nbsp; 26541 |
| Connecticut (State of) (Transportation Infrastructure), Series 2022 B, Ref. RB | 5.00% | 07/01/2028 | 25 | &nbsp;&nbsp; 26541 |
| Connecticut (State of) Health & Educational Facilities Authority, Series 2024 A, Ref. RB | 5.00% | 07/01/2028 | 5 | &nbsp;&nbsp; 5307 |
| University of Connecticut, Series 2018 A, RB | 4.00% | 04/15/2038 | 20 | &nbsp;&nbsp; 20183 |
| University of Connecticut, Series 2018 A, RB | 5.00% | 11/15/2043 | 100 | &nbsp;&nbsp; 103210 |
|  |  |  |  | &nbsp;&nbsp; 7315054 |
| **Delaware-0.38%** |  |  |  |  |
| Delaware (State of), Series 2017 A, Ref. GO Bonds | 5.00% | 01/01/2028 | 85 | &nbsp;&nbsp; 89434 |
| Delaware (State of), Series 2019, GO Bonds | 5.00% | 02/01/2028 | 10 | &nbsp;&nbsp; 10542 |
| Delaware (State of), Series 2020 A, GO Bonds | 5.00% | 01/01/2028 | 40 | &nbsp;&nbsp; 42087 |
| Delaware (State of) Health Facilities Authority (Beebe Medical Center), Series 2018, RB | 5.00% | 06/01/2050 | 450 | &nbsp;&nbsp; 435242 |
| Delaware (State of) Transportation Authority, Series 2016, Ref. RB | 3.00% | 07/01/2028 | 100 | &nbsp;&nbsp; 100137 |
| Delaware (State of) Transportation Authority, Series 2020, Ref. RB | 5.00% | 07/01/2028 | 225 | &nbsp;&nbsp; 239276 |
|  |  |  |  | &nbsp;&nbsp; 916718 |
| **District of Columbia-1.66%** |  |  |  |  |
| District of Columbia, Series 2017 A, Ref. GO Bonds | 5.00% | 06/01/2028 | 300 | &nbsp;&nbsp; 310836 |
| District of Columbia, Series 2017 A, Ref. RB | 5.00% | 07/01/2037 | 10 | &nbsp;&nbsp; 10216 |
| District of Columbia, Series 2017 D, GO Bonds | 5.00% | 06/01/2028 | 110 | &nbsp;&nbsp; 113973 |
| District of Columbia, Series 2018 A, GO Bonds | 5.00% | 06/01/2043 | 260 | &nbsp;&nbsp; 266375 |
| District of Columbia, Series 2018 B, Ref. GO Bonds | 5.00% | 06/01/2030 | 95 | &nbsp;&nbsp; 100617 |
| District of Columbia, Series 2018 B, Ref. GO Bonds | 5.00% | 06/01/2031 | 70 | &nbsp;&nbsp; 74107 |
| District of Columbia, Series 2018 B, Ref. GO Bonds | 5.00% | 06/01/2032 | 55 | &nbsp;&nbsp; 58158 |
| District of Columbia, Series 2018 B, Ref. GO Bonds | 5.00% | 06/01/2033 | 35 | &nbsp;&nbsp; 36941 |
| District of Columbia, Series 2019 A, GO Bonds | 5.00% | 10/15/2028 | 140 | &nbsp;&nbsp; 149536 |
| District of Columbia, Series 2019 A, RB | 5.00% | 03/01/2028 | 115 | &nbsp;&nbsp; 121211 |
| District of Columbia, Series 2019 C, Ref. RB | 5.00% | 10/01/2028 | 100 | &nbsp;&nbsp; 106777 |
| District of Columbia, Series 2020 A, RB | 5.00% | 03/01/2028 | 35 | &nbsp;&nbsp; 36890 |
| District of Columbia, Series 2020 B, Ref. RB | 5.00% | 10/01/2028 | 385 | &nbsp;&nbsp; 411090 |
| District of Columbia, Series 2020, RB | 5.00% | 12/01/2028 | 270 | &nbsp;&nbsp; 288151 |
| District of Columbia, Series 2021 E, Ref. GO Bonds | 5.00% | 02/01/2028 | 30 | &nbsp;&nbsp; 31548 |
| District of Columbia, Series 2022 C, Ref. RB | 5.00% | 12/01/2028 | 165 | &nbsp;&nbsp; 176832 |
| District of Columbia, Series 2023 A, GO Bonds | 5.00% | 01/01/2028 | 30 | &nbsp;&nbsp; 31490 |
| District of Columbia, Series 2023 B, Ref. GO Bonds | 5.00% | 06/01/2028 | 15 | &nbsp;&nbsp; 15892 |
| District of Columbia, Series 2024 C, Ref. GO Bonds | 5.00% | 12/01/2028 | 295 | &nbsp;&nbsp; 315889 |
| District of Columbia (KIPP DC), Series 2017 B, Ref. RB | 5.00% | 07/01/2037 | 25 | &nbsp;&nbsp; 25541 |
| District of Columbia (KIPP DC), Series 2017 B, Ref. RB | 5.00% | 07/01/2048 | 10 | &nbsp;&nbsp; 10011 |
| District of Columbia Water & Sewer Authority, Series 2018 B, RB | 5.00% | 10/01/2043 | 80 | &nbsp;&nbsp; 81883 |
| District of Columbia Water & Sewer Authority, Series 2018 B, RB | 5.00% | 10/01/2049 | 200 | &nbsp;&nbsp; 203369 |
| District of Columbia Water & Sewer Authority, Series 2024 A, Ref. RB | 5.00% | 10/01/2028 | 10 | &nbsp;&nbsp; 10675 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **District of Columbia-(continued)** |  |  |  |  |
| District of Columbia Water & Sewer Authority (Green Bonds), Series 2018 A, RB | 5.00% | 10/01/2049 | $125 | &nbsp;&nbsp; $127105 |
| Metropolitan Washington Airports Authority, Series 2019 A, Ref. RB | 5.00% | 10/01/2044 | 230 | &nbsp;&nbsp; 235416 |
| &nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement), Series 2010, <br> RB, (INS - AGI)<sup>(b)</sup><br>| 6.50% | 10/01/2044 | 50 | &nbsp;&nbsp; 53318 |
| Washington Convention & Sports Authority, Series 2018 A, Ref. RB | 5.00% | 10/01/2028 | 170 | &nbsp;&nbsp; 176897 |
| Washington Metropolitan Area Transit Authority, Series 2017 B, RB | 5.00% | 07/01/2028 | 15 | &nbsp;&nbsp; 15544 |
| Washington Metropolitan Area Transit Authority, Series 2020 A, RB | 5.00% | 07/15/2028 | 140 | &nbsp;&nbsp; 148500 |
| Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB | 5.00% | 07/15/2028 | 235 | &nbsp;&nbsp; 249268 |
|  |  |  |  | &nbsp;&nbsp; 3994056 |
| **Florida-2.30%** |  |  |  |  |
| Broward (County of), FL School Board, Series 2019 A, Ref. COP | 5.00% | 07/01/2028 | 195 | &nbsp;&nbsp; 205717 |
| Central Florida Expressway Authority, Series 2018, RB | 5.00% | 07/01/2043 | 10 | &nbsp;&nbsp; 10279 |
| Central Florida Expressway Authority, Series 2018, RB | 5.00% | 07/01/2048 | 185 | &nbsp;&nbsp; 187947 |
| Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGI)<sup>(b)</sup> | 5.00% | 07/01/2028 | 225 | &nbsp;&nbsp; 238521 |
| Duval County (County of), FL School Board, Series 2022 A, COP, (INS - AGI)<sup>(b)</sup> | 5.00% | 07/01/2028 | 265 | &nbsp;&nbsp; 280584 |
| Florida (State of), Series 2017 A, Ref. RB | 5.00% | 07/01/2028 | 190 | &nbsp;&nbsp; 201418 |
| Florida (State of), Series 2021 B, Ref. GO Bonds | 5.00% | 06/01/2028 | 108 | &nbsp;&nbsp; 114637 |
| Florida (State of), Series 2022 C, Ref. GO Bonds | 5.00% | 06/01/2028 | 175 | &nbsp;&nbsp; 185755 |
| Florida (State of) Department of Management Services, Series 2018 A, Ref. COP | 5.00% | 11/01/2028 | 130 | &nbsp;&nbsp; 139028 |
| Florida (State of) Department of Transportation, Series 2020 A, Ref. RB | 5.00% | 07/01/2028 | 140 | &nbsp;&nbsp; 148594 |
| Florida (State of) Department of Transportation, Series 2022 A, Ref. RB | 5.00% | 07/01/2028 | 105 | &nbsp;&nbsp; 111445 |
| Florida (State of) Municipal Power Agency, Series 2018 A, Ref. RB | 4.00% | 10/01/2028 | 45 | &nbsp;&nbsp; 45648 |
| Gainesville (City of), FL, Series 2017 A, RB | 5.00% | 10/01/2028 | 160 | &nbsp;&nbsp; 166842 |
| Hillsborough (County of), FL Aviation Authority (Tampa International Airport), Series 2018 F, RB | 5.00% | 10/01/2043 | 15 | &nbsp;&nbsp; 15416 |
| Hillsborough (County of), FL School Board (Master Lease Program), Series 2017, Ref. COP | 5.00% | 07/01/2028 | 160 | &nbsp;&nbsp; 165750 |
| Hillsborough (County of), FL School Board (Master Lease Program), Series 2018, Ref. COP | 5.00% | 07/01/2030 | 105 | &nbsp;&nbsp; 111419 |
| JEA Electric System, Series 2017 B, Ref. RB | 5.00% | 10/01/2028 | 125 | &nbsp;&nbsp; 129798 |
| JEA Electric System, Third Series 2024 A, Ref. RB, (INS - AGI)<sup>(b)</sup> | 5.00% | 10/01/2028 | 90 | &nbsp;&nbsp; 95769 |
| JEA Water & Sewer System, Series 2017 A, Ref. RB | 5.00% | 10/01/2028 | 55 | &nbsp;&nbsp; 57392 |
| Lee (County of), FL Industrial Development Authority, Series 2019 A-1, Ref. RB | 5.00% | 04/01/2028 | 135 | &nbsp;&nbsp; 140902 |
| Miami-Dade (County of), FL, Series 2017 B, Ref. RB | 5.00% | 10/01/2028 | 180 | &nbsp;&nbsp; 187500 |
| Miami-Dade (County of), FL, Series 2019, RB | 5.00% | 10/01/2043 | 115 | &nbsp;&nbsp; 118386 |
| &nbsp;&nbsp;&nbsp; Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2007 B, Ref. <br> RB, (INS - AMBAC)<sup>(b)</sup><br>| 5.25% | 04/01/2028 | 5 | &nbsp;&nbsp; 5274 |
| Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2018 A, RB | 5.00% | 04/01/2053 | 170 | &nbsp;&nbsp; 171444 |
| Orange (County of), FL School Board, Series 2017 C, Ref. COP | 5.00% | 08/01/2028 | 35 | &nbsp;&nbsp; 37132 |
| Orlando (City of), FL, Series 2018 B, RB | 5.00% | 10/01/2048 | 820 | &nbsp;&nbsp; 836068 |
| Palm Beach County School District, Series 2017 B, Ref. COP | 5.00% | 08/01/2028 | 165 | &nbsp;&nbsp; 175052 |
| Palm Beach County School District, Series 2018 B, Ref. COP | 5.00% | 08/01/2028 | 180 | &nbsp;&nbsp; 191014 |
| Pasco (County of), FL School Board, Series 2018 A, COP, (INS - BAM)<sup>(b)</sup> | 5.00% | 08/01/2043 | 60 | &nbsp;&nbsp; 61645 |
| Polk County School District, Series 2020 A, Ref. COP | 5.00% | 01/01/2028 | 110 | &nbsp;&nbsp; 115212 |
| &nbsp;&nbsp;&nbsp; Putnam (County of), FL Development Authority (Seminole Electric Cooperative), Series 2018 A, Ref. <br> RB<br>| 5.00% | 03/15/2042 | 300 | &nbsp;&nbsp; 306931 |
| Sarasota (County of), FL Public Hospital District (Sarasota Memorial Hospital), Series 2018, RB | 5.00% | 07/01/2038 | 20 | &nbsp;&nbsp; 20682 |
| Sarasota (County of), FL Public Hospital District (Sarasota Memorial Hospital), Series 2018, RB | 5.00% | 07/01/2041 | 250 | &nbsp;&nbsp; 255852 |
| &nbsp;&nbsp;&nbsp; South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group), <br> Series 2017, Ref. RB<br>| 5.00% | 08/15/2028 | 45 | &nbsp;&nbsp; 46662 |
| Tampa (City of) & Hillsborough (County of), FL Expressway Authority, Series 2017 C, RB | 5.00% | 07/01/2048 | 150 | &nbsp;&nbsp; 151768 |
| Tampa (City of), FL (Green Bonds), Series 2018, RB | 5.25% | 05/01/2043 | 100 | &nbsp;&nbsp; 103367 |
|  |  |  |  | &nbsp;&nbsp; 5536850 |
| **Georgia-1.43%** |  |  |  |  |
| Atlanta (City of), GA, Series 2004, RB, (INS - AGI)<sup>(b)</sup> | 5.75% | 11/01/2028 | 40 | &nbsp;&nbsp; 43593 |
| Atlanta (City of), GA, Series 2018 C, Ref. RB | 5.00% | 11/01/2028 | 65 | &nbsp;&nbsp; 67928 |
| Atlanta (City of), GA Department of Aviation, Series 2020 A, Ref. RB | 5.00% | 07/01/2028 | 60 | &nbsp;&nbsp; 63714 |
| DeKalb (County of), GA, Series 2022, Ref. RB | 5.00% | 10/01/2028 | 20 | &nbsp;&nbsp; 21338 |
| Forsyth (County of), GA, Series 2025 A, GO Bonds | 5.00% | 03/01/2028 | 15 | &nbsp;&nbsp; 15813 |
| Georgia (State of), Series 2016 F, Ref. GO Bonds | 5.00% | 01/01/2028 | 35 | &nbsp;&nbsp; 35949 |
| Georgia (State of), Series 2017 A-2, GO Bonds | 5.00% | 02/01/2028 | 75 | &nbsp;&nbsp; 77188 |
| Georgia (State of), Series 2017 C, Ref. GO Bonds | 5.00% | 07/01/2028 | 790 | &nbsp;&nbsp; 821214 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Georgia-(continued)** |  |  |  |  |
| Georgia (State of), Series 2018 A, GO Bonds | 5.00% | 07/01/2028 | $110 | &nbsp;&nbsp; $117008 |
| Georgia (State of), Series 2018 A, GO Bonds | 5.00% | 07/01/2030 | 55 | &nbsp;&nbsp; 58544 |
| Georgia (State of), Series 2018 A, GO Bonds | 5.00% | 07/01/2031 | 40 | &nbsp;&nbsp; 42569 |
| Georgia (State of), Series 2018 A, GO Bonds | 4.00% | 07/01/2034 | 25 | &nbsp;&nbsp; 25682 |
| Georgia (State of), Series 2018 A, GO Bonds | 3.25% | 07/01/2037 | 200 | &nbsp;&nbsp; 197568 |
| Georgia (State of), Series 2022 A, GO Bonds | 5.00% | 07/01/2028 | 50 | &nbsp;&nbsp; 53185 |
| Georgia (State of), Series 2022 C, Ref. GO Bonds | 4.00% | 07/01/2028 | 35 | &nbsp;&nbsp; 36359 |
| Georgia (State of) (Bidding Group 1), Series 2020 A, GO Bonds | 5.00% | 08/01/2028 | 155 | &nbsp;&nbsp; 165186 |
| Georgia (State of) (Bidding Group 1), Series 2021 A-1, Ref. GO Bonds | 5.00% | 07/01/2028 | 110 | &nbsp;&nbsp; 117008 |
| Georgia (State of) (Tranche 1), Series 2019 A, GO Bonds | 5.00% | 07/01/2028 | 35 | &nbsp;&nbsp; 37230 |
| Georgia (State of) Local Government, Series 1998 A, COP, (INS - NATL)<sup>(b)</sup> | 4.75% | 06/01/2028 | 455 | &nbsp;&nbsp; 466520 |
| Georgia (State of) Municipal Electric Authority, Series 2018 HH, Ref. RB | 5.00% | 01/01/2044 | 215 | &nbsp;&nbsp; 217547 |
| Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2019 A, RB | 5.00% | 01/01/2034 | 400 | &nbsp;&nbsp; 418864 |
| Georgia (State of) Ports Authority, Series 2022, RB | 5.00% | 07/01/2028 | 75 | &nbsp;&nbsp; 79681 |
| Georgia (State of) Road & Tollway Authority (Garvee), Series 2020, RB | 5.00% | 06/01/2028 | 120 | &nbsp;&nbsp; 127045 |
| Gwinnett County School District, Series 2025, Ref. GO Bonds | 5.00% | 02/01/2028 | 45 | &nbsp;&nbsp; 47430 |
| Henry County School District, Series 2021, GO Bonds | 4.00% | 08/01/2028 | 95 | &nbsp;&nbsp; 98581 |
|  |  |  |  | &nbsp;&nbsp; 3452744 |
| **Hawaii-1.08%** |  |  |  |  |
| Hawaii (State of), Series 2017 FK, GO Bonds | 5.00% | 05/01/2028 | 30 | &nbsp;&nbsp; 31039 |
| Hawaii (State of), Series 2017 FN, Ref. GO Bonds | 5.00% | 10/01/2028 | 140 | &nbsp;&nbsp; 146161 |
| Hawaii (State of), Series 2018 FT, GO Bonds | 5.00% | 01/01/2028 | 315 | &nbsp;&nbsp; 330776 |
| Hawaii (State of), Series 2018 FT, GO Bonds | 5.00% | 01/01/2030 | 195 | &nbsp;&nbsp; 204726 |
| Hawaii (State of), Series 2018 FT, GO Bonds | 5.00% | 01/01/2031 | 165 | &nbsp;&nbsp; 173230 |
| Hawaii (State of), Series 2018 FT, GO Bonds | 4.00% | 01/01/2032 | 35 | &nbsp;&nbsp; 35721 |
| Hawaii (State of), Series 2018 FT, GO Bonds | 5.00% | 01/01/2032 | 50 | &nbsp;&nbsp; 52470 |
| Hawaii (State of), Series 2018 FT, GO Bonds | 5.00% | 01/01/2033 | 10 | &nbsp;&nbsp; 10482 |
| Hawaii (State of), Series 2018 FT, GO Bonds | 5.00% | 01/01/2034 | 5 | &nbsp;&nbsp; 5234 |
| Hawaii (State of), Series 2018 FT, GO Bonds | 3.25% | 01/01/2035 | 10 | &nbsp;&nbsp; 9999 |
| Hawaii (State of), Series 2018 FT, GO Bonds | 5.00% | 01/01/2035 | 205 | &nbsp;&nbsp; 214101 |
| Hawaii (State of), Series 2018 FT, GO Bonds | 5.00% | 01/01/2036 | 10 | &nbsp;&nbsp; 10409 |
| Hawaii (State of), Series 2018 FT, GO Bonds | 4.00% | 01/01/2037 | 30 | &nbsp;&nbsp; 30345 |
| Hawaii (State of), Series 2018 FT, GO Bonds | 5.00% | 01/01/2038 | 15 | &nbsp;&nbsp; 15545 |
| Hawaii (State of), Series 2019 FW, GO Bonds | 5.00% | 01/01/2028 | 115 | &nbsp;&nbsp; 120759 |
| Hawaii (State of), Subseries 2018 FT, GO Bonds | 4.00% | 01/01/2034 | 5 | &nbsp;&nbsp; 5083 |
| Honolulu (City & County of), HI, Series 2022 A, Ref. GO Bonds | 5.00% | 11/01/2028 | 105 | &nbsp;&nbsp; 112383 |
| Honolulu (City & County of), HI (Green Bonds), Series 2018 A, RB | 5.00% | 07/01/2037 | 155 | &nbsp;&nbsp; 161041 |
| Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2019, GO Bonds | 5.00% | 09/01/2028 | 120 | &nbsp;&nbsp; 127963 |
| Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2019, GO Bonds | 5.00% | 09/01/2030 | 150 | &nbsp;&nbsp; 159850 |
| Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2020, Ref. GO Bonds | 5.00% | 03/01/2028 | 175 | &nbsp;&nbsp; 184531 |
| Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2021 E, GO Bonds | 5.00% | 03/01/2028 | 215 | &nbsp;&nbsp; 226709 |
| Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2023, Ref. GO Bonds | 5.00% | 03/01/2028 | 230 | &nbsp;&nbsp; 242526 |
|  |  |  |  | &nbsp;&nbsp; 2611083 |
| **Idaho-0.18%** |  |  |  |  |
| Idaho (State of) Health Facilities Authority (St. Luke's Health System), Series 2018, Ref. RB | 5.00% | 03/01/2037 | 175 | &nbsp;&nbsp; 183836 |
| Idaho State Building Authority, Series 2024 A, GO Bonds | 5.00% | 06/01/2028 | 45 | &nbsp;&nbsp; 47743 |
| Idaho State Building Authority (Schools Modernization), Series 2025, RB | 5.00% | 06/01/2028 | 180 | &nbsp;&nbsp; 190972 |
|  |  |  |  | &nbsp;&nbsp; 422551 |
| **Illinois-3.91%** |  |  |  |  |
| Champaign (County of), IL Community Unit School District No. 4, Series 2020 A, GO Bonds | 5.00% | 01/01/2032 | 25 | &nbsp;&nbsp; 26023 |
| Champaign (County of), IL Community Unit School District No. 4, Series 2020 A, GO Bonds | 5.00% | 01/01/2033 | 80 | &nbsp;&nbsp; 83127 |
| Chicago (City of), IL (O'Hare International Airport), Series 2017 E, RB | 5.25% | 01/01/2028 | 175 | &nbsp;&nbsp; 179755 |
| Chicago (City of), IL (O'Hare International Airport), Series 2022 D, Ref. RB | 5.00% | 01/01/2028 | 105 | &nbsp;&nbsp; 109975 |
| Chicago (City of), IL (O'Hare International Airport), Series 2024 D, Ref. RB | 5.00% | 01/01/2028 | 5 | &nbsp;&nbsp; 5237 |
| Chicago (City of), IL Metropolitan Water Reclamation District, Series 2024 C, Ref. GO Bonds | 5.00% | 12/01/2028 | 60 | &nbsp;&nbsp; 64177 |
| Chicago (City of), IL Midway International Airport, Series 2023 B, Ref. RB, (INS - BAM)<sup>(b)</sup> | 5.00% | 01/01/2028 | 15 | &nbsp;&nbsp; 15720 |
| Chicago (City of), IL Park District, Series 2023 C, Ref. GO Bonds | 5.00% | 01/01/2028 | 15 | &nbsp;&nbsp; 15667 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Illinois-(continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Chicago (City of), IL Transit Authority (FTA Section 5307 Urbanized Area Formula Funds), <br> Series 2021, Ref. RB<br>| 5.00% | 06/01/2028 | $20 | &nbsp;&nbsp; $20927 |
| Cook (County of), IL, Series 2021 A, Ref. GO Bonds | 5.00% | 11/15/2028 | 75 | &nbsp;&nbsp; 79880 |
| Cook (County of), IL, Series 2021 B, Ref. GO Bonds | 4.00% | 11/15/2028 | 170 | &nbsp;&nbsp; 175969 |
| Cook Kane Lake & McHenry Counties Community College District No. 512, Series 2020, GO Bonds | 4.00% | 12/15/2030 | 125 | &nbsp;&nbsp; 129506 |
| Illinois (State of), Series 2016, Ref. GO Bonds | 5.00% | 02/01/2028 | 330 | &nbsp;&nbsp; 337623 |
| Illinois (State of), Series 2017 D, GO Bonds | 5.00% | 11/01/2028 | 895 | &nbsp;&nbsp; 928660 |
| Illinois (State of), Series 2018 A, GO Bonds | 6.00% | 05/01/2028 | 40 | &nbsp;&nbsp; 42892 |
| Illinois (State of), Series 2018 A, GO Bonds | 5.00% | 05/01/2030 | 35 | &nbsp;&nbsp; 36667 |
| Illinois (State of), Series 2018 A, GO Bonds | 5.00% | 05/01/2031 | 15 | &nbsp;&nbsp; 15697 |
| Illinois (State of), Series 2018 A, GO Bonds | 5.00% | 05/01/2032 | 75 | &nbsp;&nbsp; 78327 |
| Illinois (State of), Series 2018 A, GO Bonds | 5.00% | 05/01/2033 | 145 | &nbsp;&nbsp; 151111 |
| Illinois (State of), Series 2018 A, GO Bonds | 5.00% | 05/01/2034 | 230 | &nbsp;&nbsp; 239100 |
| Illinois (State of), Series 2018 A, GO Bonds | 5.00% | 05/01/2035 | 205 | &nbsp;&nbsp; 212531 |
| Illinois (State of), Series 2018 A, GO Bonds | 5.00% | 05/01/2036 | 45 | &nbsp;&nbsp; 46514 |
| Illinois (State of), Series 2018 A, GO Bonds | 4.63% | 05/01/2037 | 115 | &nbsp;&nbsp; 116757 |
| Illinois (State of), Series 2018 A, GO Bonds | 5.00% | 05/01/2039 | 25 | &nbsp;&nbsp; 25602 |
| Illinois (State of), Series 2018 A, GO Bonds | 5.00% | 05/01/2040 | 25 | &nbsp;&nbsp; 25546 |
| Illinois (State of), Series 2018 A, GO Bonds | 5.00% | 05/01/2043 | 100 | &nbsp;&nbsp; 101350 |
| Illinois (State of), Series 2018 A, Ref. GO Bonds | 5.00% | 10/01/2028 | 260 | &nbsp;&nbsp; 274850 |
| Illinois (State of), Series 2018 A, Ref. GO Bonds | 5.00% | 10/01/2030 | 100 | &nbsp;&nbsp; 105510 |
| Illinois (State of), Series 2018 A, Ref. GO Bonds | 5.00% | 10/01/2033 | 65 | &nbsp;&nbsp; 68113 |
| Illinois (State of), Series 2018 B, Ref. GO Bonds | 5.00% | 10/01/2028 | 15 | &nbsp;&nbsp; 15857 |
| Illinois (State of), Series 2018 B, Ref. GO Bonds | 5.00% | 10/01/2030 | 140 | &nbsp;&nbsp; 147714 |
| Illinois (State of), Series 2018 B, Ref. GO Bonds | 5.00% | 10/01/2031 | 210 | &nbsp;&nbsp; 221174 |
| Illinois (State of), Series 2018 B, Ref. GO Bonds | 5.00% | 10/01/2032 | 270 | &nbsp;&nbsp; 283683 |
| Illinois (State of), Series 2018 B, Ref. GO Bonds | 5.00% | 10/01/2033 | 385 | &nbsp;&nbsp; 403437 |
| Illinois (State of), Series 2020 B, GO Bonds | 5.00% | 10/01/2028 | 550 | &nbsp;&nbsp; 580645 |
| Illinois (State of), Series 2021 A, GO Bonds | 5.00% | 03/01/2028 | 15 | &nbsp;&nbsp; 15675 |
| Illinois (State of), Series 2021 A, GO Bonds | 5.00% | 12/01/2028 | 25 | &nbsp;&nbsp; 26471 |
| Illinois (State of), Series 2021 C, Ref. GO Bonds | 4.00% | 03/01/2028 | 5 | &nbsp;&nbsp; 5112 |
| Illinois (State of), Series 2022 B, Ref. GO Bonds | 5.00% | 03/01/2028 | 35 | &nbsp;&nbsp; 36605 |
| Illinois (State of), Series 2023 B, GO Bonds | 5.00% | 05/01/2028 | 60 | &nbsp;&nbsp; 62947 |
| Illinois (State of), Series 2023 C, GO Bonds | 5.00% | 05/01/2028 | 5 | &nbsp;&nbsp; 5246 |
| Illinois (State of), Series 2023 D, Ref. GO Bonds | 5.00% | 07/01/2028 | 85 | &nbsp;&nbsp; 89449 |
| Illinois (State of), Series 2024 B, GO Bonds | 5.00% | 05/01/2028 | 55 | &nbsp;&nbsp; 57702 |
| Illinois (State of), Series 2024, Ref. GO Bonds | 5.00% | 02/01/2028 | 15 | &nbsp;&nbsp; 15664 |
| Illinois (State of), Series 2025 A, RB | 5.00% | 06/15/2028 | 5 | &nbsp;&nbsp; 5258 |
| Illinois (State of) Finance Authority (Clean Water Initiative), Series 2017, RB | 5.00% | 01/01/2028 | 470 | &nbsp;&nbsp; 482365 |
| Illinois (State of) Finance Authority (Edward-Elmhurst Healthcare), Series 2018, Ref. RB<sup>(a)(c)</sup> | 4.25% | 01/01/2028 | 355 | &nbsp;&nbsp; 368289 |
| Illinois (State of) Finance Authority (Edward-Elmhurst Healthcare), Series 2018, Ref. RB<sup>(a)(c)</sup> | 5.00% | 01/01/2028 | 385 | &nbsp;&nbsp; 405245 |
| &nbsp;&nbsp;&nbsp; Illinois (State of) Finance Authority (Northshore Edward Elmhurst Health Credit Group), Series 2017, <br> Ref. RB<br>| 5.00% | 07/15/2042 | 25 | &nbsp;&nbsp; 25563 |
| Illinois (State of) Finance Authority (Northwestern Memorial Healthcare), Series 2017 A, Ref. RB | 5.00% | 07/15/2028 | 75 | &nbsp;&nbsp; 78350 |
| Illinois (State of) Finance Authority (Northwestern University), Series 2015, RB | 3.00% | 12/01/2028 | 15 | &nbsp;&nbsp; 15000 |
| Illinois (State of) Finance Authority (Northwestern University), Series 2015, RB | 5.00% | 12/01/2028 | 85 | &nbsp;&nbsp; 90765 |
| Illinois (State of) Finance Authority (OSF Healthcare System), Series 2018 A, Ref. RB | 5.00% | 05/15/2032 | 145 | &nbsp;&nbsp; 152222 |
| Illinois (State of) Finance Authority (University of Chicago (The)), Series 2024 B, Ref. RB | 5.00% | 04/01/2028 | 115 | &nbsp;&nbsp; 121010 |
| Illinois (State of) Finance Authority (University of Chicago Medical), Series 2021 A, Ref. RB | 5.00% | 10/01/2028 | 105 | &nbsp;&nbsp; 111641 |
| Illinois (State of) Regional Transportation Authority, Series 2017 A, Ref. RB | 5.00% | 07/01/2028 | 285 | &nbsp;&nbsp; 294389 |
| Illinois (State of) Toll Highway Authority, Series 2017 A, RB | 5.00% | 01/01/2039 | 255 | &nbsp;&nbsp; 263013 |
| Illinois (State of) Toll Highway Authority, Series 2017 A, RB | 5.00% | 01/01/2042 | 505 | &nbsp;&nbsp; 516311 |
| Illinois (State of) Toll Highway Authority, Series 2019 A, Ref. RB | 5.00% | 01/01/2028 | 55 | &nbsp;&nbsp; 57674 |
| Illinois (State of) Toll Highway Authority, Series 2019 B, Ref. RB | 5.00% | 01/01/2028 | 210 | &nbsp;&nbsp; 220212 |
| Illinois (State of) Toll Highway Authority, Series 2019, Ref. RB | 5.00% | 01/01/2028 | 55 | &nbsp;&nbsp; 57674 |
| Illinois (State of) Toll Highway Authority, Series 2024 A, Ref. RB | 5.00% | 01/01/2028 | 90 | &nbsp;&nbsp; 94376 |
| Sales Tax Securitization Corp., Series 2017, Ref. RB | 5.00% | 01/01/2028 | 55 | &nbsp;&nbsp; 57344 |
| Sales Tax Securitization Corp., Series 2018 A, Ref. RB | 5.00% | 01/01/2032 | 25 | &nbsp;&nbsp; 25956 |
| Sales Tax Securitization Corp., Series 2020 A, Ref. RB | 5.00% | 01/01/2028 | 55 | &nbsp;&nbsp; 57254 |
| Sales Tax Securitization Corp., Series 2021 A, Ref. RB | 5.00% | 01/01/2028 | 40 | &nbsp;&nbsp; 41639 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Illinois-(continued)** |  |  |  |  |
| Southwestern Illinois Development Authority (Hospital Sisters Services, Inc.), Series 2017, RB | 5.00% | 02/15/2028 | $15 | &nbsp;&nbsp; $15679 |
| Springfield (City of), IL, Series 2024, Ref. RB, (INS - BAM)<sup>(b)</sup> | 5.00% | 03/01/2028 | 70 | &nbsp;&nbsp; 73295 |
| University of Illinois, Series 2018 A, Ref. RB, (INS - AGI)<sup>(b)</sup> | 4.00% | 04/01/2043 | 35 | &nbsp;&nbsp; 33539 |
| University of Illinois, Series 2023 A, Ref. RB | 5.00% | 04/01/2028 | 75 | &nbsp;&nbsp; 78816 |
|  |  |  |  | &nbsp;&nbsp; 9423073 |
| **Indiana-0.91%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Hammond Multi-School Building Corp., Series 2018, RB, <br> (CEP - Colorado Higher Education Intercept Program)<br>| 5.00% | 07/15/2038 | 60 | &nbsp;&nbsp; 61850 |
| Indiana (State of) Finance Authority, Series 2016 C, Ref. RB | 5.00% | 06/01/2028 | 355 | &nbsp;&nbsp; 375930 |
| Indiana (State of) Finance Authority, Series 2018 A, RB | 5.00% | 02/01/2035 | 40 | &nbsp;&nbsp; 41922 |
| Indiana (State of) Finance Authority (CWA Authority), Series 2021, Ref. RB | 5.00% | 10/01/2028 | 95 | &nbsp;&nbsp; 101330 |
| Indiana (State of) Finance Authority (Franciscan Alliance, Inc.), Series 2017 B, RB | 5.00% | 11/01/2028 | 10 | &nbsp;&nbsp; 10420 |
| Indiana (State of) Finance Authority (Green Bonds), Series 2017, Ref. RB | 5.00% | 02/01/2028 | 140 | &nbsp;&nbsp; 147468 |
| Indiana (State of) Finance Authority (Green Bonds), Series 2018 A, RB | 5.00% | 02/01/2033 | 175 | &nbsp;&nbsp; 183619 |
| Indiana (State of) Finance Authority (Green Bonds), Series 2018 A, RB | 5.00% | 02/01/2034 | 15 | &nbsp;&nbsp; 15717 |
| Indiana (State of) Finance Authority (Green Bonds), Series 2019 A, Ref. RB | 5.00% | 02/01/2028 | 20 | &nbsp;&nbsp; 21067 |
| Indiana (State of) Municipal Power Agency, Series 2017 A, Ref. RB | 5.00% | 01/01/2030 | 55 | &nbsp;&nbsp; 57629 |
| Indiana (State of) Municipal Power Agency, Series 2017 A, Ref. RB | 5.00% | 01/01/2031 | 155 | &nbsp;&nbsp; 162245 |
| Indiana (State of) Municipal Power Agency, Series 2017 A, Ref. RB | 5.00% | 01/01/2032 | 220 | &nbsp;&nbsp; 230132 |
| Indiana (State of) Municipal Power Agency, Series 2017 A, Ref. RB | 5.00% | 01/01/2033 | 125 | &nbsp;&nbsp; 130448 |
| Indiana (State of) Municipal Power Agency, Series 2017 A, Ref. RB | 5.00% | 01/01/2034 | 55 | &nbsp;&nbsp; 57265 |
| Indiana (State of) Municipal Power Agency, Series 2017 A, Ref. RB | 5.00% | 01/01/2042 | 35 | &nbsp;&nbsp; 35966 |
| Indianapolis (City of), IN Department of Public Utilities, Series 2018 A, Ref. RB | 5.00% | 10/01/2030 | 210 | &nbsp;&nbsp; 223359 |
| Indianapolis (City of), IN Department of Public Utilities, Series 2018 A, Ref. RB | 5.00% | 10/01/2032 | 95 | &nbsp;&nbsp; 100705 |
| Indianapolis (City of), IN Department of Public Utilities, Series 2018 A, Ref. RB | 5.00% | 10/01/2033 | 60 | &nbsp;&nbsp; 63422 |
| Indianapolis (City of), IN Department of Public Utilities, Series 2018 A, Ref. RB | 5.00% | 10/01/2034 | 120 | &nbsp;&nbsp; 126606 |
| Indianapolis (City of), IN Department of Public Utilities, Series 2018 A, Ref. RB | 5.00% | 10/01/2035 | 20 | &nbsp;&nbsp; 21035 |
| Indianapolis (City of), IN Department of Public Utilities, Series 2018 A, Ref. RB | 5.00% | 10/01/2037 | 15 | &nbsp;&nbsp; 15669 |
| Indianapolis Local Public Improvement Bond Bank, Series 2017, Ref. RB | 5.00% | 01/01/2040 | 10 | &nbsp;&nbsp; 10314 |
|  |  |  |  | &nbsp;&nbsp; 2194118 |
| **Iowa-0.13%** |  |  |  |  |
| Iowa (State of) Finance Authority (Green Bonds), Series 2017, Ref. RB | 5.00% | 08/01/2028 | 135 | &nbsp;&nbsp; 140490 |
| Iowa (State of) Finance Authority (Green Bonds), Series 2019 A, Ref. RB | 5.00% | 08/01/2032 | 165 | &nbsp;&nbsp; 175328 |
|  |  |  |  | &nbsp;&nbsp; 315818 |
| **Kansas-0.18%** |  |  |  |  |
| Kansas (State of) Department of Transportation, Series 2024 A, Ref. RB | 5.00% | 09/01/2028 | 265 | &nbsp;&nbsp; 282511 |
| Kansas (State of) Department of Transportation, Series 2025 A, Ref. RB | 5.00% | 09/01/2028 | 60 | &nbsp;&nbsp; 63965 |
| Lawrence (City of), KS ((Lawrence Memorial Hospital), Series 2018 A, Ref. RB | 5.00% | 07/01/2043 | 80 | &nbsp;&nbsp; 80754 |
|  |  |  |  | &nbsp;&nbsp; 427230 |
| **Kentucky-0.48%** |  |  |  |  |
| Kentucky (Commonwealth of), Series 2018, COP | 5.00% | 04/15/2038 | 120 | &nbsp;&nbsp; 124939 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 119), Series 2018, RB | 5.00% | 05/01/2036 | 200 | &nbsp;&nbsp; 208851 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 119), Series 2018, RB | 5.00% | 05/01/2037 | 325 | &nbsp;&nbsp; 338691 |
| &nbsp;&nbsp;&nbsp; Kentucky (Commonwealth of) Property & Building Commission (No. 119), Series 2018, RB, <br> (INS - BAM)<sup>(b)</sup><br>| 5.00% | 05/01/2032 | 40 | &nbsp;&nbsp; 42069 |
| &nbsp;&nbsp;&nbsp; Kentucky (Commonwealth of) Property & Building Commission (No. 119), Series 2018, RB, <br> (INS - BAM)<sup>(b)</sup><br>| 5.00% | 05/01/2034 | 180 | &nbsp;&nbsp; 188715 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 130), Series 2024 B, Ref. RB | 5.00% | 11/01/2028 | 30 | &nbsp;&nbsp; 32022 |
| Kentucky (Commonwealth of) Turnpike Authority (Revitalization), Series 2017 B, Ref. RB | 5.00% | 07/01/2028 | 85 | &nbsp;&nbsp; 88001 |
| Kentucky Bond Development Corp. (Centre College), Series 2018, RB | 4.50% | 06/01/2048 | 145 | &nbsp;&nbsp; 134117 |
| Louisville (City of) & Jefferson (County of), KY Metropolitan Sewer District, Series 2023, Ref. RB | 5.00% | 10/01/2028 | 5 | &nbsp;&nbsp; 5288 |
|  |  |  |  | &nbsp;&nbsp; 1162693 |
| **Louisiana-0.18%** |  |  |  |  |
| Louisiana (State of), Series 2023 A, Ref. GO Bonds | 5.00% | 02/01/2028 | 60 | &nbsp;&nbsp; 63110 |
| Louisiana (State of) (Garvee), Series 2019 A, RB | 5.00% | 09/01/2028 | 95 | &nbsp;&nbsp; 101095 |
| Louisiana (State of) (Garvee), Series 2019 A, RB | 5.00% | 09/01/2030 | 115 | &nbsp;&nbsp; 122008 |
| Louisiana (State of) (Garvee), Series 2019 A, RB | 5.00% | 09/01/2031 | 80 | &nbsp;&nbsp; 84890 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Louisiana-(continued)** |  |  |  |  |
| Louisiana (State of) (Garvee), Series 2023, RB | 5.00% | 09/01/2028 | $30 | &nbsp;&nbsp; $31925 |
| &nbsp;&nbsp;&nbsp; Louisiana (State of) Local Government Environmental Facilities & Community Development Authority <br> (Bossier City), Series 2018, RB<br>| 4.00% | 12/01/2043 | 25 | &nbsp;&nbsp; 24667 |
| New Orleans (Port of), LA Board of Commissioners, Series 2018 A, RB, (INS - AGI)<sup>(b)</sup> | 5.00% | 04/01/2048 | 5 | &nbsp;&nbsp; 5065 |
|  |  |  |  | &nbsp;&nbsp; 432760 |
| **Maine-0.11%** |  |  |  |  |
| Maine (State of) Health & Higher Educational Facilities Authority (Mainhealth), Series 2018 A, RB | 5.00% | 07/01/2043 | 250 | &nbsp;&nbsp; 254981 |
| Maine (State of) Turnpike Authority, Series 2018, RB | 5.00% | 07/01/2047 | 20 | &nbsp;&nbsp; 20379 |
|  |  |  |  | &nbsp;&nbsp; 275360 |
| **Maryland-2.86%** |  |  |  |  |
| Howard (County of), MD, Series 2017 D, Ref. GO Bonds | 5.00% | 02/15/2028 | 95 | &nbsp;&nbsp; 100199 |
| Howard (County of), MD, Series 2017 D, Ref. GO Bonds | 5.00% | 02/15/2031 | 15 | &nbsp;&nbsp; 15783 |
| Howard (County of), MD, Series 2017 D, Ref. GO Bonds | 4.00% | 02/15/2032 | 20 | &nbsp;&nbsp; 20553 |
| Maryland (State of), Second Series 2018, GO Bonds | 5.00% | 08/01/2030 | 15 | &nbsp;&nbsp; 15953 |
| Maryland (State of), Second Series 2018, GO Bonds | 5.00% | 08/01/2031 | 220 | &nbsp;&nbsp; 233670 |
| Maryland (State of), Second Series 2018, GO Bonds | 4.00% | 08/01/2032 | 200 | &nbsp;&nbsp; 206491 |
| Maryland (State of), Second Series 2018, GO Bonds | 4.00% | 08/01/2033 | 5 | &nbsp;&nbsp; 5152 |
| Maryland (State of), Second Series 2020 B, Ref. GO Bonds | 5.00% | 08/01/2028 | 390 | &nbsp;&nbsp; 415317 |
| Maryland (State of), Series 2017 A, GO Bonds | 5.00% | 03/15/2028 | 25 | &nbsp;&nbsp; 25757 |
| Maryland (State of), Series 2017 A, GO Bonds | 5.00% | 08/01/2028 | 105 | &nbsp;&nbsp; 109101 |
| Maryland (State of), Series 2018 A, GO Bonds | 5.00% | 03/15/2028 | 300 | &nbsp;&nbsp; 316755 |
| Maryland (State of), Series 2018 A, GO Bonds | 5.00% | 03/15/2030 | 20 | &nbsp;&nbsp; 21091 |
| Maryland (State of), Series 2018 A, GO Bonds | 5.00% | 03/15/2031 | 150 | &nbsp;&nbsp; 158080 |
| Maryland (State of), Series 2018 B, GO Bonds | 5.00% | 08/01/2028 | 195 | &nbsp;&nbsp; 207658 |
| Maryland (State of), Series 2022 C, Ref. GO Bonds | 4.00% | 03/01/2028 | 10 | &nbsp;&nbsp; 10321 |
| Maryland (State of), Series 2022 D, Ref. GO Bonds | 4.00% | 08/01/2028 | 160 | &nbsp;&nbsp; 166073 |
| Maryland (State of), Series 2022, GO Bonds | 5.00% | 06/01/2028 | 50 | &nbsp;&nbsp; 53048 |
| Maryland (State of), Series 2025 A, GO Bonds | 5.00% | 06/01/2028 | 225 | &nbsp;&nbsp; 238715 |
| Maryland (State of) (Bidding Group 1), Second Series 2019 A, GO Bonds | 5.00% | 08/01/2028 | 510 | &nbsp;&nbsp; 543107 |
| Maryland (State of) (Bidding Group 1), Second Series 2021 A, GO Bonds | 5.00% | 08/01/2028 | 95 | &nbsp;&nbsp; 101167 |
| Maryland (State of) (Bidding Group 1), Series 2020 A, GO Bonds | 5.00% | 03/15/2028 | 365 | &nbsp;&nbsp; 385385 |
| Maryland (State of) (Bidding Group 1), Series 2020 A, GO Bonds | 5.00% | 08/01/2028 | 225 | &nbsp;&nbsp; 239606 |
| Maryland (State of) (Bidding Group 1), Series 2021 A, GO Bonds | 5.00% | 03/01/2028 | 15 | &nbsp;&nbsp; 15824 |
| Maryland (State of) (Bidding Group 1), Series 2023 A, GO Bonds | 5.00% | 03/15/2028 | 20 | &nbsp;&nbsp; 21117 |
| Maryland (State of) (Bidding Group 2), Series 2025 B, Ref. GO Bonds | 5.00% | 08/01/2028 | 10 | &nbsp;&nbsp; 10649 |
| Maryland (State of) Department of Transportation, Series 2017, RB | 5.00% | 09/01/2028 | 150 | &nbsp;&nbsp; 156305 |
| Maryland (State of) Department of Transportation, Series 2019, RB | 5.00% | 10/01/2028 | 70 | &nbsp;&nbsp; 73081 |
| Maryland (State of) Department of Transportation, Series 2020, RB | 5.00% | 10/01/2028 | 95 | &nbsp;&nbsp; 101492 |
| Maryland (State of) Department of Transportation, Series 2021 A, RB | 5.00% | 10/01/2028 | 70 | &nbsp;&nbsp; 74783 |
| Maryland (State of) Department of Transportation, Series 2021 B, Ref. RB | 5.00% | 12/01/2028 | 155 | &nbsp;&nbsp; 166208 |
| Maryland (State of) Department of Transportation, Series 2022 B, Ref. RB | 5.00% | 12/01/2028 | 20 | &nbsp;&nbsp; 21446 |
| &nbsp;&nbsp;&nbsp; Maryland (State of) Stadium Authority, Series 2018, RB, <br> (CEP - Colorado Higher Education Intercept Program)<br>| 5.00% | 05/01/2042 | 200 | &nbsp;&nbsp; 205236 |
| &nbsp;&nbsp;&nbsp; Maryland (State of) Stadium Authority (Baltimore City Public Schools), Series 2018 A, RB, <br> (CEP - Colorado Higher Education Intercept Program)<br>| 5.00% | 05/01/2047 | 525 | &nbsp;&nbsp; 533637 |
| Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB | 5.00% | 07/01/2028 | 10 | &nbsp;&nbsp; 10624 |
| Maryland (State of) Transportation Authority, Series 2024, Ref. RB | 5.00% | 07/01/2028 | 5 | &nbsp;&nbsp; 5312 |
| Montgomery (County of), MD, Series 2018 A, GO Bonds | 5.00% | 11/01/2028 | 70 | &nbsp;&nbsp; 75045 |
| Montgomery (County of), MD, Series 2018 A, GO Bonds | 5.00% | 11/01/2031 | 15 | &nbsp;&nbsp; 16035 |
| Montgomery (County of), MD, Series 2018 A, GO Bonds | 5.00% | 11/01/2032 | 35 | &nbsp;&nbsp; 37349 |
| Montgomery (County of), MD, Series 2019 A, GO Bonds | 5.00% | 11/01/2028 | 90 | &nbsp;&nbsp; 96486 |
| Montgomery (County of), MD, Series 2020 A, GO Bonds | 4.00% | 08/01/2028 | 135 | &nbsp;&nbsp; 140230 |
| Montgomery (County of), MD, Series 2020 B, Ref. GO Bonds | 4.00% | 11/01/2028 | 120 | &nbsp;&nbsp; 125083 |
| Montgomery (County of), MD, Series 2021 A, Ref. GO Bonds | 5.00% | 08/01/2028 | 145 | &nbsp;&nbsp; 154567 |
| Prince George's (County of), MD, Series 2017 A, GO Bonds | 3.00% | 09/15/2028 | 10 | &nbsp;&nbsp; 10028 |
| Prince George's (County of), MD, Series 2018 A, GO Bonds | 5.00% | 07/15/2028 | 145 | &nbsp;&nbsp; 154297 |
| Prince George's (County of), MD, Series 2018 A, GO Bonds | 5.00% | 07/15/2031 | 100 | &nbsp;&nbsp; 106144 |
| Prince George's (County of), MD, Series 2018 A, GO Bonds | 4.00% | 07/15/2032 | 155 | &nbsp;&nbsp; 159962 |
| Prince George's (County of), MD, Series 2018 A, GO Bonds | 5.00% | 07/15/2034 | 10 | &nbsp;&nbsp; 10558 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Maryland-(continued)** |  |  |  |  |
| Prince George's (County of), MD, Series 2019 A, GO Bonds | 5.00% | 07/15/2028 | $105 | &nbsp;&nbsp; $111733 |
| Prince George's (County of), MD, Series 2020 A, GO Bonds | 5.00% | 07/15/2028 | 120 | &nbsp;&nbsp; 127694 |
| Prince George's (County of), MD, Series 2020 A, GO Bonds | 5.00% | 07/15/2030 | 165 | &nbsp;&nbsp; 175184 |
| Prince George's (County of), MD, Series 2020 A, GO Bonds | 5.00% | 07/15/2031 | 30 | &nbsp;&nbsp; 31843 |
| Prince George's (County of), MD, Series 2020 A, GO Bonds | 5.00% | 07/15/2032 | 10 | &nbsp;&nbsp; 10598 |
| Prince George's (County of), MD, Series 2020 B, Ref. GO Bonds | 5.00% | 09/15/2028 | 285 | &nbsp;&nbsp; 304413 |
| Washington (State of) Suburban Sanitary Commission, Series 2017, Ref. RB | 3.00% | 06/01/2028 | 50 | &nbsp;&nbsp; 50109 |
|  |  |  |  | &nbsp;&nbsp; 6882054 |
| **Massachusetts-3.20%** |  |  |  |  |
| Lincoln (Town of), MA, Series 2019, GO Bonds | 4.00% | 03/01/2049 | 150 | &nbsp;&nbsp; 146752 |
| Massachusetts (Commonwealth of), Series 2004 B, Ref. GO Bonds | 5.25% | 08/01/2028 | 35 | &nbsp;&nbsp; 37525 |
| Massachusetts (Commonwealth of), Series 2004 B, Ref. GO Bonds, (INS - AMBAC)<sup>(b)</sup> | 5.25% | 08/01/2028 | 85 | &nbsp;&nbsp; 91131 |
| Massachusetts (Commonwealth of), Series 2005, Ref. RB, (INS - NATL)<sup>(b)</sup> | 5.50% | 01/01/2028 | 125 | &nbsp;&nbsp; 132338 |
| Massachusetts (Commonwealth of), Series 2014 C, GO Bonds | 3.00% | 07/01/2028 | 25 | &nbsp;&nbsp; 24988 |
| Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds | 5.00% | 07/01/2028 | 400 | &nbsp;&nbsp; 425483 |
| Massachusetts (Commonwealth of), Series 2017 A, Ref. RB | 5.00% | 06/01/2028 | 70 | &nbsp;&nbsp; 73448 |
| Massachusetts (Commonwealth of), Series 2017 D, Ref. GO Bonds | 5.00% | 07/01/2028 | 20 | &nbsp;&nbsp; 21274 |
| Massachusetts (Commonwealth of), Series 2018 A, GO Bonds | 5.00% | 01/01/2033 | 180 | &nbsp;&nbsp; 188897 |
| Massachusetts (Commonwealth of), Series 2018 A, GO Bonds | 5.00% | 01/01/2035 | 80 | &nbsp;&nbsp; 83719 |
| Massachusetts (Commonwealth of), Series 2018 A, GO Bonds | 5.00% | 01/01/2036 | 70 | &nbsp;&nbsp; 73099 |
| Massachusetts (Commonwealth of), Series 2018 A, GO Bonds | 5.00% | 01/01/2037 | 35 | &nbsp;&nbsp; 36467 |
| Massachusetts (Commonwealth of), Series 2018 A, GO Bonds | 5.00% | 01/01/2038 | 435 | &nbsp;&nbsp; 452223 |
| Massachusetts (Commonwealth of), Series 2018 A, GO Bonds | 5.00% | 01/01/2039 | 20 | &nbsp;&nbsp; 20734 |
| Massachusetts (Commonwealth of), Series 2018 A, GO Bonds | 5.00% | 01/01/2041 | 20 | &nbsp;&nbsp; 20591 |
| Massachusetts (Commonwealth of), Series 2018 A, GO Bonds | 5.00% | 01/01/2046 | 75 | &nbsp;&nbsp; 76274 |
| Massachusetts (Commonwealth of), Series 2018 B, GO Bonds | 5.00% | 01/01/2028 | 370 | &nbsp;&nbsp; 389070 |
| Massachusetts (Commonwealth of), Series 2018 B, GO Bonds | 5.00% | 01/01/2030 | 25 | &nbsp;&nbsp; 26279 |
| Massachusetts (Commonwealth of), Series 2018 B, GO Bonds | 5.00% | 01/01/2031 | 65 | &nbsp;&nbsp; 68354 |
| Massachusetts (Commonwealth of), Series 2018 B, GO Bonds | 5.00% | 01/01/2032 | 55 | &nbsp;&nbsp; 57797 |
| Massachusetts (Commonwealth of), Series 2018 B, Ref. GO Bonds | 5.00% | 07/01/2028 | 170 | &nbsp;&nbsp; 180830 |
| Massachusetts (Commonwealth of), Series 2018 D, GO Bonds | 4.00% | 05/01/2036 | 15 | &nbsp;&nbsp; 15226 |
| Massachusetts (Commonwealth of), Series 2018 E, GO Bonds | 5.00% | 09/01/2032 | 40 | &nbsp;&nbsp; 42613 |
| Massachusetts (Commonwealth of), Series 2018 E, GO Bonds | 5.00% | 09/01/2037 | 40 | &nbsp;&nbsp; 42109 |
| Massachusetts (Commonwealth of), Series 2018 E, GO Bonds | 5.00% | 09/01/2038 | 225 | &nbsp;&nbsp; 236228 |
| Massachusetts (Commonwealth of), Series 2019 C, Ref. GO Bonds | 5.00% | 05/01/2028 | 55 | &nbsp;&nbsp; 58281 |
| Massachusetts (Commonwealth of), Series 2019 F, GO Bonds | 5.00% | 05/01/2028 | 255 | &nbsp;&nbsp; 270214 |
| Massachusetts (Commonwealth of), Series 2020 A, GO Bonds | 5.00% | 03/01/2028 | 360 | &nbsp;&nbsp; 380012 |
| Massachusetts (Commonwealth of), Series 2020 D, GO Bonds | 5.00% | 07/01/2028 | 250 | &nbsp;&nbsp; 265927 |
| Massachusetts (Commonwealth of), Series 2020 E, GO Bonds | 5.00% | 11/01/2028 | 200 | &nbsp;&nbsp; 214355 |
| Massachusetts (Commonwealth of), Series 2021 A, Ref. GO Bonds | 5.00% | 09/01/2028 | 80 | &nbsp;&nbsp; 85418 |
| Massachusetts (Commonwealth of), Series 2021 C, GO Bonds | 5.00% | 09/01/2028 | 20 | &nbsp;&nbsp; 21355 |
| Massachusetts (Commonwealth of), Series 2021, RB | 5.00% | 06/01/2041 | 245 | &nbsp;&nbsp; 252679 |
| Massachusetts (Commonwealth of), Series 2022 A, GO Bonds | 5.00% | 02/01/2028 | 90 | &nbsp;&nbsp; 94821 |
| Massachusetts (Commonwealth of), Series 2022 D, GO Bonds | 5.00% | 11/01/2028 | 210 | &nbsp;&nbsp; 225073 |
| Massachusetts (Commonwealth of), Series 2024 A, GO Bonds | 5.00% | 01/01/2028 | 10 | &nbsp;&nbsp; 10515 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) (Rail Enhancement & Accelerated Bridge Program), Series 2018 A, <br> RB<br>| 5.00% | 06/01/2048 | 25 | &nbsp;&nbsp; 25428 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2005 A, RB | 5.00% | 07/01/2028 | 115 | &nbsp;&nbsp; 122535 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2006 A, RB | 5.25% | 07/01/2028 | 50 | &nbsp;&nbsp; 53587 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2020, Ref. RB | 5.00% | 07/01/2045 | 260 | &nbsp;&nbsp; 265264 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2020, Ref. RB | 5.00% | 07/01/2050 | 220 | &nbsp;&nbsp; 223240 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2021 A-1, Ref. RB | 5.00% | 07/01/2028 | 120 | &nbsp;&nbsp; 127738 |
| Massachusetts (Commonwealth of) Development Finance Agency, Series 2020 A-2, Ref. RB | 5.00% | 07/01/2028 | 10 | &nbsp;&nbsp; 10593 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Development Finance Agency (Emerson College), Series 2017 A, <br> Ref. RB<br>| 5.00% | 01/01/2040 | 145 | &nbsp;&nbsp; 146287 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Development Finance Agency (Harvard University), Series 2020 A, <br> Ref. RB<br>| 5.00% | 10/15/2028 | 5 | &nbsp;&nbsp; 5356 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), <br> Series 2017, Ref. RB<br>| 5.00% | 07/01/2028 | 240 | &nbsp;&nbsp; 251475 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Massachusetts-(continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), <br> Series 2017, Ref. RB<br>| 5.00% | 07/01/2029 | $10 | &nbsp;&nbsp; $10455 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), <br> Series 2017, Ref. RB<br>| 5.00% | 07/01/2030 | 55 | &nbsp;&nbsp; 57502 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), <br> Series 2017, Ref. RB<br>| 5.00% | 07/01/2031 | 285 | &nbsp;&nbsp; 297846 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), <br> Series 2017, Ref. RB<br>| 5.00% | 07/01/2032 | 55 | &nbsp;&nbsp; 57427 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), <br> Series 2017, Ref. RB<br>| 5.00% | 07/01/2033 | 140 | &nbsp;&nbsp; 145906 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), <br> Series 2017, Ref. RB<br>| 5.00% | 07/01/2034 | 100 | &nbsp;&nbsp; 104005 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Health & Educational Facilities Authority (Massachusetts Institute <br> of Technology), Series 1998 I-1, RB<br>| 5.20% | 01/01/2028 | 90 | &nbsp;&nbsp; 95096 |
| Massachusetts (Commonwealth of) School Building Authority, Series 2018 A, RB | 5.25% | 02/15/2048 | 375 | &nbsp;&nbsp; 383899 |
| Massachusetts (Commonwealth of) School Building Authority, Series 2018 B, RB | 5.25% | 02/15/2048 | 300 | &nbsp;&nbsp; 307119 |
| Massachusetts (Commonwealth of) School Building Authority, Series 2025, Ref. RB | 5.00% | 02/15/2028 | 155 | &nbsp;&nbsp; 163449 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Transportation Trust Fund (Contract Assistance), Series 2018, <br> Ref. RB<br>| 5.00% | 01/01/2028 | 20 | &nbsp;&nbsp; 21031 |
| Massachusetts (Commonwealth of) Water Resources Authority, Series 2007 B, Ref. RB, (INS - AGI)<sup>(b)</sup> | 5.25% | 08/01/2028 | 5 | &nbsp;&nbsp; 5370 |
|  |  |  |  | &nbsp;&nbsp; 7722707 |
| **Michigan-0.74%** |  |  |  |  |
| Detroit City School District, Series 2005 A, Ref. GO Bonds, (INS - AGI)<sup>(b)</sup> | 5.25% | 05/01/2028 | 100 | &nbsp;&nbsp; 105969 |
| Great Lakes Water Authority, Series 2018 A, RB | 5.00% | 07/01/2043 | 5 | &nbsp;&nbsp; 5141 |
| Great Lakes Water Authority, Series 2018 A, Ref. RB | 5.00% | 07/01/2028 | 95 | &nbsp;&nbsp; 100709 |
| Great Lakes Water Authority, Series 2018 B, Ref. RB | 5.00% | 07/01/2028 | 85 | &nbsp;&nbsp; 90108 |
| Great Lakes Water Authority, Series 2024 A, Ref. RB | 5.00% | 07/01/2028 | 10 | &nbsp;&nbsp; 10601 |
| Great Lakes Water Authority, Series 2024 A, Ref. RB | 5.00% | 07/01/2028 | 35 | &nbsp;&nbsp; 37103 |
| Michigan (State of), Series 2020 B, RB | 5.00% | 11/15/2028 | 310 | &nbsp;&nbsp; 332545 |
| Michigan (State of), Series 2023, RB | 5.00% | 11/15/2028 | 90 | &nbsp;&nbsp; 96545 |
| Michigan (State of) Building Authority (Facilities Program), Series 2023, Ref. RB | 5.00% | 10/15/2028 | 25 | &nbsp;&nbsp; 26717 |
| Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2022, Ref. RB | 5.00% | 04/15/2028 | 20 | &nbsp;&nbsp; 21063 |
| &nbsp;&nbsp;&nbsp; Michigan (State of) Finance Authority (Charter County of Wayne Criminal Justice Center), <br> Series 2018, RB<br>| 5.00% | 11/01/2043 | 500 | &nbsp;&nbsp; 512033 |
| Michigan (State of) Hospital Finance Authority (Ascension Health Credit Group), Series 1999, RB<sup>(a)(c)</sup> | 4.00% | 05/15/2028 | 5 | &nbsp;&nbsp; 5154 |
| Michigan (State of) Hospital Finance Authority (Ascension Health Credit Group), Series 1999, RB<sup>(a)(c)</sup> | 4.00% | 05/15/2028 | 120 | &nbsp;&nbsp; 123705 |
| Michigan (State of) Hospital Finance Authority (Ascension Health Credit Group), Series 1999, RB | 4.00% | 11/15/2032 | 65 | &nbsp;&nbsp; 66008 |
| Michigan (State of) Hospital Finance Authority (Trinity Health Credit Group), Series 2008, Ref. RB | 5.00% | 12/01/2028 | 15 | &nbsp;&nbsp; 15669 |
| University of Michigan, Series 2017 A, Ref. RB | 5.00% | 04/01/2028 | 75 | &nbsp;&nbsp; 77371 |
| &nbsp;&nbsp;&nbsp; Wayne (County of), MI Airport Authority (Detroit Metropolitan Wayne County Airport), Series 2018, <br> RB<br>| 5.00% | 12/01/2035 | 5 | &nbsp;&nbsp; 5271 |
| &nbsp;&nbsp;&nbsp; Wayne (County of), MI Airport Authority (Detroit Metropolitan Wayne County Airport), Series 2018, <br> RB<br>| 5.00% | 12/01/2038 | 100 | &nbsp;&nbsp; 104449 |
| Wayne State University, Series 2018 A, RB | 5.00% | 11/15/2043 | 50 | &nbsp;&nbsp; 51394 |
|  |  |  |  | &nbsp;&nbsp; 1787555 |
| **Minnesota-1.34%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Duluth (City of), MN Economic Development Authority (Essentia Health Obligated Group), Series 2018 <br> A, Ref. RB<br>| 5.25% | 02/15/2058 | 240 | &nbsp;&nbsp; 241423 |
| &nbsp;&nbsp;&nbsp; Duluth (City of), MN Economic Development Authority (Essentia Health Obligated Group), <br> Series 2018, Ref. RB<br>| 4.25% | 02/15/2043 | 300 | &nbsp;&nbsp; 293251 |
| Metropolitan Council, Series 2021 C, GO Bonds | 5.00% | 12/01/2028 | 170 | &nbsp;&nbsp; 182292 |
| Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 A, Ref. RB | 5.00% | 01/01/2028 | 205 | &nbsp;&nbsp; 210004 |
| Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2023 A, Ref. RB | 5.00% | 01/01/2028 | 10 | &nbsp;&nbsp; 10488 |
| Minneapolis (City of), MN (Fairview Health Services), Series 2018 A, Ref. RB | 5.00% | 11/15/2033 | 70 | &nbsp;&nbsp; 72828 |
| Minneapolis (City of), MN (Fairview Health Services), Series 2018 A, Ref. RB | 5.00% | 11/15/2034 | 175 | &nbsp;&nbsp; 181669 |
| Minneapolis (City of), MN (Fairview Health Services), Series 2018 A, Ref. RB | 5.00% | 11/15/2035 | 20 | &nbsp;&nbsp; 20703 |
| Minneapolis (City of), MN (Fairview Health Services), Series 2018 A, Ref. RB | 5.00% | 11/15/2036 | 190 | &nbsp;&nbsp; 196066 |
| Minnesota (State of), Series 2017 A, GO Bonds | 5.00% | 10/01/2028 | 100 | &nbsp;&nbsp; 104572 |
| Minnesota (State of), Series 2017 D, Ref. GO Bonds | 5.00% | 10/01/2028 | 20 | &nbsp;&nbsp; 20914 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Minnesota-(continued)** |  |  |  |  |
| Minnesota (State of), Series 2018 A, GO Bonds | 5.00% | 08/01/2028 | $35 | &nbsp;&nbsp; $37300 |
| Minnesota (State of), Series 2018 A, GO Bonds | 5.00% | 08/01/2030 | 15 | &nbsp;&nbsp; 15997 |
| Minnesota (State of), Series 2018 A, GO Bonds | 5.00% | 08/01/2031 | 60 | &nbsp;&nbsp; 63963 |
| Minnesota (State of), Series 2018 A, GO Bonds | 5.00% | 08/01/2032 | 190 | &nbsp;&nbsp; 202298 |
| Minnesota (State of), Series 2018 A, GO Bonds | 5.00% | 08/01/2033 | 80 | &nbsp;&nbsp; 85010 |
| Minnesota (State of), Series 2018 A, GO Bonds | 5.00% | 08/01/2034 | 175 | &nbsp;&nbsp; 185730 |
| Minnesota (State of), Series 2018 A, GO Bonds | 5.00% | 08/01/2035 | 200 | &nbsp;&nbsp; 211780 |
| Minnesota (State of), Series 2018 A, GO Bonds | 5.00% | 08/01/2036 | 40 | &nbsp;&nbsp; 42238 |
| Minnesota (State of), Series 2018 A, GO Bonds | 5.00% | 08/01/2037 | 25 | &nbsp;&nbsp; 26319 |
| Minnesota (State of), Series 2018 A, GO Bonds | 5.00% | 08/01/2038 | 420 | &nbsp;&nbsp; 440958 |
| Minnesota (State of), Series 2019 A, GO Bonds | 5.00% | 08/01/2028 | 100 | &nbsp;&nbsp; 106572 |
| Minnesota (State of), Series 2020 A, GO Bonds | 5.00% | 08/01/2028 | 125 | &nbsp;&nbsp; 133214 |
| Minnesota (State of), Series 2021 A, GO Bonds | 5.00% | 09/01/2028 | 5 | &nbsp;&nbsp; 5339 |
| Minnesota (State of), Series 2021 B, GO Bonds | 5.00% | 09/01/2028 | 65 | &nbsp;&nbsp; 69402 |
| Minnesota (State of), Series 2024 A, GO Bonds | 5.00% | 08/01/2028 | 25 | &nbsp;&nbsp; 26643 |
| Minnesota (State of), Series 2024 B, GO Bonds | 5.00% | 08/01/2028 | 40 | &nbsp;&nbsp; 42629 |
|  |  |  |  | &nbsp;&nbsp; 3229602 |
| **Mississippi-0.38%** |  |  |  |  |
| Mississippi (State of), Series 2017 A, Ref. GO Bonds | 5.00% | 10/01/2028 | 355 | &nbsp;&nbsp; 370560 |
| Mississippi (State of), Series 2019 A, RB | 5.00% | 10/15/2036 | 85 | &nbsp;&nbsp; 88886 |
| Mississippi (State of), Series 2021 C, GO Bonds | 5.00% | 10/01/2034 | 80 | &nbsp;&nbsp; 84668 |
| Mississippi (State of), Series 2021 C, GO Bonds | 5.00% | 10/01/2035 | 25 | &nbsp;&nbsp; 26390 |
| Mississippi (State of), Series 2021 C, GO Bonds | 5.00% | 10/01/2036 | 55 | &nbsp;&nbsp; 57900 |
| Mississippi (State of), Series 2021 C, GO Bonds | 4.00% | 10/01/2040 | 5 | &nbsp;&nbsp; 5026 |
| &nbsp;&nbsp;&nbsp; Mississippi (State of) Development Bank (Desoto County Mississippi Highway Refunding), Series 2024 <br> A, Ref. RB<br>| 5.00% | 01/01/2028 | 155 | &nbsp;&nbsp; 162537 |
| West Rankin Utility Authority, Series 2018, RB<sup>(a)(c)</sup> | 5.00% | 01/01/2028 | 90 | &nbsp;&nbsp; 94545 |
| West Rankin Utility Authority, Series 2018, RB<sup>(a)(c)</sup> | 5.00% | 01/01/2028 | 15 | &nbsp;&nbsp; 15758 |
|  |  |  |  | &nbsp;&nbsp; 906270 |
| **Missouri-0.41%** |  |  |  |  |
| Curators of the University of Missouri (The), Series 2024, Ref. RB | 5.00% | 11/01/2028 | 45 | &nbsp;&nbsp; 48125 |
| Metropolitan St. Louis Sewer District, Series 2017 A, Ref. RB | 5.00% | 05/01/2028 | 70 | &nbsp;&nbsp; 72300 |
| Missouri (State of) Board of Public Buildings, Series 2020 B, Ref. RB | 4.00% | 10/01/2028 | 85 | &nbsp;&nbsp; 87860 |
| Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2018 A, Ref. RB | 5.00% | 06/01/2028 | 40 | &nbsp;&nbsp; 42041 |
| Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2018 A, Ref. RB | 5.00% | 06/01/2030 | 145 | &nbsp;&nbsp; 153436 |
| Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2018 A, Ref. RB | 5.00% | 06/01/2031 | 330 | &nbsp;&nbsp; 349019 |
| Missouri (State of) Health & Educational Facilities Authority (SSM Health), Series 2022 A, RB | 5.00% | 06/01/2028 | 30 | &nbsp;&nbsp; 31479 |
| Missouri (State of) Highway & Transportation Commission, Series 2022, RB | 5.00% | 05/01/2028 | 75 | &nbsp;&nbsp; 79348 |
| Springfield School District No. R-12, Series 2017, Ref. GO Bonds | 4.00% | 03/01/2030 | 65 | &nbsp;&nbsp; 67005 |
| St. Louis (City of), MO, Series 2005, RB, (INS - NATL)<sup>(b)</sup> | 5.50% | 07/01/2028 | 65 | &nbsp;&nbsp; 69612 |
|  |  |  |  | &nbsp;&nbsp; 1000225 |
| **Montana-0.47%** |  |  |  |  |
| Forsyth (City of), MT (Countryside Phase 2 South-Facilities), Series 2023, Ref. RB | 3.88% | 07/01/2028 | 115 | &nbsp;&nbsp; 116800 |
| &nbsp;&nbsp;&nbsp; Montana (State of) Facility Finance Authority (Bozeman Deaconess Health Services Obligated Group), <br> Series 2018, RB<br>| 5.00% | 06/01/2048 | 1000 | &nbsp;&nbsp; 1011752 |
|  |  |  |  | &nbsp;&nbsp; 1128552 |
| **Nebraska-0.34%** |  |  |  |  |
| Boys Town (Village of), NE (Boys Town), Series 2017, Ref. RB | 3.00% | 09/01/2028 | 250 | &nbsp;&nbsp; 250208 |
| Lincoln (City of), NE, Series 2020 A, RB | 5.00% | 09/01/2028 | 135 | &nbsp;&nbsp; 143661 |
| Nebraska (State of) Public Power District, Series 2023 A, RB | 5.00% | 07/01/2028 | 250 | &nbsp;&nbsp; 262057 |
| Omaha (City of), NE Public Power District, Series 2018 A, RB | 5.00% | 02/01/2028 | 150 | &nbsp;&nbsp; 157612 |
|  |  |  |  | &nbsp;&nbsp; 813538 |
| **Nevada-1.51%** |  |  |  |  |
| Clark (County of), NV, Series 2016 B, Ref. RB | 5.00% | 07/01/2028 | 185 | &nbsp;&nbsp; 196499 |
| Clark (County of), NV, Series 2017, Ref. GO Bonds | 5.00% | 06/01/2028 | 125 | &nbsp;&nbsp; 129564 |
| Clark (County of), NV, Series 2018 A, GO Bonds | 5.00% | 06/01/2032 | 45 | &nbsp;&nbsp; 47584 |
| Clark (County of), NV, Series 2018 A, GO Bonds | 5.00% | 06/01/2033 | 40 | &nbsp;&nbsp; 42169 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Nevada-(continued)** |  |  |  |  |
| Clark (County of), NV, Series 2018 A, GO Bonds | 5.00% | 06/01/2034 | $115 | &nbsp;&nbsp; $120996 |
| Clark (County of), NV, Series 2018 A, GO Bonds | 5.00% | 06/01/2035 | 20 | &nbsp;&nbsp; 21002 |
| Clark (County of), NV, Series 2018 A, GO Bonds | 5.00% | 06/01/2036 | 35 | &nbsp;&nbsp; 36658 |
| Clark (County of), NV, Series 2018 A, GO Bonds | 5.00% | 06/01/2037 | 110 | &nbsp;&nbsp; 114888 |
| Clark (County of), NV, Series 2018 A, GO Bonds | 5.00% | 06/01/2038 | 30 | &nbsp;&nbsp; 31250 |
| Clark (County of), NV, Series 2018 A, GO Bonds | 5.00% | 06/01/2043 | 280 | &nbsp;&nbsp; 287033 |
| Clark (County of), NV, Series 2018 B, GO Bonds | 5.00% | 12/01/2030 | 30 | &nbsp;&nbsp; 32145 |
| Clark (County of), NV, Series 2018 B, GO Bonds | 5.00% | 12/01/2031 | 155 | &nbsp;&nbsp; 166022 |
| Clark (County of), NV, Series 2018 B, GO Bonds | 5.00% | 12/01/2032 | 75 | &nbsp;&nbsp; 80250 |
| Clark (County of), NV, Series 2018 B, GO Bonds | 5.00% | 12/01/2033 | 125 | &nbsp;&nbsp; 133415 |
| Clark (County of), NV, Series 2018 B, GO Bonds | 5.00% | 12/01/2034 | 320 | &nbsp;&nbsp; 340590 |
| Clark (County of), NV, Series 2018 B, GO Bonds | 5.00% | 12/01/2035 | 45 | &nbsp;&nbsp; 47687 |
| Clark (County of), NV, Series 2018 B, GO Bonds | 4.00% | 12/01/2036 | 20 | &nbsp;&nbsp; 20436 |
| Clark (County of), NV, Series 2018 B, GO Bonds | 4.00% | 12/01/2037 | 45 | &nbsp;&nbsp; 45809 |
| Clark (County of), NV, Series 2018 B, GO Bonds | 4.00% | 12/01/2039 | 5 | &nbsp;&nbsp; 5059 |
| Clark (County of), NV (Las Vegas McCarran International Airport), Series 2019, Ref. RB | 5.00% | 07/01/2028 | 135 | &nbsp;&nbsp; 143252 |
| Clark (County of), NV (Stadium Improvement Bonds), Series 2018 A, GO Bonds | 5.00% | 05/01/2048 | 250 | &nbsp;&nbsp; 254786 |
| Clark (County of), NV Department of Aviation, Series 2019 B, Ref. RB | 5.00% | 07/01/2028 | 85 | &nbsp;&nbsp; 90196 |
| Clark (County of), NV Department of Aviation, Series 2024 A, Ref. RB | 5.00% | 07/01/2028 | 195 | &nbsp;&nbsp; 206919 |
| Clark County School District, Series 2018 B, GO Bonds, (INS - AGI)<sup>(b)</sup> | 4.00% | 06/15/2037 | 10 | &nbsp;&nbsp; 10145 |
| Clark County School District, Series 2018 B, GO Bonds, (INS - AGI)<sup>(b)</sup> | 4.00% | 06/15/2038 | 75 | &nbsp;&nbsp; 75821 |
| Las Vegas (City of), NV Convention & Visitors Authority, Series 2018 B, RB | 5.00% | 07/01/2043 | 540 | &nbsp;&nbsp; 552807 |
| Las Vegas Valley Water District, Series 2021 C, GO Bonds | 5.00% | 06/01/2028 | 130 | &nbsp;&nbsp; 137859 |
| North Las Vegas (City of), NV, Series 2018, Ref. GO Bonds, (INS - AGI)<sup>(b)</sup> | 4.00% | 06/01/2041 | 25 | &nbsp;&nbsp; 25066 |
| Truckee Meadows Water Authority, Series 2017, Ref. RB | 5.00% | 07/01/2028 | 190 | &nbsp;&nbsp; 197280 |
| Washoe County School District, Series 2018, GO Bonds, (INS - BAM)<sup>(b)</sup> | 4.13% | 10/01/2048 | 45 | &nbsp;&nbsp; 43745 |
|  |  |  |  | &nbsp;&nbsp; 3636932 |
| **New Hampshire-0.08%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; New Hampshire (State of) Health and Education Facilities Authority (Dartmouth College), Series 2017, <br> Ref. RB<br>| 5.00% | 06/01/2028 | 70 | &nbsp;&nbsp; 74232 |
| &nbsp;&nbsp;&nbsp; New Hampshire (State of) Health and Education Facilities Authority (Partners Healthcare System), <br> Series 2017, Ref. RB<br>| 5.00% | 07/01/2041 | 105 | &nbsp;&nbsp; 107414 |
|  |  |  |  | &nbsp;&nbsp; 181646 |
| **New Jersey-3.35%** |  |  |  |  |
| New Jersey (State of), Series 2020 A, GO Bonds | 5.00% | 06/01/2028 | 700 | &nbsp;&nbsp; 741446 |
| New Jersey (State of) Economic Development Authority, Series 2017 A, Ref. RB, (INS - BAM)<sup>(b)</sup> | 5.00% | 07/01/2028 | 275 | &nbsp;&nbsp; 283090 |
| New Jersey (State of) Economic Development Authority, Series 2018 EEE, RB<sup>(a)(c)</sup> | 5.00% | 12/15/2028 | 360 | &nbsp;&nbsp; 386352 |
| New Jersey (State of) Economic Development Authority, Series 2023, Ref. RB | 5.00% | 03/01/2028 | 115 | &nbsp;&nbsp; 120895 |
| New Jersey (State of) Economic Development Authority (State House), Series 2017 B, RB | 5.00% | 06/15/2035 | 15 | &nbsp;&nbsp; 15824 |
| New Jersey (State of) Economic Development Authority (State House), Series 2017 B, RB | 5.00% | 06/15/2036 | 115 | &nbsp;&nbsp; 120879 |
| New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 B, Ref. RB | 5.00% | 07/01/2028 | 1025 | &nbsp;&nbsp; 1064819 |
| New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB | 5.00% | 07/01/2028 | 20 | &nbsp;&nbsp; 20777 |
| &nbsp;&nbsp;&nbsp; New Jersey (State of) Educational Facilities Authority (Stevenns Institute Technology), Series 2024 A, <br> Ref. RB<br>| 5.00% | 05/15/2028 | 45 | &nbsp;&nbsp; 47463 |
| &nbsp;&nbsp;&nbsp; New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health <br> Obligated Group), Series 2017 A, Ref. RB<br>| 5.00% | 07/01/2028 | 100 | &nbsp;&nbsp; 103452 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2014 BB-1, RB | 5.00% | 06/15/2033 | 500 | &nbsp;&nbsp; 530239 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2014 BB-1, RN | 5.00% | 06/15/2030 | 30 | &nbsp;&nbsp; 32003 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2014 BB-1, RN | 5.00% | 06/15/2031 | 285 | &nbsp;&nbsp; 303568 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2014, RN | 5.00% | 06/15/2032 | 115 | &nbsp;&nbsp; 122221 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB | 5.00% | 12/15/2028 | 450 | &nbsp;&nbsp; 480872 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB | 5.00% | 12/15/2030 | 30 | &nbsp;&nbsp; 31980 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB | 4.00% | 12/15/2031 | 70 | &nbsp;&nbsp; 72143 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB | 5.00% | 12/15/2032 | 585 | &nbsp;&nbsp; 621049 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB | 5.00% | 12/15/2033 | 530 | &nbsp;&nbsp; 561441 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB | 5.00% | 12/15/2034 | 85 | &nbsp;&nbsp; 89809 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB, (INS - BAM)<sup>(b)</sup> | 4.00% | 12/15/2037 | 10 | &nbsp;&nbsp; 10132 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2018, RB | 5.00% | 12/15/2035 | 65 | &nbsp;&nbsp; 68460 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB<sup>(a)(c)</sup> | 5.00% | 12/15/2028 | 135 | &nbsp;&nbsp; 145210 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New Jersey-(continued)** |  |  |  |  |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB<sup>(a)(c)</sup> | 5.00% | 12/15/2028 | $80 | &nbsp;&nbsp; $86051 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB<sup>(a)(c)</sup> | 5.00% | 12/15/2028 | 5 | &nbsp;&nbsp; 5366 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB | 5.00% | 06/15/2030 | 265 | &nbsp;&nbsp; 282695 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB | 5.00% | 06/15/2032 | 20 | &nbsp;&nbsp; 21256 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB | 4.00% | 06/15/2038 | 240 | &nbsp;&nbsp; 241485 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2019, RB<sup>(a)(c)</sup> | 5.00% | 12/15/2028 | 30 | &nbsp;&nbsp; 32287 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2019, RB | 5.00% | 06/15/2032 | 45 | &nbsp;&nbsp; 47826 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2019, Ref. RB | 5.00% | 12/15/2028 | 180 | &nbsp;&nbsp; 192349 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2021 A, Ref. RB | 5.00% | 06/15/2028 | 80 | &nbsp;&nbsp; 84627 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022 AA, Ref. RB | 5.00% | 06/15/2028 | 15 | &nbsp;&nbsp; 15867 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2023 AA, RB | 5.00% | 06/15/2028 | 40 | &nbsp;&nbsp; 42313 |
| New Jersey (State of) Turnpike Authority, Series 2005 A, Ref. RB, (INS - AGI)<sup>(b)</sup> | 5.25% | 01/01/2028 | 80 | &nbsp;&nbsp; 84443 |
| New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB | 5.00% | 01/01/2028 | 30 | &nbsp;&nbsp; 31459 |
| New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB | 4.00% | 01/01/2035 | 160 | &nbsp;&nbsp; 162517 |
| New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB | 5.00% | 01/01/2040 | 295 | &nbsp;&nbsp; 303375 |
| New Jersey (State of) Turnpike Authority, Series 2017 G, Ref. RB | 4.00% | 01/01/2035 | 70 | &nbsp;&nbsp; 71101 |
| New Jersey (State of) Turnpike Authority, Series 2017 G, Ref. RB | 5.00% | 01/01/2036 | 210 | &nbsp;&nbsp; 218380 |
| New Jersey (State of) Turnpike Authority, Series 2017 G, Ref. RB | 5.00% | 01/01/2037 | 35 | &nbsp;&nbsp; 36287 |
| New Jersey (State of) Turnpike Authority, Series 2020 D, RB | 5.00% | 01/01/2028 | 100 | &nbsp;&nbsp; 102350 |
| New Jersey (State of) Turnpike Authority, Series 2025 B, RB | 5.00% | 01/01/2028 | 5 | &nbsp;&nbsp; 5243 |
| Rutgers The State University of New Jersey, Series 2018 N, RB | 5.00% | 05/01/2028 | 40 | &nbsp;&nbsp; 42280 |
|  |  |  |  | &nbsp;&nbsp; 8083681 |
| **New Mexico-0.41%** |  |  |  |  |
| New Mexico (State of), Series 2021, GO Bonds | 5.00% | 03/01/2028 | 30 | &nbsp;&nbsp; 31600 |
| New Mexico (State of) Finance Authority, Series 2018 A, Ref. RB | 5.00% | 06/15/2028 | 75 | &nbsp;&nbsp; 79622 |
| New Mexico (State of) Finance Authority, Series 2018 A, Ref. RB | 5.00% | 06/15/2030 | 90 | &nbsp;&nbsp; 95287 |
| New Mexico (State of) Finance Authority, Series 2021 A, RB | 5.00% | 06/15/2028 | 225 | &nbsp;&nbsp; 238865 |
| New Mexico (State of) Severance Tax Permanent Fund, Series 2018, RB | 5.00% | 07/01/2028 | 145 | &nbsp;&nbsp; 153751 |
| New Mexico (State of) Severance Tax Permanent Fund, Series 2021 A, RB | 5.00% | 07/01/2028 | 105 | &nbsp;&nbsp; 111337 |
| New Mexico (State of) Severance Tax Permanent Fund, Series 2022 B, RB | 5.00% | 07/01/2028 | 260 | &nbsp;&nbsp; 275692 |
|  |  |  |  | &nbsp;&nbsp; 986154 |
| **New York-22.59%** |  |  |  |  |
| Battery Park (City of), NY Authority, Series 2023 B, Ref. RB | 5.00% | 11/01/2028 | 160 | &nbsp;&nbsp; 172281 |
| Build NYC Resource Corp. (The Young Men's and Women's Hebrew Association), Series 2024, RB | 5.00% | 12/01/2028 | 250 | &nbsp;&nbsp; 265544 |
| &nbsp;&nbsp;&nbsp; Erie (County of), NY Industrial Development Agency (The) (City of Buffalo School District), <br> Series 2023 A, Ref. RB<br>| 5.00% | 05/01/2028 | 15 | &nbsp;&nbsp; 15851 |
| Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB | 5.00% | 02/15/2028 | 70 | &nbsp;&nbsp; 71975 |
| Long Island (City of), NY Power Authority, Series 2018, RB | 5.00% | 09/01/2033 | 55 | &nbsp;&nbsp; 58421 |
| Long Island (City of), NY Power Authority, Series 2018, RB | 5.00% | 09/01/2034 | 110 | &nbsp;&nbsp; 116709 |
| Long Island (City of), NY Power Authority, Series 2018, RB | 5.00% | 09/01/2035 | 75 | &nbsp;&nbsp; 79400 |
| Long Island (City of), NY Power Authority, Series 2018, RB | 5.00% | 09/01/2037 | 65 | &nbsp;&nbsp; 68410 |
| Long Island (City of), NY Power Authority, Series 2018, RB | 5.00% | 09/01/2038 | 15 | &nbsp;&nbsp; 15744 |
| Long Island (City of), NY Power Authority, Series 2018, RB | 5.00% | 09/01/2039 | 5 | &nbsp;&nbsp; 5235 |
| Long Island (City of), NY Power Authority, Series 2019 A, RB | 5.00% | 09/01/2030 | 205 | &nbsp;&nbsp; 218250 |
| Long Island (City of), NY Power Authority, Series 2019 A, RB | 5.00% | 09/01/2031 | 780 | &nbsp;&nbsp; 830400 |
| Long Island (City of), NY Power Authority, Series 2019 A, RB | 4.00% | 09/01/2034 | 5 | &nbsp;&nbsp; 5092 |
| Long Island (City of), NY Power Authority, Series 2023 F, Ref. RB | 5.00% | 09/01/2028 | 50 | &nbsp;&nbsp; 53373 |
| Metropolitan Transportation Authority, Series 2012 A, Ref. RB | 3.00% | 11/15/2028 | 815 | &nbsp;&nbsp; 814990 |
| Metropolitan Transportation Authority, Series 2017 D, Ref. RB | 5.00% | 11/15/2030 | 180 | &nbsp;&nbsp; 189895 |
| Metropolitan Transportation Authority, Series 2017 D, Ref. RB | 5.00% | 11/15/2031 | 70 | &nbsp;&nbsp; 73710 |
| Metropolitan Transportation Authority, Series 2017 D, Ref. RB | 5.00% | 11/15/2032 | 200 | &nbsp;&nbsp; 210134 |
| Metropolitan Transportation Authority, Series 2017 D, Ref. RB | 5.00% | 11/15/2033 | 225 | &nbsp;&nbsp; 235860 |
| Metropolitan Transportation Authority, Series 2017 D, Ref. RB | 5.00% | 11/15/2035 | 90 | &nbsp;&nbsp; 93747 |
| Metropolitan Transportation Authority, Series 2025, Ref. RB | 5.00% | 11/15/2028 | 5 | &nbsp;&nbsp; 5330 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 B-2, RB | 5.00% | 11/15/2028 | 35 | &nbsp;&nbsp; 36506 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 C-1, Ref. RB | 5.00% | 11/15/2028 | 20 | &nbsp;&nbsp; 21098 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 C-1, Ref. RB | 5.00% | 11/15/2029 | 130 | &nbsp;&nbsp; 137222 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 C-1, Ref. RB | 5.00% | 11/15/2031 | 90 | &nbsp;&nbsp; 94770 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 C-1, Ref. RB | 4.00% | 11/15/2032 | 245 | &nbsp;&nbsp; 248211 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 C-1, Ref. RB | 5.00% | 11/15/2033 | $35 | &nbsp;&nbsp; $36689 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 C-1, Ref. RB | 5.00% | 11/15/2034 | 180 | &nbsp;&nbsp; 188336 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 C-1, Ref. RB | 4.00% | 11/15/2035 | 590 | &nbsp;&nbsp; 593387 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 C-1, Ref. RB | 4.00% | 11/15/2037 | 80 | &nbsp;&nbsp; 80091 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 C-1, Ref. RB | 4.00% | 11/15/2038 | 165 | &nbsp;&nbsp; 164459 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 C-1, Ref. RB, (INS - BAM)<sup>(b)</sup> | 5.00% | 11/15/2031 | 5 | &nbsp;&nbsp; 5271 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017, Ref. RB | 5.00% | 11/15/2028 | 150 | &nbsp;&nbsp; 159892 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017, Ref. RB | 5.00% | 11/15/2030 | 85 | &nbsp;&nbsp; 89673 |
| Metropolitan Transportation Authority (Green Bonds), Series 2018 B, Ref. RB | 5.00% | 11/15/2028 | 90 | &nbsp;&nbsp; 95935 |
| Metropolitan Transportation Authority (Green Bonds), Series 2019 A-2, RB, (INS - AGI)<sup>(b)</sup> | 5.00% | 11/15/2044 | 35 | &nbsp;&nbsp; 35715 |
| Monroe County Industrial Development Corp. (Rochester Schools Modernization), Series 2018, RB | 5.00% | 05/01/2030 | 20 | &nbsp;&nbsp; 21158 |
| Monroe County Industrial Development Corp. (Rochester Schools Modernization), Series 2018, RB | 5.00% | 05/01/2031 | 95 | &nbsp;&nbsp; 100468 |
| Monroe County Industrial Development Corp. (Rochester Schools Modernization), Series 2018, RB | 5.00% | 05/01/2032 | 60 | &nbsp;&nbsp; 63385 |
| Monroe County Industrial Development Corp. (Rochester Schools Modernization), Series 2018, RB | 5.00% | 05/01/2033 | 65 | &nbsp;&nbsp; 68529 |
| Monroe County Industrial Development Corp. (Rochester Schools Modernization), Series 2018, RB | 5.00% | 05/01/2034 | 35 | &nbsp;&nbsp; 36849 |
| Nassau (County of), NY Interim Finance Authority, Series 2024 A, RB | 5.00% | 11/15/2028 | 95 | &nbsp;&nbsp; 102388 |
| Nassau Health Care Corp., Series 2009, Ref. RB | 5.00% | 08/01/2028 | 5 | &nbsp;&nbsp; 5327 |
| New York & New Jersey (States of) Port Authority, Series 2018, Ref. RB | 5.00% | 09/01/2033 | 60 | &nbsp;&nbsp; 63679 |
| New York & New Jersey (States of) Port Authority, Series 2018, Ref. RB | 5.00% | 09/01/2034 | 25 | &nbsp;&nbsp; 26530 |
| New York & New Jersey (States of) Port Authority, Series 2018, Ref. RB | 5.00% | 09/01/2037 | 25 | &nbsp;&nbsp; 26352 |
| New York & New Jersey (States of) Port Authority, Series 2022, Ref. RB | 4.00% | 12/01/2028 | 20 | &nbsp;&nbsp; 20889 |
| New York & New Jersey (States of) Port Authority, Two Hundred Eleventh Series 2018, Ref. RB | 5.00% | 09/01/2035 | 40 | &nbsp;&nbsp; 42352 |
| New York & New Jersey (States of) Port Authority, Two Hundred Eleventh Series 2018, Ref. RB | 5.00% | 09/01/2036 | 50 | &nbsp;&nbsp; 52832 |
| New York & New Jersey (States of) Port Authority, Two Hundred Eleventh Series 2018, Ref. RB | 4.00% | 09/01/2038 | 55 | &nbsp;&nbsp; 55725 |
| New York & New Jersey (States of) Port Authority, Two Hundred Eleventh Series 2018, Ref. RB | 5.00% | 09/01/2048 | 125 | &nbsp;&nbsp; 127355 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Three Series 2023, Ref. RB | 5.00% | 12/01/2028 | 95 | &nbsp;&nbsp; 102069 |
| New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB | 5.00% | 07/15/2028 | 60 | &nbsp;&nbsp; 63926 |
| New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB | 5.00% | 07/15/2030 | 175 | &nbsp;&nbsp; 185881 |
| New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB | 5.00% | 07/15/2032 | 35 | &nbsp;&nbsp; 37122 |
| New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB | 5.00% | 07/15/2033 | 90 | &nbsp;&nbsp; 95249 |
| New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB | 5.00% | 07/15/2034 | 200 | &nbsp;&nbsp; 211471 |
| New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB | 5.00% | 07/15/2035 | 120 | &nbsp;&nbsp; 126718 |
| New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB | 5.00% | 07/15/2036 | 180 | &nbsp;&nbsp; 189715 |
| New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB | 5.00% | 07/15/2038 | 5 | &nbsp;&nbsp; 5244 |
| New York (City of), NY, Series 2005 1, GO Bonds | 5.00% | 09/01/2028 | 250 | &nbsp;&nbsp; 265218 |
| New York (City of), NY, Series 2012-1, GO Bonds | 5.00% | 04/01/2028 | 15 | &nbsp;&nbsp; 15777 |
| New York (City of), NY, Series 2017 1, GO Bonds | 5.00% | 08/01/2028 | 160 | &nbsp;&nbsp; 166143 |
| New York (City of), NY, Series 2017 A, Ref. GO Bonds | 5.00% | 08/01/2028 | 340 | &nbsp;&nbsp; 353053 |
| New York (City of), NY, Series 2017 C, Ref. GO Bonds | 5.00% | 08/01/2028 | 220 | &nbsp;&nbsp; 229398 |
| New York (City of), NY, Series 2017 C, Ref. GO Bonds | 5.00% | 08/01/2030 | 10 | &nbsp;&nbsp; 10433 |
| New York (City of), NY, Series 2017 C, Ref. GO Bonds | 5.00% | 08/01/2031 | 30 | &nbsp;&nbsp; 31292 |
| New York (City of), NY, Series 2017 C, Ref. GO Bonds | 5.00% | 08/01/2032 | 50 | &nbsp;&nbsp; 52093 |
| New York (City of), NY, Series 2017 C, Ref. GO Bonds | 4.00% | 08/01/2034 | 50 | &nbsp;&nbsp; 50692 |
| New York (City of), NY, Series 2017, A Ref. GO Bonds | 5.00% | 08/01/2029 | 10 | &nbsp;&nbsp; 10429 |
| New York (City of), NY, Series 2018 E, GO Bonds | 5.00% | 03/01/2031 | 5 | &nbsp;&nbsp; 5225 |
| New York (City of), NY, Series 2018 E-1, GO Bonds | 5.25% | 03/01/2031 | 5 | &nbsp;&nbsp; 5252 |
| New York (City of), NY, Series 2018 E-1, GO Bonds | 5.00% | 03/01/2032 | 60 | &nbsp;&nbsp; 62642 |
| New York (City of), NY, Series 2018 E-1, GO Bonds | 5.25% | 03/01/2034 | 10 | &nbsp;&nbsp; 10462 |
| New York (City of), NY, Series 2018 E-1, GO Bonds | 5.25% | 03/01/2035 | 100 | &nbsp;&nbsp; 104462 |
| New York (City of), NY, Series 2018 E-1, GO Bonds | 5.00% | 03/01/2037 | 35 | &nbsp;&nbsp; 36202 |
| New York (City of), NY, Series 2018 E-1, GO Bonds | 5.00% | 03/01/2038 | 50 | &nbsp;&nbsp; 51595 |
| New York (City of), NY, Series 2018 E-1, GO Bonds | 5.00% | 03/01/2040 | 25 | &nbsp;&nbsp; 25641 |
| New York (City of), NY, Series 2019 E, Ref. GO Bonds | 5.00% | 08/01/2028 | 165 | &nbsp;&nbsp; 174746 |
| New York (City of), NY, Series 2020 A-1, Ref. GO Bonds | 5.00% | 08/01/2028 | 285 | &nbsp;&nbsp; 301834 |
| New York (City of), NY, Series 2020 B-1, Ref. GO Bonds | 5.00% | 11/01/2028 | 580 | &nbsp;&nbsp; 617414 |
| New York (City of), NY, Series 2020 C, Ref. GO Bonds | 5.00% | 08/01/2028 | 510 | &nbsp;&nbsp; 540124 |
| New York (City of), NY, Series 2020 C-1, Ref. GO Bonds | 5.00% | 08/01/2028 | 290 | &nbsp;&nbsp; 307129 |
| New York (City of), NY, Series 2021-1, GO Bonds | 5.00% | 08/01/2028 | 90 | &nbsp;&nbsp; 95316 |
| New York (City of), NY, Series 2022 A-1, GO Bonds | 5.00% | 09/01/2028 | 105 | &nbsp;&nbsp; 111392 |
| New York (City of), NY, Series 2022 B-1, Ref. GO Bonds | 5.00% | 08/01/2028 | 140 | &nbsp;&nbsp; 148269 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| New York (City of), NY, Series 2022 C, Ref. GO Bonds | 5.00% | 08/01/2028 | $115 | &nbsp;&nbsp; $121793 |
| New York (City of), NY, Series 2023 A, GO Bonds | 5.00% | 08/01/2028 | 45 | &nbsp;&nbsp; 47658 |
| New York (City of), NY, Series 2023 C, Ref. GO Bonds | 5.00% | 08/01/2028 | 135 | &nbsp;&nbsp; 142974 |
| New York (City of), NY, Series 2023 F-1, Ref. GO Bonds | 5.00% | 08/01/2028 | 275 | &nbsp;&nbsp; 291243 |
| New York (City of), NY, Series 2024 A, Ref. GO Bonds | 5.00% | 08/01/2028 | 35 | &nbsp;&nbsp; 37067 |
| New York (City of), NY, Series 2024 C, GO Bonds | 5.00% | 03/01/2028 | 10 | &nbsp;&nbsp; 10500 |
| New York (City of), NY, Series 2024 D, GO Bonds | 5.00% | 04/01/2028 | 30 | &nbsp;&nbsp; 31554 |
| New York (City of), NY, Series 2025, Ref. GO Bonds | 5.00% | 08/01/2028 | 25 | &nbsp;&nbsp; 26477 |
| New York (City of), NY, Subseries 2008 J-5, GO Bonds | 5.00% | 08/01/2028 | 300 | &nbsp;&nbsp; 317720 |
| New York (City of), NY, Subseries 2008 L-6, GO Bonds | 5.00% | 04/01/2028 | 170 | &nbsp;&nbsp; 178806 |
| New York (City of), NY, Subseries 2018 D-1, GO Bonds | 5.00% | 12/01/2033 | 540 | &nbsp;&nbsp; 569326 |
| New York (City of), NY, Subseries 2018 D-1, GO Bonds | 5.00% | 12/01/2034 | 20 | &nbsp;&nbsp; 21051 |
| New York (City of), NY, Subseries 2018 D-1, GO Bonds | 5.00% | 12/01/2035 | 100 | &nbsp;&nbsp; 104944 |
| New York (City of), NY, Subseries 2018 D-1, GO Bonds | 5.00% | 12/01/2036 | 75 | &nbsp;&nbsp; 78459 |
| New York (City of), NY, Subseries 2018 D-1, GO Bonds | 5.00% | 12/01/2037 | 30 | &nbsp;&nbsp; 31284 |
| New York (City of), NY, Subseries 2018 D-1, GO Bonds | 5.00% | 12/01/2038 | 125 | &nbsp;&nbsp; 129982 |
| New York (City of), NY, Subseries 2018 D-1, GO Bonds | 5.00% | 12/01/2039 | 315 | &nbsp;&nbsp; 326774 |
| New York (City of), NY, Subseries 2018 D-1, GO Bonds | 5.00% | 12/01/2040 | 100 | &nbsp;&nbsp; 103381 |
| New York (City of), NY, Subseries 2018 D-1, GO Bonds | 5.00% | 12/01/2041 | 570 | &nbsp;&nbsp; 587324 |
| New York (City of), NY, Subseries 2018 D-1, GO Bonds | 5.00% | 12/01/2042 | 10 | &nbsp;&nbsp; 10268 |
| New York (City of), NY, Subseries 2018 D-1, GO Bonds | 5.00% | 12/01/2043 | 50 | &nbsp;&nbsp; 51181 |
| New York (City of), NY, Subseries 2018 D-1, GO Bonds | 5.00% | 12/01/2044 | 40 | &nbsp;&nbsp; 40852 |
| New York (City of), NY, Subseries 2018 F-1, GO Bonds | 5.00% | 04/01/2033 | 270 | &nbsp;&nbsp; 281837 |
| New York (City of), NY, Subseries 2018 F-1, GO Bonds | 5.00% | 04/01/2034 | 340 | &nbsp;&nbsp; 354337 |
| New York (City of), NY, Subseries 2018 F-1, GO Bonds | 5.00% | 04/01/2035 | 115 | &nbsp;&nbsp; 119650 |
| New York (City of), NY, Subseries 2018 F-1, GO Bonds | 5.00% | 04/01/2036 | 110 | &nbsp;&nbsp; 114174 |
| New York (City of), NY, Subseries 2018 F-1, GO Bonds | 5.00% | 04/01/2037 | 25 | &nbsp;&nbsp; 25884 |
| New York (City of), NY, Subseries 2018 F-1, GO Bonds | 5.00% | 04/01/2038 | 65 | &nbsp;&nbsp; 67135 |
| New York (City of), NY, Subseries 2018 F-1, GO Bonds | 5.00% | 04/01/2039 | 15 | &nbsp;&nbsp; 15460 |
| New York (City of), NY, Subseries 2018 F-1, GO Bonds | 5.00% | 04/01/2040 | 105 | &nbsp;&nbsp; 107790 |
| New York (City of), NY, Subseries 2018 F-1, GO Bonds | 5.00% | 04/01/2043 | 130 | &nbsp;&nbsp; 132413 |
| New York (City of), NY, Subseries 2018 F-1, GO Bonds | 5.00% | 04/01/2045 | 240 | &nbsp;&nbsp; 243818 |
| New York (City of), NY, Subseries 2022 B-1, GO Bonds | 5.00% | 10/01/2028 | 65 | &nbsp;&nbsp; 69075 |
| New York (City of), NY, Subseries 2024 C-1, GO Bonds | 5.00% | 09/01/2028 | 535 | &nbsp;&nbsp; 567567 |
| New York (City of), NY Industrial Development Agency, Series 2021, Ref. RB, (INS - AGI)<sup>(b)</sup> | 5.00% | 01/01/2028 | 35 | &nbsp;&nbsp; 36564 |
| New York (City of), NY Municipal Water Finance Authority, Series 2018 FF, Ref. RB<sup>(a)(c)</sup> | 5.00% | 06/15/2028 | 30 | &nbsp;&nbsp; 31848 |
| New York (City of), NY Municipal Water Finance Authority, Series 2018 FF, Ref. RB | 5.00% | 06/15/2034 | 145 | &nbsp;&nbsp; 152498 |
| New York (City of), NY Municipal Water Finance Authority, Series 2018 FF, Ref. RB | 5.00% | 06/15/2039 | 150 | &nbsp;&nbsp; 155777 |
| New York (City of), NY Municipal Water Finance Authority, Series 2018 FF, Ref. RB | 5.00% | 06/15/2040 | 185 | &nbsp;&nbsp; 191428 |
| New York (City of), NY Municipal Water Finance Authority, Series 2018, Ref. RB | 5.00% | 06/15/2038 | 100 | &nbsp;&nbsp; 104081 |
| New York (City of), NY Municipal Water Finance Authority, Series 2019 DD-1, RB | 5.00% | 06/15/2049 | 280 | &nbsp;&nbsp; 284498 |
| New York (City of), NY Municipal Water Finance Authority, Series 2019 DD-1, RB | 5.25% | 06/15/2049 | 100 | &nbsp;&nbsp; 102298 |
| New York (City of), NY Municipal Water Finance Authority, Series 2019 DD-1, Ref. RB | 5.00% | 06/15/2037 | 235 | &nbsp;&nbsp; 245275 |
| New York (City of), NY Municipal Water Finance Authority, Series 2020, Ref. RB | 5.00% | 06/15/2028 | 55 | &nbsp;&nbsp; 58473 |
| New York (City of), NY Municipal Water Finance Authority, Series 2022 EE, Ref. RB | 5.00% | 06/15/2028 | 490 | &nbsp;&nbsp; 520943 |
| New York (City of), NY Municipal Water Finance Authority, Series 2022 EE, Ref. RB | 5.00% | 06/15/2045 | 290 | &nbsp;&nbsp; 295743 |
| New York (City of), NY Municipal Water Finance Authority, Series 2025 DD, Ref. RB | 5.00% | 06/15/2028 | 420 | &nbsp;&nbsp; 446523 |
| New York (City of), NY Municipal Water Finance Authority, Series 2025, Ref. RB | 5.00% | 06/15/2028 | 20 | &nbsp;&nbsp; 21263 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2020 AA-2, RB | 5.00% | 06/15/2028 | 90 | &nbsp;&nbsp; 95683 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2023 AA-2, RB | 5.00% | 06/15/2030 | 40 | &nbsp;&nbsp; 42613 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2024 BB-2, Ref. RB | 5.00% | 06/15/2028 | 110 | &nbsp;&nbsp; 116946 |
| New York (City of), NY Transitional Finance Authority, Series 1998 A-1, RB | 5.00% | 11/01/2028 | 190 | &nbsp;&nbsp; 203305 |
| New York (City of), NY Transitional Finance Authority, Series 2002-1, Ref. RB | 5.00% | 11/01/2028 | 140 | &nbsp;&nbsp; 149804 |
| New York (City of), NY Transitional Finance Authority, Series 2017 S-1, Ref. RB | 5.00% | 07/15/2028 | 40 | &nbsp;&nbsp; 41389 |
| New York (City of), NY Transitional Finance Authority, Series 2017, RB | 5.00% | 11/01/2028 | 55 | &nbsp;&nbsp; 57334 |
| New York (City of), NY Transitional Finance Authority, Series 2018 A, Ref. RB | 5.00% | 07/15/2032 | 80 | &nbsp;&nbsp; 84538 |
| New York (City of), NY Transitional Finance Authority, Series 2018 C-2, RB | 5.00% | 05/01/2032 | 105 | &nbsp;&nbsp; 110495 |
| New York (City of), NY Transitional Finance Authority, Series 2018 C-2, RB | 5.00% | 05/01/2033 | 35 | &nbsp;&nbsp; 36774 |
| New York (City of), NY Transitional Finance Authority, Series 2018 C-2, RB | 5.00% | 05/01/2034 | 150 | &nbsp;&nbsp; 157400 |
| New York (City of), NY Transitional Finance Authority, Series 2018 C-2, RB | 5.00% | 05/01/2035 | 565 | &nbsp;&nbsp; 592072 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| New York (City of), NY Transitional Finance Authority, Series 2018 C-2, RB | 5.00% | 05/01/2036 | $100 | &nbsp;&nbsp; $104578 |
| New York (City of), NY Transitional Finance Authority, Series 2018 C-2, RB | 5.00% | 05/01/2037 | 45 | &nbsp;&nbsp; 46955 |
| New York (City of), NY Transitional Finance Authority, Series 2018 C-2, RB | 5.00% | 05/01/2038 | 125 | &nbsp;&nbsp; 130150 |
| New York (City of), NY Transitional Finance Authority, Series 2018 C-3, RB | 5.00% | 07/15/2032 | 130 | &nbsp;&nbsp; 137374 |
| New York (City of), NY Transitional Finance Authority, Series 2018 C-3, RB | 5.00% | 05/01/2039 | 35 | &nbsp;&nbsp; 36352 |
| New York (City of), NY Transitional Finance Authority, Series 2018 C-3, RB | 5.00% | 05/01/2040 | 10 | &nbsp;&nbsp; 10348 |
| New York (City of), NY Transitional Finance Authority, Series 2018 C-3, RB | 5.00% | 05/01/2041 | 250 | &nbsp;&nbsp; 258105 |
| New York (City of), NY Transitional Finance Authority, Series 2018 S, RB | 5.00% | 07/15/2031 | 35 | &nbsp;&nbsp; 37026 |
| New York (City of), NY Transitional Finance Authority, Series 2018 S-1, RB | 5.00% | 07/15/2032 | 75 | &nbsp;&nbsp; 79254 |
| New York (City of), NY Transitional Finance Authority, Series 2018 S-1, RB | 5.00% | 07/15/2034 | 250 | &nbsp;&nbsp; 263170 |
| New York (City of), NY Transitional Finance Authority, Series 2018 S-1, RB | 5.00% | 07/15/2035 | 45 | &nbsp;&nbsp; 47263 |
| New York (City of), NY Transitional Finance Authority, Series 2018 S-1, RB | 5.00% | 07/15/2036 | 40 | &nbsp;&nbsp; 41901 |
| New York (City of), NY Transitional Finance Authority, Series 2018 S-1, RB | 5.00% | 07/15/2043 | 530 | &nbsp;&nbsp; 543060 |
| New York (City of), NY Transitional Finance Authority, Series 2018 S-1, RB | 5.00% | 07/15/2045 | 240 | &nbsp;&nbsp; 244856 |
| New York (City of), NY Transitional Finance Authority, Series 2018 S-2A, Ref. RB | 5.00% | 07/15/2028 | 170 | &nbsp;&nbsp; 180900 |
| New York (City of), NY Transitional Finance Authority, Series 2018 S-2A, Ref. RB | 5.00% | 07/15/2030 | 110 | &nbsp;&nbsp; 116351 |
| New York (City of), NY Transitional Finance Authority, Series 2018 S-2A, Ref. RB | 5.00% | 07/15/2031 | 40 | &nbsp;&nbsp; 42315 |
| New York (City of), NY Transitional Finance Authority, Series 2018 S-2A, Ref. RB | 5.00% | 07/15/2033 | 105 | &nbsp;&nbsp; 110741 |
| New York (City of), NY Transitional Finance Authority, Series 2018 S-2A, Ref. RB | 5.00% | 07/15/2035 | 260 | &nbsp;&nbsp; 273074 |
| New York (City of), NY Transitional Finance Authority, Series 2018 S-3, RB | 5.00% | 07/15/2033 | 525 | &nbsp;&nbsp; 553706 |
| New York (City of), NY Transitional Finance Authority, Series 2018 S-3, RB | 5.00% | 07/15/2034 | 310 | &nbsp;&nbsp; 326331 |
| New York (City of), NY Transitional Finance Authority, Series 2018 S-3, RB | 5.25% | 07/15/2036 | 50 | &nbsp;&nbsp; 52753 |
| New York (City of), NY Transitional Finance Authority, Series 2018 S-3, RB | 5.00% | 07/15/2037 | 55 | &nbsp;&nbsp; 57466 |
| New York (City of), NY Transitional Finance Authority, Series 2018 S-3, RB | 5.00% | 07/15/2043 | 95 | &nbsp;&nbsp; 97341 |
| New York (City of), NY Transitional Finance Authority, Series 2018 S-4A, Ref. RB | 5.00% | 07/15/2028 | 65 | &nbsp;&nbsp; 69168 |
| New York (City of), NY Transitional Finance Authority, Series 2018 S-4A, Ref. RB | 5.00% | 07/15/2030 | 15 | &nbsp;&nbsp; 15866 |
| New York (City of), NY Transitional Finance Authority, Series 2018 S-4A, Ref. RB | 5.00% | 07/15/2031 | 10 | &nbsp;&nbsp; 10579 |
| New York (City of), NY Transitional Finance Authority, Series 2018 S-4A, Ref. RB | 5.00% | 07/15/2034 | 110 | &nbsp;&nbsp; 115795 |
| New York (City of), NY Transitional Finance Authority, Series 2018 S-4A, Ref. RB | 5.00% | 07/15/2037 | 415 | &nbsp;&nbsp; 433608 |
| New York (City of), NY Transitional Finance Authority, Series 2020, RB | 5.00% | 08/01/2028 | 85 | &nbsp;&nbsp; 90450 |
| New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB | 5.00% | 11/01/2028 | 295 | &nbsp;&nbsp; 315658 |
| New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB | 5.00% | 11/01/2028 | 205 | &nbsp;&nbsp; 219355 |
| New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB | 5.00% | 08/01/2028 | 85 | &nbsp;&nbsp; 90450 |
| New York (City of), NY Transitional Finance Authority, Series 2022 B-1, Ref. RB | 5.00% | 11/01/2028 | 350 | &nbsp;&nbsp; 374509 |
| New York (City of), NY Transitional Finance Authority, Series 2022 S-1A, Ref. RB | 5.00% | 07/15/2028 | 185 | &nbsp;&nbsp; 196862 |
| New York (City of), NY Transitional Finance Authority, Series 2022, RB | 5.00% | 11/01/2028 | 130 | &nbsp;&nbsp; 139103 |
| New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB | 5.00% | 11/01/2028 | 265 | &nbsp;&nbsp; 283557 |
| New York (City of), NY Transitional Finance Authority, Series 2023, RB | 5.00% | 05/01/2028 | 5 | &nbsp;&nbsp; 5291 |
| New York (City of), NY Transitional Finance Authority, Series 2024 C, GO Bonds | 5.00% | 05/01/2028 | 125 | &nbsp;&nbsp; 132276 |
| New York (City of), NY Transitional Finance Authority, Series 2024 D, RB | 5.00% | 05/01/2028 | 155 | &nbsp;&nbsp; 164023 |
| New York (City of), NY Transitional Finance Authority, Series 2024 D-1, Ref. RB | 5.00% | 11/01/2028 | 25 | &nbsp;&nbsp; 26751 |
| New York (City of), NY Transitional Finance Authority, Series 2024, Ref. RB | 5.00% | 11/01/2028 | 60 | &nbsp;&nbsp; 64202 |
| New York (City of), NY Transitional Finance Authority, Series 2025 A, RB | 5.00% | 05/01/2028 | 5 | &nbsp;&nbsp; 5291 |
| New York (City of), NY Transitional Finance Authority, Series 2025 E, RB | 5.00% | 11/01/2028 | 20 | &nbsp;&nbsp; 21401 |
| New York (City of), NY Transitional Finance Authority, Series 2025, Ref. RB | 5.00% | 11/01/2028 | 45 | &nbsp;&nbsp; 48151 |
| New York (City of), NY Transitional Finance Authority, Series 2025, Ref. RB | 5.00% | 11/01/2028 | 40 | &nbsp;&nbsp; 42801 |
| New York (City of), NY Transitional Finance Authority, Series 2025, Ref. RB | 5.00% | 11/01/2028 | 35 | &nbsp;&nbsp; 37451 |
| New York (City of), NY Transitional Finance Authority, Subseries 2012 A-6, RB | 5.00% | 08/01/2028 | 10 | &nbsp;&nbsp; 10641 |
| New York (City of), NY Transitional Finance Authority, Subseries 2018 A-1, RB | 5.00% | 08/01/2033 | 125 | &nbsp;&nbsp; 131934 |
| New York (City of), NY Transitional Finance Authority, Subseries 2018 A-1, RB | 5.00% | 08/01/2035 | 140 | &nbsp;&nbsp; 147322 |
| New York (City of), NY Transitional Finance Authority, Subseries 2018 A-1, RB | 5.00% | 08/01/2036 | 30 | &nbsp;&nbsp; 31481 |
| New York (City of), NY Transitional Finance Authority, Subseries 2018 A-1, RB | 5.00% | 08/01/2037 | 10 | &nbsp;&nbsp; 10465 |
| New York (City of), NY Transitional Finance Authority, Subseries 2018 A-1, RB | 5.00% | 08/01/2040 | 100 | &nbsp;&nbsp; 103818 |
| New York (City of), NY Transitional Finance Authority, Subseries 2018 A-1, RB | 5.00% | 08/01/2042 | 600 | &nbsp;&nbsp; 619104 |
| New York (City of), NY Transitional Finance Authority, Subseries 2018 B-1, RB | 5.00% | 08/01/2035 | 230 | &nbsp;&nbsp; 242029 |
| New York (City of), NY Transitional Finance Authority, Subseries 2018 B-1, RB | 5.00% | 08/01/2036 | 180 | &nbsp;&nbsp; 188888 |
| New York (City of), NY Transitional Finance Authority, Subseries 2018 B-1, RB | 5.25% | 08/01/2037 | 90 | &nbsp;&nbsp; 94825 |
| New York (City of), NY Transitional Finance Authority, Subseries 2018 S-2A, Ref. RB | 5.00% | 07/15/2034 | 50 | &nbsp;&nbsp; 52634 |
| New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB | 5.00% | 07/15/2028 | 215 | &nbsp;&nbsp; 228786 |
| New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB | 5.00% | 07/15/2030 | 240 | &nbsp;&nbsp; 253857 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB | 5.00% | 07/15/2031 | $320 | &nbsp;&nbsp; $338522 |
| New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB | 5.00% | 07/15/2033 | 330 | &nbsp;&nbsp; 348044 |
| New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB | 5.00% | 07/15/2035 | 235 | &nbsp;&nbsp; 246816 |
| New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB | 5.00% | 07/15/2036 | 285 | &nbsp;&nbsp; 298541 |
| New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB | 5.00% | 07/15/2037 | 205 | &nbsp;&nbsp; 214192 |
| New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3A, Ref. RB | 5.00% | 07/15/2032 | 180 | &nbsp;&nbsp; 190210 |
| New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3A, Ref. RB | 5.00% | 07/15/2034 | 110 | &nbsp;&nbsp; 115795 |
| New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3A, Ref. RB | 4.00% | 07/15/2038 | 15 | &nbsp;&nbsp; 15123 |
| New York (City of), NY Transitional Finance Authority, Subseries 2018 S-4A, Ref. RB | 5.00% | 07/15/2033 | 25 | &nbsp;&nbsp; 26367 |
| New York (City of), NY Transitional Finance Authority, Subseries 2018 S-4A, Ref. RB | 5.25% | 07/15/2035 | 20 | &nbsp;&nbsp; 21157 |
| New York (City of), NY Transitional Finance Authority, Subseries 2018, RB | 5.00% | 08/01/2034 | 145 | &nbsp;&nbsp; 152855 |
| New York (City of), NY Transitional Finance Authority, Subseries 2018, RB | 5.00% | 08/01/2034 | 140 | &nbsp;&nbsp; 147584 |
| New York (City of), NY Transitional Finance Authority, Subseries 2018, RB | 5.00% | 08/01/2038 | 50 | &nbsp;&nbsp; 52221 |
| New York (City of), NY Transitional Finance Authority, Subseries 2018, RB | 4.00% | 08/01/2039 | 105 | &nbsp;&nbsp; 105699 |
| New York (City of), NY Transitional Finance Authority, Subseries 2021 F-1, Ref. RB | 5.00% | 11/01/2028 | 120 | &nbsp;&nbsp; 128403 |
| New York (State of), Series 2019 A, GO Bonds | 5.00% | 03/01/2028 | 5 | &nbsp;&nbsp; 5297 |
| New York (State of), Series 2025 C, Ref. GO Bonds | 5.00% | 03/15/2028 | 25 | &nbsp;&nbsp; 26511 |
| New York (State of) Dormitory Authority, Series 2005 B, Ref. RB, (INS - AMBAC)<sup>(b)</sup> | 5.50% | 03/15/2028 | 40 | &nbsp;&nbsp; 42649 |
| New York (State of) Dormitory Authority, Series 2017 A, Ref. RB | 5.00% | 07/01/2028 | 5 | &nbsp;&nbsp; 5177 |
| New York (State of) Dormitory Authority, Series 2018 1, Ref. RB | 5.00% | 01/15/2028 | 300 | &nbsp;&nbsp; 315236 |
| New York (State of) Dormitory Authority, Series 2018 A, RB | 5.00% | 10/01/2028 | 280 | &nbsp;&nbsp; 300326 |
| New York (State of) Dormitory Authority, Series 2018 A, RB | 5.00% | 03/15/2031 | 315 | &nbsp;&nbsp; 331946 |
| New York (State of) Dormitory Authority, Series 2018 A, RB | 5.00% | 03/15/2032 | 135 | &nbsp;&nbsp; 142130 |
| New York (State of) Dormitory Authority, Series 2018 A, RB | 5.00% | 07/01/2032 | 155 | &nbsp;&nbsp; 164277 |
| New York (State of) Dormitory Authority, Series 2018 A, RB | 5.00% | 07/01/2033 | 160 | &nbsp;&nbsp; 169253 |
| New York (State of) Dormitory Authority, Series 2018 A, RB | 5.00% | 03/15/2034 | 270 | &nbsp;&nbsp; 283327 |
| New York (State of) Dormitory Authority, Series 2018 A, RB | 4.00% | 07/01/2035 | 195 | &nbsp;&nbsp; 198009 |
| New York (State of) Dormitory Authority, Series 2018 A, RB | 5.00% | 03/15/2036 | 5 | &nbsp;&nbsp; 5227 |
| New York (State of) Dormitory Authority, Series 2018 A, RB | 5.00% | 07/01/2036 | 190 | &nbsp;&nbsp; 199695 |
| New York (State of) Dormitory Authority, Series 2018 A, RB | 5.00% | 07/01/2038 | 105 | &nbsp;&nbsp; 109769 |
| New York (State of) Dormitory Authority, Series 2018 A, RB | 5.00% | 03/15/2039 | 150 | &nbsp;&nbsp; 155733 |
| New York (State of) Dormitory Authority, Series 2018 A, RB | 5.00% | 07/01/2039 | 335 | &nbsp;&nbsp; 349517 |
| New York (State of) Dormitory Authority, Series 2018 A, RB | 5.00% | 07/01/2040 | 380 | &nbsp;&nbsp; 395175 |
| New York (State of) Dormitory Authority, Series 2018 A, RB | 5.00% | 03/15/2041 | 35 | &nbsp;&nbsp; 36095 |
| New York (State of) Dormitory Authority, Series 2018 A, RB | 5.00% | 07/01/2048 | 150 | &nbsp;&nbsp; 153346 |
| New York (State of) Dormitory Authority, Series 2018 A, Ref. RB<sup>(a)</sup> | 5.00% | 03/15/2028 | 170 | &nbsp;&nbsp; 179843 |
| New York (State of) Dormitory Authority, Series 2018 A, Ref. RB<sup>(a)(c)</sup> | 5.00% | 09/15/2028 | 25 | &nbsp;&nbsp; 26758 |
| New York (State of) Dormitory Authority, Series 2018 A, Ref. RB | 5.00% | 03/15/2030 | 55 | &nbsp;&nbsp; 58381 |
| New York (State of) Dormitory Authority, Series 2018 A, Ref. RB | 5.00% | 09/15/2030 | 25 | &nbsp;&nbsp; 26539 |
| New York (State of) Dormitory Authority, Series 2018 A, Ref. RB | 5.00% | 03/15/2031 | 155 | &nbsp;&nbsp; 164495 |
| New York (State of) Dormitory Authority, Series 2018 A, Ref. RB | 5.00% | 03/15/2032 | 355 | &nbsp;&nbsp; 376324 |
| New York (State of) Dormitory Authority, Series 2018 A, Ref. RB | 5.00% | 08/01/2032 | 375 | &nbsp;&nbsp; 385344 |
| New York (State of) Dormitory Authority, Series 2018 A, Ref. RB | 5.25% | 03/15/2037 | 20 | &nbsp;&nbsp; 21121 |
| New York (State of) Dormitory Authority, Series 2018 A, Ref. RB | 5.25% | 03/15/2039 | 115 | &nbsp;&nbsp; 120823 |
| New York (State of) Dormitory Authority, Series 2018 A, Ref. RB | 5.00% | 03/15/2040 | 130 | &nbsp;&nbsp; 134949 |
| New York (State of) Dormitory Authority, Series 2018 C, Ref. RB<sup>(a)(c)</sup> | 5.00% | 03/15/2028 | 15 | &nbsp;&nbsp; 15800 |
| New York (State of) Dormitory Authority, Series 2018 C, Ref. RB | 5.00% | 03/15/2031 | 110 | &nbsp;&nbsp; 115900 |
| New York (State of) Dormitory Authority, Series 2018 C, Ref. RB | 5.00% | 03/15/2032 | 140 | &nbsp;&nbsp; 147371 |
| New York (State of) Dormitory Authority, Series 2018 C, Ref. RB | 5.00% | 03/15/2033 | 20 | &nbsp;&nbsp; 21021 |
| New York (State of) Dormitory Authority, Series 2018 C, Ref. RB | 5.00% | 03/15/2034 | 110 | &nbsp;&nbsp; 115430 |
| New York (State of) Dormitory Authority, Series 2018 C, Ref. RB | 5.00% | 03/15/2037 | 35 | &nbsp;&nbsp; 36493 |
| New York (State of) Dormitory Authority, Series 2018 C, Ref. RB | 5.00% | 03/15/2039 | 10 | &nbsp;&nbsp; 10382 |
| New York (State of) Dormitory Authority, Series 2018 E, Ref. RB<sup>(a)(c)</sup> | 5.00% | 09/15/2028 | 10 | &nbsp;&nbsp; 10648 |
| New York (State of) Dormitory Authority, Series 2018 E, Ref. RB | 5.00% | 03/15/2030 | 330 | &nbsp;&nbsp; 351293 |
| New York (State of) Dormitory Authority, Series 2018 E, Ref. RB | 5.00% | 03/15/2032 | 260 | &nbsp;&nbsp; 276626 |
| New York (State of) Dormitory Authority, Series 2018 E, Ref. RB | 5.00% | 03/15/2033 | 155 | &nbsp;&nbsp; 164577 |
| New York (State of) Dormitory Authority, Series 2018 E, Ref. RB | 5.00% | 03/15/2034 | 240 | &nbsp;&nbsp; 254339 |
| New York (State of) Dormitory Authority, Series 2018 E, Ref. RB | 5.00% | 03/15/2035 | 260 | &nbsp;&nbsp; 275171 |
| New York (State of) Dormitory Authority, Series 2018 E, Ref. RB | 5.00% | 03/15/2048 | 675 | &nbsp;&nbsp; 690059 |
| New York (State of) Dormitory Authority, Series 2018, Ref. RB<sup>(a)</sup> | 5.00% | 03/15/2028 | 230 | &nbsp;&nbsp; 242264 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| New York (State of) Dormitory Authority, Series 2018, Ref. RB | 5.00% | 03/15/2030 | $220 | &nbsp;&nbsp; $231753 |
| New York (State of) Dormitory Authority, Series 2018, Ref. RB | 5.00% | 03/15/2031 | 135 | &nbsp;&nbsp; 143795 |
| New York (State of) Dormitory Authority, Series 2018-1, Ref. RB | 5.00% | 01/15/2032 | 160 | &nbsp;&nbsp; 167259 |
| New York (State of) Dormitory Authority, Series 2019 A, RB | 5.00% | 10/01/2028 | 5 | &nbsp;&nbsp; 5211 |
| New York (State of) Dormitory Authority, Series 2020, RB, (INS - AGI)<sup>(b)</sup> | 5.00% | 10/01/2028 | 30 | &nbsp;&nbsp; 32058 |
| New York (State of) Dormitory Authority, Series 2020, RB, (INS - AGI)<sup>(b)</sup> | 5.00% | 10/01/2031 | 20 | &nbsp;&nbsp; 21293 |
| New York (State of) Dormitory Authority, Series 2020, RB, (INS - AGI)<sup>(b)</sup> | 5.00% | 10/01/2032 | 50 | &nbsp;&nbsp; 53005 |
| New York (State of) Dormitory Authority, Series 2020, RB, (INS - AGI)<sup>(b)</sup> | 5.00% | 10/01/2033 | 35 | &nbsp;&nbsp; 36908 |
| New York (State of) Dormitory Authority, Series 2020, RB, (INS - AGI)<sup>(b)</sup> | 5.00% | 10/01/2034 | 100 | &nbsp;&nbsp; 105333 |
| New York (State of) Dormitory Authority, Series 2020, RB, (INS - AGI)<sup>(b)</sup> | 5.00% | 10/01/2035 | 45 | &nbsp;&nbsp; 47312 |
| New York (State of) Dormitory Authority, Series 2021 A, RB, (INS - AGI)<sup>(b)</sup> | 5.00% | 10/01/2028 | 155 | &nbsp;&nbsp; 165635 |
| New York (State of) Dormitory Authority, Series 2021 A, Ref. RB | 5.00% | 03/15/2028 | 95 | &nbsp;&nbsp; 100240 |
| New York (State of) Dormitory Authority, Series 2021 E, Ref. RB | 5.00% | 03/15/2028 | 45 | &nbsp;&nbsp; 47482 |
| New York (State of) Dormitory Authority, Series 2022 A, Ref. RB<sup>(a)</sup> | 5.00% | 03/15/2028 | 20 | &nbsp;&nbsp; 21158 |
| New York (State of) Dormitory Authority, Series 2023, RB, (INS - AGI)<sup>(b)</sup> | 5.00% | 10/01/2028 | 25 | &nbsp;&nbsp; 26715 |
| New York (State of) Dormitory Authority, Series 2024 A, GO Bonds, (INS - AGI)<sup>(b)</sup> | 5.00% | 10/01/2028 | 120 | &nbsp;&nbsp; 128234 |
| New York (State of) Dormitory Authority, Series 2024 A, RB | 5.00% | 07/01/2028 | 200 | &nbsp;&nbsp; 210196 |
| New York (State of) Dormitory Authority, Series 2024 A, Ref. RB | 5.00% | 03/15/2028 | 85 | &nbsp;&nbsp; 89689 |
| New York (State of) Dormitory Authority, Series 2024 B, Ref. RB | 5.00% | 03/15/2028 | 175 | &nbsp;&nbsp; 184894 |
| New York (State of) Dormitory Authority, Series 2025 A, Ref. RB | 5.00% | 03/15/2028 | 5 | &nbsp;&nbsp; 5276 |
| New York (State of) Dormitory Authority (Bidding Group 1), Series 2018 A, RB<sup>(a)</sup> | 5.00% | 03/15/2028 | 30 | &nbsp;&nbsp; 31600 |
| New York (State of) Dormitory Authority (Bidding Group 1), Series 2018 C, Ref. RB | 5.00% | 03/15/2035 | 355 | &nbsp;&nbsp; 372091 |
| New York (State of) Dormitory Authority (Bidding Group 1), Series 2018 C, Ref. RB | 5.00% | 03/15/2036 | 135 | &nbsp;&nbsp; 141137 |
| New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 A, RB | 5.00% | 03/15/2030 | 285 | &nbsp;&nbsp; 300187 |
| New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 A, RB | 5.00% | 03/15/2033 | 370 | &nbsp;&nbsp; 388883 |
| New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 A, RB | 5.00% | 03/15/2037 | 30 | &nbsp;&nbsp; 31280 |
| New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 C, Ref. RB | 5.00% | 03/15/2028 | 55 | &nbsp;&nbsp; 58110 |
| New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 E, Ref. RB | 5.00% | 03/15/2036 | 220 | &nbsp;&nbsp; 232101 |
| New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 E, Ref. RB | 5.00% | 03/15/2037 | 80 | &nbsp;&nbsp; 84128 |
| New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 E, Ref. RB | 5.00% | 03/15/2039 | 425 | &nbsp;&nbsp; 444522 |
| New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 E, Ref. RB | 5.00% | 03/15/2040 | 270 | &nbsp;&nbsp; 281192 |
| New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 E, Ref. RB | 5.00% | 03/15/2043 | 125 | &nbsp;&nbsp; 128878 |
| New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 E, Ref. RB | 5.00% | 03/15/2044 | 40 | &nbsp;&nbsp; 41112 |
| New York (State of) Dormitory Authority (Bidding Group 3), Series 2018 A, RB | 5.00% | 03/15/2038 | 165 | &nbsp;&nbsp; 171628 |
| New York (State of) Dormitory Authority (Bidding Group 3), Series 2018 A, RB | 5.00% | 03/15/2040 | 10 | &nbsp;&nbsp; 10346 |
| New York (State of) Dormitory Authority (Bidding Group 3), Series 2018 A, RB | 5.00% | 03/15/2042 | 155 | &nbsp;&nbsp; 159364 |
| New York (State of) Dormitory Authority (Bidding Group 4), Series 2018 A, RB | 5.00% | 03/15/2044 | 95 | &nbsp;&nbsp; 97227 |
| New York (State of) Dormitory Authority (Bidding Group 4), Series 2018 A, RB | 5.00% | 03/15/2045 | 100 | &nbsp;&nbsp; 102218 |
| New York (State of) Dormitory Authority (Bidding Group 4), Series 2018 C, Ref. RB | 5.00% | 03/15/2038 | 350 | &nbsp;&nbsp; 364060 |
| New York (State of) Dormitory Authority (Bidding Group 4), Series 2018 C, Ref. RB | 5.00% | 03/15/2042 | 15 | &nbsp;&nbsp; 15422 |
| New York (State of) Dormitory Authority (Bidding Group 4), Series 2018 C, Ref. RB | 5.00% | 03/15/2043 | 200 | &nbsp;&nbsp; 205076 |
| New York (State of) Dormitory Authority (Columbia University), Series 2018 B, Ref. RB | 5.00% | 10/01/2038 | 360 | &nbsp;&nbsp; 374595 |
| New York (State of) Dormitory Authority (General Purpose), Series 2018 A, Ref. RB | 5.25% | 03/15/2038 | 635 | &nbsp;&nbsp; 668663 |
| New York (State of) Dormitory Authority (New York University), Series 2017 A, Ref. RB | 5.00% | 07/01/2028 | 10 | &nbsp;&nbsp; 10383 |
| New York (State of) Dormitory Authority (New York University), Series 2019 A, RB | 5.00% | 07/01/2028 | 25 | &nbsp;&nbsp; 26567 |
| &nbsp;&nbsp;&nbsp; New York (State of) Dormitory Authority (State University of New York Dormitory Facilities), <br> Series 2023 B, Ref. RB<br>| 5.00% | 07/01/2028 | 10 | &nbsp;&nbsp; 10616 |
| New York (State of) Power Authority (Green Transmission), Series 2022, RB, (INS - AGI)<sup>(b)</sup> | 5.00% | 11/15/2028 | 240 | &nbsp;&nbsp; 258593 |
| New York (State of) Power Authority (Green Transmission), Series 2023, RB, (INS - AGI)<sup>(b)</sup> | 5.00% | 11/15/2028 | 65 | &nbsp;&nbsp; 70036 |
| New York (State of) Thruway Authority, Series 2018 L, Ref. RB | 5.00% | 01/01/2028 | 55 | &nbsp;&nbsp; 57961 |
| New York (State of) Thruway Authority, Series 2018 L, Ref. RB | 5.00% | 01/01/2030 | 120 | &nbsp;&nbsp; 125885 |
| New York (State of) Thruway Authority, Series 2018 L, Ref. RB | 5.00% | 01/01/2031 | 30 | &nbsp;&nbsp; 31489 |
| New York (State of) Thruway Authority, Series 2018 L, Ref. RB | 5.00% | 01/01/2032 | 25 | &nbsp;&nbsp; 26240 |
| New York (State of) Thruway Authority, Series 2018 L, Ref. RB | 5.00% | 01/01/2033 | 120 | &nbsp;&nbsp; 125802 |
| New York (State of) Thruway Authority, Series 2018 L, Ref. RB | 5.00% | 01/01/2034 | 60 | &nbsp;&nbsp; 62830 |
| New York (State of) Thruway Authority, Series 2018 L, Ref. RB | 5.00% | 01/01/2035 | 75 | &nbsp;&nbsp; 78423 |
| New York (State of) Thruway Authority, Series 2018 L, Ref. RB | 3.50% | 01/01/2037 | 30 | &nbsp;&nbsp; 30106 |
| New York (State of) Thruway Authority, Series 2021 A-1, Ref. RB | 5.00% | 03/15/2028 | 20 | &nbsp;&nbsp; 21117 |
| New York (State of) Thruway Authority, Series 2024 P, Ref. RB | 5.00% | 01/01/2028 | 10 | &nbsp;&nbsp; 10538 |
| New York (State of) Thruway Authority, Series 2024 Q, Ref. RB | 5.00% | 01/01/2028 | 430 | &nbsp;&nbsp; 453150 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| New York (State of) Thruway Authority (Bidding Group 1), Series 2022 A, Ref. RB | 5.00% | 03/15/2028 | $25 | &nbsp;&nbsp; $26396 |
| New York City Health and Hospitals Corp., Series 2021 A, Ref. RB | 5.00% | 02/15/2028 | 85 | &nbsp;&nbsp; 89633 |
| &nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2017, <br> Ref. RB<br>| 5.00% | 06/15/2028 | 50 | &nbsp;&nbsp; 51869 |
| &nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2018 <br> A, Ref. RB<br>| 5.00% | 06/15/2030 | 40 | &nbsp;&nbsp; 42476 |
| &nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2018 <br> B, RB<br>| 5.00% | 06/15/2043 | 40 | &nbsp;&nbsp; 41247 |
| &nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2018 <br> B, RB<br>| 5.00% | 06/15/2048 | 150 | &nbsp;&nbsp; 154393 |
| &nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2019 <br> B, Ref. RB<br>| 5.00% | 06/15/2028 | 75 | &nbsp;&nbsp; 79870 |
| &nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2021, <br> RB<br>| 5.00% | 06/15/2028 | 110 | &nbsp;&nbsp; 117142 |
| &nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2023, <br> Ref. RB<br>| 5.00% | 06/15/2028 | 20 | &nbsp;&nbsp; 21299 |
| &nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2024, <br> Ref. RB<br>| 5.00% | 06/15/2028 | 25 | &nbsp;&nbsp; 26623 |
| New York State Urban Development Corp., Series 2019 A, RB | 5.00% | 03/15/2035 | 195 | &nbsp;&nbsp; 206163 |
| New York State Urban Development Corp., Series 2019 A, RB | 5.00% | 03/15/2037 | 85 | &nbsp;&nbsp; 89409 |
| New York State Urban Development Corp., Series 2019 A, RB | 5.00% | 03/15/2038 | 130 | &nbsp;&nbsp; 136351 |
| New York State Urban Development Corp., Series 2019 A, RB | 5.00% | 03/15/2039 | 110 | &nbsp;&nbsp; 115143 |
| New York State Urban Development Corp., Series 2019 A, RB | 5.00% | 03/15/2040 | 145 | &nbsp;&nbsp; 151029 |
| New York State Urban Development Corp., Series 2019 A, RB | 5.00% | 03/15/2043 | 125 | &nbsp;&nbsp; 128798 |
| New York State Urban Development Corp., Series 2019 A, RB | 5.00% | 03/15/2044 | 105 | &nbsp;&nbsp; 107892 |
| New York State Urban Development Corp., Series 2019 A, RB | 5.00% | 03/15/2045 | 50 | &nbsp;&nbsp; 51291 |
| New York State Urban Development Corp., Series 2019, RB | 5.00% | 03/15/2034 | 25 | &nbsp;&nbsp; 26480 |
| New York State Urban Development Corp., Series 2019, RB | 5.00% | 03/15/2036 | 165 | &nbsp;&nbsp; 174121 |
| New York State Urban Development Corp., Series 2020, Ref. RB | 5.00% | 03/15/2028 | 200 | &nbsp;&nbsp; 210987 |
| New York State Urban Development Corp., Series 2022, Ref. RB<sup>(a)</sup> | 5.00% | 09/15/2028 | 20 | &nbsp;&nbsp; 21407 |
| New York State Urban Development Corp. (Bidding Group 1), Series 2021 A, Ref. RB | 5.00% | 03/15/2028 | 110 | &nbsp;&nbsp; 116244 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp. (Termial 4 John F. Kennedy International Airport), <br> Series 2020, Ref. RB<br>| 5.00% | 12/01/2028 | 75 | &nbsp;&nbsp; 79419 |
| Suffolk (County of), NY, Series 2017 D, Ref. GO Bonds, (INS - BAM)<sup>(b)</sup> | 4.00% | 10/15/2028 | 20 | &nbsp;&nbsp; 20482 |
| Suffolk (County of), NY Water Authority, Series 2013, Ref. RB | 3.00% | 06/01/2028 | 10 | &nbsp;&nbsp; 10002 |
| Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB | 5.00% | 11/15/2028 | 210 | &nbsp;&nbsp; 225272 |
| Triborough Bridge & Tunnel Authority, Series 2018 B, Ref. RB | 5.00% | 11/15/2028 | 565 | &nbsp;&nbsp; 606090 |
| Triborough Bridge & Tunnel Authority, Series 2025 A, RB | 5.00% | 02/01/2028 | 1075 | &nbsp;&nbsp; 1131646 |
| Triborough Bridge & Tunnel Authority, Series 2025 A, RB | 5.00% | 03/01/2028 | 90 | &nbsp;&nbsp; 94841 |
| Triborough Bridge & Tunnel Authority, Series 2025, RB | 5.00% | 12/01/2028 | 55 | &nbsp;&nbsp; 58993 |
| Triborough Bridge & Tunnel Authority (Green Bonds), Series 2022, Ref. RB | 5.00% | 11/15/2028 | 70 | &nbsp;&nbsp; 75174 |
| Triborough Bridge & Tunnel Authority (Green Bonds), Series 2023, RB | 5.00% | 11/15/2028 | 260 | &nbsp;&nbsp; 277435 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2017 C-1, Ref. RB | 5.00% | 11/15/2028 | 335 | &nbsp;&nbsp; 359363 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 A, RB | 5.00% | 11/15/2043 | 15 | &nbsp;&nbsp; 15408 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 A, RB | 5.00% | 11/15/2044 | 325 | &nbsp;&nbsp; 333340 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 A, RB | 5.00% | 11/15/2046 | 10 | &nbsp;&nbsp; 10230 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 C, Ref. RB | 5.00% | 11/15/2033 | 30 | &nbsp;&nbsp; 31861 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 C, Ref. RB | 5.00% | 11/15/2034 | 55 | &nbsp;&nbsp; 58348 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 C, Ref. RB | 5.00% | 11/15/2035 | 160 | &nbsp;&nbsp; 169253 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 C, Ref. RB | 5.00% | 11/15/2036 | 30 | &nbsp;&nbsp; 31636 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 C, Ref. RB | 5.00% | 11/15/2037 | 80 | &nbsp;&nbsp; 84122 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022, RB | 5.00% | 05/15/2028 | 210 | &nbsp;&nbsp; 222936 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023 A, Ref. RB | 5.00% | 11/15/2028 | 325 | &nbsp;&nbsp; 348636 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels) (Green Bonds), Series 2023, Ref. RB | 5.00% | 11/15/2028 | 335 | &nbsp;&nbsp; 359760 |
|  |  |  |  | &nbsp;&nbsp; 54435814 |
| **North Carolina-1.06%** |  |  |  |  |
| Charlotte (City of), NC, Series 2018, Ref. RB | 5.00% | 07/01/2028 | 260 | &nbsp;&nbsp; 276497 |
| Charlotte (City of), NC, Series 2018, Ref. RB | 5.00% | 07/01/2031 | 445 | &nbsp;&nbsp; 473231 |
| Charlotte (City of), NC, Series 2018, Ref. RB | 5.00% | 07/01/2032 | 40 | &nbsp;&nbsp; 42483 |
| Charlotte (City of), NC, Series 2018, Ref. RB | 5.00% | 07/01/2033 | 55 | &nbsp;&nbsp; 58308 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **North Carolina-(continued)** |  |  |  |  |
| Charlotte (City of), NC, Series 2018, Ref. RB | 5.00% | 07/01/2034 | $25 | &nbsp;&nbsp; $26460 |
| Charlotte (City of), NC, Series 2023 B, Ref. GO Bonds | 5.00% | 07/01/2028 | 55 | &nbsp;&nbsp; 58490 |
| Mecklenburg (County of), NC, Series 2022, GO Bonds | 5.00% | 09/01/2028 | 25 | &nbsp;&nbsp; 26707 |
| North Carolina (State of), Series 2017 B, Ref. RB | 5.00% | 05/01/2028 | 175 | &nbsp;&nbsp; 180995 |
| North Carolina (State of), Series 2018 A, GO Bonds | 5.00% | 06/01/2028 | 30 | &nbsp;&nbsp; 31851 |
| North Carolina (State of), Series 2019 A, RB | 5.00% | 05/01/2028 | 75 | &nbsp;&nbsp; 79330 |
| North Carolina (State of), Series 2019 B, GO Bonds | 5.00% | 06/01/2028 | 20 | &nbsp;&nbsp; 21234 |
| North Carolina (State of), Series 2020 A, GO Bonds | 5.00% | 06/01/2028 | 80 | &nbsp;&nbsp; 84936 |
| North Carolina (State of), Series 2021, RB | 5.00% | 03/01/2028 | 100 | &nbsp;&nbsp; 105356 |
| North Carolina (State of), Series 2022 A, RB | 5.00% | 05/01/2028 | 5 | &nbsp;&nbsp; 5289 |
| North Carolina (State of) (Build North Carolina Programs), Series 2020 B, RB | 5.00% | 05/01/2028 | 285 | &nbsp;&nbsp; 301452 |
| North Carolina (State of) (Garvee), Series 2019, RB | 5.00% | 03/01/2028 | 110 | &nbsp;&nbsp; 115892 |
| North Carolina (State of) (Garvee), Series 2025, Ref. RB | 5.00% | 03/01/2028 | 55 | &nbsp;&nbsp; 57946 |
| &nbsp;&nbsp;&nbsp; North Carolina (State of) Medical Care Commission (Duke University Health system), Series 2016, Ref. <br> RB<br>| 5.00% | 06/01/2028 | 95 | &nbsp;&nbsp; 100459 |
| North Carolina (State of) Turnpike Authority, Series 2018 A, Ref. RB | 4.00% | 01/01/2033 | 20 | &nbsp;&nbsp; 20487 |
| North Carolina (State of) Turnpike Authority, Series 2018 A, Ref. RB | 4.00% | 01/01/2034 | 70 | &nbsp;&nbsp; 71593 |
| North Carolina (State of) Turnpike Authority, Series 2018 A, Ref. RB | 4.00% | 01/01/2035 | 30 | &nbsp;&nbsp; 30601 |
| North Carolina (State of) Turnpike Authority, Series 2018 A, Ref. RB | 4.00% | 01/01/2036 | 5 | &nbsp;&nbsp; 5084 |
| Raleigh (City of), NC, Series 2024, Ref. RB | 5.00% | 10/01/2028 | 10 | &nbsp;&nbsp; 10686 |
| Wake (County of), NC, Series 2021, RB | 5.00% | 03/01/2028 | 215 | &nbsp;&nbsp; 226758 |
| Wake (County of), NC, Series 2023 A, Ref. GO Bonds | 5.00% | 05/01/2028 | 135 | &nbsp;&nbsp; 143054 |
|  |  |  |  | &nbsp;&nbsp; 2555179 |
| **North Dakota-0.08%** |  |  |  |  |
| University of North Dakota, Series 2018, COP | 5.00% | 04/01/2057 | 195 | &nbsp;&nbsp; 197473 |
| **Ohio-2.29%** |  |  |  |  |
| Allen (County of), OH, Series 2017 A, Ref. RB | 5.00% | 08/01/2028 | 80 | &nbsp;&nbsp; 83588 |
| Allen (County of), OH, Series 2017 A, Ref. RB | 5.00% | 08/01/2029 | 125 | &nbsp;&nbsp; 130594 |
| Allen (County of), OH, Series 2017 A, Ref. RB | 4.00% | 08/01/2038 | 20 | &nbsp;&nbsp; 20167 |
| Allen (County of), OH (Mercy Health), Series 2020, Ref. RB | 5.00% | 12/01/2028 | 30 | &nbsp;&nbsp; 31839 |
| American Municipal Power, Inc. (Combined Hydroelectric), Series 2020, Ref. RB | 5.00% | 02/15/2028 | 20 | &nbsp;&nbsp; 20998 |
| &nbsp;&nbsp;&nbsp; Cincinnati City School District (Classroom Construction & Improvement), Series 2006, Ref. GO Bonds, <br> (INS - NATL)<sup>(b)</sup><br>| 5.25% | 12/01/2028 | 55 | &nbsp;&nbsp; 59207 |
| Cleveland (City of), OH, Series 2018, GO Bonds | 5.00% | 12/01/2043 | 150 | &nbsp;&nbsp; 153767 |
| Columbus (City of), OH, Series 2016 3, Ref. GO Bonds | 5.00% | 02/15/2028 | 40 | &nbsp;&nbsp; 41175 |
| Columbus (City of), OH, Series 2017-1, Ref. GO Bonds | 5.00% | 04/01/2028 | 115 | &nbsp;&nbsp; 120033 |
| Columbus (City of), OH, Series 2018 A, GO Bonds | 5.00% | 04/01/2028 | 65 | &nbsp;&nbsp; 68730 |
| Columbus (City of), OH, Series 2018 A, GO Bonds | 5.00% | 04/01/2030 | 25 | &nbsp;&nbsp; 26707 |
| Columbus (City of), OH, Series 2018 A, GO Bonds | 5.00% | 04/01/2031 | 40 | &nbsp;&nbsp; 42719 |
| Columbus (City of), OH, Series 2018 A, GO Bonds | 5.00% | 04/01/2032 | 55 | &nbsp;&nbsp; 58675 |
| Columbus (City of), OH, Series 2018 A, GO Bonds | 5.00% | 04/01/2033 | 10 | &nbsp;&nbsp; 10643 |
| Columbus (City of), OH, Series 2018 A, GO Bonds | 5.00% | 04/01/2034 | 25 | &nbsp;&nbsp; 26573 |
| Columbus (City of), OH, Series 2021 A, GO Bonds | 5.00% | 04/01/2028 | 60 | &nbsp;&nbsp; 63443 |
| Columbus (City of), OH, Series 2023 A, GO Bonds | 5.00% | 08/15/2028 | 95 | &nbsp;&nbsp; 101307 |
| Columbus (City of), OH, Series 2024 A, GO Bonds | 5.00% | 08/15/2028 | 105 | &nbsp;&nbsp; 111970 |
| Franklin (County of), OH, Series 2018, RB | 5.00% | 06/01/2048 | 150 | &nbsp;&nbsp; 153364 |
| Miami Valley Career Technology Center, Series 2018, GO Bonds | 3.75% | 12/01/2047 | 35 | &nbsp;&nbsp; 30935 |
| Northeast Ohio Regional Sewer District, Series 2017, Ref. RB | 4.00% | 11/15/2037 | 35 | &nbsp;&nbsp; 35318 |
| Ohio (State of), Series 2016 A, Ref. GO Bonds | 5.00% | 09/01/2028 | 65 | &nbsp;&nbsp; 69402 |
| Ohio (State of), Series 2017 B, Ref. GO Bonds | 5.00% | 09/01/2028 | 130 | &nbsp;&nbsp; 138805 |
| Ohio (State of), Series 2017 B, Ref. GO Bonds | 5.00% | 09/15/2028 | 135 | &nbsp;&nbsp; 144271 |
| Ohio (State of), Series 2017 C, Ref. GO Bonds | 5.00% | 08/01/2028 | 105 | &nbsp;&nbsp; 111900 |
| Ohio (State of), Series 2017 U, Ref. GO Bonds | 5.00% | 05/01/2028 | 165 | &nbsp;&nbsp; 174844 |
| Ohio (State of), Series 2019-1, RB | 5.00% | 12/15/2028 | 190 | &nbsp;&nbsp; 203621 |
| Ohio (State of), Series 2021, RB | 5.00% | 02/01/2028 | 55 | &nbsp;&nbsp; 57827 |
| Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017 A, Ref. RB | 5.00% | 01/01/2030 | 120 | &nbsp;&nbsp; 125437 |
| Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017 A, Ref. RB | 5.00% | 01/01/2031 | 125 | &nbsp;&nbsp; 130716 |
| Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017 A, Ref. RB | 5.00% | 01/01/2033 | 100 | &nbsp;&nbsp; 104239 |
| Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017 A, Ref. RB | 4.00% | 01/01/2036 | 345 | &nbsp;&nbsp; 348516 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Ohio-(continued)** |  |  |  |  |
| Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017, Ref. RB | 5.00% | 01/01/2028 | $80 | &nbsp;&nbsp; $83757 |
| Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017, Ref. RB | 5.00% | 01/01/2032 | 625 | &nbsp;&nbsp; 652630 |
| Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017, Ref. RB | 4.00% | 01/01/2034 | 85 | &nbsp;&nbsp; 86378 |
| Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2021, Ref. RB | 5.00% | 01/01/2028 | 15 | &nbsp;&nbsp; 15708 |
| Ohio (State of) Turnpike & Infrastructure Commission, Series 2017 A, Ref. RB | 5.00% | 02/15/2028 | 40 | &nbsp;&nbsp; 41124 |
| Ohio (State of) Turnpike & Infrastructure Commission, Series 2018 A, RB | 4.00% | 02/15/2032 | 135 | &nbsp;&nbsp; 138324 |
| Ohio (State of) Turnpike & Infrastructure Commission, Series 2018 A, RB | 4.00% | 02/15/2033 | 90 | &nbsp;&nbsp; 91968 |
| Ohio (State of) Turnpike & Infrastructure Commission, Series 2018, RB | 5.00% | 02/15/2032 | 10 | &nbsp;&nbsp; 10455 |
| Ohio (State of) Turnpike & Infrastructure Commission (Infrastructure), Series 2018 A, RB | 5.00% | 02/15/2028 | 140 | &nbsp;&nbsp; 147261 |
| Ohio (State of) Turnpike & Infrastructure Commission (Infrastructure), Series 2018 A, RB | 5.00% | 02/15/2030 | 205 | &nbsp;&nbsp; 215052 |
| Ohio (State of) Turnpike & Infrastructure Commission (Infrastructure), Series 2018 A, RB | 5.00% | 02/15/2031 | 100 | &nbsp;&nbsp; 104597 |
| Ohio (State of) Turnpike & Infrastructure Commission (Infrastructure), Series 2018 A, RB | 5.00% | 02/15/2033 | 145 | &nbsp;&nbsp; 151380 |
| Ohio (State of) Water Development Authority, Series 2018, RB | 5.00% | 06/01/2028 | 165 | &nbsp;&nbsp; 174050 |
| Ohio (State of) Water Development Authority, Series 2019 A, RB | 5.00% | 06/01/2028 | 190 | &nbsp;&nbsp; 201534 |
| Ohio (State of) Water Development Authority, Series 2019 A, RB | 5.00% | 12/01/2028 | 220 | &nbsp;&nbsp; 235974 |
| &nbsp;&nbsp;&nbsp; Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2023 A, <br> Ref. RB<br>| 5.00% | 06/01/2028 | 75 | &nbsp;&nbsp; 79553 |
| University of Cincinnati, Series 2018 A, Ref. RB | 5.00% | 06/01/2044 | 85 | &nbsp;&nbsp; 86889 |
|  |  |  |  | &nbsp;&nbsp; 5517964 |
| **Oklahoma-0.25%** |  |  |  |  |
| Oklahoma (State of) Capitol Improvement Authority, Series 2024 A, Ref. RB | 5.00% | 07/01/2028 | 175 | &nbsp;&nbsp; 185382 |
| Oklahoma (State of) Industries Authority (Oklahoma City Public Schools), Series 2024, RB | 5.00% | 04/01/2028 | 20 | &nbsp;&nbsp; 21036 |
| Oklahoma (State of) Turnpike Authority, Series 2017 D D, Ref. RB | 5.00% | 01/01/2028 | 220 | &nbsp;&nbsp; 230378 |
| Oklahoma County Independent School District No. 89, Series 2024 A, GO Bonds | 4.00% | 07/01/2028 | 40 | &nbsp;&nbsp; 41360 |
| Tulsa (County of), OK Industrial Authority (Broken Arrow Public Schools), Series 2019, RB | 5.00% | 09/01/2028 | 125 | &nbsp;&nbsp; 132438 |
|  |  |  |  | &nbsp;&nbsp; 610594 |
| **Oregon-0.93%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Benton & Linn (Counties of), OR Consolidated School District No. 509J & 509A Corvallis, Series 2018 <br> B, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 06/15/2037 | 100 | &nbsp;&nbsp; 104696 |
| Metro, Series 2025, GO Bonds | 5.00% | 06/01/2028 | 5 | &nbsp;&nbsp; 5308 |
| Multnomah (County of), OR, Series 2021 A, GO Bonds | 5.00% | 06/15/2028 | 190 | &nbsp;&nbsp; 201660 |
| &nbsp;&nbsp;&nbsp; Multnomah County School District No. 1, Series 2020, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 06/15/2028 | 85 | &nbsp;&nbsp; 90217 |
| Oregon (State of) (Article XI - Q State), Series 2023, GO Bonds | 5.00% | 05/01/2028 | 180 | &nbsp;&nbsp; 190739 |
| Oregon (State of) Lottery, Series 2025 A, Ref. RB | 5.00% | 04/01/2028 | 30 | &nbsp;&nbsp; 31694 |
| Oregon (State of) Tri-County Metropolitan Transportation District (Garve), Series 2018 A, RB | 5.00% | 10/01/2032 | 40 | &nbsp;&nbsp; 41611 |
| Oregon (State of) Tri-County Metropolitan Transportation District (Garvee), Series 2018 A, RB | 4.00% | 10/01/2033 | 225 | &nbsp;&nbsp; 227795 |
| Oregon City School District No. 62, Series 2018 B, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 06/15/2049 | 370 | &nbsp;&nbsp; 376300 |
| Portland (City of), OR, Series 2019 A, Ref. RB | 5.00% | 03/01/2028 | 135 | &nbsp;&nbsp; 142261 |
| Portland Community College District, Series 2023, GO Bonds | 5.00% | 06/15/2028 | 65 | &nbsp;&nbsp; 68989 |
| Salem-Keizer School District No. 24J, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 06/15/2032 | 150 | &nbsp;&nbsp; 159032 |
| Salem-Keizer School District No. 24J, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 06/15/2033 | 25 | &nbsp;&nbsp; 26437 |
| Salem-Keizer School District No. 24J, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 06/15/2034 | 115 | &nbsp;&nbsp; 121380 |
| Salem-Keizer School District No. 24J, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty) | 4.00% | 06/15/2035 | 105 | &nbsp;&nbsp; 107071 |
| Salem-Keizer School District No. 24J, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 06/15/2036 | 75 | &nbsp;&nbsp; 78811 |
| Salem-Keizer School District No. 24J, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 06/15/2037 | 85 | &nbsp;&nbsp; 89077 |
| Salem-Keizer School District No. 24J, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 06/15/2038 | 5 | &nbsp;&nbsp; 5226 |
| Salem-Keizer School District No. 24J, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 06/15/2039 | 15 | &nbsp;&nbsp; 15641 |
| University of Oregon, Series 2018 A, RB | 5.00% | 04/01/2048 | 155 | &nbsp;&nbsp; 156986 |
|  |  |  |  | &nbsp;&nbsp; 2240931 |
| **Pennsylvania-3.50%** |  |  |  |  |
| Allegheny (County of), PA, Series 2018 C-77, GO Bonds | 5.00% | 11/01/2043 | 135 | &nbsp;&nbsp; 139260 |
| &nbsp;&nbsp;&nbsp; Allegheny (County of), PA Higher Education Building Authority (Carnegie Mellon University), <br> Series 2017, Ref. RB<br>| 5.00% | 08/01/2028 | 110 | &nbsp;&nbsp; 114393 |
| &nbsp;&nbsp;&nbsp; Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated <br> Group Issue), Series 2018 A, Ref. RB<br>| 5.00% | 04/01/2032 | 30 | &nbsp;&nbsp; 31252 |
| &nbsp;&nbsp;&nbsp; Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated <br> Group Issue), Series 2018 A, Ref. RB<br>| 4.00% | 04/01/2037 | 20 | &nbsp;&nbsp; 20007 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Pennsylvania-(continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated <br> Group Issue), Series 2018 A, Ref. RB<br>| 4.00% | 04/01/2044 | $55 | &nbsp;&nbsp; $51182 |
| &nbsp;&nbsp;&nbsp; Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated <br> Group Issue), Series 2018 A, Ref. RB<br>| 5.00% | 04/01/2047 | 450 | &nbsp;&nbsp; 451628 |
| &nbsp;&nbsp;&nbsp; Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated <br> Group Issue), Series 2018, Ref. RB<br>| 5.00% | 04/01/2033 | 265 | &nbsp;&nbsp; 275564 |
| &nbsp;&nbsp;&nbsp; Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated <br> Group Issue), Series 2018, Ref. RB<br>| 4.00% | 04/01/2038 | 150 | &nbsp;&nbsp; 148855 |
| &nbsp;&nbsp;&nbsp; Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), <br> Series 2018, Ref. RB<br>| 5.00% | 04/01/2028 | 45 | &nbsp;&nbsp; 47061 |
| &nbsp;&nbsp;&nbsp; Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), <br> Series 2019 A, Ref. RB<br>| 5.00% | 07/15/2028 | 40 | &nbsp;&nbsp; 42168 |
| Allegheny (County of), PA Port Authority, Series 2020, Ref. RB | 5.00% | 03/01/2028 | 40 | &nbsp;&nbsp; 42053 |
| Allegheny (County of), PA Sanitary Authority, Series 2018, RB | 5.00% | 06/01/2045 | 100 | &nbsp;&nbsp; 102295 |
| &nbsp;&nbsp;&nbsp; Bucks (County of), PA Industrial Development Authority (St. Luke's University Health Network), <br> Series 2019, RB<br>| 3.00% | 08/15/2050 | 180 | &nbsp;&nbsp; 129400 |
| Delaware Valley Regional Finance Authority, Series 1998 A, RB, (INS - AMBAC)<sup>(b)</sup> | 5.50% | 08/01/2028 | 300 | &nbsp;&nbsp; 319321 |
| DuBois (City of), PA Hospital Authority (Penn Highlands Healthcare), Series 2018, Ref. RB | 4.00% | 07/15/2048 | 30 | &nbsp;&nbsp; 22519 |
| Erie Sewer Authority, Series 2018 B, Ref. RB, (INS - AGI)<sup>(b)</sup> | 4.00% | 12/01/2041 | 30 | &nbsp;&nbsp; 30171 |
| Monroeville Finance Authority, Series 2022 B, Ref. RB | 5.00% | 02/15/2028 | 30 | &nbsp;&nbsp; 31372 |
| Northampton (County of), PA General Purpose Authority (LaFayette College), Series 2018, Ref. RB | 4.00% | 11/01/2038 | 100 | &nbsp;&nbsp; 100138 |
| Pennsylvania (Commonwealth of), First Series 2017, Ref. GO Bonds | 5.00% | 01/01/2028 | 285 | &nbsp;&nbsp; 292130 |
| Pennsylvania (Commonwealth of), First Series 2018, GO Bonds | 5.00% | 03/01/2028 | 90 | &nbsp;&nbsp; 94821 |
| Pennsylvania (Commonwealth of), First Series 2018, GO Bonds | 4.00% | 03/01/2037 | 270 | &nbsp;&nbsp; 274572 |
| Pennsylvania (Commonwealth of), First Series 2018, GO Bonds, (INS - AGI)<sup>(b)</sup> | 4.00% | 03/01/2033 | 10 | &nbsp;&nbsp; 10246 |
| Pennsylvania (Commonwealth of), First Series 2018, GO Bonds, (INS - AGI)<sup>(b)</sup> | 4.00% | 03/01/2034 | 20 | &nbsp;&nbsp; 20465 |
| Pennsylvania (Commonwealth of), First Series 2018, GO Bonds, (INS - AGI)<sup>(b)</sup> | 3.75% | 03/01/2039 | 415 | &nbsp;&nbsp; 415821 |
| Pennsylvania (Commonwealth of), First Series 2018, GO Bonds, (INS - BAM)<sup>(b)</sup> | 4.00% | 03/01/2035 | 150 | &nbsp;&nbsp; 153284 |
| Pennsylvania (Commonwealth of), First Series 2018-1, GO Bonds | 5.00% | 03/01/2032 | 565 | &nbsp;&nbsp; 593752 |
| Pennsylvania (Commonwealth of), First Series 2020, GO Bonds | 5.00% | 05/01/2028 | 200 | &nbsp;&nbsp; 211497 |
| Pennsylvania (Commonwealth of), First Series 2023, Ref. GO Bonds | 5.00% | 09/01/2028 | 95 | &nbsp;&nbsp; 101147 |
| Pennsylvania (Commonwealth of), Second Series 2016, Ref. GO Bonds | 5.00% | 01/15/2028 | 400 | &nbsp;&nbsp; 410354 |
| Pennsylvania (Commonwealth of), Series 2018, GO Bonds | 4.00% | 03/01/2036 | 70 | &nbsp;&nbsp; 71329 |
| Pennsylvania (Commonwealth of), Series 2019, Ref. GO Bonds | 5.00% | 07/15/2028 | 325 | &nbsp;&nbsp; 345073 |
| Pennsylvania (Commonwealth of), Series 2021, GO Bonds | 5.00% | 05/15/2028 | 10 | &nbsp;&nbsp; 10584 |
| Pennsylvania (Commonwealth of), Series 2022, GO Bonds | 5.00% | 10/01/2028 | 165 | &nbsp;&nbsp; 175995 |
| Pennsylvania (Commonwealth of), Series 2024, GO Bonds | 5.00% | 08/15/2028 | 20 | &nbsp;&nbsp; 21274 |
| Pennsylvania (Commonwealth of), Series 2025 A, Ref. GO Bonds | 5.00% | 08/15/2028 | 15 | &nbsp;&nbsp; 15955 |
| Pennsylvania (Commonwealth of), Series 2025 B, Ref. GO Bonds | 5.00% | 08/15/2028 | 5 | &nbsp;&nbsp; 5318 |
| Pennsylvania (Commonwealth of) (Bid Group A), Series 2023, GO Bonds | 5.00% | 09/01/2028 | 200 | &nbsp;&nbsp; 212941 |
| Pennsylvania (Commonwealth of) (Municipal Real Estate Funding, LLC), Series 2018 A, Ref. COP | 5.00% | 07/01/2043 | 135 | &nbsp;&nbsp; 138308 |
| &nbsp;&nbsp;&nbsp; Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Trustees University of <br> Pennsylvania), Series 2018 A, RB<br>| 5.00% | 02/15/2048 | 10 | &nbsp;&nbsp; 10160 |
| &nbsp;&nbsp;&nbsp; Pennsylvania (Commonwealth of) Public School Building Authority (Philadelphia School District), <br> Series 2003, RB, (INS - AGI)<sup>(b)</sup><br>| 5.50% | 06/01/2028 | 40 | &nbsp;&nbsp; 42560 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2013 A-2, RB | 5.00% | 12/01/2038 | 120 | &nbsp;&nbsp; 125304 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 B-2, Ref. RB | 5.00% | 06/01/2028 | 15 | &nbsp;&nbsp; 15505 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2018 A, RB | 5.25% | 12/01/2044 | 10 | &nbsp;&nbsp; 10348 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2018 A, RB | 5.00% | 12/01/2048 | 300 | &nbsp;&nbsp; 307033 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2018 A-2, RB | 5.00% | 12/01/2043 | 560 | &nbsp;&nbsp; 577035 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2018 A-2, RB | 5.00% | 12/01/2048 | 200 | &nbsp;&nbsp; 204689 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2018 B, RB | 5.00% | 12/01/2039 | 40 | &nbsp;&nbsp; 41668 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2018 B, RB | 5.00% | 12/01/2043 | 365 | &nbsp;&nbsp; 374440 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019, Ref. RB | 5.00% | 12/01/2030 | 40 | &nbsp;&nbsp; 42716 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Subseries 2013 A-2, RB | 5.00% | 12/01/2033 | 140 | &nbsp;&nbsp; 148303 |
| Philadelphia (City of), PA, Series 2018 A, RB | 5.00% | 10/01/2043 | 10 | &nbsp;&nbsp; 10291 |
| Philadelphia (City of), PA, Series 2018 A, RB | 5.00% | 10/01/2048 | 65 | &nbsp;&nbsp; 66396 |
| Philadelphia (City of), PA, Series 2023 B, Ref. RB, (INS - AGI)<sup>(b)</sup> | 5.00% | 09/01/2028 | 10 | &nbsp;&nbsp; 10650 |
| Philadelphia (City of), PA Authority for Industrial Development, Series 2019, Ref. RB | 5.00% | 10/01/2028 | 160 | &nbsp;&nbsp; 170255 |
| State College Area School District, Series 2018, GO Bonds | 5.00% | 05/15/2044 | 185 | &nbsp;&nbsp; 189753 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Pennsylvania-(continued)** |  |  |  |  |
| Washington (County of), PA Peters Township School District, Series 2018 C, GO Bonds | 5.00% | 09/01/2040 | $35 | &nbsp;&nbsp; $36359 |
| West Shore School District, Series 2020, GO Bonds | 4.00% | 11/15/2045 | 380 | &nbsp;&nbsp; 369682 |
|  |  |  |  | &nbsp;&nbsp; 8426652 |
| **South Carolina-0.81%** |  |  |  |  |
| Charleston Educational Excellence Finance Corp. (Charleston County School), Series 2023, Ref. RB | 5.00% | 12/01/2028 | 155 | &nbsp;&nbsp; 166161 |
| Columbia (City of), SC, Series 2018, RB<sup>(a)(c)</sup> | 5.00% | 02/01/2028 | 30 | &nbsp;&nbsp; 31574 |
| Florence (County of), SC, Series 2021, GO Bonds | 5.00% | 06/01/2028 | 95 | &nbsp;&nbsp; 100601 |
| Florence (County of), SC, Series 2023, RB | 5.00% | 06/01/2028 | 90 | &nbsp;&nbsp; 95217 |
| Greenville County School District, Series 2023, Ref. RB | 5.00% | 12/01/2028 | 60 | &nbsp;&nbsp; 64339 |
| Horry County School District, Series 2024, GO Bonds | 5.00% | 03/01/2028 | 25 | &nbsp;&nbsp; 26373 |
| South Carolina (State of) Jobs-Economic Development Authority (McLeod Health), Series 2018, RB | 5.00% | 11/01/2043 | 150 | &nbsp;&nbsp; 152404 |
| &nbsp;&nbsp;&nbsp; South Carolina (State of) Jobs-Economic Development Authority (Prisma Health Obligated Group), <br> Series 2018 A, Ref. RB<br>| 5.00% | 05/01/2035 | 115 | &nbsp;&nbsp; 119940 |
| &nbsp;&nbsp;&nbsp; South Carolina (State of) Jobs-Economic Development Authority (Prisma Health Obligated Group), <br> Series 2018 A, Ref. RB<br>| 5.00% | 05/01/2043 | 250 | &nbsp;&nbsp; 254695 |
| &nbsp;&nbsp;&nbsp; South Carolina (State of) Jobs-Economic Development Authority (Prisma Health Obligated Group), <br> Series 2018, Ref. RB<br>| 5.00% | 05/01/2032 | 110 | &nbsp;&nbsp; 115230 |
| &nbsp;&nbsp;&nbsp; South Carolina (State of) Jobs-Economic Development Authority (Prisma Health Obligated Group), <br> Series 2018, Ref. RB<br>| 5.00% | 05/01/2033 | 160 | &nbsp;&nbsp; 167369 |
| &nbsp;&nbsp;&nbsp; South Carolina (State of) Jobs-Economic Development Authority (Prisma Health Obligated Group), <br> Series 2018, Ref. RB<br>| 5.00% | 05/01/2034 | 55 | &nbsp;&nbsp; 57466 |
| &nbsp;&nbsp;&nbsp; South Carolina (State of) Jobs-Economic Development Authority (Prisma Health Obligated Group), <br> Series 2018, Ref. RB<br>| 5.00% | 05/01/2037 | 75 | &nbsp;&nbsp; 77886 |
| &nbsp;&nbsp;&nbsp; South Carolina (State of) Jobs-Economic Development Authority (Prisma Health Obligated Group), <br> Series 2018, Ref. RB<br>| 5.00% | 05/01/2038 | 225 | &nbsp;&nbsp; 233133 |
| South Carolina (State of) Public Service Authority, Series 2025 B, Ref. RB | 5.00% | 12/01/2028 | 5 | &nbsp;&nbsp; 5338 |
| South Carolina (State of) Transportation Infrastructure Bank, Series 2019 A, RB | 5.00% | 10/01/2032 | 90 | &nbsp;&nbsp; 95354 |
| South Carolina (State of) Transportation Infrastructure Bank, Series 2021 B, Ref. RB | 5.00% | 10/01/2028 | 170 | &nbsp;&nbsp; 181424 |
|  |  |  |  | &nbsp;&nbsp; 1944504 |
| **Tennessee-0.72%** |  |  |  |  |
| Chattanooga (City of), TN, Series 2025, Ref. RB | 5.00% | 09/01/2028 | 25 | &nbsp;&nbsp; 26659 |
| &nbsp;&nbsp;&nbsp; Greeneville (Town of), TN Health & Educational Facilities Board (Ballad Health Obligated Group), <br> Series 2018 A, Ref. RB<br>| 5.00% | 07/01/2035 | 205 | &nbsp;&nbsp; 212791 |
| &nbsp;&nbsp;&nbsp; Greeneville (Town of), TN Health & Educational Facilities Board (Ballad Health Obligated Group), <br> Series 2018 A, Ref. RB<br>| 5.00% | 07/01/2036 | 10 | &nbsp;&nbsp; 10351 |
| &nbsp;&nbsp;&nbsp; Greeneville (Town of), TN Health & Educational Facilities Board (Ballad Health Obligated Group), <br> Series 2018 A, Ref. RB<br>| 5.00% | 07/01/2037 | 150 | &nbsp;&nbsp; 154842 |
| &nbsp;&nbsp;&nbsp; Greeneville (Town of), TN Health & Educational Facilities Board (Ballad Health Obligated Group), <br> Series 2018 A, Ref. RB<br>| 4.00% | 07/01/2040 | 80 | &nbsp;&nbsp; 77469 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2018, GO Bonds | 4.00% | 07/01/2028 | 110 | &nbsp;&nbsp; 113963 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2018, GO Bonds | 5.00% | 07/01/2030 | 145 | &nbsp;&nbsp; 153781 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2018, GO Bonds | 5.00% | 07/01/2031 | 160 | &nbsp;&nbsp; 169449 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2018, GO Bonds | 5.00% | 07/01/2032 | 155 | &nbsp;&nbsp; 163942 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2018, GO Bonds | 4.00% | 07/01/2033 | 50 | &nbsp;&nbsp; 51173 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2018, GO Bonds | 4.00% | 07/01/2035 | 115 | &nbsp;&nbsp; 117110 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 C, GO Bonds | 5.00% | 01/01/2028 | 90 | &nbsp;&nbsp; 94489 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2024 B, Ref. RB | 5.00% | 05/15/2028 | 20 | &nbsp;&nbsp; 21173 |
| &nbsp;&nbsp;&nbsp; Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities <br> Board (The) (Vanderbilt University Medical Center), Series 2023, RB<br>| 5.00% | 07/01/2028 | 225 | &nbsp;&nbsp; 236446 |
| Tennessee (State of), Series 2023 A, GO Bonds | 5.00% | 05/01/2028 | 100 | &nbsp;&nbsp; 105966 |
| &nbsp;&nbsp;&nbsp; Tennessee (State of) School Bond Authority, Series 2017, Ref. RB, <br> (CEP - Colorado Higher Education Intercept Program)<br>| 5.00% | 11/01/2028 | 20 | &nbsp;&nbsp; 20851 |
|  |  |  |  | &nbsp;&nbsp; 1730455 |
| **Texas-8.07%** |  |  |  |  |
| Alamo Community College District, Series 2022, GO Notes | 5.00% | 02/15/2028 | 100 | &nbsp;&nbsp; 105208 |
| Alvin Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 3.38% | 02/15/2040 | 15 | &nbsp;&nbsp; 14290 |
| Arlington (City of), TX, Series 2018 A, RB, (INS - AGI)<sup>(b)</sup> | 5.00% | 02/15/2043 | 15 | &nbsp;&nbsp; 15315 |
| Austin (City of), TX, Series 2022, Ref. RB | 5.00% | 11/15/2028 | 80 | &nbsp;&nbsp; 85511 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas-(continued)** |  |  |  |  |
| Austin (City of), TX, Series 2022, Ref. RB | 5.00% | 11/15/2028 | $110 | &nbsp;&nbsp; $117578 |
| Austin (City of), TX, Series 2023, Ref. RB | 5.00% | 11/15/2028 | 10 | &nbsp;&nbsp; 10689 |
| Austin Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/01/2032 | 5 | &nbsp;&nbsp; 5293 |
| Austin Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 08/01/2033 | 215 | &nbsp;&nbsp; 220717 |
| Austin Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 08/01/2034 | 45 | &nbsp;&nbsp; 46127 |
| Austin Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 08/01/2035 | 100 | &nbsp;&nbsp; 102313 |
| Austin Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 08/01/2036 | 10 | &nbsp;&nbsp; 10202 |
| Austin Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/01/2028 | 30 | &nbsp;&nbsp; 31923 |
| Bexar (County of), TX, Series 2019, Ref. GO Bonds | 4.00% | 06/15/2037 | 20 | &nbsp;&nbsp; 20308 |
| Bexar (County of), TX, Series 2019, Ref. GO Bonds | 4.00% | 06/15/2038 | 155 | &nbsp;&nbsp; 157000 |
| Bexar (County of), TX Hospital District, Series 2022, Ctfs. of Obligations | 5.00% | 02/15/2047 | 100 | &nbsp;&nbsp; 101749 |
| Board of Regents of Stephen F. Austin State University, Series 2019 A, RB | 5.00% | 10/15/2042 | 145 | &nbsp;&nbsp; 149746 |
| Board of Regents of the University of North Texas System, Series 2022, RB | 5.00% | 04/15/2047 | 30 | &nbsp;&nbsp; 30537 |
| Board of Regents of the University of Texas System, Series 2020 C, Ref. RB | 5.00% | 08/15/2028 | 100 | &nbsp;&nbsp; 106449 |
| Board of Regents of the University of Texas System, Series 2021 A, Ref. RB | 5.00% | 08/15/2028 | 210 | &nbsp;&nbsp; 223543 |
| Board of Regents of the University of Texas System, Series 2024 A, Ref. RB | 5.00% | 08/15/2028 | 440 | &nbsp;&nbsp; 468376 |
| Board of Regents of the University of Texas System, Series 2025 A, RB | 5.00% | 08/15/2028 | 20 | &nbsp;&nbsp; 21290 |
| &nbsp;&nbsp;&nbsp; Comal Independent School District, Series 2024, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2028 | 45 | &nbsp;&nbsp; 47235 |
| &nbsp;&nbsp;&nbsp; Conroe Independent School District, Series 2020 A, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2028 | 35 | &nbsp;&nbsp; 36823 |
| &nbsp;&nbsp;&nbsp; Conroe Independent School District, Series 2024, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2028 | 60 | &nbsp;&nbsp; 63125 |
| &nbsp;&nbsp;&nbsp; Corpus Christi Independent School District, Series 2019, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 08/15/2031 | 65 | &nbsp;&nbsp; 66949 |
| &nbsp;&nbsp;&nbsp; Corpus Christi Independent School District, Series 2019, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 08/15/2032 | 115 | &nbsp;&nbsp; 118287 |
| &nbsp;&nbsp;&nbsp; Cypress-Fairbanks Independent School District, Series 2020 A, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2028 | 85 | &nbsp;&nbsp; 89371 |
| &nbsp;&nbsp;&nbsp; Cypress-Fairbanks Independent School District, Series 2023 A, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2028 | 15 | &nbsp;&nbsp; 15771 |
| &nbsp;&nbsp;&nbsp; Cypress-Fairbanks Independent School District, Series 2025, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2028 | 5 | &nbsp;&nbsp; 5257 |
| Dallas & Fort Worth (Cities of), TX, Series 2020 A, Ref. RB | 5.00% | 11/01/2028 | 55 | &nbsp;&nbsp; 58675 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020, Ref. RB | 5.00% | 11/01/2028 | 30 | &nbsp;&nbsp; 32005 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2023 B, Ref. RB | 5.00% | 11/01/2028 | 20 | &nbsp;&nbsp; 21337 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2024, RB | 5.00% | 11/01/2028 | 5 | &nbsp;&nbsp; 5334 |
| Dallas (City of), TX, Series 2023 A, Ref. GO Bonds | 5.00% | 02/15/2028 | 140 | &nbsp;&nbsp; 147291 |
| Dallas (City of), TX, Series 2024 B, Ctfs. of Obligations | 5.00% | 02/15/2028 | 15 | &nbsp;&nbsp; 15781 |
| Dallas (City of), TX, Series 2024 B, Ref. GO Bonds | 5.00% | 02/15/2028 | 55 | &nbsp;&nbsp; 57864 |
| Dallas (City of), TX Area Rapid Transit, Series 2007, Ref. RB, (INS - AMBAC)<sup>(b)</sup> | 5.25% | 12/01/2028 | 90 | &nbsp;&nbsp; 96803 |
| Dallas (City of), TX Area Rapid Transit, Series 2019, Ref. RB | 5.00% | 12/01/2028 | 120 | &nbsp;&nbsp; 128210 |
| &nbsp;&nbsp;&nbsp; Dallas (City of), TX Independent School District, Series 2021 A, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2028 | 30 | &nbsp;&nbsp; 31596 |
| &nbsp;&nbsp;&nbsp; Dallas (City of), TX Independent School District, Series 2025 C, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2028 | 55 | &nbsp;&nbsp; 57925 |
| Dallas (County of), TX Hospital District, Series 2019, Ref. GO Bonds | 5.00% | 08/15/2030 | 205 | &nbsp;&nbsp; 217145 |
| Dallas (County of), TX Hospital District, Series 2019, Ref. GO Bonds | 5.00% | 08/15/2032 | 15 | &nbsp;&nbsp; 15846 |
| Dallas (County of), TX Hospital District, Series 2019, Ref. GO Bonds | 4.00% | 08/15/2034 | 80 | &nbsp;&nbsp; 81228 |
| Dallas (County of), TX Utility & Reclamation District, Series 2016, Ref. GO Bonds | 5.00% | 02/15/2028 | 20 | &nbsp;&nbsp; 20923 |
| Dallas College, Series 2022, GO Bonds | 5.00% | 02/15/2028 | 125 | &nbsp;&nbsp; 131400 |
| Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2028 | 20 | &nbsp;&nbsp; 21274 |
| El Paso Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 08/15/2034 | 60 | &nbsp;&nbsp; 61260 |
| El Paso Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 08/15/2035 | 10 | &nbsp;&nbsp; 10194 |
| El Paso Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 08/15/2036 | 45 | &nbsp;&nbsp; 45771 |
| El Paso Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 08/15/2037 | 20 | &nbsp;&nbsp; 20281 |
| El Paso Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 08/15/2038 | 255 | &nbsp;&nbsp; 258122 |
| &nbsp;&nbsp;&nbsp; Fort Bend Independent School District, Series 2018, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 08/15/2028 | 40 | &nbsp;&nbsp; 41548 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas-(continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Fort Bend Independent School District, Series 2019 B, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2031 | $75 | &nbsp;&nbsp; $78811 |
| &nbsp;&nbsp;&nbsp; Fort Bend Independent School District, Series 2019 B, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2032 | 95 | &nbsp;&nbsp; 97286 |
| &nbsp;&nbsp;&nbsp; Fort Bend Independent School District, Series 2019 B, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2033 | 155 | &nbsp;&nbsp; 158563 |
| &nbsp;&nbsp;&nbsp; Fort Bend Independent School District, Series 2019 B, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2034 | 90 | &nbsp;&nbsp; 91947 |
| &nbsp;&nbsp;&nbsp; Fort Worth Independent School District, Series 2025, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2028 | 5 | &nbsp;&nbsp; 5259 |
| Grand Parkway Transportation Corp., Series 2018 A, RB | 5.00% | 10/01/2034 | 335 | &nbsp;&nbsp; 351377 |
| Grand Parkway Transportation Corp., Series 2018 A, RB | 5.00% | 10/01/2035 | 85 | &nbsp;&nbsp; 88942 |
| Grand Parkway Transportation Corp., Series 2018 A, RB | 5.00% | 10/01/2036 | 110 | &nbsp;&nbsp; 114769 |
| Grand Parkway Transportation Corp. (TELA Supported), Series 2018 A, RB | 5.00% | 10/01/2033 | 90 | &nbsp;&nbsp; 94611 |
| Grand Parkway Transportation Corp. (TELA Supported), Series 2018 A, RB | 5.00% | 10/01/2037 | 5 | &nbsp;&nbsp; 5202 |
| Grand Parkway Transportation Corp. (TELA Supported), Series 2018 A, RB | 5.00% | 10/01/2038 | 325 | &nbsp;&nbsp; 337445 |
| Grand Parkway Transportation Corp. (TELA Supported), Series 2018 A, RB | 5.00% | 10/01/2043 | 655 | &nbsp;&nbsp; 672304 |
| Harris (County of), TX, Series 2018 A, Ref. RB | 4.00% | 08/15/2036 | 5 | &nbsp;&nbsp; 5071 |
| Harris (County of), TX, Series 2020 A, Ref. GO Bonds | 5.00% | 10/01/2028 | 35 | &nbsp;&nbsp; 37303 |
| Harris (County of), TX Metropolitan Transit Authority, Series 2018, RB | 5.00% | 11/01/2030 | 100 | &nbsp;&nbsp; 106810 |
| Harris (County of), TX Toll Road Authority (The), Series 2018 A, Ref. RB | 5.00% | 08/15/2031 | 510 | &nbsp;&nbsp; 535767 |
| Harris (County of), TX Toll Road Authority (The), Series 2018 A, Ref. RB | 5.00% | 08/15/2033 | 65 | &nbsp;&nbsp; 68039 |
| Harris (County of), TX Toll Road Authority (The), Series 2018 A, Ref. RB | 4.00% | 08/15/2038 | 215 | &nbsp;&nbsp; 217073 |
| Harris (County of), TX Toll Road Authority (The), Series 2018 A, Ref. RB | 5.00% | 08/15/2043 | 110 | &nbsp;&nbsp; 112815 |
| Harris (County of), TX Toll Road Authority (The), Series 2022 A, Ref. RB | 5.00% | 08/15/2028 | 505 | &nbsp;&nbsp; 536205 |
| Houston (City of), TX, Series 2017 A, Ref. GO Bonds | 5.00% | 03/01/2028 | 30 | &nbsp;&nbsp; 30884 |
| Houston (City of), TX, Series 2018 B, Ref. RB | 5.00% | 07/01/2028 | 110 | &nbsp;&nbsp; 116497 |
| Houston (City of), TX, Series 2018 B, Ref. RB | 5.00% | 07/01/2030 | 55 | &nbsp;&nbsp; 58076 |
| Houston (City of), TX, Series 2018 D, Ref. RB | 5.00% | 07/01/2030 | 30 | &nbsp;&nbsp; 31678 |
| Houston (City of), TX, Series 2018 D, Ref. RB | 5.00% | 07/01/2031 | 30 | &nbsp;&nbsp; 31672 |
| Houston (City of), TX, Series 2018 D, Ref. RB | 5.00% | 11/15/2031 | 60 | &nbsp;&nbsp; 64033 |
| Houston (City of), TX, Series 2018 D, Ref. RB | 5.00% | 07/01/2032 | 25 | &nbsp;&nbsp; 26359 |
| Houston (City of), TX, Series 2018 D, Ref. RB | 5.00% | 07/01/2033 | 20 | &nbsp;&nbsp; 21049 |
| Houston (City of), TX, Series 2018 D, Ref. RB | 5.00% | 07/01/2034 | 55 | &nbsp;&nbsp; 57790 |
| Houston (City of), TX, Series 2018 D, Ref. RB | 5.00% | 07/01/2035 | 215 | &nbsp;&nbsp; 225428 |
| Houston (City of), TX, Series 2018 D, Ref. RB | 5.00% | 07/01/2037 | 65 | &nbsp;&nbsp; 67783 |
| Houston (City of), TX, Series 2018 D, Ref. RB | 5.00% | 07/01/2038 | 65 | &nbsp;&nbsp; 67608 |
| Houston (City of), TX, Series 2018 D, Ref. RB | 5.00% | 11/15/2043 | 320 | &nbsp;&nbsp; 329641 |
| Houston (City of), TX, Series 2019 A, Ref. GO Bonds | 5.00% | 03/01/2028 | 105 | &nbsp;&nbsp; 110506 |
| Houston (City of), TX, Series 2021 A, GO Bonds | 5.00% | 03/01/2028 | 20 | &nbsp;&nbsp; 21049 |
| &nbsp;&nbsp;&nbsp; Houston Independent School District, Series 2017, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2028 | 200 | &nbsp;&nbsp; 205784 |
| Hurst-Euless-Bedford Independent School District, Series 2017 A, Ref. GO Bonds | 5.00% | 08/15/2028 | 160 | &nbsp;&nbsp; 166510 |
| Katy Independent School District, Series 2024, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2028 | 45 | &nbsp;&nbsp; 47314 |
| &nbsp;&nbsp;&nbsp; Lewisville Independent School District, Series 2016 A, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 3.00% | 08/15/2028 | 35 | &nbsp;&nbsp; 35003 |
| Lewisville Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2028 | 115 | &nbsp;&nbsp; 122884 |
| Little Elm Independent School District, Series 2018, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2046 | 40 | &nbsp;&nbsp; 40802 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2018, Ref. RB | 5.00% | 05/15/2043 | 60 | &nbsp;&nbsp; 61179 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2018, Ref. RB | 5.00% | 05/15/2048 | 180 | &nbsp;&nbsp; 182206 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2019, Ref. RB | 5.00% | 05/15/2028 | 20 | &nbsp;&nbsp; 21085 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, Ref. RB | 5.00% | 05/15/2028 | 25 | &nbsp;&nbsp; 26356 |
| &nbsp;&nbsp;&nbsp; Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023, Ref. RB, <br> (INS - AGI)<sup>(b)</sup><br>| 5.00% | 05/15/2028 | 25 | &nbsp;&nbsp; 26417 |
| Nacogdoches Independent School District, Series 2019, GO Bonds<sup>(a)(c)</sup> | 5.00% | 02/15/2028 | 10 | &nbsp;&nbsp; 10501 |
| Nacogdoches Independent School District, Series 2019, GO Bonds<sup>(a)(c)</sup> | 5.00% | 02/15/2028 | 20 | &nbsp;&nbsp; 21002 |
| &nbsp;&nbsp;&nbsp; North East Independent School District, Series 2007, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.25% | 02/01/2028 | 455 | &nbsp;&nbsp; 480965 |
| North Texas Municipal Water District, Series 2021 A, Ref. RB | 5.00% | 09/01/2028 | 100 | &nbsp;&nbsp; 106498 |
| North Texas Tollway Authority, Series 2017 A, Ref. RB | 5.00% | 01/01/2038 | 190 | &nbsp;&nbsp; 196433 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas-(continued)** |  |  |  |  |
| North Texas Tollway Authority, Series 2017 A, Ref. RB | 5.00% | 01/01/2039 | $80 | &nbsp;&nbsp; $82530 |
| North Texas Tollway Authority, Series 2017 A, Ref. RB | 5.00% | 01/01/2043 | 1125 | &nbsp;&nbsp; 1150275 |
| North Texas Tollway Authority, Series 2017 A, Ref. RB | 5.00% | 01/01/2048 | 235 | &nbsp;&nbsp; 239329 |
| North Texas Tollway Authority, Series 2018, Ref. RB | 4.00% | 01/01/2037 | 575 | &nbsp;&nbsp; 577375 |
| North Texas Tollway Authority, Series 2018, Ref. RB | 5.00% | 01/01/2048 | 50 | &nbsp;&nbsp; 50682 |
| North Texas Tollway Authority, Series 2019 B, Ref. RB | 5.00% | 01/01/2028 | 50 | &nbsp;&nbsp; 52400 |
| &nbsp;&nbsp;&nbsp; Pearland Independent School District, Series 2020, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2028 | 140 | &nbsp;&nbsp; 147014 |
| &nbsp;&nbsp;&nbsp; Pecos Barstow Toyah Independent School District, Series 2023, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2035 | 600 | &nbsp;&nbsp; 626825 |
| Permanent University Fund - Texas A&M University System, Series 2025 A, Ref. RB | 5.00% | 07/01/2028 | 35 | &nbsp;&nbsp; 37148 |
| Permanent University Fund - University of Texas System, Series 2007 B, Ref. RB | 5.25% | 07/01/2028 | 75 | &nbsp;&nbsp; 80050 |
| Permanent University Fund - University of Texas System, Series 2022 A, RB | 5.00% | 07/01/2028 | 40 | &nbsp;&nbsp; 42424 |
| Permanent University Fund - University of Texas System, Series 2025 A, Ref. RB | 5.00% | 07/01/2028 | 60 | &nbsp;&nbsp; 63683 |
| Plano Independent School District, Series 2023, GO Bonds | 5.00% | 02/15/2028 | 110 | &nbsp;&nbsp; 115729 |
| Plano Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2028 | 10 | &nbsp;&nbsp; 10497 |
| &nbsp;&nbsp;&nbsp; Round Rock Independent School District, Series 2019 A, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 08/01/2028 | 105 | &nbsp;&nbsp; 111146 |
| San Antonio (City of), TX, Series 2018, Ref. RB | 5.00% | 02/01/2028 | 150 | &nbsp;&nbsp; 157872 |
| San Antonio (City of), TX, Series 2019, Ref. GO Bonds | 5.00% | 08/01/2028 | 210 | &nbsp;&nbsp; 223408 |
| San Antonio (City of), TX, Series 2019, Ref. RB | 4.00% | 02/01/2028 | 5 | &nbsp;&nbsp; 5142 |
| San Antonio (City of), TX Water System, Series 2018 A, Ref. RB | 5.00% | 05/15/2043 | 5 | &nbsp;&nbsp; 5126 |
| San Antonio (City of), TX Water System, Series 2018 A, Ref. RB | 5.00% | 05/15/2048 | 190 | &nbsp;&nbsp; 193789 |
| Texas (State of), Series 2024, Ref. GO Bonds | 5.00% | 10/01/2028 | 245 | &nbsp;&nbsp; 261742 |
| Texas (State of) Water Development Board, Series 2018 A, RB | 5.00% | 10/15/2028 | 135 | &nbsp;&nbsp; 142776 |
| Texas (State of) Water Development Board, Series 2018 A, RB | 5.00% | 10/15/2029 | 170 | &nbsp;&nbsp; 179655 |
| Texas (State of) Water Development Board, Series 2018 A, RB | 5.00% | 10/15/2031 | 75 | &nbsp;&nbsp; 79173 |
| Texas (State of) Water Development Board, Series 2018 A, RB | 4.00% | 10/15/2033 | 20 | &nbsp;&nbsp; 20449 |
| Texas (State of) Water Development Board, Series 2018 A, RB | 4.00% | 10/15/2034 | 55 | &nbsp;&nbsp; 56119 |
| Texas (State of) Water Development Board, Series 2018 A, RB | 5.00% | 10/15/2043 | 450 | &nbsp;&nbsp; 460385 |
| Texas (State of) Water Development Board, Series 2018 B, RB | 5.00% | 04/15/2030 | 280 | &nbsp;&nbsp; 299076 |
| Texas (State of) Water Development Board, Series 2018 B, RB | 5.00% | 10/15/2032 | 115 | &nbsp;&nbsp; 122481 |
| Texas (State of) Water Development Board, Series 2018 B, RB | 4.00% | 10/15/2034 | 105 | &nbsp;&nbsp; 107567 |
| Texas (State of) Water Development Board, Series 2018 B, RB | 4.00% | 10/15/2037 | 20 | &nbsp;&nbsp; 20259 |
| Texas (State of) Water Development Board, Series 2018 B, RB | 5.00% | 10/15/2038 | 85 | &nbsp;&nbsp; 89062 |
| Texas (State of) Water Development Board, Series 2018 B, RB | 5.00% | 04/15/2049 | 1495 | &nbsp;&nbsp; 1527373 |
| Texas (State of) Water Development Board, Series 2018, RB | 5.00% | 08/01/2028 | 175 | &nbsp;&nbsp; 181766 |
| Texas (State of) Water Development Board, Series 2018, RB | 5.00% | 04/15/2031 | 270 | &nbsp;&nbsp; 288243 |
| Texas (State of) Water Development Board, Series 2018, RB | 4.00% | 10/15/2033 | 50 | &nbsp;&nbsp; 51350 |
| Texas (State of) Water Development Board, Series 2020, RB | 5.00% | 08/01/2028 | 105 | &nbsp;&nbsp; 111844 |
| Texas (State of) Water Development Board, Series 2021, RB | 5.00% | 08/01/2028 | 70 | &nbsp;&nbsp; 74563 |
| Texas (State of) Water Development Board, Series 2023 A, RB | 5.00% | 10/15/2028 | 120 | &nbsp;&nbsp; 128414 |
| Texas A&M University, Series 2017 E, Ref. RB | 5.00% | 05/15/2028 | 10 | &nbsp;&nbsp; 10338 |
| Texas State University Board of Regents, Series 2017 A, Ref. RB | 5.00% | 03/15/2028 | 205 | &nbsp;&nbsp; 211119 |
| Tomball Independent School District, Series 2018, GO Bonds<sup>(a)(c)</sup> | 5.00% | 02/15/2028 | 65 | &nbsp;&nbsp; 68399 |
| Trinity River Authority, Series 2017, Ref. RB | 5.00% | 08/01/2028 | 100 | &nbsp;&nbsp; 103983 |
| Trinity River Authority, Series 2018, Ref. RB | 5.00% | 08/01/2036 | 15 | &nbsp;&nbsp; 15734 |
| Trinity River Authority, Series 2018, Ref. RB | 5.00% | 08/01/2037 | 25 | &nbsp;&nbsp; 26162 |
| Williamson (County of), TX, Series 2024, GO Bonds | 5.00% | 02/15/2028 | 35 | &nbsp;&nbsp; 36815 |
|  |  |  |  | &nbsp;&nbsp; 19438677 |
| **Utah-0.33%** |  |  |  |  |
| Intermountain Power Agency, Series 2022 A, Ref. RB | 5.00% | 07/01/2028 | 20 | &nbsp;&nbsp; 21155 |
| Intermountain Power Agency, Series 2023 A, RB | 5.00% | 07/01/2028 | 10 | &nbsp;&nbsp; 10578 |
| Nebo School District, Series 2023, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 07/01/2028 | 150 | &nbsp;&nbsp; 159323 |
| Salt Lake City (City of), UT, Series 2018 B, RB | 5.00% | 07/01/2048 | 40 | &nbsp;&nbsp; 40656 |
| University of Utah (The), Series 2018 A, RB | 5.00% | 08/01/2044 | 75 | &nbsp;&nbsp; 76583 |
| University of Utah (The) (Green Bonds), Series 2022 B, RB | 5.00% | 08/01/2028 | 70 | &nbsp;&nbsp; 74395 |
| Utah (State of), Series 2020 B, GO Bonds | 5.00% | 07/01/2028 | 90 | &nbsp;&nbsp; 95734 |
| Utah (State of), Series 2020, GO Bonds | 5.00% | 07/01/2028 | 25 | &nbsp;&nbsp; 26593 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Utah-(continued)** |  |  |  |  |
| Utah (State of) Transit Authority, Series 2016, Ref. RB | 3.00% | 12/15/2028 | $180 | &nbsp;&nbsp; $180079 |
| &nbsp;&nbsp;&nbsp; Utal (State of) State Building Ownership Authority (state Facilities Master Lease Program), <br> Series 2024, Ref. RB<br>| 5.00% | 05/15/2028 | 105 | &nbsp;&nbsp; 111236 |
|  |  |  |  | &nbsp;&nbsp; 796332 |
| **Virginia-1.32%** |  |  |  |  |
| Fairfax (County of), VA, Series 2020 A, Ref. GO Bonds | 5.00% | 10/01/2028 | 65 | &nbsp;&nbsp; 69497 |
| Fairfax (County of), VA, Series 2023 A, GO Bonds | 4.00% | 10/01/2028 | 60 | &nbsp;&nbsp; 62502 |
| &nbsp;&nbsp;&nbsp; Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2022, Ref. <br> RB<br>| 5.00% | 05/15/2028 | 80 | &nbsp;&nbsp; 84496 |
| Hampton (City of), VA Roads Transportation Accountability Commission, Series 2018 A, RB<sup>(a)(c)</sup> | 5.00% | 01/01/2028 | 190 | &nbsp;&nbsp; 199753 |
| Hampton (City of), VA Roads Transportation Accountability Commission, Series 2018 A, RB<sup>(a)(c)</sup> | 5.50% | 01/01/2028 | 255 | &nbsp;&nbsp; 270663 |
| Hampton (City of), VA Roads Transportation Accountability Commission, Series 2018 A, RB | 5.00% | 07/01/2042 | 30 | &nbsp;&nbsp; 30764 |
| Hampton (City of), VA Roads Transportation Accountability Commission, Series 2018, RB | 5.00% | 07/01/2048 | 280 | &nbsp;&nbsp; 284415 |
| Richmond (City of), VA, Series 2017 D, Ref. GO Bonds | 5.00% | 03/01/2028 | 95 | &nbsp;&nbsp; 100260 |
| Virginia (Commonwealth of), Series 2025 B, Ref. GO Bonds | 5.00% | 06/01/2028 | 25 | &nbsp;&nbsp; 26574 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Centuity College and Equipment), <br> Series 2021, RB<br>| 5.00% | 02/01/2028 | 100 | &nbsp;&nbsp; 105183 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment <br> Programs), Series 2017 E, Ref. RB<br>| 5.00% | 02/01/2028 | 385 | &nbsp;&nbsp; 404954 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment <br> Programs), Series 2017 E, Ref. RB<br>| 5.00% | 02/01/2031 | 25 | &nbsp;&nbsp; 26262 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment <br> Programs), Series 2019 A, RB<br>| 5.00% | 02/01/2028 | 160 | &nbsp;&nbsp; 168292 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment <br> Programs), Series 2019 C, Ref. RB<br>| 5.00% | 02/01/2028 | 255 | &nbsp;&nbsp; 268216 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments <br> Programs), Series 2017, RB<br>| 5.00% | 02/01/2028 | 45 | &nbsp;&nbsp; 46251 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments <br> Programs), Series 2017, Ref. RB<br>| 5.00% | 02/01/2030 | 45 | &nbsp;&nbsp; 47273 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments <br> Programs), Series 2023, RB<br>| 5.00% | 02/01/2028 | 15 | &nbsp;&nbsp; 15777 |
| Virginia (Commonwealth of) Public Building Authority, Series 2017 A, Ref. RB | 5.00% | 08/01/2028 | 30 | &nbsp;&nbsp; 31208 |
| Virginia (Commonwealth of) Public Building Authority, Series 2020 B, Ref. RB | 5.00% | 08/01/2028 | 175 | &nbsp;&nbsp; 186220 |
| Virginia (Commonwealth of) Public Building Authority, Series 2021 A-1, RB | 5.00% | 08/01/2028 | 245 | &nbsp;&nbsp; 260708 |
| Virginia (Commonwealth of) Public Building Authority (Bidding Group 1), Series 2022 A, RB | 5.00% | 08/01/2028 | 35 | &nbsp;&nbsp; 37244 |
| Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB | 5.00% | 05/15/2028 | 25 | &nbsp;&nbsp; 26178 |
| Virginia (Commonwealth of) Transportation Board (Garvee), Series 2017, Ref. RB | 5.00% | 03/15/2028 | 215 | &nbsp;&nbsp; 224236 |
| Virginia (Commonwealth of) Transportation Board (Transportation Capital), Series 2024, Ref. RB | 5.00% | 05/15/2028 | 200 | &nbsp;&nbsp; 211828 |
|  |  |  |  | &nbsp;&nbsp; 3188754 |
| **Washington-3.62%** |  |  |  |  |
| Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB | 5.00% | 11/01/2028 | 270 | &nbsp;&nbsp; 289380 |
| Energy Northwest, Series 2018 A, Ref. RB | 5.00% | 07/01/2032 | 120 | &nbsp;&nbsp; 127089 |
| Energy Northwest, Series 2018 A, Ref. RB | 5.00% | 07/01/2033 | 145 | &nbsp;&nbsp; 153274 |
| Energy Northwest, Series 2018 A, Ref. RB | 5.00% | 07/01/2034 | 125 | &nbsp;&nbsp; 131851 |
| Energy Northwest, Series 2018 C, Ref. RB | 5.00% | 07/01/2030 | 140 | &nbsp;&nbsp; 148580 |
| Energy Northwest, Series 2018 C, Ref. RB | 5.00% | 07/01/2031 | 95 | &nbsp;&nbsp; 100718 |
| Energy Northwest, Series 2018 C, Ref. RB | 5.00% | 07/01/2032 | 55 | &nbsp;&nbsp; 58249 |
| Energy Northwest, Series 2018 C, Ref. RB | 5.00% | 07/01/2033 | 95 | &nbsp;&nbsp; 100421 |
| Energy Northwest, Series 2018 C, Ref. RB | 5.00% | 07/01/2034 | 95 | &nbsp;&nbsp; 100207 |
| Energy Northwest (No. 1), Series 2017 A, Ref. RB | 5.00% | 07/01/2028 | 210 | &nbsp;&nbsp; 218046 |
| Energy Northwest (No. 1), Series 2020 A, Ref. RB | 5.00% | 07/01/2028 | 240 | &nbsp;&nbsp; 254980 |
| Energy Northwest (No. 1), Series 2022 A, Ref. RB | 5.00% | 07/01/2028 | 285 | &nbsp;&nbsp; 302788 |
| Energy Northwest (No. 3), Series 2017 A, Ref. RB | 5.00% | 07/01/2028 | 180 | &nbsp;&nbsp; 186896 |
| Energy Northwest (No. 3), Series 2018, Ref. RB | 5.00% | 07/01/2028 | 195 | &nbsp;&nbsp; 207171 |
| Energy Northwest (No. 3), Series 2024 B, Ref. RB | 5.00% | 07/01/2028 | 130 | &nbsp;&nbsp; 138114 |
| &nbsp;&nbsp;&nbsp; Franklin County School District No. 1 Pasco, Series 2023, Ref. GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 4.00% | 12/01/2028 | 110 | &nbsp;&nbsp; 114469 |
| &nbsp;&nbsp;&nbsp; King & Snohomish Counties School District No. 417 Northshore, Series 2018, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2035 | 25 | &nbsp;&nbsp; 26247 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Washington-(continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; King & Snohomish Counties School District No. 417 Northshore, Series 2018, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2036 | $145 | &nbsp;&nbsp; $151824 |
| King (County of), WA, Series 2021 A, GO Bonds | 5.00% | 01/01/2028 | 55 | &nbsp;&nbsp; 57812 |
| &nbsp;&nbsp;&nbsp; King County School District No. 412 Shoreline, Series 2018, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2031 | 70 | &nbsp;&nbsp; 74873 |
| &nbsp;&nbsp;&nbsp; King County School District No. 412 Shoreline, Series 2018, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 4.00% | 12/01/2036 | 25 | &nbsp;&nbsp; 25502 |
| &nbsp;&nbsp;&nbsp; King County School District No. 414 Lake Washington, Series 2020, Ref. GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 4.00% | 12/01/2028 | 95 | &nbsp;&nbsp; 98720 |
| North Thurston Public Schools, Series 2024, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2028 | 100 | &nbsp;&nbsp; 107081 |
| Seattle (City of), WA, Series 2017 C, Ref. RB | 5.00% | 09/01/2028 | 110 | &nbsp;&nbsp; 114626 |
| Seattle (Port of), WA, Series 2022 A, Ref. RB | 5.00% | 08/01/2028 | 190 | &nbsp;&nbsp; 202233 |
| &nbsp;&nbsp;&nbsp; Snohomish County School District No. 201 Snohomish, Series 2020, Ref. GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2028 | 355 | &nbsp;&nbsp; 379289 |
| Washington (State of), Series 2017 D, GO Bonds | 5.00% | 02/01/2028 | 20 | &nbsp;&nbsp; 20555 |
| Washington (State of), Series 2017 R, Ref. GO Bonds | 5.00% | 08/01/2028 | 245 | &nbsp;&nbsp; 254594 |
| Washington (State of), Series 2018 A, GO Bonds | 5.00% | 08/01/2032 | 70 | &nbsp;&nbsp; 74326 |
| Washington (State of), Series 2018 A, GO Bonds | 5.00% | 08/01/2033 | 80 | &nbsp;&nbsp; 84776 |
| Washington (State of), Series 2018 A, GO Bonds | 5.00% | 08/01/2034 | 360 | &nbsp;&nbsp; 380927 |
| Washington (State of), Series 2018 A, GO Bonds | 5.00% | 08/01/2035 | 130 | &nbsp;&nbsp; 137244 |
| Washington (State of), Series 2018 A, GO Bonds | 5.00% | 08/01/2036 | 65 | &nbsp;&nbsp; 68431 |
| Washington (State of), Series 2018 A, GO Bonds | 5.00% | 08/01/2037 | 45 | &nbsp;&nbsp; 47233 |
| Washington (State of), Series 2018 A, GO Bonds | 5.00% | 08/01/2038 | 35 | &nbsp;&nbsp; 36637 |
| Washington (State of), Series 2018 A, GO Bonds | 5.00% | 08/01/2039 | 165 | &nbsp;&nbsp; 172295 |
| Washington (State of), Series 2018 A, GO Bonds | 5.00% | 08/01/2041 | 5 | &nbsp;&nbsp; 5186 |
| Washington (State of), Series 2018 A, GO Bonds | 5.00% | 08/01/2042 | 50 | &nbsp;&nbsp; 51669 |
| Washington (State of), Series 2018 C, GO Bonds | 5.00% | 02/01/2028 | 10 | &nbsp;&nbsp; 10529 |
| Washington (State of), Series 2018 C, GO Bonds | 5.00% | 02/01/2030 | 50 | &nbsp;&nbsp; 52604 |
| Washington (State of), Series 2018 C, GO Bonds | 5.00% | 02/01/2031 | 110 | &nbsp;&nbsp; 115728 |
| Washington (State of), Series 2018 C, GO Bonds | 5.00% | 02/01/2032 | 100 | &nbsp;&nbsp; 105164 |
| Washington (State of), Series 2018 C, GO Bonds | 5.00% | 02/01/2033 | 80 | &nbsp;&nbsp; 84027 |
| Washington (State of), Series 2018 C, GO Bonds | 5.00% | 02/01/2034 | 15 | &nbsp;&nbsp; 15729 |
| Washington (State of), Series 2018 C, GO Bonds | 5.00% | 02/01/2035 | 60 | &nbsp;&nbsp; 62801 |
| Washington (State of), Series 2018 C, GO Bonds | 5.00% | 02/01/2036 | 60 | &nbsp;&nbsp; 62633 |
| Washington (State of), Series 2018 C, GO Bonds | 5.00% | 02/01/2037 | 25 | &nbsp;&nbsp; 26038 |
| Washington (State of), Series 2018 C, GO Bonds | 5.00% | 02/01/2038 | 140 | &nbsp;&nbsp; 145485 |
| Washington (State of), Series 2018 C, GO Bonds | 5.00% | 02/01/2039 | 100 | &nbsp;&nbsp; 103705 |
| Washington (State of), Series 2018 C, GO Bonds | 5.00% | 02/01/2040 | 50 | &nbsp;&nbsp; 51630 |
| Washington (State of), Series 2018 C, GO Bonds | 5.00% | 02/01/2041 | 190 | &nbsp;&nbsp; 195792 |
| Washington (State of), Series 2018 C, GO Bonds | 5.00% | 02/01/2042 | 40 | &nbsp;&nbsp; 41093 |
| Washington (State of), Series 2019 A, GO Bonds | 5.00% | 08/01/2028 | 105 | &nbsp;&nbsp; 111816 |
| Washington (State of), Series 2020 C, Ref. GO Bonds | 5.00% | 02/01/2028 | 160 | &nbsp;&nbsp; 168466 |
| Washington (State of), Series 2021 A, Ref. GO Bonds | 5.00% | 06/01/2028 | 20 | &nbsp;&nbsp; 21219 |
| Washington (State of), Series 2023 R, Ref. GO Bonds | 5.00% | 08/01/2028 | 350 | &nbsp;&nbsp; 372720 |
| Washington (State of), Series 2024 C, Ref. GO Bonds | 5.00% | 08/01/2028 | 95 | &nbsp;&nbsp; 101167 |
| Washington (State of), Series 2024 R-2025B, Ref. GO Bonds | 5.00% | 07/01/2028 | 140 | &nbsp;&nbsp; 148811 |
| Washington (State of), Series 2025 A, GO Bonds | 5.00% | 08/01/2028 | 5 | &nbsp;&nbsp; 5325 |
| Washington (State of), Series 2025 C, GO Bonds | 5.00% | 02/01/2028 | 45 | &nbsp;&nbsp; 47381 |
| Washington (State of), Series R-2018D, Ref. GO Bonds | 5.00% | 08/01/2028 | 105 | &nbsp;&nbsp; 109112 |
| Washington (State of) (Bid Group 1), Series 2020 A, GO Bonds | 5.00% | 08/01/2028 | 165 | &nbsp;&nbsp; 175711 |
| Washington (State of) (Bid Group 1), Series 2021 A, GO Bonds | 5.00% | 08/01/2028 | 30 | &nbsp;&nbsp; 31947 |
| Washington (State of) (Bid Group 1), Series 2022 C, GO Bonds | 5.00% | 02/01/2028 | 15 | &nbsp;&nbsp; 15794 |
| Washington (State of) (Bid Group 1), Series 2023 B, GO Bonds | 5.00% | 02/01/2028 | 325 | &nbsp;&nbsp; 342196 |
| Washington (State of) (Bid Group 1), Series 2024 A, GO Bonds | 5.00% | 08/01/2028 | 5 | &nbsp;&nbsp; 5325 |
| Washington (State of) (Bid Group 2), Series 2022 C, Ref. GO Bonds | 4.00% | 07/01/2028 | 110 | &nbsp;&nbsp; 114074 |
| Washington (State of) (Bid Group 2), Series R-2022D, GO Bonds | 4.00% | 07/01/2028 | 75 | &nbsp;&nbsp; 77778 |
| &nbsp;&nbsp;&nbsp; Washington (State of) Health Care Facilities Authority (Multicare Health System), Series 2017 B, Ref. <br> RB<br>| 5.00% | 08/15/2037 | 125 | &nbsp;&nbsp; 128267 |
| &nbsp;&nbsp;&nbsp; Washington (State of) Health Care Facilities Authority (Providence St. Joseph Health), Series 2018 B, <br> Ref. RB<br>| 5.00% | 10/01/2031 | 130 | &nbsp;&nbsp; 137533 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Washington-(continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Washington (State of) Health Care Facilities Authority (Providence St. Joseph Health), Series 2018, <br> Ref. RB<br>| 5.00% | 10/01/2032 | $| 25 | &nbsp;&nbsp; $26404 |
| &nbsp;&nbsp;&nbsp; Washington (State of) Health Care Facilities Authority (Providence St. Joseph Health), Series 2018, <br> Ref. RB<br>| 5.00% | 10/01/2033 |  | 140 | &nbsp;&nbsp; 147561 |
| &nbsp;&nbsp;&nbsp; Whatcom (County of), WA Bellingham School District No. 501, Series 2018, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2036 |  | 145 | &nbsp;&nbsp; 153599 |
|  |  |  |  |  | &nbsp;&nbsp; 8719477 |
| **West Virginia-0.62%** |  |  |  |  |  |
| Morgantown Utility Board, Inc., Series 2018 B, RB | 5.00% | 12/01/2043 |  | 5 | &nbsp;&nbsp; 5122 |
| West Virginia (State of), Series 2018 B, GO Bonds | 5.00% | 06/01/2031 |  | 90 | &nbsp;&nbsp; 95280 |
| West Virginia (State of), Series 2018 B, GO Bonds | 5.00% | 12/01/2031 |  | 5 | &nbsp;&nbsp; 5291 |
| West Virginia (State of), Series 2018 B, GO Bonds | 5.00% | 06/01/2032 |  | 110 | &nbsp;&nbsp; 116316 |
| West Virginia (State of), Series 2018 B, GO Bonds | 5.00% | 12/01/2032 |  | 100 | &nbsp;&nbsp; 105646 |
| West Virginia (State of), Series 2018 B, GO Bonds | 5.00% | 06/01/2033 |  | 65 | &nbsp;&nbsp; 68605 |
| West Virginia (State of), Series 2018 B, GO Bonds | 5.00% | 12/01/2033 |  | 70 | &nbsp;&nbsp; 73814 |
| West Virginia (State of), Series 2018 B, GO Bonds | 5.00% | 06/01/2034 |  | 75 | &nbsp;&nbsp; 79031 |
| West Virginia (State of), Series 2018 B, GO Bonds | 5.00% | 12/01/2034 |  | 140 | &nbsp;&nbsp; 147419 |
| West Virginia (State of), Series 2018 B, GO Bonds | 5.00% | 06/01/2035 |  | 35 | &nbsp;&nbsp; 36805 |
| West Virginia (State of), Series 2018 B, GO Bonds | 5.00% | 06/01/2036 |  | 65 | &nbsp;&nbsp; 68182 |
| West Virginia (State of), Series 2018 B, GO Bonds | 5.00% | 12/01/2036 |  | 45 | &nbsp;&nbsp; 47140 |
| West Virginia (State of), Series 2018 B, GO Bonds | 5.00% | 12/01/2038 |  | 5 | &nbsp;&nbsp; 5211 |
| West Virginia (State of), Series 2018 B, GO Bonds | 5.00% | 06/01/2040 |  | 35 | &nbsp;&nbsp; 36297 |
| West Virginia (State of) (Bidding Group 2), Series 2018 B, GO Bonds | 5.00% | 06/01/2037 |  | 200 | &nbsp;&nbsp; 209231 |
| West Virginia (State of) (Bidding Group 2), Series 2018 B, GO Bonds | 5.00% | 12/01/2039 |  | 55 | &nbsp;&nbsp; 57209 |
| West Virginia (State of) (Bidding Group 2), Series 2018 B, GO Bonds | 5.00% | 12/01/2040 |  | 150 | &nbsp;&nbsp; 155567 |
| West Virginia (State of) (Bidding Group 2), Series 2018 B, GO Bonds | 5.00% | 12/01/2041 |  | 60 | &nbsp;&nbsp; 62009 |
| West Virginia (State of) Commissioner of Highways (Surface Transportation), Series 2017 A, RB | 5.00% | 09/01/2028 |  | 60 | &nbsp;&nbsp; 62357 |
| West Virginia (State of) Parkways Authority, Series 2018, RB | 5.00% | 06/01/2043 |  | 65 | &nbsp;&nbsp; 66718 |
|  |  |  |  |  | &nbsp;&nbsp; 1503250 |
| **Wisconsin-0.59%** |  |  |  |  |  |
| Pleasant Prairie (Village of), WI, Series 2018 A, RB | 5.00% | 04/01/2048 |  | 15 | &nbsp;&nbsp; 15189 |
| University of Wisconsin Hospitals & Clinics, Series 2018 A, Ref. RB | 5.00% | 04/01/2043 |  | 65 | &nbsp;&nbsp; 66467 |
| Wisconsin (State of), Series 2020 A, GO Bonds | 4.00% | 05/01/2040 |  | 100 | &nbsp;&nbsp; 101020 |
| Wisconsin (State of), Series 2021-1, Ref. GO Bonds | 5.00% | 05/01/2028 |  | 60 | &nbsp;&nbsp; 63522 |
| Wisconsin (State of), Series 2021-2, Ref. GO Bonds | 5.00% | 05/01/2028 |  | 225 | &nbsp;&nbsp; 238315 |
| Wisconsin (State of), Series 2023, Ref. GO Bonds | 5.00% | 05/01/2028 |  | 35 | &nbsp;&nbsp; 37071 |
| Wisconsin (State of), Series 2024 C, GO Bonds | 5.00% | 05/01/2028 |  | 120 | &nbsp;&nbsp; 127101 |
| Wisconsin (State of), Series 2024, Ref. GO Bonds | 5.00% | 05/01/2028 |  | 155 | &nbsp;&nbsp; 164172 |
| Wisconsin (State of), Series 2025, Ref. GO Bonds | 5.00% | 05/01/2028 |  | 10 | &nbsp;&nbsp; 10592 |
| Wisconsin (State of) Department of Transportation, Series 2017 1, Ref. RB | 5.00% | 07/01/2028 |  | 320 | &nbsp;&nbsp; 332533 |
| Wisconsin (State of) Department of Transportation, Series 2017-2, Ref. RB | 5.00% | 07/01/2028 |  | 130 | &nbsp;&nbsp; 135091 |
| &nbsp;&nbsp;&nbsp; Wisconsin (State of) Health & Educational Facilities Authority (Ascension Senior Credit Group), <br> Series 2019, Ref. RB<br>| 5.00% | 11/15/2028 |  | 50 | &nbsp;&nbsp; 53195 |
| &nbsp;&nbsp;&nbsp; Wisconsin (State of) Health & Educational Facilities Authority (Milwaukee Regional Medical Center), <br> Series 2018, Ref. RB<br>| 4.00% | 04/01/2039 |  | 80 | &nbsp;&nbsp; 80540 |
|  |  |  |  |  | &nbsp;&nbsp; 1424808 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-97.32% <br>(Cost $233,967,866) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-97.32% <br>(Cost $233,967,866) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-97.32% <br>(Cost $233,967,866) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-97.32% <br>(Cost $233,967,866) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-97.32% <br>(Cost $233,967,866) | &nbsp;&nbsp; 234547543 |
| OTHER ASSETS LESS LIABILITIES-2.68% | OTHER ASSETS LESS LIABILITIES-2.68% | OTHER ASSETS LESS LIABILITIES-2.68% | OTHER ASSETS LESS LIABILITIES-2.68% | OTHER ASSETS LESS LIABILITIES-2.68% | &nbsp;&nbsp; 6453755 |
| NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $241001298 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| AGI | -Assured Guaranty, Inc. |
| 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 |
| RN | -Revenue Notes |
| Wts. | -Warrants |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. |
| <sup>(b)</sup> | Principal and/or interest payments are secured by the bond insurance company listed. |
| <sup>(c)</sup> | Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. |
| <sup>(d)</sup> | 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 <br> obligations but may be called upon to satisfy the issuer's obligations. No concentration of any single entity was greater than 5% each.<br>|

---

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

See accompanying notes which are an integral part of this schedule.

------

Schedule of Investments

**Invesco BulletShares 2029 Municipal Bond ETF (BSMT)**

November 30, 2025

*(Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Municipal Obligations-97.73%** |  |  |  |  |
| **Alabama-0.33%** |  |  |  |  |
| Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2025 B, Ref. RB | 5.00% | 09/01/2029 | $250 | &nbsp;&nbsp; $272425 |
| Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB | 5.00% | 11/01/2029 | 215 | &nbsp;&nbsp; 234694 |
| Jefferson (County of), AL, Series 2024, Ref. RB | 5.00% | 10/01/2029 | 130 | &nbsp;&nbsp; 139836 |
| Lower Alabama Gas District (The), Series 2016 A, RB | 5.00% | 09/01/2029 | 15 | &nbsp;&nbsp; 15843 |
| University of Alabama (The), Series 2019 A, Ref. RB | 4.00% | 07/01/2034 | 45 | &nbsp;&nbsp; 46342 |
| University of Alabama (The), Series 2019 A, Ref. RB | 4.00% | 07/01/2035 | 25 | &nbsp;&nbsp; 25646 |
|  |  |  |  | &nbsp;&nbsp; 734786 |
| **Alaska-0.11%** |  |  |  |  |
| Alaska (State of), Series 2024 A, Ref. GO Bonds | 5.00% | 08/01/2029 | 60 | &nbsp;&nbsp; 65223 |
| North Slope (Borough of), AK, Series 2022 A, GO Bonds | 5.00% | 06/30/2029 | 165 | &nbsp;&nbsp; 178627 |
|  |  |  |  | &nbsp;&nbsp; 243850 |
| **Arizona-0.94%** |  |  |  |  |
| Arizona (State of), Series 2019 A, Ref. COP<sup>(a)</sup> | 5.00% | 10/01/2029 | 170 | &nbsp;&nbsp; 185706 |
| Arizona (State of) Department of Transportation, Series 2023, RB | 5.00% | 07/01/2029 | 225 | &nbsp;&nbsp; 244320 |
| &nbsp;&nbsp;&nbsp; Arizona (State of) Industrial Development Authority (Equitable School Revolving Fund), Series 2024, <br> RB<br>| 5.00% | 11/01/2029 | 55 | &nbsp;&nbsp; 58310 |
| &nbsp;&nbsp;&nbsp; Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), <br> Series 2016, Ref. RB<br>| 5.00% | 01/01/2029 | 250 | &nbsp;&nbsp; 266870 |
| &nbsp;&nbsp;&nbsp; Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), <br> Series 2024 D, Ref. RB<br>| 5.00% | 12/01/2029 | 5 | &nbsp;&nbsp; 5379 |
| Maricopa (County of), AZ Special Health Care District, Series 2021 D, GO Bonds | 5.00% | 07/01/2029 | 55 | &nbsp;&nbsp; 59428 |
| &nbsp;&nbsp;&nbsp; Maricopa (County of), AZ Special Health Care District (Maricopa Integrated Health), Series 2018 C, GO <br> Bonds<br>| 5.00% | 07/01/2029 | 160 | &nbsp;&nbsp; 169440 |
| Mesa (City of), AZ, Series 2014, Ref. RB | 3.25% | 07/01/2029 | 35 | &nbsp;&nbsp; 35006 |
| Mesa (City of), AZ, Series 2019 A, RB | 5.00% | 07/01/2043 | 200 | &nbsp;&nbsp; 207821 |
| Phoenix Civic Improvement Corp., Series 2019 A, RB | 5.00% | 07/01/2039 | 15 | &nbsp;&nbsp; 15758 |
| Phoenix Civic Improvement Corp., Series 2019 A, RB | 5.00% | 07/01/2045 | 355 | &nbsp;&nbsp; 363605 |
| Phoenix Civic Improvement Corp., Series 2019, RB | 5.00% | 07/01/2044 | 130 | &nbsp;&nbsp; 134047 |
| Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB | 5.00% | 01/01/2029 | 135 | &nbsp;&nbsp; 141964 |
| Salt River Project Agricultural Improvement & Power District, Series 2021 A, Ref. RB | 5.00% | 01/01/2029 | 145 | &nbsp;&nbsp; 155898 |
| Salt River Project Agricultural Improvement & Power District, Series 2025 B, Ref. RB | 5.00% | 01/01/2029 | 65 | &nbsp;&nbsp; 69885 |
|  |  |  |  | &nbsp;&nbsp; 2113437 |
| **California-16.80%** |  |  |  |  |
| Bay Area Toll Authority, Series 2023 F-1, RB | 5.00% | 04/01/2029 | 45 | &nbsp;&nbsp; 49176 |
| Bay Area Toll Authority (San Francisco Bay Area), Series 2019 S-8, Ref. RB<sup>(a)(b)</sup> | 5.00% | 10/01/2029 | 90 | &nbsp;&nbsp; 99112 |
| Bay Area Toll Authority (San Francisco Bay Area), Series 2019 S-H, Ref. RB<sup>(a)(b)</sup> | 5.00% | 04/01/2029 | 125 | &nbsp;&nbsp; 136052 |
| Bay Area Toll Authority (San Francisco Bay Area), Series 2019 S-H, Ref. RB<sup>(a)(b)</sup> | 5.00% | 04/01/2029 | 50 | &nbsp;&nbsp; 54421 |
| California (State of), Series 2015 C, Ref. GO Bonds | 3.00% | 09/01/2029 | 100 | &nbsp;&nbsp; 100005 |
| California (State of), Series 2015, GO Bonds | 3.00% | 03/01/2029 | 25 | &nbsp;&nbsp; 25002 |
| California (State of), Series 2015, Ref. GO Bonds | 3.00% | 03/01/2029 | 250 | &nbsp;&nbsp; 250012 |
| California (State of), Series 2015, Ref. GO Bonds | 3.00% | 08/01/2029 | 10 | &nbsp;&nbsp; 10000 |
| California (State of), Series 2018, GO Bonds | 5.00% | 10/01/2029 | 160 | &nbsp;&nbsp; 171648 |
| California (State of), Series 2018, Ref. GO Bonds | 5.00% | 08/01/2029 | 150 | &nbsp;&nbsp; 160293 |
| California (State of), Series 2019, GO Bonds | 5.00% | 11/01/2029 | 750 | &nbsp;&nbsp; 824583 |
| California (State of), Series 2019, GO Bonds | 5.00% | 04/01/2031 | 700 | &nbsp;&nbsp; 758844 |
| California (State of), Series 2019, GO Bonds | 5.00% | 04/01/2032 | 220 | &nbsp;&nbsp; 238166 |
| California (State of), Series 2019, GO Bonds | 5.00% | 04/01/2033 | 45 | &nbsp;&nbsp; 48608 |
| California (State of), Series 2019, Ref. GO Bonds | 5.00% | 04/01/2029 | 1030 | &nbsp;&nbsp; 1117614 |
| California (State of), Series 2019, Ref. GO Bonds | 5.00% | 04/01/2029 | 110 | &nbsp;&nbsp; 119357 |
| California (State of), Series 2019, Ref. GO Bonds | 5.00% | 10/01/2029 | 75 | &nbsp;&nbsp; 82304 |
| California (State of), Series 2019, Ref. GO Bonds | 5.00% | 04/01/2031 | 95 | &nbsp;&nbsp; 102986 |
| California (State of), Series 2019, Ref. GO Bonds | 5.00% | 10/01/2031 | 835 | &nbsp;&nbsp; 914731 |
| California (State of), Series 2019, Ref. GO Bonds | 5.00% | 04/01/2032 | 50 | &nbsp;&nbsp; 54129 |
| California (State of), Series 2019, Ref. GO Bonds | 5.00% | 10/01/2032 | 1050 | &nbsp;&nbsp; 1147770 |
| California (State of), Series 2019, Ref. GO Bonds | 5.00% | 04/01/2033 | 265 | &nbsp;&nbsp; 286250 |
| California (State of), Series 2019, Ref. GO Bonds | 4.00% | 10/01/2034 | 385 | &nbsp;&nbsp; 402521 |
| California (State of), Series 2019, Ref. GO Bonds | 5.00% | 04/01/2035 | 370 | &nbsp;&nbsp; 397845 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| California (State of), Series 2019, Ref. GO Bonds | 5.00% | 04/01/2036 | $15 | &nbsp;&nbsp; $16075 |
| California (State of), Series 2019, Ref. GO Bonds | 5.00% | 04/01/2038 | 25 | &nbsp;&nbsp; 26599 |
| California (State of), Series 2019, Ref. GO Bonds | 5.00% | 10/01/2039 | 60 | &nbsp;&nbsp; 64070 |
| California (State of), Series 2020, GO Bonds | 4.00% | 03/01/2029 | 5 | &nbsp;&nbsp; 5243 |
| California (State of), Series 2020, GO Bonds | 5.00% | 03/01/2029 | 140 | &nbsp;&nbsp; 151619 |
| California (State of), Series 2020, GO Bonds | 5.00% | 11/01/2029 | 25 | &nbsp;&nbsp; 27486 |
| California (State of), Series 2020, Ref. GO Bonds | 5.00% | 11/01/2029 | 230 | &nbsp;&nbsp; 252872 |
| California (State of), Series 2021 C, Ref. GO Bonds | 5.00% | 10/01/2029 | 5 | &nbsp;&nbsp; 5487 |
| California (State of), Series 2021, GO Bonds | 5.00% | 10/01/2029 | 595 | &nbsp;&nbsp; 652946 |
| California (State of), Series 2021, Ref. GO Bonds | 5.00% | 09/01/2029 | 45 | &nbsp;&nbsp; 49290 |
| California (State of), Series 2021, Ref. GO Bonds | 5.00% | 10/01/2029 | 15 | &nbsp;&nbsp; 16461 |
| California (State of), Series 2021, Ref. GO Bonds | 5.00% | 12/01/2029 | 20 | &nbsp;&nbsp; 22030 |
| California (State of), Series 2022, GO Bonds | 5.00% | 04/01/2029 | 10 | &nbsp;&nbsp; 10851 |
| California (State of), Series 2022, Ref. GO Bonds | 4.00% | 09/01/2029 | 40 | &nbsp;&nbsp; 42238 |
| California (State of), Series 2023 A, Ref. GO Bonds | 5.00% | 09/01/2029 | 235 | &nbsp;&nbsp; 257404 |
| California (State of), Series 2023, Ref. GO Bonds | 5.00% | 09/01/2029 | 280 | &nbsp;&nbsp; 306694 |
| California (State of), Series 2023, Ref. GO Bonds | 5.00% | 10/01/2029 | 10 | &nbsp;&nbsp; 10974 |
| California (State of), Series 2024, GO Bonds | 5.00% | 08/01/2029 | 10 | &nbsp;&nbsp; 10933 |
| California (State of), Series 2024, Ref. GO Bonds | 5.00% | 08/01/2029 | 685 | &nbsp;&nbsp; 748905 |
| California (State of), Series 2024, Ref. GO Bonds | 5.00% | 08/01/2029 | 35 | &nbsp;&nbsp; 38265 |
| California (State of), Series 2024, Ref. GO Bonds | 5.00% | 09/01/2029 | 25 | &nbsp;&nbsp; 27383 |
| California (State of) (Bidding Group B), Series 2020 B, Ref. GO Bonds | 5.00% | 11/01/2029 | 370 | &nbsp;&nbsp; 406794 |
| &nbsp;&nbsp;&nbsp; California (State of) Department of Veterans Affairs (Veteran's Farm & Home Purchase), Series 2020 <br> A, RB<br>| 2.45% | 12/01/2045 | 50 | &nbsp;&nbsp; 36988 |
| California (State of) Department of Water Resources, Series 2019 BA, RB | 5.00% | 12/01/2031 | 170 | &nbsp;&nbsp; 186891 |
| California (State of) Department of Water Resources, Series 2019 BA, RB | 5.00% | 12/01/2034 | 175 | &nbsp;&nbsp; 191106 |
| California (State of) Department of Water Resources (Central Valley), Series 2018, Ref. RB | 5.00% | 12/01/2029 | 80 | &nbsp;&nbsp; 86863 |
| California (State of) Department of Water Resources (Central Valley), Series 2019 BA, RB | 5.00% | 12/01/2029 | 80 | &nbsp;&nbsp; 87966 |
| California (State of) Department of Water Resources (Central Valley), Series 2019 BA, RB | 5.00% | 12/01/2030 | 260 | &nbsp;&nbsp; 286138 |
| California (State of) Department of Water Resources (Central Valley), Series 2019 BA, RB | 5.00% | 12/01/2032 | 65 | &nbsp;&nbsp; 71280 |
| California (State of) Department of Water Resources (Central Valley), Series 2019 BA, RB | 5.00% | 12/01/2033 | 75 | &nbsp;&nbsp; 82221 |
| California (State of) Department of Water Resources (Central Valley), Series 2020 BB, Ref. RB | 5.00% | 12/01/2029 | 275 | &nbsp;&nbsp; 306143 |
| California (State of) Department of Water Resources (Central Valley), Series 2021, RB | 5.00% | 12/01/2029 | 95 | &nbsp;&nbsp; 105758 |
| California (State of) Department of Water Resources (Central Valley), Series 2025 BG, RB | 5.00% | 12/01/2029 | 125 | &nbsp;&nbsp; 139156 |
| California (State of) Educational Facilities Authority (Stanford University), Series 2019 V-1, RB | 5.00% | 05/01/2029 | 260 | &nbsp;&nbsp; 285168 |
| &nbsp;&nbsp;&nbsp; California (State of) Health Facilities Financing Authority (Marshall Medical Center), Series 2020 A, <br> Ref. RB, (INS - Cal-Mortgage)<sup>(c)</sup><br>| 4.00% | 11/01/2040 | 45 | &nbsp;&nbsp; 44712 |
| &nbsp;&nbsp;&nbsp; California (State of) Infrastructure & Economic Development Bank (Academy Motion Picture Arts & <br> Sciences Obligated Group), Series 2020 B, Ref. RB<br>| 5.00% | 11/01/2029 | 545 | &nbsp;&nbsp; 601329 |
| &nbsp;&nbsp;&nbsp; California (State of) Infrastructure & Economic Development Bank (California Academy of Sciences) <br> (Green Bonds), Series 2024, Ref. RB<br>| 3.25% | 08/01/2029 | 455 | &nbsp;&nbsp; 459239 |
| &nbsp;&nbsp;&nbsp; California (State of) Infrastructure & Economic Development Bank (California State Teachers' <br> Retirement System Headquarters Expansion) (Green Bonds), Series 2019, RB<br>| 5.00% | 08/01/2044 | 500 | &nbsp;&nbsp; 522068 |
| &nbsp;&nbsp;&nbsp; California (State of) Infrastructure & Economic Development Bank (California State Teachers' <br> Retirement System Headquarters Expansion) (Green Bonds), Series 2019, RB<br>| 5.00% | 08/01/2049 | 285 | &nbsp;&nbsp; 294542 |
| &nbsp;&nbsp;&nbsp; California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) <br> (Green Bonds), Series 2023, RB<br>| 5.00% | 10/01/2029 | 60 | &nbsp;&nbsp; 66495 |
| &nbsp;&nbsp;&nbsp; California (State of) Infrastructure & Economic Development Bank (Equitable School Revolving Fund) <br> (Social Bonds), Series 2024, RB<br>| 5.00% | 11/01/2029 | 5 | &nbsp;&nbsp; 5318 |
| &nbsp;&nbsp;&nbsp; California (State of) Municipal Finance Authority (Town and Country Manor), Series 2019, Ref. RB, <br> (INS - Cal-Mortgage)<sup>(c)</sup><br>| 5.00% | 07/01/2049 | 230 | &nbsp;&nbsp; 237636 |
| California (State of) Public Works Board, Series 2021 A, Ref. RB | 5.00% | 02/01/2029 | 150 | &nbsp;&nbsp; 161949 |
| California (State of) Public Works Board, Series 2022 A, Ref. RB | 5.00% | 08/01/2029 | 95 | &nbsp;&nbsp; 103723 |
| California (State of) Public Works Board (Various Capital), Series 2019 C, RB | 5.00% | 11/01/2029 | 155 | &nbsp;&nbsp; 170170 |
| California (State of) Public Works Board (Various Capital), Series 2019 C, RB | 5.00% | 11/01/2031 | 20 | &nbsp;&nbsp; 21940 |
| California (State of) Public Works Board (Various Capital), Series 2019 C, RB | 5.00% | 11/01/2032 | 40 | &nbsp;&nbsp; 43809 |
| California (State of) Public Works Board (Various Capital), Series 2019 C, RB | 5.00% | 11/01/2033 | 195 | &nbsp;&nbsp; 212817 |
| California (State of) Public Works Board (Various Capital), Series 2019 C, RB | 5.00% | 11/01/2034 | 240 | &nbsp;&nbsp; 261263 |
| California (State of) Public Works Board (Various Capital), Series 2019 C, RB | 5.00% | 11/01/2044 | 250 | &nbsp;&nbsp; 260660 |
| California (State of) Public Works Board (Various Capital), Series 2023, Ref. RB | 5.00% | 09/01/2029 | 50 | &nbsp;&nbsp; 54691 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| California (State of) Public Works Board (Various Capital), Series 2024, Ref. RB | 5.00% | 09/01/2029 | $120 | &nbsp;&nbsp; $131260 |
| California State University, Series 2019 A, RB | 5.00% | 11/01/2038 | 10 | &nbsp;&nbsp; 10761 |
| California State University, Series 2019 A, RB | 5.00% | 11/01/2039 | 545 | &nbsp;&nbsp; 584454 |
| California State University, Series 2019 A, RB | 5.00% | 11/01/2040 | 145 | &nbsp;&nbsp; 154715 |
| California State University, Series 2019 A, RB | 5.00% | 11/01/2044 | 5 | &nbsp;&nbsp; 5228 |
| California State University, Series 2019 A, RB | 5.00% | 11/01/2049 | 100 | &nbsp;&nbsp; 103348 |
| California State University, Series 2025 A, Ref. RB | 5.00% | 11/01/2029 | 40 | &nbsp;&nbsp; 44262 |
| East Bay Municipal Utility District (Green Bonds), Series 2019 A, RB | 5.00% | 06/01/2049 | 200 | &nbsp;&nbsp; 206979 |
| Long Beach (City of), CA, Series 2019 A, RB | 7.15% | 05/15/2044 | 85 | &nbsp;&nbsp; 88786 |
| Long Beach (City of), CA Bond Finance Authority, Series 2007 A, RB | 5.00% | 11/15/2029 | 165 | &nbsp;&nbsp; 177297 |
| Los Angeles (City of), CA, Series 2022 C, Ref. RB | 5.00% | 06/01/2029 | 185 | &nbsp;&nbsp; 203468 |
| Los Angeles (City of), CA Department of Airports, Series 2018, Ref. RB | 5.00% | 05/15/2043 | 110 | &nbsp;&nbsp; 115090 |
| Los Angeles (City of), CA Department of Airports, Series 2020 A, Ref. RB | 5.00% | 05/15/2033 | 370 | &nbsp;&nbsp; 407598 |
| Los Angeles (City of), CA Department of Airports, Series 2020 A, Ref. RB | 5.00% | 05/15/2034 | 205 | &nbsp;&nbsp; 225258 |
| Los Angeles (City of), CA Department of Airports, Series 2020 A, Ref. RB | 5.00% | 05/15/2036 | 185 | &nbsp;&nbsp; 201883 |
| Los Angeles (City of), CA Department of Airports, Series 2020 B, Ref. RB | 5.00% | 05/15/2029 | 5 | &nbsp;&nbsp; 5486 |
| Los Angeles (City of), CA Department of Airports, Series 2020, Ref. RB | 5.00% | 05/15/2031 | 35 | &nbsp;&nbsp; 38727 |
| Los Angeles (City of), CA Department of Airports, Series 2020, Ref. RB | 5.00% | 05/15/2035 | 270 | &nbsp;&nbsp; 295811 |
| Los Angeles (City of), CA Department of Airports, Series 2020, Ref. RB | 5.00% | 05/15/2037 | 355 | &nbsp;&nbsp; 385390 |
| Los Angeles (City of), CA Department of Airports, Series 2020, Ref. RB | 5.00% | 05/15/2038 | 110 | &nbsp;&nbsp; 118822 |
| &nbsp;&nbsp;&nbsp; Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2020 A, <br> Ref. RB<br>| 5.00% | 05/15/2032 | 55 | &nbsp;&nbsp; 60749 |
| &nbsp;&nbsp;&nbsp; Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2020 A, <br> Ref. RB<br>| 5.00% | 05/15/2039 | 125 | &nbsp;&nbsp; 134374 |
| &nbsp;&nbsp;&nbsp; Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2020 A, <br> Ref. RB<br>| 5.00% | 05/15/2040 | 285 | &nbsp;&nbsp; 304495 |
| Los Angeles (City of), CA Department of Water & Power, Series 2019 A, RB | 5.00% | 07/01/2030 | 15 | &nbsp;&nbsp; 15999 |
| Los Angeles (City of), CA Department of Water & Power, Series 2019 A, RB | 5.00% | 07/01/2033 | 30 | &nbsp;&nbsp; 31838 |
| Los Angeles (City of), CA Department of Water & Power, Series 2019 A, RB | 5.00% | 07/01/2036 | 555 | &nbsp;&nbsp; 584205 |
| Los Angeles (City of), CA Department of Water & Power, Series 2019 A, RB | 5.00% | 07/01/2037 | 80 | &nbsp;&nbsp; 84104 |
| Los Angeles (City of), CA Department of Water & Power, Series 2019 A, RB | 5.00% | 07/01/2039 | 230 | &nbsp;&nbsp; 239811 |
| Los Angeles (City of), CA Department of Water & Power, Series 2019 A, RB | 5.25% | 07/01/2049 | 120 | &nbsp;&nbsp; 122852 |
| Los Angeles (City of), CA Department of Water & Power, Series 2019 B, Ref. RB | 5.00% | 07/01/2030 | 40 | &nbsp;&nbsp; 42665 |
| Los Angeles (City of), CA Department of Water & Power, Series 2019 B, Ref. RB | 5.00% | 07/01/2031 | 40 | &nbsp;&nbsp; 42569 |
| Los Angeles (City of), CA Department of Water & Power, Series 2019 B, Ref. RB | 5.00% | 07/01/2032 | 305 | &nbsp;&nbsp; 324189 |
| Los Angeles (City of), CA Department of Water & Power, Series 2019 B, Ref. RB | 5.00% | 07/01/2033 | 85 | &nbsp;&nbsp; 90207 |
| Los Angeles (City of), CA Department of Water & Power, Series 2019 C, RB | 5.00% | 07/01/2042 | 45 | &nbsp;&nbsp; 46649 |
| Los Angeles (City of), CA Department of Water & Power, Series 2019 D, Ref. RB | 5.00% | 07/01/2032 | 185 | &nbsp;&nbsp; 198434 |
| Los Angeles (City of), CA Department of Water & Power, Series 2019 D, Ref. RB | 5.00% | 07/01/2037 | 80 | &nbsp;&nbsp; 84732 |
| Los Angeles (City of), CA Department of Water & Power, Series 2020 A, Ref. RB | 5.00% | 07/01/2029 | 90 | &nbsp;&nbsp; 96958 |
| Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB | 4.00% | 07/01/2029 | 145 | &nbsp;&nbsp; 150237 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 E, Ref. RB | 5.00% | 07/01/2029 | 65 | &nbsp;&nbsp; 70025 |
| Los Angeles (City of), CA Department of Water & Power, Series 2023 A, Ref. RB | 5.00% | 07/01/2029 | 60 | &nbsp;&nbsp; 64639 |
| Los Angeles (City of), CA Department of Water & Power, Series 2023 A, Ref. RB | 5.00% | 07/01/2029 | 15 | &nbsp;&nbsp; 16160 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 A, Ref. RB | 5.00% | 07/01/2029 | 160 | &nbsp;&nbsp; 172370 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB | 5.00% | 06/01/2029 | 105 | &nbsp;&nbsp; 115482 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2024 A, Ref. RB | 5.00% | 06/01/2029 | 140 | &nbsp;&nbsp; 153976 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB | 5.00% | 07/01/2029 | 65 | &nbsp;&nbsp; 69776 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB | 5.00% | 06/01/2029 | 270 | &nbsp;&nbsp; 296186 |
| &nbsp;&nbsp;&nbsp; Los Angeles (County of), CA Metropolitan Transportation Authority (Senior Bonds), Series 2023, Ref. <br> RB<br>| 5.00% | 07/01/2029 | 80 | &nbsp;&nbsp; 88170 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2019 E-1, RB | 5.00% | 12/01/2044 | 155 | &nbsp;&nbsp; 161803 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2019 E-1, RB | 5.00% | 12/01/2049 | 75 | &nbsp;&nbsp; 77479 |
| Los Angeles Community College District, Series 2024, GO Bonds | 5.00% | 08/01/2029 | 95 | &nbsp;&nbsp; 104778 |
| Los Angeles Community College District (Election of 2016), Series 2023 D, GO Bonds | 5.00% | 08/01/2029 | 65 | &nbsp;&nbsp; 71690 |
| Los Angeles Community College District (Election of 2016), Series 2024 E, GO Bonds | 5.00% | 08/01/2029 | 100 | &nbsp;&nbsp; 110293 |
| Los Angeles Unified School District, Series 2016 B, Ref. GO Bonds | 2.00% | 07/01/2029 | 45 | &nbsp;&nbsp; 43279 |
| Los Angeles Unified School District, Series 2019 A, Ref. GO Bonds | 5.00% | 07/01/2029 | 210 | &nbsp;&nbsp; 231216 |
| Los Angeles Unified School District, Series 2019 A, Ref. GO Bonds | 5.00% | 07/01/2031 | 45 | &nbsp;&nbsp; 49432 |
| Los Angeles Unified School District, Series 2019 A, Ref. GO Bonds | 5.00% | 07/01/2032 | 145 | &nbsp;&nbsp; 159107 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| Los Angeles Unified School District, Series 2019 A, Ref. GO Bonds | 4.00% | 07/01/2033 | $150 | &nbsp;&nbsp; $155846 |
| Los Angeles Unified School District, Series 2020 C, GO Bonds | 5.00% | 07/01/2029 | 390 | &nbsp;&nbsp; 429401 |
| Los Angeles Unified School District, Series 2020 RYQ, GO Bonds | 5.00% | 07/01/2029 | 180 | &nbsp;&nbsp; 198185 |
| Los Angeles Unified School District, Series 2021 A, Ref. GO Bonds | 5.00% | 07/01/2029 | 95 | &nbsp;&nbsp; 104598 |
| Los Angeles Unified School District, Series 2024 A, Ref. GO Bonds | 5.00% | 07/01/2029 | 495 | &nbsp;&nbsp; 545008 |
| Los Angeles Unified School District (Green Bonds), Series 2022 QRR, GO Bonds | 5.00% | 07/01/2029 | 160 | &nbsp;&nbsp; 176164 |
| Los Angeles Unified School District (Green Bonds), Series 2023, COP<sup>(a)</sup> | 5.00% | 10/01/2029 | 15 | &nbsp;&nbsp; 16548 |
| Los Angeles Unified School District (Green Bonds), Series 2023, GO Bonds | 5.00% | 07/01/2029 | 60 | &nbsp;&nbsp; 66062 |
| Los Angeles Unified School District (Green Bonds), Series 2024 QRR, GO Bonds | 5.00% | 07/01/2029 | 55 | &nbsp;&nbsp; 60556 |
| Metropolitan Water District of Southern California, Series 2019 A, Ref. RB | 5.00% | 07/01/2029 | 295 | &nbsp;&nbsp; 324374 |
| Metropolitan Water District of Southern California, Series 2019 A, Ref. RB | 5.00% | 07/01/2030 | 320 | &nbsp;&nbsp; 348546 |
| Metropolitan Water District of Southern California, Series 2019 A, Ref. RB | 5.00% | 07/01/2031 | 75 | &nbsp;&nbsp; 81671 |
| Metropolitan Water District of Southern California, Series 2019 A, Ref. RB | 5.00% | 07/01/2032 | 5 | &nbsp;&nbsp; 5429 |
| Metropolitan Water District of Southern California, Series 2019 A, Ref. RB | 5.00% | 07/01/2034 | 265 | &nbsp;&nbsp; 286541 |
| Metropolitan Water District of Southern California, Series 2019 A, Ref. RB | 5.00% | 07/01/2037 | 95 | &nbsp;&nbsp; 101777 |
| Metropolitan Water District of Southern California, Series 2019 A, Ref. RB | 5.00% | 07/01/2038 | 60 | &nbsp;&nbsp; 64084 |
| Metropolitan Water District of Southern California, Series 2019 A, Ref. RB | 5.00% | 07/01/2039 | 270 | &nbsp;&nbsp; 287533 |
| Metropolitan Water District of Southern California, Series 2020 A, RB | 5.00% | 10/01/2045 | 165 | &nbsp;&nbsp; 173292 |
| Metropolitan Water District of Southern California, Series 2020 A, RB | 5.00% | 10/01/2049 | 115 | &nbsp;&nbsp; 119434 |
| Metropolitan Water District of Southern California, Series 2020 A, Ref. RB | 5.00% | 07/01/2029 | 145 | &nbsp;&nbsp; 159438 |
| Metropolitan Water District of Southern California, Series 2022 A, Ref. RB | 5.00% | 10/01/2029 | 55 | &nbsp;&nbsp; 61018 |
| Mt. San Antonio Community College District (Election of 2018), Series 2019 A, GO Bonds | 5.00% | 08/01/2044 | 120 | &nbsp;&nbsp; 125689 |
| Northern California Sanitation Agencies Financing Authority, Series 2021, Ref. RB | 5.00% | 12/01/2029 | 15 | &nbsp;&nbsp; 16656 |
| Orange (County of), CA Local Transportation Authority, Series 2019, RB | 5.00% | 02/15/2031 | 50 | &nbsp;&nbsp; 54654 |
| Orange (County of), CA Local Transportation Authority, Series 2019, RB | 5.00% | 02/15/2032 | 55 | &nbsp;&nbsp; 59975 |
| Orange (County of), CA Local Transportation Authority, Series 2019, RB | 5.00% | 02/15/2033 | 25 | &nbsp;&nbsp; 27180 |
| Orange (County of), CA Local Transportation Authority, Series 2019, RB | 5.00% | 02/15/2034 | 85 | &nbsp;&nbsp; 92096 |
| Orange (County of), CA Local Transportation Authority, Series 2019, RB | 5.00% | 02/15/2035 | 20 | &nbsp;&nbsp; 21625 |
| Orange (County of), CA Local Transportation Authority, Series 2019, RB | 5.00% | 02/15/2036 | 150 | &nbsp;&nbsp; 161666 |
| Orange (County of), CA Local Transportation Authority, Series 2019, RB | 5.00% | 02/15/2037 | 75 | &nbsp;&nbsp; 80487 |
| Orange (County of), CA Local Transportation Authority, Series 2019, RB | 4.00% | 02/15/2038 | 20 | &nbsp;&nbsp; 20363 |
| Orange (County of), CA Local Transportation Authority, Series 2019, RB | 5.00% | 02/15/2039 | 200 | &nbsp;&nbsp; 212855 |
| Orange (County of), CA Local Transportation Authority, Series 2019, RB | 5.00% | 02/15/2041 | 25 | &nbsp;&nbsp; 26308 |
| Pasadena Unified School District (Election of 2020), Series 2023 C, GO Bonds | 5.00% | 08/01/2029 | 115 | &nbsp;&nbsp; 126452 |
| Rancho Santiago Community College District, Series 2005, GO Bonds, (INS - AGI)<sup>(c)</sup> | 5.13% | 09/01/2029 | 85 | &nbsp;&nbsp; 94388 |
| Riverside (City of), CA, Series 2019 A, Ref. RB | 5.00% | 10/01/2036 | 65 | &nbsp;&nbsp; 69858 |
| Riverside (City of), CA, Series 2019 A, Ref. RB | 5.00% | 10/01/2037 | 220 | &nbsp;&nbsp; 235467 |
| Riverside (City of), CA, Series 2019 A, Ref. RB | 5.00% | 10/01/2038 | 45 | &nbsp;&nbsp; 47980 |
| Riverside (City of), VA, Series 2019 A, Ref. RB | 5.00% | 10/01/2043 | 10 | &nbsp;&nbsp; 10444 |
| Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2019 G, RB | 5.00% | 08/15/2037 | 145 | &nbsp;&nbsp; 156830 |
| Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2019 G, RB | 5.00% | 08/15/2038 | 60 | &nbsp;&nbsp; 64576 |
| Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2019 G, RB | 5.00% | 08/15/2039 | 185 | &nbsp;&nbsp; 198499 |
| Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2019 G, RB | 5.00% | 08/15/2040 | 55 | &nbsp;&nbsp; 58596 |
| Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2024 N-1, Ref. RB | 5.00% | 11/15/2029 | 10 | &nbsp;&nbsp; 11116 |
| Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2020 A, Ref. RB | 5.00% | 12/01/2029 | 105 | &nbsp;&nbsp; 116592 |
| Sacramento Transportation Authority (Measure A), Series 2023 A, Ref. RB | 5.00% | 10/01/2029 | 140 | &nbsp;&nbsp; 155209 |
| Salinas Union High School District, Series 2020 B, Ref. GO Bonds | 4.00% | 08/01/2049 | 40 | &nbsp;&nbsp; 38714 |
| San Diego (County of), CA Regional Airport Authority, Series 2019 A, Ref. RB | 5.00% | 07/01/2032 | 70 | &nbsp;&nbsp; 76154 |
| San Diego (County of), CA Regional Airport Authority, Series 2019 A, Ref. RB | 5.00% | 07/01/2033 | 190 | &nbsp;&nbsp; 206196 |
| San Diego (County of), CA Regional Airport Authority, Series 2019 A, Ref. RB | 5.00% | 07/01/2034 | 60 | &nbsp;&nbsp; 64969 |
| San Diego (County of), CA Regional Airport Authority, Series 2019 A, Ref. RB | 5.00% | 07/01/2035 | 105 | &nbsp;&nbsp; 113370 |
| San Diego (County of), CA Regional Airport Authority, Series 2019 A, Ref. RB | 5.00% | 07/01/2036 | 195 | &nbsp;&nbsp; 209778 |
| San Diego (County of), CA Regional Airport Authority, Series 2019 A, Ref. RB | 4.00% | 07/01/2037 | 40 | &nbsp;&nbsp; 40874 |
| San Diego (County of), CA Regional Airport Authority, Series 2019 A, Ref. RB | 5.00% | 07/01/2039 | 135 | &nbsp;&nbsp; 143742 |
| San Diego (County of), CA Regional Airport Authority, Series 2019 A, Ref. RB | 5.00% | 07/01/2044 | 295 | &nbsp;&nbsp; 305578 |
| San Diego (County of), CA Regional Transportation Commission, Series 2023 A, Ref. RB | 5.00% | 04/01/2029 | 10 | &nbsp;&nbsp; 10975 |
| San Diego Unified School District (Election of 1998), Series 2025 A, GO Bonds | 5.00% | 07/01/2029 | 15 | &nbsp;&nbsp; 16554 |
| San Diego Unified School District (Green Bonds), Series 2022 F-2, GO Bonds | 5.00% | 07/01/2029 | 140 | &nbsp;&nbsp; 154501 |
| San Francisco (City & County of), CA, Series 2020 R-1, Ref. GO Bonds | 5.00% | 06/15/2029 | 15 | &nbsp;&nbsp; 16097 |
| San Francisco (City & County of), CA, Series 2022 R-1, Ref. GO Bonds | 5.00% | 06/15/2029 | 65 | &nbsp;&nbsp; 71558 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| San Francisco (City & County of), CA, Series 2024-R1, Ref. GO Bonds | 5.00% | 06/15/2029 | $150 | &nbsp;&nbsp; $165135 |
| &nbsp;&nbsp;&nbsp; San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), <br> Series 2019 D, Ref. RB<br>| 5.00% | 05/01/2037 | 340 | &nbsp;&nbsp; 363991 |
| &nbsp;&nbsp;&nbsp; San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), <br> Series 2019 F, RB<br>| 5.00% | 05/01/2050 | 190 | &nbsp;&nbsp; 194911 |
| &nbsp;&nbsp;&nbsp; San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), <br> Series 2019, RB<br>| 5.00% | 05/01/2049 | 115 | &nbsp;&nbsp; 118096 |
| &nbsp;&nbsp;&nbsp; San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), <br> Series 2019, Ref. RB<br>| 5.00% | 05/01/2029 | 5 | &nbsp;&nbsp; 5444 |
| &nbsp;&nbsp;&nbsp; San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), <br> Series 2019, Ref. RB<br>| 5.00% | 05/01/2031 | 10 | &nbsp;&nbsp; 10874 |
| &nbsp;&nbsp;&nbsp; San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), <br> Series 2019, Ref. RB<br>| 5.00% | 05/01/2032 | 15 | &nbsp;&nbsp; 16286 |
| &nbsp;&nbsp;&nbsp; San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), <br> Series 2019, Ref. RB<br>| 5.00% | 05/01/2033 | 95 | &nbsp;&nbsp; 102910 |
| &nbsp;&nbsp;&nbsp; San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), <br> Series 2019, Ref. RB<br>| 5.00% | 05/01/2034 | 20 | &nbsp;&nbsp; 21617 |
| &nbsp;&nbsp;&nbsp; San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), <br> Series 2019, Ref. RB<br>| 5.00% | 05/01/2035 | 40 | &nbsp;&nbsp; 43125 |
| &nbsp;&nbsp;&nbsp; San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), <br> Series 2019, Ref. RB<br>| 5.00% | 05/01/2036 | 95 | &nbsp;&nbsp; 102069 |
| &nbsp;&nbsp;&nbsp; San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), <br> Series 2019, Ref. RB<br>| 5.00% | 05/01/2038 | 200 | &nbsp;&nbsp; 213379 |
| &nbsp;&nbsp;&nbsp; San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), <br> Series 2019, Ref. RB<br>| 5.00% | 05/01/2039 | 290 | &nbsp;&nbsp; 308476 |
| San Francisco (City & County of), CA Public Utilities Commission, Series 2023 B, Ref. RB | 5.00% | 10/01/2029 | 65 | &nbsp;&nbsp; 72086 |
| San Francisco (City & County of), CA Public Utilities Commission, Series 2025, Ref. RB | 5.00% | 11/01/2029 | 25 | &nbsp;&nbsp; 27783 |
| San Francisco (City & County of), CA Public Utilities Commission, Series 2025, Ref. RB | 5.00% | 11/01/2029 | 55 | &nbsp;&nbsp; 61123 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023 A, RB | 5.00% | 10/01/2029 | 150 | &nbsp;&nbsp; 166353 |
| San Francisco Bay Area Rapid Transit District (Green Bonds), Series 2020 C-1, GO Bonds | 4.00% | 08/01/2035 | 95 | &nbsp;&nbsp; 98938 |
| San Jose (City of), CA, Series 2019 A-1, GO Bonds | 5.00% | 09/01/2047 | 35 | &nbsp;&nbsp; 36494 |
| San Jose (City of), CA, Series 2019 C, Ref. GO Bonds | 5.00% | 09/01/2029 | 90 | &nbsp;&nbsp; 98336 |
| San Jose (City of), CA, Series 2019 C, Ref. GO Bonds | 5.00% | 09/01/2030 | 235 | &nbsp;&nbsp; 256860 |
| San Jose (City of), CA, Series 2019 C, Ref. GO Bonds | 5.00% | 09/01/2031 | 85 | &nbsp;&nbsp; 92855 |
| San Jose (City of), CA, Series 2019 C, Ref. GO Bonds | 5.00% | 09/01/2032 | 15 | &nbsp;&nbsp; 16332 |
| San Jose (City of), CA, Series 2019 C, Ref. GO Bonds | 5.00% | 09/01/2033 | 110 | &nbsp;&nbsp; 119639 |
| San Jose (City of), CA, Series 2019 C, Ref. GO Bonds | 5.00% | 09/01/2034 | 5 | &nbsp;&nbsp; 5421 |
| &nbsp;&nbsp;&nbsp; San Mateo & Foster (Cities of), CA Public Financing Authority (Clean Water Program), Series 2019, <br> RB<br>| 5.00% | 08/01/2049 | 75 | &nbsp;&nbsp; 78139 |
| Santa Clara Valley Transportation Authority, Series 2023 A, Ref. RB | 5.00% | 04/01/2029 | 10 | &nbsp;&nbsp; 10945 |
| Southern California Public Power Authority (Apex Power), Series 2024 A, Ref. RB | 5.00% | 07/01/2029 | 20 | &nbsp;&nbsp; 21624 |
| Sweetwater Union High School District, Series 2024, Ref. GO Bonds | 5.00% | 08/01/2029 | 10 | &nbsp;&nbsp; 10996 |
| University of California, Series 2018 AZ, Ref. RB | 4.00% | 05/15/2029 | 30 | &nbsp;&nbsp; 31086 |
| University of California, Series 2022 S, Ref. RB | 5.00% | 05/15/2029 | 60 | &nbsp;&nbsp; 65768 |
| University of California, Series 2023 BM, Ref. RB | 5.00% | 05/15/2029 | 15 | &nbsp;&nbsp; 16452 |
| University of California, Series 2023 BN, Ref. RB | 5.00% | 05/15/2029 | 440 | &nbsp;&nbsp; 482605 |
| University of California, Series 2023 BQ, RB | 5.00% | 05/15/2029 | 735 | &nbsp;&nbsp; 806169 |
| University of California, Series 2024 BS, Ref. RB | 5.00% | 05/15/2029 | 140 | &nbsp;&nbsp; 153556 |
| University of California, Series 2024 BW, Ref. RB | 5.00% | 05/15/2029 | 365 | &nbsp;&nbsp; 400342 |
| University of California, Series 2024 BX, RB | 5.00% | 05/15/2029 | 735 | &nbsp;&nbsp; 806169 |
| University of California, Series 2025 CB, RB | 5.00% | 05/15/2029 | 25 | &nbsp;&nbsp; 27421 |
| University of California, Series 2025, Ref. RB | 5.00% | 05/15/2029 | 20 | &nbsp;&nbsp; 21937 |
| University of California (Limited), Series 2018 O, Ref. RB | 4.00% | 05/15/2029 | 135 | &nbsp;&nbsp; 139822 |
|  |  |  |  | &nbsp;&nbsp; 37577328 |
| **Colorado-2.77%** |  |  |  |  |
| Adams & Arapahoe Joint School District No. 28J Aurora, Series 2021 A, GO Bonds | 5.00% | 12/01/2029 | 90 | &nbsp;&nbsp; 98667 |
| Arapahoe County School District No. 5 Cherry Creek, Series 2020, Ref. GO Bonds | 5.00% | 12/15/2029 | 85 | &nbsp;&nbsp; 93127 |
| Colorado (State of), Series 2018 A, COP | 5.00% | 12/15/2029 | 80 | &nbsp;&nbsp; 85630 |
| Colorado (State of), Series 2020 A, COP | 5.00% | 12/15/2029 | 195 | &nbsp;&nbsp; 213251 |
| Colorado (State of), Series 2021 A, COP | 5.00% | 12/15/2029 | 50 | &nbsp;&nbsp; 54680 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Colorado-(continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group), Series 2019 A, Ref. <br> RB<br>| 5.00% | 11/15/2037 | $50 | &nbsp;&nbsp; $53338 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-1, Ref. RB | 5.00% | 08/01/2029 | 75 | &nbsp;&nbsp; 79901 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-1, Ref. RB | 5.00% | 08/01/2031 | 100 | &nbsp;&nbsp; 106857 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-1, Ref. RB | 5.00% | 08/01/2032 | 120 | &nbsp;&nbsp; 127945 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-1, Ref. RB | 5.00% | 08/01/2033 | 60 | &nbsp;&nbsp; 63818 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-1, Ref. RB | 5.00% | 08/01/2034 | 50 | &nbsp;&nbsp; 52739 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-1, Ref. RB | 5.00% | 08/01/2035 | 60 | &nbsp;&nbsp; 63031 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-1, Ref. RB | 5.00% | 08/01/2036 | 70 | &nbsp;&nbsp; 73181 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB | 5.00% | 08/01/2029 | 255 | &nbsp;&nbsp; 271662 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB | 5.00% | 08/01/2031 | 145 | &nbsp;&nbsp; 154942 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB | 5.00% | 08/01/2032 | 170 | &nbsp;&nbsp; 181256 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB | 5.00% | 08/01/2033 | 125 | &nbsp;&nbsp; 132508 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB | 5.00% | 08/01/2034 | 255 | &nbsp;&nbsp; 268877 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB | 5.00% | 08/01/2035 | 65 | &nbsp;&nbsp; 68283 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB | 5.00% | 08/01/2036 | 260 | &nbsp;&nbsp; 271814 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB | 5.00% | 08/01/2037 | 95 | &nbsp;&nbsp; 98961 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB | 5.00% | 08/01/2038 | 70 | &nbsp;&nbsp; 72645 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB | 5.00% | 08/01/2039 | 135 | &nbsp;&nbsp; 139676 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2024 A, Ref. RB | 5.00% | 12/01/2029 | 95 | &nbsp;&nbsp; 101750 |
| Colorado (State of) Health Facilities Authority (Sanford Health), Series 2019 A, Ref. RB | 5.00% | 11/01/2031 | 50 | &nbsp;&nbsp; 53787 |
| Colorado (State of) Health Facilities Authority (Sanford Health), Series 2019 A, Ref. RB | 5.00% | 11/01/2032 | 175 | &nbsp;&nbsp; 187139 |
| Colorado (State of) Health Facilities Authority (Sanford Health), Series 2019 A, Ref. RB | 5.00% | 11/01/2033 | 200 | &nbsp;&nbsp; 213204 |
| Colorado (State of) Health Facilities Authority (Sanford Health), Series 2019 A, Ref. RB | 5.00% | 11/01/2034 | 190 | &nbsp;&nbsp; 202169 |
| Colorado (State of) Health Facilities Authority (Sanford Health), Series 2019 A, Ref. RB | 5.00% | 11/01/2039 | 80 | &nbsp;&nbsp; 83830 |
| Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB | 5.00% | 01/01/2029 | 200 | &nbsp;&nbsp; 213864 |
| Colorado (State of) Regional Transportation District (Fastracks), Series 2013 A, Ref. RB | 5.00% | 11/01/2029 | 320 | &nbsp;&nbsp; 349938 |
| Colorado (State of) Regional Transportation District (Green Bonds), Series 2021, Ref. RB | 5.00% | 11/01/2029 | 10 | &nbsp;&nbsp; 10936 |
| Colorado Springs (City of), CO, Series 2019 A, Ref. RB | 5.00% | 11/15/2029 | 325 | &nbsp;&nbsp; 356215 |
| Denver (City & County of), CO, Series 2020 B, Ref. GO Bonds | 5.00% | 08/01/2029 | 280 | &nbsp;&nbsp; 305092 |
| Denver (City & County of), CO, Series 2022 C, Ref. RB | 5.00% | 11/15/2029 | 35 | &nbsp;&nbsp; 38237 |
| Denver (City & County of), CO, Series 2023 A, Ref. RB | 5.00% | 11/15/2029 | 5 | &nbsp;&nbsp; 5443 |
| Denver (City & County of), CO (Wellington E. Webb Municipal Office Building), Series 2023, Ref. COP | 5.00% | 12/01/2029 | 90 | &nbsp;&nbsp; 98236 |
| Jefferson County School District R-1, Series 2018, GO Bonds | 5.00% | 12/15/2029 | 110 | &nbsp;&nbsp; 117875 |
| Metro Water Recovery, Series 2025 A, Ref. RB | 5.00% | 04/01/2029 | 50 | &nbsp;&nbsp; 54086 |
| Pueblo City Schools, Series 2020, GO Bonds | 5.00% | 12/15/2039 | 65 | &nbsp;&nbsp; 68698 |
| &nbsp;&nbsp;&nbsp; St. Vrain Valley School District Re-1J (Boulder, Larimer & Weld Counties and the City and County of <br> Broomfield), Series 2024, GO Bonds<br>| 5.00% | 12/15/2029 | 70 | &nbsp;&nbsp; 76890 |
| University of Colorado, Series 2017 A-2, Ref. RB | 5.00% | 06/01/2029 | 75 | &nbsp;&nbsp; 79515 |
| University of Colorado Hospital Authority, Series 2024 A, Ref. RB | 5.00% | 11/15/2029 | 425 | &nbsp;&nbsp; 462302 |
| Weld County School District No. 6 Greeley, Series 2020, GO Bonds | 5.00% | 12/01/2044 | 275 | &nbsp;&nbsp; 285102 |
| Weld County School District No. RE-2 Eaton, Series 2019, GO Bonds | 5.00% | 12/01/2044 | 5 | &nbsp;&nbsp; 5204 |
|  |  |  |  | &nbsp;&nbsp; 6196301 |
| **Connecticut-2.25%** |  |  |  |  |
| Connecticut (State of), Series 2018 E, GO Bonds | 5.00% | 09/15/2029 | 55 | &nbsp;&nbsp; 58688 |
| Connecticut (State of), Series 2019 A, GO Bonds | 5.00% | 04/15/2029 | 225 | &nbsp;&nbsp; 242989 |
| Connecticut (State of), Series 2019 A, GO Bonds | 5.00% | 04/15/2031 | 25 | &nbsp;&nbsp; 26988 |
| Connecticut (State of), Series 2019 A, GO Bonds | 5.00% | 04/15/2032 | 775 | &nbsp;&nbsp; 835202 |
| Connecticut (State of), Series 2019 A, GO Bonds | 5.00% | 04/15/2033 | 510 | &nbsp;&nbsp; 548045 |
| Connecticut (State of), Series 2019 A, GO Bonds | 5.00% | 04/15/2034 | 40 | &nbsp;&nbsp; 42883 |
| Connecticut (State of), Series 2019 A, GO Bonds | 5.00% | 04/15/2035 | 185 | &nbsp;&nbsp; 197916 |
| Connecticut (State of), Series 2019 A, GO Bonds | 5.00% | 04/15/2036 | 95 | &nbsp;&nbsp; 101244 |
| Connecticut (State of), Series 2019 A, GO Bonds | 5.00% | 04/15/2039 | 125 | &nbsp;&nbsp; 131908 |
| Connecticut (State of), Series 2019 B, Ref. GO Bonds | 5.00% | 02/15/2029 | 30 | &nbsp;&nbsp; 32283 |
| Connecticut (State of), Series 2020 A, GO Bonds | 5.00% | 01/15/2029 | 190 | &nbsp;&nbsp; 204098 |
| Connecticut (State of), Series 2020 A, RB | 5.00% | 05/01/2029 | 100 | &nbsp;&nbsp; 108098 |
| Connecticut (State of), Series 2020 C, GO Bonds | 4.00% | 06/01/2029 | 265 | &nbsp;&nbsp; 277328 |
| Connecticut (State of), Series 2021 A, GO Bonds | 4.00% | 01/15/2029 | 95 | &nbsp;&nbsp; 98952 |
| Connecticut (State of), Series 2021 A, RB | 5.00% | 05/01/2029 | 185 | &nbsp;&nbsp; 199981 |
| Connecticut (State of), Series 2021 B, GO Bonds | 3.00% | 06/01/2029 | 10 | &nbsp;&nbsp; 10089 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Connecticut-(continued)** |  |  |  |  |
| Connecticut (State of), Series 2021 D, RB | 5.00% | 11/01/2029 | $55 | &nbsp;&nbsp; $60081 |
| Connecticut (State of), Series 2022 A, GO Bonds | 4.00% | 01/15/2029 | 110 | &nbsp;&nbsp; 114577 |
| Connecticut (State of), Series 2022 B, Ref. RB | 5.00% | 07/01/2029 | 180 | &nbsp;&nbsp; 195262 |
| Connecticut (State of), Series 2022 E, GO Bonds | 5.00% | 11/15/2029 | 85 | &nbsp;&nbsp; 92929 |
| Connecticut (State of), Series 2023 A, RB | 5.00% | 07/01/2029 | 95 | &nbsp;&nbsp; 103055 |
| Connecticut (State of), Series 2023 B, Ref. RB | 5.00% | 07/01/2029 | 65 | &nbsp;&nbsp; 70511 |
| Connecticut (State of), Series 2024 A, GO Bonds | 5.00% | 01/15/2029 | 100 | &nbsp;&nbsp; 107420 |
| Connecticut (State of), Series 2024 A-1, RB | 5.00% | 07/01/2029 | 90 | &nbsp;&nbsp; 97631 |
| Connecticut (State of), Series 2024 B, Ref. RB | 5.00% | 07/01/2029 | 5 | &nbsp;&nbsp; 5424 |
| Connecticut (State of), Series 2024 C, Ref. GO Bonds | 5.00% | 03/01/2029 | 105 | &nbsp;&nbsp; 113099 |
| Connecticut (State of), Series 2024 F, GO Bonds | 5.00% | 11/15/2029 | 175 | &nbsp;&nbsp; 191324 |
| Connecticut (State of), Series 2025 A, GO Bonds | 5.00% | 03/15/2029 | 85 | &nbsp;&nbsp; 91632 |
| Connecticut (State of), Series 2025 B, Ref. GO Bonds | 5.00% | 12/01/2029 | 15 | &nbsp;&nbsp; 16415 |
| Connecticut (State of) (Green Bonds), Series 2019 A, RB | 4.00% | 02/01/2038 | 85 | &nbsp;&nbsp; 87226 |
| Connecticut (State of) (Green Bonds), Series 2019 A, RB | 5.00% | 02/01/2039 | 20 | &nbsp;&nbsp; 21135 |
| Connecticut (State of) (Transportation Infrastructure), Series 2018, RB | 5.00% | 01/01/2029 | 5 | &nbsp;&nbsp; 5252 |
| Connecticut (State of) (Transportation Infrastructure), Series 2022 A, RB | 5.00% | 07/01/2029 | 105 | &nbsp;&nbsp; 113903 |
| Connecticut (State of) Health & Educational Facilities Authority, Series 1997, RB | 5.00% | 07/01/2029 | 125 | &nbsp;&nbsp; 135778 |
| &nbsp;&nbsp;&nbsp; Connecticut (State of) Health & Educational Facilities Authority (Yale University), Series 2017 B-1, Ref. <br> RB<br>| 5.00% | 07/01/2029 | 180 | &nbsp;&nbsp; 195520 |
| Hartford (City of), CT, Series 2023, Ref. RB | 5.00% | 04/01/2029 | 100 | &nbsp;&nbsp; 107739 |
|  |  |  |  | &nbsp;&nbsp; 5042605 |
| **Delaware-0.33%** |  |  |  |  |
| Delaware (State of), Series 2020 A, GO Bonds | 5.00% | 01/01/2029 | 45 | &nbsp;&nbsp; 48480 |
| Delaware (State of), Series 2021, Ref. GO Bonds | 5.00% | 02/01/2029 | 60 | &nbsp;&nbsp; 64760 |
| Delaware (State of), Series 2022, Ref. GO Bonds | 5.00% | 03/01/2029 | 90 | &nbsp;&nbsp; 97323 |
| Delaware (State of), Series 2023 A, GO Bonds | 5.00% | 05/01/2029 | 150 | &nbsp;&nbsp; 162813 |
| Delaware (State of), Series 2025, GO Bonds | 5.00% | 05/01/2029 | 35 | &nbsp;&nbsp; 37990 |
| Delaware (State of) Health Facilities Authority (Christiana Health Care Systems), Series 2020, Ref. RB | 5.00% | 10/01/2045 | 125 | &nbsp;&nbsp; 128434 |
| Delaware (State of) Transportation Authority, Series 2020, Ref. RB | 5.00% | 07/01/2029 | 175 | &nbsp;&nbsp; 190214 |
|  |  |  |  | &nbsp;&nbsp; 730014 |
| **District of Columbia-2.88%** |  |  |  |  |
| District of Columbia, Series 2019 A, GO Bonds | 5.00% | 10/15/2029 | 75 | &nbsp;&nbsp; 80906 |
| District of Columbia, Series 2019 A, GO Bonds | 5.00% | 10/15/2030 | 510 | &nbsp;&nbsp; 550073 |
| District of Columbia, Series 2019 A, GO Bonds | 5.00% | 10/15/2031 | 120 | &nbsp;&nbsp; 129455 |
| District of Columbia, Series 2019 A, GO Bonds | 5.00% | 10/15/2032 | 215 | &nbsp;&nbsp; 231388 |
| District of Columbia, Series 2019 A, GO Bonds | 5.00% | 10/15/2033 | 85 | &nbsp;&nbsp; 91256 |
| District of Columbia, Series 2019 A, GO Bonds | 5.00% | 10/15/2034 | 135 | &nbsp;&nbsp; 144617 |
| District of Columbia, Series 2019 A, GO Bonds | 5.00% | 10/15/2035 | 95 | &nbsp;&nbsp; 101449 |
| District of Columbia, Series 2019 A, GO Bonds | 5.00% | 10/15/2037 | 40 | &nbsp;&nbsp; 42362 |
| District of Columbia, Series 2019 A, GO Bonds | 5.00% | 10/15/2038 | 15 | &nbsp;&nbsp; 15805 |
| District of Columbia, Series 2019 A, GO Bonds | 5.00% | 10/15/2040 | 140 | &nbsp;&nbsp; 146605 |
| District of Columbia, Series 2019 A, GO Bonds | 5.00% | 10/15/2044 | 150 | &nbsp;&nbsp; 154522 |
| District of Columbia, Series 2019 A, RB | 5.00% | 03/01/2029 | 170 | &nbsp;&nbsp; 183113 |
| District of Columbia, Series 2019 A, RB | 5.00% | 03/01/2031 | 115 | &nbsp;&nbsp; 125025 |
| District of Columbia, Series 2019 A, RB | 5.00% | 03/01/2032 | 60 | &nbsp;&nbsp; 65132 |
| District of Columbia, Series 2019 A, RB | 5.00% | 03/01/2033 | 120 | &nbsp;&nbsp; 129949 |
| District of Columbia, Series 2019 A, RB | 5.00% | 03/01/2034 | 260 | &nbsp;&nbsp; 280934 |
| District of Columbia, Series 2019 A, RB | 5.00% | 03/01/2035 | 195 | &nbsp;&nbsp; 210164 |
| District of Columbia, Series 2019 A, RB | 5.00% | 03/01/2036 | 25 | &nbsp;&nbsp; 26838 |
| District of Columbia, Series 2019 A, RB | 5.00% | 03/01/2044 | 100 | &nbsp;&nbsp; 103300 |
| District of Columbia, Series 2019 C, Ref. RB | 3.00% | 10/01/2029 | 50 | &nbsp;&nbsp; 50399 |
| District of Columbia, Series 2019 C, Ref. RB | 5.00% | 10/01/2029 | 105 | &nbsp;&nbsp; 114380 |
| District of Columbia, Series 2019 C, Ref. RB | 5.00% | 10/01/2031 | 210 | &nbsp;&nbsp; 228562 |
| District of Columbia, Series 2019 C, Ref. RB | 5.00% | 10/01/2032 | 210 | &nbsp;&nbsp; 228029 |
| District of Columbia, Series 2019 C, Ref. RB | 5.00% | 10/01/2033 | 240 | &nbsp;&nbsp; 259988 |
| District of Columbia, Series 2019 C, Ref. RB | 5.00% | 10/01/2034 | 165 | &nbsp;&nbsp; 178348 |
| District of Columbia, Series 2019, RB | 5.00% | 07/01/2049 | 135 | &nbsp;&nbsp; 135057 |
| District of Columbia, Series 2020 A, RB | 5.00% | 03/01/2029 | 230 | &nbsp;&nbsp; 247815 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **District of Columbia-(continued)** |  |  |  |  |
| District of Columbia, Series 2020 B, Ref. RB | 5.00% | 10/01/2029 | $95 | &nbsp;&nbsp; $103486 |
| District of Columbia, Series 2020, RB | 5.00% | 12/01/2029 | 125 | &nbsp;&nbsp; 136092 |
| District of Columbia, Series 2020, RB | 5.00% | 12/01/2031 | 205 | &nbsp;&nbsp; 223138 |
| District of Columbia, Series 2020, RB | 5.00% | 12/01/2032 | 275 | &nbsp;&nbsp; 298491 |
| District of Columbia, Series 2020, RB | 5.00% | 12/01/2033 | 30 | &nbsp;&nbsp; 32457 |
| District of Columbia, Series 2020, RB | 5.00% | 12/01/2034 | 90 | &nbsp;&nbsp; 97228 |
| District of Columbia, Series 2021 E, Ref. GO Bonds | 5.00% | 02/01/2029 | 190 | &nbsp;&nbsp; 204112 |
| District of Columbia, Series 2022 C, Ref. RB | 5.00% | 12/01/2029 | 75 | &nbsp;&nbsp; 81953 |
| District of Columbia, Series 2023 A, GO Bonds | 5.00% | 01/01/2029 | 80 | &nbsp;&nbsp; 85791 |
| District of Columbia, Series 2023 B, Ref. GO Bonds | 5.00% | 06/01/2029 | 165 | &nbsp;&nbsp; 178449 |
| District of Columbia, Series 2024 A, GO Bonds | 5.00% | 08/01/2029 | 50 | &nbsp;&nbsp; 54261 |
| District of Columbia, Series 2024 B, GO Bonds | 5.00% | 08/01/2029 | 60 | &nbsp;&nbsp; 65113 |
| District of Columbia, Series 2024 C, Ref. GO Bonds | 5.00% | 12/01/2029 | 15 | &nbsp;&nbsp; 16391 |
| District of Columbia Water & Sewer Authority (Green Bonds), Series 2019 A, RB | 5.00% | 10/01/2044 | 5 | &nbsp;&nbsp; 5163 |
| Metropolitan Washington Airports Authority, Series 2019, Ref. RB | 4.00% | 10/01/2037 | 135 | &nbsp;&nbsp; 135920 |
| Metropolitan Washington Airports Authority, Series 2019, Ref. RB | 5.00% | 10/01/2047 | 175 | &nbsp;&nbsp; 177211 |
| Washington Metropolitan Area Transit Authority, Series 2020 A, RB | 5.00% | 07/15/2029 | 180 | &nbsp;&nbsp; 194966 |
| Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB | 5.00% | 07/15/2029 | 95 | &nbsp;&nbsp; 102899 |
|  |  |  |  | &nbsp;&nbsp; 6448592 |
| **Florida-3.35%** |  |  |  |  |
| Brevard County School District, Series 2024 A, Ref. COP | 5.00% | 07/01/2029 | 15 | &nbsp;&nbsp; 16229 |
| Broward (County of), FL, Series 2019 A, RB | 5.00% | 10/01/2038 | 230 | &nbsp;&nbsp; 244303 |
| Broward (County of), FL, Series 2019 A, RB | 5.00% | 10/01/2039 | 85 | &nbsp;&nbsp; 90066 |
| Broward (County of), FL, Series 2019 A, RB | 5.00% | 10/01/2040 | 115 | &nbsp;&nbsp; 121477 |
| Broward (County of), FL School Board, Series 2019 B, Ref. COP | 5.00% | 07/01/2029 | 340 | &nbsp;&nbsp; 365684 |
| Central Florida Expressway Authority, Series 2019 A, RB | 5.00% | 07/01/2044 | 80 | &nbsp;&nbsp; 82911 |
| Central Florida Expressway Authority, Series 2019 B, RB | 5.00% | 07/01/2037 | 95 | &nbsp;&nbsp; 100639 |
| Central Florida Expressway Authority, Series 2019 B, RB | 5.00% | 07/01/2038 | 90 | &nbsp;&nbsp; 95115 |
| Central Florida Expressway Authority, Series 2019 B, RB | 5.00% | 07/01/2049 | 30 | &nbsp;&nbsp; 30644 |
| Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 07/01/2029 | 490 | &nbsp;&nbsp; 530497 |
| Duval County (County of), FL School Board, Series 2022 A, COP, (INS - AGI)<sup>(c)</sup> | 5.00% | 07/01/2029 | 375 | &nbsp;&nbsp; 405325 |
| Florida (State of), Series 2021 B, Ref. GO Bonds | 5.00% | 06/01/2029 | 160 | &nbsp;&nbsp; 173545 |
| Florida (State of), Series 2022 B, Ref. GO Bonds | 5.00% | 06/01/2029 | 4 | &nbsp;&nbsp; 4339 |
| Florida (State of), Series 2024 A, Ref. GO Bonds | 5.00% | 06/01/2029 | 185 | &nbsp;&nbsp; 200855 |
| Florida (State of) (Capital Outlay), Series 2015 E, Ref. GO Bonds | 3.00% | 06/01/2029 | 5 | &nbsp;&nbsp; 5000 |
| Florida (State of) (Right-of-Way Acquisition), Series 2021 A, Ref. GO Bonds | 5.00% | 07/01/2029 | 135 | &nbsp;&nbsp; 146785 |
| Florida (State of) Department of Management Services, Series 2018 A, Ref. COP | 5.00% | 11/01/2029 | 40 | &nbsp;&nbsp; 43695 |
| Florida (State of) Department of Transportation, Series 2020 A, Ref. RB | 5.00% | 07/01/2029 | 185 | &nbsp;&nbsp; 200554 |
| Florida (State of) Higher Educational Facilities Financial Authority (Ringling College), Series 2019, RB | 5.00% | 03/01/2049 | 170 | &nbsp;&nbsp; 165081 |
| &nbsp;&nbsp;&nbsp; Florida (State of) Higher Educational Facilities Financial Authority (St. Leo Univeristy), Series 2019, <br> Ref. RB<br>| 5.00% | 03/01/2039 | 100 | &nbsp;&nbsp; 82366 |
| Florida (State of) Municipal Power Agency, Series 2018 A, Ref. RB | 3.00% | 10/01/2029 | 80 | &nbsp;&nbsp; 79900 |
| Gainesville (City of), FL, Series 2019 A, RB | 5.00% | 10/01/2044 | 150 | &nbsp;&nbsp; 154849 |
| Gainesville (City of), FL, Series 2019 A, RB | 5.00% | 10/01/2047 | 690 | &nbsp;&nbsp; 708645 |
| &nbsp;&nbsp;&nbsp; Hillsborough (County of), FL Industrial Development Authority (Baycare Health System), Series 2024 <br> C, Ref. RB<br>| 5.00% | 11/15/2029 | 1000 | &nbsp;&nbsp; 1085419 |
| Hillsborough (County of), FL School Board, Series 2020, Ref. COP | 5.00% | 07/01/2029 | 10 | &nbsp;&nbsp; 10752 |
| Jacksonville (City of), FL, Series 2025, RB | 5.00% | 10/01/2029 | 35 | &nbsp;&nbsp; 38073 |
| Jacksonville (City of), FL (Brooks Rehabilitation), Series 2020, Ref. RB | 5.00% | 11/01/2050 | 150 | &nbsp;&nbsp; 149868 |
| JEA Electric System, Series 2024 A, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 10/01/2029 | 60 | &nbsp;&nbsp; 65154 |
| Lee (County of), FL Industrial Development Authority, Series 2019 A-1, Ref. RB | 5.00% | 04/01/2029 | 75 | &nbsp;&nbsp; 79595 |
| Lee (County of), FL Industrial Development Authority, Series 2019 A-1, Ref. RB | 5.00% | 04/01/2033 | 60 | &nbsp;&nbsp; 63533 |
| Lee (County of), FL Industrial Development Authority, Series 2019 A-1, Ref. RB | 5.00% | 04/01/2034 | 105 | &nbsp;&nbsp; 110845 |
| Lee (County of), FL Industrial Development Authority, Series 2019 A-1, Ref. RB | 5.00% | 04/01/2036 | 220 | &nbsp;&nbsp; 230676 |
| Lee (County of), FL Industrial Development Authority, Series 2019 A-1, Ref. RB | 5.00% | 04/01/2037 | 50 | &nbsp;&nbsp; 52233 |
| Lee (County of), FL Industrial Development Authority, Series 2019, Ref. RB | 5.00% | 04/01/2035 | 40 | &nbsp;&nbsp; 42103 |
| Miami (City of) & Dade (County of), FL School Board (The), Series 2025 A, Ref. COP | 5.00% | 05/01/2029 | 45 | &nbsp;&nbsp; 48338 |
| Miami-Dade (County of), FL, Series 2009 A, Ref. RB, (INS - AGI)<sup>(c)</sup> | 6.88% | 10/01/2034 | 85 | &nbsp;&nbsp; 97302 |
| Miami-Dade (County of), FL, Series 2019 B, RB | 5.00% | 10/01/2044 | 15 | &nbsp;&nbsp; 15533 |
| Miami-Dade (County of), FL, Series 2025, Ref. GO Bonds | 5.00% | 07/01/2029 | 30 | &nbsp;&nbsp; 32490 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Florida-(continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2007 B, Ref. <br> RB, (INS - AMBAC)<sup>(c)</sup><br>| 5.25% | 04/01/2029 | $95 | &nbsp;&nbsp; $102317 |
| Orange (County of), FL Convention Center, Series 2017, Ref. RB | 5.00% | 10/01/2029 | 100 | &nbsp;&nbsp; 108590 |
| &nbsp;&nbsp;&nbsp; Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2019 A, <br> RB<br>| 5.00% | 10/01/2047 | 235 | &nbsp;&nbsp; 239771 |
| Orange (County of), FL School Board, Series 2017 C, Ref. COP | 5.00% | 08/01/2029 | 105 | &nbsp;&nbsp; 113718 |
| Palm Beach County School District, Series 2018 C, Ref. COP | 5.00% | 08/01/2029 | 280 | &nbsp;&nbsp; 296873 |
| Palm Beach County School District, Series 2025 A, Ref. COP | 5.00% | 08/01/2029 | 55 | &nbsp;&nbsp; 59667 |
| Polk County School District, Series 2019, RB | 5.00% | 10/01/2033 | 195 | &nbsp;&nbsp; 209986 |
| Tampa Bay (City of), FL Water, Series 2001 A, Ref. RB<sup>(a)</sup> | 6.00% | 10/01/2029 | 165 | &nbsp;&nbsp; 183109 |
|  |  |  |  | &nbsp;&nbsp; 7484449 |
| **Georgia-2.16%** |  |  |  |  |
| Atlanta (City of), GA, Series 2004, RB, (INS - AGI)<sup>(c)</sup> | 5.75% | 11/01/2029 | 90 | &nbsp;&nbsp; 100746 |
| Atlanta (City of), GA, Series 2019 C, RB | 5.00% | 07/01/2035 | 145 | &nbsp;&nbsp; 155021 |
| Atlanta (City of), GA, Series 2019 C, RB | 5.00% | 07/01/2036 | 200 | &nbsp;&nbsp; 213044 |
| Atlanta (City of), GA, Series 2019 C, RB | 5.00% | 07/01/2037 | 35 | &nbsp;&nbsp; 37143 |
| Atlanta (City of), GA (Department of Aviation), Series 2019 C, RB | 5.00% | 07/01/2038 | 35 | &nbsp;&nbsp; 37013 |
| Atlanta (City of), GA (Social Bonds), Series 2022 A-1, GO Bonds<sup>(a)</sup> | 5.00% | 12/01/2029 | 70 | &nbsp;&nbsp; 76406 |
| Atlanta (City of), GA Department of Aviation, Series 2020 A, Ref. RB | 5.00% | 07/01/2029 | 165 | &nbsp;&nbsp; 178931 |
| Columbia (County of), GA Public Facilities Authority, Series 2024, RB | 5.00% | 04/01/2029 | 145 | &nbsp;&nbsp; 156946 |
| DeKalb (County of), GA, Series 2022, Ref. RB | 5.00% | 10/01/2029 | 125 | &nbsp;&nbsp; 136214 |
| Fayette (County of), GA Public Facilities Authority, Series 2024, RB | 5.00% | 07/01/2029 | 95 | &nbsp;&nbsp; 103259 |
| Forsyth (County of), GA, Series 2025, GO Bonds | 5.00% | 03/01/2029 | 55 | &nbsp;&nbsp; 59278 |
| Fulton (County of), GA Development Authority (Georgia Institute of Technology), Series 2019, RB | 5.00% | 06/15/2044 | 150 | &nbsp;&nbsp; 155071 |
| Georgia (State of), Series 2018 A, GO Bonds | 5.00% | 07/01/2029 | 140 | &nbsp;&nbsp; 148952 |
| Georgia (State of), Series 2019 A, GO Bonds | 5.00% | 07/01/2031 | 55 | &nbsp;&nbsp; 59842 |
| Georgia (State of), Series 2022 A, GO Bonds | 5.00% | 07/01/2029 | 55 | &nbsp;&nbsp; 59841 |
| Georgia (State of), Series 2022 C, Ref. GO Bonds | 4.00% | 07/01/2029 | 105 | &nbsp;&nbsp; 110400 |
| Georgia (State of), Series 2023 C, Ref. GO Bonds | 4.00% | 01/01/2029 | 100 | &nbsp;&nbsp; 104504 |
| Georgia (State of) (Bidding Group 1), Series 2020 A, GO Bonds | 5.00% | 08/01/2029 | 210 | &nbsp;&nbsp; 228896 |
| Georgia (State of) (Bidding Group 1), Series 2021 A, Ref. GO Bonds | 5.00% | 07/01/2029 | 105 | &nbsp;&nbsp; 114242 |
| Georgia (State of) (Tranche 1), Series 2019 A, GO Bonds | 5.00% | 07/01/2029 | 135 | &nbsp;&nbsp; 146882 |
| Georgia (State of) (Tranche 2), Series 2019 A, GO Bonds | 5.00% | 07/01/2032 | 65 | &nbsp;&nbsp; 70598 |
| Georgia (State of) Municipal Electric Authority (Power Revenue), Series 2018, Ref. RB | 5.00% | 01/01/2029 | 15 | &nbsp;&nbsp; 15727 |
| Georgia (State of) Ports Authority, Series 2022, RB | 5.00% | 07/01/2029 | 260 | &nbsp;&nbsp; 282325 |
| Georgia (State of) Road & Tollway Authority (Garvee), Series 2020, RB | 5.00% | 06/01/2029 | 140 | &nbsp;&nbsp; 151412 |
| Gwinnett (County of), GA Water & Sewerage Authority, Series 2019, Ref. RB | 5.00% | 08/01/2029 | 255 | &nbsp;&nbsp; 277664 |
| Gwinnett County School District, Series 2019, GO Bonds | 5.00% | 02/01/2038 | 15 | &nbsp;&nbsp; 15912 |
| Gwinnett County School District, Series 2019, GO Bonds | 5.00% | 02/01/2041 | 195 | &nbsp;&nbsp; 204245 |
| Henry County School District, Series 2021, GO Bonds | 4.00% | 08/01/2029 | 185 | &nbsp;&nbsp; 194396 |
| Main Street Natural Gas, Inc., Series 2019 A, RB | 5.00% | 05/15/2043 | 100 | &nbsp;&nbsp; 101888 |
| Private Colleges & Universities Authority (Emory University), Series 2019 A, Ref. RB | 5.00% | 09/01/2029 | 195 | &nbsp;&nbsp; 211762 |
| Private Colleges & Universities Authority (Emory University), Series 2019 A, Ref. RB | 5.00% | 09/01/2037 | 70 | &nbsp;&nbsp; 74354 |
| Private Colleges & Universities Authority (Emory University), Series 2022 A, Ref. RB | 5.00% | 09/01/2029 | 330 | &nbsp;&nbsp; 358367 |
| Private Colleges & Universities Authority (Emory University), Series 2025 A, Ref. RB | 5.00% | 09/01/2029 | 70 | &nbsp;&nbsp; 76017 |
| Private Colleges & Universities Authority (Emory University) (Green Bonds), Series 2019, Ref. RB | 5.00% | 09/01/2048 | 310 | &nbsp;&nbsp; 318999 |
| Rockdale (County of), GA Development Authority (Piedmont Healthcare, Inc.), Series 2019 A, RB | 5.00% | 07/01/2049 | 95 | &nbsp;&nbsp; 97166 |
|  |  |  |  | &nbsp;&nbsp; 4833463 |
| **Hawaii-0.98%** |  |  |  |  |
| Hawaii (State of), Series 2018 FT, GO Bonds | 5.00% | 01/01/2029 | 105 | &nbsp;&nbsp; 110307 |
| Hawaii (State of), Series 2019 FW, GO Bonds | 5.00% | 01/01/2029 | 55 | &nbsp;&nbsp; 59049 |
| Hawaii (State of), Series 2019 FW, GO Bonds | 5.00% | 01/01/2031 | 165 | &nbsp;&nbsp; 177234 |
| Hawaii (State of), Series 2019 FW, GO Bonds | 5.00% | 01/01/2032 | 75 | &nbsp;&nbsp; 80461 |
| Hawaii (State of), Series 2019 FW, GO Bonds | 5.00% | 01/01/2033 | 75 | &nbsp;&nbsp; 80327 |
| Hawaii (State of), Series 2019 FW, GO Bonds | 5.00% | 01/01/2034 | 120 | &nbsp;&nbsp; 128196 |
| Hawaii (State of), Series 2019 FW, GO Bonds | 5.00% | 01/01/2035 | 100 | &nbsp;&nbsp; 106482 |
| Hawaii (State of), Series 2019 FW, GO Bonds | 5.00% | 01/01/2036 | 45 | &nbsp;&nbsp; 47687 |
| Hawaii (State of), Series 2019 FW, GO Bonds | 4.00% | 01/01/2037 | 40 | &nbsp;&nbsp; 40811 |
| Hawaii (State of), Series 2019 FW, GO Bonds | 5.00% | 01/01/2037 | 30 | &nbsp;&nbsp; 31689 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Hawaii-(continued)** |  |  |  |  |
| Hawaii (State of), Series 2019 FW, GO Bonds | 5.00% | 01/01/2038 | $180 | &nbsp;&nbsp; $189526 |
| Hawaii (State of), Series 2019 FW, GO Bonds | 5.00% | 01/01/2039 | 50 | &nbsp;&nbsp; 52452 |
| Honolulu (City & County of), HI, Series 2019 A, RB | 5.00% | 07/01/2044 | 25 | &nbsp;&nbsp; 25876 |
| Honolulu (City & County of), HI, Series 2019 B, Ref. RB | 5.00% | 07/01/2036 | 325 | &nbsp;&nbsp; 346974 |
| Honolulu (City & County of), HI, Series 2022 A, Ref. GO Bonds | 5.00% | 11/01/2029 | 390 | &nbsp;&nbsp; 425877 |
| Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2019 A, GO Bonds | 5.00% | 09/01/2029 | 60 | &nbsp;&nbsp; 63904 |
| Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2020, Ref. GO Bonds | 5.00% | 03/01/2029 | 35 | &nbsp;&nbsp; 37688 |
| Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2021, GO Bonds | 5.00% | 03/01/2029 | 125 | &nbsp;&nbsp; 134601 |
| Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2023, Ref. GO Bonds | 5.00% | 03/01/2029 | 60 | &nbsp;&nbsp; 64667 |
|  |  |  |  | &nbsp;&nbsp; 2203808 |
| **Idaho-0.59%** |  |  |  |  |
| Idaho (State of) Housing & Finance Association, Series 2019, Ref. RB | 5.00% | 07/15/2033 | 190 | &nbsp;&nbsp; 204564 |
| Idaho (State of) Housing & Finance Association, Series 2019, Ref. RB | 5.00% | 07/15/2034 | 215 | &nbsp;&nbsp; 231070 |
| Idaho (State of) Housing & Finance Association, Series 2019, Ref. RB | 5.00% | 07/15/2035 | 120 | &nbsp;&nbsp; 128460 |
| Idaho (State of) Housing & Finance Association, Series 2019, Ref. RB | 5.00% | 07/15/2037 | 55 | &nbsp;&nbsp; 58458 |
| Idaho (State of) Housing & Finance Association (Federal Highway Trust Fund), Series 2019, Ref. RB | 5.00% | 07/15/2036 | 60 | &nbsp;&nbsp; 64001 |
| Idaho (State of) Housing & Finance Association (Garvee), Series 2021 A, Ref. RB | 5.00% | 07/15/2029 | 115 | &nbsp;&nbsp; 124272 |
| Idaho State Building Authority, Series 2024 A, RB | 5.00% | 06/01/2029 | 475 | &nbsp;&nbsp; 515211 |
|  |  |  |  | &nbsp;&nbsp; 1326036 |
| **Illinois-4.24%** |  |  |  |  |
| Chicago (City of), IL, Series 2019 A, GO Bonds | 5.00% | 01/01/2029 | 125 | &nbsp;&nbsp; 128922 |
| Chicago (City of), IL, Series 2019 A, GO Bonds | 5.50% | 01/01/2035 | 100 | &nbsp;&nbsp; 103659 |
| Chicago (City of), IL, Series 2019 A, GO Bonds | 5.00% | 01/01/2039 | 435 | &nbsp;&nbsp; 439001 |
| Chicago (City of), IL, Series 2019 A, GO Bonds | 5.00% | 01/01/2044 | 1010 | &nbsp;&nbsp; 964273 |
| Chicago (City of), IL, Series 2021 B, Ref. GO Bonds | 4.00% | 01/01/2029 | 307 | &nbsp;&nbsp; 310377 |
| Chicago (City of), IL (O'Hare International Airport), Series 2018 B, RB | 5.00% | 01/01/2036 | 155 | &nbsp;&nbsp; 163329 |
| Chicago (City of), IL (O'Hare International Airport), Series 2018 B, RB | 5.00% | 01/01/2037 | 90 | &nbsp;&nbsp; 94528 |
| Chicago (City of), IL (O'Hare International Airport), Series 2018 B, RB | 5.00% | 01/01/2038 | 165 | &nbsp;&nbsp; 172743 |
| Chicago (City of), IL (O'Hare International Airport), Series 2018 B, RB | 5.00% | 01/01/2039 | 85 | &nbsp;&nbsp; 88734 |
| Chicago (City of), IL (O'Hare International Airport), Series 2022, Ref. RB | 5.00% | 01/01/2029 | 30 | &nbsp;&nbsp; 32080 |
| Chicago (City of), IL (O'Hare International Airport), Series 2024 D, Ref. RB | 5.00% | 01/01/2029 | 5 | &nbsp;&nbsp; 5347 |
| &nbsp;&nbsp;&nbsp; Chicago (City of), IL Metropolitan Water Reclamation District (Green Bonds), Series 2021 A, GO <br> Bonds<br>| 5.00% | 12/01/2029 | 190 | &nbsp;&nbsp; 207463 |
| Chicago (City of), IL Midway International Airport, Series 2023 B, Ref. RB, (INS - BAM)<sup>(c)</sup> | 5.00% | 01/01/2029 | 15 | &nbsp;&nbsp; 16044 |
| &nbsp;&nbsp;&nbsp; Chicago (City of), IL Transit Authority (FTA Section 5307 Urbanized Area Formula Funds), <br> Series 2021, Ref. RB<br>| 5.00% | 06/01/2029 | 200 | &nbsp;&nbsp; 212917 |
| Cook (County of), IL, Series 2022 A, Ref. GO Bonds | 5.00% | 11/15/2029 | 270 | &nbsp;&nbsp; 292958 |
| Cook Kane Lake & McHenry Counties Community College District No. 512, Series 2020, GO Bonds | 4.00% | 12/15/2029 | 75 | &nbsp;&nbsp; 77543 |
| Illinois (State of), Series 2016, GO Bonds | 3.50% | 06/01/2029 | 5 | &nbsp;&nbsp; 5007 |
| Illinois (State of), Series 2018 A, GO Bonds | 5.00% | 05/01/2029 | 55 | &nbsp;&nbsp; 57661 |
| Illinois (State of), Series 2019 B, GO Bonds | 5.00% | 11/01/2032 | 5 | &nbsp;&nbsp; 5359 |
| Illinois (State of), Series 2021 A, GO Bonds | 5.00% | 03/01/2029 | 50 | &nbsp;&nbsp; 53185 |
| Illinois (State of), Series 2021 A, GO Bonds | 5.00% | 12/01/2029 | 85 | &nbsp;&nbsp; 91568 |
| Illinois (State of), Series 2022 A, GO Bonds | 5.00% | 03/01/2029 | 80 | &nbsp;&nbsp; 85198 |
| Illinois (State of), Series 2022 B, GO Bonds | 5.00% | 10/01/2029 | 120 | &nbsp;&nbsp; 129092 |
| Illinois (State of), Series 2022 B, Ref. GO Bonds | 5.00% | 03/01/2029 | 40 | &nbsp;&nbsp; 42599 |
| Illinois (State of), Series 2023 B, GO Bonds | 5.00% | 05/01/2029 | 35 | &nbsp;&nbsp; 37384 |
| Illinois (State of), Series 2023 B, GO Bonds | 5.00% | 12/01/2029 | 180 | &nbsp;&nbsp; 194191 |
| Illinois (State of), Series 2023 D, Ref. GO Bonds | 5.00% | 07/01/2029 | 130 | &nbsp;&nbsp; 139255 |
| Illinois (State of), Series 2024, Ref. GO Bonds | 5.00% | 02/01/2029 | 35 | &nbsp;&nbsp; 37218 |
| Illinois (State of) (Rebuild Illinois Program), Series 2019 B, GO Bonds | 5.00% | 11/01/2031 | 300 | &nbsp;&nbsp; 322476 |
| Illinois (State of) Finance Authority (Green Bonds) (Clean Water Initiative), Series 2019, RB | 5.00% | 07/01/2033 | 250 | &nbsp;&nbsp; 269086 |
| Illinois (State of) Finance Authority (Green Bonds) (Clean Water Initiative), Series 2019, RB | 5.00% | 07/01/2034 | 155 | &nbsp;&nbsp; 166461 |
| Illinois (State of) Finance Authority (Green Bonds) (Clean Water Initiative), Series 2019, RB | 5.00% | 07/01/2036 | 500 | &nbsp;&nbsp; 533136 |
| Illinois (State of) Finance Authority (Green Bonds) (Clean Water Initiative), Series 2019, RB | 5.00% | 07/01/2037 | 365 | &nbsp;&nbsp; 387861 |
| Illinois (State of) Finance Authority (University of Chicago (The)), Series 2024 B, Ref. RB | 5.00% | 04/01/2029 | 5 | &nbsp;&nbsp; 5370 |
| Illinois (State of) Regional Transportation Authority, Series 2004 A, RB, (INS - AGI)<sup>(c)</sup> | 5.75% | 06/01/2029 | 95 | &nbsp;&nbsp; 102929 |
| Illinois (State of) Toll Highway Authority, Series 2019 A, RB | 5.00% | 01/01/2040 | 80 | &nbsp;&nbsp; 83725 |
| Illinois (State of) Toll Highway Authority, Series 2019 A, RB | 5.00% | 01/01/2041 | 90 | &nbsp;&nbsp; 93768 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Illinois-(continued)** |  |  |  |  |
| Illinois (State of) Toll Highway Authority, Series 2019 A, RB | 5.00% | 01/01/2044 | $725 | &nbsp;&nbsp; $746887 |
| Illinois (State of) Toll Highway Authority, Series 2019 A, Ref. RB | 5.00% | 01/01/2031 | 70 | &nbsp;&nbsp; 74653 |
| Illinois (State of) Toll Highway Authority, Series 2019 B, Ref. RB | 5.00% | 01/01/2029 | 105 | &nbsp;&nbsp; 112504 |
| Illinois (State of) Toll Highway Authority, Series 2019, Ref. RB | 5.00% | 01/01/2029 | 265 | &nbsp;&nbsp; 283939 |
| &nbsp;&nbsp;&nbsp; Kendall, Kane & Will (Counties of), IL Community Unit School District No. 308, Series 2020 A, Ref. GO <br> Bonds, (INS - AGI)<sup>(c)</sup><br>| 5.00% | 02/01/2029 | 145 | &nbsp;&nbsp; 154493 |
| Sales Tax Securitization Corp., Series 2018 C, Ref. RB | 5.00% | 01/01/2029 | 85 | &nbsp;&nbsp; 90218 |
| Sales Tax Securitization Corp., Series 2018 C, Ref. RB | 5.50% | 01/01/2031 | 130 | &nbsp;&nbsp; 139288 |
| Sales Tax Securitization Corp., Series 2018 C, Ref. RB | 5.50% | 01/01/2032 | 100 | &nbsp;&nbsp; 107035 |
| Sales Tax Securitization Corp., Series 2018 C, Ref. RB | 5.00% | 01/01/2043 | 395 | &nbsp;&nbsp; 401927 |
| Sales Tax Securitization Corp., Series 2018 C, Ref. RB | 5.25% | 01/01/2043 | 655 | &nbsp;&nbsp; 671159 |
| Sales Tax Securitization Corp., Series 2020 A, Ref. RB | 5.00% | 01/01/2029 | 295 | &nbsp;&nbsp; 312751 |
| Sales Tax Securitization Corp., Series 2021 A, Ref. RB | 5.00% | 01/01/2029 | 115 | &nbsp;&nbsp; 121920 |
| Will (County of), IL, Series 2019, GO Bonds | 4.00% | 11/15/2047 | 130 | &nbsp;&nbsp; 120143 |
|  |  |  |  | &nbsp;&nbsp; 9489364 |
| **Indiana-1.10%** |  |  |  |  |
| Indiana (State of) Finance Authority, Series 2016 C, Ref. RB | 5.00% | 06/01/2029 | 475 | &nbsp;&nbsp; 513884 |
| Indiana (State of) Finance Authority (Citizens Wastewater of Westfield), Series 2019, Ref. RB | 5.00% | 10/01/2048 | 155 | &nbsp;&nbsp; 158248 |
| Indiana (State of) Finance Authority (CWA Authority), Series 2021-1, Ref. RB | 5.00% | 10/01/2029 | 170 | &nbsp;&nbsp; 185056 |
| Indiana (State of) Finance Authority (Green Bonds), Series 2017 C, Ref. RB | 5.00% | 02/01/2029 | 65 | &nbsp;&nbsp; 68327 |
| Indiana (State of) Finance Authority (Green Bonds), Series 2019 A, RB | 5.00% | 02/01/2033 | 105 | &nbsp;&nbsp; 112264 |
| Indiana (State of) Finance Authority (Green Bonds), Series 2019 A, RB | 5.00% | 02/01/2034 | 95 | &nbsp;&nbsp; 101405 |
| Indiana (State of) Finance Authority (Green Bonds), Series 2019 A, RB | 5.00% | 02/01/2036 | 75 | &nbsp;&nbsp; 79692 |
| Indiana (State of) Finance Authority (Green Bonds), Series 2019 A, RB | 5.00% | 02/01/2037 | 25 | &nbsp;&nbsp; 26499 |
| Indiana (State of) Finance Authority (Green Bonds), Series 2019 A, RB | 5.00% | 02/01/2038 | 70 | &nbsp;&nbsp; 74015 |
| Indiana (State of) Finance Authority (Green Bonds), Series 2019 A, RB | 5.00% | 02/01/2039 | 65 | &nbsp;&nbsp; 68549 |
| Indianapolis (City of), IN Department of Public Utilities, Series 2018 A, Ref. RB | 5.00% | 10/01/2029 | 20 | &nbsp;&nbsp; 21293 |
| Indianapolis Local Public Improvement Bond Bank, Series 2019 A, RB | 5.25% | 02/01/2039 | 35 | &nbsp;&nbsp; 36895 |
| Indianapolis Local Public Improvement Bond Bank (Courthouse and Jail), Series 2019 A, RB | 5.00% | 02/01/2036 | 430 | &nbsp;&nbsp; 453255 |
| Indianapolis Local Public Improvement Bond Bank (Courthouse and Jail), Series 2019 A, RB | 5.00% | 02/01/2037 | 10 | &nbsp;&nbsp; 10497 |
| Indianapolis Local Public Improvement Bond Bank (Courthouse and Jail), Series 2019 A, RB | 5.00% | 02/01/2044 | 10 | &nbsp;&nbsp; 10269 |
| Indianapolis Local Public Improvement Bond Bank (Courthouse and Jail), Series 2019 A, RB | 5.00% | 02/01/2049 | 400 | &nbsp;&nbsp; 408007 |
| Indianapolis Local Public Improvement Bond Bank (Courthouse and Jail), Series 2019 A, RB | 5.00% | 02/01/2054 | 130 | &nbsp;&nbsp; 132080 |
|  |  |  |  | &nbsp;&nbsp; 2460235 |
| **Iowa-0.52%** |  |  |  |  |
| Iowa (State of), Series 2019 A, Ref. RB | 5.00% | 06/01/2029 | 215 | &nbsp;&nbsp; 232076 |
| Iowa (State of), Series 2019 A, Ref. RB | 5.00% | 06/01/2031 | 195 | &nbsp;&nbsp; 210408 |
| Iowa (State of), Series 2019 A, Ref. RB | 5.00% | 06/01/2032 | 135 | &nbsp;&nbsp; 145409 |
| Iowa (State of), Series 2019 A, Ref. RB | 5.00% | 06/01/2033 | 105 | &nbsp;&nbsp; 112828 |
| Iowa (State of), Series 2019 A, Ref. RB | 5.00% | 06/01/2034 | 45 | &nbsp;&nbsp; 48224 |
| Iowa (State of) Finance Authority (Unitypoint Health), Series 2018 B, Ref. RB | 5.00% | 02/15/2048 | 405 | &nbsp;&nbsp; 411678 |
|  |  |  |  | &nbsp;&nbsp; 1160623 |
| **Kansas-0.09%** |  |  |  |  |
| Kansas (State of) Department of Transportation, Series 2024 A, Ref. RB | 5.00% | 09/01/2029 | 145 | &nbsp;&nbsp; 157843 |
| Kansas (State of) Department of Transportation, Series 2025 A, Ref. RB | 5.00% | 09/01/2029 | 50 | &nbsp;&nbsp; 54429 |
|  |  |  |  | &nbsp;&nbsp; 212272 |
| **Kentucky-0.34%** |  |  |  |  |
| Kentucky (Commonwealth of) Property & Building Commission (No. 130), Series 2024 B, Ref. RB | 5.00% | 11/01/2029 | 195 | &nbsp;&nbsp; 212102 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 131), Series 2024 A, RB | 5.00% | 10/01/2029 | 95 | &nbsp;&nbsp; 103160 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 132), Series 2025 A, RB | 5.00% | 04/01/2029 | 85 | &nbsp;&nbsp; 91381 |
| Kentucky (Commonwealth of) Turnpike Authority (Revitalization), Series 2024 A, Ref. RB | 5.00% | 07/01/2029 | 150 | &nbsp;&nbsp; 162344 |
| &nbsp;&nbsp;&nbsp; Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.), <br> Series 2020 A, RB<br>| 5.00% | 10/01/2038 | 180 | &nbsp;&nbsp; 189138 |
|  |  |  |  | &nbsp;&nbsp; 758125 |
| **Louisiana-0.64%** |  |  |  |  |
| Jefferson (Parish of), LA Sales Tax District, Series 2019 B, RB, (INS - AGI)<sup>(c)</sup> | 4.00% | 12/01/2036 | 125 | &nbsp;&nbsp; 127825 |
| Jefferson (Parish of), LA Sales Tax District, Series 2019 B, Ref. RB, (INS - AGI)<sup>(c)</sup> | 4.00% | 12/01/2039 | 300 | &nbsp;&nbsp; 302509 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Louisiana-(continued)** |  |  |  |  |
| Louisiana (State of), Series 2019 A, GO Bonds | 5.00% | 03/01/2032 | $85 | &nbsp;&nbsp; $91231 |
| Louisiana (State of), Series 2019 A, GO Bonds | 5.00% | 03/01/2033 | 60 | &nbsp;&nbsp; 64262 |
| Louisiana (State of), Series 2019 A, GO Bonds | 5.00% | 03/01/2034 | 70 | &nbsp;&nbsp; 74753 |
| Louisiana (State of), Series 2019 A, GO Bonds | 5.00% | 03/01/2035 | 5 | &nbsp;&nbsp; 5325 |
| Louisiana (State of), Series 2019 A, GO Bonds | 5.00% | 03/01/2036 | 195 | &nbsp;&nbsp; 206730 |
| Louisiana (State of), Series 2019 A, GO Bonds | 5.00% | 03/01/2037 | 5 | &nbsp;&nbsp; 5286 |
| Louisiana (State of), Series 2019 A, GO Bonds | 5.00% | 03/01/2038 | 5 | &nbsp;&nbsp; 5280 |
| Louisiana (State of), Series 2019 A, GO Bonds | 5.00% | 03/01/2039 | 80 | &nbsp;&nbsp; 84115 |
| Louisiana (State of), Series 2023 A, Ref. GO Bonds | 5.00% | 02/01/2029 | 200 | &nbsp;&nbsp; 215044 |
| Louisiana (State of), Series 2025 B, RB | 5.00% | 05/01/2029 | 35 | &nbsp;&nbsp; 37834 |
| Louisiana (State of) (Garvee), Series 2019 A, RB | 5.00% | 09/01/2029 | 100 | &nbsp;&nbsp; 106061 |
| Louisiana (State of) (Garvee), Series 2023, RB | 5.00% | 09/01/2029 | 95 | &nbsp;&nbsp; 103060 |
|  |  |  |  | &nbsp;&nbsp; 1429315 |
| **Maryland-2.30%** |  |  |  |  |
| Anne Arundel (County of), MD, Series 2019, GO Bonds | 5.00% | 10/01/2048 | 100 | &nbsp;&nbsp; 102905 |
| Baltimore (City of), MD (Wastewater), Series 2019 A, RB | 5.00% | 07/01/2049 | 10 | &nbsp;&nbsp; 10188 |
| Baltimore (County of), MD, Series 2019, GO Bonds | 4.00% | 03/01/2035 | 170 | &nbsp;&nbsp; 175662 |
| Baltimore (County of), MD, Series 2019, GO Bonds | 4.00% | 03/01/2036 | 25 | &nbsp;&nbsp; 25748 |
| Baltimore (County of), MD, Series 2019, GO Bonds | 4.00% | 03/01/2037 | 50 | &nbsp;&nbsp; 51318 |
| Howard (County of), MD, Series 2017 D, Ref. GO Bonds | 5.00% | 02/15/2029 | 10 | &nbsp;&nbsp; 10541 |
| Maryland (State of), First Series 2019, GO Bonds | 5.00% | 03/15/2031 | 90 | &nbsp;&nbsp; 97028 |
| Maryland (State of), First Series 2019, GO Bonds | 5.00% | 03/15/2032 | 520 | &nbsp;&nbsp; 559870 |
| Maryland (State of), First Series 2019, GO Bonds | 4.00% | 03/15/2033 | 100 | &nbsp;&nbsp; 103824 |
| Maryland (State of), Second Series 2018, GO Bonds | 5.00% | 08/01/2029 | 180 | &nbsp;&nbsp; 191486 |
| Maryland (State of), Series 2018 A, GO Bonds | 5.00% | 03/15/2029 | 125 | &nbsp;&nbsp; 131899 |
| Maryland (State of), Series 2019, GO Bonds | 5.00% | 03/15/2029 | 155 | &nbsp;&nbsp; 167349 |
| Maryland (State of), Series 2022 C, Ref. GO Bonds | 4.00% | 03/01/2029 | 75 | &nbsp;&nbsp; 78459 |
| Maryland (State of), Series 2022 D, Ref. GO Bonds | 4.00% | 08/01/2029 | 115 | &nbsp;&nbsp; 120964 |
| Maryland (State of), Series 2022, GO Bonds | 5.00% | 06/01/2029 | 70 | &nbsp;&nbsp; 75926 |
| Maryland (State of), Series 2025 A, GO Bonds | 5.00% | 06/01/2029 | 15 | &nbsp;&nbsp; 16270 |
| Maryland (State of) (Bidding Group 1), Second Series 2019 A, GO Bonds | 5.00% | 08/01/2029 | 10 | &nbsp;&nbsp; 10885 |
| Maryland (State of) (Bidding Group 1), Second Series 2021 A, GO Bonds | 5.00% | 08/01/2029 | 455 | &nbsp;&nbsp; 495273 |
| Maryland (State of) (Bidding Group 1), Series 2020 A, GO Bonds | 5.00% | 03/15/2029 | 75 | &nbsp;&nbsp; 80975 |
| Maryland (State of) (Bidding Group 1), Series 2020 A, GO Bonds | 5.00% | 08/01/2029 | 385 | &nbsp;&nbsp; 419077 |
| Maryland (State of) (Bidding Group 1), Series 2021 A, GO Bonds | 5.00% | 03/01/2029 | 90 | &nbsp;&nbsp; 97088 |
| Maryland (State of) (Bidding Group 2), Second Series 2019 A, GO Bonds | 5.00% | 08/01/2031 | 130 | &nbsp;&nbsp; 141207 |
| Maryland (State of) (Bidding Group 2), Series 2025 B, Ref. GO Bonds | 5.00% | 08/01/2029 | 40 | &nbsp;&nbsp; 43540 |
| Maryland (State of) Department of Transportation, Series 2020, RB | 5.00% | 10/01/2029 | 190 | &nbsp;&nbsp; 207409 |
| Maryland (State of) Department of Transportation, Series 2021 A, RB | 5.00% | 10/01/2029 | 110 | &nbsp;&nbsp; 120079 |
| Maryland (State of) Department of Transportation, Series 2022 B, Ref. RB | 5.00% | 12/01/2029 | 90 | &nbsp;&nbsp; 98595 |
| Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB | 5.00% | 07/01/2029 | 110 | &nbsp;&nbsp; 119445 |
| Maryland (State of) Transportation Authority, Series 2024, Ref. RB | 5.00% | 07/01/2029 | 70 | &nbsp;&nbsp; 76010 |
| Maryland Water Infrastructure Financing Administration Bay Restoration Fund, Series 2015, RB | 3.00% | 03/01/2029 | 10 | &nbsp;&nbsp; 9971 |
| Montgomery (County of), MD, Series 2018 A, GO Bonds | 5.00% | 11/01/2029 | 100 | &nbsp;&nbsp; 107110 |
| Montgomery (County of), MD, Series 2019 A, GO Bonds | 5.00% | 11/01/2029 | 100 | &nbsp;&nbsp; 109591 |
| Montgomery (County of), MD, Series 2019 A, GO Bonds | 4.00% | 11/01/2031 | 10 | &nbsp;&nbsp; 10487 |
| Montgomery (County of), MD, Series 2019 A, GO Bonds | 4.00% | 11/01/2032 | 10 | &nbsp;&nbsp; 10463 |
| Montgomery (County of), MD, Series 2019 A, GO Bonds | 4.00% | 11/01/2033 | 40 | &nbsp;&nbsp; 41732 |
| Montgomery (County of), MD, Series 2020 A, GO Bonds | 4.00% | 08/01/2029 | 50 | &nbsp;&nbsp; 52557 |
| Montgomery (County of), MD, Series 2020 B, Ref. GO Bonds | 4.00% | 11/01/2029 | 50 | &nbsp;&nbsp; 52727 |
| Montgomery (County of), MD, Series 2021 A, Ref. GO Bonds | 5.00% | 08/01/2029 | 195 | &nbsp;&nbsp; 212546 |
| Prince George's (County of), MD, Series 2017 A, GO Bonds | 3.00% | 09/15/2029 | 115 | &nbsp;&nbsp; 115318 |
| Prince George's (County of), MD, Series 2018 A, GO Bonds | 5.00% | 07/15/2029 | 80 | &nbsp;&nbsp; 84981 |
| Prince George's (County of), MD, Series 2019 A, GO Bonds | 5.00% | 07/15/2029 | 155 | &nbsp;&nbsp; 168616 |
| Prince George's (County of), MD, Series 2019 A, GO Bonds | 4.00% | 07/15/2031 | 10 | &nbsp;&nbsp; 10456 |
| Prince George's (County of), MD, Series 2019 A, GO Bonds | 4.00% | 07/15/2032 | 155 | &nbsp;&nbsp; 161765 |
| Prince George's (County of), MD, Series 2020 A, GO Bonds | 5.00% | 07/15/2029 | 55 | &nbsp;&nbsp; 58424 |
| Prince George's (County of), MD, Series 2020 B, Ref. GO Bonds | 5.00% | 09/15/2029 | 45 | &nbsp;&nbsp; 49128 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Maryland-(continued)** |  |  |  |  |
| Prince George's (County of), MD, Series 2022 A, GO Bonds | 5.00% | 07/01/2029 | $30 | &nbsp;&nbsp; $32608 |
| Washington (State of) Suburban Sanitary Commission, Series 2017, Ref. RB | 3.00% | 06/01/2029 | 30 | &nbsp;&nbsp; 30074 |
|  |  |  |  | &nbsp;&nbsp; 5147574 |
| **Massachusetts-4.29%** |  |  |  |  |
| Massachusetts (Commonwealth of), Series 2005, Ref. RB, (INS - NATL)<sup>(c)</sup> | 5.50% | 01/01/2029 | 5 | &nbsp;&nbsp; 5429 |
| Massachusetts (Commonwealth of), Series 2018 B, GO Bonds | 5.00% | 01/01/2029 | 40 | &nbsp;&nbsp; 42039 |
| Massachusetts (Commonwealth of), Series 2018 B, Ref. GO Bonds | 5.00% | 07/01/2029 | 430 | &nbsp;&nbsp; 467538 |
| Massachusetts (Commonwealth of), Series 2018 C, Ref. GO Bonds | 5.00% | 09/01/2029 | 65 | &nbsp;&nbsp; 70928 |
| Massachusetts (Commonwealth of), Series 2019 A, GO Bonds | 5.00% | 01/01/2031 | 195 | &nbsp;&nbsp; 209656 |
| Massachusetts (Commonwealth of), Series 2019 A, GO Bonds | 5.00% | 01/01/2032 | 95 | &nbsp;&nbsp; 101976 |
| Massachusetts (Commonwealth of), Series 2019 A, GO Bonds | 5.25% | 01/01/2033 | 20 | &nbsp;&nbsp; 21592 |
| Massachusetts (Commonwealth of), Series 2019 A, GO Bonds | 5.00% | 01/01/2035 | 30 | &nbsp;&nbsp; 31991 |
| Massachusetts (Commonwealth of), Series 2019 A, GO Bonds | 5.00% | 01/01/2036 | 100 | &nbsp;&nbsp; 106312 |
| Massachusetts (Commonwealth of), Series 2019 A, GO Bonds | 5.00% | 01/01/2037 | 110 | &nbsp;&nbsp; 116562 |
| Massachusetts (Commonwealth of), Series 2019 A, GO Bonds | 5.00% | 01/01/2038 | 220 | &nbsp;&nbsp; 232372 |
| Massachusetts (Commonwealth of), Series 2019 A, GO Bonds | 5.00% | 01/01/2039 | 15 | &nbsp;&nbsp; 15798 |
| Massachusetts (Commonwealth of), Series 2019 A, GO Bonds | 5.25% | 01/01/2044 | 350 | &nbsp;&nbsp; 363727 |
| Massachusetts (Commonwealth of), Series 2019 A, GO Bonds | 5.00% | 01/01/2049 | 50 | &nbsp;&nbsp; 51063 |
| Massachusetts (Commonwealth of), Series 2019 C, GO Bonds | 5.00% | 05/01/2040 | 70 | &nbsp;&nbsp; 73636 |
| Massachusetts (Commonwealth of), Series 2019 C, GO Bonds | 5.00% | 05/01/2041 | 165 | &nbsp;&nbsp; 172812 |
| Massachusetts (Commonwealth of), Series 2019 C, GO Bonds | 5.00% | 05/01/2042 | 5 | &nbsp;&nbsp; 5213 |
| Massachusetts (Commonwealth of), Series 2019 C, GO Bonds | 5.00% | 05/01/2043 | 160 | &nbsp;&nbsp; 166122 |
| Massachusetts (Commonwealth of), Series 2019 C, GO Bonds | 5.00% | 05/01/2044 | 25 | &nbsp;&nbsp; 25825 |
| Massachusetts (Commonwealth of), Series 2019 C, GO Bonds | 5.00% | 05/01/2045 | 25 | &nbsp;&nbsp; 25739 |
| Massachusetts (Commonwealth of), Series 2019 C, Ref. GO Bonds | 5.00% | 05/01/2029 | 140 | &nbsp;&nbsp; 151671 |
| Massachusetts (Commonwealth of), Series 2019 F, GO Bonds | 5.00% | 05/01/2029 | 20 | &nbsp;&nbsp; 21667 |
| Massachusetts (Commonwealth of), Series 2019 G, GO Bonds | 5.00% | 09/01/2029 | 245 | &nbsp;&nbsp; 267344 |
| Massachusetts (Commonwealth of), Series 2019 G, GO Bonds | 4.00% | 09/01/2037 | 5 | &nbsp;&nbsp; 5096 |
| Massachusetts (Commonwealth of), Series 2019, GO Bonds | 5.00% | 05/01/2039 | 10 | &nbsp;&nbsp; 10577 |
| Massachusetts (Commonwealth of), Series 2019, GO Bonds | 5.00% | 05/01/2046 | 5 | &nbsp;&nbsp; 5136 |
| Massachusetts (Commonwealth of), Series 2020 A, GO Bonds | 5.00% | 03/01/2029 | 120 | &nbsp;&nbsp; 129529 |
| Massachusetts (Commonwealth of), Series 2020 D, GO Bonds | 5.00% | 07/01/2029 | 65 | &nbsp;&nbsp; 70674 |
| Massachusetts (Commonwealth of), Series 2020 E, GO Bonds | 5.00% | 11/01/2029 | 235 | &nbsp;&nbsp; 257354 |
| Massachusetts (Commonwealth of), Series 2021 A, Ref. GO Bonds | 5.00% | 09/01/2029 | 425 | &nbsp;&nbsp; 463760 |
| Massachusetts (Commonwealth of), Series 2021 C, GO Bonds | 5.00% | 09/01/2029 | 150 | &nbsp;&nbsp; 163680 |
| Massachusetts (Commonwealth of), Series 2022 A, GO Bonds | 5.00% | 02/01/2029 | 55 | &nbsp;&nbsp; 59259 |
| Massachusetts (Commonwealth of), Series 2022 A, Ref. GO Bonds | 5.00% | 10/01/2029 | 525 | &nbsp;&nbsp; 573908 |
| Massachusetts (Commonwealth of), Series 2023 A, GO Bonds | 5.00% | 05/01/2029 | 5 | &nbsp;&nbsp; 5417 |
| Massachusetts (Commonwealth of), Series 2024 A, Ref. GO Bonds | 5.00% | 03/01/2029 | 165 | &nbsp;&nbsp; 178102 |
| Massachusetts (Commonwealth of), Series 2024 B, GO Bonds | 5.00% | 05/01/2029 | 40 | &nbsp;&nbsp; 43335 |
| Massachusetts (Commonwealth of), Series 2025 A, Ref. GO Bonds | 5.00% | 07/01/2029 | 40 | &nbsp;&nbsp; 43492 |
| Massachusetts (Commonwealth of), Subseries 2018 E, GO Bonds | 5.00% | 09/01/2029 | 10 | &nbsp;&nbsp; 10668 |
| Massachusetts (Commonwealth of) (Consolidated Loan of 2019), Series 2019, GO Bonds | 5.00% | 05/01/2047 | 35 | &nbsp;&nbsp; 35910 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) (Rail Enhancement & Accelerated Bridge Program), Series 2019 A, <br> RB<br>| 5.00% | 06/01/2049 | 410 | &nbsp;&nbsp; 418758 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2005 A, RB | 5.00% | 07/01/2029 | 85 | &nbsp;&nbsp; 92665 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2005 B, RB, (INS - NATL)<sup>(c)</sup> | 5.50% | 07/01/2029 | 125 | &nbsp;&nbsp; 138407 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2006 A, RB | 5.25% | 07/01/2029 | 45 | &nbsp;&nbsp; 49442 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Bay Transportation Authority (Green Bonds), Series 2021, Ref. <br> RB<br>| 5.00% | 07/01/2041 | 375 | &nbsp;&nbsp; 393568 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Bay Transportation Authority (Green Bonds), Series 2021, Ref. <br> RB<br>| 5.00% | 07/01/2042 | 120 | &nbsp;&nbsp; 125254 |
| Massachusetts (Commonwealth of) Department of Transportation, Series 2019 A, Ref. RB | 5.00% | 01/01/2033 | 255 | &nbsp;&nbsp; 272954 |
| Massachusetts (Commonwealth of) Development Finance Agency, Series 2019 A, Ref. RB | 5.00% | 07/01/2044 | 55 | &nbsp;&nbsp; 54494 |
| Massachusetts (Commonwealth of) Development Finance Agency, Series 2022, Ref. RB | 5.00% | 10/01/2029 | 10 | &nbsp;&nbsp; 10889 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Development Finance Agency (Beth Israel Lahey Health), <br> Series 2025, Ref. RB, (INS - AGI)<sup>(c)</sup><br>| 5.00% | 07/01/2029 | 5 | &nbsp;&nbsp; 5387 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center), <br> Series 2020 A-2, Ref. RB<br>| 5.00% | 07/01/2029 | 30 | &nbsp;&nbsp; 32415 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Massachusetts-(continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Development Finance Agency (Harvard University), Series 2020 A, <br> Ref. RB<br>| 5.00% | 10/15/2029 | $255 | &nbsp;&nbsp; $279286 |
| Massachusetts (Commonwealth of) Port Authority, Series 2019 B, RB | 5.00% | 07/01/2044 | 25 | &nbsp;&nbsp; 25627 |
| Massachusetts (Commonwealth of) School Building Authority, Series 2019 A, RB | 5.00% | 02/15/2044 | 595 | &nbsp;&nbsp; 614388 |
| Massachusetts (Commonwealth of) School Building Authority, Series 2025, Ref. RB | 5.00% | 02/15/2029 | 5 | &nbsp;&nbsp; 5395 |
| Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2019 A, Ref. RB | 5.00% | 01/01/2031 | 155 | &nbsp;&nbsp; 166889 |
| Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2019 A, Ref. RB | 5.00% | 01/01/2032 | 215 | &nbsp;&nbsp; 230589 |
| Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2019 A, Ref. RB | 5.00% | 01/01/2034 | 360 | &nbsp;&nbsp; 384489 |
| Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2019 A, Ref. RB | 5.00% | 01/01/2035 | 170 | &nbsp;&nbsp; 181232 |
| Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2019 C, Ref. RB | 5.00% | 01/01/2031 | 5 | &nbsp;&nbsp; 5376 |
| Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2019 C, Ref. RB | 5.00% | 01/01/2032 | 15 | &nbsp;&nbsp; 16092 |
| Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2019 C, Ref. RB | 5.00% | 01/01/2033 | 45 | &nbsp;&nbsp; 48182 |
| Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2019 C, Ref. RB | 5.00% | 01/01/2034 | 120 | &nbsp;&nbsp; 128200 |
| Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2019 C, Ref. RB | 5.00% | 01/01/2035 | 50 | &nbsp;&nbsp; 53319 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Transportation Trust Fund (Contract Assistance), Series 2018 A, <br> Ref. RB<br>| 5.00% | 01/01/2029 | 115 | &nbsp;&nbsp; 123643 |
| Massachusetts (Commonwealth of) Water Resources Authority, Series 2007 B, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.25% | 08/01/2029 | 110 | &nbsp;&nbsp; 121101 |
| Massachusetts (Commonwealth of) Water Resources Authority, Series 2019 B, RB | 5.00% | 08/01/2044 | 10 | &nbsp;&nbsp; 10380 |
| Massachusetts (Commonwealth of) Water Resources Authority, Series 2024 C, RB | 5.00% | 08/01/2029 | 90 | &nbsp;&nbsp; 98297 |
| University of Massachusetts Building Authority, Series 2019, Ref. RB | 5.00% | 05/01/2039 | 5 | &nbsp;&nbsp; 5261 |
| University of Massachusetts Building Authority, Series 2019-1, RB | 5.00% | 05/01/2029 | 5 | &nbsp;&nbsp; 5401 |
| University of Massachusetts Building Authority, Series 2020 1, RB | 5.00% | 11/01/2033 | 65 | &nbsp;&nbsp; 70560 |
| University of Massachusetts Building Authority, Series 2020 1, RB | 5.00% | 11/01/2034 | 140 | &nbsp;&nbsp; 151484 |
| University of Massachusetts Building Authority, Series 2020 1, RB | 5.00% | 11/01/2050 | 300 | &nbsp;&nbsp; 308392 |
| University of Massachusetts Building Authority, Series 2020-1, RB | 5.00% | 11/01/2031 | 20 | &nbsp;&nbsp; 21894 |
| University of Massachusetts Building Authority, Series 2020-1, RB | 5.00% | 11/01/2032 | 75 | &nbsp;&nbsp; 81820 |
| University of Massachusetts Building Authority, Series 2021, Ref. RB | 5.00% | 11/01/2029 | 55 | &nbsp;&nbsp; 60253 |
|  |  |  |  | &nbsp;&nbsp; 9594692 |
| **Michigan-1.33%** |  |  |  |  |
| Detroit City School District, Series 2001 A, GO Bonds, (INS - AGI)<sup>(c)</sup> | 6.00% | 05/01/2029 | 350 | &nbsp;&nbsp; 372667 |
| Detroit City School District, Series 2005 A, Ref. GO Bonds, (INS - AGI)<sup>(c)</sup> | 5.25% | 05/01/2029 | 130 | &nbsp;&nbsp; 140830 |
| Great Lakes Water Authority, Series 2018 B, Ref. RB | 5.00% | 07/01/2029 | 105 | &nbsp;&nbsp; 113678 |
| Great Lakes Water Authority, Series 2024 A, Ref. RB | 5.00% | 07/01/2029 | 70 | &nbsp;&nbsp; 75785 |
| Lansing (City of), MI Board of Water & Light, Series 2019 A, RB | 5.00% | 07/01/2044 | 285 | &nbsp;&nbsp; 294601 |
| Lansing (City of), MI Board of Water & Light, Series 2019 A, RB | 5.00% | 07/01/2048 | 145 | &nbsp;&nbsp; 148769 |
| Michigan (State of), Series 2020 B, RB | 5.00% | 11/15/2029 | 240 | &nbsp;&nbsp; 263146 |
| Michigan (State of), Series 2023, RB | 5.00% | 11/15/2029 | 205 | &nbsp;&nbsp; 224770 |
| Michigan (State of) Building Authority (Facilities Program), Series 2019, Ref. RB | 5.00% | 04/15/2036 | 375 | &nbsp;&nbsp; 403531 |
| Michigan (State of) Building Authority (Facilities Program), Series 2023 II, Ref. RB | 5.00% | 10/15/2029 | 25 | &nbsp;&nbsp; 27294 |
| Michigan (State of) Finance Authority, Series 2019 A, Ref. RB | 5.00% | 12/01/2041 | 190 | &nbsp;&nbsp; 198119 |
| Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2022, Ref. RB | 5.00% | 04/15/2029 | 85 | &nbsp;&nbsp; 91311 |
| Michigan (State of) Finance Authority (CHE Trinity Health Credit Group), Series 2013 MI-4, Ref. RB | 5.00% | 12/01/2039 | 115 | &nbsp;&nbsp; 121463 |
| Michigan State University Board of Trustees, Series 2019 B, RB | 5.00% | 02/15/2044 | 10 | &nbsp;&nbsp; 10334 |
| Michigan State University Board of Trustees, Series 2019 B, RB | 5.00% | 02/15/2048 | 385 | &nbsp;&nbsp; 395400 |
| Michigan State University Board of Trustees, Series 2023 A, Ref. RB | 5.00% | 08/15/2029 | 95 | &nbsp;&nbsp; 103108 |
|  |  |  |  | &nbsp;&nbsp; 2984806 |
| **Minnesota-1.19%** |  |  |  |  |
| Metropolitan Council, Series 2021 C, GO Bonds | 5.00% | 12/01/2029 | 145 | &nbsp;&nbsp; 158385 |
| Minnesota (State of), Series 2018 A, GO Bonds | 5.00% | 08/01/2029 | 75 | &nbsp;&nbsp; 79952 |
| Minnesota (State of), Series 2019 A, GO Bonds | 5.00% | 08/01/2029 | 25 | &nbsp;&nbsp; 27240 |
| Minnesota (State of), Series 2019 A, GO Bonds | 5.00% | 08/01/2031 | 55 | &nbsp;&nbsp; 59942 |
| Minnesota (State of), Series 2019 A, GO Bonds | 5.00% | 08/01/2032 | 145 | &nbsp;&nbsp; 157734 |
| Minnesota (State of), Series 2019 A, GO Bonds | 5.00% | 08/01/2033 | 80 | &nbsp;&nbsp; 86804 |
| Minnesota (State of), Series 2019 A, GO Bonds | 5.00% | 08/01/2034 | 165 | &nbsp;&nbsp; 178635 |
| Minnesota (State of), Series 2019 A, GO Bonds | 5.00% | 08/01/2036 | 360 | &nbsp;&nbsp; 387105 |
| Minnesota (State of), Series 2019 A, GO Bonds | 5.00% | 08/01/2037 | 150 | &nbsp;&nbsp; 160677 |
| Minnesota (State of), Series 2019 A, GO Bonds | 5.00% | 08/01/2039 | 35 | &nbsp;&nbsp; 37248 |
| Minnesota (State of), Series 2020 A, GO Bonds | 5.00% | 08/01/2029 | 130 | &nbsp;&nbsp; 141650 |
| Minnesota (State of), Series 2021 A, GO Bonds | 5.00% | 09/01/2029 | 485 | &nbsp;&nbsp; 529414 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Minnesota-(continued)** |  |  |  |  |
| Minnesota (State of), Series 2021 B, GO Bonds | 5.00% | 09/01/2029 | $85 | &nbsp;&nbsp; $92784 |
| Minnesota (State of), Series 2022 A, Ref. RB | 5.00% | 03/01/2029 | 65 | &nbsp;&nbsp; 70056 |
| Minnesota (State of), Series 2024 A, GO Bonds | 5.00% | 08/01/2029 | 55 | &nbsp;&nbsp; 59929 |
| Minnesota (State of), Series 2024 D, Ref. GO Bonds | 5.00% | 08/01/2029 | 130 | &nbsp;&nbsp; 141650 |
| Minnesota (State of) Public Facilities Authority, Series 2023 B, RB | 5.00% | 03/01/2029 | 50 | &nbsp;&nbsp; 53954 |
| Rochester (City of), MN (Mayo Clinic), Series 2016 B, Ref. RB | 5.00% | 11/15/2029 | 130 | &nbsp;&nbsp; 141767 |
| University of Minnesota, Series 2019 A, RB | 5.00% | 04/01/2044 | 90 | &nbsp;&nbsp; 93253 |
|  |  |  |  | &nbsp;&nbsp; 2658179 |
| **Mississippi-0.13%** |  |  |  |  |
| Mississippi (State of), Series 2019 B, GO Bonds | 5.00% | 10/01/2033 | 250 | &nbsp;&nbsp; 270536 |
| &nbsp;&nbsp;&nbsp; Mississippi (State of) Development Bank (Desoto County Mississippi Highway Refunding), Series 2024 <br> A, Ref. RB<br>| 5.00% | 01/01/2029 | 20 | &nbsp;&nbsp; 21429 |
|  |  |  |  | &nbsp;&nbsp; 291965 |
| **Missouri-0.50%** |  |  |  |  |
| Curators of the University of Missouri (The), Series 2024, Ref. RB | 5.00% | 11/01/2029 | 20 | &nbsp;&nbsp; 21848 |
| Jackson County Reorganized School District No. 7, Series 2020, Ref. GO Bonds | 4.00% | 03/01/2031 | 110 | &nbsp;&nbsp; 114723 |
| Missouri (State of) Health & Educational Facilities Authority, Series 2019 A, RB | 5.00% | 10/01/2046 | 150 | &nbsp;&nbsp; 153507 |
| Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2018 A, Ref. RB | 5.00% | 06/01/2029 | 105 | &nbsp;&nbsp; 111119 |
| Missouri (State of) Health & Educational Facilities Authority (SSM Health Care), Series 2022 A, RB | 5.00% | 06/01/2029 | 80 | &nbsp;&nbsp; 85331 |
| Missouri (State of) Highway & Transportation Commission, Series 2022 A, RB | 5.00% | 05/01/2029 | 60 | &nbsp;&nbsp; 64838 |
| Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2025, Ref. RB | 5.00% | 12/01/2029 | 70 | &nbsp;&nbsp; 76128 |
| Springfield (City of), MO, Series 2025, Ref. RB | 5.00% | 08/01/2029 | 5 | &nbsp;&nbsp; 5431 |
| Springfield School District No. R-12, Series 2017, Ref. GO Bonds | 4.00% | 03/01/2029 | 50 | &nbsp;&nbsp; 51521 |
| Springfield School District No. R-12, Series 2019, GO Bonds | 4.00% | 03/01/2035 | 75 | &nbsp;&nbsp; 77480 |
| Springfield School District No. R-12, Series 2019, GO Bonds | 5.00% | 03/01/2036 | 300 | &nbsp;&nbsp; 317474 |
| Springfield School District No. R-12, Series 2019, GO Bonds | 5.00% | 03/01/2037 | 15 | &nbsp;&nbsp; 15816 |
| St. Louis (City of), MO, Series 2005, RB, (INS - NATL)<sup>(c)</sup> | 5.50% | 07/01/2029 | 15 | &nbsp;&nbsp; 16462 |
|  |  |  |  | &nbsp;&nbsp; 1111678 |
| **Nebraska-0.34%** |  |  |  |  |
| Omaha (City of), NE Public Power District, Series 2018 A, RB | 5.00% | 02/01/2029 | 205 | &nbsp;&nbsp; 215575 |
| Omaha (City of), NE Public Power District, Series 2019 A, RB | 5.00% | 02/01/2031 | 40 | &nbsp;&nbsp; 42948 |
| Omaha (City of), NE Public Power District, Series 2019 A, RB | 5.00% | 02/01/2032 | 115 | &nbsp;&nbsp; 123243 |
| Omaha (City of), NE Public Power District, Series 2019 A, RB | 5.00% | 02/01/2033 | 310 | &nbsp;&nbsp; 331641 |
| Public Power Generation Agency (Whelan Energy Center Unit 2), Series 2024, Ref. RB | 5.00% | 01/01/2029 | 40 | &nbsp;&nbsp; 42834 |
|  |  |  |  | &nbsp;&nbsp; 756241 |
| **Nevada-1.37%** |  |  |  |  |
| Clark (County of), NV, Series 2020 C, Ref. RB | 5.00% | 07/01/2029 | 165 | &nbsp;&nbsp; 178872 |
| Clark (County of), NV (Las Vegas McCarran International Airport), Series 2019, Ref. RB | 5.00% | 07/01/2029 | 55 | &nbsp;&nbsp; 59526 |
| Clark (County of), NV (Las Vegas McCarran International Airport), Series 2019, Ref. RB | 5.00% | 07/01/2031 | 140 | &nbsp;&nbsp; 150925 |
| Clark (County of), NV (Las Vegas McCarran International Airport), Series 2019, Ref. RB | 5.00% | 07/01/2032 | 110 | &nbsp;&nbsp; 118221 |
| Clark (County of), NV (Las Vegas McCarran International Airport), Series 2019, Ref. RB | 5.00% | 07/01/2033 | 35 | &nbsp;&nbsp; 37524 |
| Clark (County of), NV Department of Aviation, Series 2019 B, Ref. RB | 5.00% | 07/01/2029 | 95 | &nbsp;&nbsp; 102818 |
| Clark (County of), NV Department of Aviation, Series 2019 B, Ref. RB | 5.00% | 07/01/2031 | 215 | &nbsp;&nbsp; 231777 |
| Clark (County of), NV Department of Aviation, Series 2019 B, Ref. RB | 5.00% | 07/01/2032 | 125 | &nbsp;&nbsp; 134342 |
| Clark (County of), NV Department of Aviation, Series 2019 B, Ref. RB | 5.00% | 07/01/2033 | 45 | &nbsp;&nbsp; 48245 |
| Clark (County of), NV Department of Aviation, Series 2019 B, Ref. RB | 5.00% | 07/01/2034 | 145 | &nbsp;&nbsp; 155108 |
| Clark (County of), NV Department of Aviation, Series 2019 B, Ref. RB | 5.00% | 07/01/2035 | 160 | &nbsp;&nbsp; 170664 |
| Clark (County of), NV Department of Aviation, Series 2019 B, Ref. RB | 5.00% | 07/01/2041 | 30 | &nbsp;&nbsp; 31249 |
| Clark (County of), NV Department of Aviation, Series 2019 B, Ref. RB | 5.00% | 07/01/2042 | 25 | &nbsp;&nbsp; 25916 |
| Clark (County of), NV Department of Aviation, Series 2019 D, Ref. RB | 5.00% | 07/01/2031 | 280 | &nbsp;&nbsp; 301850 |
| Clark (County of), NV Department of Aviation, Series 2019 D, Ref. RB | 5.00% | 07/01/2032 | 235 | &nbsp;&nbsp; 252562 |
| Clark (County of), NV Department of Aviation, Series 2024 A, Ref. RB | 5.00% | 07/01/2029 | 70 | &nbsp;&nbsp; 75760 |
| Clark (County of), NV Department of Aviation, Series 2024 B, RN | 5.00% | 07/01/2029 | 255 | &nbsp;&nbsp; 275984 |
| Clark County School District, Series 2024 B, GO Bonds | 5.00% | 06/15/2029 | 35 | &nbsp;&nbsp; 37821 |
| Humboldt (County of), NV, Series 2016, Ref. RB | 3.55% | 10/01/2029 | 245 | &nbsp;&nbsp; 249582 |
| Humboldt (County of), NV, Series 2016, Ref. RB | 3.55% | 10/01/2029 | 200 | &nbsp;&nbsp; 202357 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Nevada-(continued)** |  |  |  |  |
| Las Vegas Valley Water District, Series 2021 C, GO Bonds | 5.00% | 06/01/2029 | $110 | &nbsp;&nbsp; $119351 |
| Washoe (County of), NV (Fuel Tax), Series 2018, Ref. RB | 5.00% | 02/01/2042 | 105 | &nbsp;&nbsp; 108910 |
|  |  |  |  | &nbsp;&nbsp; 3069364 |
| **New Jersey-2.94%** |  |  |  |  |
| Cherry Hill Township School District, Series 2022, GO Bonds, (CEP - Oregon School Bond Guaranty) | 4.00% | 08/01/2035 | 10 | &nbsp;&nbsp; 10340 |
| Cherry Hill Township School District, Series 2022, GO Bonds, (CEP - Oregon School Bond Guaranty) | 4.00% | 08/01/2037 | 10 | &nbsp;&nbsp; 10260 |
| Gloucester (County of), NJ Improvement Authority (The) (Rowan University), Series 2019, RB | 5.00% | 07/01/2044 | 25 | &nbsp;&nbsp; 25944 |
| New Jersey (State of), Series 2020 A, GO Bonds | 5.00% | 06/01/2029 | 1105 | &nbsp;&nbsp; 1195841 |
| New Jersey (State of), Series 2021, GO Bonds | 2.00% | 06/01/2029 | 250 | &nbsp;&nbsp; 239355 |
| New Jersey (State of) Economic Development Authority, Series 2005 N-1, Ref. RB, (INS - NATL)<sup>(c)</sup> | 5.50% | 09/01/2029 | 115 | &nbsp;&nbsp; 126981 |
| New Jersey (State of) Economic Development Authority, Series 2019 MMM, Ref. RB | 5.00% | 06/15/2033 | 250 | &nbsp;&nbsp; 270110 |
| New Jersey (State of) Economic Development Authority, Series 2019 MMM, Ref. RB | 5.00% | 06/15/2034 | 560 | &nbsp;&nbsp; 603182 |
| New Jersey (State of) Economic Development Authority, Series 2019, RB | 5.00% | 06/15/2039 | 35 | &nbsp;&nbsp; 36922 |
| New Jersey (State of) Economic Development Authority, Series 2019, RB | 5.00% | 06/15/2044 | 250 | &nbsp;&nbsp; 257815 |
| New Jersey (State of) Economic Development Authority, Series 2020, RB | 5.00% | 11/01/2031 | 35 | &nbsp;&nbsp; 37903 |
| New Jersey (State of) Economic Development Authority, Series 2020, RB | 5.00% | 11/01/2033 | 115 | &nbsp;&nbsp; 123859 |
| New Jersey (State of) Economic Development Authority, Series 2020, RB | 5.00% | 11/01/2034 | 20 | &nbsp;&nbsp; 21472 |
| New Jersey (State of) Economic Development Authority (Transit Transportation), Series 2020, RB | 5.00% | 11/01/2029 | 45 | &nbsp;&nbsp; 48875 |
| New Jersey (State of) Economic Development Authority (Transit Transportation), Series 2020, RB | 5.00% | 11/01/2032 | 40 | &nbsp;&nbsp; 43199 |
| New Jersey (State of) Economic Development Authority (Transit Transportation), Series 2020, RB | 5.00% | 11/01/2044 | 225 | &nbsp;&nbsp; 231554 |
| New Jersey (State of) Educational Facilities Authority, Series 2024, Ref. RB | 5.00% | 03/01/2029 | 80 | &nbsp;&nbsp; 86509 |
| &nbsp;&nbsp;&nbsp; New Jersey (State of) Health Care Facilities Financing Authority (AHS Hospital Corp.), Series 2024, <br> Ref. RB<br>| 5.00% | 07/01/2029 | 115 | &nbsp;&nbsp; 124463 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2014, RB | 5.00% | 06/15/2029 | 75 | &nbsp;&nbsp; 80105 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB | 5.00% | 12/15/2029 | 215 | &nbsp;&nbsp; 229514 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2019, Ref. RB | 5.00% | 12/15/2031 | 35 | &nbsp;&nbsp; 38005 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2019, Ref. RB | 5.00% | 12/15/2032 | 100 | &nbsp;&nbsp; 108275 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2019, Ref. RB | 5.00% | 12/15/2033 | 100 | &nbsp;&nbsp; 107970 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2019, Ref. RB | 5.00% | 12/15/2039 | 290 | &nbsp;&nbsp; 305460 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2021 A, Ref. RB | 5.00% | 06/15/2029 | 110 | &nbsp;&nbsp; 118701 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022 AA, Ref. RB | 5.00% | 06/15/2029 | 70 | &nbsp;&nbsp; 75537 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2023 AA, Ref. RB | 5.00% | 06/15/2029 | 95 | &nbsp;&nbsp; 102525 |
| New Jersey (State of) Turnpike Authority, Series 2005 A, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.25% | 01/01/2029 | 120 | &nbsp;&nbsp; 129608 |
| New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB | 5.00% | 01/01/2029 | 20 | &nbsp;&nbsp; 20957 |
| New Jersey (State of) Turnpike Authority, Series 2017 E, Ref. RB | 5.00% | 01/01/2029 | 100 | &nbsp;&nbsp; 104784 |
| New Jersey (State of) Turnpike Authority, Series 2019 A, RB | 5.00% | 01/01/2048 | 1145 | &nbsp;&nbsp; 1171959 |
| New Jersey (State of) Turnpike Authority, Series 2022 C, Ref. RB | 5.00% | 01/01/2029 | 310 | &nbsp;&nbsp; 331964 |
| New Jersey (State of) Turnpike Authority, Series 2025 B, RB | 5.00% | 01/01/2029 | 85 | &nbsp;&nbsp; 91022 |
| South Jersey Transportation Authority, Series 2019 A, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 11/01/2029 | 70 | &nbsp;&nbsp; 76218 |
|  |  |  |  | &nbsp;&nbsp; 6587188 |
| **New Mexico-0.57%** |  |  |  |  |
| Farmington (City of), NM (Four Corners), Series 2011, Ref. RB | 1.80% | 04/01/2029 | 20 | &nbsp;&nbsp; 18895 |
| New Mexico (State of), Series 2021, GO Bonds | 5.00% | 03/01/2029 | 15 | &nbsp;&nbsp; 16171 |
| New Mexico (State of), Series 2023, GO Bonds | 5.00% | 03/01/2029 | 160 | &nbsp;&nbsp; 172497 |
| New Mexico (State of) Finance Authority, Series 2018 A, Ref. RB | 5.00% | 06/15/2029 | 185 | &nbsp;&nbsp; 196253 |
| New Mexico (State of) Finance Authority, Series 2021 A, RB | 5.00% | 06/15/2029 | 230 | &nbsp;&nbsp; 249596 |
| New Mexico (State of) Severance Tax Permanent Fund, Series 2021 A, RB | 5.00% | 07/01/2029 | 205 | &nbsp;&nbsp; 222016 |
| New Mexico (State of) Severance Tax Permanent Fund, Series 2022 A, RB | 5.00% | 07/01/2029 | 145 | &nbsp;&nbsp; 157036 |
| New Mexico (State of) Severance Tax Permanent Fund, Series 2022 B, RB | 5.00% | 07/01/2029 | 185 | &nbsp;&nbsp; 200356 |
| New Mexico (State of) Severance Tax Permanent Fund, Series 2025 A, RB | 5.00% | 07/01/2029 | 30 | &nbsp;&nbsp; 32490 |
|  |  |  |  | &nbsp;&nbsp; 1265310 |
| **New York-16.94%** |  |  |  |  |
| Battery Park (City of), NY Authority, Series 2019 B, Ref. RB | 5.00% | 11/01/2038 | 370 | &nbsp;&nbsp; 396601 |
| Battery Park (City of), NY Authority, Series 2019 B, Ref. RB | 5.00% | 11/01/2039 | 50 | &nbsp;&nbsp; 53429 |
| Battery Park (City of), NY Authority, Series 2019 B, Ref. RB | 5.00% | 11/01/2040 | 45 | &nbsp;&nbsp; 47878 |
| Battery Park (City of), NY Authority, Series 2023 B, Ref. RB | 5.00% | 11/01/2029 | 105 | &nbsp;&nbsp; 115690 |
| Battery Park (City of), NY Authority (Green Bonds), Series 2019 A, RB | 5.00% | 11/01/2049 | 15 | &nbsp;&nbsp; 15535 |
| Long Island (City of), NY Power Authority, Series 2003 C, RB, (INS - AGI)<sup>(c)</sup> | 5.25% | 09/01/2029 | 180 | &nbsp;&nbsp; 194358 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| Long Island (City of), NY Power Authority, Series 2018, RB | 5.00% | 09/01/2029 | $45 | &nbsp;&nbsp; $47854 |
| Long Island (City of), NY Power Authority, Series 2023 F, Ref. RB | 5.00% | 09/01/2029 | 45 | &nbsp;&nbsp; 49104 |
| Metropolitan Transportation Authority (Green Bonds), Series 2019 C, RB | 5.00% | 11/15/2038 | 90 | &nbsp;&nbsp; 93888 |
| Metropolitan Transportation Authority (Green Bonds), Series 2019 C, RB | 5.00% | 11/15/2039 | 130 | &nbsp;&nbsp; 135197 |
| Metropolitan Transportation Authority (Green Bonds), Series 2019 C, RB | 5.00% | 11/15/2040 | 105 | &nbsp;&nbsp; 108700 |
| Metropolitan Transportation Authority (Green Bonds), Series 2019 C, RB | 5.00% | 11/15/2042 | 170 | &nbsp;&nbsp; 174137 |
| Metropolitan Transportation Authority (Green Bonds), Series 2019 C, RB, (INS - BAM)<sup>(c)</sup> | 5.00% | 11/15/2043 | 10 | &nbsp;&nbsp; 10243 |
| Metropolitan Transportation Authority (Green Bonds), Series 2019 C, RB, (INS - BAM)<sup>(c)</sup> | 5.00% | 11/15/2044 | 125 | &nbsp;&nbsp; 127572 |
| Metropolitan Transportation Authority (Green Bonds), Series 2020 E, Ref. RB | 5.00% | 11/15/2029 | 75 | &nbsp;&nbsp; 81348 |
| Nassau (County of), NY Interim Finance Authority, Series 2024 A, RB | 5.00% | 11/15/2029 | 120 | &nbsp;&nbsp; 132384 |
| Nassau Health Care Corp., Series 2009, Ref. RB | 5.00% | 08/01/2029 | 50 | &nbsp;&nbsp; 54444 |
| New York & New Jersey (States of) Port Authority, Series 2019, Ref. RB | 5.00% | 09/01/2034 | 125 | &nbsp;&nbsp; 134984 |
| New York & New Jersey (States of) Port Authority, Series 2019, Ref. RB | 5.00% | 09/01/2034 | 75 | &nbsp;&nbsp; 80990 |
| New York & New Jersey (States of) Port Authority, Series 2019, Ref. RB | 5.00% | 09/01/2036 | 10 | &nbsp;&nbsp; 10712 |
| New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB | 5.00% | 07/15/2029 | 65 | &nbsp;&nbsp; 69042 |
| New York & New Jersey (States of) Port Authority, Two Hundred Seventeenth Series 2019, RB | 5.00% | 11/01/2033 | 60 | &nbsp;&nbsp; 65109 |
| New York & New Jersey (States of) Port Authority, Two Hundred Seventeenth Series 2019, RB | 5.00% | 11/01/2034 | 165 | &nbsp;&nbsp; 178663 |
| New York & New Jersey (States of) Port Authority, Two Hundred Seventeenth Series 2019, RB | 5.00% | 11/01/2036 | 205 | &nbsp;&nbsp; 220040 |
| New York & New Jersey (States of) Port Authority, Two Hundred Seventeenth Series 2019, RB | 5.00% | 11/01/2044 | 220 | &nbsp;&nbsp; 228071 |
| New York & New Jersey (States of) Port Authority, Two Hundred Thirteenth Series 2019, Ref. RB | 5.00% | 09/01/2031 | 250 | &nbsp;&nbsp; 271780 |
| New York & New Jersey (States of) Port Authority, Two Hundred Thirteenth Series 2019, Ref. RB | 5.00% | 09/01/2033 | 200 | &nbsp;&nbsp; 216435 |
| New York & New Jersey (States of) Port Authority, Two Hundred Thirteenth Series 2019, Ref. RB | 5.00% | 09/01/2035 | 80 | &nbsp;&nbsp; 86079 |
| New York & New Jersey (States of) Port Authority, Two Hundred Twelfth Series 2019, Ref. RB | 5.00% | 09/01/2032 | 75 | &nbsp;&nbsp; 81349 |
| New York & New Jersey (States of) Port Authority, Two Hundred Twelfth Series 2019, Ref. RB | 5.00% | 09/01/2035 | 60 | &nbsp;&nbsp; 64559 |
| New York (City of), NY, Series 2005-1, GO Bonds | 5.00% | 09/01/2029 | 35 | &nbsp;&nbsp; 37865 |
| New York (City of), NY, Series 2017 C, Ref. GO Bonds | 3.00% | 08/01/2029 | 50 | &nbsp;&nbsp; 50090 |
| New York (City of), NY, Series 2019 B-1, GO Bonds | 5.00% | 10/01/2031 | 1165 | &nbsp;&nbsp; 1259348 |
| New York (City of), NY, Series 2019 B-1, GO Bonds | 5.00% | 10/01/2032 | 95 | &nbsp;&nbsp; 102472 |
| New York (City of), NY, Series 2019 B-1, GO Bonds | 5.00% | 10/01/2033 | 85 | &nbsp;&nbsp; 91436 |
| New York (City of), NY, Series 2019 B-1, GO Bonds | 5.00% | 10/01/2034 | 210 | &nbsp;&nbsp; 225406 |
| New York (City of), NY, Series 2019 B-1, GO Bonds | 4.00% | 10/01/2035 | 45 | &nbsp;&nbsp; 45816 |
| New York (City of), NY, Series 2019 B-1, GO Bonds | 5.00% | 10/01/2038 | 15 | &nbsp;&nbsp; 15861 |
| New York (City of), NY, Series 2019 B-1, GO Bonds | 4.00% | 10/01/2040 | 5 | &nbsp;&nbsp; 4990 |
| New York (City of), NY, Series 2019 B-1, GO Bonds | 5.00% | 10/01/2042 | 65 | &nbsp;&nbsp; 67511 |
| New York (City of), NY, Series 2019 B-1, GO Bonds | 5.00% | 10/01/2043 | 65 | &nbsp;&nbsp; 67205 |
| New York (City of), NY, Series 2019 E, Ref. GO Bonds | 5.00% | 08/01/2029 | 60 | &nbsp;&nbsp; 64047 |
| New York (City of), NY, Series 2019 E, Ref. GO Bonds | 5.00% | 08/01/2030 | 115 | &nbsp;&nbsp; 122830 |
| New York (City of), NY, Series 2019 E, Ref. GO Bonds | 5.00% | 08/01/2031 | 65 | &nbsp;&nbsp; 69399 |
| New York (City of), NY, Series 2019 E, Ref. GO Bonds | 5.00% | 08/01/2032 | 30 | &nbsp;&nbsp; 31977 |
| New York (City of), NY, Series 2019 E, Ref. GO Bonds | 5.00% | 08/01/2033 | 125 | &nbsp;&nbsp; 132944 |
| New York (City of), NY, Series 2019 E, Ref. GO Bonds | 5.00% | 08/01/2034 | 250 | &nbsp;&nbsp; 265373 |
| New York (City of), NY, Series 2020 A-1, Ref. GO Bonds | 5.00% | 08/01/2029 | 65 | &nbsp;&nbsp; 70208 |
| New York (City of), NY, Series 2020 B-1, Ref. GO Bonds | 5.00% | 11/01/2029 | 35 | &nbsp;&nbsp; 37988 |
| New York (City of), NY, Series 2020 C, GO Bonds | 5.00% | 08/01/2029 | 55 | &nbsp;&nbsp; 59406 |
| New York (City of), NY, Series 2020 C-1, Ref. GO Bonds | 5.00% | 08/01/2029 | 200 | &nbsp;&nbsp; 216023 |
| New York (City of), NY, Series 2021-1, GO Bonds | 5.00% | 08/01/2029 | 80 | &nbsp;&nbsp; 86409 |
| New York (City of), NY, Series 2022 A-1, GO Bonds | 5.00% | 09/01/2029 | 60 | &nbsp;&nbsp; 64912 |
| New York (City of), NY, Series 2022 B-1, Ref. GO Bonds | 5.00% | 08/01/2029 | 50 | &nbsp;&nbsp; 54006 |
| New York (City of), NY, Series 2022 C, Ref. GO Bonds | 5.00% | 08/01/2029 | 430 | &nbsp;&nbsp; 464450 |
| New York (City of), NY, Series 2023 C, Ref. GO Bonds | 5.00% | 08/01/2029 | 25 | &nbsp;&nbsp; 27003 |
| New York (City of), NY, Series 2023 F-1, Ref. GO Bonds | 5.00% | 08/01/2029 | 165 | &nbsp;&nbsp; 178219 |
| New York (City of), NY, Series 2023, A GO Bonds | 5.00% | 08/01/2029 | 35 | &nbsp;&nbsp; 37804 |
| New York (City of), NY, Series 2024 A, Ref. GO Bonds | 5.00% | 08/01/2029 | 55 | &nbsp;&nbsp; 59406 |
| New York (City of), NY, Series 2024 C, GO Bonds | 5.00% | 03/01/2029 | 45 | &nbsp;&nbsp; 48209 |
| New York (City of), NY, Series 2024 D, GO Bonds | 5.00% | 04/01/2029 | 75 | &nbsp;&nbsp; 80481 |
| New York (City of), NY, Series 2025, Ref. GO Bonds | 5.00% | 08/01/2029 | 90 | &nbsp;&nbsp; 97211 |
| New York (City of), NY, Subseries 2008 L-6, GO Bonds | 5.00% | 04/01/2031 | 250 | &nbsp;&nbsp; 267859 |
| New York (City of), NY, Subseries 2019 A-1, GO Bonds | 5.00% | 08/01/2035 | 395 | &nbsp;&nbsp; 421634 |
| New York (City of), NY, Subseries 2019 A-1, GO Bonds | 5.00% | 08/01/2039 | 235 | &nbsp;&nbsp; 247319 |
| New York (City of), NY, Subseries 2019 A-1, GO Bonds | 5.00% | 08/01/2041 | 80 | &nbsp;&nbsp; 83374 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| New York (City of), NY, Subseries 2019 A-1, GO Bonds | 5.00% | 08/01/2043 | $335 | &nbsp;&nbsp; $345904 |
| New York (City of), NY, Subseries 2020 B-1, GO Bonds | 5.00% | 10/01/2036 | 85 | &nbsp;&nbsp; 90563 |
| New York (City of), NY, Subseries 2022 B-1, GO Bonds | 5.00% | 10/01/2029 | 15 | &nbsp;&nbsp; 16254 |
| New York (City of), NY, Subseries 2024 C-1, GO Bonds | 5.00% | 09/01/2029 | 530 | &nbsp;&nbsp; 573387 |
| &nbsp;&nbsp;&nbsp; New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020, Ref. RB, <br> (INS - AGI)<sup>(c)</sup><br>| 5.00% | 03/01/2029 | 80 | &nbsp;&nbsp; 85525 |
| New York (City of), NY Municipal Water Finance Authority, Series 2019 BB-1, RB | 5.00% | 06/15/2049 | 200 | &nbsp;&nbsp; 205851 |
| New York (City of), NY Municipal Water Finance Authority, Series 2019 CC, Ref. RB | 5.00% | 06/15/2029 | 150 | &nbsp;&nbsp; 163099 |
| New York (City of), NY Municipal Water Finance Authority, Series 2019 CC-1, RB | 5.00% | 06/15/2044 | 115 | &nbsp;&nbsp; 120006 |
| New York (City of), NY Municipal Water Finance Authority, Series 2019 CC-1, RB | 5.00% | 06/15/2049 | 10 | &nbsp;&nbsp; 10296 |
| New York (City of), NY Municipal Water Finance Authority, Series 2019, Ref. RB | 5.00% | 06/15/2039 | 5 | &nbsp;&nbsp; 5301 |
| New York (City of), NY Municipal Water Finance Authority, Series 2020 AA, Ref. RB | 5.00% | 06/15/2032 | 190 | &nbsp;&nbsp; 207601 |
| New York (City of), NY Municipal Water Finance Authority, Series 2020 AA, Ref. RB | 5.00% | 06/15/2040 | 565 | &nbsp;&nbsp; 601363 |
| New York (City of), NY Municipal Water Finance Authority, Series 2020 AA-2, RB | 5.00% | 06/15/2029 | 75 | &nbsp;&nbsp; 81549 |
| New York (City of), NY Municipal Water Finance Authority, Series 2020, Ref. RB | 4.00% | 06/15/2029 | 30 | &nbsp;&nbsp; 31566 |
| New York (City of), NY Municipal Water Finance Authority, Series 2021 DD, Ref. RB | 5.00% | 06/15/2029 | 440 | &nbsp;&nbsp; 478423 |
| New York (City of), NY Municipal Water Finance Authority, Series 2022 EE, Ref. RB | 5.00% | 06/15/2029 | 35 | &nbsp;&nbsp; 38056 |
| New York (City of), NY Municipal Water Finance Authority, Series 2025, Ref. RB | 5.00% | 06/15/2029 | 175 | &nbsp;&nbsp; 190282 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2019 EE-2, Ref. RB | 5.00% | 06/15/2040 | 565 | &nbsp;&nbsp; 597115 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2019 FF-1, RB | 5.00% | 06/15/2049 | 10 | &nbsp;&nbsp; 10259 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2019 FF-2, Ref. RB | 5.00% | 06/15/2033 | 50 | &nbsp;&nbsp; 53936 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2019 FF-2, Ref. RB | 5.00% | 06/15/2034 | 295 | &nbsp;&nbsp; 317663 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2019 FF-2, Ref. RB | 5.00% | 06/15/2035 | 135 | &nbsp;&nbsp; 144968 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2019 FF-2, Ref. RB | 5.00% | 06/15/2038 | 230 | &nbsp;&nbsp; 244457 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2019 FF-2, Ref. RB | 5.00% | 06/15/2040 | 20 | &nbsp;&nbsp; 21137 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2024 BB-2, Ref. RB | 5.00% | 06/15/2029 | 180 | &nbsp;&nbsp; 195718 |
| New York (City of), NY Transitional Finance Authority, Series 2002 1, Ref. RB | 5.00% | 11/01/2029 | 405 | &nbsp;&nbsp; 441624 |
| New York (City of), NY Transitional Finance Authority, Series 2010 F-5, RB | 5.00% | 02/01/2029 | 120 | &nbsp;&nbsp; 128837 |
| New York (City of), NY Transitional Finance Authority, Series 2010, RB | 5.00% | 05/01/2029 | 90 | &nbsp;&nbsp; 97135 |
| New York (City of), NY Transitional Finance Authority, Series 2018 S-2A, Ref. RB | 5.00% | 07/15/2029 | 35 | &nbsp;&nbsp; 36985 |
| New York (City of), NY Transitional Finance Authority, Series 2018 S-4A, Ref. RB | 5.00% | 07/15/2029 | 30 | &nbsp;&nbsp; 31701 |
| New York (City of), NY Transitional Finance Authority, Series 2019 B-1, RB | 5.00% | 11/01/2034 | 160 | &nbsp;&nbsp; 173059 |
| New York (City of), NY Transitional Finance Authority, Series 2019 B-1, RB | 5.00% | 11/01/2035 | 860 | &nbsp;&nbsp; 927143 |
| New York (City of), NY Transitional Finance Authority, Series 2019 B-1, RB | 5.00% | 11/01/2036 | 25 | &nbsp;&nbsp; 26861 |
| New York (City of), NY Transitional Finance Authority, Series 2019 C-1, RB | 5.00% | 11/01/2035 | 230 | &nbsp;&nbsp; 245774 |
| New York (City of), NY Transitional Finance Authority, Series 2019, RB | 5.00% | 11/01/2034 | 230 | &nbsp;&nbsp; 246486 |
| New York (City of), NY Transitional Finance Authority, Series 2019, RB | 5.00% | 11/01/2039 | 15 | &nbsp;&nbsp; 15830 |
| New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB | 5.00% | 08/01/2029 | 100 | &nbsp;&nbsp; 108485 |
| New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB | 5.00% | 11/01/2029 | 450 | &nbsp;&nbsp; 490694 |
| New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB | 5.00% | 11/01/2029 | 235 | &nbsp;&nbsp; 256251 |
| New York (City of), NY Transitional Finance Authority, Series 2021 F-1, Ref. RB | 5.00% | 11/01/2029 | 285 | &nbsp;&nbsp; 310773 |
| New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB | 5.00% | 08/01/2029 | 55 | &nbsp;&nbsp; 59667 |
| New York (City of), NY Transitional Finance Authority, Series 2022 B-1, Ref. RB | 5.00% | 11/01/2029 | 150 | &nbsp;&nbsp; 163565 |
| New York (City of), NY Transitional Finance Authority, Series 2022, Ref. RB | 5.00% | 07/15/2029 | 35 | &nbsp;&nbsp; 38049 |
| New York (City of), NY Transitional Finance Authority, Series 2022, Ref. RB | 5.00% | 11/01/2029 | 155 | &nbsp;&nbsp; 169017 |
| New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB | 5.00% | 11/01/2029 | 75 | &nbsp;&nbsp; 81782 |
| New York (City of), NY Transitional Finance Authority, Series 2023, RB | 5.00% | 05/01/2029 | 10 | &nbsp;&nbsp; 10793 |
| New York (City of), NY Transitional Finance Authority, Series 2023, RB | 5.00% | 05/01/2029 | 70 | &nbsp;&nbsp; 75549 |
| New York (City of), NY Transitional Finance Authority, Series 2024 D, RB | 5.00% | 05/01/2029 | 75 | &nbsp;&nbsp; 80945 |
| New York (City of), NY Transitional Finance Authority, Series 2024 D-1, Ref. RB | 5.00% | 11/01/2029 | 60 | &nbsp;&nbsp; 65426 |
| New York (City of), NY Transitional Finance Authority, Series 2024 G-1, RB | 5.00% | 05/01/2029 | 15 | &nbsp;&nbsp; 16189 |
| New York (City of), NY Transitional Finance Authority, Series 2025 A, RB | 5.00% | 05/01/2029 | 20 | &nbsp;&nbsp; 21585 |
| New York (City of), NY Transitional Finance Authority, Series 2025 E, RB | 5.00% | 11/01/2029 | 25 | &nbsp;&nbsp; 27261 |
| New York (City of), NY Transitional Finance Authority, Series 2025 H, RB | 5.00% | 11/01/2029 | 40 | &nbsp;&nbsp; 43617 |
| New York (City of), NY Transitional Finance Authority, Series 2025, Ref. RB | 5.00% | 11/01/2029 | 20 | &nbsp;&nbsp; 21809 |
| New York (City of), NY Transitional Finance Authority, Series 2025, Ref. RB | 5.00% | 11/01/2029 | 20 | &nbsp;&nbsp; 21809 |
| New York (City of), NY Transitional Finance Authority, Subseries 2012 A-6, RB | 5.00% | 08/01/2029 | 140 | &nbsp;&nbsp; 151879 |
| New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB | 5.00% | 07/15/2029 | 115 | &nbsp;&nbsp; 121521 |
| New York (City of), NY Transitional Finance Authority, Subseries 2019 A-2, RB | 5.00% | 05/01/2035 | 470 | &nbsp;&nbsp; 503153 |
| New York (City of), NY Transitional Finance Authority, Subseries 2019 A-2, RB | 5.00% | 05/01/2036 | 500 | &nbsp;&nbsp; 533499 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| New York (City of), NY Transitional Finance Authority, Subseries 2019 A-2, RB | 5.00% | 05/01/2037 | $345 | &nbsp;&nbsp; $367142 |
| New York (City of), NY Transitional Finance Authority, Subseries 2019 A-2, RB | 5.00% | 05/01/2038 | 65 | &nbsp;&nbsp; 68948 |
| New York (City of), NY Transitional Finance Authority, Subseries 2019 A-2, RB | 5.00% | 05/01/2039 | 120 | &nbsp;&nbsp; 126829 |
| New York (City of), NY Transitional Finance Authority, Subseries 2019 A-2, RB | 5.00% | 05/01/2040 | 565 | &nbsp;&nbsp; 593635 |
| New York (City of), NY Transitional Finance Authority, Subseries 2021 S-1A, Ref. RB | 5.00% | 07/15/2029 | 45 | &nbsp;&nbsp; 48920 |
| New York (City of), NY Transitional Finance Authority, Subseries 2024 A-1, Ref. RB | 5.00% | 11/01/2029 | 145 | &nbsp;&nbsp; 158112 |
| New York (State of), Series 2025 C, Ref. GO Bonds | 5.00% | 03/15/2029 | 20 | &nbsp;&nbsp; 21726 |
| New York (State of) Dormitory Authority, Series 2005 B, Ref. RB, (INS - AMBAC)<sup>(c)</sup> | 5.50% | 03/15/2029 | 75 | &nbsp;&nbsp; 82103 |
| New York (State of) Dormitory Authority, Series 2018, Ref. RB | 5.00% | 01/15/2029 | 10 | &nbsp;&nbsp; 10457 |
| New York (State of) Dormitory Authority, Series 2019 A, RB | 5.00% | 07/01/2033 | 100 | &nbsp;&nbsp; 107847 |
| New York (State of) Dormitory Authority, Series 2019 A, RB | 5.00% | 07/01/2035 | 325 | &nbsp;&nbsp; 348651 |
| New York (State of) Dormitory Authority, Series 2019 A, RB | 5.00% | 07/01/2036 | 115 | &nbsp;&nbsp; 122896 |
| New York (State of) Dormitory Authority, Series 2019 A, RB | 5.00% | 07/01/2037 | 415 | &nbsp;&nbsp; 441777 |
| New York (State of) Dormitory Authority, Series 2019 A, RB | 5.00% | 07/01/2039 | 380 | &nbsp;&nbsp; 402302 |
| New York (State of) Dormitory Authority, Series 2019 A, Ref. RB<sup>(a)</sup> | 5.00% | 03/15/2029 | 20 | &nbsp;&nbsp; 21653 |
| New York (State of) Dormitory Authority, Series 2019 A, Ref. RB | 5.00% | 03/15/2032 | 350 | &nbsp;&nbsp; 375005 |
| New York (State of) Dormitory Authority, Series 2019 A, Ref. RB | 5.00% | 03/15/2033 | 165 | &nbsp;&nbsp; 176407 |
| New York (State of) Dormitory Authority, Series 2019 A, Ref. RB | 5.00% | 03/15/2035 | 360 | &nbsp;&nbsp; 383251 |
| New York (State of) Dormitory Authority, Series 2019 A, Ref. RB | 5.00% | 03/15/2036 | 5 | &nbsp;&nbsp; 5305 |
| New York (State of) Dormitory Authority, Series 2019 A, Ref. RB | 5.00% | 03/15/2037 | 225 | &nbsp;&nbsp; 237847 |
| New York (State of) Dormitory Authority, Series 2019 A, Ref. RB | 5.00% | 03/15/2038 | 115 | &nbsp;&nbsp; 121171 |
| New York (State of) Dormitory Authority, Series 2019 A, Ref. RB | 5.00% | 03/15/2039 | 40 | &nbsp;&nbsp; 42039 |
| New York (State of) Dormitory Authority, Series 2019 A, Ref. RB | 5.00% | 03/15/2041 | 495 | &nbsp;&nbsp; 515687 |
| New York (State of) Dormitory Authority, Series 2019 A, Ref. RB | 5.00% | 03/15/2042 | 170 | &nbsp;&nbsp; 176309 |
| New York (State of) Dormitory Authority, Series 2019 A, Ref. RB | 5.00% | 03/15/2043 | 180 | &nbsp;&nbsp; 185975 |
| New York (State of) Dormitory Authority, Series 2019 A, Ref. RB | 5.00% | 03/15/2044 | 300 | &nbsp;&nbsp; 308881 |
| New York (State of) Dormitory Authority, Series 2019 A, Ref. RB | 5.00% | 03/15/2045 | 80 | &nbsp;&nbsp; 82279 |
| New York (State of) Dormitory Authority, Series 2019 A, Ref. RB | 5.00% | 03/15/2046 | 35 | &nbsp;&nbsp; 35933 |
| New York (State of) Dormitory Authority, Series 2019, RB | 4.00% | 07/01/2032 | 275 | &nbsp;&nbsp; 286928 |
| New York (State of) Dormitory Authority, Series 2019, RB | 5.00% | 07/01/2036 | 115 | &nbsp;&nbsp; 122896 |
| New York (State of) Dormitory Authority, Series 2019, RB | 5.00% | 07/01/2039 | 450 | &nbsp;&nbsp; 476253 |
| New York (State of) Dormitory Authority, Series 2020 A, RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 10/01/2029 | 25 | &nbsp;&nbsp; 26730 |
| New York (State of) Dormitory Authority, Series 2020 A, Ref. RB<sup>(a)</sup> | 5.00% | 03/15/2029 | 5 | &nbsp;&nbsp; 5413 |
| New York (State of) Dormitory Authority, Series 2020 D, Ref. RB<sup>(a)</sup> | 5.00% | 02/15/2029 | 50 | &nbsp;&nbsp; 54030 |
| New York (State of) Dormitory Authority, Series 2021 A, RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 10/01/2029 | 25 | &nbsp;&nbsp; 27281 |
| New York (State of) Dormitory Authority, Series 2021 A, RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 10/01/2031 | 75 | &nbsp;&nbsp; 81715 |
| New York (State of) Dormitory Authority, Series 2021 A, RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 10/01/2032 | 105 | &nbsp;&nbsp; 114135 |
| New York (State of) Dormitory Authority, Series 2021 A, RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 10/01/2033 | 170 | &nbsp;&nbsp; 184352 |
| New York (State of) Dormitory Authority, Series 2021 A, RB, (INS - AGI)<sup>(c)</sup> | 4.00% | 10/01/2034 | 35 | &nbsp;&nbsp; 36058 |
| New York (State of) Dormitory Authority, Series 2021 A, RB, (INS - AGI)<sup>(c)</sup> | 4.00% | 10/01/2035 | 10 | &nbsp;&nbsp; 10255 |
| New York (State of) Dormitory Authority, Series 2021 A, Ref. RB<sup>(a)</sup> | 5.00% | 03/15/2029 | 115 | &nbsp;&nbsp; 123935 |
| New York (State of) Dormitory Authority, Series 2021 A, Ref. RB | 5.00% | 03/15/2029 | 70 | &nbsp;&nbsp; 75531 |
| New York (State of) Dormitory Authority, Series 2021, RB<sup>(a)</sup> | 5.00% | 03/15/2029 | 290 | &nbsp;&nbsp; 313962 |
| New York (State of) Dormitory Authority, Series 2022 A, Ref. RB<sup>(a)</sup> | 5.00% | 03/15/2029 | 40 | &nbsp;&nbsp; 43305 |
| New York (State of) Dormitory Authority, Series 2022, RB, (INS - BAM)<sup>(c)</sup> | 5.00% | 10/01/2029 | 50 | &nbsp;&nbsp; 54562 |
| New York (State of) Dormitory Authority, Series 2023 A, Ref. RB<sup>(a)</sup> | 5.00% | 03/15/2029 | 260 | &nbsp;&nbsp; 281484 |
| New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB<sup>(a)</sup> | 5.00% | 03/15/2029 | 230 | &nbsp;&nbsp; 246365 |
| New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB | 5.00% | 03/15/2029 | 30 | &nbsp;&nbsp; 32430 |
| New York (State of) Dormitory Authority, Series 2023, RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 10/01/2029 | 15 | &nbsp;&nbsp; 16369 |
| New York (State of) Dormitory Authority, Series 2023, Ref. RB | 5.00% | 08/01/2029 | 55 | &nbsp;&nbsp; 60030 |
| New York (State of) Dormitory Authority, Series 2024 A, RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 10/01/2029 | 5 | &nbsp;&nbsp; 5456 |
| New York (State of) Dormitory Authority, Series 2024 B, Ref. RB | 5.00% | 03/15/2029 | 10 | &nbsp;&nbsp; 10810 |
| New York (State of) Dormitory Authority, Series 2025, RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 10/01/2029 | 20 | &nbsp;&nbsp; 21825 |
| New York (State of) Dormitory Authority (Bid Group 2), Series 2019 A, Ref. RB | 5.00% | 03/15/2031 | 385 | &nbsp;&nbsp; 412934 |
| New York (State of) Dormitory Authority (Bid Group 3), Series 2019 A, Ref. RB | 5.00% | 03/15/2040 | 355 | &nbsp;&nbsp; 371095 |
| New York (State of) Dormitory Authority (Bidding Group 2), Series 2019 A, Ref. RB | 5.00% | 03/15/2034 | 85 | &nbsp;&nbsp; 90665 |
| New York (State of) Dormitory Authority (Memorial Sloan Kettering Cancer), Series 2019, RB | 5.00% | 07/01/2029 | 40 | &nbsp;&nbsp; 43578 |
| New York (State of) Dormitory Authority (Memorial Sloan Kettering Cancer), Series 2019, RB | 5.00% | 07/01/2035 | 95 | &nbsp;&nbsp; 101981 |
| New York (State of) Dormitory Authority (New York University), Series 2019 A, RB | 5.00% | 07/01/2029 | 35 | &nbsp;&nbsp; 37993 |
| New York (State of) Dormitory Authority (New York University), Series 2019 A, RB | 5.00% | 07/01/2031 | 135 | &nbsp;&nbsp; 146074 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| New York (State of) Dormitory Authority (New York University), Series 2019 A, RB | 5.00% | 07/01/2032 | $80 | &nbsp;&nbsp; $86490 |
| New York (State of) Dormitory Authority (New York University), Series 2019 A, RB | 5.00% | 07/01/2034 | 230 | &nbsp;&nbsp; 247447 |
| New York (State of) Dormitory Authority (New York University), Series 2019 A, RB | 5.00% | 07/01/2038 | 35 | &nbsp;&nbsp; 37123 |
| New York (State of) Dormitory Authority (New York University), Series 2019 A, RB | 5.00% | 07/01/2042 | 165 | &nbsp;&nbsp; 172428 |
| New York (State of) Dormitory Authority (New York University), Series 2019 A, RB | 5.00% | 07/01/2049 | 5 | &nbsp;&nbsp; 5151 |
| New York (State of) Dormitory Authority (Northwell Health Obligated Group), Series 2025, Ref. RB | 5.00% | 05/01/2029 | 5 | &nbsp;&nbsp; 5359 |
| New York (State of) Dormitory Authority (Rochester Institute of Technology), Series 2019 A, RB | 5.00% | 07/01/2049 | 260 | &nbsp;&nbsp; 264632 |
| New York (State of) Dormitory Authority (Rockefeller University), Series 2019 A, Ref. RB | 5.00% | 07/01/2035 | 515 | &nbsp;&nbsp; 552297 |
| New York (State of) Dormitory Authority (Rockefeller University) (Green Bonds), Series 2019 B, RB | 5.00% | 07/01/2050 | 400 | &nbsp;&nbsp; 408187 |
| &nbsp;&nbsp;&nbsp; New York (State of) Energy Research & Development Authority (New Yourk State Electric & Gas <br> Corp.), Series 1994 D, Ref. RB<br>| 3.50% | 10/01/2029 | 55 | &nbsp;&nbsp; 55511 |
| New York (State of) Power Authority (Green Transmission), Series 2022, RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 11/15/2029 | 45 | &nbsp;&nbsp; 49626 |
| New York (State of) Power Authority (Green Transmission), Series 2023, RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 11/15/2029 | 165 | &nbsp;&nbsp; 181962 |
| New York (State of) Thruway Authority, Series 2018 L, Ref. RB | 5.00% | 01/01/2029 | 15 | &nbsp;&nbsp; 15727 |
| New York (State of) Thruway Authority, Series 2019 B, RB | 5.00% | 01/01/2029 | 125 | &nbsp;&nbsp; 134318 |
| New York (State of) Thruway Authority, Series 2024 P, Ref. RB | 5.00% | 01/01/2029 | 10 | &nbsp;&nbsp; 10795 |
| New York (State of) Thruway Authority, Series 2024 Q, Ref. RB | 5.00% | 01/01/2029 | 105 | &nbsp;&nbsp; 113346 |
| New York (State of) Thruway Authority (Bidding Group 1), Series 2022 A, Ref. RB | 5.00% | 03/15/2029 | 140 | &nbsp;&nbsp; 151200 |
| New York City Health and Hospitals Corp., Series 2021 A, Ref. RB | 5.00% | 02/15/2029 | 90 | &nbsp;&nbsp; 97081 |
| New York Liberty Development Corp. (Green Bonds) (4 World Trade Center), Series 2021 A, Ref. RB | 1.45% | 11/15/2029 | 220 | &nbsp;&nbsp; 199827 |
| New York State Environmental Facilities Corp., Series 2019 B, Ref. RB | 5.00% | 06/15/2029 | 15 | &nbsp;&nbsp; 16347 |
| New York State Environmental Facilities Corp., Series 2019 B, Ref. RB | 5.00% | 06/15/2031 | 55 | &nbsp;&nbsp; 60048 |
| &nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp. (2010 Master Financing Program) (Green Bonds), <br> Series 2019, RB<br>| 5.00% | 08/15/2044 | 20 | &nbsp;&nbsp; 20914 |
| &nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp. (2010 Master Financing Program) (Green Bonds), <br> Series 2019, RB<br>| 5.00% | 02/15/2049 | 45 | &nbsp;&nbsp; 46633 |
| &nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2019 <br> B, Ref. RB<br>| 5.00% | 06/15/2033 | 340 | &nbsp;&nbsp; 369886 |
| &nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2019 <br> B, Ref. RB<br>| 5.00% | 06/15/2034 | 45 | &nbsp;&nbsp; 48830 |
| &nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2019 <br> B, Ref. RB<br>| 5.00% | 06/15/2035 | 60 | &nbsp;&nbsp; 64872 |
| &nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2019 <br> B, Ref. RB<br>| 5.00% | 06/15/2036 | 75 | &nbsp;&nbsp; 80709 |
| &nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2019 <br> B, Ref. RB<br>| 4.00% | 06/15/2037 | 210 | &nbsp;&nbsp; 216189 |
| &nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2019 <br> B, Ref. RB<br>| 5.00% | 06/15/2044 | 90 | &nbsp;&nbsp; 93935 |
| &nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2023, <br> Ref. RB<br>| 5.00% | 06/15/2029 | 55 | &nbsp;&nbsp; 59940 |
| &nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2024, <br> Ref. RB<br>| 5.00% | 06/15/2029 | 155 | &nbsp;&nbsp; 168920 |
| New York State Urban Development Corp., Series 2019 A, Ref. RB | 5.00% | 03/15/2035 | 270 | &nbsp;&nbsp; 289648 |
| New York State Urban Development Corp., Series 2019 A, Ref. RB | 5.00% | 03/15/2036 | 410 | &nbsp;&nbsp; 438294 |
| New York State Urban Development Corp., Series 2019 A, Ref. RB | 5.00% | 03/15/2038 | 175 | &nbsp;&nbsp; 185926 |
| New York State Urban Development Corp., Series 2019 A, Ref. RB | 5.00% | 03/15/2039 | 50 | &nbsp;&nbsp; 52986 |
| New York State Urban Development Corp., Series 2019 A, Ref. RB | 5.00% | 03/15/2040 | 340 | &nbsp;&nbsp; 358474 |
| New York State Urban Development Corp., Series 2019 A, Ref. RB | 5.00% | 03/15/2041 | 45 | &nbsp;&nbsp; 47229 |
| New York State Urban Development Corp., Series 2020 A, RB<sup>(a)</sup> | 5.00% | 03/15/2029 | 20 | &nbsp;&nbsp; 21653 |
| New York State Urban Development Corp., Series 2020, Ref. RB<sup>(a)</sup> | 5.00% | 03/15/2029 | 215 | &nbsp;&nbsp; 232765 |
| New York State Urban Development Corp., Series 2021, Ref. RB<sup>(a)</sup> | 5.00% | 03/15/2029 | 50 | &nbsp;&nbsp; 53967 |
| New York State Urban Development Corp., Series 2022, Ref. RB | 5.00% | 09/15/2029 | 330 | &nbsp;&nbsp; 359772 |
| New York State Urban Development Corp. (Bidding Group 1), Series 2023 A, RB<sup>(a)</sup> | 5.00% | 03/15/2029 | 45 | &nbsp;&nbsp; 48570 |
| New York State Urban Development Corp. (Bidding Group 4), Series 2020 E, Ref. RB | 5.00% | 03/15/2029 | 60 | &nbsp;&nbsp; 64721 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp. (Termial 4 John F. Kennedy International Airport), <br> Series 2020, Ref. RB<br>| 5.00% | 12/01/2029 | 30 | &nbsp;&nbsp; 32331 |
| Onondaga (County of), NY Trust for Cultural Resources (Syracuse University), Series 2019, Ref. RB | 5.00% | 12/01/2039 | 275 | &nbsp;&nbsp; 292038 |
| Onondaga (County of), NY Trust for Cultural Resources (Syracuse University), Series 2019, Ref. RB | 5.00% | 12/01/2040 | 125 | &nbsp;&nbsp; 132239 |
| Onondaga (County of), NY Trust for Cultural Resources (Syracuse University), Series 2019, Ref. RB | 4.00% | 12/01/2041 | 5 | &nbsp;&nbsp; 4961 |
| Onondaga (County of), NY Trust for Cultural Resources (Syracuse University), Series 2019, Ref. RB | 5.00% | 12/01/2045 | 125 | &nbsp;&nbsp; 129652 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| Triborough Bridge & Tunnel Authority, Series 2018 B, Ref. RB | 5.00% | 11/15/2029 | $75 | &nbsp;&nbsp; $82233 |
| Triborough Bridge & Tunnel Authority, Series 2022, Ref. RB | 5.00% | 11/15/2029 | 110 | &nbsp;&nbsp; 120739 |
| Triborough Bridge & Tunnel Authority, Series 2025 B-2, RB | 5.00% | 03/15/2029 | 1145 | &nbsp;&nbsp; 1238486 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2019 A, RB | 5.00% | 11/15/2049 | 100 | &nbsp;&nbsp; 102272 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022, RB | 5.00% | 05/15/2029 | 385 | &nbsp;&nbsp; 417986 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023, Ref. RB | 5.00% | 11/15/2029 | 45 | &nbsp;&nbsp; 49340 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels) (Green Bonds), Series 2023, Ref. RB | 5.00% | 11/15/2029 | 175 | &nbsp;&nbsp; 192085 |
| Triborough Bridge & Tunnel Authority (TBTA Capital Lockbox Fund), Series 2025, RB | 5.00% | 12/01/2029 | 45 | &nbsp;&nbsp; 49333 |
|  |  |  |  | &nbsp;&nbsp; 37896645 |
| **North Carolina-1.65%** |  |  |  |  |
| Charlotte (City of), NC, Series 2018, Ref. RB | 5.00% | 07/01/2029 | 100 | &nbsp;&nbsp; 106317 |
| Charlotte-Mecklenburg Hospital Authority (The) (Atrium Health), Series 2018 A, Ref. RB | 5.00% | 01/15/2033 | 55 | &nbsp;&nbsp; 58726 |
| Charlotte-Mecklenburg Hospital Authority (The) (Atrium Health), Series 2022, Ref. RB | 5.00% | 01/15/2029 | 20 | &nbsp;&nbsp; 21428 |
| Mecklenburg (County of), NC, Series 2022, GO Bonds | 5.00% | 09/01/2029 | 105 | &nbsp;&nbsp; 114694 |
| North Carolina (State of), Series 2019 A, RB | 5.00% | 05/01/2031 | 15 | &nbsp;&nbsp; 16182 |
| North Carolina (State of), Series 2019 A, RB | 4.00% | 05/01/2033 | 125 | &nbsp;&nbsp; 129793 |
| North Carolina (State of), Series 2019 B, GO Bonds | 5.00% | 06/01/2029 | 20 | &nbsp;&nbsp; 21714 |
| North Carolina (State of), Series 2020 A, GO Bonds | 5.00% | 06/01/2029 | 55 | &nbsp;&nbsp; 59714 |
| North Carolina (State of), Series 2021, RB | 5.00% | 03/01/2029 | 50 | &nbsp;&nbsp; 53792 |
| North Carolina (State of) (Build North Carolina Programs), Series 2019 A, RB | 5.00% | 05/01/2029 | 355 | &nbsp;&nbsp; 383868 |
| North Carolina (State of) (Build North Carolina Programs), Series 2019 A, RB | 5.00% | 05/01/2032 | 200 | &nbsp;&nbsp; 215443 |
| North Carolina (State of) (Build North Carolina Programs), Series 2019 A, RB | 4.00% | 05/01/2034 | 265 | &nbsp;&nbsp; 274539 |
| North Carolina (State of) (Build North Carolina Programs), Series 2020 B, RB | 5.00% | 05/01/2029 | 220 | &nbsp;&nbsp; 237890 |
| North Carolina (State of) (Build North Carolina Programs), Series 2022 A, RB | 5.00% | 05/01/2029 | 170 | &nbsp;&nbsp; 183824 |
| North Carolina (State of) (Garvee), Series 2019, RB | 5.00% | 03/01/2029 | 100 | &nbsp;&nbsp; 107584 |
| North Carolina (State of) (Garvee), Series 2019, RB | 5.00% | 03/01/2031 | 155 | &nbsp;&nbsp; 166471 |
| North Carolina (State of) (Garvee), Series 2019, RB | 5.00% | 03/01/2032 | 225 | &nbsp;&nbsp; 241347 |
| North Carolina (State of) (Garvee), Series 2019, RB | 5.00% | 03/01/2033 | 70 | &nbsp;&nbsp; 74927 |
| North Carolina (State of) (Garvee), Series 2019, RB | 5.00% | 03/01/2034 | 20 | &nbsp;&nbsp; 21360 |
| North Carolina (State of) (Garvee), Series 2025, Ref. RB | 5.00% | 03/01/2029 | 80 | &nbsp;&nbsp; 86067 |
| North Carolina (State of) Turnpike Authority, Series 2018, Ref. RB | 5.00% | 01/01/2031 | 5 | &nbsp;&nbsp; 5302 |
| North Carolina (State of) Turnpike Authority, Series 2018, Ref. RB | 5.00% | 01/01/2040 | 25 | &nbsp;&nbsp; 25852 |
| North Carolina (State of) Turnpike Authority, Series 2018, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 01/01/2032 | 510 | &nbsp;&nbsp; 541988 |
| North Carolina (State of) Turnpike Authority, Series 2018, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 01/01/2034 | 5 | &nbsp;&nbsp; 5290 |
| North Carolina (State of) Turnpike Authority, Series 2018, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 01/01/2035 | 15 | &nbsp;&nbsp; 15832 |
| North Carolina (State of) Turnpike Authority, Series 2018, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 01/01/2036 | 50 | &nbsp;&nbsp; 52627 |
| North Carolina (State of) Turnpike Authority, Series 2018, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 01/01/2038 | 10 | &nbsp;&nbsp; 10431 |
| Raleigh (City of), NC, Series 2024, Ref. RB | 5.00% | 10/01/2029 | 90 | &nbsp;&nbsp; 98177 |
| Wake (County of), NC, Series 2021, RB | 5.00% | 03/01/2029 | 165 | &nbsp;&nbsp; 177941 |
| Wake (County of), NC, Series 2023 A, Ref. GO Bonds | 5.00% | 05/01/2029 | 45 | &nbsp;&nbsp; 48782 |
| Wake (County of), NC, Series 2024 B, Ref. GO Bonds | 5.00% | 09/01/2029 | 130 | &nbsp;&nbsp; 141953 |
|  |  |  |  | &nbsp;&nbsp; 3699855 |
| **Ohio-2.73%** |  |  |  |  |
| Allen (County of), OH (Mercy Health), Series 2020, Ref. RB | 5.00% | 12/01/2029 | 245 | &nbsp;&nbsp; 264805 |
| American Municipal Power, Inc. (Prairie State Energy Campus), Series 2020 A, Ref. RB | 5.00% | 02/15/2029 | 30 | &nbsp;&nbsp; 32111 |
| American Municipal Power, Inc. (Prairie State Energy Campus), Series 2023, Ref. RB | 5.00% | 02/15/2029 | 5 | &nbsp;&nbsp; 5352 |
| &nbsp;&nbsp;&nbsp; Cincinnati City School District (Classroom Construction & Improvement), Series 2006, Ref. GO Bonds, <br> (INS - NATL)<sup>(c)</sup><br>| 5.25% | 12/01/2029 | 70 | &nbsp;&nbsp; 77067 |
| Columbus (City of), OH, Series 2016 A, GO Bonds | 3.00% | 08/15/2029 | 10 | &nbsp;&nbsp; 10001 |
| Columbus (City of), OH, Series 2018 A, GO Bonds | 5.00% | 04/01/2029 | 50 | &nbsp;&nbsp; 53432 |
| Columbus (City of), OH, Series 2021 A, GO Bonds | 5.00% | 04/01/2029 | 85 | &nbsp;&nbsp; 91861 |
| Columbus (City of), OH, Series 2023 A, GO Bonds | 5.00% | 08/15/2029 | 80 | &nbsp;&nbsp; 87153 |
| Columbus (City of), OH, Series 2024 A, GO Bonds | 5.00% | 08/15/2029 | 10 | &nbsp;&nbsp; 10894 |
| Montgomery (County of), OH (Premier Health Partners Obligated Group), Series 2019, Ref. RB | 5.00% | 11/15/2037 | 150 | &nbsp;&nbsp; 155934 |
| Northeast Ohio Regional Sewer District, Series 2019, Ref. RB | 4.00% | 11/15/2036 | 40 | &nbsp;&nbsp; 40857 |
| Ohio (State of), Series 2019 A, GO Bonds | 5.00% | 06/15/2031 | 110 | &nbsp;&nbsp; 119432 |
| Ohio (State of), Series 2019 A, GO Bonds | 5.00% | 06/15/2032 | 85 | &nbsp;&nbsp; 92093 |
| Ohio (State of), Series 2019 A, GO Bonds | 5.00% | 06/15/2033 | 20 | &nbsp;&nbsp; 21631 |
| Ohio (State of), Series 2019 A, GO Bonds | 5.00% | 06/15/2034 | 120 | &nbsp;&nbsp; 129387 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Ohio-(continued)** |  |  |  |  |
| Ohio (State of), Series 2019 A, GO Bonds | 5.00% | 06/15/2035 | $280 | &nbsp;&nbsp; $300871 |
| Ohio (State of), Series 2019 A, GO Bonds | 5.00% | 06/15/2036 | 225 | &nbsp;&nbsp; 240783 |
| Ohio (State of), Series 2019 A, GO Bonds | 5.00% | 06/15/2037 | 110 | &nbsp;&nbsp; 117264 |
| Ohio (State of), Series 2019 A, GO Bonds | 5.00% | 06/15/2038 | 150 | &nbsp;&nbsp; 159377 |
| Ohio (State of), Series 2019 A, GO Bonds | 5.00% | 06/15/2039 | 35 | &nbsp;&nbsp; 37058 |
| Ohio (State of), Series 2019, RB | 4.00% | 01/01/2040 | 130 | &nbsp;&nbsp; 130059 |
| Ohio (State of), Series 2019, RB | 4.00% | 01/01/2041 | 85 | &nbsp;&nbsp; 84715 |
| Ohio (State of), Series 2019-1, RB | 5.00% | 12/15/2029 | 335 | &nbsp;&nbsp; 366624 |
| Ohio (State of), Series 2021 B, Ref. GO Bonds | 5.00% | 09/15/2029 | 90 | &nbsp;&nbsp; 98256 |
| Ohio (State of), Series 2021, RB | 5.00% | 02/01/2029 | 100 | &nbsp;&nbsp; 107459 |
| Ohio (State of), Series 2025 A, GO Bonds | 5.00% | 03/01/2029 | 75 | &nbsp;&nbsp; 80931 |
| Ohio (State of), Series 2025 A, GO Bonds | 5.00% | 06/15/2029 | 30 | &nbsp;&nbsp; 32577 |
| Ohio (State of), Series 2025 B, Ref. GO Bonds | 5.00% | 11/01/2029 | 55 | &nbsp;&nbsp; 60210 |
| Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017, Ref. RB | 5.00% | 01/01/2029 | 85 | &nbsp;&nbsp; 88943 |
| Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2021, Ref. RB | 5.00% | 01/01/2029 | 35 | &nbsp;&nbsp; 37415 |
| &nbsp;&nbsp;&nbsp; Ohio (State of) Air Quality Development Authority (Ohio Valley Electric Corp.), Series 2019 A, Ref. <br> PCR<br>| 3.25% | 09/01/2029 | 60 | &nbsp;&nbsp; 59674 |
| Ohio (State of) Turnpike & Infrastructure Commission, Series 2022, Ref. RB | 5.00% | 02/15/2029 | 10 | &nbsp;&nbsp; 10742 |
| Ohio (State of) Turnpike & Infrastructure Commission (Infrastructure), Series 2018 A, RB | 5.00% | 02/15/2029 | 175 | &nbsp;&nbsp; 183850 |
| Ohio (State of) Water Development Authority, Series 2019 A, RB | 5.00% | 06/01/2029 | 305 | &nbsp;&nbsp; 328986 |
| Ohio (State of) Water Development Authority, Series 2019, RB | 5.00% | 12/01/2029 | 295 | &nbsp;&nbsp; 321700 |
| Ohio (State of) Water Development Authority, Series 2019, RB | 5.00% | 12/01/2038 | 55 | &nbsp;&nbsp; 58739 |
| Ohio (State of) Water Development Authority (Fresh Water), Series 2019, RB | 5.00% | 12/01/2037 | 115 | &nbsp;&nbsp; 123317 |
| Ohio (State of) Water Development Authority (Fresh Water), Series 2019, RB | 5.00% | 12/01/2039 | 100 | &nbsp;&nbsp; 106465 |
| Ohio (State of) Water Development Authority (Fresh Water), Series 2019, RB | 5.00% | 06/01/2044 | 30 | &nbsp;&nbsp; 31170 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 B, RB | 5.00% | 12/01/2035 | 505 | &nbsp;&nbsp; 546827 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 B, RB | 5.00% | 12/01/2036 | 250 | &nbsp;&nbsp; 269390 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 B, RB | 5.00% | 12/01/2037 | 240 | &nbsp;&nbsp; 257357 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 B, RB | 5.00% | 12/01/2038 | 100 | &nbsp;&nbsp; 106798 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 B, RB | 5.00% | 12/01/2039 | 150 | &nbsp;&nbsp; 159698 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 B, RB | 5.00% | 12/01/2044 | 40 | &nbsp;&nbsp; 41559 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2024 D, RB | 5.00% | 12/01/2029 | 125 | &nbsp;&nbsp; 136987 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2024 E, RB | 5.00% | 12/01/2029 | 50 | &nbsp;&nbsp; 54795 |
| Ohio State University (The), Series 2020 A, Ref. RB | 5.00% | 12/01/2029 | 150 | &nbsp;&nbsp; 164145 |
|  |  |  |  | &nbsp;&nbsp; 6096751 |
| **Oklahoma-0.33%** |  |  |  |  |
| Canadian (County of), OK Educational Facilities Authority (Mustang Public Schools), Series 2017, RB | 3.00% | 09/01/2029 | 100 | &nbsp;&nbsp; 99550 |
| Canadian (County of), OK Educational Facilities Authority (Yukon Public Schools), Series 2023, RB | 5.00% | 09/01/2029 | 225 | &nbsp;&nbsp; 241754 |
| Oklahoma (State of) Capitol Improvement Authority, Series 2024 A, Ref. RB | 5.00% | 07/01/2029 | 255 | &nbsp;&nbsp; 276166 |
| Oklahoma (State of) Industries Authority (Oklahoma City Public Schools), Series 2024, RB | 5.00% | 04/01/2029 | 35 | &nbsp;&nbsp; 37570 |
| Oklahoma (State of) Turnpike Authority, Series 2020 A, Ref. RB | 5.00% | 01/01/2029 | 75 | &nbsp;&nbsp; 80176 |
|  |  |  |  | &nbsp;&nbsp; 735216 |
| **Oregon-1.40%** |  |  |  |  |
| Multnomah (County of), OR, Series 2021 A, GO Bonds | 5.00% | 06/15/2029 | 190 | &nbsp;&nbsp; 206121 |
| &nbsp;&nbsp;&nbsp; Multnomah County School District No. 1, Series 2020, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 06/15/2029 | 95 | &nbsp;&nbsp; 103060 |
| &nbsp;&nbsp;&nbsp; Multnomah County School District No. 1, Series 2023, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 06/15/2029 | 95 | &nbsp;&nbsp; 103060 |
| Oregon (State of), Series 2019 A, GO Bonds | 5.00% | 05/01/2034 | 20 | &nbsp;&nbsp; 21451 |
| Oregon (State of), Series 2019 A, GO Bonds | 5.00% | 05/01/2044 | 105 | &nbsp;&nbsp; 108515 |
| Oregon (State of), Series 2025, Ref. GO Bonds | 5.00% | 05/01/2029 | 35 | &nbsp;&nbsp; 37930 |
| Oregon (State of) (Article XI-Q State), Series 2019 A, GO Bonds | 5.00% | 05/01/2032 | 115 | &nbsp;&nbsp; 124075 |
| Oregon (State of) (Article XI-Q State), Series 2019 A, GO Bonds | 5.00% | 05/01/2033 | 215 | &nbsp;&nbsp; 231145 |
| Oregon (State of) (Article XI-Q State), Series 2023 A, GO Bonds | 5.00% | 05/01/2029 | 435 | &nbsp;&nbsp; 471413 |
| Oregon (State of) Department of Transportation, Series 2019 A, Ref. RB | 5.00% | 11/15/2035 | 140 | &nbsp;&nbsp; 150844 |
| Oregon (State of) Department of Transportation, Series 2019 A, Ref. RB | 5.00% | 11/15/2036 | 210 | &nbsp;&nbsp; 225427 |
| Oregon (State of) Department of Transportation, Series 2019 A, Ref. RB | 5.00% | 11/15/2037 | 45 | &nbsp;&nbsp; 48073 |
| Oregon (State of) Department of Transportation, Series 2019 A, Ref. RB | 5.00% | 11/15/2038 | 45 | &nbsp;&nbsp; 47896 |
| Oregon (State of) Department of Transportation, Series 2019 A, Ref. RB | 5.00% | 11/15/2039 | 15 | &nbsp;&nbsp; 15921 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Oregon-(continued)** |  |  |  |  |
| Oregon (State of) Department of Transportation, Series 2019 A, Ref. RB | 5.00% | 11/15/2042 | $250 | &nbsp;&nbsp; $262332 |
| Oregon (State of) Department of Transportation, Series 2024 A, Ref. RB | 5.00% | 11/15/2029 | 220 | &nbsp;&nbsp; 240782 |
| Portland (City of), OR, Series 2019 A, Ref. RB | 5.00% | 03/01/2029 | 90 | &nbsp;&nbsp; 96942 |
| Portland (City of), OR, Series 2019 A, Ref. RB | 5.00% | 03/01/2031 | 30 | &nbsp;&nbsp; 32683 |
| Portland (City of), OR, Series 2019 A, Ref. RB | 5.00% | 03/01/2033 | 265 | &nbsp;&nbsp; 287070 |
| Portland (City of), OR, Series 2019 A, Ref. RB | 5.00% | 03/01/2034 | 145 | &nbsp;&nbsp; 156661 |
| Salem-Keizer School District No. 24J, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 06/15/2029 | 5 | &nbsp;&nbsp; 5309 |
| &nbsp;&nbsp;&nbsp; Washington & Clackamas Counties School District No. 23J Tigar, Series 2019 A, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 06/15/2038 | 25 | &nbsp;&nbsp; 26503 |
| &nbsp;&nbsp;&nbsp; Washington & Clackamas Counties School District No. 23J Tigard-Tualatin, Series 2019 A, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 06/15/2039 | 15 | &nbsp;&nbsp; 15862 |
| &nbsp;&nbsp;&nbsp; Washington & Clackamas Counties School District No. 23J Tigard-Tualatin, Series 2019 A, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 06/15/2040 | 100 | &nbsp;&nbsp; 105206 |
|  |  |  |  | &nbsp;&nbsp; 3124281 |
| **Pennsylvania-4.71%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), <br> Series 2019 A, Ref. RB<br>| 5.00% | 07/15/2034 | 125 | &nbsp;&nbsp; 132395 |
| &nbsp;&nbsp;&nbsp; Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), <br> Series 2019 A, Ref. RB<br>| 4.00% | 07/15/2036 | 265 | &nbsp;&nbsp; 269276 |
| &nbsp;&nbsp;&nbsp; Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), <br> Series 2019 A, Ref. RB<br>| 4.00% | 07/15/2038 | 250 | &nbsp;&nbsp; 250034 |
| &nbsp;&nbsp;&nbsp; Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), <br> Series 2019, Ref. RB<br>| 5.00% | 07/15/2029 | 15 | &nbsp;&nbsp; 16097 |
| &nbsp;&nbsp;&nbsp; Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), <br> Series 2019, Ref. RB<br>| 5.00% | 07/15/2032 | 50 | &nbsp;&nbsp; 53226 |
| &nbsp;&nbsp;&nbsp; Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), <br> Series 2019, Ref. RB<br>| 5.00% | 07/15/2033 | 145 | &nbsp;&nbsp; 153990 |
| Allegheny (County of), PA Port Authority, Series 2020, Ref. RB | 5.00% | 03/01/2029 | 75 | &nbsp;&nbsp; 80518 |
| Delaware (State of) River Port Authority, Series 2018 A, RB | 5.00% | 01/01/2029 | 55 | &nbsp;&nbsp; 58762 |
| Delaware (State of) River Port Authority, Series 2018 A, RB | 5.00% | 01/01/2031 | 25 | &nbsp;&nbsp; 26777 |
| Delaware (State of) River Port Authority, Series 2018 A, RB | 5.00% | 01/01/2032 | 45 | &nbsp;&nbsp; 48125 |
| Delaware (State of) River Port Authority, Series 2018 A, RB | 5.00% | 01/01/2033 | 50 | &nbsp;&nbsp; 53230 |
| Delaware (State of) River Port Authority, Series 2018 A, RB | 5.00% | 01/01/2034 | 100 | &nbsp;&nbsp; 107014 |
| Delaware (State of) River Port Authority, Series 2018 A, RB | 5.00% | 01/01/2035 | 75 | &nbsp;&nbsp; 79816 |
| Delaware (State of) River Port Authority, Series 2018 A, RB | 5.00% | 01/01/2036 | 160 | &nbsp;&nbsp; 169265 |
| Delaware (State of) River Port Authority, Series 2018 A, RB | 5.00% | 01/01/2037 | 80 | &nbsp;&nbsp; 84191 |
| Delaware (State of) River Port Authority, Series 2018 A, RB | 5.00% | 01/01/2038 | 60 | &nbsp;&nbsp; 62977 |
| Delaware (State of) River Port Authority, Series 2018 A, RB | 5.00% | 01/01/2039 | 45 | &nbsp;&nbsp; 47261 |
| Delaware (State of) River Port Authority, Series 2018 A, RB | 5.00% | 01/01/2040 | 95 | &nbsp;&nbsp; 99660 |
| Delaware Valley Regional Finance Authority, Series 2022 D, RB | 4.00% | 03/01/2029 | 5 | &nbsp;&nbsp; 5188 |
| &nbsp;&nbsp;&nbsp; Lehigh (County of), PA Industrial Development Authority (PPL Electric Utilities Corp.), Series 2016 A, <br> Ref. RB<br>| 3.00% | 09/01/2029 | 440 | &nbsp;&nbsp; 439999 |
| Monroeville Finance Authority, Series 2022 B, Ref. RB | 5.00% | 02/15/2029 | 25 | &nbsp;&nbsp; 26625 |
| &nbsp;&nbsp;&nbsp; Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University), <br> Series 2019, Ref. RB<br>| 5.00% | 09/01/2031 | 55 | &nbsp;&nbsp; 58639 |
| &nbsp;&nbsp;&nbsp; Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University), <br> Series 2019, Ref. RB<br>| 5.00% | 09/01/2033 | 120 | &nbsp;&nbsp; 127195 |
| &nbsp;&nbsp;&nbsp; Montgomery (County of), PA Industrial Development Authority (Constellation Energy Generation, <br> LLC), Series 2023 B, Ref. RB<br>| 4.10% | 06/01/2029 | 275 | &nbsp;&nbsp; 283858 |
| North Allegheny School District, Series 2019, GO Bonds | 4.00% | 05/01/2044 | 200 | &nbsp;&nbsp; 197480 |
| Pennsylvania (Commonwealth of), First Series 2021, GO Bonds | 5.00% | 05/15/2029 | 310 | &nbsp;&nbsp; 335275 |
| Pennsylvania (Commonwealth of), First Series 2023, GO Bonds | 5.00% | 09/01/2029 | 290 | &nbsp;&nbsp; 315578 |
| Pennsylvania (Commonwealth of), First Series 2023, Ref. GO Bonds | 5.00% | 09/01/2029 | 260 | &nbsp;&nbsp; 282932 |
| Pennsylvania (Commonwealth of), Series 2019, Ref. GO Bonds | 5.00% | 07/15/2029 | 745 | &nbsp;&nbsp; 808557 |
| Pennsylvania (Commonwealth of), Series 2020, GO Bonds | 5.00% | 05/01/2029 | 220 | &nbsp;&nbsp; 237740 |
| Pennsylvania (Commonwealth of), Series 2022, GO Bonds | 5.00% | 10/01/2029 | 160 | &nbsp;&nbsp; 174415 |
| Pennsylvania (Commonwealth of), Series 2024, GO Bonds | 5.00% | 08/15/2029 | 10 | &nbsp;&nbsp; 10872 |
| Pennsylvania (Commonwealth of), Series 2025 A, Ref. GO Bonds | 5.00% | 08/15/2029 | 30 | &nbsp;&nbsp; 32616 |
| Pennsylvania (Commonwealth of), Series 2025 B, Ref. GO Bonds | 5.00% | 08/15/2029 | 15 | &nbsp;&nbsp; 16308 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Pennsylvania-(continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania <br> Health System), Series 2019, RB<br>| 5.00% | 08/15/2031 | $5 | &nbsp;&nbsp; $5409 |
| &nbsp;&nbsp;&nbsp; Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania <br> Health System), Series 2019, RB<br>| 5.00% | 08/15/2032 | 130 | &nbsp;&nbsp; 140179 |
| &nbsp;&nbsp;&nbsp; Pennsylvania (Commonwealth of) Public School Building Authority (Philadelphia School District), <br> Series 2006 B, RB, (INS - AGI)<sup>(c)</sup><br>| 5.00% | 06/01/2029 | 150 | &nbsp;&nbsp; 160563 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB | 5.00% | 12/01/2033 | 185 | &nbsp;&nbsp; 200441 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB | 5.00% | 12/01/2034 | 510 | &nbsp;&nbsp; 551762 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB | 5.00% | 12/01/2035 | 170 | &nbsp;&nbsp; 183145 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB | 5.00% | 12/01/2037 | 30 | &nbsp;&nbsp; 32053 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB | 5.00% | 12/01/2038 | 145 | &nbsp;&nbsp; 154409 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB | 5.00% | 12/01/2039 | 90 | &nbsp;&nbsp; 95610 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB | 5.00% | 12/01/2044 | 360 | &nbsp;&nbsp; 375116 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB | 5.00% | 12/01/2044 | 225 | &nbsp;&nbsp; 233095 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB | 5.00% | 12/01/2049 | 175 | &nbsp;&nbsp; 180979 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019, Ref. RB | 5.00% | 12/01/2029 | 75 | &nbsp;&nbsp; 80011 |
| Philadelphia (City of), PA, Series 2019 B, GO Bonds | 5.00% | 02/01/2031 | 35 | &nbsp;&nbsp; 37876 |
| Philadelphia (City of), PA, Series 2019 B, GO Bonds | 5.00% | 02/01/2032 | 5 | &nbsp;&nbsp; 5403 |
| Philadelphia (City of), PA, Series 2019 B, GO Bonds | 5.00% | 02/01/2033 | 145 | &nbsp;&nbsp; 156048 |
| Philadelphia (City of), PA, Series 2019 B, GO Bonds | 5.00% | 02/01/2034 | 200 | &nbsp;&nbsp; 214629 |
| Philadelphia (City of), PA, Series 2019 B, GO Bonds | 5.00% | 02/01/2035 | 515 | &nbsp;&nbsp; 551228 |
| Philadelphia (City of), PA, Series 2019 B, GO Bonds | 5.00% | 02/01/2037 | 100 | &nbsp;&nbsp; 106183 |
| Philadelphia (City of), PA, Series 2019 B, GO Bonds | 5.00% | 02/01/2038 | 170 | &nbsp;&nbsp; 180186 |
| Philadelphia (City of), PA, Series 2019 B, GO Bonds | 5.00% | 02/01/2039 | 50 | &nbsp;&nbsp; 52838 |
| Philadelphia (City of), PA, Series 2019 B, RB | 5.00% | 11/01/2044 | 140 | &nbsp;&nbsp; 144879 |
| Philadelphia (City of), PA, Series 2019 B, RB | 5.00% | 11/01/2049 | 305 | &nbsp;&nbsp; 313010 |
| Philadelphia (City of), PA, Series 2019 B, RB | 5.00% | 11/01/2054 | 70 | &nbsp;&nbsp; 71673 |
| Philadelphia (City of), PA, Series 2024 C, RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 09/01/2029 | 5 | &nbsp;&nbsp; 5435 |
| &nbsp;&nbsp;&nbsp; Philadelphia (City of), PA Authority for Industrial Development (Children's Hospital of Philadelphia), <br> Series 2021, Ref. RB<br>| 5.00% | 07/01/2029 | 5 | &nbsp;&nbsp; 5394 |
| Philadelphia School District (The), Series 2019 A, GO Bonds | 5.00% | 09/01/2031 | 185 | &nbsp;&nbsp; 199261 |
| Philadelphia School District (The), Series 2019 A, GO Bonds | 5.00% | 09/01/2032 | 140 | &nbsp;&nbsp; 150450 |
| Philadelphia School District (The), Series 2019 A, GO Bonds | 4.00% | 09/01/2037 | 165 | &nbsp;&nbsp; 167743 |
| Philadelphia School District (The), Series 2019 A, GO Bonds | 5.00% | 09/01/2044 | 235 | &nbsp;&nbsp; 240629 |
| Philadelphia School District (The), Series 2019 C, Ref. GO Bonds | 5.00% | 09/01/2033 | 60 | &nbsp;&nbsp; 64068 |
| Pittsburgh (City of), PA Water & Sewer Authority, Series 2019 B, Ref. RB, (INS - AGI)<sup>(c)</sup> | 4.00% | 09/01/2034 | 30 | &nbsp;&nbsp; 31079 |
| &nbsp;&nbsp;&nbsp; Southcentral Pennsylvania General Authority (WellSpan Health Obligated Group), Series 2019, Ref. <br> RB<br>| 5.00% | 06/01/2038 | 10 | &nbsp;&nbsp; 10495 |
| &nbsp;&nbsp;&nbsp; Southcentral Pennsylvania General Authority (WellSpan Health Obligated Group), Series 2019, Ref. <br> RB<br>| 5.00% | 06/01/2044 | 15 | &nbsp;&nbsp; 15337 |
| &nbsp;&nbsp;&nbsp; Southcentral Pennsylvania General Authority (WellSpan Health Obligated Group), Series 2023, Ref. <br> RB<br>| 5.00% | 06/01/2029 | 195 | &nbsp;&nbsp; 209203 |
| University of Pittsburgh-of the Commonwealth System of Higher Education, Series 2023, Ref. RB | 5.00% | 02/15/2029 | 60 | &nbsp;&nbsp; 64449 |
|  |  |  |  | &nbsp;&nbsp; 10536159 |
| **Rhode Island-0.24%** |  |  |  |  |
| Rhode Island Health & Educational Building Corp. (Brown University), Series 2019 A, Ref. RB | 5.00% | 09/01/2029 | 490 | &nbsp;&nbsp; 531937 |
| **South Carolina-0.33%** |  |  |  |  |
| Columbia (City of), SC, Series 2019 A, RB<sup>(a)(b)</sup> | 5.00% | 02/01/2029 | 145 | &nbsp;&nbsp; 156044 |
| Horry County School District, Series 2024, GO Bonds | 5.00% | 03/01/2029 | 30 | &nbsp;&nbsp; 32363 |
| South Carolina (State of) Transportation Infrastructure Bank, Series 2016 A, Ref. RB | 3.00% | 10/01/2029 | 135 | &nbsp;&nbsp; 135000 |
| South Carolina (State of) Transportation Infrastructure Bank, Series 2021 B, Ref. RB | 5.00% | 10/01/2029 | 250 | &nbsp;&nbsp; 272523 |
| Spartanburg County School District No. 7, Series 2019 D, GO Bonds | 5.00% | 03/01/2048 | 130 | &nbsp;&nbsp; 132921 |
|  |  |  |  | &nbsp;&nbsp; 728851 |
| **Tennessee-0.31%** |  |  |  |  |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2018, GO Bonds | 5.00% | 07/01/2029 | 135 | &nbsp;&nbsp; 143215 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 C, GO Bonds | 5.00% | 01/01/2029 | 15 | &nbsp;&nbsp; 16100 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2024 A, GO Bonds | 5.00% | 01/01/2029 | 325 | &nbsp;&nbsp; 348826 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2024 B, Ref. RB | 5.00% | 05/15/2029 | 70 | &nbsp;&nbsp; 75731 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Tennessee-(continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities <br> Board (The) (Vanderbilt University Medical Center), Series 2024, RB<br>| 5.00% | 07/01/2029 | $80 | &nbsp;&nbsp; $85339 |
| Tennessee (State of), Series 2023 A, GO Bonds | 5.00% | 05/01/2029 | 20 | &nbsp;&nbsp; 21674 |
|  |  |  |  | &nbsp;&nbsp; 690885 |
| **Texas-7.54%** |  |  |  |  |
| Alamo Community College District, Series 2022, GO Notes | 5.00% | 02/15/2029 | 95 | &nbsp;&nbsp; 101927 |
| &nbsp;&nbsp;&nbsp; Arlington Independent School District, Series 2025, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2029 | 40 | &nbsp;&nbsp; 43019 |
| Austin (City of), TX, Series 2019 B, RB | 5.00% | 11/15/2044 | 100 | &nbsp;&nbsp; 103059 |
| Austin (City of), TX, Series 2019 B, RB | 5.00% | 11/15/2049 | 235 | &nbsp;&nbsp; 240707 |
| Austin (City of), TX, Series 2022, Ref. RB | 5.00% | 11/15/2029 | 70 | &nbsp;&nbsp; 76254 |
| Austin Independent School District, Series 2023, GO Bonds | 5.00% | 08/01/2048 | 100 | &nbsp;&nbsp; 102546 |
| Austin Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/01/2029 | 85 | &nbsp;&nbsp; 92368 |
| Board of Regents of the University of Texas System, Series 2019 A, Ref. RB | 5.00% | 08/15/2029 | 95 | &nbsp;&nbsp; 103319 |
| Board of Regents of the University of Texas System, Series 2019 A, Ref. RB | 5.00% | 08/15/2031 | 80 | &nbsp;&nbsp; 86663 |
| Board of Regents of the University of Texas System, Series 2019 A, Ref. RB | 5.00% | 08/15/2032 | 65 | &nbsp;&nbsp; 70256 |
| Board of Regents of the University of Texas System, Series 2019 A, Ref. RB | 5.00% | 08/15/2033 | 115 | &nbsp;&nbsp; 124021 |
| Board of Regents of the University of Texas System, Series 2019 A, Ref. RB | 5.00% | 08/15/2034 | 10 | &nbsp;&nbsp; 10768 |
| Board of Regents of the University of Texas System, Series 2019 A, Ref. RB | 5.00% | 08/15/2038 | 60 | &nbsp;&nbsp; 63777 |
| Board of Regents of the University of Texas System, Series 2019 A, Ref. RB | 5.00% | 08/15/2039 | 80 | &nbsp;&nbsp; 84776 |
| Board of Regents of the University of Texas System, Series 2019 B, RB | 5.00% | 08/15/2029 | 185 | &nbsp;&nbsp; 201199 |
| Board of Regents of the University of Texas System, Series 2024 A, Ref. RB | 5.00% | 08/15/2029 | 110 | &nbsp;&nbsp; 119632 |
| Board of Regents of the University of Texas System, Series 2024 B, RB | 5.00% | 08/15/2029 | 95 | &nbsp;&nbsp; 103319 |
| Collin County Community College District, Series 2020 A, GO Bonds | 5.00% | 08/15/2031 | 185 | &nbsp;&nbsp; 200408 |
| Collin County Community College District, Series 2020 A, GO Bonds | 5.00% | 08/15/2032 | 105 | &nbsp;&nbsp; 113568 |
| Collin County Community College District, Series 2020 A, GO Bonds | 5.00% | 08/15/2033 | 75 | &nbsp;&nbsp; 80965 |
| Collin County Community College District, Series 2020 A, GO Bonds | 4.00% | 08/15/2034 | 105 | &nbsp;&nbsp; 108766 |
| Collin County Community College District, Series 2020 A, GO Bonds | 4.00% | 08/15/2035 | 95 | &nbsp;&nbsp; 97970 |
| Collin County Community College District, Series 2020 A, GO Bonds | 4.00% | 08/15/2036 | 45 | &nbsp;&nbsp; 46171 |
| &nbsp;&nbsp;&nbsp; Comal Independent School District, Series 2024, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2029 | 75 | &nbsp;&nbsp; 80373 |
| &nbsp;&nbsp;&nbsp; Conroe Independent School District, Series 2020 A, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2029 | 65 | &nbsp;&nbsp; 69885 |
| &nbsp;&nbsp;&nbsp; Conroe Independent School District, Series 2024, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2029 | 10 | &nbsp;&nbsp; 10752 |
| &nbsp;&nbsp;&nbsp; Cypress-Fairbanks Independent School District, Series 2019 A, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2031 | 55 | &nbsp;&nbsp; 59095 |
| &nbsp;&nbsp;&nbsp; Cypress-Fairbanks Independent School District, Series 2019, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2031 | 50 | &nbsp;&nbsp; 53723 |
| &nbsp;&nbsp;&nbsp; Cypress-Fairbanks Independent School District, Series 2019, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2032 | 95 | &nbsp;&nbsp; 101881 |
| &nbsp;&nbsp;&nbsp; Cypress-Fairbanks Independent School District, Series 2019, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2033 | 230 | &nbsp;&nbsp; 246292 |
| &nbsp;&nbsp;&nbsp; Cypress-Fairbanks Independent School District, Series 2019, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2034 | 10 | &nbsp;&nbsp; 10291 |
| &nbsp;&nbsp;&nbsp; Cypress-Fairbanks Independent School District, Series 2019, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2035 | 10 | &nbsp;&nbsp; 10649 |
| &nbsp;&nbsp;&nbsp; Cypress-Fairbanks Independent School District, Series 2024, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2029 | 150 | &nbsp;&nbsp; 161033 |
| &nbsp;&nbsp;&nbsp; Cypress-Fairbanks Independent School District, Series 2025, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2029 | 255 | &nbsp;&nbsp; 273757 |
| Dallas & Fort Worth (Cities of), TX, Series 2023 B, Ref. RB | 5.00% | 11/01/2029 | 340 | &nbsp;&nbsp; 370216 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 A, Ref. RB | 5.00% | 11/01/2029 | 80 | &nbsp;&nbsp; 87110 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020, Ref. RB | 5.00% | 11/01/2029 | 60 | &nbsp;&nbsp; 65332 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB | 5.00% | 11/01/2029 | 20 | &nbsp;&nbsp; 21777 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2024, RB | 5.00% | 11/01/2029 | 50 | &nbsp;&nbsp; 54444 |
| Dallas (City of), TX, Series 2023 A, Ref. GO Bonds | 5.00% | 02/15/2029 | 100 | &nbsp;&nbsp; 107419 |
| Dallas (City of), TX, Series 2024 A, GO Bonds | 5.00% | 02/15/2029 | 5 | &nbsp;&nbsp; 5371 |
| Dallas (City of), TX, Series 2024 B, Ctfs. of Obligations | 5.00% | 02/15/2029 | 80 | &nbsp;&nbsp; 85936 |
| Dallas (City of), TX, Series 2024 B, Ref. GO Bonds | 5.00% | 02/15/2029 | 75 | &nbsp;&nbsp; 80565 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas-(continued)** |  |  |  |  |
| Dallas (City of), TX, Series 2024 C, Ref. GO Bonds | 5.00% | 02/15/2029 | $100 | &nbsp;&nbsp; $107419 |
| Dallas (City of), TX Area Rapid Transit, Series 2007, Ref. RB, (INS - AMBAC)<sup>(c)</sup> | 5.25% | 12/01/2029 | 10 | &nbsp;&nbsp; 10986 |
| Dallas (City of), TX Area Rapid Transit, Series 2019, Ref. RB | 5.00% | 12/01/2029 | 35 | &nbsp;&nbsp; 38119 |
| Dallas (City of), TX Area Rapid Transit, Series 2019, Ref. RB | 5.00% | 12/01/2031 | 35 | &nbsp;&nbsp; 38041 |
| Dallas (City of), TX Area Rapid Transit, Series 2019, Ref. RB | 5.00% | 12/01/2032 | 60 | &nbsp;&nbsp; 65078 |
| Dallas (City of), TX Area Rapid Transit, Series 2019, Ref. RB | 5.00% | 12/01/2033 | 95 | &nbsp;&nbsp; 102667 |
| Dallas (City of), TX Area Rapid Transit, Series 2019, Ref. RB | 5.00% | 12/01/2034 | 340 | &nbsp;&nbsp; 366372 |
| &nbsp;&nbsp;&nbsp; Dallas (City of), TX Independent School District, Series 2019 B, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2031 | 80 | &nbsp;&nbsp; 83044 |
| &nbsp;&nbsp;&nbsp; Dallas (City of), TX Independent School District, Series 2019 B, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2032 | 40 | &nbsp;&nbsp; 41433 |
| &nbsp;&nbsp;&nbsp; Dallas (City of), TX Independent School District, Series 2019 B, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2033 | 45 | &nbsp;&nbsp; 46525 |
| &nbsp;&nbsp;&nbsp; Dallas (City of), TX Independent School District, Series 2025 B, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2029 | 160 | &nbsp;&nbsp; 172076 |
| &nbsp;&nbsp;&nbsp; Dallas (City of), TX Independent School District, Series 2025 C, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2029 | 50 | &nbsp;&nbsp; 53774 |
| Dallas (County of), TX Hospital District, Series 2019, Ref. GO Bonds | 5.00% | 08/15/2029 | 75 | &nbsp;&nbsp; 79441 |
| Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2029 | 45 | &nbsp;&nbsp; 48890 |
| &nbsp;&nbsp;&nbsp; Frisco Independent School District, Series 2019, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 08/15/2036 | 75 | &nbsp;&nbsp; 79672 |
| Garland (City of), TX, Series 2019, Ref. RB | 5.00% | 03/01/2044 | 150 | &nbsp;&nbsp; 153402 |
| Garland Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2029 | 15 | &nbsp;&nbsp; 16132 |
| Harris (County of) & Houston (City of), TX Sports Authority, Series 2024 A, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.00% | 11/15/2029 | 35 | &nbsp;&nbsp; 37799 |
| Harris (County of), TX, Series 2022 A, Ref. GO Bonds | 5.00% | 08/15/2029 | 50 | &nbsp;&nbsp; 54175 |
| Harris (County of), TX Toll Road Authority (The), Series 2022 A, Ref. RB | 5.00% | 08/15/2029 | 20 | &nbsp;&nbsp; 21677 |
| &nbsp;&nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp. (Baylor College of Medicine), Series 2024 A, <br> RB<br>| 5.00% | 05/15/2029 | 60 | &nbsp;&nbsp; 63590 |
| &nbsp;&nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), <br> Series 2019, Ref. RB<br>| 5.00% | 12/01/2029 | 230 | &nbsp;&nbsp; 249317 |
| &nbsp;&nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp. (Texas Children's Hospital), Series 2024, Ref. <br> RB<br>| 5.00% | 10/01/2029 | 130 | &nbsp;&nbsp; 140624 |
| Houston (City of), TX, Series 2018 B, Ref. RB | 5.00% | 07/01/2029 | 15 | &nbsp;&nbsp; 15847 |
| Houston (City of), TX, Series 2018 D, Ref. RB | 5.00% | 07/01/2029 | 55 | &nbsp;&nbsp; 58106 |
| Houston (City of), TX, Series 2019 A, Ref. GO Bonds | 5.00% | 03/01/2029 | 270 | &nbsp;&nbsp; 289951 |
| Houston (City of), TX, Series 2019 A, Ref. GO Bonds | 5.00% | 03/01/2031 | 65 | &nbsp;&nbsp; 69710 |
| Houston (City of), TX, Series 2019 A, Ref. GO Bonds | 5.00% | 03/01/2032 | 95 | &nbsp;&nbsp; 101780 |
| Houston (City of), TX, Series 2019 B, RB | 5.00% | 11/15/2049 | 30 | &nbsp;&nbsp; 30838 |
| Houston (City of), TX, Series 2024 A, Ref. RB | 5.00% | 11/15/2029 | 35 | &nbsp;&nbsp; 38154 |
| Houston (City of), TX, Series 2025, GO Bonds | 5.00% | 03/01/2029 | 35 | &nbsp;&nbsp; 37586 |
| Houston Community College System, Series 2020, Ref. GO Bonds | 5.00% | 02/15/2035 | 90 | &nbsp;&nbsp; 95641 |
| &nbsp;&nbsp;&nbsp; Houston Independent School District, Series 2025 A, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2029 | 100 | &nbsp;&nbsp; 107419 |
| &nbsp;&nbsp;&nbsp; Humble Independent School District, Series 2025, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2029 | 35 | &nbsp;&nbsp; 37619 |
| Klein Independent School District, Series 2025, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/01/2029 | 5 | &nbsp;&nbsp; 5421 |
| &nbsp;&nbsp;&nbsp; Lewisville Independent School District, Series 2020, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 08/15/2035 | 120 | &nbsp;&nbsp; 123337 |
| &nbsp;&nbsp;&nbsp; Lewisville Independent School District, Series 2020, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 08/15/2036 | 240 | &nbsp;&nbsp; 245730 |
| &nbsp;&nbsp;&nbsp; Lewisville Independent School District, Series 2020, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 08/15/2037 | 65 | &nbsp;&nbsp; 66263 |
| Lewisville Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2029 | 135 | &nbsp;&nbsp; 146821 |
| Lower Colorado River Authority, Series 2019, Ref. RB | 5.00% | 05/15/2034 | 50 | &nbsp;&nbsp; 53305 |
| Lower Colorado River Authority, Series 2019, Ref. RB | 5.00% | 05/15/2035 | 20 | &nbsp;&nbsp; 21247 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2019, RB | 5.00% | 05/15/2044 | 560 | &nbsp;&nbsp; 573053 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2019, Ref. RB | 5.00% | 05/15/2029 | 50 | &nbsp;&nbsp; 53699 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2019, Ref. RB | 5.00% | 05/15/2031 | 500 | &nbsp;&nbsp; 536251 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2019, Ref. RB | 5.00% | 05/15/2032 | 65 | &nbsp;&nbsp; 69613 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2019, Ref. RB | 5.00% | 05/15/2036 | 250 | &nbsp;&nbsp; 264447 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas-(continued)** |  |  |  |  |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2020, Ref. RB | 5.00% | 05/15/2034 | $35 | &nbsp;&nbsp; $37314 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2020, Ref. RB | 5.00% | 05/15/2035 | 500 | &nbsp;&nbsp; 531168 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, Ref. RB | 5.00% | 05/15/2029 | 15 | &nbsp;&nbsp; 16110 |
| &nbsp;&nbsp;&nbsp; Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023, Ref. RB, <br> (INS - AGI)<sup>(c)</sup><br>| 5.00% | 05/15/2029 | 20 | &nbsp;&nbsp; 21548 |
| &nbsp;&nbsp;&nbsp; Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023, Ref. RB, <br> (INS - AGI)<sup>(c)</sup><br>| 5.00% | 05/15/2029 | 10 | &nbsp;&nbsp; 10774 |
| Matagorda County Navigation District No. 1 (Central Power And Light Co.), Series 2001, Ref. RB | 2.60% | 11/01/2029 | 370 | &nbsp;&nbsp; 357329 |
| Midland Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2029 | 85 | &nbsp;&nbsp; 91225 |
| &nbsp;&nbsp;&nbsp; North East Independent School District, Series 2007, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.25% | 02/01/2029 | 230 | &nbsp;&nbsp; 248821 |
| North Texas Municipal Water District, Series 2021 A, Ref. RB | 5.00% | 09/01/2029 | 60 | &nbsp;&nbsp; 65158 |
| North Texas Tollway Authority, Series 2019 A, Ref. RB | 5.00% | 01/01/2038 | 175 | &nbsp;&nbsp; 183631 |
| North Texas Tollway Authority, Series 2019 B, Ref. RB | 5.00% | 01/01/2029 | 35 | &nbsp;&nbsp; 37437 |
| North Texas Tollway Authority, Series 2020 A, Ref. RB | 4.00% | 01/01/2035 | 140 | &nbsp;&nbsp; 142728 |
| North Texas Tollway Authority, Series 2024 A, Ref. RB | 5.00% | 01/01/2029 | 20 | &nbsp;&nbsp; 21405 |
| Permanent University Fund - Texas A&M University System, Series 2025 A, Ref. RB | 5.00% | 07/01/2029 | 35 | &nbsp;&nbsp; 37943 |
| Permanent University Fund - University of Texas System, Series 2007 B, Ref. RB | 5.25% | 07/01/2029 | 10 | &nbsp;&nbsp; 10926 |
| Permanent University Fund - University of Texas System, Series 2022 A, RB | 5.00% | 07/01/2029 | 220 | &nbsp;&nbsp; 238340 |
| Permanent University Fund - University of Texas System, Series 2025 A, Ref. RB | 5.00% | 07/01/2029 | 10 | &nbsp;&nbsp; 10848 |
| Pflugerville Independent School District, Series 2023 A, GO Bonds | 5.00% | 02/15/2048 | 215 | &nbsp;&nbsp; 220613 |
| Plano Independent School District, Series 2023, GO Bonds | 5.00% | 02/15/2029 | 15 | &nbsp;&nbsp; 16103 |
| Plano Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2029 | 40 | &nbsp;&nbsp; 42866 |
| &nbsp;&nbsp;&nbsp; Round Rock Independent School District, Series 2019 A, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 08/01/2029 | 155 | &nbsp;&nbsp; 167644 |
| &nbsp;&nbsp;&nbsp; Round Rock Independent School District, Series 2019 A, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 08/01/2031 | 155 | &nbsp;&nbsp; 168134 |
| &nbsp;&nbsp;&nbsp; Round Rock Independent School District, Series 2019 A, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 08/01/2032 | 120 | &nbsp;&nbsp; 125100 |
| San Antonio (City of), TX, Series 2018 A, RB | 5.00% | 02/01/2044 | 30 | &nbsp;&nbsp; 30664 |
| San Antonio (City of), TX, Series 2018 A, RB | 5.00% | 02/01/2048 | 55 | &nbsp;&nbsp; 55964 |
| San Antonio (City of), TX, Series 2019, Ref. GO Bonds | 5.00% | 08/01/2029 | 70 | &nbsp;&nbsp; 76016 |
| San Antonio (City of), TX, Series 2019, Ref. GO Bonds | 5.00% | 08/01/2031 | 235 | &nbsp;&nbsp; 254145 |
| San Antonio (City of), TX, Series 2019, Ref. GO Bonds | 5.00% | 08/01/2032 | 130 | &nbsp;&nbsp; 140184 |
| San Antonio (City of), TX, Series 2019, Ref. RB | 4.00% | 02/01/2029 | 25 | &nbsp;&nbsp; 25995 |
| San Antonio (City of), TX Water System, Series 2019 C, Ref. RB | 5.00% | 05/15/2034 | 285 | &nbsp;&nbsp; 307736 |
| San Antonio Public Facilities Corp., Series 2022, Ref. RB | 5.00% | 09/15/2029 | 10 | &nbsp;&nbsp; 10759 |
| San Jacinto Community College District, Series 2019 A, GO Bonds | 5.00% | 02/15/2044 | 20 | &nbsp;&nbsp; 20632 |
| Tarrant County Cultural Education Facilities Finance Corp. (Christus Health), Series 2018 B, RB | 5.00% | 07/01/2032 | 180 | &nbsp;&nbsp; 192061 |
| Tarrant County Cultural Education Facilities Finance Corp. (Christus Health), Series 2018 B, RB | 5.00% | 07/01/2033 | 70 | &nbsp;&nbsp; 74412 |
| Tarrant County Cultural Education Facilities Finance Corp. (Christus Health), Series 2018 B, RB | 5.00% | 07/01/2034 | 200 | &nbsp;&nbsp; 211865 |
| Tarrant County Cultural Education Facilities Finance Corp. (Christus Health), Series 2018 B, RB | 5.00% | 07/01/2035 | 145 | &nbsp;&nbsp; 153044 |
| Tarrant County Cultural Education Facilities Finance Corp. (Christus Health), Series 2018 B, RB | 5.00% | 07/01/2036 | 100 | &nbsp;&nbsp; 105082 |
| &nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp. (Cook Children's Medical Center), <br> Series 2020, Ref. RB<br>| 3.00% | 12/01/2050 | 125 | &nbsp;&nbsp; 90991 |
| Texas (State of) Transportation Commission, Series 2024, Ref. GO Bonds | 5.00% | 04/01/2029 | 35 | &nbsp;&nbsp; 37790 |
| Texas (State of) Water Development Board, Series 2019 A, RB | 5.00% | 04/15/2031 | 185 | &nbsp;&nbsp; 201645 |
| Texas (State of) Water Development Board, Series 2019 A, RB | 5.00% | 04/15/2032 | 255 | &nbsp;&nbsp; 277407 |
| Texas (State of) Water Development Board, Series 2019 A, RB | 4.00% | 10/15/2036 | 125 | &nbsp;&nbsp; 128031 |
| Texas (State of) Water Development Board, Series 2020, RB | 5.00% | 08/01/2029 | 100 | &nbsp;&nbsp; 108631 |
| Texas (State of) Water Development Board, Series 2021, RB | 5.00% | 08/01/2029 | 55 | &nbsp;&nbsp; 59747 |
| Texas (State of) Water Development Board, Series 2023 A, RB | 5.00% | 10/15/2029 | 85 | &nbsp;&nbsp; 92733 |
| Texas A&M University, Series 2024 A, RB | 5.00% | 05/15/2029 | 100 | &nbsp;&nbsp; 108119 |
| Texas Private Activity Bond Surface Transportation Corp., Series 2019, Ref. RB | 5.00% | 12/31/2031 | 55 | &nbsp;&nbsp; 58998 |
| &nbsp;&nbsp;&nbsp; Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC - North Tarrant <br> Express Managed Lanes), Series 2019 A, Ref. RB<br>| 5.00% | 12/31/2032 | 155 | &nbsp;&nbsp; 165848 |
| &nbsp;&nbsp;&nbsp; Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC - North Tarrant <br> Express Managed Lanes), Series 2019 A, Ref. RB<br>| 5.00% | 12/31/2033 | 135 | &nbsp;&nbsp; 144033 |
| &nbsp;&nbsp;&nbsp; Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC - North Tarrant <br> Express Managed Lanes), Series 2019 A, Ref. RB<br>| 4.00% | 12/31/2038 | 250 | &nbsp;&nbsp; 247884 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas-(continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC - North Tarrant <br> Express Managed Lanes), Series 2019, Ref. RB<br>| 5.00% | 12/31/2035 | $35 | &nbsp;&nbsp; $37107 |
| &nbsp;&nbsp;&nbsp; Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC - North Tarrant <br> Express Managed Lanes), Series 2019, Ref. RB<br>| 5.00% | 12/31/2036 | 95 | &nbsp;&nbsp; 100297 |
| Texas State University Board of Regents, Series 2024, Ref. RB | 5.00% | 03/15/2029 | 10 | &nbsp;&nbsp; 10751 |
| Texas Transportation Commission State Highway No. 249, Series 2019, RB | 5.00% | 08/01/2057 | 25 | &nbsp;&nbsp; 25372 |
| Travis (County of), TX, Series 2019 A, Ctfs. of Obligations | 5.00% | 03/01/2034 | 25 | &nbsp;&nbsp; 26692 |
| Travis (County of), TX, Series 2019 A, Ctfs. of Obligations | 5.00% | 03/01/2035 | 255 | &nbsp;&nbsp; 271730 |
| Travis (County of), TX, Series 2019 A, Ctfs. of Obligations | 5.00% | 03/01/2038 | 205 | &nbsp;&nbsp; 216534 |
| Travis (County of), TX, Series 2019 A, Ctfs. of Obligations | 5.00% | 03/01/2039 | 15 | &nbsp;&nbsp; 15793 |
| Travis (County of), TX, Series 2019 A, Ctfs. Of Obligations | 5.00% | 03/01/2032 | 110 | &nbsp;&nbsp; 117992 |
| Travis (County of), TX, Series 2019 A, Ctfs. Of Obligations | 5.00% | 03/01/2037 | 30 | &nbsp;&nbsp; 31767 |
| Trinity River Authority, Series 2020, Ref. RB | 5.00% | 08/01/2029 | 100 | &nbsp;&nbsp; 108412 |
| Webb (County of), TX, Series 2020, Ctfs. Of Obligations | 4.00% | 02/15/2045 | 15 | &nbsp;&nbsp; 14331 |
| Williamson (County of), TX, Series 2020, GO Bonds | 4.00% | 02/15/2033 | 260 | &nbsp;&nbsp; 267834 |
|  |  |  |  | &nbsp;&nbsp; 16871643 |
| **Utah-0.42%** |  |  |  |  |
| Board of Regents of Utah University, Series 1998 A, Ref. RB, (INS - NATL)<sup>(c)</sup> | 5.50% | 04/01/2029 | 100 | &nbsp;&nbsp; 104804 |
| Intermountain Power Agency, Series 2022 A, Ref. RB | 5.00% | 07/01/2029 | 90 | &nbsp;&nbsp; 97022 |
| Intermountain Power Agency, Series 2023 A, RB | 5.00% | 07/01/2029 | 75 | &nbsp;&nbsp; 80852 |
| University of Utah (The) (Green Bonds), Series 2022 B, RB | 5.00% | 08/01/2029 | 150 | &nbsp;&nbsp; 162728 |
| Utah (State of), Series 2020, GO Bonds | 5.00% | 07/01/2029 | 140 | &nbsp;&nbsp; 150510 |
| Utah (State of), Series 2020, GO Bonds | 5.00% | 07/01/2030 | 50 | &nbsp;&nbsp; 53742 |
| Utah (State of), Series 2020, GO Bonds | 5.00% | 07/01/2031 | 70 | &nbsp;&nbsp; 75209 |
| Utah (State of), Series 2020, GO Bonds | 5.00% | 07/01/2032 | 55 | &nbsp;&nbsp; 58982 |
| Utah (State of) Transit Authority, Series 2006 C, Ref. RB, (INS - AGI)<sup>(c)</sup> | 5.25% | 06/15/2029 | 70 | &nbsp;&nbsp; 75237 |
| Utah State Building Ownership Authority, Series 2024, Ref. RB | 5.00% | 05/15/2029 | 70 | &nbsp;&nbsp; 75683 |
|  |  |  |  | &nbsp;&nbsp; 934769 |
| **Vermont-0.08%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Vermont (State of) Educational & Health Buildings Financing Agency (Middlebury College), <br> Series 2020, Ref. RB<br>| 5.00% | 11/01/2049 | 175 | &nbsp;&nbsp; 179469 |
| **Virginia-1.09%** |  |  |  |  |
| Arlington (County of), VA, Series 2016 B, Ref. GO Bonds | 2.50% | 08/15/2029 | 25 | &nbsp;&nbsp; 24454 |
| &nbsp;&nbsp;&nbsp; Charles City (County of), VA Economic Development Authority (Wate Management, Inc.), Series 2004 <br> A, RB<br>| 2.88% | 02/01/2029 | 30 | &nbsp;&nbsp; 29509 |
| Fairfax (County of), VA, Series 2020 A, Ref. GO Bonds | 5.00% | 10/01/2029 | 175 | &nbsp;&nbsp; 191101 |
| &nbsp;&nbsp;&nbsp; Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2022, Ref. <br> RB<br>| 5.00% | 05/15/2029 | 95 | &nbsp;&nbsp; 102451 |
| Loudoun (County of), VA Economic Development Authority, Series 2020, Ref. RB | 4.00% | 12/01/2033 | 65 | &nbsp;&nbsp; 67705 |
| Richmond (City of), VA, Series 2017 D, Ref. GO Bonds | 5.00% | 03/01/2029 | 130 | &nbsp;&nbsp; 140323 |
| Virginia (Commonwealth of) College Building Authority, Series 2019 A, RB | 5.00% | 02/01/2029 | 90 | &nbsp;&nbsp; 96798 |
| Virginia (Commonwealth of) College Building Authority, Series 2019 A, RB | 5.00% | 02/01/2031 | 110 | &nbsp;&nbsp; 118383 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Centuity College and Equipment), <br> Series 2021, RB<br>| 5.00% | 02/01/2029 | 205 | &nbsp;&nbsp; 220485 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment <br> Programs), Series 2017 E, Ref. RB<br>| 5.00% | 02/01/2029 | 405 | &nbsp;&nbsp; 425892 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment <br> Programs), Series 2019 C, Ref. RB<br>| 5.00% | 02/01/2029 | 60 | &nbsp;&nbsp; 64532 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment <br> Programs), Series 2022 A, RB<br>| 5.00% | 02/01/2029 | 190 | &nbsp;&nbsp; 204352 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment <br> Programs), Series 2023 A, RB<br>| 5.00% | 02/01/2029 | 20 | &nbsp;&nbsp; 21511 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment <br> Programs), Series 2023, Ref. RB<br>| 5.00% | 02/01/2029 | 25 | &nbsp;&nbsp; 26888 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments <br> Programs), Series 2024, RB<br>| 5.00% | 02/01/2029 | 15 | &nbsp;&nbsp; 16133 |
| Virginia (Commonwealth of) Public Building Authority, Series 2020 B, Ref. RB | 5.00% | 08/01/2029 | 60 | &nbsp;&nbsp; 65223 |
| Virginia (Commonwealth of) Public Building Authority, Series 2021 A-1, RB | 5.00% | 08/01/2029 | 390 | &nbsp;&nbsp; 423948 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Virginia-(continued)** |  |  |  |  |
| Virginia (Commonwealth of) Public Building Authority, Series 2022 A, RB | 5.00% | 08/01/2029 | $10 | &nbsp;&nbsp; $10871 |
| Virginia (Commonwealth of) Transportation Board (Transportation Capital), Series 2024, Ref. RB | 5.00% | 05/15/2029 | 165 | &nbsp;&nbsp; 178624 |
|  |  |  |  | &nbsp;&nbsp; 2429183 |
| **Washington-3.43%** |  |  |  |  |
| Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB | 5.00% | 11/01/2029 | 160 | &nbsp;&nbsp; 175282 |
| Energy Northwest (Columbia Generating Station), Series 2019 A, Ref. RB | 5.00% | 07/01/2035 | 80 | &nbsp;&nbsp; 85822 |
| Energy Northwest (Columbia Generating Station), Series 2019 A, Ref. RB | 5.00% | 07/01/2037 | 390 | &nbsp;&nbsp; 415164 |
| Energy Northwest (Columbia Generating Station), Series 2019, Ref. RB | 5.00% | 07/01/2036 | 290 | &nbsp;&nbsp; 309913 |
| Energy Northwest (Columbia Generating Station), Series 2019, Ref. RB | 5.00% | 07/01/2038 | 120 | &nbsp;&nbsp; 127278 |
| &nbsp;&nbsp;&nbsp; King County School District No. 210 Federal Way, Series 2019, Ref. GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 4.00% | 12/01/2029 | 135 | &nbsp;&nbsp; 142202 |
| &nbsp;&nbsp;&nbsp; King County School District No. 414 Lake Washington, Series 2020, Ref. GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 4.00% | 12/01/2029 | 30 | &nbsp;&nbsp; 31554 |
| North Thurston Public Schools, Series 2024, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2029 | 15 | &nbsp;&nbsp; 16403 |
| &nbsp;&nbsp;&nbsp; Pierce County School District No. 403 Bethel, Series 2019, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2036 | 95 | &nbsp;&nbsp; 101330 |
| Seattle (Port of), WA, Series 2022 A, Ref. RB | 5.00% | 08/01/2029 | 125 | &nbsp;&nbsp; 135972 |
| &nbsp;&nbsp;&nbsp; Snohomish County School District No. 201 Snohomish, Series 2020, Ref. GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2029 | 280 | &nbsp;&nbsp; 305290 |
| &nbsp;&nbsp;&nbsp; Spokane County School District No. 81, Series 2019, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2034 | 90 | &nbsp;&nbsp; 96617 |
| &nbsp;&nbsp;&nbsp; Spokane County School District No. 81, Series 2019, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2035 | 175 | &nbsp;&nbsp; 187287 |
| &nbsp;&nbsp;&nbsp; Spokane County School District No. 81, Series 2019, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2036 | 95 | &nbsp;&nbsp; 101330 |
| Washington (State of), Series 2018 C, GO Bonds | 5.00% | 02/01/2029 | 330 | &nbsp;&nbsp; 347041 |
| Washington (State of), Series 2019 A, GO Bonds | 5.00% | 08/01/2029 | 110 | &nbsp;&nbsp; 119736 |
| Washington (State of), Series 2019 A, GO Bonds | 5.00% | 08/01/2031 | 65 | &nbsp;&nbsp; 70555 |
| Washington (State of), Series 2019 A, GO Bonds | 5.00% | 08/01/2035 | 80 | &nbsp;&nbsp; 85979 |
| Washington (State of), Series 2019 A, GO Bonds | 5.00% | 08/01/2036 | 95 | &nbsp;&nbsp; 101742 |
| Washington (State of), Series 2019 A, GO Bonds | 5.00% | 08/01/2037 | 45 | &nbsp;&nbsp; 48025 |
| Washington (State of), Series 2019 A, GO Bonds | 5.00% | 08/01/2039 | 210 | &nbsp;&nbsp; 222593 |
| Washington (State of), Series 2019 A, GO Bonds | 5.00% | 08/01/2042 | 335 | &nbsp;&nbsp; 349722 |
| Washington (State of), Series 2019 A, GO Bonds | 5.00% | 08/01/2044 | 325 | &nbsp;&nbsp; 336262 |
| Washington (State of), Series 2019 C, GO Bonds | 5.00% | 02/01/2029 | 70 | &nbsp;&nbsp; 75376 |
| Washington (State of), Series 2019 C, GO Bonds | 5.00% | 02/01/2031 | 135 | &nbsp;&nbsp; 145118 |
| Washington (State of), Series 2019 C, GO Bonds | 5.00% | 02/01/2032 | 70 | &nbsp;&nbsp; 75128 |
| Washington (State of), Series 2019 C, GO Bonds | 5.00% | 02/01/2033 | 95 | &nbsp;&nbsp; 101752 |
| Washington (State of), Series 2019 C, GO Bonds | 5.00% | 02/01/2034 | 55 | &nbsp;&nbsp; 58777 |
| Washington (State of), Series 2019 C, GO Bonds | 5.00% | 02/01/2035 | 245 | &nbsp;&nbsp; 261291 |
| Washington (State of), Series 2019 C, GO Bonds | 5.00% | 02/01/2036 | 280 | &nbsp;&nbsp; 297693 |
| Washington (State of), Series 2019 C, GO Bonds | 5.00% | 02/01/2037 | 55 | &nbsp;&nbsp; 58297 |
| Washington (State of), Series 2019 C, GO Bonds | 5.00% | 02/01/2038 | 10 | &nbsp;&nbsp; 10567 |
| Washington (State of), Series 2019 C, GO Bonds | 5.00% | 02/01/2039 | 5 | &nbsp;&nbsp; 5268 |
| Washington (State of), Series 2020 A, GO Bonds | 5.00% | 08/01/2032 | 65 | &nbsp;&nbsp; 70399 |
| Washington (State of), Series 2020 A, GO Bonds | 5.00% | 08/01/2033 | 200 | &nbsp;&nbsp; 216063 |
| Washington (State of), Series 2020 A, GO Bonds | 5.00% | 08/01/2034 | 100 | &nbsp;&nbsp; 107792 |
| Washington (State of), Series 2020 A, GO Bonds | 5.00% | 08/01/2038 | 50 | &nbsp;&nbsp; 53178 |
| Washington (State of), Series 2020 A, GO Bonds | 5.00% | 08/01/2041 | 5 | &nbsp;&nbsp; 5246 |
| Washington (State of), Series 2020 A, GO Bonds | 5.00% | 08/01/2043 | 10 | &nbsp;&nbsp; 10392 |
| Washington (State of), Series 2020 C, GO Bonds | 5.00% | 02/01/2029 | 75 | &nbsp;&nbsp; 80760 |
| Washington (State of), Series 2021, Ref. GO Bonds | 5.00% | 06/01/2029 | 140 | &nbsp;&nbsp; 151852 |
| Washington (State of), Series 2024, Ref. GO Bonds | 5.00% | 07/01/2029 | 225 | &nbsp;&nbsp; 244481 |
| Washington (State of), Series 2025 C, GO Bonds | 5.00% | 02/01/2029 | 85 | &nbsp;&nbsp; 91528 |
| Washington (State of), Series 2025A, GO Bonds | 5.00% | 08/01/2029 | 35 | &nbsp;&nbsp; 38098 |
| Washington (State of), Series R-2023B, Ref. GO Bonds | 5.00% | 07/01/2029 | 70 | &nbsp;&nbsp; 76061 |
| Washington (State of), Series R-2024A, Ref. GO Bonds | 5.00% | 02/01/2029 | 55 | &nbsp;&nbsp; 59224 |
| Washington (State of), Series R-2024C, Ref. GO Bonds | 5.00% | 08/01/2029 | 85 | &nbsp;&nbsp; 92524 |
| Washington (State of), Series R-2025B, Ref. GO Bonds | 5.00% | 07/01/2029 | 195 | &nbsp;&nbsp; 211883 |
| Washington (State of) (Bid Group 1), Series 2020 A, GO Bonds | 5.00% | 08/01/2029 | 40 | &nbsp;&nbsp; 43540 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Washington-(continued)** |  |  |  |  |  |
| Washington (State of) (Bid Group 1), Series 2021 A, GO Bonds | 5.00% | 08/01/2029 | $| 110 | &nbsp;&nbsp; $119736 |
| Washington (State of) (Bid Group 1), Series 2021 C, GO Bonds | 5.00% | 02/01/2029 |  | 40 | &nbsp;&nbsp; 43072 |
| Washington (State of) (Bid Group 1), Series 2022 C, GO Bonds | 5.00% | 02/01/2029 |  | 380 | &nbsp;&nbsp; 409185 |
| Washington (State of) (Bid Group 1), Series 2024 A, GO Bonds | 5.00% | 08/01/2029 |  | 135 | &nbsp;&nbsp; 146949 |
| Washington (State of) (Bid Group 2), Series R-2022C, Ref. GO Bonds | 4.00% | 07/01/2029 |  | 115 | &nbsp;&nbsp; 120794 |
| Washington (State of) (Bid Group 2), Series R-2023A, Ref. GO Bonds | 5.00% | 08/01/2029 |  | 265 | &nbsp;&nbsp; 288456 |
|  |  |  |  |  | &nbsp;&nbsp; 7683579 |
| **West Virginia-0.51%** |  |  |  |  |  |
| West Virginia (State of) (Bid Group 1), Series 2019, GO Bonds | 5.00% | 12/01/2036 |  | 275 | &nbsp;&nbsp; 293607 |
| West Virginia (State of) (Bidding Group 2), Series 2019 A, GO Bonds | 5.00% | 12/01/2040 |  | 270 | &nbsp;&nbsp; 283978 |
| West Virginia (State of) (Bidding Group 2), Series 2019 A, GO Bonds | 5.00% | 06/01/2041 |  | 185 | &nbsp;&nbsp; 193770 |
| West Virginia (State of) (Bidding Group 2), Series 2019 A, GO Bonds | 5.00% | 12/01/2041 |  | 25 | &nbsp;&nbsp; 26185 |
| West Virginia (State of) (Bidding Group 2), Series 2019 A, GO Bonds | 5.00% | 12/01/2043 |  | 120 | &nbsp;&nbsp; 124617 |
| West Virginia (State of) (Bidding Group 2), Series 2019 A, GO Bonds | 5.00% | 06/01/2044 |  | 25 | &nbsp;&nbsp; 25874 |
| &nbsp;&nbsp;&nbsp; West Virginia (State of) Hospital Finance Authority (Cabell Huntington Hospital Obligated Group), <br> Series 2018, Ref. RB<br>| 5.00% | 01/01/2043 |  | 125 | &nbsp;&nbsp; 117805 |
| &nbsp;&nbsp;&nbsp; West Virginia (State of) Hospital Finance Authority (West Virginia University Health System Obligated <br> Group), Series 2019, Ref. RB<br>| 5.00% | 09/01/2039 |  | 65 | &nbsp;&nbsp; 66599 |
|  |  |  |  |  | &nbsp;&nbsp; 1132435 |
| **Wisconsin-0.64%** |  |  |  |  |  |
| Fond Du Lac (County of), WI, Series 2019 A, GO Notes | 3.00% | 03/01/2029 |  | 140 | &nbsp;&nbsp; 140069 |
| Wisconsin (State of), Series 2020 1, Ref. GO Bonds | 5.00% | 05/01/2029 |  | 150 | &nbsp;&nbsp; 162454 |
| Wisconsin (State of), Series 2021 1, Ref. GO Bonds | 5.00% | 05/01/2029 |  | 135 | &nbsp;&nbsp; 146208 |
| Wisconsin (State of), Series 2021-2, Ref. GO Bonds | 5.00% | 05/01/2029 |  | 175 | &nbsp;&nbsp; 189529 |
| Wisconsin (State of), Series 2023, Ref. GO Bonds | 5.00% | 05/01/2029 |  | 35 | &nbsp;&nbsp; 37906 |
| Wisconsin (State of), Series 2024, Ref. GO Bonds | 5.00% | 05/01/2029 |  | 85 | &nbsp;&nbsp; 92057 |
| Wisconsin (State of), Series 2024-1, Ref. GO Bonds | 5.00% | 05/01/2029 |  | 180 | &nbsp;&nbsp; 194945 |
| Wisconsin (State of), Series 2025, Ref. GO Bonds | 5.00% | 05/01/2029 |  | 55 | &nbsp;&nbsp; 59566 |
| Wisconsin (State of) Department of Transportation, Series 2023 1, Ref. RB | 5.00% | 07/01/2029 |  | 105 | &nbsp;&nbsp; 114053 |
| Wisconsin (State of) Department of Transportation, Series 2025, Ref. RB | 5.00% | 07/01/2029 |  | 25 | &nbsp;&nbsp; 27156 |
| &nbsp;&nbsp;&nbsp; Wisconsin (State of) Health & Educational Facilities Authority (Ascension Senior Credit Group), <br> Series 2019, Ref. RB<br>| 5.00% | 11/15/2029 |  | 255 | &nbsp;&nbsp; 276583 |
|  |  |  |  |  | &nbsp;&nbsp; 1440526 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-97.73% <br>(Cost $218,111,488) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-97.73% <br>(Cost $218,111,488) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-97.73% <br>(Cost $218,111,488) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-97.73% <br>(Cost $218,111,488) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-97.73% <br>(Cost $218,111,488) | &nbsp;&nbsp; 218623784 |
| OTHER ASSETS LESS LIABILITIES-2.27% | OTHER ASSETS LESS LIABILITIES-2.27% | OTHER ASSETS LESS LIABILITIES-2.27% | OTHER ASSETS LESS LIABILITIES-2.27% | OTHER ASSETS LESS LIABILITIES-2.27% | &nbsp;&nbsp; 5075698 |
| NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $223699482 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| AGI | -Assured Guaranty, Inc. |
| 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. |
| PCR | -Pollution Control Revenue Bonds |
| RB | -Revenue Bonds |
| Ref. | -Refunding |
| RN | -Revenue Notes |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. |
| <sup>(b)</sup> | Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. |
| <sup>(c)</sup> | Principal and/or interest payments are secured by the bond insurance company listed. |
| <sup>(d)</sup> | 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 <br> obligations but may be called upon to satisfy the issuer's obligations. No concentration of any single entity was greater than 5% each.<br>|

---

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

See accompanying notes which are an integral part of this schedule.

------

Schedule of Investments

**Invesco BulletShares 2030 Municipal Bond ETF (BSMU)**

November 30, 2025

*(Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Municipal Obligations-96.91%** |  |  |  |  |
| **Alabama-1.19%** |  |  |  |  |
| Alabama (State of) Federal Aid Highway Finance Authority, Series 2025 B, Ref. RB | 5.00% | 09/01/2030 | $75 | &nbsp;&nbsp; $83499 |
| Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB | 5.00% | 11/01/2030 | 45 | &nbsp;&nbsp; 50168 |
| Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB | 5.00% | 11/01/2032 | 205 | &nbsp;&nbsp; 227511 |
| Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB | 5.00% | 11/01/2033 | 360 | &nbsp;&nbsp; 398154 |
| Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB | 5.00% | 11/01/2034 | 370 | &nbsp;&nbsp; 408115 |
| Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB | 5.00% | 11/01/2035 | 200 | &nbsp;&nbsp; 219227 |
| Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB | 4.00% | 11/01/2036 | 225 | &nbsp;&nbsp; 232074 |
| Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB | 5.00% | 11/01/2037 | 355 | &nbsp;&nbsp; 384091 |
| Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB | 5.00% | 11/01/2039 | 270 | &nbsp;&nbsp; 289712 |
| Auburn University, Series 2025 B, Ref. RB | 5.00% | 06/01/2030 | 10 | &nbsp;&nbsp; 11034 |
| &nbsp;&nbsp;&nbsp; Birmingham (City of), AL Special Care Facilities Financing Authority (Children's Hospital), Series 2025 <br> A, Ref. RB<br>| 5.00% | 06/01/2030 | 50 | &nbsp;&nbsp; 54745 |
| Jefferson (County of), AL, Series 2024, Ref. RB | 5.00% | 10/01/2030 | 95 | &nbsp;&nbsp; 103985 |
|  |  |  |  | &nbsp;&nbsp; 2462315 |
| **Alaska-0.04%** |  |  |  |  |
| Alaska (State of), Series 2024 A, Ref. GO Bonds | 5.00% | 08/01/2030 | 70 | &nbsp;&nbsp; 77696 |
| **Arizona-1.18%** |  |  |  |  |
| Arizona (State of) Department of Transportation, Series 2023, RB | 5.00% | 07/01/2030 | 130 | &nbsp;&nbsp; 144039 |
| Arizona (State of) Sports & Tourism Authority, Series 2022, Ref. RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 07/01/2030 | 260 | &nbsp;&nbsp; 284302 |
| Gilbert Water Resource Municipal Property Corp. (Green Bonds), Series 2022, RB | 5.00% | 07/15/2030 | 50 | &nbsp;&nbsp; 55514 |
| &nbsp;&nbsp;&nbsp; Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), <br> Series 2024 D, Ref. RB<br>| 5.00% | 12/01/2030 | 75 | &nbsp;&nbsp; 82096 |
| Maricopa (County of), AZ Industrial Development Authority (Creighton University), Series 2020, RB | 5.00% | 07/01/2047 | 105 | &nbsp;&nbsp; 107225 |
| Maricopa (County of), AZ Special Health Care District, Series 2021 D, GO Bonds | 5.00% | 07/01/2030 | 20 | &nbsp;&nbsp; 22051 |
| Maricopa County Union High School District No. 210-Phoenix (2023), Series 2025 B, GO Bonds | 5.00% | 07/01/2030 | 70 | &nbsp;&nbsp; 77656 |
| Mesa (City of), AZ, Series 2014, Ref. RB | 3.25% | 07/01/2030 | 25 | &nbsp;&nbsp; 25003 |
| Mesa (City of), AZ, Series 2020, Ref. RB | 4.00% | 07/01/2034 | 100 | &nbsp;&nbsp; 103932 |
| Phoenix Civic Improvement Corp., Series 2020 A, RB | 5.00% | 07/01/2040 | 250 | &nbsp;&nbsp; 266446 |
| Phoenix Civic Improvement Corp., Series 2020 A, RB | 5.00% | 07/01/2044 | 165 | &nbsp;&nbsp; 172158 |
| Phoenix Civic Improvement Corp. (Green Bonds), Series 2020, RB | 5.00% | 07/01/2044 | 150 | &nbsp;&nbsp; 156508 |
| Salt River Project Agricultural Improvement & Power District, Series 2019, RB | 5.00% | 01/01/2035 | 315 | &nbsp;&nbsp; 341931 |
| Salt River Project Agricultural Improvement & Power District, Series 2019, RB | 5.00% | 01/01/2037 | 385 | &nbsp;&nbsp; 414201 |
| Salt River Project Agricultural Improvement & Power District, Series 2025 B, Ref. RB | 5.00% | 01/01/2030 | 125 | &nbsp;&nbsp; 137285 |
| Scottsdale Municipal Property Corp., Series 2006, Ref. RB | 5.00% | 07/01/2030 | 15 | &nbsp;&nbsp; 16108 |
| University of Arizona Board of Regents, Series 2025, Ref. RB | 5.00% | 07/01/2030 | 20 | &nbsp;&nbsp; 22114 |
|  |  |  |  | &nbsp;&nbsp; 2428569 |
| **California-16.86%** |  |  |  |  |
| Anaheim (City of), CA Housing & Public Improvements Authority, Series 2024 A, GO Bonds | 5.00% | 10/01/2032 | 265 | &nbsp;&nbsp; 295851 |
| Anaheim (City of), CA Housing & Public Improvements Authority, Series 2024 A, GO Bonds | 5.00% | 10/01/2033 | 220 | &nbsp;&nbsp; 244767 |
| Bay Area Toll Authority, Series 2025, Ref. RB | 5.00% | 04/01/2030 | 25 | &nbsp;&nbsp; 28000 |
| Bay Area Toll Authority (San Francisco Bay Area), Series 2023 F-1, RB | 5.00% | 04/01/2030 | 245 | &nbsp;&nbsp; 274400 |
| California (State of), Series 2015, Ref. GO Bonds | 3.50% | 12/01/2030 | 75 | &nbsp;&nbsp; 75019 |
| California (State of), Series 2019, GO Bonds | 5.00% | 04/01/2030 | 45 | &nbsp;&nbsp; 48788 |
| California (State of), Series 2019, GO Bonds | 5.00% | 10/01/2030 | 200 | &nbsp;&nbsp; 219354 |
| California (State of), Series 2019, Ref. GO Bonds | 5.00% | 04/01/2030 | 300 | &nbsp;&nbsp; 332453 |
| California (State of), Series 2019, Ref. GO Bonds | 5.00% | 04/01/2030 | 10 | &nbsp;&nbsp; 10842 |
| California (State of), Series 2020 B, GO Bonds | 5.00% | 11/01/2034 | 395 | &nbsp;&nbsp; 439149 |
| California (State of), Series 2020, GO Bonds | 5.00% | 03/01/2030 | 95 | &nbsp;&nbsp; 105079 |
| California (State of), Series 2020, GO Bonds | 5.00% | 03/01/2030 | 15 | &nbsp;&nbsp; 16591 |
| California (State of), Series 2020, GO Bonds | 5.00% | 03/01/2032 | 100 | &nbsp;&nbsp; 110439 |
| California (State of), Series 2020, GO Bonds | 5.00% | 11/01/2032 | 115 | &nbsp;&nbsp; 128529 |
| California (State of), Series 2020, GO Bonds | 5.00% | 03/01/2033 | 75 | &nbsp;&nbsp; 82605 |
| California (State of), Series 2020, GO Bonds | 5.00% | 03/01/2034 | 240 | &nbsp;&nbsp; 263781 |
| California (State of), Series 2020, GO Bonds | 5.00% | 03/01/2034 | 255 | &nbsp;&nbsp; 280267 |
| California (State of), Series 2020, GO Bonds | 4.00% | 11/01/2034 | 290 | &nbsp;&nbsp; 306623 |
| California (State of), Series 2020, GO Bonds | 5.00% | 03/01/2035 | 30 | &nbsp;&nbsp; 32958 |
| California (State of), Series 2020, GO Bonds | 5.00% | 03/01/2035 | 780 | &nbsp;&nbsp; 856900 |
| California (State of), Series 2020, GO Bonds | 4.00% | 11/01/2035 | 25 | &nbsp;&nbsp; 26230 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| California (State of), Series 2020, GO Bonds | 5.00% | 11/01/2035 | $40 | &nbsp;&nbsp; $44387 |
| California (State of), Series 2020, GO Bonds | 4.00% | 03/01/2036 | 570 | &nbsp;&nbsp; 592902 |
| California (State of), Series 2020, Ref. GO Bonds<sup>(b)(c)</sup> | 4.00% | 03/01/2030 | 15 | &nbsp;&nbsp; 15982 |
| California (State of), Series 2020, Ref. GO Bonds<sup>(b)(c)</sup> | 5.00% | 03/01/2030 | 15 | &nbsp;&nbsp; 16585 |
| California (State of), Series 2020, Ref. GO Bonds<sup>(b)(c)</sup> | 5.00% | 03/01/2030 | 10 | &nbsp;&nbsp; 11057 |
| California (State of), Series 2020, Ref. GO Bonds | 4.00% | 11/01/2030 | 95 | &nbsp;&nbsp; 101496 |
| California (State of), Series 2020, Ref. GO Bonds<sup>(b)(c)</sup> | 4.00% | 11/01/2030 | 5 | &nbsp;&nbsp; 5380 |
| California (State of), Series 2020, Ref. GO Bonds | 5.00% | 11/01/2030 | 325 | &nbsp;&nbsp; 364884 |
| California (State of), Series 2020, Ref. GO Bonds | 5.00% | 03/01/2032 | 65 | &nbsp;&nbsp; 71785 |
| California (State of), Series 2020, Ref. GO Bonds | 5.00% | 03/01/2032 | 450 | &nbsp;&nbsp; 496976 |
| California (State of), Series 2020, Ref. GO Bonds | 5.00% | 11/01/2032 | 245 | &nbsp;&nbsp; 273823 |
| California (State of), Series 2020, Ref. GO Bonds | 5.00% | 03/01/2033 | 130 | &nbsp;&nbsp; 143182 |
| California (State of), Series 2020, Ref. GO Bonds | 5.00% | 03/01/2033 | 65 | &nbsp;&nbsp; 71591 |
| California (State of), Series 2020, Ref. GO Bonds | 4.00% | 11/01/2036 | 295 | &nbsp;&nbsp; 307543 |
| California (State of), Series 2020, Ref. GO Bonds | 4.00% | 11/01/2039 | 15 | &nbsp;&nbsp; 15394 |
| California (State of), Series 2020, Ref. GO Bonds | 4.00% | 11/01/2040 | 30 | &nbsp;&nbsp; 30608 |
| California (State of), Series 2021 C, Ref. GO Bonds | 5.00% | 10/01/2030 | 25 | &nbsp;&nbsp; 28016 |
| California (State of), Series 2021, GO Bonds | 5.00% | 10/01/2030 | 335 | &nbsp;&nbsp; 375412 |
| California (State of), Series 2021, GO Bonds<sup>(b)(c)</sup> | 5.00% | 12/01/2030 | 5 | &nbsp;&nbsp; 5621 |
| California (State of), Series 2021, GO Bonds | 5.00% | 12/01/2034 | 295 | &nbsp;&nbsp; 328424 |
| California (State of), Series 2021, GO Bonds | 5.00% | 12/01/2035 | 250 | &nbsp;&nbsp; 277752 |
| California (State of), Series 2021, GO Bonds | 5.00% | 12/01/2036 | 180 | &nbsp;&nbsp; 198880 |
| California (State of), Series 2021, GO Bonds | 5.00% | 12/01/2043 | 55 | &nbsp;&nbsp; 58380 |
| California (State of), Series 2021, Ref. GO Bonds | 5.00% | 09/01/2030 | 130 | &nbsp;&nbsp; 145412 |
| California (State of), Series 2021, Ref. GO Bonds | 5.00% | 12/01/2030 | 575 | &nbsp;&nbsp; 646755 |
| California (State of), Series 2022, GO Bonds | 5.00% | 04/01/2030 | 195 | &nbsp;&nbsp; 216094 |
| California (State of), Series 2022, Ref. GO Bonds | 5.00% | 09/01/2030 | 55 | &nbsp;&nbsp; 61520 |
| California (State of), Series 2022, Ref. GO Bonds | 5.00% | 11/01/2030 | 425 | &nbsp;&nbsp; 477156 |
| California (State of), Series 2023, GO Bonds | 5.00% | 10/01/2030 | 30 | &nbsp;&nbsp; 33619 |
| California (State of), Series 2023, Ref. GO Bonds | 5.00% | 09/01/2030 | 40 | &nbsp;&nbsp; 44742 |
| California (State of), Series 2023, Ref. GO Bonds | 5.00% | 09/01/2030 | 105 | &nbsp;&nbsp; 117448 |
| California (State of), Series 2024, GO Bonds | 5.00% | 09/01/2030 | 90 | &nbsp;&nbsp; 100670 |
| California (State of), Series 2024, GO Bonds | 5.00% | 09/01/2030 | 15 | &nbsp;&nbsp; 16778 |
| California (State of), Series 2024, Ref. GO Bonds | 5.00% | 08/01/2030 | 55 | &nbsp;&nbsp; 61406 |
| California (State of), Series 2024, Ref. GO Bonds | 5.00% | 08/01/2030 | 15 | &nbsp;&nbsp; 16747 |
| California (State of), Series 2024, Ref. GO Bonds | 5.00% | 09/01/2030 | 20 | &nbsp;&nbsp; 22371 |
| California (State of), Series 2025, Ref. GO Bonds | 5.00% | 03/01/2030 | 10 | &nbsp;&nbsp; 11061 |
| California (State of) (Bid Group B), Series 2020, GO Bonds | 5.00% | 11/01/2036 | 175 | &nbsp;&nbsp; 193146 |
| California (State of) Department of Water Resources, Series 2020 BB, Ref. RB | 5.00% | 12/01/2030 | 45 | &nbsp;&nbsp; 51368 |
| California (State of) Department of Water Resources, Series 2020 BB, Ref. RB | 5.00% | 12/01/2032 | 135 | &nbsp;&nbsp; 153413 |
| California (State of) Department of Water Resources, Series 2020 BB, Ref. RB | 5.00% | 12/01/2034 | 195 | &nbsp;&nbsp; 220316 |
| California (State of) Department of Water Resources, Series 2020 BB, Ref. RB | 5.00% | 12/01/2035 | 385 | &nbsp;&nbsp; 431959 |
| California (State of) Department of Water Resources (Central Valley), Series 2020 BB, Ref. RB | 5.00% | 12/01/2033 | 410 | &nbsp;&nbsp; 465721 |
| California (State of) Department of Water Resources (Central Valley), Series 2021, RB | 5.00% | 12/01/2030 | 60 | &nbsp;&nbsp; 68491 |
| California (State of) Department of Water Resources (Central Valley), Series 2022 BF, Ref. RB | 5.00% | 12/01/2030 | 50 | &nbsp;&nbsp; 57076 |
| California (State of) Department of Water Resources (Central Valley), Series 2025 BG, RB | 5.00% | 12/01/2030 | 20 | &nbsp;&nbsp; 22830 |
| &nbsp;&nbsp;&nbsp; California (State of) Enterprise Development Authority (Crystal Springs Uplands School), Series 2025, <br> RB<br>| 5.00% | 06/01/2030 | 25 | &nbsp;&nbsp; 27607 |
| &nbsp;&nbsp;&nbsp; California (State of) Health Facilities Financing Authority (Commonspirit Health), Series 2020 A, Ref. <br> RB<br>| 5.00% | 04/01/2032 | 75 | &nbsp;&nbsp; 82169 |
| &nbsp;&nbsp;&nbsp; California (State of) Health Facilities Financing Authority (Commonspirit Health), Series 2020 A, Ref. <br> RB<br>| 5.00% | 04/01/2033 | 60 | &nbsp;&nbsp; 65568 |
| &nbsp;&nbsp;&nbsp; California (State of) Health Facilities Financing Authority (Commonspirit Health), Series 2020 A, Ref. <br> RB<br>| 4.00% | 04/01/2035 | 25 | &nbsp;&nbsp; 25714 |
| &nbsp;&nbsp;&nbsp; California (State of) Health Facilities Financing Authority (Commonspirit Health), Series 2020 A, Ref. <br> RB<br>| 4.00% | 04/01/2037 | 75 | &nbsp;&nbsp; 76425 |
| &nbsp;&nbsp;&nbsp; California (State of) Health Facilities Financing Authority (Commonspirit Health), Series 2020 A, Ref. <br> RB<br>| 4.00% | 04/01/2038 | 150 | &nbsp;&nbsp; 152187 |
| &nbsp;&nbsp;&nbsp; California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2020 A, Ref. <br> RB<br>| 4.00% | 08/15/2050 | 400 | &nbsp;&nbsp; 374000 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; California (State of) Infrastructure & Economic Development Bank (Academy Motion Picture Arts & <br> Sciences Obligated Group) (Green Bonds), Series 2020, RB<br>| 5.00% | 11/01/2030 | $350 | &nbsp;&nbsp; $398358 |
| &nbsp;&nbsp;&nbsp; California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) <br> (Green Bonds), Series 2023, RB<br>| 5.00% | 10/01/2030 | 45 | &nbsp;&nbsp; 51112 |
| &nbsp;&nbsp;&nbsp; California (State of) Infrastructure & Economic Development Bank(Segerstorm Center for The Arts), <br> Series 2023, Ref. RB<br>| 5.00% | 07/01/2030 | 480 | &nbsp;&nbsp; 530740 |
| California (State of) Public Finance Authority (Sharp Healthcare), Series 2024, Ref. RB | 5.00% | 08/01/2030 | 5 | &nbsp;&nbsp; 5608 |
| California (State of) Public Works Board, Series 2022 A, Ref. RB | 5.00% | 08/01/2030 | 70 | &nbsp;&nbsp; 78154 |
| California (State of) Public Works Board, Series 2022 C, Ref. RB | 5.00% | 08/01/2030 | 55 | &nbsp;&nbsp; 61406 |
| California (State of) Public Works Board (Various Capital), Series 2019 C, RB | 5.00% | 11/01/2030 | 245 | &nbsp;&nbsp; 269130 |
| California (State of) Public Works Board (Various Capital), Series 2023 B, Ref. RB | 5.00% | 12/01/2030 | 40 | &nbsp;&nbsp; 44992 |
| California (State of) Public Works Board (Various Capital), Series 2023 C, Ref. RB | 5.00% | 09/01/2030 | 80 | &nbsp;&nbsp; 89484 |
| California State University, Series 2020 C, RB | 4.00% | 11/01/2051 | 25 | &nbsp;&nbsp; 23913 |
| Cambrian School District, Series 2022, GO Bonds | 4.00% | 08/01/2052 | 25 | &nbsp;&nbsp; 23704 |
| Chino Valley Unified School District, Series 2020 B, GO Bonds | 5.00% | 08/01/2055 | 445 | &nbsp;&nbsp; 459553 |
| Clovis Unified School District (Election of 2020), Series 2022 B, GO Bonds | 5.00% | 08/01/2047 | 50 | &nbsp;&nbsp; 52422 |
| East Bay Municipal Utility District, Series 2024 B, Ref. RB | 5.00% | 06/01/2030 | 90 | &nbsp;&nbsp; 101507 |
| East Bay Municipal Utility District, Series 2025 B, Ref. RB | 5.00% | 06/01/2030 | 20 | &nbsp;&nbsp; 22557 |
| East Side Union High School District, Series 2024 B, GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.00% | 08/01/2030 | 40 | &nbsp;&nbsp; 45131 |
| Eastern Municipal Water District Financing Authority, Series 2020 A, Ref. RB | 5.00% | 07/01/2036 | 130 | &nbsp;&nbsp; 143839 |
| Inglewood Unified School District, Series 2021 A, GO Bonds, (INS - AGI)<sup>(a)</sup> | 4.00% | 08/01/2046 | 25 | &nbsp;&nbsp; 24343 |
| Long Beach (City of), CA, Series 2020 B, Ref. RB | 5.00% | 05/15/2032 | 5 | &nbsp;&nbsp; 5586 |
| Long Beach (City of), CA Bond Finance Authority, Series 2007 A, RB | 5.50% | 11/15/2030 | 55 | &nbsp;&nbsp; 61390 |
| Los Angeles (City of), CA, Series 2022 C, Ref. RB | 5.00% | 06/01/2030 | 85 | &nbsp;&nbsp; 95868 |
| Los Angeles (City of), CA Department of Airports, Series 2020 B, Ref. RB | 5.00% | 05/15/2033 | 45 | &nbsp;&nbsp; 50122 |
| Los Angeles (City of), CA Department of Airports, Series 2020 B, Ref. RB | 5.00% | 05/15/2034 | 205 | &nbsp;&nbsp; 227687 |
| Los Angeles (City of), CA Department of Airports, Series 2020 B, Ref. RB | 4.00% | 05/15/2035 | 30 | &nbsp;&nbsp; 31320 |
| Los Angeles (City of), CA Department of Airports, Series 2020 B, Ref. RB | 4.00% | 05/15/2036 | 305 | &nbsp;&nbsp; 316995 |
| Los Angeles (City of), CA Department of Airports, Series 2020 D, RB | 5.00% | 05/15/2044 | 310 | &nbsp;&nbsp; 326843 |
| &nbsp;&nbsp;&nbsp; Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2020 B, <br> Ref. RB<br>| 4.00% | 05/15/2040 | 10 | &nbsp;&nbsp; 10132 |
| &nbsp;&nbsp;&nbsp; Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2020, <br> Ref. RB<br>| 5.00% | 05/15/2030 | 25 | &nbsp;&nbsp; 27663 |
| Los Angeles (City of), CA Department of Water & Power, Series 2020 A, Ref. RB | 5.00% | 07/01/2040 | 440 | &nbsp;&nbsp; 464528 |
| Los Angeles (City of), CA Department of Water & Power, Series 2020 A, Ref. RB | 5.00% | 07/01/2041 | 220 | &nbsp;&nbsp; 231510 |
| Los Angeles (City of), CA Department of Water & Power, Series 2020 A, Ref. RB | 5.00% | 07/01/2050 | 245 | &nbsp;&nbsp; 250735 |
| Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB | 4.00% | 07/01/2030 | 85 | &nbsp;&nbsp; 88755 |
| Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB | 5.00% | 07/01/2039 | 55 | &nbsp;&nbsp; 58400 |
| Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB | 5.00% | 07/01/2040 | 80 | &nbsp;&nbsp; 84460 |
| Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB | 5.00% | 07/01/2045 | 35 | &nbsp;&nbsp; 36179 |
| Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB | 5.00% | 07/01/2050 | 25 | &nbsp;&nbsp; 25585 |
| Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB | 5.00% | 07/01/2033 | 60 | &nbsp;&nbsp; 65349 |
| Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB | 5.00% | 07/01/2034 | 365 | &nbsp;&nbsp; 396597 |
| Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB | 5.00% | 07/01/2036 | 190 | &nbsp;&nbsp; 204522 |
| Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB | 5.00% | 07/01/2037 | 425 | &nbsp;&nbsp; 456657 |
| Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB | 5.00% | 07/01/2038 | 15 | &nbsp;&nbsp; 16001 |
| Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB | 5.00% | 07/01/2039 | 140 | &nbsp;&nbsp; 148654 |
| Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB | 5.00% | 07/01/2040 | 15 | &nbsp;&nbsp; 15836 |
| Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB | 5.00% | 07/01/2041 | 230 | &nbsp;&nbsp; 242033 |
| Los Angeles (City of), CA Department of Water & Power, Series 2023 A, Ref. RB | 5.00% | 07/01/2030 | 100 | &nbsp;&nbsp; 109708 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 A, RB | 5.00% | 07/01/2030 | 575 | &nbsp;&nbsp; 630820 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 B, Ref. RB | 5.00% | 07/01/2030 | 20 | &nbsp;&nbsp; 21942 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 E, Ref. RB | 5.00% | 07/01/2030 | 180 | &nbsp;&nbsp; 197474 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB | 5.00% | 06/01/2030 | 55 | &nbsp;&nbsp; 61981 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2024 A, Ref. RB | 5.00% | 06/01/2030 | 5 | &nbsp;&nbsp; 5635 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB | 4.00% | 06/01/2035 | 260 | &nbsp;&nbsp; 273851 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB | 4.00% | 06/01/2036 | 305 | &nbsp;&nbsp; 318745 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB | 5.00% | 06/01/2036 | 315 | &nbsp;&nbsp; 347841 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB | 4.00% | 06/01/2037 | 165 | &nbsp;&nbsp; 171277 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB | 5.00% | 06/01/2037 | 430 | &nbsp;&nbsp; 472639 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020, RB | 5.00% | 06/01/2030 | $90 | &nbsp;&nbsp; $101177 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020, RB | 5.00% | 06/01/2032 | 190 | &nbsp;&nbsp; 212956 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020, RB | 5.00% | 06/01/2033 | 215 | &nbsp;&nbsp; 240257 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020, RB | 5.00% | 06/01/2034 | 210 | &nbsp;&nbsp; 233723 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020, RB | 5.00% | 06/01/2035 | 200 | &nbsp;&nbsp; 221841 |
| &nbsp;&nbsp;&nbsp; Los Angeles (County of), CA Metropolitan Transportation Authority (Senior Bonds), Series 2023, Ref. <br> RB<br>| 5.00% | 07/01/2030 | 45 | &nbsp;&nbsp; 50817 |
| Los Angeles (County of), CA Public Works Financing Authority (Green Bonds), Series 2020 A, RB | 5.00% | 12/01/2045 | 150 | &nbsp;&nbsp; 157543 |
| Los Angeles Community College District, Series 2024, GO Bonds | 5.00% | 08/01/2030 | 35 | &nbsp;&nbsp; 39623 |
| Los Angeles Community College District (Election of 2016), Series 2023 D, GO Bonds | 5.00% | 08/01/2030 | 165 | &nbsp;&nbsp; 186794 |
| Los Angeles Community College District (Election of 2016), Series 2024 E, GO Bonds | 5.00% | 08/01/2030 | 80 | &nbsp;&nbsp; 90567 |
| Los Angeles Unified School District, Series 2019 A, Ref. GO Bonds | 5.00% | 07/01/2030 | 120 | &nbsp;&nbsp; 131987 |
| Los Angeles Unified School District, Series 2020 A, Ref. GO Bonds | 5.00% | 07/01/2032 | 285 | &nbsp;&nbsp; 320624 |
| Los Angeles Unified School District, Series 2020 A, Ref. GO Bonds | 5.00% | 07/01/2033 | 75 | &nbsp;&nbsp; 84115 |
| Los Angeles Unified School District, Series 2020 C, GO Bonds | 5.00% | 07/01/2030 | 40 | &nbsp;&nbsp; 45152 |
| Los Angeles Unified School District, Series 2020 C, GO Bonds | 4.00% | 07/01/2032 | 40 | &nbsp;&nbsp; 42559 |
| Los Angeles Unified School District, Series 2020 C, GO Bonds | 4.00% | 07/01/2033 | 25 | &nbsp;&nbsp; 26472 |
| Los Angeles Unified School District, Series 2020 C, GO Bonds | 4.00% | 07/01/2035 | 60 | &nbsp;&nbsp; 62805 |
| Los Angeles Unified School District, Series 2020 C, GO Bonds | 4.00% | 07/01/2038 | 30 | &nbsp;&nbsp; 30777 |
| Los Angeles Unified School District, Series 2020 C, GO Bonds | 4.00% | 07/01/2039 | 15 | &nbsp;&nbsp; 15342 |
| Los Angeles Unified School District, Series 2020 C, GO Bonds | 4.00% | 07/01/2044 | 20 | &nbsp;&nbsp; 19982 |
| Los Angeles Unified School District, Series 2020 RYQ, GO Bonds | 5.00% | 07/01/2030 | 40 | &nbsp;&nbsp; 45152 |
| Los Angeles Unified School District, Series 2020 RYQ, GO Bonds | 5.00% | 07/01/2032 | 415 | &nbsp;&nbsp; 466874 |
| Los Angeles Unified School District, Series 2020 RYQ, GO Bonds | 5.00% | 07/01/2033 | 380 | &nbsp;&nbsp; 426183 |
| Los Angeles Unified School District, Series 2020 RYQ, GO Bonds | 5.00% | 07/01/2035 | 965 | &nbsp;&nbsp; 1073147 |
| Los Angeles Unified School District, Series 2020 RYQ, GO Bonds | 4.00% | 07/01/2036 | 35 | &nbsp;&nbsp; 36315 |
| Los Angeles Unified School District, Series 2020 RYQ, GO Bonds | 4.00% | 07/01/2038 | 20 | &nbsp;&nbsp; 20518 |
| Los Angeles Unified School District, Series 2020, GO Bonds | 4.00% | 07/01/2037 | 25 | &nbsp;&nbsp; 25762 |
| Los Angeles Unified School District, Series 2021 A, Ref. GO Bonds | 5.00% | 07/01/2030 | 90 | &nbsp;&nbsp; 101592 |
| Los Angeles Unified School District, Series 2024 A, Ref. GO Bonds | 5.00% | 07/01/2030 | 135 | &nbsp;&nbsp; 152388 |
| Los Angeles Unified School District (Green Bonds), Series 2022 QRR, GO Bonds | 5.00% | 07/01/2030 | 255 | &nbsp;&nbsp; 287844 |
| Los Angeles Unified School District (Green Bonds), Series 2023 QRR, GO Bonds | 5.00% | 07/01/2030 | 145 | &nbsp;&nbsp; 163676 |
| Los Angeles Unified School District (Green Bonds), Series 2023, COP<sup>(b)</sup> | 5.00% | 10/01/2030 | 75 | &nbsp;&nbsp; 84743 |
| Los Angeles Unified School District (Green Bonds), Series 2024 QRR, GO Bonds | 5.00% | 07/01/2030 | 30 | &nbsp;&nbsp; 33864 |
| Metropolitan Water District of Southern California, Series 2020 C, Ref. RB | 5.00% | 07/01/2038 | 70 | &nbsp;&nbsp; 76945 |
| Metropolitan Water District of Southern California, Series 2020 C, Ref. RB | 5.00% | 07/01/2039 | 200 | &nbsp;&nbsp; 218918 |
| Metropolitan Water District of Southern California, Series 2020 C, Ref. RB | 5.00% | 07/01/2040 | 215 | &nbsp;&nbsp; 233887 |
| Montebello Unified School District, Series 2022 B, GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.00% | 08/01/2044 | 105 | &nbsp;&nbsp; 111211 |
| Montebello Unified School District, Series 2022 B, GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.00% | 08/01/2050 | 5 | &nbsp;&nbsp; 5209 |
| Northern California Power Agency (Hydroelectric No. 1), Series 2022, Ref. RB | 5.00% | 07/01/2030 | 110 | &nbsp;&nbsp; 123757 |
| Orange (County of), CA Local Transportation Authority, Series 2019, RB | 5.00% | 02/15/2030 | 25 | &nbsp;&nbsp; 27348 |
| Oxnard Union High School District, Series 2025, GO Bonds | 6.00% | 02/01/2030 | 10 | &nbsp;&nbsp; 11542 |
| &nbsp;&nbsp;&nbsp; Sacramento (City of), CA Financing Authority (Westlake and Regency Park), Series 2006, Ref. RB, <br> (INS - AMBAC)<sup>(a)</sup><br>| 5.25% | 12/01/2030 | 185 | &nbsp;&nbsp; 204797 |
| Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2019 G, RB | 5.00% | 08/15/2030 | 80 | &nbsp;&nbsp; 88353 |
| Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2020 H, RB | 5.00% | 08/15/2035 | 75 | &nbsp;&nbsp; 83569 |
| Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2020 H, RB | 5.00% | 08/15/2036 | 290 | &nbsp;&nbsp; 321204 |
| Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2020 H, RB | 5.00% | 08/15/2037 | 240 | &nbsp;&nbsp; 264546 |
| Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2020 H, RB | 5.00% | 08/15/2038 | 50 | &nbsp;&nbsp; 54777 |
| Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2020 H, RB | 5.00% | 08/15/2050 | 120 | &nbsp;&nbsp; 124993 |
| &nbsp;&nbsp;&nbsp; Sacramento (City of), CA Unified School District (Measure H) (Election of 2020), Series 2022 A, GO <br> Bonds, (INS - BAM)<sup>(a)</sup><br>| 5.50% | 08/01/2047 | 120 | &nbsp;&nbsp; 127535 |
| Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2020 A, Ref. RB | 5.00% | 12/01/2030 | 15 | &nbsp;&nbsp; 17077 |
| Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2020 A, Ref. RB | 5.00% | 12/01/2041 | 35 | &nbsp;&nbsp; 37795 |
| Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2020 A, Ref. RB | 5.00% | 12/01/2050 | 300 | &nbsp;&nbsp; 311556 |
| Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2021, Ref. RB | 5.00% | 12/01/2030 | 25 | &nbsp;&nbsp; 28461 |
| Sacramento Transportation Authority (Measure A), Series 2023, Ref. RB | 5.00% | 10/01/2030 | 110 | &nbsp;&nbsp; 125048 |
| San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2021 A, RB | 5.00% | 10/15/2046 | 120 | &nbsp;&nbsp; 125806 |
| San Diego (County of), CA Regional Transportation Commission, Series 2023 A, Ref. RB | 5.00% | 04/01/2030 | 15 | &nbsp;&nbsp; 16886 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; San Diego (County of), CA Regional Transportation Commission (Green Bonds), Series 2020 A, Ref. <br> RB<br>| 4.00% | 04/01/2048 | $30 | &nbsp;&nbsp; $29262 |
| San Diego (County of), CA Water Authority (Green Bonds), Series 2021 A, Ref. RB | 5.00% | 05/01/2030 | 50 | &nbsp;&nbsp; 56161 |
| San Diego (County of), CA Water Authority (Green Bonds), Series 2021 B, Ref. RB | 5.00% | 05/01/2030 | 85 | &nbsp;&nbsp; 95473 |
| San Diego Community College District, Series 2024, GO Bonds | 5.00% | 08/01/2030 | 65 | &nbsp;&nbsp; 73554 |
| San Diego Unified School District (Election of 2018), Series 2020 D-2, GO Bonds | 4.00% | 07/01/2036 | 65 | &nbsp;&nbsp; 68351 |
| San Diego Unified School District (Green Bonds), Series 2022 F-2, GO Bonds | 5.00% | 07/01/2030 | 120 | &nbsp;&nbsp; 135849 |
| San Francisco (City & County of), CA, Series 2022-R1, Ref. GO Bonds | 5.00% | 06/15/2030 | 95 | &nbsp;&nbsp; 107250 |
| San Francisco (City & County of), CA, Series 2024 R-1, Ref. GO Bonds | 5.00% | 06/15/2030 | 45 | &nbsp;&nbsp; 50803 |
| &nbsp;&nbsp;&nbsp; San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), <br> Series 2019 D, Ref. RB<br>| 5.00% | 05/01/2030 | 15 | &nbsp;&nbsp; 16310 |
| &nbsp;&nbsp;&nbsp; San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), <br> Series 2020, Ref. RB<br>| 4.00% | 05/01/2038 | 160 | &nbsp;&nbsp; 164184 |
| &nbsp;&nbsp;&nbsp; San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), <br> Series 2020-B, Ref. RB<br>| 4.00% | 05/01/2037 | 110 | &nbsp;&nbsp; 113373 |
| San Francisco (City & County of), CA Public Utilities Commission, Series 2025, Ref. RB | 5.00% | 11/01/2030 | 100 | &nbsp;&nbsp; 113967 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2020 A, RB | 5.00% | 11/01/2045 | 80 | &nbsp;&nbsp; 84436 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2020 A, RB | 5.00% | 11/01/2050 | 280 | &nbsp;&nbsp; 290362 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023 A, RB | 5.00% | 10/01/2030 | 50 | &nbsp;&nbsp; 56865 |
| San Francisco (County of), CA Transportation Authority, Series 2017, RB | 3.00% | 02/01/2030 | 210 | &nbsp;&nbsp; 210635 |
| San Francisco Bay Area Rapid Transit District (Election of 2016), Series 2025, GO Bonds | 5.00% | 08/01/2030 | 10 | &nbsp;&nbsp; 11326 |
| San Francisco Unified School District (Election of 2016), Series 2022 C, GO Bonds | 5.00% | 06/15/2039 | 65 | &nbsp;&nbsp; 70210 |
| San Francisco Unified School District (Election of 2016), Series 2022 C, GO Bonds | 5.00% | 06/15/2041 | 170 | &nbsp;&nbsp; 181376 |
| San Rafael City High School District, Series 2022 A, GO Bonds | 5.25% | 08/01/2052 | 100 | &nbsp;&nbsp; 104664 |
| Santa Clara (County of), CA, Series 2022 D, Ref. GO Bonds | 5.00% | 08/01/2030 | 5 | &nbsp;&nbsp; 5656 |
| Santa Clara Valley Transportation Authority, Series 2023 A, Ref. RB | 5.00% | 04/01/2030 | 45 | &nbsp;&nbsp; 50479 |
| Santa Rosa (City of), CA, Series 2020 A, RB | 5.00% | 09/01/2033 | 55 | &nbsp;&nbsp; 61826 |
| Santa Rosa (City of), CA, Series 2020 A, RB | 5.00% | 09/01/2034 | 225 | &nbsp;&nbsp; 251799 |
| Santa Rosa (City of), CA, Series 2020 A, RB | 5.00% | 09/01/2035 | 35 | &nbsp;&nbsp; 38977 |
| Southern California Public Power Authority (Mangolia Power), Series 2020 A-1, Ref. RB | 5.00% | 07/01/2036 | 125 | &nbsp;&nbsp; 134997 |
| Southern California Public Power Authority (Windy), Series 2023 B, Ref. RB | 5.00% | 07/01/2030 | 100 | &nbsp;&nbsp; 110297 |
| Tulare (County of), CA Local Health Care District, Series 2020, Ref. GO Bonds, (INS - BAM)<sup>(a)</sup> | 4.00% | 08/01/2039 | 70 | &nbsp;&nbsp; 70659 |
| Turlock (City of), CA Irrigation District, Series 2019, Ref. RB | 5.00% | 01/01/2044 | 25 | &nbsp;&nbsp; 26079 |
| Turlock (City of), CA Irrigation District, Series 2020, Ref. RB | 5.00% | 01/01/2041 | 375 | &nbsp;&nbsp; 397445 |
| Union Sanitary District Financing Authority, Series 2025 A, RB | 5.00% | 03/15/2030 | 245 | &nbsp;&nbsp; 274650 |
| University of California, Series 2020 BE, Ref. RB | 5.00% | 05/15/2032 | 165 | &nbsp;&nbsp; 184842 |
| University of California, Series 2020 BE, Ref. RB | 5.00% | 05/15/2033 | 220 | &nbsp;&nbsp; 245634 |
| University of California, Series 2020 BE, Ref. RB | 5.00% | 05/15/2034 | 25 | &nbsp;&nbsp; 27800 |
| University of California, Series 2020 BE, Ref. RB | 5.00% | 05/15/2035 | 105 | &nbsp;&nbsp; 116286 |
| University of California, Series 2020 BE, Ref. RB | 5.00% | 05/15/2036 | 110 | &nbsp;&nbsp; 120897 |
| University of California, Series 2020 BE, Ref. RB | 4.00% | 05/15/2037 | 10 | &nbsp;&nbsp; 10400 |
| University of California, Series 2020 BE, Ref. RB | 5.00% | 05/15/2038 | 380 | &nbsp;&nbsp; 412933 |
| University of California, Series 2020 BE, Ref. RB | 5.00% | 05/15/2039 | 220 | &nbsp;&nbsp; 238163 |
| University of California, Series 2020 BE, Ref. RB | 4.00% | 05/15/2040 | 15 | &nbsp;&nbsp; 15365 |
| University of California, Series 2020 BE, Ref. RB | 5.00% | 05/15/2041 | 50 | &nbsp;&nbsp; 53588 |
| University of California, Series 2020 BE, Ref. RB | 5.00% | 05/15/2043 | 350 | &nbsp;&nbsp; 370673 |
| University of California, Series 2023 BN, Ref. RB | 5.00% | 05/15/2030 | 90 | &nbsp;&nbsp; 100984 |
| University of California, Series 2025, Ref. RB | 5.00% | 05/15/2030 | 20 | &nbsp;&nbsp; 22441 |
|  |  |  |  | &nbsp;&nbsp; 34783399 |
| **Colorado-1.88%** |  |  |  |  |
| Arapahoe County School District No. 5 Cherry Creek, Series 2021, GO Bonds | 5.00% | 12/15/2038 | 65 | &nbsp;&nbsp; 70309 |
| Arapahoe County School District No. 5 Cherry Creek, Series 2021, GO Bonds | 5.00% | 12/15/2039 | 30 | &nbsp;&nbsp; 32324 |
| Colorado (State of), Series 2020 A, COP | 5.00% | 12/15/2030 | 80 | &nbsp;&nbsp; 89244 |
| Colorado (State of), Series 2020 A, COP | 5.00% | 12/15/2032 | 55 | &nbsp;&nbsp; 60829 |
| Colorado (State of), Series 2020 A, COP | 5.00% | 12/15/2033 | 110 | &nbsp;&nbsp; 121333 |
| Colorado (State of), Series 2020 A, COP | 4.00% | 12/15/2034 | 100 | &nbsp;&nbsp; 104522 |
| Colorado (State of), Series 2020 A, COP | 4.00% | 12/15/2035 | 45 | &nbsp;&nbsp; 46700 |
| Colorado (State of), Series 2020 A, COP | 4.00% | 12/15/2037 | 5 | &nbsp;&nbsp; 5140 |
| Colorado (State of), Series 2021 A, COP | 5.00% | 12/15/2030 | 170 | &nbsp;&nbsp; 189644 |
| Colorado (State of) Bridge & Tunnel Enterprise, Series 2024 B, Ref. RB | 5.00% | 12/01/2030 | 55 | &nbsp;&nbsp; 61698 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Colorado-(continued)** |  |  |  |  |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB | 5.00% | 08/01/2030 | $75 | &nbsp;&nbsp; $80125 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019, Ref. RB | 5.00% | 08/01/2030 | 55 | &nbsp;&nbsp; 58759 |
| Colorado (State of) Health Facilities Authority (Sanford Health), Series 2019 A, Ref. RB | 5.00% | 11/01/2030 | 230 | &nbsp;&nbsp; 247740 |
| Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB | 5.00% | 01/01/2030 | 30 | &nbsp;&nbsp; 32704 |
| Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB | 5.00% | 01/01/2032 | 40 | &nbsp;&nbsp; 43438 |
| Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB | 4.00% | 01/01/2035 | 10 | &nbsp;&nbsp; 10237 |
| Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB | 4.00% | 01/01/2037 | 60 | &nbsp;&nbsp; 61011 |
| Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 B, Ref. RB | 4.00% | 01/01/2040 | 305 | &nbsp;&nbsp; 305753 |
| Colorado Springs (City of), CO, Series 2020 C, RB | 5.00% | 11/15/2050 | 250 | &nbsp;&nbsp; 257416 |
| Colorado Springs (City of), CO, Series 2022 A, Ref. RB | 5.00% | 11/15/2030 | 15 | &nbsp;&nbsp; 16796 |
| Denver (City & County of), CO, Series 2020 A, GO Bonds | 5.00% | 08/01/2033 | 275 | &nbsp;&nbsp; 304914 |
| Denver (City & County of), CO, Series 2020 A-1, Ref. RB | 5.00% | 11/15/2032 | 60 | &nbsp;&nbsp; 66365 |
| Denver (City & County of), CO, Series 2020 B, Ref. GO Bonds | 5.00% | 08/01/2030 | 220 | &nbsp;&nbsp; 245008 |
| Denver (City & County of), CO, Series 2022 C, RB | 5.00% | 11/15/2030 | 5 | &nbsp;&nbsp; 5571 |
| Denver (City & County of), CO, Series 2023, Ref. COP | 5.00% | 12/01/2030 | 15 | &nbsp;&nbsp; 16677 |
| Denver City & County School District No. 1, Series 2021, GO Bonds | 5.00% | 12/01/2032 | 25 | &nbsp;&nbsp; 27832 |
| Denver City & County School District No. 1, Series 2021, GO Bonds | 5.00% | 12/01/2033 | 250 | &nbsp;&nbsp; 277582 |
| Denver City & County School District No. 1, Series 2021, GO Bonds | 5.00% | 12/01/2034 | 230 | &nbsp;&nbsp; 255034 |
| Denver City & County School District No. 1, Series 2021, GO Bonds | 4.00% | 12/01/2037 | 25 | &nbsp;&nbsp; 25900 |
| Denver City & County School District No. 1, Series 2021, GO Bonds | 5.00% | 12/01/2038 | 50 | &nbsp;&nbsp; 54184 |
| Denver City & County School District No. 1, Series 2021, GO Bonds | 5.00% | 12/01/2039 | 25 | &nbsp;&nbsp; 26977 |
| E-470 Public Highway Authority, Series 2020 A, Ref. RB | 5.00% | 09/01/2034 | 55 | &nbsp;&nbsp; 60234 |
| E-470 Public Highway Authority, Series 2020 A, Ref. RB | 5.00% | 09/01/2036 | 75 | &nbsp;&nbsp; 81306 |
| Jefferson County School District R-1, Series 2020, GO Bonds | 4.00% | 12/15/2032 | 115 | &nbsp;&nbsp; 121687 |
| Jefferson County School District R-1, Series 2020, GO Bonds | 4.00% | 12/15/2033 | 135 | &nbsp;&nbsp; 141752 |
| Jefferson County School District R-1, Series 2020, GO Bonds | 4.00% | 12/15/2034 | 15 | &nbsp;&nbsp; 15678 |
| Jefferson County School District R-1, Series 2020, GO Bonds | 4.00% | 12/15/2035 | 60 | &nbsp;&nbsp; 62437 |
| Jefferson County School District R-1, Series 2020, GO Bonds | 4.00% | 12/15/2036 | 50 | &nbsp;&nbsp; 51715 |
| Jefferson County School District R-1, Series 2020, GO Bonds | 4.00% | 12/15/2037 | 20 | &nbsp;&nbsp; 20542 |
| University of Colorado, Series 2024 A, Ref. RB | 5.00% | 10/01/2030 | 60 | &nbsp;&nbsp; 66976 |
| University of Colorado, Series 2025 B, Ref. RB | 5.00% | 06/01/2030 | 40 | &nbsp;&nbsp; 44332 |
| Weld County School District No. RE-5J, Series 2021, GO Bonds | 4.00% | 12/01/2045 | 10 | &nbsp;&nbsp; 9699 |
|  |  |  |  | &nbsp;&nbsp; 3878124 |
| **Connecticut-2.45%** |  |  |  |  |
| Connecticut (State of), Series 2016 A, GO Bonds | 3.00% | 03/15/2030 | 45 | &nbsp;&nbsp; 45022 |
| Connecticut (State of), Series 2019 A, GO Bonds | 5.00% | 04/15/2030 | 35 | &nbsp;&nbsp; 37799 |
| Connecticut (State of), Series 2020 A, GO Bonds | 5.00% | 01/15/2030 | 95 | &nbsp;&nbsp; 104151 |
| Connecticut (State of), Series 2020 A, GO Bonds | 5.00% | 01/15/2032 | 120 | &nbsp;&nbsp; 131372 |
| Connecticut (State of), Series 2020 A, GO Bonds | 4.00% | 01/15/2033 | 35 | &nbsp;&nbsp; 36519 |
| Connecticut (State of), Series 2020 A, GO Bonds | 4.00% | 01/15/2034 | 165 | &nbsp;&nbsp; 171596 |
| Connecticut (State of), Series 2020 A, GO Bonds | 4.00% | 01/15/2035 | 70 | &nbsp;&nbsp; 72644 |
| Connecticut (State of), Series 2020 A, GO Bonds | 4.00% | 01/15/2036 | 30 | &nbsp;&nbsp; 31010 |
| Connecticut (State of), Series 2020 A, GO Bonds | 4.00% | 01/15/2037 | 25 | &nbsp;&nbsp; 25729 |
| Connecticut (State of), Series 2020 A, GO Bonds | 4.00% | 01/15/2038 | 35 | &nbsp;&nbsp; 35844 |
| Connecticut (State of), Series 2020 A, GO Bonds | 5.00% | 01/15/2040 | 10 | &nbsp;&nbsp; 10615 |
| Connecticut (State of), Series 2020 A, RB | 5.00% | 05/01/2034 | 185 | &nbsp;&nbsp; 202198 |
| Connecticut (State of), Series 2020 A, RB | 5.00% | 05/01/2038 | 370 | &nbsp;&nbsp; 397575 |
| Connecticut (State of), Series 2020 C, GO Bonds | 4.00% | 06/01/2030 | 95 | &nbsp;&nbsp; 100681 |
| Connecticut (State of), Series 2020 C, GO Bonds | 4.00% | 06/01/2032 | 50 | &nbsp;&nbsp; 52536 |
| Connecticut (State of), Series 2020 C, GO Bonds | 4.00% | 06/01/2033 | 410 | &nbsp;&nbsp; 428789 |
| Connecticut (State of), Series 2020 C, GO Bonds | 4.00% | 06/01/2035 | 75 | &nbsp;&nbsp; 77946 |
| Connecticut (State of), Series 2020, RB | 5.00% | 05/01/2030 | 365 | &nbsp;&nbsp; 402666 |
| Connecticut (State of), Series 2020, RB | 5.00% | 05/01/2032 | 215 | &nbsp;&nbsp; 236565 |
| Connecticut (State of), Series 2020, RB | 5.00% | 05/01/2033 | 195 | &nbsp;&nbsp; 213770 |
| Connecticut (State of), Series 2020, RB | 5.00% | 05/01/2037 | 130 | &nbsp;&nbsp; 140326 |
| Connecticut (State of), Series 2020, RB | 5.00% | 05/01/2040 | 15 | &nbsp;&nbsp; 15982 |
| Connecticut (State of), Series 2021 A, GO Bonds | 4.00% | 01/15/2030 | 50 | &nbsp;&nbsp; 52730 |
| Connecticut (State of), Series 2021 A, RB | 5.00% | 05/01/2030 | 130 | &nbsp;&nbsp; 143415 |
| Connecticut (State of), Series 2021 D, RB | 5.00% | 11/01/2030 | 90 | &nbsp;&nbsp; 100336 |
| Connecticut (State of), Series 2022 A, GO Bonds | 4.00% | 01/15/2030 | 20 | &nbsp;&nbsp; 21092 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Connecticut-(continued)** |  |  |  |  |
| Connecticut (State of), Series 2022 B, Ref. RB | 5.00% | 07/01/2030 | $60 | &nbsp;&nbsp; $66425 |
| Connecticut (State of), Series 2022 D, Ref. GO Bonds | 5.00% | 09/15/2030 | 270 | &nbsp;&nbsp; 300201 |
| Connecticut (State of), Series 2022 E, GO Bonds | 5.00% | 11/15/2030 | 40 | &nbsp;&nbsp; 44630 |
| Connecticut (State of), Series 2022 G, Ref. GO Bonds | 5.00% | 11/15/2030 | 110 | &nbsp;&nbsp; 122733 |
| Connecticut (State of), Series 2023 A, RB | 5.00% | 07/01/2030 | 40 | &nbsp;&nbsp; 44283 |
| Connecticut (State of), Series 2023 B, Ref. GO Bonds | 5.00% | 08/01/2030 | 20 | &nbsp;&nbsp; 22180 |
| Connecticut (State of), Series 2023 B, Ref. RB | 5.00% | 07/01/2030 | 250 | &nbsp;&nbsp; 276769 |
| Connecticut (State of), Series 2024 A, GO Bonds | 5.00% | 01/15/2030 | 95 | &nbsp;&nbsp; 104151 |
| Connecticut (State of), Series 2024 A-1, RB | 5.00% | 07/01/2030 | 85 | &nbsp;&nbsp; 94102 |
| Connecticut (State of), Series 2024 B, Ref. RB | 5.00% | 07/01/2030 | 105 | &nbsp;&nbsp; 116243 |
| Connecticut (State of), Series 2024 E, Ref. GO Bonds | 5.00% | 09/01/2030 | 75 | &nbsp;&nbsp; 83321 |
| Connecticut (State of), Series 2024 F, GO Bonds | 5.00% | 11/15/2030 | 20 | &nbsp;&nbsp; 22315 |
| Connecticut (State of), Series 2025 B, Ref. GO Bonds | 5.00% | 12/01/2030 | 25 | &nbsp;&nbsp; 27920 |
| Connecticut (State of) (Green Bonds), Series 2021 B, GO Bonds | 4.00% | 06/01/2030 | 40 | &nbsp;&nbsp; 42392 |
| Connecticut (State of) (Green Bonds), Series 2021 D, Ref. GO Bonds | 5.00% | 07/15/2030 | 100 | &nbsp;&nbsp; 110798 |
| Connecticut (State of) (Social Bonds), Series 2024 C, Ref. GO Bonds | 5.00% | 03/01/2030 | 5 | &nbsp;&nbsp; 5496 |
| Connecticut (State of) (Transportation Infrastructure), Series 2020, RB | 5.00% | 05/01/2035 | 35 | &nbsp;&nbsp; 38148 |
| &nbsp;&nbsp;&nbsp; Connecticut (State of) Health & Educational Facilities Authority (Hartford Healthcare), Series 2020 A, <br> RB<br>| 4.00% | 07/01/2038 | 100 | &nbsp;&nbsp; 99407 |
| &nbsp;&nbsp;&nbsp; Connecticut (State of) Health & Educational Facilities Authority (Hartford Healthcare), Series 2020 A, <br> RB<br>| 4.00% | 07/01/2039 | 25 | &nbsp;&nbsp; 24764 |
| New Haven (City of), CT, Series 2024, Ref. GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.00% | 08/01/2030 | 100 | &nbsp;&nbsp; 109883 |
|  |  |  |  | &nbsp;&nbsp; 5045069 |
| **Delaware-0.66%** |  |  |  |  |
| Delaware (State of), Series 2020 A, GO Bonds | 5.00% | 01/01/2030 | 250 | &nbsp;&nbsp; 275183 |
| Delaware (State of), Series 2020 A, GO Bonds | 4.00% | 01/01/2032 | 100 | &nbsp;&nbsp; 105781 |
| Delaware (State of), Series 2020 A, GO Bonds | 4.00% | 01/01/2033 | 10 | &nbsp;&nbsp; 10543 |
| Delaware (State of), Series 2023 A, GO Bonds | 5.00% | 05/01/2030 | 275 | &nbsp;&nbsp; 304957 |
| &nbsp;&nbsp;&nbsp; Delaware (State of) Economic Development Authority (ACTS Retirement-Life Community), <br> Series 2023, RB<br>| 5.25% | 11/15/2053 | 80 | &nbsp;&nbsp; 80488 |
| Delaware (State of) Transportation Authority, Series 2020, RB | 5.00% | 07/01/2033 | 50 | &nbsp;&nbsp; 55158 |
| Delaware (State of) Transportation Authority, Series 2020, Ref. RB | 5.00% | 07/01/2030 | 275 | &nbsp;&nbsp; 305201 |
| Delaware (State of) Transportation Authority, Series 2020, Ref. RB | 5.00% | 07/01/2032 | 60 | &nbsp;&nbsp; 66366 |
| Delaware (State of) Transportation Authority (Garvee), Series 2020, Ref. RB | 5.00% | 09/01/2032 | 45 | &nbsp;&nbsp; 49574 |
| Delaware (State of) Transportation Authority (Garvee), Series 2020, Ref. RB | 5.00% | 09/01/2033 | 50 | &nbsp;&nbsp; 54740 |
| Delaware (State of) Transportation Authority (Garvee), Series 2020, Ref. RB | 5.00% | 09/01/2034 | 40 | &nbsp;&nbsp; 43676 |
|  |  |  |  | &nbsp;&nbsp; 1351667 |
| **District of Columbia-2.05%** |  |  |  |  |
| District of Columbia, Series 2019 A, RB | 5.00% | 03/01/2030 | 65 | &nbsp;&nbsp; 70668 |
| District of Columbia, Series 2019 C, Ref. RB | 5.00% | 10/01/2030 | 20 | &nbsp;&nbsp; 21792 |
| District of Columbia, Series 2020 A, RB | 5.00% | 03/01/2030 | 50 | &nbsp;&nbsp; 54922 |
| District of Columbia, Series 2020 A, RB | 5.00% | 03/01/2032 | 200 | &nbsp;&nbsp; 219266 |
| District of Columbia, Series 2020 A, RB | 5.00% | 03/01/2033 | 125 | &nbsp;&nbsp; 136670 |
| District of Columbia, Series 2020 A, RB | 5.00% | 03/01/2034 | 250 | &nbsp;&nbsp; 272663 |
| District of Columbia, Series 2020 A, RB | 5.00% | 03/01/2035 | 75 | &nbsp;&nbsp; 81565 |
| District of Columbia, Series 2020 A, RB | 5.00% | 03/01/2036 | 195 | &nbsp;&nbsp; 211048 |
| District of Columbia, Series 2020 A, RB | 5.00% | 03/01/2037 | 170 | &nbsp;&nbsp; 183186 |
| District of Columbia, Series 2020 A, RB | 5.00% | 03/01/2038 | 290 | &nbsp;&nbsp; 310539 |
| District of Columbia, Series 2020 A, RB | 5.00% | 03/01/2039 | 100 | &nbsp;&nbsp; 106682 |
| District of Columbia, Series 2020 A, RB | 5.00% | 03/01/2040 | 10 | &nbsp;&nbsp; 10598 |
| District of Columbia, Series 2020 B, Ref. RB | 5.00% | 10/01/2030 | 120 | &nbsp;&nbsp; 133431 |
| District of Columbia, Series 2020 C, RB | 5.00% | 05/01/2033 | 125 | &nbsp;&nbsp; 137032 |
| District of Columbia, Series 2020 C, RB | 5.00% | 05/01/2034 | 65 | &nbsp;&nbsp; 71083 |
| District of Columbia, Series 2020 C, RB | 5.00% | 05/01/2035 | 220 | &nbsp;&nbsp; 239788 |
| District of Columbia, Series 2020 C, RB | 5.00% | 05/01/2036 | 35 | &nbsp;&nbsp; 37958 |
| District of Columbia, Series 2020 C, RB | 5.00% | 05/01/2037 | 60 | &nbsp;&nbsp; 64777 |
| District of Columbia, Series 2020 C, RB | 4.00% | 05/01/2038 | 25 | &nbsp;&nbsp; 25454 |
| District of Columbia, Series 2020 C, RB | 4.00% | 05/01/2040 | 10 | &nbsp;&nbsp; 10014 |
| District of Columbia, Series 2020, RB | 5.00% | 12/01/2030 | 60 | &nbsp;&nbsp; 65411 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **District of Columbia-(continued)** |  |  |  |  |
| District of Columbia, Series 2022 C, Ref. RB | 5.00% | 12/01/2030 | $20 | &nbsp;&nbsp; $22316 |
| District of Columbia, Series 2023 A, GO Bonds | 5.00% | 01/01/2030 | 20 | &nbsp;&nbsp; 21892 |
| District of Columbia, Series 2023 B, Ref. GO Bonds | 5.00% | 06/01/2030 | 110 | &nbsp;&nbsp; 121469 |
| District of Columbia, Series 2024 A, GO Bonds | 5.00% | 08/01/2030 | 45 | &nbsp;&nbsp; 49863 |
| District of Columbia, Series 2024 A, Ref. RB | 5.00% | 10/01/2030 | 60 | &nbsp;&nbsp; 66716 |
| District of Columbia, Series 2024 C, Ref. GO Bonds | 5.00% | 12/01/2030 | 10 | &nbsp;&nbsp; 11158 |
| Washington Metropolitan Area Transit Authority, Series 2020 A, RB | 5.00% | 07/15/2030 | 35 | &nbsp;&nbsp; 38699 |
| Washington Metropolitan Area Transit Authority, Series 2020 A, RB | 5.00% | 07/15/2032 | 55 | &nbsp;&nbsp; 60572 |
| Washington Metropolitan Area Transit Authority, Series 2020 A, RB | 5.00% | 07/15/2033 | 80 | &nbsp;&nbsp; 87576 |
| Washington Metropolitan Area Transit Authority, Series 2020 A, RB | 5.00% | 07/15/2034 | 20 | &nbsp;&nbsp; 21836 |
| Washington Metropolitan Area Transit Authority, Series 2020 A, RB | 5.00% | 07/15/2035 | 100 | &nbsp;&nbsp; 108780 |
| Washington Metropolitan Area Transit Authority, Series 2020 A, RB | 5.00% | 07/15/2036 | 65 | &nbsp;&nbsp; 70334 |
| Washington Metropolitan Area Transit Authority, Series 2020 A, RB | 5.00% | 07/15/2037 | 530 | &nbsp;&nbsp; 570943 |
| Washington Metropolitan Area Transit Authority, Series 2020 A, RB | 5.00% | 07/15/2039 | 105 | &nbsp;&nbsp; 112201 |
| Washington Metropolitan Area Transit Authority, Series 2020 A, RB | 5.00% | 07/15/2045 | 385 | &nbsp;&nbsp; 398245 |
|  |  |  |  | &nbsp;&nbsp; 4227147 |
| **Florida-3.19%** |  |  |  |  |
| Brevard County School District, Series 2024 A, Ref. COP | 5.00% | 07/01/2030 | 115 | &nbsp;&nbsp; 126738 |
| Broward (County of), FL School Board, Series 2020 A, COP | 5.00% | 07/01/2030 | 160 | &nbsp;&nbsp; 175388 |
| Broward (County of), FL School Board, Series 2020 A, COP | 5.00% | 07/01/2032 | 205 | &nbsp;&nbsp; 224370 |
| Broward (County of), FL School Board, Series 2020 A, COP | 5.00% | 07/01/2033 | 190 | &nbsp;&nbsp; 207521 |
| Broward (County of), FL School Board, Series 2020 A, COP | 5.00% | 07/01/2034 | 155 | &nbsp;&nbsp; 168932 |
| Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 07/01/2030 | 215 | &nbsp;&nbsp; 237629 |
| Central Florida Expressway Authority, Series 2024 B, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 07/01/2030 | 40 | &nbsp;&nbsp; 44174 |
| Duval County (County of), FL School Board, Series 2022 A, COP, (INS - AGI)<sup>(a)</sup> | 5.00% | 07/01/2030 | 25 | &nbsp;&nbsp; 27529 |
| Duval County (County of), FL School Board, Series 2022 A, COP, (INS - AGI)<sup>(a)</sup> | 5.00% | 07/01/2032 | 205 | &nbsp;&nbsp; 223963 |
| Duval County (County of), FL School Board, Series 2022 A, COP, (INS - AGI)<sup>(a)</sup> | 5.00% | 07/01/2033 | 290 | &nbsp;&nbsp; 315466 |
| Duval County (County of), FL School Board, Series 2022 A, COP, (INS - AGI)<sup>(a)</sup> | 5.00% | 07/01/2034 | 265 | &nbsp;&nbsp; 287161 |
| Duval County (County of), FL School Board, Series 2022 A, COP, (INS - AGI)<sup>(a)</sup> | 5.00% | 07/01/2035 | 220 | &nbsp;&nbsp; 237447 |
| Florida (State of), Series 2021 A, Ref. GO Bonds | 5.00% | 06/01/2030 | 282 | &nbsp;&nbsp; 312034 |
| Florida (State of), Series 2021 B, Ref. GO Bonds | 5.00% | 06/01/2030 | 70 | &nbsp;&nbsp; 77518 |
| Florida (State of), Series 2022 B, Ref. GO Bonds | 5.00% | 06/01/2030 | 135 | &nbsp;&nbsp; 149439 |
| Florida (State of), Series 2023 A, Ref. GO Bonds | 5.00% | 06/01/2030 | 70 | &nbsp;&nbsp; 77518 |
| Florida (State of) (Capital Outlay), Series 2015 E, Ref. GO Bonds | 3.00% | 06/01/2030 | 60 | &nbsp;&nbsp; 60001 |
| Florida (State of) (Right-of-Way Acquisition), Series 2021 A, Ref. GO Bonds | 5.00% | 07/01/2030 | 115 | &nbsp;&nbsp; 127788 |
| Jacksonville (City of), FL, Series 2015, Ref. RB | 3.00% | 10/01/2030 | 350 | &nbsp;&nbsp; 350040 |
| Jacksonville (City of), FL, Series 2025, RB | 5.00% | 10/01/2030 | 5 | &nbsp;&nbsp; 5550 |
| JEA Electric System, Series 2020 3-A, Ref. RB | 5.00% | 10/01/2034 | 185 | &nbsp;&nbsp; 201266 |
| JEA Electric System, Series 2020 3-A, Ref. RB | 5.00% | 10/01/2035 | 115 | &nbsp;&nbsp; 124434 |
| JEA Electric System, Third Series 2024 A, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 10/01/2030 | 110 | &nbsp;&nbsp; 121889 |
| JEA Water & Sewer System, Series 2024 A, Ref. RB | 5.00% | 10/01/2030 | 5 | &nbsp;&nbsp; 5552 |
| Miami-Dade (County of), FL, Series 2015 B, Ref. GO Bonds | 3.00% | 07/01/2030 | 60 | &nbsp;&nbsp; 60005 |
| Miami-Dade (County of), FL, Series 2016, GO Bonds | 4.00% | 07/01/2036 | 90 | &nbsp;&nbsp; 93320 |
| Miami-Dade (County of), FL, Series 2016, GO Bonds | 4.00% | 07/01/2037 | 65 | &nbsp;&nbsp; 66837 |
| Miami-Dade (County of), FL, Series 2020 A, RB | 5.00% | 07/01/2043 | 90 | &nbsp;&nbsp; 94189 |
| Miami-Dade (County of), FL, Series 2020 A, Ref. RB | 5.00% | 10/01/2032 | 150 | &nbsp;&nbsp; 164674 |
| Miami-Dade (County of), FL, Series 2020 A, Ref. RB | 5.00% | 10/01/2033 | 45 | &nbsp;&nbsp; 49237 |
| Miami-Dade (County of), FL, Series 2020 C, RB | 4.00% | 04/01/2036 | 215 | &nbsp;&nbsp; 221651 |
| Miami-Dade (County of), FL, Series 2020 C, RB | 4.00% | 04/01/2037 | 10 | &nbsp;&nbsp; 10282 |
| Miami-Dade (County of), FL, Series 2021, RB | 5.00% | 10/01/2030 | 255 | &nbsp;&nbsp; 282561 |
| Miami-Dade (County of), FL, Series 2024 B, RB | 5.00% | 10/01/2030 | 80 | &nbsp;&nbsp; 88647 |
| North Miami Beach (City of), FL, Series 2020 A, RB | 5.00% | 08/01/2049 | 360 | &nbsp;&nbsp; 370418 |
| Orange (County of), FL Convention Center, Series 2017, Ref. RB | 5.00% | 10/01/2030 | 30 | &nbsp;&nbsp; 33199 |
| Palm Beach (County of), FL School Board, Series 2025 A, Ref. COP | 5.00% | 08/01/2030 | 30 | &nbsp;&nbsp; 33214 |
| Palm Beach County School District, Series 2020 A, COP | 5.00% | 08/01/2033 | 130 | &nbsp;&nbsp; 141568 |
| Palm Beach County School District, Series 2020 A, COP | 5.00% | 08/01/2034 | 180 | &nbsp;&nbsp; 195666 |
| Pasco (County of), FL School Board, Series 2020 C, COP, (INS - AGI)<sup>(a)</sup> | 5.00% | 08/01/2033 | 120 | &nbsp;&nbsp; 131556 |
| Pasco (County of), FL School Board, Series 2020 C, COP, (INS - AGI)<sup>(a)</sup> | 5.00% | 08/01/2034 | 170 | &nbsp;&nbsp; 185803 |
| Pasco (County of), FL School Board, Series 2020 C, COP, (INS - AGI)<sup>(a)</sup> | 5.00% | 08/01/2035 | 120 | &nbsp;&nbsp; 130547 |
| Sarasota (County of), FL, Series 2020 A, RB | 5.00% | 10/01/2045 | 5 | &nbsp;&nbsp; 5219 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Florida-(continued)** |  |  |  |  |
| Tampa (City of), FL, Series 2020 A, RB | 5.00% | 10/01/2046 | $225 | &nbsp;&nbsp; $235087 |
| Tampa (City of), FL, Series 2020 A, RB | 5.00% | 10/01/2050 | 90 | &nbsp;&nbsp; 93379 |
| Tampa Bay (City of), FL Water, Series 2025, Ref. RB | 5.00% | 10/01/2030 | 5 | &nbsp;&nbsp; 5586 |
|  |  |  |  | &nbsp;&nbsp; 6581992 |
| **Georgia-1.86%** |  |  |  |  |
| Atlanta (City of), GA, Series 2004, RB, (INS - AGI)<sup>(a)</sup> | 5.75% | 11/01/2030 | 120 | &nbsp;&nbsp; 137801 |
| Atlanta (City of), GA (Green Bonds), Series 2024, RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 11/01/2030 | 45 | &nbsp;&nbsp; 50124 |
| Atlanta (City of), GA Department of Aviation, Series 2020 A, Ref. RB | 5.00% | 07/01/2030 | 105 | &nbsp;&nbsp; 116243 |
| DeKalb (County of), GA, Series 2022, Ref. RB | 5.00% | 10/01/2030 | 40 | &nbsp;&nbsp; 44573 |
| Forsyth (County of), GA, Series 2025, GO Bonds | 5.00% | 03/01/2030 | 15 | &nbsp;&nbsp; 16534 |
| &nbsp;&nbsp;&nbsp; Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.), <br> Series 2020, Ref. RB<br>| 5.00% | 02/15/2032 | 160 | &nbsp;&nbsp; 174464 |
| &nbsp;&nbsp;&nbsp; Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.), <br> Series 2020, Ref. RB<br>| 5.00% | 02/15/2033 | 155 | &nbsp;&nbsp; 168547 |
| &nbsp;&nbsp;&nbsp; Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.), <br> Series 2024, RB<br>| 5.00% | 10/15/2030 | 235 | &nbsp;&nbsp; 258795 |
| Georgia (State of), Series 2015 A, GO Bonds | 3.00% | 02/01/2030 | 95 | &nbsp;&nbsp; 95010 |
| Georgia (State of), Series 2022 A, GO Bonds | 5.00% | 07/01/2030 | 80 | &nbsp;&nbsp; 89006 |
| Georgia (State of), Series 2023 A, GO Bonds | 5.00% | 07/01/2030 | 15 | &nbsp;&nbsp; 16689 |
| Georgia (State of), Series 2023 C, Ref. GO Bonds | 4.00% | 01/01/2030 | 85 | &nbsp;&nbsp; 89901 |
| Georgia (State of) (Bid Group 2), Series 2020 A, GO Bonds | 4.00% | 08/01/2034 | 60 | &nbsp;&nbsp; 62858 |
| Georgia (State of) (Bidding Group 1), Series 2020 A, GO Bonds | 5.00% | 08/01/2030 | 220 | &nbsp;&nbsp; 245213 |
| Georgia (State of) (Bidding Group 1), Series 2020 A, GO Bonds | 5.00% | 08/01/2032 | 90 | &nbsp;&nbsp; 99730 |
| Georgia (State of) (Bidding Group 1), Series 2020 A, GO Bonds | 4.00% | 08/01/2035 | 95 | &nbsp;&nbsp; 98847 |
| Georgia (State of) (Bidding Group 1), Series 2021 A, Ref. GO Bonds | 5.00% | 07/01/2030 | 30 | &nbsp;&nbsp; 33377 |
| Georgia (State of) (Bidding Group 2), Series 2020 A, GO Bonds | 5.00% | 08/01/2033 | 120 | &nbsp;&nbsp; 132552 |
| Georgia (State of) (Bidding Group 3), Series 2022 C, Ref. GO Bonds | 5.00% | 07/01/2030 | 215 | &nbsp;&nbsp; 239204 |
| Georgia (State of) (Tranche 2), Series 2019 A, GO Bonds | 5.00% | 07/01/2030 | 55 | &nbsp;&nbsp; 59858 |
| Georgia (State of) Ports Authority, Series 2022, RB | 5.00% | 07/01/2030 | 85 | &nbsp;&nbsp; 94179 |
| Georgia (State of) Road & Tollway Authority (Garvee), Series 2020, RB | 5.00% | 06/01/2030 | 45 | &nbsp;&nbsp; 49692 |
| Georgia (State of) Road & Tollway Authority (Garvee), Series 2020, RB | 5.00% | 06/01/2032 | 135 | &nbsp;&nbsp; 148330 |
| Gwinnett County School District, Series 2025, Ref. GO Bonds | 5.00% | 02/01/2030 | 95 | &nbsp;&nbsp; 104684 |
| Henry County School District, Series 2021, GO Bonds | 4.00% | 08/01/2030 | 25 | &nbsp;&nbsp; 26619 |
| Metropolitan Atlanta Rapid Transit Authority (Green Bonds), Series 2024 B, RB | 5.00% | 07/01/2030 | 85 | &nbsp;&nbsp; 94413 |
| Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB | 5.00% | 09/01/2030 | 80 | &nbsp;&nbsp; 88686 |
| Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB | 5.00% | 09/01/2032 | 55 | &nbsp;&nbsp; 60668 |
| Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB | 5.00% | 09/01/2033 | 410 | &nbsp;&nbsp; 450781 |
| Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB | 5.00% | 09/01/2034 | 110 | &nbsp;&nbsp; 120571 |
| Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB | 4.00% | 09/01/2035 | 290 | &nbsp;&nbsp; 299322 |
| Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB | 4.00% | 09/01/2037 | 10 | &nbsp;&nbsp; 10198 |
| Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB | 4.00% | 09/01/2038 | 30 | &nbsp;&nbsp; 30359 |
| Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB | 4.00% | 09/01/2039 | 10 | &nbsp;&nbsp; 10093 |
| Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB | 4.00% | 09/01/2040 | 25 | &nbsp;&nbsp; 25088 |
|  |  |  |  | &nbsp;&nbsp; 3843009 |
| **Hawaii-0.61%** |  |  |  |  |
| Hawaii (State of), Series 2019 FW, GO Bonds | 5.00% | 01/01/2030 | 60 | &nbsp;&nbsp; 64375 |
| Hawaii (State of), Series 2020 C, RB | 5.00% | 07/01/2050 | 125 | &nbsp;&nbsp; 128657 |
| Hawaii (State of), Series 2020 D, Ref. RB | 5.00% | 07/01/2030 | 500 | &nbsp;&nbsp; 552854 |
| Hawaii (State of), Series 2020 D, Ref. RB | 5.00% | 07/01/2032 | 35 | &nbsp;&nbsp; 38411 |
| Hawaii (State of), Series 2020 D, Ref. RB | 5.00% | 07/01/2033 | 45 | &nbsp;&nbsp; 49235 |
| Hawaii (State of), Series 2020 D, Ref. RB | 4.00% | 07/01/2035 | 5 | &nbsp;&nbsp; 5166 |
| Honolulu (City & County of), HI, Series 2025 F, Ref. GO Bonds | 5.00% | 07/01/2030 | 25 | &nbsp;&nbsp; 27723 |
| Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2020 B, Ref. GO Bonds | 5.00% | 03/01/2030 | 105 | &nbsp;&nbsp; 115470 |
| Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2021, GO Bonds | 5.00% | 03/01/2030 | 190 | &nbsp;&nbsp; 208946 |
| Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2023, Ref. GO Bonds | 5.00% | 03/01/2030 | 65 | &nbsp;&nbsp; 71564 |
|  |  |  |  | &nbsp;&nbsp; 1262401 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Idaho-0.12%** |  |  |  |  |
| Idaho State Building Authority, Series 2024 A, RB | 5.00% | 06/01/2030 | $110 | &nbsp;&nbsp; $121814 |
| Idaho State Building Authority (School Modernization Facilities), Series 2025, RB | 5.00% | 06/01/2030 | 115 | &nbsp;&nbsp; 127352 |
|  |  |  |  | &nbsp;&nbsp; 249166 |
| **Illinois-4.99%** |  |  |  |  |
| Chicago (City of), IL, Series 2020 A, Ref. GO Bonds | 5.00% | 01/01/2030 | 170 | &nbsp;&nbsp; 177063 |
| Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 01/01/2030 | 310 | &nbsp;&nbsp; 336070 |
| Chicago (City of), IL (O'Hare International Airport), Series 2020 A, Ref. RB | 5.00% | 01/01/2034 | 200 | &nbsp;&nbsp; 215934 |
| Chicago (City of), IL (O'Hare International Airport), Series 2020 A, Ref. RB | 4.00% | 01/01/2035 | 340 | &nbsp;&nbsp; 346544 |
| Chicago (City of), IL (O'Hare International Airport), Series 2020 A, Ref. RB | 5.00% | 01/01/2035 | 245 | &nbsp;&nbsp; 263893 |
| Chicago (City of), IL (O'Hare International Airport), Series 2020 B, Ref. RB | 5.00% | 01/01/2032 | 45 | &nbsp;&nbsp; 48849 |
| Chicago (City of), IL (O'Hare International Airport), Series 2024 D, Ref. RB | 5.00% | 01/01/2030 | 115 | &nbsp;&nbsp; 125274 |
| Chicago (City of), IL Metropolitan Water Reclamation District, Series 2021 C, Ref. GO Bonds | 5.00% | 12/01/2030 | 70 | &nbsp;&nbsp; 78035 |
| Cook (County of), IL, Series 2021 A, Ref. GO Bonds | 5.00% | 11/15/2032 | 260 | &nbsp;&nbsp; 285056 |
| Cook (County of), IL, Series 2021 A, Ref. GO Bonds | 5.00% | 11/15/2033 | 450 | &nbsp;&nbsp; 491656 |
| Cook (County of), IL, Series 2021 A, Ref. RB | 5.00% | 11/15/2038 | 80 | &nbsp;&nbsp; 85783 |
| Illinois (State of), Series 2016, GO Bonds | 3.50% | 06/01/2030 | 65 | &nbsp;&nbsp; 65056 |
| Illinois (State of), Series 2020 B, GO Bonds | 5.00% | 10/01/2030 | 260 | &nbsp;&nbsp; 283998 |
| Illinois (State of), Series 2020 C, GO Bonds | 4.00% | 10/01/2037 | 25 | &nbsp;&nbsp; 24899 |
| Illinois (State of), Series 2020, GO Bonds | 5.50% | 05/01/2030 | 5 | &nbsp;&nbsp; 5361 |
| Illinois (State of), Series 2020, GO Bonds | 5.50% | 05/01/2039 | 470 | &nbsp;&nbsp; 502292 |
| Illinois (State of), Series 2020, GO Bonds | 5.75% | 05/01/2045 | 520 | &nbsp;&nbsp; 548077 |
| Illinois (State of), Series 2021 A, GO Bonds | 5.00% | 03/01/2030 | 60 | &nbsp;&nbsp; 64900 |
| Illinois (State of), Series 2021 A, GO Bonds | 5.00% | 12/01/2030 | 205 | &nbsp;&nbsp; 224416 |
| Illinois (State of), Series 2022 A, GO Bonds | 5.00% | 03/01/2030 | 45 | &nbsp;&nbsp; 48750 |
| Illinois (State of), Series 2022 B, Ref. GO Bonds | 5.00% | 03/01/2030 | 110 | &nbsp;&nbsp; 119165 |
| Illinois (State of), Series 2023 B, GO Bonds | 5.00% | 05/01/2030 | 210 | &nbsp;&nbsp; 228130 |
| Illinois (State of), Series 2023 B, GO Bonds | 5.00% | 12/01/2030 | 235 | &nbsp;&nbsp; 257715 |
| Illinois (State of), Series 2023 C, GO Bonds | 5.00% | 05/01/2030 | 70 | &nbsp;&nbsp; 76043 |
| Illinois (State of), Series 2023 D, Ref. GO Bonds | 5.00% | 07/01/2030 | 205 | &nbsp;&nbsp; 223308 |
| Illinois (State of), Series 2024 A, RB | 5.00% | 06/15/2030 | 150 | &nbsp;&nbsp; 163273 |
| Illinois (State of), Series 2024 B, GO Bonds | 5.00% | 05/01/2030 | 190 | &nbsp;&nbsp; 206404 |
| Illinois (State of), Series 2024, Ref. GO Bonds | 5.00% | 02/01/2030 | 230 | &nbsp;&nbsp; 248819 |
| Illinois (State of), Series 2025 A, RB | 5.00% | 06/15/2030 | 75 | &nbsp;&nbsp; 81637 |
| Illinois (State of), Series 2025 B, GO Bonds | 5.00% | 09/01/2030 | 105 | &nbsp;&nbsp; 114685 |
| Illinois (State of) Finance Authority (Advocate Health Care Network), Series 2008 A, Ref. RB | 5.00% | 11/01/2030 | 120 | &nbsp;&nbsp; 126093 |
| Illinois (State of) Finance Authority (Advocate Health Care Network), Series 2008, Ref. RB | 4.00% | 11/01/2030 | 270 | &nbsp;&nbsp; 276552 |
| Illinois (State of) Finance Authority (Advocate Health Care Network), Series 2008, Ref. RB | 4.00% | 11/01/2030 | 5 | &nbsp;&nbsp; 5122 |
| Illinois (State of) Finance Authority (Green Bonds), Series 2020, RB | 5.00% | 07/01/2030 | 115 | &nbsp;&nbsp; 127156 |
| Illinois (State of) Finance Authority (Green Bonds), Series 2025 B, RB | 5.00% | 07/01/2030 | 10 | &nbsp;&nbsp; 11057 |
| &nbsp;&nbsp;&nbsp; Illinois (State of) Finance Authority (Northshore Edward Elmhurst Health Credit Group), Series 2020, <br> Ref. RB<br>| 5.00% | 08/15/2033 | 225 | &nbsp;&nbsp; 245764 |
| &nbsp;&nbsp;&nbsp; Illinois (State of) Finance Authority (Northshore Edward Elmhurst Health Credit Group), Series 2020, <br> Ref. RB<br>| 5.00% | 08/15/2034 | 110 | &nbsp;&nbsp; 119886 |
| Illinois (State of) Finance Authority (Northshore University Health), Series 2020, Ref. RB | 5.00% | 08/15/2035 | 445 | &nbsp;&nbsp; 482285 |
| Illinois (State of) Finance Authority (University of Chicago Medical), Series 2024 B, Ref. RB | 5.00% | 04/01/2030 | 65 | &nbsp;&nbsp; 71217 |
| Illinois (State of) Finance Authority (University of Chicago Medical), Series 2025, Ref. RB | 5.00% | 04/01/2030 | 20 | &nbsp;&nbsp; 21913 |
| &nbsp;&nbsp;&nbsp; Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion), Series 2020, <br> Ref. RB<br>| 5.00% | 06/15/2042 | 180 | &nbsp;&nbsp; 183417 |
| Illinois (State of) Regional Transportation Authority, Series 2000, RB, (INS - NATL)<sup>(a)</sup> | 6.50% | 07/01/2030 | 30 | &nbsp;&nbsp; 33227 |
| Illinois (State of) Sports Facilities Authority (The), Series 2019, Ref. RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 06/15/2030 | 75 | &nbsp;&nbsp; 79901 |
| Illinois (State of) Toll Highway Authority, Series 2019 A, Ref. RB | 5.00% | 01/01/2030 | 265 | &nbsp;&nbsp; 282374 |
| Illinois (State of) Toll Highway Authority, Series 2019 B, Ref. RB | 5.00% | 01/01/2030 | 130 | &nbsp;&nbsp; 142194 |
| Illinois (State of) Toll Highway Authority, Series 2019, Ref. RB | 5.00% | 01/01/2030 | 455 | &nbsp;&nbsp; 497678 |
| Illinois (State of) Toll Highway Authority, Series 2024 A, Ref. RB | 5.00% | 01/01/2030 | 40 | &nbsp;&nbsp; 43752 |
| Rosemont (Village of), IL, Series 2020 A, GO Bonds, (INS - BAM)<sup>(a)</sup> | 5.00% | 12/01/2042 | 100 | &nbsp;&nbsp; 104145 |
| Sales Tax Securitization Corp., Series 2020 A, Ref. RB | 5.00% | 01/01/2030 | 175 | &nbsp;&nbsp; 188735 |
| Sales Tax Securitization Corp., Series 2020 A, Ref. RB | 5.00% | 01/01/2036 | 30 | &nbsp;&nbsp; 31492 |
| Sales Tax Securitization Corp., Series 2020 A, Ref. RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 01/01/2037 | 30 | &nbsp;&nbsp; 31791 |
| Sales Tax Securitization Corp., Series 2021 A, Ref. RB | 5.00% | 01/01/2030 | 550 | &nbsp;&nbsp; 593167 |
| Sales Tax Securitization Corp., Series 2023 C, Ref. RB | 5.00% | 01/01/2037 | 225 | &nbsp;&nbsp; 236146 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Illinois-(continued)** |  |  |  |  |
| Sales Tax Securitization Corp., Series 2023 C, Ref. RB | 5.00% | 01/01/2038 | $90 | &nbsp;&nbsp; $94069 |
| Sales Tax Securitization Corp. (Social Bonds), Series 2023 A, Ref. RB | 4.00% | 01/01/2042 | 10 | &nbsp;&nbsp; 10004 |
| Springfield (City of), IL, Series 2024, Ref. RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 03/01/2030 | 85 | &nbsp;&nbsp; 92083 |
| University of Illinois, Series 2023 A, Ref. RB | 5.00% | 04/01/2030 | 195 | &nbsp;&nbsp; 213231 |
|  |  |  |  | &nbsp;&nbsp; 10285536 |
| **Indiana-0.62%** |  |  |  |  |
| Indiana (State of) Finance Authority (CWA Authority), Series 2021, Ref. RB | 5.00% | 10/01/2030 | 225 | &nbsp;&nbsp; 250075 |
| Indiana (State of) Finance Authority (Green Bonds), Series 2021 A, Ref. RB | 5.00% | 02/01/2030 | 280 | &nbsp;&nbsp; 307958 |
| Indiana (State of) Finance Authority (Green Bonds), Series 2022 B, RB | 5.25% | 10/01/2047 | 90 | &nbsp;&nbsp; 94622 |
| Indiana (State of) Finance Authority (Green Bonds), Series 2022, RB | 5.25% | 10/01/2052 | 100 | &nbsp;&nbsp; 104022 |
| Indiana (State of) Finance Authority (Ohio Valley Electrical Corp.), Series 2012 A, RB | 4.25% | 11/01/2030 | 55 | &nbsp;&nbsp; 56773 |
| Indiana (State of) Finance Authority (Ohio Valley Electrical Corp.), Series 2012 B, RB | 3.00% | 11/01/2030 | 280 | &nbsp;&nbsp; 273728 |
| Indiana (State of) Finance Authority (Stadium), Series 2022 A, Ref. RB | 5.00% | 02/01/2030 | 160 | &nbsp;&nbsp; 173138 |
| Indiana (State of) Municipal Power Agency, Series 2025 A, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 01/01/2030 | 15 | &nbsp;&nbsp; 16401 |
|  |  |  |  | &nbsp;&nbsp; 1276717 |
| **Iowa-0.23%** |  |  |  |  |
| Iowa (State of), Series 2019 A, Ref. RB | 5.00% | 06/01/2030 | 100 | &nbsp;&nbsp; 107983 |
| Iowa (State of) Finance Authority (Green Bonds), Series 2020 A, RB | 5.00% | 08/01/2038 | 205 | &nbsp;&nbsp; 221242 |
| Iowa (State of) Finance Authority (Green Bonds), Series 2020 A, RB | 5.00% | 08/01/2044 | 120 | &nbsp;&nbsp; 125090 |
| Iowa (State of) Finance Authority (Green Bonds), Series 2020 A, RB | 5.00% | 08/01/2049 | 15 | &nbsp;&nbsp; 15614 |
|  |  |  |  | &nbsp;&nbsp; 469929 |
| **Kansas-0.03%** |  |  |  |  |
| Kansas (State of) Department of Transportation, Series 2024 A, Ref. RB | 5.00% | 09/01/2030 | 25 | &nbsp;&nbsp; 27785 |
| Kansas (State of) Department of Transportation, Series 2025 A, Ref. RB | 5.00% | 09/01/2030 | 40 | &nbsp;&nbsp; 44457 |
|  |  |  |  | &nbsp;&nbsp; 72242 |
| **Kentucky-0.26%** |  |  |  |  |
| Kentucky (Commonwealth of) Property & Building Commission (No. 130), Series 2024 B, Ref. RB | 5.00% | 11/01/2030 | 55 | &nbsp;&nbsp; 60914 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 131), Series 2024 A, RB | 5.00% | 10/01/2030 | 150 | &nbsp;&nbsp; 165853 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 132), Series 2025 A, RB | 5.00% | 04/01/2030 | 50 | &nbsp;&nbsp; 54739 |
| Kentucky (Commonwealth of) Turnpike Authority (Revitalization), Series 2024, Ref. RB | 5.00% | 07/01/2030 | 110 | &nbsp;&nbsp; 121377 |
| &nbsp;&nbsp;&nbsp; Kentucky Bond Development Corp. (Kentucky Communications Network Authority), Series 2019, RB, <br> (INS - BAM)<sup>(a)</sup><br>| 5.00% | 09/01/2049 | 130 | &nbsp;&nbsp; 133393 |
|  |  |  |  | &nbsp;&nbsp; 536276 |
| **Louisiana-0.73%** |  |  |  |  |
| Louisiana (State of), Series 2019 A, GO Bonds | 5.00% | 03/01/2030 | 110 | &nbsp;&nbsp; 118267 |
| Louisiana (State of), Series 2020 A, GO Bonds | 5.00% | 03/01/2035 | 65 | &nbsp;&nbsp; 70609 |
| Louisiana (State of), Series 2020 A, GO Bonds | 5.00% | 03/01/2036 | 150 | &nbsp;&nbsp; 162250 |
| Louisiana (State of), Series 2020 A, GO Bonds | 5.00% | 03/01/2037 | 10 | &nbsp;&nbsp; 10787 |
| Louisiana (State of), Series 2020 A, GO Bonds | 5.00% | 03/01/2039 | 85 | &nbsp;&nbsp; 90767 |
| Louisiana (State of), Series 2020 A, GO Bonds | 5.00% | 03/01/2040 | 10 | &nbsp;&nbsp; 10639 |
| Louisiana (State of), Series 2023 A, Ref. GO Bonds | 5.00% | 02/01/2030 | 85 | &nbsp;&nbsp; 93381 |
| Louisiana (State of), Series 2024 E, GO Bonds | 5.00% | 09/01/2030 | 105 | &nbsp;&nbsp; 116948 |
| Louisiana (State of), Series 2025 B, RB | 5.00% | 05/01/2030 | 10 | &nbsp;&nbsp; 11045 |
| Louisiana (State of) (Garvee), Series 2023, RB | 5.00% | 09/01/2030 | 160 | &nbsp;&nbsp; 177600 |
| &nbsp;&nbsp;&nbsp; Louisiana (State of) Local Government Environmental Facilities & Community Development Authority <br> (Entergy Louisiana LLC), Series 2021, Ref. RB<br>| 2.00% | 06/01/2030 | 390 | &nbsp;&nbsp; 362376 |
| Louisiana (State of) Public Facilities Authority (Tulane University of Louisiana), Series 2020, Ref. RB | 5.00% | 04/01/2045 | 270 | &nbsp;&nbsp; 277782 |
|  |  |  |  | &nbsp;&nbsp; 1502451 |
| **Maine-0.01%** |  |  |  |  |
| Maine (State of) Turnpike Authority, Series 2020, RB | 5.00% | 07/01/2050 | 15 | &nbsp;&nbsp; 15473 |
| **Maryland-2.73%** |  |  |  |  |
| Baltimore (City of), MD (Water), Series 2020 A, RB | 5.00% | 07/01/2050 | 100 | &nbsp;&nbsp; 102424 |
| Baltimore (County of), MD, Series 2020, GO Bonds | 4.00% | 03/01/2036 | 125 | &nbsp;&nbsp; 129668 |
| Baltimore (County of), MD, Series 2020, GO Bonds | 4.00% | 03/01/2037 | 35 | &nbsp;&nbsp; 36146 |
| Baltimore (County of), MD, Series 2020, GO Bonds | 4.00% | 03/01/2038 | 10 | &nbsp;&nbsp; 10275 |
| Maryland (State of), First Series 2019, GO Bonds | 5.00% | 03/15/2030 | 270 | &nbsp;&nbsp; 291267 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Maryland-(continued)** |  |  |  |  |
| Maryland (State of), Series 2015 A, GO Bonds | 3.00% | 03/01/2030 | $140 | &nbsp;&nbsp; $140006 |
| Maryland (State of), Series 2015 A, GO Bonds | 3.25% | 08/01/2030 | 60 | &nbsp;&nbsp; 60007 |
| Maryland (State of), Series 2020, GO Bonds | 5.00% | 08/01/2030 | 165 | &nbsp;&nbsp; 183447 |
| Maryland (State of), Series 2020, GO Bonds | 5.00% | 08/01/2032 | 305 | &nbsp;&nbsp; 337264 |
| Maryland (State of), Series 2020, GO Bonds | 5.00% | 08/01/2033 | 195 | &nbsp;&nbsp; 214586 |
| Maryland (State of), Series 2020, GO Bonds | 4.00% | 03/15/2034 | 25 | &nbsp;&nbsp; 26154 |
| Maryland (State of), Series 2022, GO Bonds | 5.00% | 06/01/2030 | 105 | &nbsp;&nbsp; 116324 |
| Maryland (State of) (Bidding Group 1), Second Series 2021 A, GO Bonds | 5.00% | 08/01/2030 | 120 | &nbsp;&nbsp; 133416 |
| Maryland (State of) (Bidding Group 1), Series 2020 A, GO Bonds | 5.00% | 03/15/2030 | 195 | &nbsp;&nbsp; 215040 |
| Maryland (State of) (Bidding Group 1), Series 2021 A, GO Bonds | 5.00% | 03/01/2030 | 160 | &nbsp;&nbsp; 176294 |
| Maryland (State of) (Bidding Group 1), Series 2023 A, GO Bonds | 5.00% | 03/15/2030 | 10 | &nbsp;&nbsp; 11028 |
| Maryland (State of) (Bidding Group 1), Series 2024, GO Bonds | 5.00% | 06/01/2030 | 55 | &nbsp;&nbsp; 60932 |
| Maryland (State of) (Bidding Group 2), Second Series 2019 A, GO Bonds | 5.00% | 08/01/2030 | 300 | &nbsp;&nbsp; 326119 |
| Maryland (State of) (Bidding Group 2), Series 2020 A, GO Bonds | 5.00% | 03/15/2032 | 150 | &nbsp;&nbsp; 164814 |
| Maryland (State of) (Bidding Group 2), Series 2020 A, GO Bonds | 5.00% | 03/15/2033 | 240 | &nbsp;&nbsp; 262568 |
| Maryland (State of) (Bidding Group 2), Series 2020 A, GO Bonds | 5.00% | 08/01/2034 | 250 | &nbsp;&nbsp; 274004 |
| Maryland (State of) (Bidding Group 2), Series 2020 A, GO Bonds | 4.00% | 03/15/2035 | 20 | &nbsp;&nbsp; 20863 |
| Maryland (State of) (Bidding Group 2), Series 2020 A, GO Bonds | 5.00% | 08/01/2035 | 215 | &nbsp;&nbsp; 234649 |
| Maryland (State of) Department of Transportation, Series 2020, RB | 5.00% | 10/01/2030 | 235 | &nbsp;&nbsp; 261869 |
| Maryland (State of) Department of Transportation, Series 2020, RB | 5.00% | 10/01/2032 | 40 | &nbsp;&nbsp; 44352 |
| Maryland (State of) Department of Transportation, Series 2020, RB | 5.00% | 10/01/2033 | 210 | &nbsp;&nbsp; 232067 |
| Maryland (State of) Department of Transportation, Series 2020, RB | 5.00% | 10/01/2034 | 75 | &nbsp;&nbsp; 82585 |
| Maryland (State of) Department of Transportation, Series 2021 A, RB | 4.00% | 10/01/2030 | 350 | &nbsp;&nbsp; 367304 |
| Maryland (State of) Transportation Authority, Series 2020, RB | 5.00% | 07/01/2033 | 25 | &nbsp;&nbsp; 27522 |
| Maryland (State of) Transportation Authority, Series 2020, RB | 5.00% | 10/01/2035 | 25 | &nbsp;&nbsp; 27411 |
| Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB | 5.00% | 07/01/2030 | 75 | &nbsp;&nbsp; 83202 |
| Maryland (State of) Transportation Authority, Series 2024, Ref. RB | 5.00% | 07/01/2030 | 20 | &nbsp;&nbsp; 22187 |
| Maryland (State of) Transportation Authority (Transportation Facilities), Series 2020, RB | 5.00% | 07/01/2030 | 135 | &nbsp;&nbsp; 149764 |
| Maryland (State of) Transportation Authority (Transportation Facilities), Series 2020, RB | 5.00% | 07/01/2032 | 15 | &nbsp;&nbsp; 16564 |
| Maryland (State of) Transportation Authority (Transportation Facilities), Series 2020, RB | 5.00% | 07/01/2034 | 65 | &nbsp;&nbsp; 71358 |
| Maryland Water Infrastructure Financing Administration Bay Restoration Fund, Series 2015, RB | 3.00% | 03/01/2030 | 25 | &nbsp;&nbsp; 24821 |
| Montgomery (County of), MD, Series 2020 A, GO Bonds | 4.00% | 08/01/2030 | 40 | &nbsp;&nbsp; 42519 |
| Montgomery (County of), MD, Series 2020 B, Ref. GO Bonds | 4.00% | 11/01/2030 | 110 | &nbsp;&nbsp; 117312 |
| Montgomery (County of), MD (Consolidated Public Improvement), Series 2021 A, Ref. GO Bonds | 5.00% | 08/01/2030 | 65 | &nbsp;&nbsp; 72419 |
| Prince George's (County of), MD, Series 2019 A, GO Bonds | 5.00% | 07/15/2030 | 270 | &nbsp;&nbsp; 292737 |
| Prince George's (County of), MD, Series 2021 A, GO Bonds | 5.00% | 07/01/2030 | 20 | &nbsp;&nbsp; 22215 |
| Prince George's (County of), MD, Series 2022 A, GO Bonds | 5.00% | 07/01/2030 | 95 | &nbsp;&nbsp; 105520 |
| Washington (State of) Suburban Sanitary Commission, Series 2017, Ref. RB | 3.00% | 06/01/2030 | 30 | &nbsp;&nbsp; 30060 |
|  |  |  |  | &nbsp;&nbsp; 5621083 |
| **Massachusetts-4.20%** |  |  |  |  |
| Massachusetts (Commonwealth of), Series 2004 A, Ref. GO Bonds, (INS - AMBAC)<sup>(a)</sup> | 5.50% | 08/01/2030 | 440 | &nbsp;&nbsp; 491932 |
| Massachusetts (Commonwealth of), Series 2005, Ref. RB, (INS - NATL)<sup>(a)</sup> | 5.50% | 01/01/2030 | 45 | &nbsp;&nbsp; 49977 |
| Massachusetts (Commonwealth of), Series 2018 B, Ref. GO Bonds | 5.00% | 07/01/2030 | 150 | &nbsp;&nbsp; 166680 |
| Massachusetts (Commonwealth of), Series 2018 C, Ref. GO Bonds | 5.00% | 09/01/2030 | 60 | &nbsp;&nbsp; 66913 |
| Massachusetts (Commonwealth of), Series 2019 A, GO Bonds | 5.00% | 01/01/2030 | 170 | &nbsp;&nbsp; 182715 |
| Massachusetts (Commonwealth of), Series 2019 C, Ref. GO Bonds | 5.00% | 05/01/2030 | 55 | &nbsp;&nbsp; 60894 |
| Massachusetts (Commonwealth of), Series 2019 G, GO Bonds | 5.00% | 09/01/2030 | 90 | &nbsp;&nbsp; 98182 |
| Massachusetts (Commonwealth of), Series 2020 B, GO Bonds | 4.00% | 03/01/2032 | 65 | &nbsp;&nbsp; 68367 |
| Massachusetts (Commonwealth of), Series 2020 B, GO Bonds | 4.00% | 03/01/2033 | 25 | &nbsp;&nbsp; 26182 |
| Massachusetts (Commonwealth of), Series 2020 B, Ref. GO Bonds | 5.00% | 07/01/2032 | 30 | &nbsp;&nbsp; 33183 |
| Massachusetts (Commonwealth of), Series 2020 B, Ref. GO Bonds | 5.00% | 07/01/2033 | 25 | &nbsp;&nbsp; 27568 |
| Massachusetts (Commonwealth of), Series 2020 B, Ref. GO Bonds | 5.00% | 07/01/2034 | 80 | &nbsp;&nbsp; 87970 |
| Massachusetts (Commonwealth of), Series 2020 D, GO Bonds | 5.00% | 07/01/2030 | 500 | &nbsp;&nbsp; 555599 |
| Massachusetts (Commonwealth of), Series 2020 D, GO Bonds | 5.00% | 07/01/2036 | 260 | &nbsp;&nbsp; 283579 |
| Massachusetts (Commonwealth of), Series 2020 D, GO Bonds | 5.00% | 07/01/2037 | 110 | &nbsp;&nbsp; 119414 |
| Massachusetts (Commonwealth of), Series 2020 D, GO Bonds | 5.00% | 07/01/2038 | 135 | &nbsp;&nbsp; 145911 |
| Massachusetts (Commonwealth of), Series 2020 D, GO Bonds | 5.00% | 07/01/2040 | 475 | &nbsp;&nbsp; 508097 |
| Massachusetts (Commonwealth of), Series 2020 D, GO Bonds | 5.00% | 07/01/2041 | 70 | &nbsp;&nbsp; 74450 |
| Massachusetts (Commonwealth of), Series 2020 D, GO Bonds | 5.00% | 07/01/2045 | 610 | &nbsp;&nbsp; 633643 |
| Massachusetts (Commonwealth of), Series 2020 D, GO Bonds | 5.00% | 07/01/2048 | 450 | &nbsp;&nbsp; 464275 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Massachusetts-(continued)** |  |  |  |  |
| Massachusetts (Commonwealth of), Series 2020 D, Ref. GO Bonds | 4.00% | 11/01/2034 | $85 | &nbsp;&nbsp; $88757 |
| Massachusetts (Commonwealth of), Series 2020 D, Ref. GO Bonds | 4.00% | 11/01/2035 | 295 | &nbsp;&nbsp; 305951 |
| Massachusetts (Commonwealth of), Series 2020 D, Ref. GO Bonds | 4.00% | 11/01/2036 | 20 | &nbsp;&nbsp; 20620 |
| Massachusetts (Commonwealth of), Series 2020 D, Ref. GO Bonds | 4.00% | 11/01/2037 | 10 | &nbsp;&nbsp; 10239 |
| Massachusetts (Commonwealth of), Series 2020 D, Ref. GO Bonds | 4.00% | 11/01/2040 | 5 | &nbsp;&nbsp; 5041 |
| Massachusetts (Commonwealth of), Series 2020 E, GO Bonds | 5.00% | 11/01/2030 | 55 | &nbsp;&nbsp; 61560 |
| Massachusetts (Commonwealth of), Series 2020 E, GO Bonds | 5.00% | 11/01/2032 | 85 | &nbsp;&nbsp; 94541 |
| Massachusetts (Commonwealth of), Series 2020 E, GO Bonds | 5.00% | 11/01/2033 | 215 | &nbsp;&nbsp; 238309 |
| Massachusetts (Commonwealth of), Series 2020 E, GO Bonds | 5.00% | 11/01/2045 | 435 | &nbsp;&nbsp; 452971 |
| Massachusetts (Commonwealth of), Series 2020 E, GO Bonds | 5.00% | 11/01/2050 | 580 | &nbsp;&nbsp; 597562 |
| Massachusetts (Commonwealth of), Series 2021 A, Ref. GO Bonds | 5.00% | 09/01/2030 | 30 | &nbsp;&nbsp; 33456 |
| Massachusetts (Commonwealth of), Series 2021 C, GO Bonds | 5.00% | 09/01/2030 | 280 | &nbsp;&nbsp; 312260 |
| Massachusetts (Commonwealth of), Series 2021, RB | 5.00% | 06/01/2046 | 5 | &nbsp;&nbsp; 5169 |
| Massachusetts (Commonwealth of), Series 2022 A, Ref. GO Bonds | 5.00% | 10/01/2030 | 5 | &nbsp;&nbsp; 5586 |
| Massachusetts (Commonwealth of), Series 2023, GO Bonds | 5.00% | 05/01/2030 | 75 | &nbsp;&nbsp; 83037 |
| Massachusetts (Commonwealth of), Series 2024 A, Ref. GO Bonds | 5.00% | 03/01/2030 | 220 | &nbsp;&nbsp; 242685 |
| Massachusetts (Commonwealth of), Series 2024 B, GO Bonds | 5.00% | 05/01/2030 | 5 | &nbsp;&nbsp; 5536 |
| Massachusetts (Commonwealth of), Series 2024 B, Ref. GO Bonds | 5.00% | 11/01/2030 | 35 | &nbsp;&nbsp; 39174 |
| Massachusetts (Commonwealth of), Series 2024 G, GO Bonds | 5.00% | 12/01/2030 | 25 | &nbsp;&nbsp; 28032 |
| Massachusetts (Commonwealth of) (Rail Enhancement Program), Series 2021 B, RB | 5.00% | 06/01/2043 | 105 | &nbsp;&nbsp; 109617 |
| Massachusetts (Commonwealth of) (Rail Enhancement Program) (Green Bonds), Series 2021 A, RB | 5.00% | 06/01/2051 | 35 | &nbsp;&nbsp; 35836 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2004 B, Ref. RB | 5.25% | 07/01/2030 | 210 | &nbsp;&nbsp; 227637 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2005 A, RB | 5.00% | 07/01/2030 | 35 | &nbsp;&nbsp; 39021 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2006 A, RB | 5.25% | 07/01/2030 | 120 | &nbsp;&nbsp; 134749 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2007 A-1, Ref. RB | 5.25% | 07/01/2030 | 205 | &nbsp;&nbsp; 230765 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2020, Ref. RB | 5.00% | 07/01/2030 | 25 | &nbsp;&nbsp; 27803 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2020, Ref. RB | 5.00% | 07/01/2034 | 85 | &nbsp;&nbsp; 93352 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Development Finance Agency (Beth Israel Lahey Health), <br> Series 2025, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| 5.00% | 07/01/2030 | 10 | &nbsp;&nbsp; 10966 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center), <br> Series 2020 A-2, Ref. RB<br>| 5.00% | 07/01/2037 | 95 | &nbsp;&nbsp; 101519 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Health & Educational Facilities Authority (Boston College), <br> Series 2000, RB<br>| 5.50% | 06/01/2030 | 20 | &nbsp;&nbsp; 22364 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Health & Educational Facilities Authority (Massachusetts Institute <br> of Technology), Series 2004 M, RB<br>| 5.25% | 07/01/2030 | 150 | &nbsp;&nbsp; 168713 |
| Massachusetts (Commonwealth of) School Building Authority, Series 2025, Ref. RB | 5.00% | 02/15/2030 | 15 | &nbsp;&nbsp; 16543 |
| Massachusetts (Commonwealth of) School Building Authority (Social Bonds), Series 2020 A, RB | 5.00% | 08/15/2045 | 250 | &nbsp;&nbsp; 261007 |
| Massachusetts (Commonwealth of) School Building Authority (Social Bonds), Series 2020 A, RB | 5.00% | 08/15/2050 | 115 | &nbsp;&nbsp; 118443 |
| Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2019 A, Ref. RB | 5.00% | 01/01/2030 | 65 | &nbsp;&nbsp; 69982 |
| Massachusetts (Commonwealth of) Water Resources Authority, Series 2007 B, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 08/01/2030 | 95 | &nbsp;&nbsp; 107154 |
| University of Massachusetts Building Authority, Series 2022-1, RB | 5.00% | 11/01/2052 | 100 | &nbsp;&nbsp; 103038 |
|  |  |  |  | &nbsp;&nbsp; 8654526 |
| **Michigan-1.28%** |  |  |  |  |
| Detroit City School District, Series 2005 A, Ref. GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.25% | 05/01/2030 | 290 | &nbsp;&nbsp; 320892 |
| Great Lakes Water Authority, Series 2024 A, Ref. RB | 5.00% | 07/01/2030 | 100 | &nbsp;&nbsp; 110525 |
| Michigan (State of), Series 2018, GO Bonds | 3.00% | 05/01/2030 | 80 | &nbsp;&nbsp; 80101 |
| Michigan (State of), Series 2020 B, RB | 5.00% | 11/15/2032 | 155 | &nbsp;&nbsp; 172051 |
| Michigan (State of), Series 2020 B, RB | 5.00% | 11/15/2033 | 720 | &nbsp;&nbsp; 796046 |
| Michigan (State of), Series 2020, RB | 5.00% | 11/15/2030 | 235 | &nbsp;&nbsp; 263366 |
| Michigan (State of), Series 2020, RB | 5.00% | 11/15/2034 | 55 | &nbsp;&nbsp; 60595 |
| Michigan (State of), Series 2020, RB | 5.00% | 11/15/2035 | 60 | &nbsp;&nbsp; 65711 |
| Michigan (State of), Series 2023, RB | 5.00% | 11/15/2030 | 105 | &nbsp;&nbsp; 117674 |
| Michigan (State of) Building Authority (Facilities Program), Series 2020 I, Ref. RB | 5.00% | 10/15/2030 | 165 | &nbsp;&nbsp; 184018 |
| Michigan (State of) Building Authority (Facilities Program), Series 2025 I, Ref. RB | 5.00% | 04/15/2030 | 50 | &nbsp;&nbsp; 55151 |
| Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2022, Ref. RB | 5.00% | 04/15/2030 | 35 | &nbsp;&nbsp; 38347 |
| &nbsp;&nbsp;&nbsp; Michigan (State of) Hospital Finance Authority (Ascension Health Credit Group), Series 2010, Ref. <br> RB<sup>(b)(c)</sup><br>| 5.00% | 05/15/2030 | 65 | &nbsp;&nbsp; 71333 |
| Michigan (State of) Hospital Finance Authority (Ascension Health Credit Group), Series 2010, Ref. RB | 5.00% | 11/15/2047 | 170 | &nbsp;&nbsp; 173293 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Michigan-(continued)** |  |  |  |  |
| Walled Lake Consolidated School District, Series 2020, GO Bonds | 5.00% | 05/01/2045 | $40 | &nbsp;&nbsp; $41454 |
| Walled Lake Consolidated School District, Series 2020, GO Bonds | 5.00% | 05/01/2050 | 95 | &nbsp;&nbsp; 98264 |
|  |  |  |  | &nbsp;&nbsp; 2648821 |
| **Minnesota-1.00%** |  |  |  |  |
| Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2023 A, Ref. RB | 5.00% | 01/01/2030 | 10 | &nbsp;&nbsp; 10902 |
| Minnesota (State of), Series 2019 A, GO Bonds | 5.00% | 08/01/2030 | 10 | &nbsp;&nbsp; 10906 |
| Minnesota (State of), Series 2020 A, GO Bonds | 5.00% | 08/01/2030 | 115 | &nbsp;&nbsp; 128072 |
| Minnesota (State of), Series 2020 A, GO Bonds | 5.00% | 08/01/2033 | 45 | &nbsp;&nbsp; 49811 |
| Minnesota (State of), Series 2020 A, GO Bonds | 5.00% | 08/01/2034 | 40 | &nbsp;&nbsp; 44154 |
| Minnesota (State of), Series 2020 A, GO Bonds | 5.00% | 08/01/2035 | 50 | &nbsp;&nbsp; 54990 |
| Minnesota (State of), Series 2020 A, GO Bonds | 5.00% | 08/01/2036 | 85 | &nbsp;&nbsp; 93035 |
| Minnesota (State of), Series 2020 A, GO Bonds | 5.00% | 08/01/2038 | 35 | &nbsp;&nbsp; 37963 |
| Minnesota (State of), Series 2020 A, GO Bonds | 5.00% | 08/01/2040 | 140 | &nbsp;&nbsp; 150296 |
| Minnesota (State of), Series 2021 A, GO Bonds | 5.00% | 09/01/2030 | 295 | &nbsp;&nbsp; 329129 |
| Minnesota (State of), Series 2021 B, GO Bonds | 5.00% | 09/01/2030 | 60 | &nbsp;&nbsp; 66942 |
| Minnesota (State of), Series 2022 A, Ref. RB | 5.00% | 03/01/2030 | 145 | &nbsp;&nbsp; 159643 |
| Minnesota (State of), Series 2023 E, Ref. GO Bonds | 5.00% | 08/01/2030 | 220 | &nbsp;&nbsp; 245008 |
| Minnesota (State of), Series 2023, COP | 5.00% | 11/01/2030 | 130 | &nbsp;&nbsp; 145185 |
| Minnesota (State of), Series 2024 A, GO Bonds | 5.00% | 08/01/2030 | 45 | &nbsp;&nbsp; 50115 |
| Minnesota (State of), Series 2024 B, GO Bonds | 5.00% | 08/01/2030 | 5 | &nbsp;&nbsp; 5568 |
| Minnesota (State of), Series 2024 D, Ref. GO Bonds | 5.00% | 08/01/2030 | 100 | &nbsp;&nbsp; 111367 |
| Minnesota (State of) Public Facilities Authority, Series 2023 A, RB | 5.00% | 03/01/2030 | 95 | &nbsp;&nbsp; 104755 |
| Minnesota (State of) Public Facilities Authority, Series 2023 B, Ref. RB | 5.00% | 03/01/2030 | 245 | &nbsp;&nbsp; 270158 |
|  |  |  |  | &nbsp;&nbsp; 2067999 |
| **Mississippi-0.05%** |  |  |  |  |
| Mississippi (State of), Series 2021 A, GO Bonds | 4.00% | 06/01/2034 | 75 | &nbsp;&nbsp; 76956 |
| Mississippi (State of), Series 2021 A, GO Bonds | 4.00% | 06/01/2035 | 30 | &nbsp;&nbsp; 30627 |
| &nbsp;&nbsp;&nbsp; Mississippi (State of) Development Bank (Desoto County Mississippi Highway Refunding), Series 2024 <br> A, Ref. RB<br>| 5.00% | 01/01/2030 | 5 | &nbsp;&nbsp; 5467 |
|  |  |  |  | &nbsp;&nbsp; 113050 |
| **Missouri-0.67%** |  |  |  |  |
| Curators of the University of Missouri (The), Series 2020 B, RB | 5.00% | 11/01/2030 | 460 | &nbsp;&nbsp; 513280 |
| Curators of the University of Missouri (The), Series 2024, Ref. RB | 5.00% | 11/01/2030 | 20 | &nbsp;&nbsp; 22316 |
| Jackson County Reorganized School District No. 7, Series 2020, Ref. GO Bonds | 4.00% | 03/01/2030 | 165 | &nbsp;&nbsp; 172014 |
| Missouri (State of) Health & Educational Facilities Authority (BJC Health System), Series 2023 A, RB | 5.00% | 05/01/2030 | 25 | &nbsp;&nbsp; 27448 |
| Missouri (State of) Health & Educational Facilities Authority (SSM Health), Series 2022 A, RB | 5.00% | 06/01/2030 | 220 | &nbsp;&nbsp; 238742 |
| Missouri (State of) Highway & Transportation Commission, Series 2022 A, RB | 5.00% | 05/01/2030 | 105 | &nbsp;&nbsp; 115882 |
| Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2025, Ref. RB | 5.00% | 12/01/2030 | 10 | &nbsp;&nbsp; 11093 |
| St. Louis (City of), MO, Series 2005, RB, (INS - NATL)<sup>(a)</sup> | 5.50% | 07/01/2030 | 245 | &nbsp;&nbsp; 275376 |
|  |  |  |  | &nbsp;&nbsp; 1376151 |
| **Nebraska-0.34%** |  |  |  |  |
| Omaha (City of), NE Public Power District, Series 2019 A, RB | 5.00% | 02/01/2030 | 5 | &nbsp;&nbsp; 5365 |
| Omaha (City of), NE Public Power District, Series 2021 A, RB | 5.00% | 02/01/2046 | 650 | &nbsp;&nbsp; 673320 |
| Public Power Generation Agency (Whelan Energy Center Unit 2), Series 2024, Ref. RB | 5.00% | 01/01/2030 | 30 | &nbsp;&nbsp; 32753 |
|  |  |  |  | &nbsp;&nbsp; 711438 |
| **Nevada-0.44%** |  |  |  |  |
| Clark (County of), NV, Series 2020 C, Ref. RB | 5.00% | 07/01/2030 | 140 | &nbsp;&nbsp; 154927 |
| Clark (County of), NV, Series 2022 A, Ref. GO Bonds | 4.00% | 06/01/2030 | 20 | &nbsp;&nbsp; 21170 |
| Clark (County of), NV (Las Vegas McCarran International Airport), Series 2019, Ref. RB | 5.00% | 07/01/2030 | 60 | &nbsp;&nbsp; 64806 |
| Clark (County of), NV Department of Aviation, Series 2019 B, Ref. RB | 5.00% | 07/01/2030 | 50 | &nbsp;&nbsp; 54005 |
| Clark (County of), NV Department of Aviation, Series 2019, Ref. RB | 5.00% | 07/01/2030 | 105 | &nbsp;&nbsp; 113411 |
| Clark (County of), NV Department of Aviation, Series 2024 A, Ref. RB | 5.00% | 07/01/2030 | 20 | &nbsp;&nbsp; 22096 |
| Clark County School District, Series 2020 A, GO Bonds, (INS - AGI)<sup>(a)</sup> | 4.00% | 06/15/2040 | 50 | &nbsp;&nbsp; 50349 |
| Clark County School District, Series 2024 B, GO Bonds | 5.00% | 06/15/2030 | 15 | &nbsp;&nbsp; 16523 |
| Clark County School District, Series 2025 B, Ref. GO Bonds | 5.00% | 06/15/2030 | 15 | &nbsp;&nbsp; 16523 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Nevada-(continued)** |  |  |  |  |
| Las Vegas Valley Water District, Series 2021 C, GO Bonds | 5.00% | 06/01/2030 | $250 | &nbsp;&nbsp; $276851 |
| Nevada (State of), Series 2023 A, GO Bonds | 5.00% | 05/01/2030 | 100 | &nbsp;&nbsp; 110540 |
|  |  |  |  | &nbsp;&nbsp; 901201 |
| **New Jersey-1.93%** |  |  |  |  |
| New Jersey (State of), Series 2020 A, GO Bonds | 4.00% | 06/01/2030 | 540 | &nbsp;&nbsp; 572055 |
| New Jersey (State of), Series 2021, GO Bonds | 2.00% | 06/01/2030 | 665 | &nbsp;&nbsp; 629053 |
| New Jersey (State of) Economic Development Authority, Series 2017 A, Ref. RB | 3.38% | 07/01/2030 | 200 | &nbsp;&nbsp; 197549 |
| &nbsp;&nbsp;&nbsp; New Jersey (State of) Economic Development Authority (New Jersey Transportation Bonds), <br> Series 2020 A, RB<br>| 5.00% | 11/01/2030 | 30 | &nbsp;&nbsp; 32574 |
| New Jersey (State of) Educational Facilities Authority, Series 2024 A, GO Bonds | 5.00% | 03/01/2030 | 235 | &nbsp;&nbsp; 260033 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2014 BB-2, RN | 5.00% | 06/15/2030 | 90 | &nbsp;&nbsp; 98922 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB | 5.00% | 06/15/2035 | 250 | &nbsp;&nbsp; 272700 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB | 4.00% | 06/15/2036 | 10 | &nbsp;&nbsp; 10257 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB | 5.00% | 06/15/2036 | 155 | &nbsp;&nbsp; 168186 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB | 5.00% | 06/15/2037 | 10 | &nbsp;&nbsp; 10793 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB | 5.00% | 06/15/2039 | 15 | &nbsp;&nbsp; 16025 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB | 5.00% | 06/15/2045 | 730 | &nbsp;&nbsp; 755719 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2021 A, Ref. RB | 5.00% | 06/15/2030 | 160 | &nbsp;&nbsp; 175862 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022 AA, Ref. RB | 5.00% | 06/15/2030 | 195 | &nbsp;&nbsp; 214331 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2023 AA, RB | 5.00% | 06/15/2030 | 125 | &nbsp;&nbsp; 137392 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2024 CC, RB | 5.00% | 06/15/2030 | 160 | &nbsp;&nbsp; 175862 |
| New Jersey (State of) Turnpike Authority, Series 2005 A, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 01/01/2030 | 35 | &nbsp;&nbsp; 38649 |
| New Jersey (State of) Turnpike Authority, Series 2022 C, Ref. RB | 5.00% | 01/01/2030 | 105 | &nbsp;&nbsp; 114721 |
| South Jersey Transportation Authority, Series 2020 A, RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 11/01/2041 | 100 | &nbsp;&nbsp; 105432 |
|  |  |  |  | &nbsp;&nbsp; 3986115 |
| **New Mexico-0.68%** |  |  |  |  |
| New Mexico (State of), Series 2023, GO Bonds | 5.00% | 03/01/2030 | 75 | &nbsp;&nbsp; 82447 |
| New Mexico (State of), Series 2025, GO Bonds | 5.00% | 03/01/2032 | 75 | &nbsp;&nbsp; 82090 |
| New Mexico (State of), Series 2025, GO Bonds | 5.00% | 03/01/2034 | 15 | &nbsp;&nbsp; 16330 |
| New Mexico (State of) Finance Authority, Series 2021 A, RB | 5.00% | 06/15/2030 | 270 | &nbsp;&nbsp; 299369 |
| New Mexico (State of) Severance Tax Permanent Fund, Series 2021 A, RB | 5.00% | 07/01/2030 | 140 | &nbsp;&nbsp; 154799 |
| New Mexico (State of) Severance Tax Permanent Fund, Series 2022 A, RB | 5.00% | 07/01/2030 | 155 | &nbsp;&nbsp; 171385 |
| New Mexico (State of) Severance Tax Permanent Fund, Series 2025 A, RB | 5.00% | 07/01/2030 | 25 | &nbsp;&nbsp; 27643 |
| New Mexico (State of) Severance Tax Permanent Fund, Series 2025 A, RB | 5.00% | 07/01/2032 | 455 | &nbsp;&nbsp; 500904 |
| New Mexico (State of) Severance Tax Permanent Fund, Series 2025 A, RB | 5.00% | 07/01/2033 | 15 | &nbsp;&nbsp; 16445 |
| New Mexico (State of) Severance Tax Permanent Fund, Series 2025 A, RB | 5.00% | 07/01/2034 | 10 | &nbsp;&nbsp; 10936 |
| New Mexico (State of) Severance Tax Permanent Fund, Series 2025 A, RB | 5.00% | 07/01/2035 | 40 | &nbsp;&nbsp; 43584 |
|  |  |  |  | &nbsp;&nbsp; 1405932 |
| **New York-21.56%** |  |  |  |  |
| Battery Park (City of), NY Authority, Series 2023 B, Ref. RB | 5.00% | 11/01/2030 | 20 | &nbsp;&nbsp; 22554 |
| Hudson Yards Infrastructure Corp. (Green Bonds), Series 2021, Ref. RB | 5.00% | 02/15/2030 | 65 | &nbsp;&nbsp; 71962 |
| Long Island (City of), NY Power Authority, Series 2020 A, Ref. RB | 5.00% | 09/01/2034 | 100 | &nbsp;&nbsp; 109656 |
| Long Island (City of), NY Power Authority, Series 2020 A, Ref. RB | 5.00% | 09/01/2035 | 40 | &nbsp;&nbsp; 43649 |
| Long Island (City of), NY Power Authority, Series 2020 A, Ref. RB | 5.00% | 09/01/2036 | 45 | &nbsp;&nbsp; 48825 |
| Long Island (City of), NY Power Authority, Series 2020 A, Ref. RB | 5.00% | 09/01/2037 | 340 | &nbsp;&nbsp; 367393 |
| Long Island (City of), NY Power Authority, Series 2020 A, Ref. RB | 4.00% | 09/01/2039 | 70 | &nbsp;&nbsp; 71138 |
| Long Island (City of), NY Power Authority, Series 2021 A, Ref. RB | 5.00% | 09/01/2030 | 80 | &nbsp;&nbsp; 89217 |
| Metropolitan Transportation Authority (Green Bonds), Series 2020 A-1, RB | 4.00% | 11/15/2040 | 10 | &nbsp;&nbsp; 9903 |
| Metropolitan Transportation Authority (Green Bonds), Series 2020 A-1, RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 11/15/2041 | 25 | &nbsp;&nbsp; 24461 |
| Metropolitan Transportation Authority (Green Bonds), Series 2020 C-1, RB | 5.25% | 11/15/2055 | 1200 | &nbsp;&nbsp; 1235006 |
| Metropolitan Transportation Authority (Green Bonds), Series 2020 D-1, RB | 5.00% | 11/15/2043 | 5 | &nbsp;&nbsp; 5160 |
| Metropolitan Transportation Authority (Green Bonds), Series 2020 D-1, RB | 5.00% | 11/15/2044 | 125 | &nbsp;&nbsp; 128491 |
| Metropolitan Transportation Authority (Green Bonds), Series 2020 E, Ref. RB | 5.00% | 11/15/2030 | 295 | &nbsp;&nbsp; 325527 |
| Metropolitan Transportation Authority (Green Bonds), Series 2020 E, Ref. RB | 5.00% | 11/15/2032 | 230 | &nbsp;&nbsp; 252161 |
| Metropolitan Transportation Authority (Green Bonds), Series 2020 E, Ref. RB | 5.00% | 11/15/2033 | 175 | &nbsp;&nbsp; 191194 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024 A, Ref. RB | 5.00% | 11/15/2030 | 200 | &nbsp;&nbsp; 220696 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024 B, Ref. RB | 5.00% | 11/15/2030 | 95 | &nbsp;&nbsp; 104831 |
| Nassau (County of), NY, Series 2019 B, GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.00% | 04/01/2049 | 70 | &nbsp;&nbsp; 72393 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| New York & New Jersey (States of) Port Authority, One Hundred Eighty Third Series 2014, RB | 3.25% | 12/15/2030 | $80 | &nbsp;&nbsp; $80019 |
| New York & New Jersey (States of) Port Authority, Series 2012, RB | 3.00% | 12/01/2030 | 45 | &nbsp;&nbsp; 45004 |
| New York & New Jersey (States of) Port Authority, Series 2020-222, Ref. RB | 4.00% | 07/15/2040 | 35 | &nbsp;&nbsp; 35559 |
| New York & New Jersey (States of) Port Authority, Series 2021, Ref. RB | 5.00% | 07/15/2030 | 15 | &nbsp;&nbsp; 16689 |
| New York & New Jersey (States of) Port Authority, Two Hundred Fifty series 2025, Ref. RB | 5.00% | 10/15/2030 | 15 | &nbsp;&nbsp; 16780 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Eight series 2025, Ref. RB | 5.00% | 01/15/2030 | 10 | &nbsp;&nbsp; 11004 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Five Series 2024, Ref. RB | 5.00% | 09/01/2030 | 35 | &nbsp;&nbsp; 39049 |
| New York & New Jersey (States of) Port Authority, Two Hundred Thirtieth Series 2022, Ref. RB | 4.00% | 12/01/2030 | 35 | &nbsp;&nbsp; 37537 |
| New York & New Jersey (States of) Port Authority, Two Hundred Twelfth Series 2019, Ref. RB | 5.00% | 09/01/2030 | 130 | &nbsp;&nbsp; 141343 |
| &nbsp;&nbsp;&nbsp; New York & New Jersey (States of) Port Authority, Two Hundred Twenty Second Series 2020, Ref. <br> RB<br>| 5.00% | 07/15/2032 | 105 | &nbsp;&nbsp; 116022 |
| &nbsp;&nbsp;&nbsp; New York & New Jersey (States of) Port Authority, Two Hundred Twenty Second Series 2020, Ref. <br> RB<br>| 5.00% | 07/15/2033 | 150 | &nbsp;&nbsp; 165230 |
| &nbsp;&nbsp;&nbsp; New York & New Jersey (States of) Port Authority, Two Hundred Twenty Second Series 2020, Ref. <br> RB<br>| 5.00% | 07/15/2034 | 330 | &nbsp;&nbsp; 362551 |
| &nbsp;&nbsp;&nbsp; New York & New Jersey (States of) Port Authority, Two Hundred Twenty Second Series 2020, Ref. <br> RB<br>| 5.00% | 07/15/2035 | 275 | &nbsp;&nbsp; 301261 |
| &nbsp;&nbsp;&nbsp; New York & New Jersey (States of) Port Authority, Two Hundred Twenty Second Series 2020, Ref. <br> RB<br>| 4.00% | 07/15/2036 | 90 | &nbsp;&nbsp; 92778 |
| &nbsp;&nbsp;&nbsp; New York & New Jersey (States of) Port Authority, Two Hundred Twenty Second Series 2020, Ref. <br> RB<br>| 4.00% | 07/15/2037 | 120 | &nbsp;&nbsp; 123234 |
| &nbsp;&nbsp;&nbsp; New York & New Jersey (States of) Port Authority, Two Hundred Twenty Second Series 2020, Ref. <br> RB<br>| 4.00% | 07/15/2038 | 10 | &nbsp;&nbsp; 10233 |
| New York (City of), NY, Series 2005-1, GO Bonds | 5.00% | 09/01/2030 | 40 | &nbsp;&nbsp; 44080 |
| New York (City of), NY, Series 2011, GO Bonds | 4.00% | 08/01/2035 | 20 | &nbsp;&nbsp; 20512 |
| New York (City of), NY, Series 2019 B-1, GO Bonds | 5.00% | 10/01/2030 | 90 | &nbsp;&nbsp; 97368 |
| New York (City of), NY, Series 2020 A-1, Ref. GO Bonds | 5.00% | 08/01/2030 | 280 | &nbsp;&nbsp; 308058 |
| New York (City of), NY, Series 2020 A-1, Ref. GO Bonds | 5.00% | 08/01/2032 | 90 | &nbsp;&nbsp; 98856 |
| New York (City of), NY, Series 2020 A-1, Ref. GO Bonds | 5.00% | 08/01/2033 | 70 | &nbsp;&nbsp; 76581 |
| New York (City of), NY, Series 2020 A-1, Ref. GO Bonds | 4.00% | 08/01/2034 | 5 | &nbsp;&nbsp; 5165 |
| New York (City of), NY, Series 2020 B-1, Ref. GO Bonds | 5.00% | 11/01/2030 | 50 | &nbsp;&nbsp; 55279 |
| New York (City of), NY, Series 2020 B-1, Ref. GO Bonds | 5.00% | 11/01/2032 | 250 | &nbsp;&nbsp; 275631 |
| New York (City of), NY, Series 2020 C, GO Bonds | 5.00% | 08/01/2032 | 375 | &nbsp;&nbsp; 411898 |
| New York (City of), NY, Series 2020 C, GO Bonds | 5.00% | 08/01/2033 | 245 | &nbsp;&nbsp; 268032 |
| New York (City of), NY, Series 2020 C, GO Bonds | 5.00% | 08/01/2034 | 195 | &nbsp;&nbsp; 212564 |
| New York (City of), NY, Series 2020 C, GO Bonds | 5.00% | 08/01/2035 | 180 | &nbsp;&nbsp; 195304 |
| New York (City of), NY, Series 2020 C, GO Bonds | 4.00% | 08/01/2036 | 30 | &nbsp;&nbsp; 30493 |
| New York (City of), NY, Series 2020 C, GO Bonds | 5.00% | 08/01/2038 | 215 | &nbsp;&nbsp; 229500 |
| New York (City of), NY, Series 2020 C, GO Bonds | 5.00% | 08/01/2042 | 70 | &nbsp;&nbsp; 73090 |
| New York (City of), NY, Series 2020 C, GO Bonds | 5.00% | 08/01/2043 | 170 | &nbsp;&nbsp; 176397 |
| New York (City of), NY, Series 2020 C-1, Ref. GO Bonds | 5.00% | 08/01/2030 | 795 | &nbsp;&nbsp; 874665 |
| New York (City of), NY, Series 2020 C-1, Ref. GO Bonds | 5.00% | 08/01/2032 | 140 | &nbsp;&nbsp; 153775 |
| New York (City of), NY, Series 2020 C-1, Ref. GO Bonds | 5.00% | 08/01/2033 | 510 | &nbsp;&nbsp; 557944 |
| New York (City of), NY, Series 2020 C-1, Ref. GO Bonds | 5.00% | 08/01/2034 | 65 | &nbsp;&nbsp; 70855 |
| New York (City of), NY, Series 2020 C-1, Ref. GO Bonds | 5.00% | 08/01/2036 | 45 | &nbsp;&nbsp; 48619 |
| New York (City of), NY, Series 2020 D-1, GO Bonds | 4.00% | 03/01/2036 | 535 | &nbsp;&nbsp; 544070 |
| New York (City of), NY, Series 2020 D-1, GO Bonds | 5.00% | 03/01/2037 | 80 | &nbsp;&nbsp; 85678 |
| New York (City of), NY, Series 2020 D-1, GO Bonds | 5.00% | 03/01/2038 | 35 | &nbsp;&nbsp; 37225 |
| New York (City of), NY, Series 2020 D-1, GO Bonds | 5.00% | 03/01/2039 | 20 | &nbsp;&nbsp; 21208 |
| New York (City of), NY, Series 2020 D-1, GO Bonds | 5.00% | 03/01/2043 | 105 | &nbsp;&nbsp; 108627 |
| New York (City of), NY, Series 2021 C, GO Bonds | 5.00% | 08/01/2030 | 475 | &nbsp;&nbsp; 522599 |
| New York (City of), NY, Series 2021-1, GO Bonds | 5.00% | 04/01/2030 | 70 | &nbsp;&nbsp; 76515 |
| New York (City of), NY, Series 2021-1, GO Bonds | 5.00% | 08/01/2030 | 70 | &nbsp;&nbsp; 77015 |
| New York (City of), NY, Series 2022 B-1, Ref. GO Bonds | 5.00% | 08/01/2030 | 95 | &nbsp;&nbsp; 104520 |
| New York (City of), NY, Series 2022 C, Ref. GO Bonds | 5.00% | 08/01/2030 | 35 | &nbsp;&nbsp; 38507 |
| New York (City of), NY, Series 2023, A GO Bonds | 5.00% | 08/01/2030 | 10 | &nbsp;&nbsp; 11002 |
| New York (City of), NY, Series 2024 A, Ref. GO Bonds | 5.00% | 08/01/2030 | 145 | &nbsp;&nbsp; 159530 |
| New York (City of), NY, Series 2024 C, GO Bonds | 5.00% | 03/01/2030 | 110 | &nbsp;&nbsp; 120040 |
| New York (City of), NY, Series 2024 D, GO Bonds | 5.00% | 04/01/2030 | 60 | &nbsp;&nbsp; 65584 |
| New York (City of), NY, Series 2025 B-1, Ref. GO Bonds | 5.00% | 08/01/2030 | 85 | &nbsp;&nbsp; 93518 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| New York (City of), NY, Series 2025, Ref. GO Bonds | 5.00% | 08/01/2030 | $40 | &nbsp;&nbsp; $44008 |
| New York (City of), NY, Subseries 2008 L-6, GO Bonds | 5.00% | 04/01/2030 | 90 | &nbsp;&nbsp; 96409 |
| New York (City of), NY, Subseries 2022 B-1, GO Bonds | 5.00% | 10/01/2030 | 75 | &nbsp;&nbsp; 82783 |
| New York (City of), NY, Subseries 2023 F-1, Ref. GO Bonds | 5.00% | 08/01/2030 | 325 | &nbsp;&nbsp; 357567 |
| New York (City of), NY, Subseries 2024 C-1, GO Bonds | 5.00% | 09/01/2030 | 30 | &nbsp;&nbsp; 33060 |
| &nbsp;&nbsp;&nbsp; New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020 A, Ref. RB, <br> (INS - AGI)<sup>(a)</sup><br>| 5.00% | 03/01/2030 | 5 | &nbsp;&nbsp; 5438 |
| &nbsp;&nbsp;&nbsp; New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020, Ref. RB, <br> (INS - AGI)<sup>(a)</sup><br>| 4.00% | 03/01/2032 | 280 | &nbsp;&nbsp; 290182 |
| &nbsp;&nbsp;&nbsp; New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2021, Ref. RB, <br> (INS - AGI)<sup>(a)</sup><br>| 5.00% | 01/01/2030 | 295 | &nbsp;&nbsp; 319098 |
| New York (City of), NY Municipal Water Finance Authority, Series 2020 DD-1, RB | 5.00% | 06/15/2030 | 125 | &nbsp;&nbsp; 138767 |
| New York (City of), NY Municipal Water Finance Authority, Series 2020 EE, Ref. RB | 5.00% | 06/15/2030 | 165 | &nbsp;&nbsp; 183172 |
| New York (City of), NY Municipal Water Finance Authority, Series 2020 FF, Ref. RB | 5.00% | 06/15/2041 | 160 | &nbsp;&nbsp; 169620 |
| New York (City of), NY Municipal Water Finance Authority, Series 2020 GG, RB | 5.00% | 06/15/2030 | 175 | &nbsp;&nbsp; 194274 |
| New York (City of), NY Municipal Water Finance Authority, Series 2020 GG-1, RB | 5.00% | 06/15/2048 | 415 | &nbsp;&nbsp; 429124 |
| New York (City of), NY Municipal Water Finance Authority, Series 2020 GG-1, RB | 5.00% | 06/15/2050 | 250 | &nbsp;&nbsp; 258140 |
| New York (City of), NY Municipal Water Finance Authority, Series 2020, Ref. RB | 5.00% | 06/15/2041 | 55 | &nbsp;&nbsp; 58307 |
| New York (City of), NY Municipal Water Finance Authority, Series 2020, Ref. RB | 5.00% | 06/15/2041 | 20 | &nbsp;&nbsp; 21202 |
| New York (City of), NY Municipal Water Finance Authority, Series 2020, Ref. RB | 5.00% | 06/15/2050 | 190 | &nbsp;&nbsp; 196799 |
| New York (City of), NY Municipal Water Finance Authority, Series 2022 AA-2, Ref. RB | 5.00% | 06/15/2032 | 225 | &nbsp;&nbsp; 250794 |
| New York (City of), NY Municipal Water Finance Authority, Series 2022 E, Ref. RB | 5.00% | 06/15/2030 | 235 | &nbsp;&nbsp; 260882 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2021 AA-2, Ref. RB | 5.00% | 06/15/2030 | 115 | &nbsp;&nbsp; 127666 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2021 AA-2, Ref. RB | 5.00% | 06/15/2032 | 195 | &nbsp;&nbsp; 217257 |
| New York (City of), NY Transitional Finance Authority, Series 2010 F-5, RB | 5.00% | 02/01/2030 | 355 | &nbsp;&nbsp; 389118 |
| New York (City of), NY Transitional Finance Authority, Series 2010, RB | 5.00% | 05/01/2030 | 60 | &nbsp;&nbsp; 66112 |
| New York (City of), NY Transitional Finance Authority, Series 2020 C-1, RB | 4.00% | 05/01/2036 | 10 | &nbsp;&nbsp; 10238 |
| New York (City of), NY Transitional Finance Authority, Series 2020 C-1, RB | 4.00% | 05/01/2037 | 15 | &nbsp;&nbsp; 15317 |
| New York (City of), NY Transitional Finance Authority, Series 2020 C-1, RB | 4.00% | 05/01/2040 | 5 | &nbsp;&nbsp; 5017 |
| New York (City of), NY Transitional Finance Authority, Series 2020 D, RB | 5.00% | 11/01/2037 | 80 | &nbsp;&nbsp; 86178 |
| New York (City of), NY Transitional Finance Authority, Series 2020, RB | 5.00% | 05/01/2033 | 455 | &nbsp;&nbsp; 501894 |
| New York (City of), NY Transitional Finance Authority, Series 2020, RB | 5.00% | 05/01/2033 | 390 | &nbsp;&nbsp; 430195 |
| New York (City of), NY Transitional Finance Authority, Series 2020, RB | 5.00% | 05/01/2034 | 295 | &nbsp;&nbsp; 323254 |
| New York (City of), NY Transitional Finance Authority, Series 2020, RB | 5.00% | 05/01/2034 | 300 | &nbsp;&nbsp; 328732 |
| New York (City of), NY Transitional Finance Authority, Series 2020, RB | 5.00% | 05/01/2037 | 170 | &nbsp;&nbsp; 183506 |
| New York (City of), NY Transitional Finance Authority, Series 2020, RB | 4.00% | 05/01/2038 | 25 | &nbsp;&nbsp; 25354 |
| New York (City of), NY Transitional Finance Authority, Series 2020, RB | 4.00% | 11/01/2038 | 10 | &nbsp;&nbsp; 10121 |
| New York (City of), NY Transitional Finance Authority, Series 2020, RB | 4.00% | 11/01/2039 | 5 | &nbsp;&nbsp; 5043 |
| New York (City of), NY Transitional Finance Authority, Series 2020, RB | 4.00% | 05/01/2040 | 25 | &nbsp;&nbsp; 25083 |
| New York (City of), NY Transitional Finance Authority, Series 2020, RB | 5.00% | 05/01/2041 | 550 | &nbsp;&nbsp; 581050 |
| New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB | 5.00% | 11/01/2030 | 205 | &nbsp;&nbsp; 228242 |
| New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB | 5.00% | 11/01/2032 | 275 | &nbsp;&nbsp; 304127 |
| New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB | 5.00% | 11/01/2033 | 450 | &nbsp;&nbsp; 495730 |
| New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB | 4.00% | 11/01/2035 | 325 | &nbsp;&nbsp; 333942 |
| New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB | 5.00% | 11/01/2036 | 75 | &nbsp;&nbsp; 81232 |
| New York (City of), NY Transitional Finance Authority, Series 2021 A, Ref. RB | 4.00% | 11/01/2034 | 30 | &nbsp;&nbsp; 31024 |
| New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB | 5.00% | 11/01/2030 | 90 | &nbsp;&nbsp; 100204 |
| New York (City of), NY Transitional Finance Authority, Series 2021, Ref. RB | 5.00% | 11/01/2030 | 190 | &nbsp;&nbsp; 211541 |
| New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB | 5.00% | 08/01/2030 | 110 | &nbsp;&nbsp; 121837 |
| New York (City of), NY Transitional Finance Authority, Series 2022 B-1, Ref. RB | 5.00% | 11/01/2030 | 125 | &nbsp;&nbsp; 139172 |
| New York (City of), NY Transitional Finance Authority, Series 2022 S-1A, Ref. RB | 5.00% | 07/15/2030 | 90 | &nbsp;&nbsp; 99967 |
| New York (City of), NY Transitional Finance Authority, Series 2022, Ref. RB | 5.00% | 11/01/2030 | 35 | &nbsp;&nbsp; 38968 |
| New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB | 5.00% | 11/01/2030 | 80 | &nbsp;&nbsp; 89070 |
| New York (City of), NY Transitional Finance Authority, Series 2023, RB | 5.00% | 05/01/2030 | 130 | &nbsp;&nbsp; 143244 |
| New York (City of), NY Transitional Finance Authority, Series 2024 C, RB | 5.00% | 05/01/2030 | 245 | &nbsp;&nbsp; 269959 |
| New York (City of), NY Transitional Finance Authority, Series 2024 D, RB | 5.00% | 05/01/2030 | 395 | &nbsp;&nbsp; 435240 |
| New York (City of), NY Transitional Finance Authority, Series 2024 D-1, Ref. RB | 5.00% | 11/01/2030 | 210 | &nbsp;&nbsp; 233809 |
| New York (City of), NY Transitional Finance Authority, Series 2024, RB | 5.00% | 05/01/2030 | 15 | &nbsp;&nbsp; 16528 |
| New York (City of), NY Transitional Finance Authority, Series 2024, Ref. RB | 5.00% | 11/01/2030 | 55 | &nbsp;&nbsp; 61236 |
| New York (City of), NY Transitional Finance Authority, Series 2024, Ref. RB | 5.00% | 11/01/2030 | 90 | &nbsp;&nbsp; 100204 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| New York (City of), NY Transitional Finance Authority, Series 2025 A, RB | 5.00% | 05/01/2030 | $60 | &nbsp;&nbsp; $66112 |
| New York (City of), NY Transitional Finance Authority, Series 2025, Ref. RB | 5.00% | 11/01/2030 | 60 | &nbsp;&nbsp; 66803 |
| New York (City of), NY Transitional Finance Authority, Series 2025, Ref. RB | 5.00% | 11/01/2030 | 25 | &nbsp;&nbsp; 27834 |
| New York (City of), NY Transitional Finance Authority, Subseries 2015 B-1, RB | 3.00% | 11/01/2030 | 135 | &nbsp;&nbsp; 135027 |
| New York (City of), NY Transitional Finance Authority, Subseries 2020 C-1, RB | 5.00% | 05/01/2035 | 235 | &nbsp;&nbsp; 256340 |
| New York (City of), NY Transitional Finance Authority, Subseries 2021 C-1, RB | 5.00% | 05/01/2032 | 115 | &nbsp;&nbsp; 127368 |
| New York (City of), NY Transitional Finance Authority, Subseries 2021 C-1, RB | 4.00% | 05/01/2035 | 55 | &nbsp;&nbsp; 56634 |
| New York (City of), NY Transitional Finance Authority, Subseries 2021 C-1, RB | 4.00% | 05/01/2036 | 10 | &nbsp;&nbsp; 10238 |
| New York (City of), NY Transitional Finance Authority, Subseries 2021 D-1, RB | 5.00% | 11/01/2034 | 65 | &nbsp;&nbsp; 71132 |
| New York (City of), NY Transitional Finance Authority, Subseries 2021 D-1, RB | 5.00% | 11/01/2036 | 65 | &nbsp;&nbsp; 70401 |
| New York (City of), NY Transitional Finance Authority, Subseries 2021 S-1, Ref. RB | 5.00% | 07/15/2030 | 205 | &nbsp;&nbsp; 227703 |
| &nbsp;&nbsp;&nbsp; New York (City of), NY Trust for Cultural Resources (The) (Lincoln Center for Performing Arts), <br> Series 2020 A, Ref. RB<br>| 5.00% | 12/01/2032 | 335 | &nbsp;&nbsp; 370790 |
| &nbsp;&nbsp;&nbsp; New York (City of), NY Trust for Cultural Resources (The) (Lincoln Center for Performing Arts), <br> Series 2020 A, Ref. RB<br>| 4.00% | 12/01/2033 | 10 | &nbsp;&nbsp; 10352 |
| &nbsp;&nbsp;&nbsp; New York (City of), NY Trust for Cultural Resources (The) (Lincoln Center for Performing Arts), <br> Series 2020 A, Ref. RB<br>| 4.00% | 12/01/2034 | 110 | &nbsp;&nbsp; 113518 |
| &nbsp;&nbsp;&nbsp; New York (City of), NY Trust for Cultural Resources (The) (Lincoln Center for Performing Arts), <br> Series 2020 A, Ref. RB<br>| 4.00% | 12/01/2035 | 10 | &nbsp;&nbsp; 10238 |
| New York (State of), Series 2023 C, Ref. GO Bonds | 5.00% | 03/15/2030 | 60 | &nbsp;&nbsp; 66709 |
| New York (State of) Dormitory Authority, Series 2005 B, Ref. RB, (INS - AMBAC)<sup>(a)</sup> | 5.50% | 03/15/2030 | 60 | &nbsp;&nbsp; 67328 |
| New York (State of) Dormitory Authority, Series 2019 A, Ref. RB | 5.00% | 03/15/2030 | 100 | &nbsp;&nbsp; 107212 |
| New York (State of) Dormitory Authority, Series 2019 A, Ref. RB | 5.00% | 07/01/2030 | 65 | &nbsp;&nbsp; 70355 |
| New York (State of) Dormitory Authority, Series 2019 D, Ref. RB | 5.00% | 02/15/2030 | 155 | &nbsp;&nbsp; 170491 |
| New York (State of) Dormitory Authority, Series 2019, RB | 5.00% | 07/01/2030 | 20 | &nbsp;&nbsp; 21734 |
| New York (State of) Dormitory Authority, Series 2020 A, Ref. RB | 5.00% | 03/15/2030 | 165 | &nbsp;&nbsp; 181816 |
| New York (State of) Dormitory Authority, Series 2020 A, Ref. RB | 5.00% | 07/01/2030 | 195 | &nbsp;&nbsp; 217401 |
| New York (State of) Dormitory Authority, Series 2020 A, Ref. RB | 5.00% | 03/15/2032 | 300 | &nbsp;&nbsp; 331452 |
| New York (State of) Dormitory Authority, Series 2020 A, Ref. RB | 5.00% | 03/15/2033 | 85 | &nbsp;&nbsp; 93586 |
| New York (State of) Dormitory Authority, Series 2020 A, Ref. RB | 4.00% | 03/15/2034 | 215 | &nbsp;&nbsp; 222312 |
| New York (State of) Dormitory Authority, Series 2020 A, Ref. RB | 4.00% | 03/15/2035 | 220 | &nbsp;&nbsp; 227250 |
| New York (State of) Dormitory Authority, Series 2020 A-2, Ref. RB | 5.00% | 07/01/2030 | 225 | &nbsp;&nbsp; 250847 |
| New York (State of) Dormitory Authority, Series 2020 D, Ref. RB | 5.00% | 02/15/2032 | 130 | &nbsp;&nbsp; 142088 |
| New York (State of) Dormitory Authority, Series 2020 D, Ref. RB | 5.00% | 02/15/2033 | 320 | &nbsp;&nbsp; 348557 |
| New York (State of) Dormitory Authority, Series 2020 D, Ref. RB | 5.00% | 02/15/2034 | 880 | &nbsp;&nbsp; 955343 |
| New York (State of) Dormitory Authority, Series 2020 D, Ref. RB | 5.00% | 02/15/2035 | 175 | &nbsp;&nbsp; 189478 |
| New York (State of) Dormitory Authority, Series 2020 D, Ref. RB | 4.00% | 02/15/2036 | 205 | &nbsp;&nbsp; 210559 |
| New York (State of) Dormitory Authority, Series 2020 D, Ref. RB | 4.00% | 02/15/2039 | 280 | &nbsp;&nbsp; 282659 |
| New York (State of) Dormitory Authority, Series 2020 D, Ref. RB | 4.00% | 02/15/2040 | 25 | &nbsp;&nbsp; 25134 |
| New York (State of) Dormitory Authority, Series 2020 D, Ref. RB | 5.00% | 02/15/2041 | 405 | &nbsp;&nbsp; 426318 |
| New York (State of) Dormitory Authority, Series 2021 A, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 10/01/2030 | 125 | &nbsp;&nbsp; 136240 |
| New York (State of) Dormitory Authority, Series 2021 A, Ref. RB | 5.00% | 03/15/2030 | 125 | &nbsp;&nbsp; 137739 |
| New York (State of) Dormitory Authority, Series 2021, RB | 5.00% | 07/01/2030 | 5 | &nbsp;&nbsp; 5535 |
| New York (State of) Dormitory Authority, Series 2021, Ref. RB | 5.00% | 03/15/2030 | 35 | &nbsp;&nbsp; 38567 |
| New York (State of) Dormitory Authority, Series 2022 A, RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 10/01/2030 | 90 | &nbsp;&nbsp; 100247 |
| New York (State of) Dormitory Authority, Series 2022 A, RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 10/01/2033 | 485 | &nbsp;&nbsp; 532960 |
| New York (State of) Dormitory Authority, Series 2022 A, RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 10/01/2034 | 420 | &nbsp;&nbsp; 460114 |
| New York (State of) Dormitory Authority, Series 2022 A, RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 10/01/2036 | 385 | &nbsp;&nbsp; 417787 |
| New York (State of) Dormitory Authority, Series 2022 A, RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 10/01/2042 | 365 | &nbsp;&nbsp; 385611 |
| New York (State of) Dormitory Authority, Series 2022 A, Ref. RB | 5.00% | 03/15/2030 | 160 | &nbsp;&nbsp; 176306 |
| New York (State of) Dormitory Authority, Series 2022, RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 10/01/2032 | 110 | &nbsp;&nbsp; 121336 |
| New York (State of) Dormitory Authority, Series 2022, RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 10/01/2035 | 170 | &nbsp;&nbsp; 185284 |
| New York (State of) Dormitory Authority, Series 2022, RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 10/01/2037 | 230 | &nbsp;&nbsp; 248132 |
| New York (State of) Dormitory Authority, Series 2023 A, Ref. RB | 5.00% | 03/15/2030 | 510 | &nbsp;&nbsp; 561975 |
| New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB | 5.00% | 03/15/2030 | 40 | &nbsp;&nbsp; 44214 |
| New York (State of) Dormitory Authority, Series 2023 A-2, Ref. RB | 5.00% | 09/15/2030 | 95 | &nbsp;&nbsp; 104746 |
| New York (State of) Dormitory Authority, Series 2023 B, Ref. RB | 5.00% | 08/01/2030 | 10 | &nbsp;&nbsp; 11160 |
| New York (State of) Dormitory Authority, Series 2023, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 10/01/2030 | 85 | &nbsp;&nbsp; 94678 |
| New York (State of) Dormitory Authority, Series 2024 A, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 10/01/2030 | 5 | &nbsp;&nbsp; 5569 |
| New York (State of) Dormitory Authority, Series 2024 A, Ref. RB | 5.00% | 03/15/2030 | 35 | &nbsp;&nbsp; 38567 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| New York (State of) Dormitory Authority, Series 2024 B, Ref. RB | 5.00% | 03/15/2030 | $25 | &nbsp;&nbsp; $27634 |
| New York (State of) Dormitory Authority, Series 2025 A, Ref. RB | 5.00% | 03/15/2030 | 20 | &nbsp;&nbsp; 22038 |
| New York (State of) Dormitory Authority, Series 2025 A, Ref. RB | 5.00% | 03/15/2030 | 80 | &nbsp;&nbsp; 88428 |
| New York (State of) Dormitory Authority, Series 2025 C, Ref. RB | 5.00% | 03/15/2030 | 20 | &nbsp;&nbsp; 22038 |
| New York (State of) Dormitory Authority, Series 2025, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 10/01/2030 | 5 | &nbsp;&nbsp; 5569 |
| New York (State of) Dormitory Authority, Series 2025, Ref. RB | 5.00% | 05/01/2030 | 10 | &nbsp;&nbsp; 10909 |
| New York (State of) Dormitory Authority (Bidding Group 2), Series 2020 A, Ref. RB | 4.00% | 03/15/2036 | 360 | &nbsp;&nbsp; 371016 |
| New York (State of) Dormitory Authority (Cornell University), Series 2020 A, Ref. RB | 5.00% | 07/01/2050 | 100 | &nbsp;&nbsp; 102815 |
| New York (State of) Dormitory Authority (General Purpose), Series 2020 D, Ref. RB | 5.00% | 02/15/2048 | 225 | &nbsp;&nbsp; 231333 |
| New York (State of) Power Authority (Green Bonds), Series 2024 A, RB | 5.00% | 11/15/2030 | 185 | &nbsp;&nbsp; 209456 |
| New York (State of) Power Authority (Green Transmission), Series 2022, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 11/15/2030 | 25 | &nbsp;&nbsp; 28155 |
| New York (State of) Power Authority (Green Transmission), Series 2023, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 11/15/2030 | 10 | &nbsp;&nbsp; 11262 |
| New York (State of) Thruway Authority, Series 2019 B, RB | 5.00% | 01/01/2036 | 100 | &nbsp;&nbsp; 107764 |
| New York (State of) Thruway Authority, Series 2019 B, RB | 4.00% | 01/01/2039 | 20 | &nbsp;&nbsp; 20095 |
| New York (State of) Thruway Authority, Series 2019 B, Ref. RB | 5.00% | 01/01/2030 | 30 | &nbsp;&nbsp; 32924 |
| New York (State of) Thruway Authority, Series 2020 N, RB | 5.00% | 01/01/2033 | 50 | &nbsp;&nbsp; 54603 |
| New York (State of) Thruway Authority, Series 2020 N, RB | 5.00% | 01/01/2034 | 35 | &nbsp;&nbsp; 38069 |
| New York (State of) Thruway Authority, Series 2020 N, RB | 5.00% | 01/01/2035 | 130 | &nbsp;&nbsp; 140958 |
| New York (State of) Thruway Authority, Series 2020 N, RB | 5.00% | 01/01/2036 | 55 | &nbsp;&nbsp; 59354 |
| New York (State of) Thruway Authority, Series 2020 N, RB | 5.00% | 01/01/2037 | 240 | &nbsp;&nbsp; 257726 |
| New York (State of) Thruway Authority, Series 2020 N, RB | 5.00% | 01/01/2038 | 150 | &nbsp;&nbsp; 160352 |
| New York (State of) Thruway Authority, Series 2020 N, RB | 5.00% | 01/01/2039 | 35 | &nbsp;&nbsp; 37292 |
| New York (State of) Thruway Authority, Series 2020 N, RB | 5.00% | 01/01/2040 | 25 | &nbsp;&nbsp; 26559 |
| New York (State of) Thruway Authority, Series 2020 N, RB | 4.00% | 01/01/2041 | 35 | &nbsp;&nbsp; 35108 |
| New York (State of) Thruway Authority, Series 2024 P, Ref. RB | 5.00% | 01/01/2030 | 15 | &nbsp;&nbsp; 16554 |
| New York (State of) Thruway Authority, Series 2024 Q, Ref. RB | 5.00% | 01/01/2030 | 30 | &nbsp;&nbsp; 33108 |
| New York (State of) Thruway Authority, Series 2025 A, RB | 5.00% | 03/15/2030 | 5 | &nbsp;&nbsp; 5507 |
| New York (State of) Thruway Authority (Bidding Group 1), Series 2022 A, Ref. RB | 5.00% | 03/15/2030 | 265 | &nbsp;&nbsp; 291893 |
| New York (State of) Thruway Authority (Bidding Group 5), Series 2021 A-1, Ref. RB | 5.00% | 03/15/2030 | 245 | &nbsp;&nbsp; 269864 |
| New York City Health and Hospitals Corp., Series 2021 A, Ref. RB | 5.00% | 02/15/2030 | 195 | &nbsp;&nbsp; 214735 |
| New York State Environmental Facilities Corp., Series 2023 B, Ref. RB | 5.00% | 06/15/2030 | 20 | &nbsp;&nbsp; 22294 |
| &nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2019 <br> B, Ref. RB<br>| 5.00% | 06/15/2030 | 125 | &nbsp;&nbsp; 136301 |
| &nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2021, <br> RB<br>| 5.00% | 06/15/2030 | 100 | &nbsp;&nbsp; 111469 |
| &nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2024, <br> Ref. RB<br>| 5.00% | 06/15/2030 | 15 | &nbsp;&nbsp; 16720 |
| New York State Urban Development Corp., Series 2020 A, RB | 5.00% | 03/15/2030 | 200 | &nbsp;&nbsp; 220468 |
| New York State Urban Development Corp., Series 2020 A, RB | 5.00% | 03/15/2035 | 105 | &nbsp;&nbsp; 114766 |
| New York State Urban Development Corp., Series 2020 A, RB | 5.00% | 03/15/2036 | 745 | &nbsp;&nbsp; 809378 |
| New York State Urban Development Corp., Series 2020 A, RB | 5.00% | 03/15/2037 | 195 | &nbsp;&nbsp; 210667 |
| New York State Urban Development Corp., Series 2020 A, RB | 4.00% | 03/15/2039 | 20 | &nbsp;&nbsp; 20218 |
| New York State Urban Development Corp., Series 2020 A, RB | 4.00% | 03/15/2040 | 5 | &nbsp;&nbsp; 5019 |
| New York State Urban Development Corp., Series 2020 A, RB | 5.00% | 03/15/2041 | 190 | &nbsp;&nbsp; 200837 |
| New York State Urban Development Corp., Series 2020 A, RB | 5.00% | 03/15/2042 | 20 | &nbsp;&nbsp; 21025 |
| New York State Urban Development Corp., Series 2020 C, Ref. RB | 5.00% | 03/15/2038 | 190 | &nbsp;&nbsp; 204238 |
| New York State Urban Development Corp., Series 2020 C, Ref. RB | 4.00% | 03/15/2041 | 20 | &nbsp;&nbsp; 19934 |
| New York State Urban Development Corp., Series 2020 C, Ref. RB | 5.00% | 03/15/2047 | 350 | &nbsp;&nbsp; 361204 |
| New York State Urban Development Corp., Series 2020 C, Ref. RB | 5.00% | 03/15/2050 | 5 | &nbsp;&nbsp; 5140 |
| New York State Urban Development Corp., Series 2020 E, Ref. RB | 5.00% | 03/15/2033 | 145 | &nbsp;&nbsp; 158266 |
| New York State Urban Development Corp., Series 2020 E, Ref. RB | 4.00% | 03/15/2034 | 135 | &nbsp;&nbsp; 138816 |
| New York State Urban Development Corp., Series 2020 E, Ref. RB | 4.00% | 03/15/2035 | 120 | &nbsp;&nbsp; 122844 |
| New York State Urban Development Corp., Series 2020 E, Ref. RB | 4.00% | 03/15/2036 | 160 | &nbsp;&nbsp; 162943 |
| New York State Urban Development Corp., Series 2020, Ref. RB | 5.00% | 03/15/2030 | 150 | &nbsp;&nbsp; 165351 |
| New York State Urban Development Corp., Series 2020, Ref. RB | 5.00% | 03/15/2032 | 160 | &nbsp;&nbsp; 176850 |
| New York State Urban Development Corp., Series 2020, Ref. RB | 5.00% | 03/15/2033 | 160 | &nbsp;&nbsp; 176238 |
| New York State Urban Development Corp., Series 2020, Ref. RB | 4.00% | 03/15/2034 | 460 | &nbsp;&nbsp; 474407 |
| New York State Urban Development Corp., Series 2020, Ref. RB | 5.00% | 03/15/2035 | 160 | &nbsp;&nbsp; 174882 |
| New York State Urban Development Corp., Series 2020, Ref. RB | 5.00% | 03/15/2036 | 115 | &nbsp;&nbsp; 124938 |
| New York State Urban Development Corp., Series 2020, Ref. RB | 5.00% | 03/15/2043 | 105 | &nbsp;&nbsp; 109749 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| New York State Urban Development Corp., Series 2020, Ref. RB | 5.00% | 03/15/2044 | $235 | &nbsp;&nbsp; $244222 |
| New York State Urban Development Corp., Series 2022, Ref. RB | 5.00% | 03/15/2030 | 55 | &nbsp;&nbsp; 60629 |
| New York State Urban Development Corp., Series 2022, Ref. RB | 5.00% | 09/15/2030 | 345 | &nbsp;&nbsp; 384415 |
| New York State Urban Development Corp. (Bidding Group 1), Series 2021 A, Ref. RB | 5.00% | 03/15/2030 | 165 | &nbsp;&nbsp; 182524 |
| New York State Urban Development Corp. (Bidding Group 4), Series 2020 E, Ref. RB | 5.00% | 03/15/2030 | 260 | &nbsp;&nbsp; 286609 |
| New York State Urban Development Corp. (Green Bonds), Series 2023, Ref. RB | 5.00% | 03/15/2030 | 105 | &nbsp;&nbsp; 115746 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020 C, <br> Ref. RB<br>| 5.00% | 12/01/2033 | 205 | &nbsp;&nbsp; 223105 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020 C, <br> Ref. RB<br>| 5.00% | 12/01/2034 | 350 | &nbsp;&nbsp; 379895 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020 C, <br> Ref. RB<br>| 5.00% | 12/01/2036 | 75 | &nbsp;&nbsp; 80615 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. <br> RB<br>| 5.00% | 12/01/2030 | 20 | &nbsp;&nbsp; 21941 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. <br> RB<br>| 5.00% | 12/01/2032 | 75 | &nbsp;&nbsp; 81912 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. <br> RB<br>| 5.00% | 12/01/2035 | 125 | &nbsp;&nbsp; 135039 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp. (Terminal 4 John F. Kennedy International Airport), <br> Series 2020, Ref. RB<br>| 5.00% | 12/01/2037 | 25 | &nbsp;&nbsp; 26736 |
| Triborough Bridge & Tunnel Authority, Series 2018 B, Ref. RB | 5.00% | 11/15/2030 | 210 | &nbsp;&nbsp; 235244 |
| Triborough Bridge & Tunnel Authority, Series 2018 D, RB | 5.00% | 11/15/2033 | 150 | &nbsp;&nbsp; 166433 |
| Triborough Bridge & Tunnel Authority, Series 2018 D, RB | 5.00% | 11/15/2034 | 100 | &nbsp;&nbsp; 110611 |
| Triborough Bridge & Tunnel Authority, Series 2024 A-2, Ref. RB | 5.00% | 11/15/2030 | 95 | &nbsp;&nbsp; 106420 |
| Triborough Bridge & Tunnel Authority (Green Bonds), Series 2023, RB | 5.00% | 11/15/2030 | 355 | &nbsp;&nbsp; 394967 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2020 A, RB | 5.00% | 11/15/2049 | 940 | &nbsp;&nbsp; 970133 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2020 A, RB | 5.00% | 11/15/2054 | 325 | &nbsp;&nbsp; 333900 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 B, RB | 5.00% | 05/15/2030 | 140 | &nbsp;&nbsp; 155386 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023, Ref. RB | 5.00% | 11/15/2030 | 125 | &nbsp;&nbsp; 140026 |
| Triborough Bridge & Tunnel Authority (TBTA Capital Lockbox Fund), Series 2025, RB | 5.00% | 12/01/2030 | 15 | &nbsp;&nbsp; 16812 |
| Troy Capital Resource Corp. (Rensselaer Polytechnic Institute), Series 2020 A, Ref. RB | 5.00% | 09/01/2037 | 45 | &nbsp;&nbsp; 47930 |
| Troy Capital Resource Corp. (Rensselaer Polytechnic Institute), Series 2020, Ref. RB | 5.00% | 09/01/2033 | 95 | &nbsp;&nbsp; 102972 |
| Troy Capital Resource Corp. (Rensselaer Polytechnic Institute), Series 2020, Ref. RB | 5.00% | 09/01/2034 | 95 | &nbsp;&nbsp; 102723 |
| Troy Capital Resource Corp. (Rensselaer Polytechnic Institute), Series 2020, Ref. RB | 5.00% | 09/01/2035 | 50 | &nbsp;&nbsp; 53825 |
| Troy Capital Resource Corp. (Rensselaer Polytechnic Institute), Series 2020, Ref. RB | 5.00% | 09/01/2036 | 145 | &nbsp;&nbsp; 155337 |
| Troy Capital Resource Corp. (Rensselaer Polytechnic Institute), Series 2020, Ref. RB | 5.00% | 09/01/2038 | 125 | &nbsp;&nbsp; 132564 |
|  |  |  |  | &nbsp;&nbsp; 44477488 |
| **North Carolina-1.44%** |  |  |  |  |
| Charlotte (City of), NC, Series 2020, Ref. RB | 5.00% | 07/01/2030 | 70 | &nbsp;&nbsp; 77784 |
| Charlotte (City of), NC, Series 2020, Ref. RB | 5.00% | 07/01/2032 | 50 | &nbsp;&nbsp; 55373 |
| Charlotte (City of), NC, Series 2020, Ref. RB | 5.00% | 07/01/2033 | 45 | &nbsp;&nbsp; 49683 |
| Charlotte (City of), NC, Series 2020, Ref. RB | 5.00% | 07/01/2034 | 40 | &nbsp;&nbsp; 44039 |
| Charlotte-Mecklenburg Hospital Authority (The) (Atrium Health), Series 2022, Ref. RB | 5.00% | 01/15/2030 | 90 | &nbsp;&nbsp; 98300 |
| Guilford (County of), NC, Series 2025, GO Bonds | 5.00% | 03/01/2030 | 15 | &nbsp;&nbsp; 16559 |
| Mecklenburg (County of), NC, Series 2022, GO Bonds | 5.00% | 09/01/2030 | 295 | &nbsp;&nbsp; 329410 |
| North Carolina (State of), Series 2019 A, RB | 5.00% | 05/01/2030 | 25 | &nbsp;&nbsp; 26978 |
| North Carolina (State of), Series 2020 A, GO Bonds | 5.00% | 06/01/2030 | 500 | &nbsp;&nbsp; 554826 |
| North Carolina (State of), Series 2020 B, RB | 5.00% | 05/01/2030 | 80 | &nbsp;&nbsp; 88326 |
| North Carolina (State of), Series 2020 B, RB | 5.00% | 05/01/2032 | 85 | &nbsp;&nbsp; 93414 |
| North Carolina (State of), Series 2020 B, RB | 5.00% | 05/01/2033 | 95 | &nbsp;&nbsp; 104061 |
| North Carolina (State of), Series 2021, RB | 5.00% | 03/01/2030 | 65 | &nbsp;&nbsp; 71399 |
| North Carolina (State of), Series 2022 A, RB | 5.00% | 05/01/2030 | 85 | &nbsp;&nbsp; 93846 |
| North Carolina (State of) (Garvee), Series 2019, RB | 5.00% | 03/01/2030 | 230 | &nbsp;&nbsp; 246934 |
| North Carolina (State of) (Garvee), Series 2025, Ref. RB | 5.00% | 03/01/2030 | 50 | &nbsp;&nbsp; 54922 |
| &nbsp;&nbsp;&nbsp; North Carolina (State of) Medical Care Commission (Duke University Health system), Series 2025 A, <br> Ref. RB<br>| 5.00% | 06/01/2030 | 10 | &nbsp;&nbsp; 10993 |
| North Carolina (State of) Municipal Power Agency No. 1 (Catawba), Series 2019 A, Ref. RB | 5.00% | 01/01/2032 | 35 | &nbsp;&nbsp; 37966 |
| North Carolina (State of) Turnpike Authority (Triangle Expressway), Series 2019, RB | 5.00% | 01/01/2043 | 250 | &nbsp;&nbsp; 256722 |
| North Carolina (State of) Turnpike Authority (Triangle Expressway), Series 2019, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 01/01/2049 | 210 | &nbsp;&nbsp; 214217 |
| North Carolina State University at Raleigh, Series 2020 A, Ref. RB | 5.00% | 10/01/2030 | 30 | &nbsp;&nbsp; 33057 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **North Carolina-(continued)** |  |  |  |  |
| Raleigh (City of), NC, Series 2024, Ref. RB | 5.00% | 10/01/2030 | $10 | &nbsp;&nbsp; $11139 |
| Wake (County of), NC, Series 2021, RB | 5.00% | 03/01/2030 | 110 | &nbsp;&nbsp; 121202 |
| Wake (County of), NC, Series 2023 A, Ref. GO Bonds | 5.00% | 05/01/2030 | 115 | &nbsp;&nbsp; 127426 |
| Wake (County of), NC, Series 2024 B, Ref. GO Bonds | 5.00% | 09/01/2030 | 130 | &nbsp;&nbsp; 145102 |
|  |  |  |  | &nbsp;&nbsp; 2963678 |
| **Ohio-2.15%** |  |  |  |  |
| Allen (County of), OH (Bon Secours Mercy Health, Inc.), Series 2020, Ref. RB | 5.00% | 12/01/2030 | 75 | &nbsp;&nbsp; 81961 |
| American Municipal Power, Inc. (Fremont Energy Center), Series 2021, Ref. RB | 5.00% | 02/15/2030 | 30 | &nbsp;&nbsp; 32810 |
| American Municipal Power, Inc. (Prairie State Energy Campus), Series 2019, Ref. RB | 5.00% | 02/15/2033 | 240 | &nbsp;&nbsp; 260479 |
| American Municipal Power, Inc. (Prairie State Energy Campus), Series 2019, Ref. RB | 5.00% | 02/15/2035 | 235 | &nbsp;&nbsp; 253475 |
| American Municipal Power, Inc. (Prairie State Energy Campus), Series 2019, Ref. RB | 5.00% | 02/15/2036 | 30 | &nbsp;&nbsp; 32229 |
| American Municipal Power, Inc. (Prairie State Energy Campus), Series 2021, Ref. RB | 5.00% | 02/15/2032 | 80 | &nbsp;&nbsp; 87199 |
| American Municipal Power, Inc. (Prairie State Energy Campus), Series 2021, Ref. RB | 5.00% | 02/15/2033 | 60 | &nbsp;&nbsp; 65120 |
| American Municipal Power, Inc. (Prairie State Energy Campus), Series 2021, Ref. RB | 4.00% | 02/15/2036 | 60 | &nbsp;&nbsp; 61385 |
| American Municipal Power, Inc. (Prairie State Energy Campus), Series 2021, Ref. RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 02/15/2033 | 75 | &nbsp;&nbsp; 81600 |
| American Municipal Power, Inc. (Prairie State Energy Campus), Series 2021, Ref. RB, (INS - BAM)<sup>(a)</sup> | 4.00% | 02/15/2034 | 190 | &nbsp;&nbsp; 197144 |
| Columbus (City of), OH, Series 2021 A, GO Bonds | 5.00% | 04/01/2030 | 75 | &nbsp;&nbsp; 82755 |
| Columbus (City of), OH, Series 2021 A, GO Bonds | 5.00% | 04/01/2032 | 165 | &nbsp;&nbsp; 183377 |
| Columbus (City of), OH, Series 2021 A, GO Bonds | 5.00% | 04/01/2033 | 85 | &nbsp;&nbsp; 94161 |
| Columbus (City of), OH, Series 2021 A, GO Bonds | 5.00% | 04/01/2034 | 20 | &nbsp;&nbsp; 22099 |
| Columbus (City of), OH, Series 2021 A, GO Bonds | 5.00% | 04/01/2035 | 70 | &nbsp;&nbsp; 77149 |
| Columbus (City of), OH, Series 2021 A, GO Bonds | 5.00% | 04/01/2036 | 40 | &nbsp;&nbsp; 43922 |
| Columbus (City of), OH, Series 2024 A, GO Bonds | 5.00% | 08/15/2030 | 40 | &nbsp;&nbsp; 44490 |
| Ohio (State of), Series 2019 A, GO Bonds | 5.00% | 06/15/2030 | 40 | &nbsp;&nbsp; 44369 |
| Ohio (State of), Series 2019-1, RB | 5.00% | 12/15/2030 | 205 | &nbsp;&nbsp; 229099 |
| Ohio (State of), Series 2021 B, Ref. GO Bonds | 5.00% | 09/15/2030 | 275 | &nbsp;&nbsp; 306681 |
| Ohio (State of), Series 2021, RB | 5.00% | 02/01/2030 | 55 | &nbsp;&nbsp; 60355 |
| Ohio (State of), Series 2023, Ref. GO Bonds | 5.00% | 09/01/2030 | 50 | &nbsp;&nbsp; 55713 |
| Ohio (State of), Series 2025 A, GO Bonds | 5.00% | 03/01/2030 | 150 | &nbsp;&nbsp; 165339 |
| Ohio (State of), Series 2025 A, GO Bonds | 5.00% | 06/15/2030 | 40 | &nbsp;&nbsp; 44369 |
| Ohio (State of), Series 2025 B, Ref. GO Bonds | 5.00% | 11/01/2030 | 10 | &nbsp;&nbsp; 11183 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 A, RB | 5.00% | 06/01/2032 | 20 | &nbsp;&nbsp; 22109 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 A, RB | 5.00% | 12/01/2032 | 115 | &nbsp;&nbsp; 126952 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 A, RB | 5.00% | 06/01/2033 | 55 | &nbsp;&nbsp; 60618 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 A, RB | 5.00% | 12/01/2033 | 20 | &nbsp;&nbsp; 22008 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 A, RB | 5.00% | 12/01/2034 | 50 | &nbsp;&nbsp; 54885 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 A, RB | 5.00% | 12/01/2036 | 275 | &nbsp;&nbsp; 299067 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 A, RB | 5.00% | 12/01/2037 | 145 | &nbsp;&nbsp; 156900 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 A, RB | 5.00% | 12/01/2038 | 40 | &nbsp;&nbsp; 43070 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 A, RB | 5.00% | 12/01/2039 | 250 | &nbsp;&nbsp; 268040 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 A, RB | 5.00% | 12/01/2040 | 270 | &nbsp;&nbsp; 287910 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 A, RB | 5.00% | 12/01/2050 | 135 | &nbsp;&nbsp; 139559 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 B, RB | 4.00% | 12/01/2037 | 115 | &nbsp;&nbsp; 118281 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 B, RB | 4.00% | 12/01/2038 | 40 | &nbsp;&nbsp; 40934 |
| &nbsp;&nbsp;&nbsp; Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2023 A, <br> Ref. RB<br>| 5.00% | 12/01/2030 | 20 | &nbsp;&nbsp; 22396 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2024 E, RB | 5.00% | 12/01/2030 | 130 | &nbsp;&nbsp; 145571 |
|  |  |  |  | &nbsp;&nbsp; 4426763 |
| **Oklahoma-0.12%** |  |  |  |  |
| Cleveland (County of), OK Educational Facilities Authority (Moore Public Schools), Series 2021, RB | 4.00% | 06/01/2030 | 50 | &nbsp;&nbsp; 51975 |
| Oklahoma (State of) Capitol Improvement Authority, Series 2024 A, Ref. RB | 5.00% | 07/01/2030 | 40 | &nbsp;&nbsp; 44228 |
| Oklahoma (State of) Industries Authority (Oklahoma City Public Schools), Series 2024, RB | 5.00% | 04/01/2030 | 5 | &nbsp;&nbsp; 5472 |
| Oklahoma (State of) Turnpike Authority, Series 2020 A, Ref. RB | 5.00% | 01/01/2030 | 115 | &nbsp;&nbsp; 125414 |
| Tulsa (County of), OK Industrial Authority, Series 2021 A, RB | 4.00% | 09/01/2030 | 5 | &nbsp;&nbsp; 5207 |
| Tulsa County Independent School District No. 11, Series 2025, GO Bonds | 4.00% | 03/01/2030 | 15 | &nbsp;&nbsp; 15777 |
|  |  |  |  | &nbsp;&nbsp; 248073 |
| **Oregon-1.27%** |  |  |  |  |
| Hillsboro School District No. 1J, Series 2020, GO Bonds, (CEP - Oregon School Bond Guaranty) | 4.00% | 06/15/2039 | 5 | &nbsp;&nbsp; 5052 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Oregon-(continued)** |  |  |  |  |
| Medford (City of), OR Hospital Facilities Authority (Asante), Series 2020 A, Ref. RB | 5.00% | 08/15/2036 | $100 | &nbsp;&nbsp; $106999 |
| Medford (City of), OR Hospital Facilities Authority (Asante), Series 2020 A, Ref. RB | 5.00% | 08/15/2037 | 15 | &nbsp;&nbsp; 15965 |
| Medford (City of), OR Hospital Facilities Authority (Asante), Series 2020 A, Ref. RB | 5.00% | 08/15/2038 | 5 | &nbsp;&nbsp; 5301 |
| Oregon (State of) (Article XI-Q State), Series 2023 A, GO Bonds | 5.00% | 05/01/2030 | 105 | &nbsp;&nbsp; 116299 |
| Oregon (State of) Department of Transportation, Series 2020 A, RB | 5.00% | 11/15/2035 | 50 | &nbsp;&nbsp; 54929 |
| Oregon (State of) Department of Transportation, Series 2020 A, RB | 5.00% | 11/15/2036 | 40 | &nbsp;&nbsp; 43704 |
| Oregon (State of) Department of Transportation, Series 2020 A, RB | 5.00% | 11/15/2037 | 80 | &nbsp;&nbsp; 86739 |
| Oregon (State of) Department of Transportation, Series 2020 A, RB | 5.00% | 11/15/2039 | 90 | &nbsp;&nbsp; 96731 |
| Oregon (State of) Department of Transportation, Series 2020 A, RB | 5.00% | 11/15/2040 | 140 | &nbsp;&nbsp; 149721 |
| Oregon (State of) Department of Transportation, Series 2024, Ref. RB | 5.00% | 11/15/2030 | 205 | &nbsp;&nbsp; 229236 |
| Oregon (State of) Facilities Authority, Series 2020, Ref. RB | 5.00% | 10/01/2040 | 110 | &nbsp;&nbsp; 112999 |
| Oregon (State of) Facilities Authority (Legacy Health), Series 2022, Ref. RB | 5.00% | 06/01/2030 | 15 | &nbsp;&nbsp; 16251 |
| Portland (City of), OR, Series 2019 A, Ref. RB | 5.00% | 03/01/2030 | 50 | &nbsp;&nbsp; 54459 |
| Portland (City of), OR, Series 2023 A, Ref. RB | 5.00% | 12/01/2030 | 35 | &nbsp;&nbsp; 39122 |
| &nbsp;&nbsp;&nbsp; Salem-Keizer School District No. 24J, Series 2020 B, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 06/15/2032 | 635 | &nbsp;&nbsp; 701268 |
| &nbsp;&nbsp;&nbsp; Salem-Keizer School District No. 24J, Series 2020 B, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 06/15/2033 | 55 | &nbsp;&nbsp; 60531 |
| &nbsp;&nbsp;&nbsp; Salem-Keizer School District No. 24J, Series 2020 B, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 06/15/2034 | 200 | &nbsp;&nbsp; 219180 |
| &nbsp;&nbsp;&nbsp; Salem-Keizer School District No. 24J, Series 2020 B, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 06/15/2035 | 10 | &nbsp;&nbsp; 10921 |
| &nbsp;&nbsp;&nbsp; Salem-Keizer School District No. 24J, Series 2020 C, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 4.00% | 06/15/2036 | 105 | &nbsp;&nbsp; 107921 |
| &nbsp;&nbsp;&nbsp; Salem-Keizer School District No. 24J, Series 2020 C, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 4.00% | 06/15/2037 | 100 | &nbsp;&nbsp; 102318 |
| University of Oregon, Series 2020 A, RB | 5.00% | 04/01/2050 | 280 | &nbsp;&nbsp; 286911 |
|  |  |  |  | &nbsp;&nbsp; 2622557 |
| **Pennsylvania-2.00%** |  |  |  |  |
| Allegheny (County of), PA, Series 2020 C-78, GO Bonds | 4.00% | 11/01/2045 | 10 | &nbsp;&nbsp; 9732 |
| &nbsp;&nbsp;&nbsp; Allegheny (County of), PA Higher Education Building Authority (Carnegie Mellon University), <br> Series 2020, RB<br>| 5.00% | 02/01/2030 | 160 | &nbsp;&nbsp; 176043 |
| &nbsp;&nbsp;&nbsp; Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), <br> Series 2019, Ref. RB<br>| 5.00% | 07/15/2030 | 160 | &nbsp;&nbsp; 170635 |
| Delaware (State of) River Port Authority, Series 2018 A, RB | 5.00% | 01/01/2030 | 50 | &nbsp;&nbsp; 53508 |
| Geisinger Authority (Geisinger Health System), Series 2020, Ref. RB | 5.00% | 04/01/2035 | 190 | &nbsp;&nbsp; 203891 |
| Geisinger Authority (Geisinger Health System), Series 2020, Ref. RB | 4.00% | 04/01/2039 | 85 | &nbsp;&nbsp; 84027 |
| Monroeville Finance Authority, Series 2022 B, Ref. RB | 5.00% | 02/15/2030 | 50 | &nbsp;&nbsp; 54226 |
| Pennsylvania (Commonwealth of), First Series 2020, GO Bonds | 5.00% | 05/01/2030 | 180 | &nbsp;&nbsp; 198654 |
| Pennsylvania (Commonwealth of), First Series 2020, GO Bonds | 4.00% | 05/01/2032 | 90 | &nbsp;&nbsp; 94438 |
| Pennsylvania (Commonwealth of), First Series 2020, GO Bonds | 4.00% | 05/01/2033 | 290 | &nbsp;&nbsp; 303533 |
| Pennsylvania (Commonwealth of), First Series 2020, GO Bonds | 4.00% | 05/01/2034 | 55 | &nbsp;&nbsp; 57424 |
| Pennsylvania (Commonwealth of), First Series 2021, GO Bonds | 5.00% | 05/15/2030 | 60 | &nbsp;&nbsp; 66273 |
| Pennsylvania (Commonwealth of), First Series 2023, Ref. GO Bonds | 5.00% | 09/01/2030 | 85 | &nbsp;&nbsp; 94471 |
| Pennsylvania (Commonwealth of), Series 2022, GO Bonds | 5.00% | 10/01/2030 | 150 | &nbsp;&nbsp; 167006 |
| Pennsylvania (Commonwealth of), Series 2025 A, Ref. GO Bonds | 5.00% | 08/15/2030 | 20 | &nbsp;&nbsp; 22217 |
| Pennsylvania (Commonwealth of) (Bid Group A), Series 2024, Ref. GO Bonds | 4.00% | 02/15/2030 | 30 | &nbsp;&nbsp; 31525 |
| Pennsylvania (Commonwealth of) (Bid Group C), First Series 2023, GO Bonds | 5.00% | 09/01/2030 | 105 | &nbsp;&nbsp; 116699 |
| &nbsp;&nbsp;&nbsp; Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC), Series 2025 B, <br> Ref. RB<br>| 5.00% | 03/15/2030 | 55 | &nbsp;&nbsp; 59671 |
| &nbsp;&nbsp;&nbsp; Pennsylvania (Commonwealth of) Higher Educational Facilities Authority, Series 2020 A, Ref. RB, <br> (INS - AGI)<sup>(a)</sup><br>| 5.00% | 05/01/2046 | 325 | &nbsp;&nbsp; 335219 |
| &nbsp;&nbsp;&nbsp; Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania <br> Health System), Series 2019, RB<br>| 5.00% | 08/15/2030 | 240 | &nbsp;&nbsp; 259725 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2020 B, RB | 5.00% | 12/01/2045 | 295 | &nbsp;&nbsp; 308734 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2020 B, RB | 5.00% | 12/01/2050 | 230 | &nbsp;&nbsp; 237913 |
| Pennsylvania State University (The), Series 2025 A, Ref. RB | 5.00% | 09/01/2030 | 5 | &nbsp;&nbsp; 5550 |
| Philadelphia (City of), PA, Series 2020 A, RB | 5.00% | 11/01/2040 | 140 | &nbsp;&nbsp; 149358 |
| Philadelphia (City of), PA, Series 2020 A, RB | 5.00% | 11/01/2045 | 305 | &nbsp;&nbsp; 317394 |
| Philadelphia (City of), PA, Series 2020 A, RB | 5.00% | 11/01/2050 | 35 | &nbsp;&nbsp; 36128 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Pennsylvania-(continued)** |  |  |  |  |
| Philadelphia (City of), PA, Series 2020, Ref. RB | 5.00% | 10/01/2039 | $185 | &nbsp;&nbsp; $198268 |
| Philadelphia (City of), PA, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 09/01/2030 | 5 | &nbsp;&nbsp; 5548 |
| Philadelphia (City of), PA, Series 2024 C, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 09/01/2030 | 35 | &nbsp;&nbsp; 38833 |
| Philadelphia (City of), PA, Series 2025 C, Ref. GO Bonds | 5.00% | 08/01/2030 | 10 | &nbsp;&nbsp; 11034 |
| Philadelphia (City of), PA, Sixteenth Series 2020 A, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 08/01/2050 | 185 | &nbsp;&nbsp; 190505 |
| &nbsp;&nbsp;&nbsp; Philadelphia (City of), PA Authority for Industrial Development (Children's Hospital of Philadelphia), <br> Series 2021, Ref. RB<br>| 5.00% | 07/01/2030 | 70 | &nbsp;&nbsp; 77017 |
|  |  |  |  | &nbsp;&nbsp; 4135199 |
| **Rhode Island-0.25%** |  |  |  |  |
| Rhode Island Commerce Corp. (Garvee), Series 2020 A, RB | 5.00% | 05/15/2034 | 95 | &nbsp;&nbsp; 103312 |
| Rhode Island Commerce Corp. (Garvee), Series 2020 A, RB | 5.00% | 05/15/2035 | 130 | &nbsp;&nbsp; 140857 |
| Rhode Island Commerce Corp. (Garvee), Series 2020, RB | 5.00% | 05/15/2032 | 75 | &nbsp;&nbsp; 82048 |
| Rhode Island Commerce Corp. (Garvee), Series 2020, RB | 5.00% | 05/15/2033 | 170 | &nbsp;&nbsp; 185431 |
|  |  |  |  | &nbsp;&nbsp; 511648 |
| **South Carolina-0.59%** |  |  |  |  |
| County Square Redevelopment Corp., Series 2025, RB | 5.00% | 04/01/2030 | 130 | &nbsp;&nbsp; 143442 |
| Horry County School District, Series 2024, GO Bonds | 5.00% | 03/01/2030 | 75 | &nbsp;&nbsp; 82638 |
| &nbsp;&nbsp;&nbsp; South Carolina (State of) Jobs-Economic Development Authority (Prisma Health Obligated Group), <br> Series 2020, Ref. RB<br>| 5.00% | 12/01/2046 | 10 | &nbsp;&nbsp; 10226 |
| South Carolina (State of) Public Service Authority, Series 2020 A, Ref. RB | 5.00% | 12/01/2032 | 95 | &nbsp;&nbsp; 103802 |
| South Carolina (State of) Public Service Authority, Series 2020 A, Ref. RB | 4.00% | 12/01/2037 | 375 | &nbsp;&nbsp; 379154 |
| South Carolina (State of) Public Service Authority, Series 2020 A, Ref. RB | 5.00% | 12/01/2043 | 160 | &nbsp;&nbsp; 163946 |
| South Carolina (State of) Public Service Authority, Series 2020 A, Ref. RB, (INS - BAM)<sup>(a)</sup> | 4.00% | 12/01/2040 | 145 | &nbsp;&nbsp; 145805 |
| South Carolina (State of) Transportation Infrastructure Bank, Series 2021 B, Ref. RB | 5.00% | 10/01/2030 | 175 | &nbsp;&nbsp; 194840 |
|  |  |  |  | &nbsp;&nbsp; 1223853 |
| **Tennessee-0.59%** |  |  |  |  |
| Chattanooga (City of), TN, Series 2025, Ref. RB | 5.00% | 09/01/2030 | 90 | &nbsp;&nbsp; 100198 |
| &nbsp;&nbsp;&nbsp; Knox (County of), TN Health, Educational & Housing Facility Board (University Health System), <br> Series 2020 A, RB<br>| 5.00% | 09/01/2030 | 65 | &nbsp;&nbsp; 67337 |
| Memphis (City of), TN, Series 2020 B, Ref. RB | 5.00% | 10/01/2045 | 75 | &nbsp;&nbsp; 78049 |
| Metropolitan Nashville Airport Authority (The), Series 2019 A, RB | 5.00% | 07/01/2044 | 15 | &nbsp;&nbsp; 15554 |
| Metropolitan Nashville Airport Authority (The), Series 2019 A, RB | 5.00% | 07/01/2049 | 140 | &nbsp;&nbsp; 143707 |
| Metropolitan Nashville Airport Authority (The), Series 2019 A, RB | 5.00% | 07/01/2054 | 160 | &nbsp;&nbsp; 162683 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 C, GO Bonds | 5.00% | 01/01/2030 | 115 | &nbsp;&nbsp; 126068 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2024 A, GO Bonds | 5.00% | 01/01/2030 | 60 | &nbsp;&nbsp; 65774 |
| Shelby (County of), TN, Series 2020, GO Bonds | 4.00% | 04/01/2040 | 140 | &nbsp;&nbsp; 141177 |
| Tennessee (State of), Series 2023 A, GO Bonds | 5.00% | 05/01/2030 | 295 | &nbsp;&nbsp; 326744 |
|  |  |  |  | &nbsp;&nbsp; 1227291 |
| **Texas-7.49%** |  |  |  |  |
| Alamo Community College District, Series 2022, GO Notes | 5.00% | 02/15/2030 | 95 | &nbsp;&nbsp; 103819 |
| &nbsp;&nbsp;&nbsp; Arlington Independent School District, Series 2025, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2030 | 50 | &nbsp;&nbsp; 54829 |
| Austin (City of), TX, Series 2020 A, Ref. RB | 5.00% | 11/15/2050 | 350 | &nbsp;&nbsp; 360068 |
| Austin (City of), TX, Series 2020 C, Ref. RB | 5.00% | 11/15/2045 | 5 | &nbsp;&nbsp; 5213 |
| Austin (City of), TX, Series 2020 C, Ref. RB | 5.00% | 11/15/2050 | 75 | &nbsp;&nbsp; 77597 |
| Austin (City of), TX, Series 2022, Ref. RB | 5.00% | 11/15/2030 | 55 | &nbsp;&nbsp; 61149 |
| Austin Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/01/2030 | 250 | &nbsp;&nbsp; 277368 |
| Bexar (County of), TX, Series 2021, Ctfs. Of Obligation | 4.00% | 06/15/2044 | 95 | &nbsp;&nbsp; 93105 |
| Board of Regents of the University of Texas System, Series 2020 A, Ref. RB | 5.00% | 08/15/2030 | 385 | &nbsp;&nbsp; 427677 |
| Board of Regents of the University of Texas System, Series 2024 A, Ref. RB | 5.00% | 08/15/2030 | 120 | &nbsp;&nbsp; 133302 |
| Board of Regents of the University of Texas System, Series 2025 A, RB | 5.00% | 08/15/2030 | 5 | &nbsp;&nbsp; 5554 |
| Central Texas Regional Mobility Authority, Series 2020 B, Ref. RB | 5.00% | 01/01/2045 | 120 | &nbsp;&nbsp; 123365 |
| Central Texas Regional Mobility Authority, Series 2020 E, RB | 5.00% | 01/01/2045 | 60 | &nbsp;&nbsp; 61660 |
| &nbsp;&nbsp;&nbsp; Clear Creek Independent School District, Series 2013 B, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2030 | 25 | &nbsp;&nbsp; 27394 |
| &nbsp;&nbsp;&nbsp; Clear Creek Independent School District, Series 2024 A, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2030 | 10 | &nbsp;&nbsp; 10958 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas-(continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Conroe Independent School District, Series 2020 A, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2030 | $250 | &nbsp;&nbsp; $274147 |
| &nbsp;&nbsp;&nbsp; Conroe Independent School District, Series 2024, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2030 | 165 | &nbsp;&nbsp; 180937 |
| Crandall Independent School District, Series 2020, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 08/15/2046 | 30 | &nbsp;&nbsp; 28839 |
| &nbsp;&nbsp;&nbsp; Cypress-Fairbanks Independent School District, Series 2019, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2030 | 190 | &nbsp;&nbsp; 203772 |
| &nbsp;&nbsp;&nbsp; Cypress-Fairbanks Independent School District, Series 2023 A, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2030 | 25 | &nbsp;&nbsp; 27415 |
| &nbsp;&nbsp;&nbsp; Cypress-Fairbanks Independent School District, Series 2025, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2030 | 35 | &nbsp;&nbsp; 38381 |
| Dallas & Fort Worth (Cities of), TX, Series 2020 A, Ref. RB | 5.00% | 11/01/2030 | 65 | &nbsp;&nbsp; 72242 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 A, Ref. RB | 5.00% | 11/01/2032 | 225 | &nbsp;&nbsp; 248286 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 A, Ref. RB | 5.00% | 11/01/2033 | 105 | &nbsp;&nbsp; 115467 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 A, Ref. RB | 4.00% | 11/01/2034 | 445 | &nbsp;&nbsp; 460958 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 A, Ref. RB | 4.00% | 11/01/2035 | 220 | &nbsp;&nbsp; 225344 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020, Ref. RB | 5.00% | 11/01/2030 | 90 | &nbsp;&nbsp; 100028 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020, Ref. RB | 5.00% | 11/01/2032 | 130 | &nbsp;&nbsp; 143454 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020, Ref. RB | 5.00% | 11/01/2033 | 105 | &nbsp;&nbsp; 115468 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020, Ref. RB | 4.00% | 11/01/2034 | 135 | &nbsp;&nbsp; 139841 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020, Ref. RB | 4.00% | 11/01/2035 | 45 | &nbsp;&nbsp; 46093 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021 A, Ref. RB | 5.00% | 11/01/2034 | 85 | &nbsp;&nbsp; 92897 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB | 5.00% | 11/01/2030 | 100 | &nbsp;&nbsp; 111142 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2023 B, Ref. RB | 5.00% | 11/01/2030 | 60 | &nbsp;&nbsp; 66685 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2024, RB | 5.00% | 11/01/2030 | 175 | &nbsp;&nbsp; 194498 |
| Dallas (City of), TX, Series 2020 C, Ref. RB | 5.00% | 10/01/2033 | 90 | &nbsp;&nbsp; 99206 |
| Dallas (City of), TX, Series 2020 C, Ref. RB | 4.00% | 10/01/2037 | 20 | &nbsp;&nbsp; 20444 |
| Dallas (City of), TX, Series 2020 C, Ref. RB | 5.00% | 10/01/2038 | 105 | &nbsp;&nbsp; 113056 |
| Dallas (City of), TX, Series 2020 C, Ref. RB | 5.00% | 10/01/2045 | 180 | &nbsp;&nbsp; 187792 |
| Dallas (City of), TX, Series 2023 A, Ref. GO Bonds | 5.00% | 02/15/2030 | 20 | &nbsp;&nbsp; 21907 |
| Dallas (City of), TX, Series 2024 B, Ctfs. of Obligations | 5.00% | 02/15/2030 | 35 | &nbsp;&nbsp; 38337 |
| Dallas (City of), TX, Series 2024 B, Ref. GO Bonds | 5.00% | 02/15/2030 | 25 | &nbsp;&nbsp; 27383 |
| Dallas (City of), TX, Series 2024 C, Ref. GO Bonds | 5.00% | 02/15/2030 | 130 | &nbsp;&nbsp; 142393 |
| Dallas (City of), TX Area Rapid Transit, Series 2007, Ref. RB, (INS - AMBAC)<sup>(a)</sup> | 5.25% | 12/01/2030 | 310 | &nbsp;&nbsp; 347656 |
| Dallas (City of), TX Area Rapid Transit, Series 2019, Ref. RB | 5.00% | 12/01/2030 | 25 | &nbsp;&nbsp; 27225 |
| Dallas (City of), TX Area Rapid Transit, Series 2021 B, Ref. RB | 5.00% | 12/01/2047 | 520 | &nbsp;&nbsp; 538710 |
| &nbsp;&nbsp;&nbsp; Dallas (City of), TX Independent School District, Series 2019 B, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2030 | 115 | &nbsp;&nbsp; 123777 |
| Dallas College, Series 2022, GO Bonds | 5.00% | 02/15/2030 | 65 | &nbsp;&nbsp; 71115 |
| Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2030 | 100 | &nbsp;&nbsp; 110804 |
| Garland Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2030 | 95 | &nbsp;&nbsp; 104216 |
| Harris (County of), TX, Series 2021, Ref. RB | 4.00% | 08/15/2039 | 40 | &nbsp;&nbsp; 40574 |
| Harris (County of), TX, Series 2022 A, Ref. GO Bonds | 5.00% | 08/15/2030 | 115 | &nbsp;&nbsp; 127155 |
| Harris (County of), TX, Series 2022 A, Ref. RB | 5.00% | 08/15/2030 | 5 | &nbsp;&nbsp; 5528 |
| Harris (County of), TX, Series 2024 A, RB | 5.00% | 08/15/2030 | 15 | &nbsp;&nbsp; 16585 |
| Harris (County of), TX Port Authority of Houston, Series 2020 A-2, Ref. GO Bonds | 4.00% | 10/01/2036 | 35 | &nbsp;&nbsp; 35924 |
| Harris (County of), TX Toll Road Authority (The), Series 2021, Ref. RB | 5.00% | 08/15/2030 | 95 | &nbsp;&nbsp; 105041 |
| Harris (County of), TX Toll Road Authority (The), Series 2021, Ref. RB | 4.00% | 08/15/2040 | 15 | &nbsp;&nbsp; 15141 |
| Houston (City of), TX, Series 2019 A, Ref. GO Bonds | 5.00% | 03/01/2030 | 200 | &nbsp;&nbsp; 214579 |
| Houston (City of), TX, Series 2019 A, Ref. RB | 5.00% | 11/15/2032 | 185 | &nbsp;&nbsp; 204535 |
| Houston (City of), TX, Series 2019 A, Ref. RB | 5.00% | 11/15/2033 | 140 | &nbsp;&nbsp; 154240 |
| Houston (City of), TX, Series 2020 B, Ref. RB | 5.00% | 07/01/2030 | 35 | &nbsp;&nbsp; 38588 |
| Houston (City of), TX, Series 2020 C, Ref. RB | 5.00% | 11/15/2034 | 120 | &nbsp;&nbsp; 131915 |
| Houston (City of), TX, Series 2020 C, Ref. RB | 4.00% | 11/15/2035 | 40 | &nbsp;&nbsp; 41300 |
| Houston (City of), TX, Series 2020 C, Ref. RB | 4.00% | 11/15/2036 | 50 | &nbsp;&nbsp; 51365 |
| Houston (City of), TX, Series 2020 C, Ref. RB | 4.00% | 11/15/2037 | 50 | &nbsp;&nbsp; 51106 |
| Houston (City of), TX, Series 2020 C, Ref. RB | 5.00% | 11/15/2045 | 125 | &nbsp;&nbsp; 130158 |
| Houston (City of), TX, Series 2024, Ref. RB | 5.00% | 11/15/2030 | 10 | &nbsp;&nbsp; 11118 |
| &nbsp;&nbsp;&nbsp; Houston Independent School District, Series 2025 A, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2030 | 40 | &nbsp;&nbsp; 43830 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas-(continued)** |  |  |  |  |
| Humble Independent School District, Series 2020, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 02/15/2044 | $10 | &nbsp;&nbsp; $9803 |
| &nbsp;&nbsp;&nbsp; Humble Independent School District, Series 2025, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2030 | 5 | &nbsp;&nbsp; 5487 |
| &nbsp;&nbsp;&nbsp; Hurst-Euless-Bedford Independent School District, Series 2024, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 08/15/2030 | 500 | &nbsp;&nbsp; 553550 |
| &nbsp;&nbsp;&nbsp; Lamar Consolidated Independent School District, Series 2020, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2043 | 25 | &nbsp;&nbsp; 24692 |
| &nbsp;&nbsp;&nbsp; Lamar Consolidated Independent School District, Series 2024 A, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2030 | 5 | &nbsp;&nbsp; 5481 |
| &nbsp;&nbsp;&nbsp; Lewisville Independent School District, Series 2023, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 08/15/2030 | 175 | &nbsp;&nbsp; 194646 |
| Lewisville Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2030 | 110 | &nbsp;&nbsp; 122349 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2020, RB | 5.00% | 05/15/2045 | 170 | &nbsp;&nbsp; 174411 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2020, RB | 5.00% | 05/15/2050 | 35 | &nbsp;&nbsp; 35676 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, Ref. RB | 5.00% | 05/15/2038 | 45 | &nbsp;&nbsp; 47835 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, Ref. RB | 5.00% | 05/15/2039 | 125 | &nbsp;&nbsp; 132323 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, Ref. RB | 5.00% | 05/15/2041 | 190 | &nbsp;&nbsp; 198613 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, Ref. RB | 5.00% | 05/15/2046 | 85 | &nbsp;&nbsp; 86993 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, Ref. RB | 5.00% | 05/15/2051 | 210 | &nbsp;&nbsp; 213905 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2025, Ref. RB | 5.00% | 05/15/2030 | 55 | &nbsp;&nbsp; 60143 |
| &nbsp;&nbsp;&nbsp; Matagorda County Navigation District No. 1 (Aep Texas Central Co.), Series 2005 A, Ref. RB, <br> (INS - AMBAC)<sup>(a)</sup><br>| 4.40% | 05/01/2030 | 660 | &nbsp;&nbsp; 687578 |
| Matagorda County Navigation District No. 1 (Aep Texas Central Co.), Series 2008, Ref. RB | 4.00% | 06/01/2030 | 15 | &nbsp;&nbsp; 15005 |
| Midland Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2030 | 55 | &nbsp;&nbsp; 60174 |
| &nbsp;&nbsp;&nbsp; North East Independent School District, Series 2007, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.25% | 02/01/2030 | 60 | &nbsp;&nbsp; 66381 |
| North Texas Municipal Water District, Series 2021 A, Ref. RB | 4.00% | 09/01/2030 | 10 | &nbsp;&nbsp; 10563 |
| North Texas Tollway Authority, Series 2021 B, RB | 5.00% | 01/01/2030 | 75 | &nbsp;&nbsp; 81700 |
| North Texas Tollway Authority, Series 2023 B, Ref. RB | 5.00% | 01/01/2030 | 20 | &nbsp;&nbsp; 21787 |
| North Texas Tollway Authority, Series 2024 B, Ref. RB | 5.00% | 01/01/2030 | 10 | &nbsp;&nbsp; 10893 |
| Permanent University Fund - Texas A&M University System, Series 2025 A, Ref. RB | 5.00% | 07/01/2030 | 25 | &nbsp;&nbsp; 27666 |
| Permanent University Fund - University of Texas System, Series 2007 B, Ref. RB | 5.25% | 07/01/2030 | 305 | &nbsp;&nbsp; 340940 |
| Permanent University Fund - University of Texas System, Series 2022 A, RB | 5.00% | 07/01/2030 | 205 | &nbsp;&nbsp; 226764 |
| Permanent University Fund - University of Texas System, Series 2025 A, Ref. RB | 5.00% | 07/01/2030 | 15 | &nbsp;&nbsp; 16620 |
| &nbsp;&nbsp;&nbsp; Plainview Independent School District, Series 2020 A, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2046 | 25 | &nbsp;&nbsp; 25832 |
| Plano Independent School District, Series 2023, GO Bonds | 5.00% | 02/15/2030 | 115 | &nbsp;&nbsp; 125771 |
| &nbsp;&nbsp;&nbsp; Round Rock Independent School District, Series 2019 A, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 08/01/2030 | 295 | &nbsp;&nbsp; 320322 |
| San Antonio (City of), TX, Series 2019, Ref. GO Bonds | 5.00% | 08/01/2030 | 150 | &nbsp;&nbsp; 162730 |
| San Antonio (City of), TX, Series 2019, Ref. RB | 4.00% | 02/01/2030 | 45 | &nbsp;&nbsp; 47259 |
| San Antonio (City of), TX, Series 2019, Ref. RB | 5.00% | 02/01/2034 | 45 | &nbsp;&nbsp; 48659 |
| San Antonio (City of), TX, Series 2019, Ref. RB | 5.00% | 02/01/2035 | 105 | &nbsp;&nbsp; 113120 |
| San Antonio (City of), TX, Series 2019, Ref. RB | 5.00% | 02/01/2036 | 170 | &nbsp;&nbsp; 182325 |
| San Antonio (City of), TX, Series 2019, Ref. RB | 5.00% | 02/01/2037 | 85 | &nbsp;&nbsp; 90573 |
| San Antonio (City of), TX, Series 2020, RB | 5.00% | 02/01/2045 | 25 | &nbsp;&nbsp; 25663 |
| San Antonio (City of), TX, Series 2020, RB | 5.00% | 02/01/2049 | 110 | &nbsp;&nbsp; 112419 |
| San Antonio (City of), TX Water System, Series 2020 A, Ref. RB | 5.00% | 05/15/2045 | 25 | &nbsp;&nbsp; 25945 |
| San Antonio (City of), TX Water System, Series 2020 A, Ref. RB | 5.00% | 05/15/2050 | 320 | &nbsp;&nbsp; 330675 |
| San Antonio (City of), TX Water System, Series 2020 C, RB | 5.00% | 05/15/2046 | 150 | &nbsp;&nbsp; 155418 |
| San Antonio Public Facilities Corp., Series 2022, Ref. RB | 5.00% | 09/15/2030 | 5 | &nbsp;&nbsp; 5479 |
| Spring Independent School District, Series 2024 B, Ref. GO Bonds | 5.00% | 08/15/2030 | 50 | &nbsp;&nbsp; 55052 |
| Tarrant (County of), TX Regional Water District, Series 2024, Ref. RB | 5.00% | 03/01/2030 | 130 | &nbsp;&nbsp; 142523 |
| Tarrant County College District, Series 2022, GO Bonds | 5.00% | 08/15/2030 | 45 | &nbsp;&nbsp; 49631 |
| Texas (State of), Series 2024, Ref. GO Bonds | 5.00% | 10/01/2030 | 230 | &nbsp;&nbsp; 255854 |
| Texas (State of) Transportation Commission, Series 2024, Ref. GO Bonds | 5.00% | 04/01/2030 | 25 | &nbsp;&nbsp; 27542 |
| Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2020 A, Ref. RB | 5.00% | 08/15/2039 | 265 | &nbsp;&nbsp; 282244 |
| Texas (State of) Water Development Board, Series 2020, RB | 5.00% | 08/01/2030 | 245 | &nbsp;&nbsp; 271593 |
| Texas (State of) Water Development Board, Series 2020, RB | 5.00% | 08/01/2033 | 5 | &nbsp;&nbsp; 5500 |
| Texas (State of) Water Development Board, Series 2020, RB | 4.00% | 10/15/2033 | 130 | &nbsp;&nbsp; 135784 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas-(continued)** |  |  |  |  |
| Texas (State of) Water Development Board, Series 2020, RB | 4.00% | 08/01/2034 | $40 | &nbsp;&nbsp; $41622 |
| Texas (State of) Water Development Board, Series 2020, RB | 4.00% | 08/01/2035 | 105 | &nbsp;&nbsp; 108835 |
| Texas (State of) Water Development Board, Series 2020, RB | 4.00% | 08/01/2036 | 115 | &nbsp;&nbsp; 118638 |
| Texas (State of) Water Development Board, Series 2020, RB | 4.00% | 08/01/2037 | 10 | &nbsp;&nbsp; 10267 |
| Texas (State of) Water Development Board, Series 2020, RB | 4.00% | 10/15/2045 | 25 | &nbsp;&nbsp; 24186 |
| Texas (State of) Water Development Board, Series 2021, RB | 5.00% | 08/01/2030 | 65 | &nbsp;&nbsp; 72055 |
| Texas (State of) Water Development Board, Series 2023 A, RB | 5.00% | 10/15/2030 | 55 | &nbsp;&nbsp; 61232 |
| Texas A&M University, Series 2024 A, RB | 5.00% | 05/15/2030 | 20 | &nbsp;&nbsp; 22073 |
| Texas Private Activity Bond Surface Transportation Corp., Series 2020, Ref. RB | 4.00% | 06/30/2032 | 50 | &nbsp;&nbsp; 51546 |
| Texas Private Activity Bond Surface Transportation Corp., Series 2020, Ref. RB | 4.00% | 12/31/2032 | 15 | &nbsp;&nbsp; 15425 |
| Texas Private Activity Bond Surface Transportation Corp., Series 2020, Ref. RB | 4.00% | 06/30/2033 | 25 | &nbsp;&nbsp; 25638 |
| Texas Private Activity Bond Surface Transportation Corp., Series 2020, Ref. RB | 4.00% | 06/30/2039 | 15 | &nbsp;&nbsp; 14757 |
| Texas Private Activity Bond Surface Transportation Corp., Series 2020, Ref. RB | 4.00% | 06/30/2040 | 10 | &nbsp;&nbsp; 9660 |
| &nbsp;&nbsp;&nbsp; Texas Private Activity Bond Surface Transportation Corp. (LBJ Infrastructure Group LLC I-635 <br> Managed Lanes), Series 2020, Ref. RB<br>| 4.00% | 12/31/2035 | 60 | &nbsp;&nbsp; 60669 |
| &nbsp;&nbsp;&nbsp; Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC - North Tarrant <br> Express Managed Lanes), Series 2019 A, Ref. RB<br>| 5.00% | 12/31/2030 | 10 | &nbsp;&nbsp; 10741 |
| Texas State University Board of Regents, Series 2024, Ref. RB | 5.00% | 03/15/2030 | 5 | &nbsp;&nbsp; 5482 |
| Trinity River Authority, Series 2019, Ref. RB | 5.00% | 08/01/2030 | 45 | &nbsp;&nbsp; 48748 |
| Trinity River Authority, Series 2020, Ref. RB | 5.00% | 08/01/2030 | 30 | &nbsp;&nbsp; 33131 |
| University of Houston, Series 2022 A, Ref. RB | 5.00% | 02/15/2030 | 100 | &nbsp;&nbsp; 109325 |
| Williamson (County of), TX, Series 2024, GO Notes | 5.00% | 02/15/2030 | 60 | &nbsp;&nbsp; 65670 |
| &nbsp;&nbsp;&nbsp; Wylie Independent School District, Series 2020 A, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 08/15/2030 | 5 | &nbsp;&nbsp; 5521 |
|  |  |  |  | &nbsp;&nbsp; 15446767 |
| **Utah-0.61%** |  |  |  |  |
| Downtown Revitalization Public Infrastructure District, Series 2025, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 06/01/2038 | 25 | &nbsp;&nbsp; 26585 |
| Intermountain Power Agency, Series 2022 A, Ref. RB | 5.00% | 07/01/2030 | 200 | &nbsp;&nbsp; 219687 |
| Intermountain Power Agency, Series 2023 A, RB | 5.00% | 07/01/2030 | 25 | &nbsp;&nbsp; 27461 |
| University of Utah (The) (Green Bonds), Series 2022 B, RB | 5.00% | 08/01/2030 | 210 | &nbsp;&nbsp; 232501 |
| Utah (County of), UT (IHC Health Services, Inc.), Series 2020 A, RB | 5.00% | 05/15/2043 | 555 | &nbsp;&nbsp; 578713 |
| Utah (County of), UT (IHC Health Services, Inc.), Series 2020 A, RB | 5.00% | 05/15/2050 | 165 | &nbsp;&nbsp; 169424 |
|  |  |  |  | &nbsp;&nbsp; 1254371 |
| **Virginia-1.24%** |  |  |  |  |
| Fairfax (County of), VA, Series 2020 A, Ref. GO Bonds | 5.00% | 10/01/2030 | 75 | &nbsp;&nbsp; 82842 |
| Fairfax (County of), VA, Series 2020 A, Ref. GO Bonds | 5.00% | 10/01/2031 | 135 | &nbsp;&nbsp; 149106 |
| Fairfax (County of), VA, Series 2023 A, GO Bonds | 4.00% | 10/01/2030 | 15 | &nbsp;&nbsp; 16050 |
| Fairfax (County of), VA, Series 2025 A, GO Bonds | 5.00% | 10/01/2030 | 10 | &nbsp;&nbsp; 11158 |
| &nbsp;&nbsp;&nbsp; Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2023, Ref. <br> RB<br>| 5.00% | 05/15/2030 | 145 | &nbsp;&nbsp; 159389 |
| Hampton (City of), VA Roads Transportation Accountability Commission, Series 2020 A, RB | 5.00% | 07/01/2050 | 225 | &nbsp;&nbsp; 231901 |
| Hampton (City of), VA Roads Transportation Accountability Commission, Series 2020 A, RB | 5.00% | 07/01/2060 | 110 | &nbsp;&nbsp; 112804 |
| Richmond (City of), VA, Series 2020 A, RB | 5.00% | 01/15/2034 | 25 | &nbsp;&nbsp; 27270 |
| Virginia (Commonwealth of) College Building Authority, Series 2019 A, RB | 5.00% | 02/01/2030 | 65 | &nbsp;&nbsp; 69906 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Centuity College and Equipment), <br> Series 2020, RB<br>| 5.00% | 02/01/2034 | 65 | &nbsp;&nbsp; 70899 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Centuity College and Equipment), <br> Series 2022 A, RB<br>| 5.00% | 02/01/2030 | 100 | &nbsp;&nbsp; 109860 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Centuity College and Equipment), <br> Series 2024, RB<br>| 5.00% | 02/01/2030 | 35 | &nbsp;&nbsp; 38451 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment <br> Programs), Series 2019 C, Ref. RB<br>| 5.00% | 02/01/2030 | 75 | &nbsp;&nbsp; 80661 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment <br> Programs), Series 2020 A, RB<br>| 5.00% | 02/01/2035 | 150 | &nbsp;&nbsp; 163133 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment <br> Programs), Series 2021 A, RB<br>| 5.00% | 02/01/2030 | 140 | &nbsp;&nbsp; 153804 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment <br> Programs), Series 2023, Ref. RB<br>| 5.00% | 02/01/2030 | 280 | &nbsp;&nbsp; 307608 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Virginia-(continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments <br> Programs), Series 2020, RB<br>| 4.00% | 02/01/2036 | $100 | &nbsp;&nbsp; $103064 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments <br> Programs), Series 2020, RB<br>| 4.00% | 02/01/2037 | 20 | &nbsp;&nbsp; 20522 |
| Virginia (Commonwealth of) Public Building Authority, Series 2020 B, Ref. RB | 5.00% | 08/01/2030 | 70 | &nbsp;&nbsp; 77696 |
| Virginia (Commonwealth of) Public Building Authority, Series 2021 A-1, RB | 5.00% | 08/01/2030 | 70 | &nbsp;&nbsp; 77695 |
| Virginia (Commonwealth of) Public Building Authority (Bidding Group 1), Series 2022 A, RB | 5.00% | 08/01/2030 | 235 | &nbsp;&nbsp; 260835 |
| Virginia (Commonwealth of) Transportation Board (Transportation Capital), Series 2024, Ref. RB | 5.00% | 05/15/2030 | 205 | &nbsp;&nbsp; 226707 |
|  |  |  |  | &nbsp;&nbsp; 2551361 |
| **Washington-4.44%** |  |  |  |  |
| Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB | 5.00% | 11/01/2030 | 145 | &nbsp;&nbsp; 162365 |
| &nbsp;&nbsp;&nbsp; Clark County School District No. 114 Evergreen, Series 2020, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 4.00% | 12/01/2034 | 115 | &nbsp;&nbsp; 120000 |
| &nbsp;&nbsp;&nbsp; Clark County School District No. 114 Evergreen, Series 2020, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 4.00% | 12/01/2035 | 150 | &nbsp;&nbsp; 155456 |
| &nbsp;&nbsp;&nbsp; Clark County School District No. 114 Evergreen, Series 2020, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 4.00% | 12/01/2036 | 20 | &nbsp;&nbsp; 20605 |
| Energy Northwest, Series 2020, Ref. RB | 5.00% | 07/01/2035 | 175 | &nbsp;&nbsp; 190830 |
| Energy Northwest, Series 2020, Ref. RB | 5.00% | 07/01/2036 | 10 | &nbsp;&nbsp; 10843 |
| Energy Northwest, Series 2024 A, Ref. RB | 5.00% | 07/01/2030 | 95 | &nbsp;&nbsp; 105390 |
| Energy Northwest, Series 2025, Ref. RB | 5.00% | 07/01/2030 | 15 | &nbsp;&nbsp; 16640 |
| Energy Northwest (Columbia Generating Station), Series 2020 A, Ref. RB | 5.00% | 07/01/2037 | 200 | &nbsp;&nbsp; 215818 |
| Energy Northwest (Columbia Generating Station), Series 2020 A, Ref. RB | 4.00% | 07/01/2039 | 250 | &nbsp;&nbsp; 253964 |
| Energy Northwest (Columbia Generating Station), Series 2020 A, Ref. RB | 5.00% | 07/01/2039 | 230 | &nbsp;&nbsp; 246389 |
| Energy Northwest (Columbia Generating Station), Series 2020, Ref. RB | 5.00% | 07/01/2033 | 65 | &nbsp;&nbsp; 71410 |
| Energy Northwest (Columbia Generating Station), Series 2020, Ref. RB | 5.00% | 07/01/2038 | 95 | &nbsp;&nbsp; 102131 |
| Energy Northwest (Columbia Generating Station), Series 2023, Ref. RB | 4.00% | 07/01/2030 | 35 | &nbsp;&nbsp; 37163 |
| King (County of), WA, Series 2019, GO Bonds | 5.00% | 01/01/2030 | 35 | &nbsp;&nbsp; 37540 |
| King (County of), WA, Series 2021 A, GO Bonds | 5.00% | 01/01/2030 | 75 | &nbsp;&nbsp; 82310 |
| &nbsp;&nbsp;&nbsp; King County School District No. 411 Issaquah, Series 2016, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 3.00% | 12/01/2030 | 145 | &nbsp;&nbsp; 145214 |
| &nbsp;&nbsp;&nbsp; King County School District No. 411 Issaquah, Series 2020, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 4.00% | 12/01/2033 | 180 | &nbsp;&nbsp; 188678 |
| &nbsp;&nbsp;&nbsp; King County School District No. 411 Issaquah, Series 2024, Ref. GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2030 | 285 | &nbsp;&nbsp; 318710 |
| North Thurston Public Schools, Series 2020, GO Bonds, (CEP - Oregon School Bond Guaranty) | 4.00% | 12/01/2034 | 200 | &nbsp;&nbsp; 208953 |
| North Thurston Public Schools, Series 2020, GO Bonds, (CEP - Oregon School Bond Guaranty) | 4.00% | 12/01/2035 | 45 | &nbsp;&nbsp; 46599 |
| North Thurston Public Schools, Series 2020, GO Bonds, (CEP - Oregon School Bond Guaranty) | 4.00% | 12/01/2036 | 15 | &nbsp;&nbsp; 15454 |
| &nbsp;&nbsp;&nbsp; Pierce County School District No. 10 Tacoma (Social Bonds), Series 2020 B, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 4.00% | 12/01/2041 | 10 | &nbsp;&nbsp; 10055 |
| &nbsp;&nbsp;&nbsp; Pierce County School District No. 401 Peninsula, Series 2020, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 4.00% | 12/01/2037 | 55 | &nbsp;&nbsp; 56470 |
| Seattle (Port of), WA, Series 2022 A, Ref. RB | 5.00% | 08/01/2030 | 10 | &nbsp;&nbsp; 11095 |
| Snohomish (County of), WA Public Utility District No. 1, Series 2025 A, Ref. RB | 5.00% | 12/01/2030 | 10 | &nbsp;&nbsp; 11168 |
| &nbsp;&nbsp;&nbsp; Snohomish County School District No. 15 Edmonds, Series 2024, Ref. GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2030 | 150 | &nbsp;&nbsp; 167667 |
| University of Washington, Series 2025 A, Ref. RB | 5.00% | 04/01/2030 | 5 | &nbsp;&nbsp; 5502 |
| Washington (State of), Series 2019 A, GO Bonds | 5.00% | 08/01/2030 | 60 | &nbsp;&nbsp; 65238 |
| Washington (State of), Series 2020 A, GO Bonds | 5.00% | 08/01/2037 | 120 | &nbsp;&nbsp; 129901 |
| Washington (State of), Series 2020 A, GO Bonds | 5.00% | 08/01/2038 | 75 | &nbsp;&nbsp; 80841 |
| Washington (State of), Series 2020 A, GO Bonds | 5.00% | 08/01/2039 | 10 | &nbsp;&nbsp; 10738 |
| Washington (State of), Series 2020 A, GO Bonds | 5.00% | 08/01/2040 | 30 | &nbsp;&nbsp; 32006 |
| Washington (State of), Series 2020 A, GO Bonds | 5.00% | 08/01/2041 | 75 | &nbsp;&nbsp; 79555 |
| Washington (State of), Series 2020 A, GO Bonds | 5.00% | 08/01/2042 | 150 | &nbsp;&nbsp; 158177 |
| Washington (State of), Series 2020 A, GO Bonds | 5.00% | 08/01/2043 | 205 | &nbsp;&nbsp; 214955 |
| Washington (State of), Series 2020 A, GO Bonds | 5.00% | 08/01/2044 | 5 | &nbsp;&nbsp; 5216 |
| Washington (State of), Series 2020 A, GO Bonds | 5.00% | 08/01/2045 | 100 | &nbsp;&nbsp; 103975 |
| Washington (State of), Series 2020 C, GO Bonds | 5.00% | 02/01/2030 | 105 | &nbsp;&nbsp; 115440 |
| Washington (State of), Series 2020 C, GO Bonds | 5.00% | 02/01/2032 | 145 | &nbsp;&nbsp; 158683 |
| Washington (State of), Series 2020 C, GO Bonds | 5.00% | 02/01/2033 | 75 | &nbsp;&nbsp; 81862 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Washington-(continued)** |  |  |  |  |
| Washington (State of), Series 2020 C, GO Bonds | 5.00% | 02/01/2034 | $70 | &nbsp;&nbsp; $76185 |
| Washington (State of), Series 2020 C, GO Bonds | 5.00% | 02/01/2035 | 150 | &nbsp;&nbsp; 162825 |
| Washington (State of), Series 2020 C, GO Bonds | 5.00% | 02/01/2036 | 425 | &nbsp;&nbsp; 459498 |
| Washington (State of), Series 2020 C, GO Bonds | 5.00% | 02/01/2037 | 160 | &nbsp;&nbsp; 172245 |
| Washington (State of), Series 2020 C, GO Bonds | 5.00% | 02/01/2038 | 155 | &nbsp;&nbsp; 166148 |
| Washington (State of), Series 2020 C, GO Bonds | 5.00% | 02/01/2039 | 35 | &nbsp;&nbsp; 37377 |
| Washington (State of), Series 2020 C, GO Bonds | 5.00% | 02/01/2041 | 130 | &nbsp;&nbsp; 137083 |
| Washington (State of), Series 2020 C, GO Bonds | 5.00% | 02/01/2043 | 260 | &nbsp;&nbsp; 271330 |
| Washington (State of), Series 2021 A, Ref. GO Bonds | 5.00% | 06/01/2030 | 50 | &nbsp;&nbsp; 55370 |
| Washington (State of), Series 2021 A, Ref. GO Bonds | 5.00% | 06/01/2033 | 20 | &nbsp;&nbsp; 21945 |
| Washington (State of), Series 2021 A, Ref. GO Bonds | 5.00% | 06/01/2034 | 80 | &nbsp;&nbsp; 87533 |
| Washington (State of), Series 2021 A, Ref. GO Bonds | 5.00% | 06/01/2035 | 20 | &nbsp;&nbsp; 21814 |
| Washington (State of), Series 2021 A, Ref. GO Bonds | 5.00% | 06/01/2036 | 55 | &nbsp;&nbsp; 59709 |
| Washington (State of), Series 2021 A, Ref. GO Bonds | 5.00% | 06/01/2038 | 85 | &nbsp;&nbsp; 91472 |
| Washington (State of), Series 2021 A, Ref. GO Bonds | 5.00% | 06/01/2039 | 75 | &nbsp;&nbsp; 80406 |
| Washington (State of), Series 2021 A, Ref. GO Bonds | 5.00% | 06/01/2040 | 30 | &nbsp;&nbsp; 31942 |
| Washington (State of), Series 2021 A, Ref. GO Bonds | 5.00% | 06/01/2041 | 110 | &nbsp;&nbsp; 116473 |
| Washington (State of), Series 2021, Ref. GO Bonds | 5.00% | 06/01/2032 | 135 | &nbsp;&nbsp; 148570 |
| Washington (State of), Series 2021, Ref. GO Bonds | 5.00% | 06/01/2037 | 190 | &nbsp;&nbsp; 205320 |
| Washington (State of), Series 2024, Ref. GO Bonds | 5.00% | 07/01/2030 | 35 | &nbsp;&nbsp; 38796 |
| Washington (State of), Series 2025 C, GO Bonds | 5.00% | 02/01/2030 | 20 | &nbsp;&nbsp; 21989 |
| Washington (State of), Series 2025A, GO Bonds | 5.00% | 08/01/2030 | 40 | &nbsp;&nbsp; 44453 |
| Washington (State of), Series R-2023B, Ref. GO Bonds | 5.00% | 07/01/2030 | 120 | &nbsp;&nbsp; 133124 |
| Washington (State of), Series R-2024A, Ref. GO Bonds | 5.00% | 02/01/2030 | 50 | &nbsp;&nbsp; 54972 |
| Washington (State of), Series R-2024C, Ref. GO Bonds | 5.00% | 08/01/2030 | 50 | &nbsp;&nbsp; 55567 |
| Washington (State of), Series R-2025B, Ref. GO Bonds | 5.00% | 07/01/2030 | 10 | &nbsp;&nbsp; 11098 |
| Washington (State of) (Bid Group 1), Series 2020 A, GO Bonds | 5.00% | 08/01/2030 | 145 | &nbsp;&nbsp; 161144 |
| Washington (State of) (Bid Group 1), Series 2020 A, GO Bonds | 5.00% | 08/01/2032 | 105 | &nbsp;&nbsp; 115864 |
| Washington (State of) (Bid Group 1), Series 2020 A, GO Bonds | 5.00% | 08/01/2033 | 120 | &nbsp;&nbsp; 131998 |
| Washington (State of) (Bid Group 1), Series 2020 A, GO Bonds | 5.00% | 08/01/2034 | 160 | &nbsp;&nbsp; 175510 |
| Washington (State of) (Bid Group 1), Series 2020 A, GO Bonds | 5.00% | 08/01/2035 | 545 | &nbsp;&nbsp; 595637 |
| Washington (State of) (Bid Group 1), Series 2021 A, Ref. GO Bonds | 5.00% | 08/01/2030 | 50 | &nbsp;&nbsp; 55567 |
| Washington (State of) (Bid Group 1), Series 2021 C, GO Bonds | 5.00% | 02/01/2030 | 55 | &nbsp;&nbsp; 60469 |
| Washington (State of) (Bid Group 1), Series 2022 A-1, GO Bonds | 5.00% | 08/01/2030 | 80 | &nbsp;&nbsp; 88907 |
| Washington (State of) (Bid Group 1), Series 2022 C, GO Bonds | 5.00% | 02/01/2030 | 55 | &nbsp;&nbsp; 60469 |
| Washington (State of) (Bid Group 1), Series 2023 B, GO Bonds | 5.00% | 02/01/2030 | 55 | &nbsp;&nbsp; 60469 |
| Washington (State of) (Bid Group 1), Series 2024 C, GO Bonds | 5.00% | 02/01/2030 | 75 | &nbsp;&nbsp; 82457 |
| Washington (State of) (Bid Group 2), Series R-2022D, GO Bonds | 4.00% | 07/01/2030 | 75 | &nbsp;&nbsp; 79803 |
| Washington (State of) (Bid Group 2), Series R-2023A, Ref. GO Bonds | 5.00% | 08/01/2030 | 145 | &nbsp;&nbsp; 161144 |
| &nbsp;&nbsp;&nbsp; Washington (State of) Health Care Facilities Authority (Seattle Cancer Care Alliance), Series 2020, <br> Ref. RB<br>| 5.00% | 09/01/2055 | 40 | &nbsp;&nbsp; 40726 |
| &nbsp;&nbsp;&nbsp; Washington (State of) Health Care Facilities Authority (Seattle Children's Hospital), Series 2015 B, <br> Ref. RB<br>| 5.00% | 10/01/2038 | 250 | &nbsp;&nbsp; 267020 |
|  |  |  |  | &nbsp;&nbsp; 9151434 |
| **Wisconsin-0.88%** |  |  |  |  |
| Racine Unified School District, Series 2025, Ref. GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.00% | 04/01/2030 | 15 | &nbsp;&nbsp; 16422 |
| Wisconsin (State of), Series 2020-1, Ref. GO Bonds | 5.00% | 05/01/2030 | 285 | &nbsp;&nbsp; 315416 |
| Wisconsin (State of), Series 2021 1, Ref. GO Bonds | 5.00% | 05/01/2030 | 395 | &nbsp;&nbsp; 437155 |
| Wisconsin (State of), Series 2021-2, Ref. GO Bonds | 5.00% | 05/01/2030 | 115 | &nbsp;&nbsp; 127273 |
| Wisconsin (State of), Series 2022-4, Ref. GO Bonds | 5.00% | 05/01/2030 | 275 | &nbsp;&nbsp; 304349 |
| Wisconsin (State of), Series 2024-1, Ref. GO Bonds | 5.00% | 05/01/2030 | 60 | &nbsp;&nbsp; 66403 |
| Wisconsin (State of), Series 2024-2, Ref. GO Bonds | 5.00% | 05/01/2030 | 15 | &nbsp;&nbsp; 16601 |
| Wisconsin (State of), Series 2025-3, GO Bonds | 5.00% | 05/01/2030 | 120 | &nbsp;&nbsp; 132807 |
| Wisconsin (State of) Department of Transportation, Series 2023-1, Ref. RB | 5.00% | 07/01/2030 | 195 | &nbsp;&nbsp; 216415 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Wisconsin-(continued)** |  |  |  |  |  |
| Wisconsin (State of) Health & Educational Facilities Authority, Series 2025, Ref. RB | 5.00% | 08/15/2030 | $| 95 | &nbsp;&nbsp; $103720 |
| Wisconsin (State of) Public Finance Authority, Series 2025 B, RB | 5.00% | 06/01/2030 |  | 75 | &nbsp;&nbsp; 81323 |
|  |  |  |  |  | &nbsp;&nbsp; 1817884 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-96.91% <br>(Cost $198,990,896) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-96.91% <br>(Cost $198,990,896) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-96.91% <br>(Cost $198,990,896) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-96.91% <br>(Cost $198,990,896) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-96.91% <br>(Cost $198,990,896) | &nbsp;&nbsp; 199893861 |
| OTHER ASSETS LESS LIABILITIES-3.09% | OTHER ASSETS LESS LIABILITIES-3.09% | OTHER ASSETS LESS LIABILITIES-3.09% | OTHER ASSETS LESS LIABILITIES-3.09% | OTHER ASSETS LESS LIABILITIES-3.09% | &nbsp;&nbsp; 6381967 |
| NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $206275828 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| AGI | -Assured Guaranty, Inc. |
| 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 |
| RN | -Revenue Notes |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Principal and/or interest payments are secured by the bond insurance company listed. |
| <sup>(b)</sup> | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. |
| <sup>(c)</sup> | Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. |
| <sup>(d)</sup> | 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 <br> obligations but may be called upon to satisfy the issuer's obligations. No concentration of any single entity was greater than 5% each.<br>|

---

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

See accompanying notes which are an integral part of this schedule.

------

Schedule of Investments

**Invesco BulletShares 2031 Municipal Bond ETF (BSMV)**

November 30, 2025

*(Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Municipal Obligations-97.66%** |  |  |  |  |
| **Alabama-0.32%** |  |  |  |  |
| Alabama (State of) Corrections Institution Finance Authority, Series 2022, RB | 5.00% | 07/01/2031 | $15 | &nbsp;&nbsp; $16760 |
| Alabama (State of) Federal Aid Highway Finance Authority, Series 2025 B, Ref. RB | 5.00% | 09/01/2031 | 85 | &nbsp;&nbsp; 96189 |
| Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB | 5.00% | 11/01/2031 | 155 | &nbsp;&nbsp; 172585 |
| Auburn University, Series 2025 B, Ref. RB | 5.00% | 06/01/2031 | 40 | &nbsp;&nbsp; 44984 |
| Board of Trustees of the Alabama Community College System, Series 2021, RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 09/01/2046 | 15 | &nbsp;&nbsp; 13908 |
| Jefferson (County of), AL, Series 2024, Ref. Revenue Wts. | 5.00% | 10/01/2031 | 95 | &nbsp;&nbsp; 105506 |
|  |  |  |  | &nbsp;&nbsp; 449932 |
| **Alaska-0.07%** |  |  |  |  |
| Alaska (State of), Series 2024 A, Ref. GO Bonds | 5.00% | 08/01/2031 | 35 | &nbsp;&nbsp; 39551 |
| Matanuska-Susitna (Borough of), AK, Series 2025, RB | 5.00% | 09/01/2031 | 55 | &nbsp;&nbsp; 61459 |
|  |  |  |  | &nbsp;&nbsp; 101010 |
| **Arizona-1.05%** |  |  |  |  |
| Arizona (State of) Department of Transportation, Series 2023, RB | 5.00% | 07/01/2031 | 50 | &nbsp;&nbsp; 56420 |
| Gilbert Water Resource Municipal Property Corp. (Green Bonds), Series 2022, RB | 5.00% | 07/15/2031 | 50 | &nbsp;&nbsp; 56458 |
| Maricopa (County of), AZ Industrial Development Authority (Honorhealth), Series 2024 D, Ref. RB | 5.00% | 12/01/2031 | 15 | &nbsp;&nbsp; 16650 |
| Maricopa (County of), AZ Special Health Care District, Series 2021 D, GO Bonds | 5.00% | 07/01/2031 | 30 | &nbsp;&nbsp; 33686 |
| Maricopa (County of), AZ Special Health Care District, Series 2021 D, GO Bonds | 5.00% | 07/01/2033 | 75 | &nbsp;&nbsp; 83687 |
| Maricopa (County of), AZ Special Health Care District, Series 2021 D, GO Bonds | 5.00% | 07/01/2034 | 115 | &nbsp;&nbsp; 127919 |
| Maricopa (County of), AZ Special Health Care District, Series 2021 D, GO Bonds | 4.00% | 07/01/2035 | 215 | &nbsp;&nbsp; 223945 |
| Maricopa County Union High School District No. 210-Phoenix (2023), Series 2025 B, GO Bonds | 5.00% | 07/01/2031 | 15 | &nbsp;&nbsp; 16926 |
| Mesa (City of), AZ, Series 2021, Ref. RB | 4.00% | 07/01/2035 | 95 | &nbsp;&nbsp; 99101 |
| Phoenix Civic Improvement Corp., Series 2021 A, RB | 5.00% | 07/01/2045 | 120 | &nbsp;&nbsp; 125883 |
| Salt River Project Agricultural Improvement & Power District, Series 2020 A, Ref. RB | 5.00% | 01/01/2045 | 150 | &nbsp;&nbsp; 156813 |
| Salt River Project Agricultural Improvement & Power District, Series 2022 A, Ref. RB | 5.00% | 01/01/2031 | 200 | &nbsp;&nbsp; 224299 |
| Salt River Project Agricultural Improvement & Power District, Series 2025 B, Ref. RB | 5.00% | 01/01/2031 | 210 | &nbsp;&nbsp; 235514 |
|  |  |  |  | &nbsp;&nbsp; 1457301 |
| **Arkansas-0.14%** |  |  |  |  |
| University of Arkansas, Series 2021 A, RB | 5.00% | 12/01/2045 | 180 | &nbsp;&nbsp; 188317 |
| **California-18.51%** |  |  |  |  |
| Alameda (County of), CA Joint Powers Authority (Highland Hospital Project), Series 2023, Ref. RB | 5.00% | 12/01/2031 | 5 | &nbsp;&nbsp; 5754 |
| Bay Area Toll Authority, Series 2024 S-11, Ref. RB | 5.00% | 04/01/2031 | 25 | &nbsp;&nbsp; 28637 |
| Bay Area Toll Authority (San Francisco Bay Area), Series 2023 F-1, RB | 5.00% | 04/01/2031 | 45 | &nbsp;&nbsp; 51595 |
| California (State of), Series 2012, Ref. GO Bonds<sup>(b)(c)</sup> | 3.50% | 12/30/2025 | 5 | &nbsp;&nbsp; 5004 |
| California (State of), Series 2015 C, Ref. GO Bonds<sup>(b)(c)</sup> | 3.25% | 12/30/2025 | 125 | &nbsp;&nbsp; 125071 |
| California (State of), Series 2019, Ref. GO Bonds | 5.00% | 04/01/2031 | 365 | &nbsp;&nbsp; 412979 |
| California (State of), Series 2020, GO Bonds | 5.00% | 03/01/2031 | 35 | &nbsp;&nbsp; 39538 |
| California (State of), Series 2020, GO Bonds | 5.00% | 11/01/2031 | 265 | &nbsp;&nbsp; 297019 |
| California (State of), Series 2020, GO Bonds | 5.00% | 11/01/2031 | 30 | &nbsp;&nbsp; 33625 |
| California (State of), Series 2020, Ref. GO Bonds | 5.00% | 03/01/2031 | 200 | &nbsp;&nbsp; 221234 |
| California (State of), Series 2020, Ref. GO Bonds | 5.00% | 11/01/2031 | 90 | &nbsp;&nbsp; 100874 |
| California (State of), Series 2021, GO Bonds | 4.00% | 10/01/2033 | 360 | &nbsp;&nbsp; 383690 |
| California (State of), Series 2021, GO Bonds | 4.00% | 10/01/2034 | 280 | &nbsp;&nbsp; 297381 |
| California (State of), Series 2021, GO Bonds | 4.00% | 10/01/2035 | 25 | &nbsp;&nbsp; 26337 |
| California (State of), Series 2021, GO Bonds | 4.00% | 10/01/2036 | 250 | &nbsp;&nbsp; 261576 |
| California (State of), Series 2021, Ref. GO Bonds | 5.00% | 09/01/2031 | 225 | &nbsp;&nbsp; 256556 |
| California (State of), Series 2021, Ref. GO Bonds | 5.00% | 12/01/2031 | 65 | &nbsp;&nbsp; 74454 |
| California (State of), Series 2021, Ref. GO Bonds | 5.00% | 10/01/2032 | 325 | &nbsp;&nbsp; 366363 |
| California (State of), Series 2021, Ref. GO Bonds | 5.00% | 10/01/2037 | 95 | &nbsp;&nbsp; 105761 |
| California (State of), Series 2021, Ref. GO Bonds | 5.00% | 09/01/2041 | 510 | &nbsp;&nbsp; 552923 |
| California (State of), Series 2021, Ref. GO Bonds | 5.00% | 10/01/2041 | 230 | &nbsp;&nbsp; 248077 |
| California (State of), Series 2022, GO Bonds | 5.00% | 04/01/2031 | 265 | &nbsp;&nbsp; 299834 |
| California (State of), Series 2022, GO Bonds | 5.00% | 09/01/2031 | 60 | &nbsp;&nbsp; 68415 |
| California (State of), Series 2022, Ref. GO Bonds | 5.00% | 11/01/2031 | 245 | &nbsp;&nbsp; 280214 |
| California (State of), Series 2023, GO Bonds | 5.00% | 10/01/2031 | 350 | &nbsp;&nbsp; 399697 |
| California (State of), Series 2023, Ref. GO Bonds | 5.00% | 09/01/2031 | 55 | &nbsp;&nbsp; 62714 |
| California (State of), Series 2023, Ref. GO Bonds | 5.00% | 09/01/2031 | 210 | &nbsp;&nbsp; 239453 |
| California (State of), Series 2024, GO Bonds | 5.00% | 08/01/2031 | 15 | &nbsp;&nbsp; 17078 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| California (State of), Series 2024, GO Bonds | 5.00% | 09/01/2031 | $5 | &nbsp;&nbsp; $5701 |
| California (State of), Series 2024, GO Bonds | 5.00% | 09/01/2031 | 35 | &nbsp;&nbsp; 39909 |
| California (State of), Series 2024, Ref. GO Bonds | 5.00% | 08/01/2031 | 200 | &nbsp;&nbsp; 227702 |
| California (State of), Series 2024, Ref. GO Bonds | 5.00% | 08/01/2031 | 250 | &nbsp;&nbsp; 284628 |
| California (State of), Series 2025, Ref. GO Bonds | 5.00% | 03/01/2031 | 10 | &nbsp;&nbsp; 11297 |
| California (State of) (Bid Group C), Series 2021 C, Ref. GO Bonds | 5.00% | 10/01/2031 | 370 | &nbsp;&nbsp; 422536 |
| &nbsp;&nbsp;&nbsp; California (State of) Department of Veterans Affairs (Veteran's Farm & Home Purchase), Series 2016 <br> B, RB<br>| 3.00% | 12/01/2031 | 105 | &nbsp;&nbsp; 105008 |
| &nbsp;&nbsp;&nbsp; California (State of) Department of Veterans Affairs (Veteran's Farm & Home Purchase), Series 2022 <br> A, RB<br>| 4.85% | 12/01/2042 | 190 | &nbsp;&nbsp; 199214 |
| California (State of) Department of Water Resources (Central Valley), Series 2020 BB, Ref. RB | 5.00% | 12/01/2031 | 30 | &nbsp;&nbsp; 34195 |
| California (State of) Department of Water Resources (Central Valley), Series 2021, RB | 5.00% | 12/01/2031 | 210 | &nbsp;&nbsp; 242139 |
| California (State of) Department of Water Resources (Central Valley), Series 2021, RB | 5.00% | 12/01/2032 | 55 | &nbsp;&nbsp; 63179 |
| California (State of) Department of Water Resources (Central Valley), Series 2021, RB | 5.00% | 12/01/2033 | 80 | &nbsp;&nbsp; 91854 |
| California (State of) Department of Water Resources (Central Valley), Series 2021, RB | 4.00% | 12/01/2034 | 25 | &nbsp;&nbsp; 26888 |
| California (State of) Department of Water Resources (Central Valley), Series 2021, RB | 4.00% | 12/01/2035 | 25 | &nbsp;&nbsp; 26773 |
| California (State of) Department of Water Resources (Central Valley), Series 2025 BG, RB | 5.00% | 12/01/2031 | 5 | &nbsp;&nbsp; 5831 |
| California (State of) Health Facilities Financing Authority (Adventist Health System), Series 2024, RB | 5.00% | 12/01/2031 | 25 | &nbsp;&nbsp; 27635 |
| &nbsp;&nbsp;&nbsp; California (State of) Health Facilities Financing Authority (Cedars Sinai Health System), Series 2021, <br> Ref. RB, (INS - BAM)<sup>(a)</sup><br>| 4.00% | 08/15/2048 | 650 | &nbsp;&nbsp; 615279 |
| &nbsp;&nbsp;&nbsp; California (State of) Health Facilities Financing Authority (Cedars-Sinai Health System), Series 2021 A, <br> Ref. RB<br>| 5.00% | 08/15/2051 | 300 | &nbsp;&nbsp; 317134 |
| &nbsp;&nbsp;&nbsp; California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) <br> (Green Bonds), Series 2023, RB<br>| 5.00% | 10/01/2031 | 20 | &nbsp;&nbsp; 23218 |
| California (State of) Public Works Board, Series 2021 A, Ref. RB | 5.00% | 02/01/2031 | 270 | &nbsp;&nbsp; 304385 |
| California (State of) Public Works Board, Series 2022 A, Ref. RB | 5.00% | 08/01/2031 | 105 | &nbsp;&nbsp; 119484 |
| California (State of) Public Works Board, Series 2022 A, Ref. RB | 5.00% | 08/01/2033 | 140 | &nbsp;&nbsp; 158268 |
| California (State of) Public Works Board, Series 2022 A, Ref. RB | 5.00% | 08/01/2035 | 60 | &nbsp;&nbsp; 67266 |
| California (State of) Public Works Board, Series 2022 A, Ref. RB | 5.00% | 08/01/2036 | 15 | &nbsp;&nbsp; 16723 |
| California (State of) Public Works Board, Series 2022 C, Ref. RB | 5.00% | 08/01/2031 | 70 | &nbsp;&nbsp; 79656 |
| California (State of) Public Works Board, Series 2022 C, Ref. RB | 5.00% | 08/01/2033 | 75 | &nbsp;&nbsp; 84787 |
| California (State of) Public Works Board, Series 2022 C, Ref. RB | 5.00% | 08/01/2035 | 20 | &nbsp;&nbsp; 22422 |
| California (State of) Public Works Board (Green Bonds), Series 2021, RB | 5.00% | 11/01/2031 | 60 | &nbsp;&nbsp; 68588 |
| California (State of) Public Works Board (Green Bonds), Series 2021, RB | 5.00% | 11/01/2033 | 105 | &nbsp;&nbsp; 119141 |
| California (State of) Public Works Board (Green Bonds), Series 2021, RB | 4.00% | 11/01/2035 | 150 | &nbsp;&nbsp; 158591 |
| California (State of) Public Works Board (Green Bonds), Series 2021, RB | 4.00% | 11/01/2036 | 10 | &nbsp;&nbsp; 10438 |
| California (State of) Public Works Board (Green Bonds), Series 2021, RB | 4.00% | 11/01/2041 | 100 | &nbsp;&nbsp; 101015 |
| California (State of) Public Works Board (Green Bonds), Series 2021, RB | 5.00% | 11/01/2046 | 155 | &nbsp;&nbsp; 163349 |
| &nbsp;&nbsp;&nbsp; California (State of) Public Works Board (Sacramento Region New Natural Resources Headquarters) <br> (Green Bonds), Series 2021, RB<br>| 5.00% | 11/01/2034 | 90 | &nbsp;&nbsp; 101745 |
| California (State of) Public Works Board (Various Capital), Series 2021 B, RB | 5.00% | 05/01/2034 | 75 | &nbsp;&nbsp; 84137 |
| California (State of) Public Works Board (Various Capital), Series 2021 B, RB | 5.00% | 05/01/2035 | 55 | &nbsp;&nbsp; 61466 |
| California (State of) Public Works Board (Various Capital), Series 2021 B, RB | 4.00% | 05/01/2036 | 70 | &nbsp;&nbsp; 73031 |
| California (State of) Public Works Board (Various Capital), Series 2022 A, Ref. RB | 5.00% | 08/01/2034 | 300 | &nbsp;&nbsp; 337860 |
| California (State of) Public Works Board (Various Capital), Series 2022 C, Ref. RB | 5.00% | 08/01/2034 | 25 | &nbsp;&nbsp; 28155 |
| California (State of) Public Works Board (Various Capital), Series 2023 B, Ref. RB | 5.00% | 12/01/2031 | 10 | &nbsp;&nbsp; 11449 |
| California (State of) Public Works Board (Various Capital), Series 2023 C, Ref. RB | 5.00% | 09/01/2031 | 40 | &nbsp;&nbsp; 45587 |
| California (State of) Public Works Board (Various Capital), Series 2024, Ref. RB | 5.00% | 09/01/2031 | 170 | &nbsp;&nbsp; 193744 |
| &nbsp;&nbsp;&nbsp; California (State of) Statewide Communities Development Authority (Moldaw residences), <br> Series 2024, Ref. RB, (INS - Cal-Mortgage)<sup>(a)</sup><br>| 5.00% | 11/01/2049 | 150 | &nbsp;&nbsp; 158800 |
| Contra Costa (County of), CA Transportation Authority, Series 2021 A, Ref. RB | 5.00% | 03/01/2031 | 15 | &nbsp;&nbsp; 17241 |
| Contra Costa (County of), CA Transportation Authority, Series 2021 A, Ref. RB | 4.00% | 03/01/2033 | 65 | &nbsp;&nbsp; 70270 |
| Contra Costa (County of), CA Transportation Authority, Series 2021 A, Ref. RB | 4.00% | 03/01/2034 | 95 | &nbsp;&nbsp; 101951 |
| Contra Costa (County of), CA Water District, Series 2021 W, Ref. RB | 5.00% | 10/01/2051 | 50 | &nbsp;&nbsp; 52582 |
| East Bay Municipal Utility District, Series 2022 B-2, Ref. RB | 5.00% | 06/01/2031 | 35 | &nbsp;&nbsp; 40429 |
| East Bay Municipal Utility District, Series 2025 B, Ref. RB | 5.00% | 06/01/2031 | 60 | &nbsp;&nbsp; 69307 |
| East Side Union High School District, Series 2024 B, GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.00% | 08/01/2031 | 5 | &nbsp;&nbsp; 5773 |
| Hacienda La Puente Unified School District (Election of 2016), Series 2023 A, GO Bonds | 5.00% | 08/01/2047 | 175 | &nbsp;&nbsp; 185107 |
| Los Angeles (City of), CA, Series 2021 B, Ref. RB | 5.00% | 05/15/2034 | 45 | &nbsp;&nbsp; 51028 |
| Los Angeles (City of), CA, Series 2021 B, Ref. RB | 5.00% | 05/15/2040 | 85 | &nbsp;&nbsp; 92839 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| Los Angeles (City of), CA, Series 2022 C, Ref. RB | 5.00% | 06/01/2031 | $120 | &nbsp;&nbsp; $138546 |
| Los Angeles (City of), CA, Series 2025 A, Ref. RB | 5.00% | 06/01/2031 | 5 | &nbsp;&nbsp; 5778 |
| Los Angeles (City of), CA (Green Bonds), Series 2025, Ref. RB | 5.00% | 05/15/2031 | 15 | &nbsp;&nbsp; 17268 |
| Los Angeles (City of), CA Department of Airports, Series 2020 B, Ref. RB | 5.00% | 05/15/2031 | 100 | &nbsp;&nbsp; 111930 |
| Los Angeles (City of), CA Department of Airports, Series 2021 B, Ref. RB | 5.00% | 05/15/2033 | 125 | &nbsp;&nbsp; 142227 |
| Los Angeles (City of), CA Department of Airports, Series 2021 B, Ref. RB | 5.00% | 05/15/2035 | 80 | &nbsp;&nbsp; 90361 |
| Los Angeles (City of), CA Department of Airports, Series 2021 B, Ref. RB | 5.00% | 05/15/2036 | 100 | &nbsp;&nbsp; 112354 |
| Los Angeles (City of), CA Department of Airports, Series 2021 B, Ref. RB | 5.00% | 05/15/2037 | 95 | &nbsp;&nbsp; 105998 |
| Los Angeles (City of), CA Department of Airports, Series 2021 B, Ref. RB | 5.00% | 05/15/2041 | 35 | &nbsp;&nbsp; 37973 |
| &nbsp;&nbsp;&nbsp; Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2021 B, <br> Ref. RB<br>| 5.00% | 05/15/2045 | 20 | &nbsp;&nbsp; 21249 |
| &nbsp;&nbsp;&nbsp; Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2021 B, <br> Ref. RB<br>| 5.00% | 05/15/2048 | 360 | &nbsp;&nbsp; 375859 |
| Los Angeles (City of), CA Department of Water & Power, Series 2021 B, Ref. RB | 5.00% | 07/01/2035 | 90 | &nbsp;&nbsp; 98148 |
| Los Angeles (City of), CA Department of Water & Power, Series 2021 B, Ref. RB | 5.00% | 07/01/2037 | 240 | &nbsp;&nbsp; 259673 |
| Los Angeles (City of), CA Department of Water & Power, Series 2021 B, Ref. RB | 5.00% | 07/01/2041 | 485 | &nbsp;&nbsp; 512891 |
| Los Angeles (City of), CA Department of Water & Power, Series 2021 B, Ref. RB | 5.00% | 07/01/2046 | 130 | &nbsp;&nbsp; 134297 |
| Los Angeles (City of), CA Department of Water & Power, Series 2021 B, Ref. RB | 5.00% | 07/01/2046 | 115 | &nbsp;&nbsp; 118801 |
| Los Angeles (City of), CA Department of Water & Power, Series 2021 B, Ref. RB | 5.00% | 07/01/2048 | 50 | &nbsp;&nbsp; 51350 |
| Los Angeles (City of), CA Department of Water & Power, Series 2021 B, Ref. RB | 5.00% | 07/01/2051 | 240 | &nbsp;&nbsp; 246056 |
| Los Angeles (City of), CA Department of Water & Power, Series 2021 C, RB | 5.00% | 07/01/2040 | 30 | &nbsp;&nbsp; 32002 |
| Los Angeles (City of), CA Department of Water & Power, Series 2021, RB | 5.00% | 07/01/2045 | 55 | &nbsp;&nbsp; 57213 |
| Los Angeles (City of), CA Department of Water & Power, Series 2021, RB | 5.00% | 07/01/2051 | 325 | &nbsp;&nbsp; 333914 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 A, RB | 5.00% | 07/01/2037 | 175 | &nbsp;&nbsp; 190634 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 A, RB | 5.00% | 07/01/2039 | 75 | &nbsp;&nbsp; 80553 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 A, RB | 5.00% | 07/01/2041 | 345 | &nbsp;&nbsp; 366598 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 A, RB | 5.00% | 07/01/2051 | 20 | &nbsp;&nbsp; 20549 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022, RB | 5.00% | 07/01/2040 | 20 | &nbsp;&nbsp; 21335 |
| Los Angeles (City of), CA Department of Water & Power, Series 2023 A, Ref. RB | 5.00% | 07/01/2031 | 115 | &nbsp;&nbsp; 127928 |
| Los Angeles (City of), CA Department of Water & Power, Series 2023 D, Ref. RB | 5.00% | 07/01/2031 | 35 | &nbsp;&nbsp; 38935 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 B, Ref. RB | 5.00% | 07/01/2031 | 15 | &nbsp;&nbsp; 16686 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 E, Ref. RB | 5.00% | 07/01/2031 | 55 | &nbsp;&nbsp; 61183 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB | 5.00% | 06/01/2031 | 275 | &nbsp;&nbsp; 317191 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB | 5.00% | 06/01/2033 | 125 | &nbsp;&nbsp; 143031 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB | 4.00% | 06/01/2035 | 5 | &nbsp;&nbsp; 5341 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB | 4.00% | 06/01/2036 | 160 | &nbsp;&nbsp; 169480 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB | 4.00% | 06/01/2038 | 5 | &nbsp;&nbsp; 5205 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB | 4.00% | 06/01/2039 | 10 | &nbsp;&nbsp; 10329 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB | 5.00% | 07/01/2040 | 60 | &nbsp;&nbsp; 66042 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, Ref. RB | 4.00% | 06/01/2034 | 145 | &nbsp;&nbsp; 155836 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, Ref. RB | 4.00% | 06/01/2037 | 50 | &nbsp;&nbsp; 52497 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020, RB | 5.00% | 06/01/2031 | 15 | &nbsp;&nbsp; 16861 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020, RB | 5.00% | 06/01/2031 | 75 | &nbsp;&nbsp; 86254 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Prop C), Series 2021 A, RB | 5.00% | 07/01/2039 | 40 | &nbsp;&nbsp; 44382 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Prop C), Series 2021 A, RB | 5.00% | 07/01/2042 | 35 | &nbsp;&nbsp; 37967 |
| &nbsp;&nbsp;&nbsp; Los Angeles (County of), CA Metropolitan Transportation Authority (Senior Bonds), Series 2021 A, <br> RB<br>| 5.00% | 07/01/2038 | 100 | &nbsp;&nbsp; 111458 |
| &nbsp;&nbsp;&nbsp; Los Angeles (County of), CA Metropolitan Transportation Authority (Senior Bonds), Series 2021 A, <br> RB<br>| 5.00% | 07/01/2041 | 65 | &nbsp;&nbsp; 70995 |
| &nbsp;&nbsp;&nbsp; Los Angeles (County of), CA Metropolitan Transportation Authority (Senior Bonds), Series 2021 A, <br> RB<br>| 5.00% | 07/01/2046 | 160 | &nbsp;&nbsp; 170298 |
| &nbsp;&nbsp;&nbsp; Los Angeles (County of), CA Metropolitan Transportation Authority (Senior Bonds), Series 2023, Ref. <br> RB<br>| 5.00% | 07/01/2031 | 60 | &nbsp;&nbsp; 69327 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2022 G, Ref. RB | 5.00% | 12/01/2040 | 30 | &nbsp;&nbsp; 33001 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2022 G, Ref. RB | 5.00% | 12/01/2041 | 155 | &nbsp;&nbsp; 168917 |
| Los Angeles Community College District, Series 2024, GO Bonds | 5.00% | 08/01/2031 | 160 | &nbsp;&nbsp; 184638 |
| Los Angeles Unified School District, Series 2016 B, Ref. GO Bonds | 3.00% | 07/01/2031 | 285 | &nbsp;&nbsp; 285209 |
| Los Angeles Unified School District, Series 2020 C, GO Bonds | 4.00% | 07/01/2031 | 65 | &nbsp;&nbsp; 69371 |
| Los Angeles Unified School District, Series 2020 RYQ, GO Bonds | 5.00% | 07/01/2031 | 5 | &nbsp;&nbsp; 5640 |
| Los Angeles Unified School District, Series 2021 A, Ref. GO Bonds | 5.00% | 07/01/2031 | 160 | &nbsp;&nbsp; 182590 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| Los Angeles Unified School District, Series 2021 A, Ref. GO Bonds | 4.00% | 07/01/2032 | $270 | &nbsp;&nbsp; $288775 |
| Los Angeles Unified School District, Series 2024 A, Ref. GO Bonds | 5.00% | 07/01/2031 | 220 | &nbsp;&nbsp; 253946 |
| Los Angeles Unified School District (Green Bonds), Series 2023 QRR, GO Bonds | 5.00% | 07/01/2031 | 155 | &nbsp;&nbsp; 178917 |
| Los Angeles Unified School District (Green Bonds), Series 2024 QRR, GO Bonds | 5.00% | 07/01/2031 | 130 | &nbsp;&nbsp; 150059 |
| Metropolitan Water District of Southern California, Series 2021 A, RB | 5.00% | 10/01/2046 | 65 | &nbsp;&nbsp; 69024 |
| Metropolitan Water District of Southern California, Series 2021 A, RB | 5.00% | 10/01/2051 | 150 | &nbsp;&nbsp; 157285 |
| Metropolitan Water District of Southern California, Series 2022 A, Ref. RB | 5.00% | 10/01/2031 | 25 | &nbsp;&nbsp; 29082 |
| Metropolitan Water District of Southern California, Series 2022 B, Ref. RB | 5.00% | 07/01/2031 | 15 | &nbsp;&nbsp; 17357 |
| Metropolitan Water District of Southern California, Series 2024 A, Ref. RB | 5.00% | 04/01/2031 | 5 | &nbsp;&nbsp; 5755 |
| Mountain House Public Financing Authority (Green Bonds), Series 2023, RB, (INS - BAM)<sup>(a)</sup> | 4.25% | 12/01/2052 | 65 | &nbsp;&nbsp; 62482 |
| Northern California Power Agency (Hydroelectric No. 1), Series 2022, Ref. RB | 5.00% | 07/01/2031 | 10 | &nbsp;&nbsp; 11509 |
| Ontario (City of), CA International Airport Authority, Series 2021 A, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 05/15/2046 | 165 | &nbsp;&nbsp; 173268 |
| Orange (County of), CA Sanitation District, Series 2022 A, Ref. COP | 5.00% | 02/01/2031 | 65 | &nbsp;&nbsp; 74572 |
| Orange (County of), CA Sanitation District, Series 2022 A, Ref. COP | 5.00% | 02/01/2033 | 80 | &nbsp;&nbsp; 91240 |
| Peninsula Corridor Joint Powers Board (Green Bonds), Series 2022 A, RB | 5.00% | 06/01/2051 | 150 | &nbsp;&nbsp; 157044 |
| Peralta Community College District, Series 2025, Ref. GO Bonds | 5.00% | 08/01/2031 | 5 | &nbsp;&nbsp; 5770 |
| Regents of the University of California Medical Center, Series 2016 L, Ref. RB | 2.50% | 05/15/2031 | 130 | &nbsp;&nbsp; 125513 |
| Rialto Public Financing Authority (Police Station), Series 2023 A, RB | 5.25% | 06/01/2053 | 200 | &nbsp;&nbsp; 209929 |
| Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2024 N-1, Ref. RB | 5.00% | 11/15/2031 | 40 | &nbsp;&nbsp; 46456 |
| Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2021, Ref. RB | 5.00% | 12/01/2031 | 150 | &nbsp;&nbsp; 174367 |
| Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2021, Ref. RB | 5.00% | 12/01/2033 | 50 | &nbsp;&nbsp; 57675 |
| Sacramento Transportation Authority (Measure A), Series 2023, Ref. RB | 5.00% | 10/01/2031 | 5 | &nbsp;&nbsp; 5810 |
| San Bernardino Community College District (Election of 2018), Series 2023 B, GO Bonds | 5.00% | 08/01/2049 | 15 | &nbsp;&nbsp; 15694 |
| San Diego (County of), CA Regional Airport Authority, Series 2021 A, RB | 5.00% | 07/01/2046 | 200 | &nbsp;&nbsp; 209719 |
| San Diego (County of), CA Regional Airport Authority, Series 2021 A, RB | 5.00% | 07/01/2051 | 250 | &nbsp;&nbsp; 259108 |
| San Diego (County of), CA Regional Airport Authority, Series 2021 A, RB | 5.00% | 07/01/2056 | 160 | &nbsp;&nbsp; 165027 |
| San Diego (County of), CA Regional Transportation Commission, Series 2021 B, Ref. RB | 5.00% | 04/01/2045 | 220 | &nbsp;&nbsp; 233348 |
| San Diego (County of), CA Regional Transportation Commission, Series 2023 A, Ref. RB | 5.00% | 04/01/2031 | 35 | &nbsp;&nbsp; 40263 |
| San Diego (County of), CA Water Authority (Green Bonds), Series 2021 A, Ref. RB | 5.00% | 05/01/2031 | 60 | &nbsp;&nbsp; 68982 |
| San Diego (County of), CA Water Authority (Green Bonds), Series 2021 B, Ref. RB | 5.00% | 05/01/2031 | 145 | &nbsp;&nbsp; 166706 |
| San Diego (County of), CA Water Authority (Green Bonds), Series 2021 B, Ref. RB | 4.00% | 05/01/2033 | 20 | &nbsp;&nbsp; 21577 |
| San Diego (County of), CA Water Authority (Green Bonds), Series 2021 B, Ref. RB | 4.00% | 05/01/2034 | 105 | &nbsp;&nbsp; 112665 |
| San Diego (County of), CA Water Authority (Green Bonds), Series 2021 B, Ref. RB | 4.00% | 05/01/2035 | 105 | &nbsp;&nbsp; 111792 |
| San Diego (County of), CA Water Authority (Green Bonds), Series 2021 B, Ref. RB | 4.00% | 05/01/2036 | 65 | &nbsp;&nbsp; 68568 |
| San Diego (County of), CA Water Authority (Green Bonds), Series 2021 B, Ref. RB | 4.00% | 05/01/2037 | 75 | &nbsp;&nbsp; 78428 |
| San Diego (County of), CA Water Authority (Green Bonds), Series 2021 B, Ref. RB | 4.00% | 05/01/2038 | 10 | &nbsp;&nbsp; 10364 |
| San Diego Unified School District (Election of 2018), Series 2025 SR-5B, GO Bonds | 5.00% | 07/01/2031 | 25 | &nbsp;&nbsp; 28943 |
| San Diego Unified School District (Election of 2018) (Green Bonds), Series 2021 E-2, GO Bonds | 5.00% | 07/01/2031 | 55 | &nbsp;&nbsp; 63675 |
| San Diego Unified School District (Green Bonds), Series 2021 E-2, GO Bonds | 4.00% | 07/01/2033 | 185 | &nbsp;&nbsp; 200604 |
| San Francisco (City & County of), CA, Series 2022 R-1, Ref. GO Bonds | 5.00% | 06/15/2031 | 65 | &nbsp;&nbsp; 75033 |
| San Francisco (City & County of), CA, Series 2024 R-1, Ref. GO Bonds | 5.00% | 06/15/2031 | 15 | &nbsp;&nbsp; 17315 |
| &nbsp;&nbsp;&nbsp; San Francisco (City & County of), CA (Moscone Convention Center Expansion), Series 2017 B, <br> COP<sup>(b)(c)</sup><br>| 3.00% | 02/18/2026 | 205 | &nbsp;&nbsp; 205186 |
| &nbsp;&nbsp;&nbsp; San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), <br> Series 2021 B, Ref. RB<br>| 5.00% | 05/01/2031 | 5 | &nbsp;&nbsp; 5693 |
| &nbsp;&nbsp;&nbsp; San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), <br> Series 2021 B, Ref. RB<br>| 5.00% | 05/01/2034 | 80 | &nbsp;&nbsp; 90005 |
| &nbsp;&nbsp;&nbsp; San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), <br> Series 2021 B, Ref. RB<br>| 5.00% | 05/01/2035 | 25 | &nbsp;&nbsp; 28020 |
| &nbsp;&nbsp;&nbsp; San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), <br> Series 2021 B, Ref. RB<br>| 5.00% | 05/01/2036 | 105 | &nbsp;&nbsp; 117067 |
| San Francisco (City & County of), CA Public Utilities Commission, Series 2023 B, Ref. RB | 5.00% | 10/01/2031 | 120 | &nbsp;&nbsp; 139523 |
| San Francisco (City & County of), CA Public Utilities Commission, Series 2025, Ref. RB | 5.00% | 11/01/2031 | 85 | &nbsp;&nbsp; 99002 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2021 A, RB | 5.00% | 10/01/2043 | 10 | &nbsp;&nbsp; 10744 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2021 A, RB | 5.00% | 10/01/2044 | 145 | &nbsp;&nbsp; 154985 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2021 A, RB | 5.00% | 10/01/2046 | 65 | &nbsp;&nbsp; 68872 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023, Ref. RB | 5.00% | 11/01/2031 | 55 | &nbsp;&nbsp; 64060 |
| San Francisco (City of), CA Municipal Transportation Agency (Green Bonds), Series 2021 C, RB | 4.00% | 03/01/2046 | 15 | &nbsp;&nbsp; 14615 |
| San Francisco (County of), CA Transportation Authority, Series 2017, RB | 3.00% | 02/01/2031 | 15 | &nbsp;&nbsp; 15043 |
| Santa Clara (County of), CA (Election of 2008), Series 2013 B, GO Bonds | 3.00% | 08/01/2031 | 70 | &nbsp;&nbsp; 70005 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| Santa Clara Unified School District, Series 2024, Ref. GO Bonds | 5.00% | 07/01/2031 | $85 | &nbsp;&nbsp; $98213 |
| Santa Clara Valley Transportation Authority, Series 2023 A, Ref. RB | 5.00% | 04/01/2031 | 25 | &nbsp;&nbsp; 28719 |
| Santa Monica-Malibu Unified School District (Election of 2018), Series 2023 C, GO Bonds | 5.00% | 08/01/2039 | 165 | &nbsp;&nbsp; 183583 |
| Santa Monica-Malibu Unified School District (Election of 2018), Series 2023 C, GO Bonds | 5.00% | 08/01/2041 | 45 | &nbsp;&nbsp; 49126 |
| University of California, Series 2020 BE, Ref. RB | 5.00% | 05/15/2031 | 50 | &nbsp;&nbsp; 56055 |
| University of California, Series 2022 S, Ref. RB | 5.00% | 05/15/2031 | 15 | &nbsp;&nbsp; 17185 |
| University of California, Series 2023 BN, Ref. RB | 5.00% | 05/15/2031 | 180 | &nbsp;&nbsp; 206415 |
| University of California, Series 2023 BQ, RB | 5.00% | 05/15/2031 | 10 | &nbsp;&nbsp; 11468 |
| University of California, Series 2023, Ref. RB | 5.00% | 05/15/2031 | 15 | &nbsp;&nbsp; 17201 |
| University of California, Series 2024 BS, Ref. RB | 5.00% | 05/15/2031 | 10 | &nbsp;&nbsp; 11468 |
| University of California, Series 2024 BW, Ref. RB | 5.00% | 05/15/2031 | 285 | &nbsp;&nbsp; 326825 |
| University of California, Series 2024 BX, RB | 5.00% | 05/15/2031 | 5 | &nbsp;&nbsp; 5734 |
| University of California, Series 2025, Ref. RB | 5.00% | 05/15/2031 | 55 | &nbsp;&nbsp; 63071 |
| University of California (Limited), Series 2021 Q, Ref. RB | 5.00% | 05/15/2033 | 110 | &nbsp;&nbsp; 125402 |
| University of California (Limited), Series 2021 Q, Ref. RB | 5.00% | 05/15/2034 | 160 | &nbsp;&nbsp; 181520 |
| University of California (Limited), Series 2021 Q, Ref. RB | 5.00% | 05/15/2035 | 95 | &nbsp;&nbsp; 107355 |
| University of California (Limited), Series 2021 Q, Ref. RB | 4.00% | 05/15/2036 | 85 | &nbsp;&nbsp; 89514 |
| University of California (Limited), Series 2021 Q, Ref. RB | 4.00% | 05/15/2037 | 10 | &nbsp;&nbsp; 10472 |
| University of California (Limited), Series 2021 Q, Ref. RB | 4.00% | 05/15/2039 | 30 | &nbsp;&nbsp; 31107 |
| University of California (Limited), Series 2021 Q, Ref. RB | 5.00% | 05/15/2046 | 600 | &nbsp;&nbsp; 633078 |
| Ventura County Community College District, Series 2015, Ref. GO Bonds | 3.13% | 08/01/2031 | 285 | &nbsp;&nbsp; 285045 |
| West County Facilities Financing Authority (Green Bonds), Series 2021, RB | 4.00% | 06/01/2051 | 150 | &nbsp;&nbsp; 142198 |
|  |  |  |  | &nbsp;&nbsp; 25735956 |
| **Colorado-1.54%** |  |  |  |  |
| Colorado (State of), Series 2020 A, COP | 5.00% | 12/15/2031 | 80 | &nbsp;&nbsp; 88906 |
| Colorado (State of), Series 2021 A, COP | 5.00% | 12/15/2031 | 65 | &nbsp;&nbsp; 73757 |
| Colorado (State of), Series 2021 A, COP | 5.00% | 12/15/2033 | 45 | &nbsp;&nbsp; 50482 |
| Colorado (State of), Series 2021 A, COP | 5.00% | 12/15/2034 | 15 | &nbsp;&nbsp; 16782 |
| Colorado (State of), Series 2021 A, COP | 4.00% | 12/15/2035 | 215 | &nbsp;&nbsp; 226641 |
| Colorado (State of) Bridge & Tunnel Enterprise, Series 2024 B, Ref. RB | 5.00% | 12/01/2031 | 120 | &nbsp;&nbsp; 136734 |
| Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group), Series 2021, Ref. RB | 5.00% | 11/15/2039 | 110 | &nbsp;&nbsp; 118437 |
| Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group), Series 2021, Ref. RB | 5.00% | 11/15/2040 | 195 | &nbsp;&nbsp; 208729 |
| &nbsp;&nbsp;&nbsp; Colorado (State of) Health Facilities Authority (Adventist HealtHdObligated Group), Series 2021, Ref. <br> RB<br>| 5.00% | 11/15/2041 | 55 | &nbsp;&nbsp; 58422 |
| Colorado (State of) Health Facilities Authority (Intermountain Healthcare), Series 2022 A, Ref. RB | 5.00% | 05/15/2031 | 140 | &nbsp;&nbsp; 156640 |
| Colorado (State of) Regional Transportation District (Fastracks), Series 2013 A, Ref. RB | 5.00% | 11/01/2031 | 5 | &nbsp;&nbsp; 5680 |
| Colorado (State of) Regional Transportation District (Fastracks), Series 2023 A, Ref. RB | 5.00% | 11/01/2031 | 95 | &nbsp;&nbsp; 107924 |
| Colorado (State of) Regional Transportation District (Green Bonds), Series 2021 B, Ref. RB | 4.00% | 11/01/2040 | 15 | &nbsp;&nbsp; 15280 |
| Denver (City & County of), CO, Series 2012 B, RB | 4.00% | 11/15/2031 | 85 | &nbsp;&nbsp; 85042 |
| Denver (City & County of), CO, Series 2022 C, Ref. RB | 5.00% | 11/15/2031 | 15 | &nbsp;&nbsp; 16990 |
| Denver City & County School District No. 1, Series 2021, GO Bonds | 5.00% | 12/01/2031 | 160 | &nbsp;&nbsp; 178501 |
| Jefferson County School District R-1, Series 2020, GO Bonds | 4.00% | 12/15/2031 | 125 | &nbsp;&nbsp; 133046 |
| Northern Colorado Water Conservancy District, Series 2022, COP | 5.25% | 07/01/2052 | 80 | &nbsp;&nbsp; 83972 |
| University of Colorado, Series 2023 A, RB | 4.00% | 06/01/2031 | 50 | &nbsp;&nbsp; 53520 |
| University of Colorado Hospital Authority, Series 2024 B, Ref. RB | 5.00% | 11/15/2031 | 290 | &nbsp;&nbsp; 327615 |
|  |  |  |  | &nbsp;&nbsp; 2143100 |
| **Connecticut-2.72%** |  |  |  |  |
| Bridgeport (City of), CT, Series 2024 A, Ref. GO Bonds, (INS - BAM)<sup>(a)</sup> | 5.00% | 07/01/2031 | 20 | &nbsp;&nbsp; 22479 |
| Connecticut (State of), Series 2020 A, GO Bonds | 5.00% | 01/15/2031 | 180 | &nbsp;&nbsp; 197379 |
| Connecticut (State of), Series 2020 A, RB | 5.00% | 05/01/2031 | 65 | &nbsp;&nbsp; 71676 |
| Connecticut (State of), Series 2021 A, GO Bonds | 4.00% | 01/15/2031 | 215 | &nbsp;&nbsp; 229505 |
| Connecticut (State of), Series 2021 A, RB | 5.00% | 05/01/2031 | 170 | &nbsp;&nbsp; 191178 |
| Connecticut (State of), Series 2021 A, RB | 5.00% | 05/01/2033 | 185 | &nbsp;&nbsp; 206558 |
| Connecticut (State of), Series 2021 A, RB | 5.00% | 05/01/2034 | 40 | &nbsp;&nbsp; 44500 |
| Connecticut (State of), Series 2021 A, RB | 5.00% | 05/01/2035 | 20 | &nbsp;&nbsp; 22176 |
| Connecticut (State of), Series 2021 A, RB | 4.00% | 05/01/2036 | 140 | &nbsp;&nbsp; 145819 |
| Connecticut (State of), Series 2021 A, RB | 4.00% | 05/01/2037 | 300 | &nbsp;&nbsp; 310679 |
| Connecticut (State of), Series 2021 A, RB | 4.00% | 05/01/2038 | 15 | &nbsp;&nbsp; 15443 |
| Connecticut (State of), Series 2021 A, RB | 5.00% | 05/01/2041 | 225 | &nbsp;&nbsp; 241216 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Connecticut-(continued)** |  |  |  |  |
| Connecticut (State of), Series 2021 D, RB | 5.00% | 11/01/2031 | $150 | &nbsp;&nbsp; $170142 |
| Connecticut (State of), Series 2021 D, RB | 5.00% | 11/01/2035 | 50 | &nbsp;&nbsp; 55733 |
| Connecticut (State of), Series 2021 D, RB | 5.00% | 11/01/2036 | 40 | &nbsp;&nbsp; 44303 |
| Connecticut (State of), Series 2021 D, RB | 5.00% | 11/01/2041 | 165 | &nbsp;&nbsp; 177700 |
| Connecticut (State of), Series 2022 A, GO Bonds | 4.00% | 01/15/2031 | 70 | &nbsp;&nbsp; 74723 |
| Connecticut (State of), Series 2022 D, Ref. GO Bonds | 5.00% | 09/15/2031 | 30 | &nbsp;&nbsp; 33954 |
| Connecticut (State of), Series 2022 E, GO Bonds | 5.00% | 11/15/2031 | 65 | &nbsp;&nbsp; 73776 |
| Connecticut (State of), Series 2022 G, Ref. GO Bonds | 5.00% | 11/15/2031 | 45 | &nbsp;&nbsp; 51076 |
| Connecticut (State of), Series 2023 B, Ref. GO Bonds | 5.00% | 08/01/2031 | 105 | &nbsp;&nbsp; 118592 |
| Connecticut (State of), Series 2023 B, Ref. RB | 5.00% | 07/01/2031 | 55 | &nbsp;&nbsp; 62031 |
| Connecticut (State of), Series 2024 A, GO Bonds | 5.00% | 01/15/2031 | 185 | &nbsp;&nbsp; 206962 |
| Connecticut (State of), Series 2024 A-1, RB | 5.00% | 07/01/2031 | 190 | &nbsp;&nbsp; 214290 |
| Connecticut (State of), Series 2024 C, Ref. GO Bonds | 5.00% | 03/01/2031 | 55 | &nbsp;&nbsp; 61669 |
| Connecticut (State of), Series 2024 E, Ref. GO Bonds | 5.00% | 09/01/2031 | 60 | &nbsp;&nbsp; 67864 |
| Connecticut (State of), Series 2024 F, GO Bonds | 5.00% | 11/15/2031 | 75 | &nbsp;&nbsp; 85126 |
| Connecticut (State of), Series 2025 A, GO Bonds | 5.00% | 03/15/2031 | 15 | &nbsp;&nbsp; 16831 |
| Connecticut (State of), Series 2025 B, Ref. GO Bonds | 5.00% | 12/01/2031 | 10 | &nbsp;&nbsp; 11359 |
| Connecticut (State of) (Green Bonds), Series 2021 B, GO Bonds | 4.00% | 06/01/2031 | 40 | &nbsp;&nbsp; 42859 |
| Connecticut (State of) (Green Bonds), Series 2021 B, GO Bonds | 4.00% | 06/01/2034 | 50 | &nbsp;&nbsp; 52841 |
| Connecticut (State of) (Green Bonds), Series 2021 D, Ref. GO Bonds | 5.00% | 07/15/2031 | 135 | &nbsp;&nbsp; 152360 |
| Connecticut (State of) (Transportation Infrastructure), Series 2022 B, Ref. RB | 5.00% | 07/01/2031 | 15 | &nbsp;&nbsp; 16918 |
| &nbsp;&nbsp;&nbsp; Connecticut (State of) Health & Educational Facilities Authority (Wesleyan University), Series 2021, <br> RB<br>| 4.00% | 07/01/2031 | 25 | &nbsp;&nbsp; 26781 |
| Connecticut (State of) Health & Educational Facilities Authority (Yale University), Series 2024, Ref. RB | 5.00% | 07/01/2031 | 200 | &nbsp;&nbsp; 224903 |
| Hartford (City of), CT, Series 2023, Ref. RB | 5.00% | 04/01/2031 | 25 | &nbsp;&nbsp; 28046 |
| New Haven (City of), CT, Series 2024, Ref. GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.00% | 08/01/2031 | 10 | &nbsp;&nbsp; 11166 |
|  |  |  |  | &nbsp;&nbsp; 3780613 |
| **Delaware-0.64%** |  |  |  |  |
| Delaware (State of), Series 2020 A, GO Bonds | 5.00% | 01/01/2031 | 185 | &nbsp;&nbsp; 203628 |
| Delaware (State of), Series 2021, Ref. GO Bonds | 5.00% | 02/01/2031 | 160 | &nbsp;&nbsp; 180128 |
| Delaware (State of), Series 2022, Ref. GO Bonds | 5.00% | 03/01/2031 | 100 | &nbsp;&nbsp; 112755 |
| &nbsp;&nbsp;&nbsp; Delaware (State of) Economic Development Authority (Delmarva Power & Light), Series 2020, Ref. <br> RB<br>| 3.60% | 01/01/2031 | 130 | &nbsp;&nbsp; 134124 |
| Delaware (State of) Transportation Authority, Series 2020, Ref. RB | 5.00% | 07/01/2031 | 235 | &nbsp;&nbsp; 260528 |
|  |  |  |  | &nbsp;&nbsp; 891163 |
| **District of Columbia-1.91%** |  |  |  |  |
| District of Columbia, Series 2020 A, RB | 5.00% | 03/01/2031 | 190 | &nbsp;&nbsp; 208656 |
| District of Columbia, Series 2020 B, Ref. RB | 5.00% | 10/01/2031 | 60 | &nbsp;&nbsp; 67856 |
| District of Columbia, Series 2021 D, GO Bonds | 5.00% | 02/01/2033 | 5 | &nbsp;&nbsp; 5562 |
| District of Columbia, Series 2021 D, GO Bonds | 5.00% | 02/01/2034 | 130 | &nbsp;&nbsp; 144177 |
| District of Columbia, Series 2021 D, GO Bonds | 5.00% | 02/01/2035 | 70 | &nbsp;&nbsp; 77357 |
| District of Columbia, Series 2021 D, GO Bonds | 4.00% | 02/01/2036 | 45 | &nbsp;&nbsp; 46770 |
| District of Columbia, Series 2021 D, GO Bonds | 4.00% | 02/01/2037 | 30 | &nbsp;&nbsp; 30969 |
| District of Columbia, Series 2021 D, GO Bonds | 5.00% | 02/01/2038 | 255 | &nbsp;&nbsp; 276790 |
| District of Columbia, Series 2021 D, GO Bonds | 5.00% | 02/01/2041 | 45 | &nbsp;&nbsp; 47832 |
| District of Columbia, Series 2021 D, GO Bonds | 5.00% | 02/01/2046 | 175 | &nbsp;&nbsp; 181815 |
| District of Columbia, Series 2021 E, Ref. GO Bonds | 5.00% | 02/01/2034 | 95 | &nbsp;&nbsp; 105343 |
| District of Columbia, Series 2021 E, Ref. GO Bonds | 5.00% | 02/01/2035 | 110 | &nbsp;&nbsp; 121505 |
| District of Columbia, Series 2021 E, Ref. GO Bonds | 4.00% | 02/01/2037 | 230 | &nbsp;&nbsp; 237433 |
| District of Columbia, Series 2023 A, GO Bonds | 5.00% | 01/01/2031 | 95 | &nbsp;&nbsp; 106060 |
| District of Columbia, Series 2023 C, RB | 5.00% | 10/01/2031 | 5 | &nbsp;&nbsp; 5655 |
| District of Columbia, Series 2024 A, GO Bonds | 5.00% | 08/01/2031 | 30 | &nbsp;&nbsp; 33833 |
| District of Columbia, Series 2024 A, Ref. RB | 5.00% | 10/01/2031 | 20 | &nbsp;&nbsp; 22619 |
| District of Columbia, Series 2025 A, Ref. RB | 5.00% | 06/01/2031 | 50 | &nbsp;&nbsp; 56230 |
| Washington Metropolitan Area Transit Authority, Series 2020 A, RB | 5.00% | 07/15/2031 | 90 | &nbsp;&nbsp; 99388 |
| Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB | 5.00% | 07/15/2031 | 10 | &nbsp;&nbsp; 11258 |
| Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB | 5.00% | 07/15/2033 | 80 | &nbsp;&nbsp; 89091 |
| Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB | 4.00% | 07/15/2034 | 20 | &nbsp;&nbsp; 21052 |
| Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB | 5.00% | 07/15/2037 | 30 | &nbsp;&nbsp; 32776 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **District of Columbia-(continued)** |  |  |  |  |
| Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB | 5.00% | 07/15/2041 | $325 | &nbsp;&nbsp; $346511 |
| Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB | 5.00% | 07/15/2046 | 265 | &nbsp;&nbsp; 274902 |
|  |  |  |  | &nbsp;&nbsp; 2651440 |
| **Florida-3.41%** |  |  |  |  |
| Broward (County of), FL (Convention Center Expansion), Series 2021, RB | 4.00% | 09/01/2036 | 150 | &nbsp;&nbsp; 156011 |
| Broward (County of), FL (Convention Center Expansion), Series 2021, RB | 4.00% | 09/01/2039 | 5 | &nbsp;&nbsp; 5105 |
| Broward (County of), FL School Board, Series 2020 A, COP | 5.00% | 07/01/2031 | 280 | &nbsp;&nbsp; 307284 |
| Central Florida Expressway Authority, Series 2021 D, RB | 5.00% | 07/01/2031 | 15 | &nbsp;&nbsp; 16835 |
| Central Florida Expressway Authority, Series 2021 D, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 07/01/2033 | 130 | &nbsp;&nbsp; 144773 |
| Central Florida Expressway Authority, Series 2021 D, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 07/01/2034 | 125 | &nbsp;&nbsp; 138769 |
| Central Florida Expressway Authority, Series 2021, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 07/01/2035 | 15 | &nbsp;&nbsp; 16573 |
| Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 07/01/2031 | 40 | &nbsp;&nbsp; 45003 |
| Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 07/01/2033 | 110 | &nbsp;&nbsp; 122741 |
| Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 07/01/2034 | 140 | &nbsp;&nbsp; 148081 |
| Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 07/01/2035 | 205 | &nbsp;&nbsp; 215351 |
| Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 07/01/2038 | 15 | &nbsp;&nbsp; 15343 |
| Duval County (County of), FL School Board, Series 2022 A, COP, (INS - AGI)<sup>(a)</sup> | 5.00% | 07/01/2031 | 240 | &nbsp;&nbsp; 263342 |
| Florida (State of), Series 2021 A, Ref. GO Bonds | 5.00% | 06/01/2031 | 200 | &nbsp;&nbsp; 225905 |
| Florida (State of), Series 2021 B, Ref. GO Bonds | 5.00% | 06/01/2031 | 177 | &nbsp;&nbsp; 199926 |
| Florida (State of), Series 2023 A, Ref. GO Bonds | 5.00% | 06/01/2031 | 87 | &nbsp;&nbsp; 98269 |
| Florida (State of) (Right-of-Way Acquisition), Series 2021 A, Ref. GO Bonds | 5.00% | 07/01/2031 | 190 | &nbsp;&nbsp; 215348 |
| Florida (State of) Department of Transportation, Series 2025 A, Ref. RB | 5.00% | 07/01/2031 | 30 | &nbsp;&nbsp; 33902 |
| Florida (State of) Municipal Power Agency, Series 2016 A, Ref. RB | 3.00% | 10/01/2031 | 185 | &nbsp;&nbsp; 184306 |
| Florida Development Finance Corp. (Lakeland Regional Health System), Series 2021, Ref. RB | 4.00% | 11/15/2033 | 75 | &nbsp;&nbsp; 77462 |
| Hillsborough (County of), FL Aviation Authority (Tampa International Airport), Series 2022 B, RB | 5.00% | 10/01/2047 | 135 | &nbsp;&nbsp; 140496 |
| Jacksonville (City of), FL, Series 2015, Ref. RB | 3.00% | 10/01/2031 | 340 | &nbsp;&nbsp; 340027 |
| Jacksonville (City of), FL, Series 2023 A, Ref. RB | 5.00% | 10/01/2031 | 40 | &nbsp;&nbsp; 45076 |
| JEA Electric System, Series 2024-3, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 10/01/2031 | 40 | &nbsp;&nbsp; 45099 |
| Miami (City of) & Dade (County of), FL School Board (The), Series 2025 A, Ref. COP | 5.00% | 05/01/2031 | 5 | &nbsp;&nbsp; 5564 |
| Miami-Dade (County of), FL, Series 2020 A, Ref. RB | 5.00% | 10/01/2031 | 30 | &nbsp;&nbsp; 33023 |
| Miami-Dade (County of), FL, Series 2021 B-2, Ref. RB | 4.00% | 10/01/2041 | 10 | &nbsp;&nbsp; 10112 |
| Miami-Dade (County of), FL, Series 2021, RB | 5.00% | 10/01/2031 | 15 | &nbsp;&nbsp; 16755 |
| Miami-Dade (County of), FL, Series 2021, RB | 5.00% | 10/01/2032 | 55 | &nbsp;&nbsp; 61272 |
| Miami-Dade (County of), FL, Series 2021, RB | 4.00% | 10/01/2033 | 115 | &nbsp;&nbsp; 120609 |
| Miami-Dade (County of), FL, Series 2021, RB | 4.00% | 10/01/2034 | 35 | &nbsp;&nbsp; 36614 |
| Miami-Dade (County of), FL, Series 2021, RB | 4.00% | 10/01/2035 | 35 | &nbsp;&nbsp; 36441 |
| Miami-Dade (County of), FL, Series 2021, RB | 3.00% | 10/01/2036 | 5 | &nbsp;&nbsp; 4745 |
| Miami-Dade (County of), FL, Series 2021, RB | 4.00% | 10/01/2038 | 10 | &nbsp;&nbsp; 10265 |
| Miami-Dade (County of), FL, Series 2021, RB | 5.00% | 10/01/2046 | 105 | &nbsp;&nbsp; 109805 |
| Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2023, RB | 5.00% | 10/01/2031 | 145 | &nbsp;&nbsp; 162483 |
| Orlando (City of), FL Utilities Commission, Series 2021 A, RB | 4.00% | 10/01/2040 | 5 | &nbsp;&nbsp; 5058 |
| Palm Beach County School District, Series 2021 A, COP | 5.00% | 08/01/2036 | 205 | &nbsp;&nbsp; 224684 |
| Palm Beach County School District, Series 2021 A, COP | 5.00% | 08/01/2037 | 15 | &nbsp;&nbsp; 16361 |
| Palm Beach County School District, Series 2021 A, COP | 5.00% | 08/01/2038 | 150 | &nbsp;&nbsp; 162406 |
| Palm Beach County School District, Series 2021 A, COP | 5.00% | 08/01/2040 | 105 | &nbsp;&nbsp; 113086 |
| Palm Beach County School District, Series 2025 A, Ref. COP | 5.00% | 08/01/2031 | 25 | &nbsp;&nbsp; 28152 |
| Pasco (County of), FL, Series 2021, Ref. RB | 5.00% | 10/01/2046 | 15 | &nbsp;&nbsp; 15474 |
| Pasco (County of), FL School Board, Series 2021 A, Ref. COP | 5.00% | 08/01/2031 | 40 | &nbsp;&nbsp; 44864 |
| Pasco (County of), FL School Board, Series 2021 B, COP, (INS - AGI)<sup>(a)</sup> | 5.00% | 08/01/2046 | 80 | &nbsp;&nbsp; 83448 |
| South Florida Water Management District, Series 2016, Ref. COP | 3.00% | 10/01/2031 | 215 | &nbsp;&nbsp; 214764 |
| &nbsp;&nbsp;&nbsp; Wildwood (City of), FL Utility Dependent District (South Sumter Utility), Series 2021, RB, <br> (INS - BAM)<sup>(a)</sup><br>| 5.00% | 10/01/2046 | 10 | &nbsp;&nbsp; 10394 |
| &nbsp;&nbsp;&nbsp; Wildwood (City of), FL Utility Dependent District (South Sumter Utility), Series 2021, RB, <br> (INS - BAM)<sup>(a)</sup><br>| 5.00% | 10/01/2052 | 15 | &nbsp;&nbsp; 15329 |
|  |  |  |  | &nbsp;&nbsp; 4742735 |
| **Georgia-1.51%** |  |  |  |  |
| Atlanta (City of), GA (Green Bonds), Series 2024, RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 11/01/2031 | 15 | &nbsp;&nbsp; 17005 |
| Atlanta (City of), GA (Social Bonds), Series 2022 A-1, Ref. GO Bonds<sup>(b)</sup> | 5.00% | 12/01/2031 | 45 | &nbsp;&nbsp; 51007 |
| Atlanta (City of), GA Department of Aviation, Series 2023 F, Ref. RB | 5.00% | 07/01/2031 | 20 | &nbsp;&nbsp; 22546 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Georgia-(continued)** |  |  |  |  |
| Augusta (City of), GA, Series 2024 A, Ref. RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 10/01/2031 | $10 | &nbsp;&nbsp; $11303 |
| DeKalb (County of), GA, Series 2022, Ref. RB | 5.00% | 10/01/2031 | 65 | &nbsp;&nbsp; 73624 |
| Forsyth (County of), GA, Series 2025, GO Bonds | 5.00% | 03/01/2031 | 55 | &nbsp;&nbsp; 61813 |
| Georgia (State of), Series 2021 A, Ref. GO Bonds | 4.00% | 07/01/2034 | 45 | &nbsp;&nbsp; 47568 |
| Georgia (State of), Series 2021 A, Ref. GO Bonds | 4.00% | 07/01/2035 | 35 | &nbsp;&nbsp; 36837 |
| Georgia (State of), Series 2021 A, Ref. GO Bonds | 4.00% | 07/01/2038 | 20 | &nbsp;&nbsp; 20704 |
| Georgia (State of), Series 2021 A, Ref. GO Bonds | 4.00% | 07/01/2039 | 10 | &nbsp;&nbsp; 10304 |
| Georgia (State of), Series 2022 A, GO Bonds | 5.00% | 07/01/2031 | 170 | &nbsp;&nbsp; 192870 |
| Georgia (State of), Series 2023 C, Ref. GO Bonds | 5.00% | 01/01/2031 | 20 | &nbsp;&nbsp; 22481 |
| Georgia (State of) (Bid Group 1), Series 2023 A, GO Bonds | 5.00% | 07/01/2031 | 15 | &nbsp;&nbsp; 17018 |
| Georgia (State of) (Bidding Group 1), Series 2021 A, Ref. GO Bonds | 5.00% | 07/01/2031 | 105 | &nbsp;&nbsp; 119126 |
| Georgia (State of) (Bidding Group 1), Series 2021 A, Ref. GO Bonds | 5.00% | 07/01/2033 | 205 | &nbsp;&nbsp; 231006 |
| Georgia (State of) (Bidding Group 2), Series 2020 A, GO Bonds | 5.00% | 08/01/2031 | 210 | &nbsp;&nbsp; 233740 |
| Georgia (State of) (Bidding Group 2), Series 2021 A, Ref. GO Bonds | 4.00% | 07/01/2037 | 185 | &nbsp;&nbsp; 192532 |
| Georgia (State of) (Bidding Group 3), Series 2022 C, Ref. GO Bonds | 5.00% | 07/01/2031 | 130 | &nbsp;&nbsp; 147489 |
| Georgia (State of) Municipal Electric Authority (Project One), Series 2020, Ref. RB | 5.00% | 01/01/2045 | 10 | &nbsp;&nbsp; 10255 |
| Georgia (State of) Ports Authority, Series 2022, RB | 5.00% | 07/01/2031 | 105 | &nbsp;&nbsp; 118482 |
| Georgia (State of) Road & Tollway Authority (Garvee), Series 2020, RB | 5.00% | 06/01/2031 | 115 | &nbsp;&nbsp; 126613 |
| Gwinnett County School District, Series 2025, Ref. GO Bonds | 5.00% | 02/01/2031 | 150 | &nbsp;&nbsp; 168947 |
| Henry County School District, Series 2021, GO Bonds<sup>(b)(c)</sup> | 4.00% | 08/01/2031 | 15 | &nbsp;&nbsp; 16163 |
| Henry County School District, Series 2021, GO Bonds | 4.00% | 08/01/2031 | 10 | &nbsp;&nbsp; 10770 |
| Metropolitan Atlanta Rapid Transit Authority (Green Bonds), Series 2024 B, RB | 5.00% | 07/01/2031 | 15 | &nbsp;&nbsp; 16968 |
| Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB | 5.00% | 09/01/2031 | 115 | &nbsp;&nbsp; 127318 |
|  |  |  |  | &nbsp;&nbsp; 2104489 |
| **Hawaii-0.56%** |  |  |  |  |
| Hawaii (State of), Series 2020 D, Ref. RB | 5.00% | 07/01/2031 | 25 | &nbsp;&nbsp; 27554 |
| Hawaii (State of) State Highway Fund, Series 2021, RB | 5.00% | 01/01/2035 | 40 | &nbsp;&nbsp; 44282 |
| Hawaii (State of) State Highway Fund, Series 2021, RB | 5.00% | 01/01/2036 | 155 | &nbsp;&nbsp; 170691 |
| Hawaii (State of) State Highway Fund, Series 2021, RB | 5.00% | 01/01/2041 | 90 | &nbsp;&nbsp; 95676 |
| Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2020, Ref. GO Bonds | 5.00% | 03/01/2031 | 105 | &nbsp;&nbsp; 115488 |
| Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2021, GO Bonds | 5.00% | 03/01/2031 | 210 | &nbsp;&nbsp; 235684 |
| Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2023, Ref. GO Bonds | 5.00% | 03/01/2031 | 85 | &nbsp;&nbsp; 95529 |
|  |  |  |  | &nbsp;&nbsp; 784904 |
| **Idaho-0.31%** |  |  |  |  |
| Idaho (State of) Housing & Finance Association (Garvee), Series 2021 A, Ref. RB | 4.00% | 07/15/2038 | 30 | &nbsp;&nbsp; 30454 |
| Idaho (State of) Housing & Finance Association (Garvee), Series 2021 A, Ref. RB | 4.00% | 07/15/2039 | 15 | &nbsp;&nbsp; 15178 |
| Idaho State Building Authority, Series 2024 A, RB | 5.00% | 06/01/2031 | 150 | &nbsp;&nbsp; 169264 |
| Idaho State Building Authority (School Modernization Facilities), Series 2025, RB | 5.00% | 06/01/2031 | 185 | &nbsp;&nbsp; 208759 |
|  |  |  |  | &nbsp;&nbsp; 423655 |
| **Illinois-5.23%** |  |  |  |  |
| Chicago (City of), IL, Series 2021 A, Ref. GO Bonds | 5.00% | 01/01/2033 | 150 | &nbsp;&nbsp; 156772 |
| Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 01/01/2031 | 25 | &nbsp;&nbsp; 27609 |
| Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 11/01/2031 | 275 | &nbsp;&nbsp; 307598 |
| Chicago (City of), IL (O'Hare International Airport), Series 2022, RB | 5.25% | 01/01/2056 | 275 | &nbsp;&nbsp; 283774 |
| Chicago (City of), IL (O'Hare International Airport), Series 2024 D, Ref. RB | 5.00% | 01/01/2031 | 20 | &nbsp;&nbsp; 22228 |
| Chicago (City of), IL Metropolitan Water Reclamation District, Series 2021 C, Ref. GO Bonds | 5.00% | 12/01/2031 | 120 | &nbsp;&nbsp; 136091 |
| &nbsp;&nbsp;&nbsp; Chicago (City of), IL Metropolitan Water Reclamation District (Green Bonds), Series 2021 B, GO <br> Bonds<br>| 5.00% | 12/01/2033 | 15 | &nbsp;&nbsp; 16819 |
| Chicago (City of), IL Transit Authority, Series 2022 A, Ref. RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 12/01/2046 | 315 | &nbsp;&nbsp; 328764 |
| Chicago (City of), IL Transit Authority, Series 2022 A, Ref. RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 12/01/2057 | 50 | &nbsp;&nbsp; 50988 |
| Cook (County of), IL, Series 2021 A, Ref. GO Bonds | 5.00% | 11/15/2031 | 255 | &nbsp;&nbsp; 280390 |
| Cook (County of), IL, Series 2021 A, Ref. RB | 5.00% | 11/15/2031 | 260 | &nbsp;&nbsp; 286773 |
| Illinois (State of), Series 2016, GO Bonds | 3.50% | 06/01/2031 | 85 | &nbsp;&nbsp; 85056 |
| Illinois (State of), Series 2020 B, GO Bonds | 5.00% | 10/01/2031 | 150 | &nbsp;&nbsp; 163506 |
| Illinois (State of), Series 2021 A, GO Bonds | 5.00% | 03/01/2031 | 25 | &nbsp;&nbsp; 27510 |
| Illinois (State of), Series 2021 A, GO Bonds | 5.00% | 12/01/2031 | 215 | &nbsp;&nbsp; 238773 |
| Illinois (State of), Series 2021 A, GO Bonds | 5.00% | 03/01/2034 | 215 | &nbsp;&nbsp; 233740 |
| Illinois (State of), Series 2021 A, GO Bonds | 5.00% | 03/01/2036 | 310 | &nbsp;&nbsp; 333182 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Illinois-(continued)** |  |  |  |  |
| Illinois (State of), Series 2021 A, GO Bonds | 5.00% | 03/01/2037 | $40 | &nbsp;&nbsp; $42712 |
| Illinois (State of), Series 2021 B, GO Bonds | 5.00% | 12/01/2033 | 80 | &nbsp;&nbsp; 88016 |
| Illinois (State of), Series 2022 A, GO Bonds | 5.00% | 03/01/2031 | 170 | &nbsp;&nbsp; 187066 |
| Illinois (State of), Series 2022 B, Ref. GO Bonds | 5.00% | 03/01/2031 | 85 | &nbsp;&nbsp; 93533 |
| Illinois (State of), Series 2023 B, GO Bonds | 5.00% | 05/01/2031 | 65 | &nbsp;&nbsp; 71686 |
| Illinois (State of), Series 2023 B, GO Bonds | 5.00% | 12/01/2031 | 35 | &nbsp;&nbsp; 38890 |
| Illinois (State of), Series 2023 D, Ref. GO Bonds | 5.00% | 07/01/2031 | 200 | &nbsp;&nbsp; 221057 |
| Illinois (State of), Series 2024 B, GO Bonds | 5.00% | 05/01/2031 | 65 | &nbsp;&nbsp; 71686 |
| Illinois (State of), Series 2024, Ref. GO Bonds | 5.00% | 02/01/2031 | 5 | &nbsp;&nbsp; 5498 |
| Illinois (State of), Series 2025 A, RB | 5.00% | 06/15/2031 | 50 | &nbsp;&nbsp; 55323 |
| Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB | 5.00% | 08/15/2033 | 105 | &nbsp;&nbsp; 115699 |
| Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB | 5.00% | 08/15/2035 | 180 | &nbsp;&nbsp; 196415 |
| Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB | 5.00% | 08/15/2036 | 45 | &nbsp;&nbsp; 48831 |
| Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB | 4.00% | 08/15/2038 | 40 | &nbsp;&nbsp; 40045 |
| Illinois (State of) Finance Authority (Green Bonds), Series 2020, RB | 5.00% | 01/01/2031 | 130 | &nbsp;&nbsp; 145135 |
| Illinois (State of) Finance Authority (Green Bonds), Series 2020, RB | 5.00% | 07/01/2034 | 280 | &nbsp;&nbsp; 308807 |
| Illinois (State of) Finance Authority (Green Bonds), Series 2020, RB | 5.00% | 07/01/2035 | 110 | &nbsp;&nbsp; 120741 |
| Illinois (State of) Finance Authority (Green Bonds), Series 2020, RB | 5.00% | 07/01/2036 | 105 | &nbsp;&nbsp; 114502 |
| Illinois (State of) Finance Authority (Green Bonds), Series 2025 B, RB | 5.00% | 07/01/2031 | 65 | &nbsp;&nbsp; 73202 |
| Illinois (State of) Finance Authority (The University of Chicago), Series 2024 A, Ref. RB | 5.00% | 04/01/2031 | 35 | &nbsp;&nbsp; 39024 |
| Illinois (State of) Finance Authority (The University of Chicago), Series 2024 B, Ref. RB | 5.00% | 04/01/2031 | 45 | &nbsp;&nbsp; 50174 |
| Illinois (State of) Finance Authority (University of Chicago Medical), Series 2021 A, Ref. RB | 5.00% | 10/01/2031 | 60 | &nbsp;&nbsp; 67441 |
| &nbsp;&nbsp;&nbsp; Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion), Series 2022, <br> Ref. RB, (INS - BAM)<sup>(a)</sup><br>| 4.00% | 12/15/2042 | 20 | &nbsp;&nbsp; 19109 |
| Illinois (State of) Toll Highway Authority, Series 2019 B, Ref. RB | 5.00% | 01/01/2031 | 95 | &nbsp;&nbsp; 103253 |
| Illinois (State of) Toll Highway Authority, Series 2019, Ref. RB | 5.00% | 01/01/2031 | 260 | &nbsp;&nbsp; 282588 |
| Illinois (State of) Toll Highway Authority, Series 2020 A, RB | 5.00% | 01/01/2040 | 90 | &nbsp;&nbsp; 95746 |
| Illinois (State of) Toll Highway Authority, Series 2020 A, RB | 5.00% | 01/01/2041 | 25 | &nbsp;&nbsp; 26422 |
| Illinois (State of) Toll Highway Authority, Series 2020 A, RB | 5.00% | 01/01/2045 | 855 | &nbsp;&nbsp; 887063 |
| Illinois (State of) Toll Highway Authority, Series 2024 A, Ref. RB | 5.00% | 01/01/2031 | 100 | &nbsp;&nbsp; 111642 |
| Sales Tax Securitization Corp., Series 2021 A, Ref. RB | 5.00% | 01/01/2031 | 125 | &nbsp;&nbsp; 136681 |
| &nbsp;&nbsp;&nbsp; Southwestern Illinois Development Authority (Southwestern Illinois Prevention District Council), <br> Series 2023, RB, (INS - BAM)<sup>(a)</sup><br>| 5.50% | 12/01/2040 | 260 | &nbsp;&nbsp; 284420 |
| Springfield (City of), IL, Series 2024, Ref. RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 03/01/2031 | 35 | &nbsp;&nbsp; 38556 |
| University of Illinois, Series 2023 A, Ref. RB | 5.00% | 04/01/2031 | 105 | &nbsp;&nbsp; 116853 |
|  |  |  |  | &nbsp;&nbsp; 7277389 |
| **Indiana-1.23%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Crown Point Multi School Building Corp., Series 2021, RB, <br> (CEP - Colorado Higher Education Intercept Program)<br>| 5.00% | 07/15/2032 | 40 | &nbsp;&nbsp; 44179 |
| &nbsp;&nbsp;&nbsp; Crown Point Multi School Building Corp., Series 2021, RB, <br> (CEP - Colorado Higher Education Intercept Program)<br>| 5.00% | 07/15/2033 | 95 | &nbsp;&nbsp; 104456 |
| &nbsp;&nbsp;&nbsp; Crown Point Multi School Building Corp., Series 2021, RB, <br> (CEP - Colorado Higher Education Intercept Program)<br>| 5.00% | 07/15/2034 | 60 | &nbsp;&nbsp; 65793 |
| &nbsp;&nbsp;&nbsp; Crown Point Multi School Building Corp., Series 2021, RB, <br> (CEP - Colorado Higher Education Intercept Program)<br>| 5.00% | 07/15/2035 | 30 | &nbsp;&nbsp; 32773 |
| &nbsp;&nbsp;&nbsp; Crown Point Multi School Building Corp., Series 2021, RB, <br> (CEP - Colorado Higher Education Intercept Program)<br>| 5.00% | 07/15/2036 | 80 | &nbsp;&nbsp; 86995 |
| &nbsp;&nbsp;&nbsp; Crown Point Multi School Building Corp., Series 2021, RB, <br> (CEP - Colorado Higher Education Intercept Program)<br>| 5.00% | 01/15/2040 | 130 | &nbsp;&nbsp; 139015 |
| Indiana (State of) Finance Authority (CWA Authority), Series 2021 1, Ref. RB | 5.00% | 10/01/2031 | 110 | &nbsp;&nbsp; 124466 |
| Indiana (State of) Finance Authority (CWA Authority), Series 2021 1, Ref. RB | 5.00% | 10/01/2037 | 70 | &nbsp;&nbsp; 76474 |
| Indiana (State of) Finance Authority (CWA Authority), Series 2021, Ref. RB | 5.00% | 10/01/2033 | 340 | &nbsp;&nbsp; 381170 |
| Indiana (State of) Finance Authority (CWA Authority), Series 2021-1, Ref. RB | 5.00% | 10/01/2034 | 35 | &nbsp;&nbsp; 39059 |
| Indiana (State of) Finance Authority (CWA Authority), Series 2021-1, Ref. RB | 4.00% | 10/01/2035 | 65 | &nbsp;&nbsp; 68142 |
| Indiana (State of) Finance Authority (CWA Authority), Series 2021-1, Ref. RB | 4.00% | 10/01/2036 | 35 | &nbsp;&nbsp; 36348 |
| Indiana (State of) Finance Authority (Green Bonds), Series 2021, Ref. RB | 5.00% | 02/01/2031 | 70 | &nbsp;&nbsp; 78516 |
| Indiana (State of) Finance Authority (Green Bonds), Series 2022, RB | 5.00% | 02/01/2031 | 65 | &nbsp;&nbsp; 72908 |
| Indiana (State of) Finance Authority (Stadium), Series 2022 A, Ref. RB | 5.00% | 02/01/2031 | 30 | &nbsp;&nbsp; 33007 |
| Indianapolis Local Public Improvement Bond Bank, Series 2021 A, Ref. RB | 5.00% | 06/01/2031 | 40 | &nbsp;&nbsp; 44657 |
| Indianapolis Local Public Improvement Bond Bank, Series 2021 A, Ref. RB | 5.00% | 06/01/2033 | 80 | &nbsp;&nbsp; 88866 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Indiana-(continued)** |  |  |  |  |
| Indianapolis Local Public Improvement Bond Bank, Series 2021 A, Ref. RB | 5.00% | 06/01/2034 | $100 | &nbsp;&nbsp; $110790 |
| Indianapolis Local Public Improvement Bond Bank, Series 2021 A, Ref. RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 06/01/2036 | 55 | &nbsp;&nbsp; 57079 |
| Indianapolis Local Public Improvement Bond Bank, Series 2021 A, Ref. RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 06/01/2037 | 5 | &nbsp;&nbsp; 5136 |
| Indianapolis Local Public Improvement Bond Bank, Series 2021 A, Ref. RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 06/01/2039 | 10 | &nbsp;&nbsp; 10116 |
| Indianapolis Local Public Improvement Bond Bank, Series 2021 A, Ref. RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 06/01/2040 | 15 | &nbsp;&nbsp; 15110 |
|  |  |  |  | &nbsp;&nbsp; 1715055 |
| **Iowa-0.10%** |  |  |  |  |
| Iowa (State of) Finance Authority (Green Bonds), Series 2023, Ref. RB | 5.00% | 08/01/2031 | 125 | &nbsp;&nbsp; 141888 |
| **Kansas-0.34%** |  |  |  |  |
| Ellis County Unified School District No. 489 Hays, Series 2022 B, Ref. GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.00% | 09/01/2047 | 100 | &nbsp;&nbsp; 103353 |
| Johnson (County of), KS Unified School District No. 233 (Olathe), Series 2022 A, Ref. GO Bonds | 5.00% | 09/01/2037 | 85 | &nbsp;&nbsp; 93600 |
| Kansas (State of) Department of Transportation, Series 2024 A, Ref. RB | 5.00% | 09/01/2031 | 110 | &nbsp;&nbsp; 124354 |
| Leavenworth County Unified School District No. 458, Series 2024, GO Bonds | 5.00% | 09/01/2049 | 150 | &nbsp;&nbsp; 153709 |
|  |  |  |  | &nbsp;&nbsp; 475016 |
| **Kentucky-0.07%** |  |  |  |  |
| Kentucky (Commonwealth of) Property & Building Commission (No. 131), Series 2024 A, RB | 5.00% | 10/01/2031 | 60 | &nbsp;&nbsp; 67544 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 132), Series 2025 A, RB | 5.00% | 04/01/2031 | 25 | &nbsp;&nbsp; 27914 |
|  |  |  |  | &nbsp;&nbsp; 95458 |
| **Louisiana-0.57%** |  |  |  |  |
| Louisiana (State of), Series 2021 A, GO Bonds | 5.00% | 03/01/2039 | 190 | &nbsp;&nbsp; 205747 |
| Louisiana (State of), Series 2023 A, Ref. GO Bonds | 5.00% | 02/01/2031 | 155 | &nbsp;&nbsp; 173698 |
| Louisiana (State of), Series 2024 E, GO Bonds | 5.00% | 09/01/2031 | 190 | &nbsp;&nbsp; 215010 |
| Louisiana (State of), Series 2025 B, RB | 5.00% | 05/01/2031 | 25 | &nbsp;&nbsp; 28141 |
| Louisiana (State of) (Garvee), Series 2023, RB | 5.00% | 09/01/2031 | 155 | &nbsp;&nbsp; 174519 |
|  |  |  |  | &nbsp;&nbsp; 797115 |
| **Maryland-2.95%** |  |  |  |  |
| Maryland (State of), Series 2016, GO Bonds | 3.00% | 06/01/2031 | 120 | &nbsp;&nbsp; 119998 |
| Maryland (State of), Series 2017 A, GO Bonds | 3.00% | 08/01/2031 | 5 | &nbsp;&nbsp; 5001 |
| Maryland (State of), Series 2020, GO Bonds | 5.00% | 08/01/2031 | 145 | &nbsp;&nbsp; 160919 |
| Maryland (State of), Series 2022, GO Bonds | 5.00% | 06/01/2031 | 100 | &nbsp;&nbsp; 113007 |
| Maryland (State of), Series 2025 A, GO Bonds | 5.00% | 06/01/2031 | 5 | &nbsp;&nbsp; 5650 |
| Maryland (State of) (Bidding Group 1), Second Series 2021 A, GO Bonds | 5.00% | 08/01/2031 | 160 | &nbsp;&nbsp; 181345 |
| Maryland (State of) (Bidding Group 1), Second Series 2021 A, GO Bonds | 5.00% | 08/01/2033 | 110 | &nbsp;&nbsp; 123243 |
| Maryland (State of) (Bidding Group 1), Series 2020 A, GO Bonds | 5.00% | 03/15/2031 | 50 | &nbsp;&nbsp; 55094 |
| Maryland (State of) (Bidding Group 1), Series 2021 A, GO Bonds | 5.00% | 03/01/2031 | 235 | &nbsp;&nbsp; 264357 |
| Maryland (State of) (Bidding Group 1), Series 2023 A, GO Bonds | 5.00% | 03/15/2031 | 205 | &nbsp;&nbsp; 230773 |
| Maryland (State of) (Bidding Group 1), Series 2024, GO Bonds | 5.00% | 06/01/2031 | 140 | &nbsp;&nbsp; 158210 |
| Maryland (State of) (Bidding Group 2), Second Series 2021 A, GO Bonds | 5.00% | 08/01/2034 | 105 | &nbsp;&nbsp; 117254 |
| Maryland (State of) (Bidding Group 2), Second Series 2021 A, GO Bonds | 4.00% | 08/01/2035 | 45 | &nbsp;&nbsp; 47420 |
| Maryland (State of) (Bidding Group 2), Series 2021 A, GO Bonds | 5.00% | 03/01/2033 | 275 | &nbsp;&nbsp; 306453 |
| Maryland (State of) (Bidding Group 2), Series 2021 A, GO Bonds | 5.00% | 03/01/2034 | 85 | &nbsp;&nbsp; 94350 |
| Maryland (State of) (Bidding Group 2), Series 2021 A, GO Bonds | 5.00% | 03/01/2035 | 220 | &nbsp;&nbsp; 243387 |
| Maryland (State of) Department of Transportation, Series 2017, RB | 3.00% | 09/01/2031 | 225 | &nbsp;&nbsp; 225469 |
| Maryland (State of) Department of Transportation, Series 2019, RB | 2.13% | 10/01/2031 | 340 | &nbsp;&nbsp; 319607 |
| Maryland (State of) Department of Transportation, Series 2020, RB | 5.00% | 10/01/2031 | 140 | &nbsp;&nbsp; 155647 |
| Maryland (State of) Stadium Authority (Football Stadium Issue), Series 2023 A, RB | 5.00% | 03/01/2031 | 275 | &nbsp;&nbsp; 307628 |
| Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB | 5.00% | 07/01/2046 | 250 | &nbsp;&nbsp; 261131 |
| Maryland (State of) Transportation Authority, Series 2024, Ref. RB | 5.00% | 07/01/2031 | 85 | &nbsp;&nbsp; 96151 |
| Maryland (State of) Transportation Authority (Transportation Facilities), Series 2020, RB | 5.00% | 07/01/2031 | 65 | &nbsp;&nbsp; 71935 |
| Maryland (State of) Transportation Authority (Transportation Facilities), Series 2021 A, Ref. RB | 5.00% | 07/01/2031 | 50 | &nbsp;&nbsp; 56559 |
| Montgomery (County of), MD, Series 2021 A, Ref. GO Bonds | 5.00% | 08/01/2031 | 25 | &nbsp;&nbsp; 28378 |
| Montgomery (County of), MD, Series 2021 A, Ref. GO Bonds | 4.00% | 08/01/2033 | 50 | &nbsp;&nbsp; 53111 |
| Montgomery (County of), MD, Series 2024 B, Ref. GO Bonds | 5.00% | 12/01/2031 | 125 | &nbsp;&nbsp; 142731 |
| Prince George's (County of), MD, Series 2021 A, GO Bonds | 5.00% | 07/01/2031 | 50 | &nbsp;&nbsp; 56615 |
| Washington (State of) Suburban Sanitary Commission, Series 2017, Ref. RB | 3.00% | 06/01/2031 | 100 | &nbsp;&nbsp; 100194 |
|  |  |  |  | &nbsp;&nbsp; 4101617 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Massachusetts-3.12%** |  |  |  |  |
| Boston (City of), MA, Series 2022 A, GO Bonds | 5.00% | 11/01/2031 | $35 | &nbsp;&nbsp; $40428 |
| Boston (City of), MA, Series 2025 A, GO Bonds | 5.00% | 02/01/2031 | 25 | &nbsp;&nbsp; 28445 |
| Massachusetts (Commonwealth of), Series 2015 D, GO Bonds | 3.00% | 09/01/2031 | 35 | &nbsp;&nbsp; 34989 |
| Massachusetts (Commonwealth of), Series 2018 C, Ref. GO Bonds | 5.00% | 09/01/2031 | 60 | &nbsp;&nbsp; 68173 |
| Massachusetts (Commonwealth of), Series 2019 C, Ref. GO Bonds | 5.00% | 05/01/2031 | 20 | &nbsp;&nbsp; 22589 |
| Massachusetts (Commonwealth of), Series 2020 D, GO Bonds | 5.00% | 07/01/2031 | 15 | &nbsp;&nbsp; 16635 |
| Massachusetts (Commonwealth of), Series 2020 E, GO Bonds | 5.00% | 11/01/2031 | 115 | &nbsp;&nbsp; 128329 |
| Massachusetts (Commonwealth of), Series 2021 A, Ref. RB | 5.00% | 06/01/2041 | 180 | &nbsp;&nbsp; 192321 |
| Massachusetts (Commonwealth of), Series 2021 A, Ref. RB | 5.00% | 06/01/2042 | 150 | &nbsp;&nbsp; 159290 |
| Massachusetts (Commonwealth of), Series 2021 C, GO Bonds | 5.00% | 09/01/2031 | 230 | &nbsp;&nbsp; 261330 |
| Massachusetts (Commonwealth of), Series 2021 D, GO Bonds | 5.00% | 09/01/2048 | 250 | &nbsp;&nbsp; 259713 |
| Massachusetts (Commonwealth of), Series 2021 D, GO Bonds | 5.00% | 09/01/2049 | 200 | &nbsp;&nbsp; 207510 |
| Massachusetts (Commonwealth of), Series 2021 D, GO Bonds | 5.00% | 09/01/2050 | 95 | &nbsp;&nbsp; 98403 |
| Massachusetts (Commonwealth of), Series 2021 D, GO Bonds | 5.00% | 09/01/2051 | 335 | &nbsp;&nbsp; 346308 |
| Massachusetts (Commonwealth of), Series 2021, Ref. RB | 5.00% | 06/01/2037 | 20 | &nbsp;&nbsp; 21921 |
| Massachusetts (Commonwealth of), Series 2022 A, GO Bonds | 5.00% | 02/01/2031 | 245 | &nbsp;&nbsp; 275439 |
| Massachusetts (Commonwealth of), Series 2022 A, Ref. GO Bonds | 5.00% | 10/01/2031 | 95 | &nbsp;&nbsp; 108101 |
| Massachusetts (Commonwealth of), Series 2022 D, GO Bonds | 5.00% | 11/01/2031 | 85 | &nbsp;&nbsp; 96865 |
| Massachusetts (Commonwealth of), Series 2023 A, GO Bonds | 5.00% | 05/01/2031 | 30 | &nbsp;&nbsp; 33883 |
| Massachusetts (Commonwealth of), Series 2024 A, Ref. GO Bonds | 5.00% | 03/01/2031 | 85 | &nbsp;&nbsp; 95708 |
| Massachusetts (Commonwealth of), Series 2024 B, Ref. GO Bonds | 5.00% | 11/01/2031 | 130 | &nbsp;&nbsp; 148146 |
| Massachusetts (Commonwealth of), Series 2024 C, Ref. GO Bonds | 5.00% | 09/01/2031 | 135 | &nbsp;&nbsp; 153390 |
| Massachusetts (Commonwealth of), Series 2024 G, GO Bonds | 5.00% | 12/01/2031 | 65 | &nbsp;&nbsp; 74181 |
| Massachusetts (Commonwealth of), Series 2025 B, GO Bonds | 5.00% | 06/01/2031 | 100 | &nbsp;&nbsp; 113117 |
| Massachusetts (Commonwealth of), Series 2025 E, GO Bonds | 5.00% | 08/01/2031 | 20 | &nbsp;&nbsp; 22691 |
| Massachusetts (Commonwealth of) (Rail Enhancement Program) (Green Bonds), Series 2022, RB | 5.00% | 06/01/2050 | 430 | &nbsp;&nbsp; 442923 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2005 A, RB | 5.00% | 07/01/2031 | 65 | &nbsp;&nbsp; 73890 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2006 A, RB | 5.25% | 07/01/2031 | 85 | &nbsp;&nbsp; 97730 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2021 A-1, Ref. RB | 5.00% | 07/01/2031 | 120 | &nbsp;&nbsp; 136077 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2021 A-1, Ref. RB | 5.00% | 07/01/2033 | 5 | &nbsp;&nbsp; 5609 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2021 A-1, Ref. RB | 5.00% | 07/01/2035 | 195 | &nbsp;&nbsp; 217106 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2021 A-1, Ref. RB | 4.00% | 07/01/2036 | 100 | &nbsp;&nbsp; 103730 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2021 A-1, Ref. RB | 4.00% | 07/01/2037 | 10 | &nbsp;&nbsp; 10314 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2025 B, RB | 5.00% | 07/01/2031 | 5 | &nbsp;&nbsp; 5684 |
| Massachusetts (Commonwealth of) Clean Water Trust (The) (Green Bonds), Series 2021-23B, RB | 5.00% | 02/01/2041 | 5 | &nbsp;&nbsp; 5347 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Development Finance Agency (Southcoast Health System <br> Obligated Group), Series 2021 G, Ref. RB<br>| 5.00% | 07/01/2050 | 125 | &nbsp;&nbsp; 125483 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Development Finance Agency (Williams College), Series 2024 B, <br> RB<br>| 5.00% | 02/15/2031 | 40 | &nbsp;&nbsp; 45043 |
| Massachusetts (Commonwealth of) Port Authority, Series 2021 D, RB | 5.00% | 07/01/2051 | 15 | &nbsp;&nbsp; 15509 |
| Massachusetts (Commonwealth of) Water Resources Authority, Series 2007 B, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 08/01/2031 | 10 | &nbsp;&nbsp; 11528 |
| University of Massachusetts Building Authority, Series 2021-1, Ref. RB | 5.00% | 11/01/2031 | 30 | &nbsp;&nbsp; 33779 |
|  |  |  |  | &nbsp;&nbsp; 4337657 |
| **Michigan-1.13%** |  |  |  |  |
| Great Lakes Water Authority, Series 2024 A, Ref. RB | 5.00% | 07/01/2031 | 35 | &nbsp;&nbsp; 39416 |
| Great Lakes Water Authority, Series 2025 A, Ref. RB | 5.00% | 07/01/2031 | 50 | &nbsp;&nbsp; 56309 |
| Great Lakes Water Authority, Series 2025 B, Ref. RB | 5.00% | 07/01/2031 | 70 | &nbsp;&nbsp; 78833 |
| Great Lakes Water Authority, Series 2025 B, Ref. RB | 5.00% | 07/01/2031 | 100 | &nbsp;&nbsp; 112618 |
| Michigan (State of), Series 2020 B, RB | 5.00% | 11/15/2031 | 155 | &nbsp;&nbsp; 172939 |
| Michigan (State of), Series 2021 A, RB | 5.00% | 11/15/2034 | 135 | &nbsp;&nbsp; 151677 |
| Michigan (State of), Series 2021 A, RB | 5.00% | 11/15/2035 | 75 | &nbsp;&nbsp; 83763 |
| Michigan (State of), Series 2021 A, RB | 4.00% | 11/15/2036 | 100 | &nbsp;&nbsp; 104055 |
| Michigan (State of), Series 2021, RB | 5.00% | 11/15/2031 | 30 | &nbsp;&nbsp; 34246 |
| Michigan (State of), Series 2021, RB | 5.00% | 11/15/2033 | 230 | &nbsp;&nbsp; 259219 |
| Michigan (State of), Series 2021, RB | 4.00% | 11/15/2037 | 60 | &nbsp;&nbsp; 62089 |
| Michigan (State of), Series 2023, RB | 5.00% | 11/15/2031 | 20 | &nbsp;&nbsp; 22831 |
| Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2022, Ref. RB | 5.00% | 04/15/2031 | 85 | &nbsp;&nbsp; 94789 |
| Muskegon Public Schools, Series 2021 II, GO Bonds | 5.00% | 05/01/2046 | 120 | &nbsp;&nbsp; 125186 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Michigan-(continued)** |  |  |  |  |
| Muskegon Public Schools, Series 2021 II, GO Bonds | 5.00% | 05/01/2051 | $60 | &nbsp;&nbsp; $62250 |
| &nbsp;&nbsp;&nbsp; Wayne (County of), MI Airport Authority (Detroit Metropolitan Wayne County Airport), Series 2021 A, <br> RB<br>| 5.00% | 12/01/2046 | 100 | &nbsp;&nbsp; 103406 |
|  |  |  |  | &nbsp;&nbsp; 1563626 |
| **Minnesota-1.15%** |  |  |  |  |
| Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2023 A, Ref. RB | 5.00% | 01/01/2031 | 55 | &nbsp;&nbsp; 61098 |
| Minneapolis (City of), MN (Allina Health System), Series 2021, RB | 4.00% | 11/15/2038 | 20 | &nbsp;&nbsp; 20060 |
| Minneapolis (City of), MN (Allina Health System), Series 2021, RB | 4.00% | 11/15/2039 | 30 | &nbsp;&nbsp; 29970 |
| Minnesota (State of), Series 2020 A, GO Bonds | 5.00% | 08/01/2031 | 285 | &nbsp;&nbsp; 317215 |
| Minnesota (State of), Series 2021 A, GO Bonds | 5.00% | 09/01/2031 | 40 | &nbsp;&nbsp; 45495 |
| Minnesota (State of), Series 2021 A, GO Bonds | 4.00% | 09/01/2033 | 30 | &nbsp;&nbsp; 31926 |
| Minnesota (State of), Series 2021 A, GO Bonds | 4.00% | 09/01/2036 | 45 | &nbsp;&nbsp; 47249 |
| Minnesota (State of), Series 2021 A, GO Bonds | 4.00% | 09/01/2037 | 115 | &nbsp;&nbsp; 120089 |
| Minnesota (State of), Series 2021 B, GO Bonds | 5.00% | 09/01/2031 | 150 | &nbsp;&nbsp; 170605 |
| Minnesota (State of), Series 2023 D, Ref. GO Bonds | 5.00% | 08/01/2031 | 75 | &nbsp;&nbsp; 85175 |
| Minnesota (State of), Series 2023 E, Ref. GO Bonds | 5.00% | 08/01/2031 | 50 | &nbsp;&nbsp; 56784 |
| Minnesota (State of), Series 2023, COP | 5.00% | 11/01/2031 | 245 | &nbsp;&nbsp; 278620 |
| Minnesota (State of), Series 2024 B, GO Bonds | 5.00% | 08/01/2031 | 5 | &nbsp;&nbsp; 5678 |
| Minnesota (State of), Series 2024 D, Ref. GO Bonds | 5.00% | 08/01/2031 | 60 | &nbsp;&nbsp; 68140 |
| Minnesota (State of) (Bidding Group 1), Series 2024 A, GO Bonds | 5.00% | 08/01/2031 | 110 | &nbsp;&nbsp; 124924 |
| Minnesota (State of) Public Facilities Authority, Series 2023 A, RB | 5.00% | 03/01/2031 | 80 | &nbsp;&nbsp; 90078 |
| Rochester (City of), MN (Mayo Clinic), Series 2016 B, Ref. RB | 5.00% | 11/15/2031 | 45 | &nbsp;&nbsp; 50943 |
|  |  |  |  | &nbsp;&nbsp; 1604049 |
| **Mississippi-0.04%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Mississippi (State of) Development Bank (Desoto County Mississippi Highway Refunding), Series 2024 <br> A, Ref. RB<br>| 5.00% | 01/01/2031 | 50 | &nbsp;&nbsp; 55670 |
| **Missouri-0.70%** |  |  |  |  |
| Curators of the University of Missouri (The), Series 2024, Ref. RB | 5.00% | 11/01/2031 | 15 | &nbsp;&nbsp; 17023 |
| Missouri (State of) Health & Educational Facilities Authority, Series 2021 A, Ref. RB | 5.00% | 07/01/2031 | 10 | &nbsp;&nbsp; 11190 |
| Missouri (State of) Health & Educational Facilities Authority (SSM Health), Series 2022 A, RB | 5.00% | 06/01/2031 | 220 | &nbsp;&nbsp; 242542 |
| Missouri (State of) Highway & Transportation Commission, Series 2022, RB | 5.00% | 05/01/2031 | 15 | &nbsp;&nbsp; 16885 |
| Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2025, Ref. RB | 5.00% | 12/01/2031 | 310 | &nbsp;&nbsp; 349912 |
| Springfield (City of), MO, Series 2025, Ref. RB | 5.00% | 08/01/2031 | 20 | &nbsp;&nbsp; 22589 |
| St. Charles County Francis Howell R-III School District, Series 2022, Ref. GO Bonds | 5.00% | 03/01/2041 | 10 | &nbsp;&nbsp; 10667 |
| St. Charles County Francis Howell R-III School District, Series 2022, Ref. GO Bonds | 5.00% | 03/01/2042 | 150 | &nbsp;&nbsp; 159206 |
| St. Louis (City of), MO, Series 2005, RB, (INS - NATL)<sup>(a)</sup> | 5.50% | 07/01/2031 | 130 | &nbsp;&nbsp; 149327 |
|  |  |  |  | &nbsp;&nbsp; 979341 |
| **Nebraska-0.08%** |  |  |  |  |
| Central Plains Energy Project (No. 3), Series 2017 A, Ref. RB | 5.00% | 09/01/2031 | 100 | &nbsp;&nbsp; 107340 |
| **Nevada-0.63%** |  |  |  |  |
| Clark (County of), NV, Series 2022 A, Ref. GO Bonds | 4.00% | 06/01/2031 | 80 | &nbsp;&nbsp; 85633 |
| Clark (County of), NV Department of Aviation, Series 2021 A, RB | 5.00% | 07/01/2033 | 70 | &nbsp;&nbsp; 77955 |
| Clark (County of), NV Department of Aviation, Series 2021, RB | 5.00% | 07/01/2034 | 145 | &nbsp;&nbsp; 160940 |
| Clark (County of), NV Department of Aviation, Series 2021, RB | 5.00% | 07/01/2035 | 245 | &nbsp;&nbsp; 270772 |
| Clark (County of), NV Department of Aviation, Series 2024 A, Ref. RB | 5.00% | 07/01/2031 | 20 | &nbsp;&nbsp; 22457 |
| Las Vegas Valley Water District, Series 2021 C, GO Bonds | 5.00% | 06/01/2031 | 195 | &nbsp;&nbsp; 219723 |
| Nevada (State of), Series 2023 A, GO Bonds | 5.00% | 05/01/2031 | 35 | &nbsp;&nbsp; 39417 |
|  |  |  |  | &nbsp;&nbsp; 876897 |
| **New Jersey-2.38%** |  |  |  |  |
| Jersey City (City of), NJ Redevelopment Agency (Bayfront Redevelopment), Series 2022, RB | 4.00% | 12/15/2031 | 110 | &nbsp;&nbsp; 117497 |
| New Jersey (State of), Series 2020 A, GO Bonds | 4.00% | 06/01/2031 | 1055 | &nbsp;&nbsp; 1129840 |
| New Jersey (State of) Economic Development Authority, Series 2017 A, Ref. RB, (INS - BAM)<sup>(a)</sup> | 3.13% | 07/01/2031 | 75 | &nbsp;&nbsp; 73724 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2014 BB-2, RB | 5.00% | 06/15/2033 | 5 | &nbsp;&nbsp; 5546 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2014 BB-2, RN | 5.00% | 06/15/2031 | 65 | &nbsp;&nbsp; 72607 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2014 BB-2, RN | 5.00% | 06/15/2034 | 90 | &nbsp;&nbsp; 99412 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2021 A, Ref. RB | 5.00% | 06/15/2031 | 210 | &nbsp;&nbsp; 234576 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2021 A, Ref. RB | 5.00% | 06/15/2033 | 55 | &nbsp;&nbsp; 61001 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New Jersey-(continued)** |  |  |  |  |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2021 A, Ref. RB | 4.00% | 06/15/2034 | $15 | &nbsp;&nbsp; $15635 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022 BB, RB | 5.00% | 06/15/2031 | 200 | &nbsp;&nbsp; 223405 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022 BB, RB | 5.00% | 06/15/2033 | 85 | &nbsp;&nbsp; 95043 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022 BB, RB | 5.00% | 06/15/2034 | 105 | &nbsp;&nbsp; 116887 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022 BB, RB | 5.00% | 06/15/2035 | 90 | &nbsp;&nbsp; 99651 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022 BB, RB | 4.00% | 06/15/2038 | 10 | &nbsp;&nbsp; 10117 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB | 5.00% | 06/15/2036 | 220 | &nbsp;&nbsp; 242092 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2023 AA, Ref. RB | 5.00% | 06/15/2031 | 105 | &nbsp;&nbsp; 117288 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2024 CC, RB | 5.00% | 06/15/2031 | 185 | &nbsp;&nbsp; 206650 |
| New Jersey (State of) Turnpike Authority, Series 2025 B, RB | 5.00% | 01/01/2031 | 350 | &nbsp;&nbsp; 390218 |
|  |  |  |  | &nbsp;&nbsp; 3311189 |
| **New Mexico-0.46%** |  |  |  |  |
| New Mexico (State of), Series 2023, GO Bonds | 5.00% | 03/01/2031 | 15 | &nbsp;&nbsp; 16827 |
| New Mexico (State of) (Various Capital), Series 2025, GO Bonds | 5.00% | 03/01/2031 | 220 | &nbsp;&nbsp; 241076 |
| New Mexico (State of) Severance Tax Permanent Fund, Series 2021 A, RB | 5.00% | 07/01/2031 | 225 | &nbsp;&nbsp; 253515 |
| New Mexico (State of) Severance Tax Permanent Fund, Series 2022 A, RB | 5.00% | 07/01/2031 | 45 | &nbsp;&nbsp; 50703 |
| New Mexico (State of) Severance Tax Permanent Fund, Series 2022 B, RB | 5.00% | 07/01/2031 | 70 | &nbsp;&nbsp; 78871 |
|  |  |  |  | &nbsp;&nbsp; 640992 |
| **New York-19.16%** |  |  |  |  |
| Battery Park (City of), NY Authority, Series 2023 B, Ref. RB | 5.00% | 11/01/2031 | 80 | &nbsp;&nbsp; 92022 |
| Hudson Yards Infrastructure Corp. (Green Bonds), Series 2021 A, Ref. RB | 5.00% | 02/15/2031 | 45 | &nbsp;&nbsp; 50886 |
| Long Island (City of), NY Power Authority, Series 2021 A, Ref. RB | 5.00% | 09/01/2031 | 75 | &nbsp;&nbsp; 85216 |
| Long Island (City of), NY Power Authority, Series 2021 A, Ref. RB | 4.00% | 09/01/2033 | 55 | &nbsp;&nbsp; 58560 |
| Long Island (City of), NY Power Authority, Series 2021 A, Ref. RB | 4.00% | 09/01/2039 | 195 | &nbsp;&nbsp; 198772 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024 A, Ref. RB | 5.00% | 11/15/2031 | 60 | &nbsp;&nbsp; 67151 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024 B, Ref. RB | 5.00% | 11/15/2031 | 20 | &nbsp;&nbsp; 22384 |
| Metropolitan Transportation Authority (Green Bonds), Series 2025, Ref. RB | 5.00% | 11/15/2031 | 65 | &nbsp;&nbsp; 72747 |
| Nassau (County of), NY Interim Finance Authority, Series 2021 A, Ref. RB | 5.00% | 11/15/2031 | 140 | &nbsp;&nbsp; 159805 |
| Nassau (County of), NY Interim Finance Authority, Series 2021 A, Ref. RB | 4.00% | 11/15/2032 | 40 | &nbsp;&nbsp; 43280 |
| Nassau (County of), NY Interim Finance Authority, Series 2021 A, Ref. RB | 5.00% | 11/15/2032 | 160 | &nbsp;&nbsp; 181956 |
| Nassau (County of), NY Interim Finance Authority, Series 2021 A, Ref. RB | 4.00% | 11/15/2033 | 200 | &nbsp;&nbsp; 215671 |
| Nassau (County of), NY Interim Finance Authority, Series 2021 A, Ref. RB | 5.00% | 11/15/2033 | 65 | &nbsp;&nbsp; 73602 |
| Nassau (County of), NY Interim Finance Authority, Series 2021 A, Ref. RB | 4.00% | 11/15/2034 | 315 | &nbsp;&nbsp; 338671 |
| Nassau (County of), NY Interim Finance Authority, Series 2021 A, Ref. RB | 5.00% | 11/15/2034 | 50 | &nbsp;&nbsp; 56451 |
| Nassau (County of), NY Interim Finance Authority, Series 2021 A, Ref. RB | 4.00% | 11/15/2035 | 80 | &nbsp;&nbsp; 85320 |
| Nassau (County of), NY Interim Finance Authority, Series 2021 A, Ref. RB | 5.00% | 11/15/2035 | 15 | &nbsp;&nbsp; 16843 |
| New York & New Jersey (States of) Port Authority, One Hundred Seventy Fifth Series 2012, RB | 3.00% | 12/01/2031 | 65 | &nbsp;&nbsp; 65001 |
| New York & New Jersey (States of) Port Authority, Series 2021 224, Ref. RB | 5.00% | 07/15/2033 | 160 | &nbsp;&nbsp; 179686 |
| New York & New Jersey (States of) Port Authority, Series 2021 224, Ref. RB | 4.00% | 07/15/2035 | 55 | &nbsp;&nbsp; 57460 |
| New York & New Jersey (States of) Port Authority, Series 2021, Ref. RB | 4.00% | 07/15/2036 | 170 | &nbsp;&nbsp; 176283 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Fourth Series 2024, Ref. RB | 5.00% | 07/15/2031 | 5 | &nbsp;&nbsp; 5674 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Three Series 2023, Ref. RB | 5.00% | 12/01/2031 | 10 | &nbsp;&nbsp; 11425 |
| New York & New Jersey (States of) Port Authority, Two Hundred Twenty Four Series 2021, Ref. RB | 5.00% | 07/15/2031 | 45 | &nbsp;&nbsp; 51064 |
| New York & New Jersey (States of) Port Authority, Two Hundred Twenty Fourth Series 2021, Ref. RB | 4.00% | 07/15/2034 | 35 | &nbsp;&nbsp; 36785 |
| &nbsp;&nbsp;&nbsp; New York & New Jersey (States of) Port Authority, Two Hundred Twenty Second Series 2020, Ref. <br> RB<br>| 5.00% | 07/15/2031 | 25 | &nbsp;&nbsp; 27711 |
| New York & New Jersey (States of) Port Authority, Two Hundred Twenty-Fourth Series 2021, Ref. RB | 4.00% | 07/15/2039 | 10 | &nbsp;&nbsp; 10246 |
| New York (City of), NY, Series 2008 L-5, GO Bonds | 5.00% | 04/01/2033 | 105 | &nbsp;&nbsp; 116324 |
| New York (City of), NY, Series 2008 L-5, GO Bonds | 5.00% | 04/01/2034 | 105 | &nbsp;&nbsp; 115816 |
| New York (City of), NY, Series 2012-1, GO Bonds | 5.00% | 04/01/2033 | 205 | &nbsp;&nbsp; 227109 |
| New York (City of), NY, Series 2012-1, GO Bonds | 5.00% | 04/01/2035 | 105 | &nbsp;&nbsp; 115350 |
| New York (City of), NY, Series 2020 A-1, Ref. GO Bonds | 5.00% | 08/01/2031 | 315 | &nbsp;&nbsp; 346662 |
| New York (City of), NY, Series 2020 B-1, Ref. GO Bonds | 5.00% | 11/01/2031 | 245 | &nbsp;&nbsp; 270767 |
| New York (City of), NY, Series 2020 C, GO Bonds | 5.00% | 08/01/2031 | 280 | &nbsp;&nbsp; 308144 |
| New York (City of), NY, Series 2020 C-1, Ref. GO Bonds | 5.00% | 08/01/2031 | 345 | &nbsp;&nbsp; 379678 |
| New York (City of), NY, Series 2021 A-1, GO Bonds | 5.00% | 08/01/2033 | 95 | &nbsp;&nbsp; 105697 |
| New York (City of), NY, Series 2021 A-1, GO Bonds | 4.00% | 08/01/2034 | 10 | &nbsp;&nbsp; 10395 |
| New York (City of), NY, Series 2021 A-1, GO Bonds | 5.00% | 08/01/2036 | 210 | &nbsp;&nbsp; 230090 |
| New York (City of), NY, Series 2021 A-1, GO Bonds | 4.00% | 08/01/2038 | 5 | &nbsp;&nbsp; 5045 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| New York (City of), NY, Series 2021 A-1, GO Bonds | 5.00% | 08/01/2047 | $380 | &nbsp;&nbsp; $389491 |
| New York (City of), NY, Series 2021 F-1, GO Bonds | 5.00% | 03/01/2036 | 25 | &nbsp;&nbsp; 27290 |
| New York (City of), NY, Series 2021 F-1, GO Bonds | 5.00% | 03/01/2037 | 65 | &nbsp;&nbsp; 70579 |
| New York (City of), NY, Series 2021 F-1, GO Bonds | 5.00% | 03/01/2039 | 85 | &nbsp;&nbsp; 91238 |
| New York (City of), NY, Series 2021 F-1, GO Bonds | 5.00% | 03/01/2042 | 165 | &nbsp;&nbsp; 173104 |
| New York (City of), NY, Series 2021 F-1, GO Bonds | 5.00% | 03/01/2044 | 280 | &nbsp;&nbsp; 290348 |
| New York (City of), NY, Series 2021 F-1, GO Bonds | 5.00% | 03/01/2050 | 40 | &nbsp;&nbsp; 40719 |
| New York (City of), NY, Series 2021-1, GO Bonds | 5.00% | 04/01/2031 | 130 | &nbsp;&nbsp; 144675 |
| New York (City of), NY, Series 2021-1, GO Bonds | 5.00% | 08/01/2031 | 240 | &nbsp;&nbsp; 268513 |
| New York (City of), NY, Series 2021-1, GO Bonds | 5.00% | 04/01/2034 | 110 | &nbsp;&nbsp; 121331 |
| New York (City of), NY, Series 2022 B-1, GO Bonds | 5.00% | 10/01/2031 | 15 | &nbsp;&nbsp; 16826 |
| New York (City of), NY, Series 2022 B-1, Ref. GO Bonds | 5.00% | 08/01/2031 | 50 | &nbsp;&nbsp; 55940 |
| New York (City of), NY, Series 2022 C, Ref. GO Bonds | 5.00% | 08/01/2031 | 20 | &nbsp;&nbsp; 22376 |
| New York (City of), NY, Series 2023 C, Ref. GO Bonds | 5.00% | 08/01/2031 | 80 | &nbsp;&nbsp; 89504 |
| New York (City of), NY, Series 2023 F-1, Ref. GO Bonds | 5.00% | 08/01/2031 | 195 | &nbsp;&nbsp; 218167 |
| New York (City of), NY, Series 2023, GO Bonds | 5.00% | 08/01/2031 | 10 | &nbsp;&nbsp; 11188 |
| New York (City of), NY, Series 2024 A, Ref. GO Bonds | 5.00% | 08/01/2031 | 15 | &nbsp;&nbsp; 16782 |
| New York (City of), NY, Series 2024 C, GO Bonds | 5.00% | 03/01/2031 | 20 | &nbsp;&nbsp; 22228 |
| New York (City of), NY, Series 2024 D, GO Bonds | 5.00% | 04/01/2031 | 325 | &nbsp;&nbsp; 361687 |
| New York (City of), NY, Series 2024 E, Ref. GO Bonds | 5.00% | 08/01/2031 | 10 | &nbsp;&nbsp; 11188 |
| New York (City of), NY, Series 2025 A-1, GO Bonds | 5.00% | 08/01/2031 | 15 | &nbsp;&nbsp; 16782 |
| New York (City of), NY, Series 2025, Ref. GO Bonds | 5.00% | 08/01/2031 | 80 | &nbsp;&nbsp; 89504 |
| New York (City of), NY, Subseries 2022 D-1, GO Bonds | 5.00% | 05/01/2031 | 60 | &nbsp;&nbsp; 66863 |
| New York (City of), NY, Subseries 2024 C-1, GO Bonds | 5.00% | 09/01/2031 | 150 | &nbsp;&nbsp; 168039 |
| New York (City of), NY, Subseries 2025 G-1, GO Bonds | 5.00% | 02/01/2031 | 90 | &nbsp;&nbsp; 99888 |
| &nbsp;&nbsp;&nbsp; New York (City of), NY Educational Construction Fund, Series 2021 B, RB, <br> (CEP - Colorado Higher Education Intercept Program)<br>| 5.00% | 04/01/2052 | 250 | &nbsp;&nbsp; 259018 |
| &nbsp;&nbsp;&nbsp; New York (City of), NY Industrial Development Agency (Queens Baseball Stadium), Series 2021 A, <br> Ref. RB, (INS - AGI)<sup>(a)</sup><br>| 5.00% | 01/01/2031 | 50 | &nbsp;&nbsp; 55044 |
| New York (City of), NY Municipal Water Finance Authority, Series 2020 EE, Ref. RB | 5.00% | 06/15/2031 | 265 | &nbsp;&nbsp; 299235 |
| New York (City of), NY Municipal Water Finance Authority, Series 2020, RB | 5.00% | 06/15/2031 | 140 | &nbsp;&nbsp; 156367 |
| New York (City of), NY Municipal Water Finance Authority, Series 2021 AA-1, RB | 5.00% | 06/15/2048 | 315 | &nbsp;&nbsp; 327825 |
| New York (City of), NY Municipal Water Finance Authority, Series 2021 BB-1, Ref. RB | 5.00% | 06/15/2044 | 235 | &nbsp;&nbsp; 248446 |
| New York (City of), NY Municipal Water Finance Authority, Series 2021 CC-1, RB | 5.00% | 06/15/2051 | 155 | &nbsp;&nbsp; 160757 |
| New York (City of), NY Municipal Water Finance Authority, Series 2021 DD, Ref. RB | 5.00% | 06/15/2031 | 335 | &nbsp;&nbsp; 378648 |
| New York (City of), NY Municipal Water Finance Authority, Series 2021 DD, Ref. RB | 4.00% | 06/15/2036 | 35 | &nbsp;&nbsp; 35902 |
| New York (City of), NY Municipal Water Finance Authority, Series 2021, Ref. RB | 5.00% | 06/15/2033 | 25 | &nbsp;&nbsp; 28084 |
| New York (City of), NY Municipal Water Finance Authority, Series 2022 CC-2, RB | 5.00% | 06/15/2035 | 180 | &nbsp;&nbsp; 201772 |
| New York (City of), NY Municipal Water Finance Authority, Series 2022 EE, Ref. RB | 5.00% | 06/15/2031 | 100 | &nbsp;&nbsp; 113029 |
| New York (City of), NY Municipal Water Finance Authority, Series 2025, Ref. RB | 5.00% | 06/15/2031 | 25 | &nbsp;&nbsp; 28257 |
| New York (City of), NY Transitional Finance Authority, Series 2010 G-5, RB | 5.00% | 05/01/2031 | 60 | &nbsp;&nbsp; 66613 |
| New York (City of), NY Transitional Finance Authority, Series 2020, RB | 5.00% | 05/01/2031 | 120 | &nbsp;&nbsp; 133226 |
| New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB | 5.00% | 08/01/2031 | 5 | &nbsp;&nbsp; 5526 |
| New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB | 5.00% | 11/01/2031 | 180 | &nbsp;&nbsp; 199826 |
| New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB | 5.00% | 11/01/2031 | 25 | &nbsp;&nbsp; 28269 |
| New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB | 5.00% | 11/01/2033 | 90 | &nbsp;&nbsp; 100707 |
| New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB | 5.00% | 11/01/2034 | 270 | &nbsp;&nbsp; 300414 |
| New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB | 4.00% | 11/01/2035 | 15 | &nbsp;&nbsp; 15489 |
| New York (City of), NY Transitional Finance Authority, Series 2021 B-1, RB | 5.00% | 08/01/2034 | 95 | &nbsp;&nbsp; 105298 |
| New York (City of), NY Transitional Finance Authority, Series 2021 B-1, RB | 5.00% | 08/01/2035 | 170 | &nbsp;&nbsp; 187420 |
| New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB | 5.00% | 02/01/2035 | 155 | &nbsp;&nbsp; 169961 |
| New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB | 5.00% | 02/01/2036 | 215 | &nbsp;&nbsp; 234506 |
| New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB | 5.00% | 02/01/2037 | 75 | &nbsp;&nbsp; 81342 |
| New York (City of), NY Transitional Finance Authority, Series 2021 F-1, Ref. RB | 5.00% | 11/01/2031 | 275 | &nbsp;&nbsp; 308161 |
| New York (City of), NY Transitional Finance Authority, Series 2021 F-1, Ref. RB | 5.00% | 11/01/2032 | 125 | &nbsp;&nbsp; 139625 |
| New York (City of), NY Transitional Finance Authority, Series 2021 F-1, Ref. RB | 5.00% | 11/01/2033 | 120 | &nbsp;&nbsp; 133090 |
| New York (City of), NY Transitional Finance Authority, Series 2021 F-1, Ref. RB | 5.00% | 11/01/2034 | 205 | &nbsp;&nbsp; 226157 |
| New York (City of), NY Transitional Finance Authority, Series 2021 F-1, Ref. RB | 4.00% | 11/01/2036 | 15 | &nbsp;&nbsp; 15345 |
| New York (City of), NY Transitional Finance Authority, Series 2021 F-1, Ref. RB | 4.00% | 11/01/2037 | 5 | &nbsp;&nbsp; 5099 |
| New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB | 5.00% | 08/01/2031 | 85 | &nbsp;&nbsp; 95717 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| New York (City of), NY Transitional Finance Authority, Series 2022 B-1, Ref. RB | 5.00% | 11/01/2031 | $100 | &nbsp;&nbsp; $113076 |
| New York (City of), NY Transitional Finance Authority, Series 2022, Ref. RB | 5.00% | 11/01/2031 | 80 | &nbsp;&nbsp; 90461 |
| New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB | 5.00% | 11/01/2031 | 185 | &nbsp;&nbsp; 209191 |
| New York (City of), NY Transitional Finance Authority, Series 2023, RB | 5.00% | 05/01/2031 | 15 | &nbsp;&nbsp; 16820 |
| New York (City of), NY Transitional Finance Authority, Series 2024 C, RB | 5.00% | 05/01/2031 | 155 | &nbsp;&nbsp; 173809 |
| New York (City of), NY Transitional Finance Authority, Series 2025 A, RB | 5.00% | 05/01/2031 | 25 | &nbsp;&nbsp; 28034 |
| New York (City of), NY Transitional Finance Authority, Series 2025 E, RB | 5.00% | 11/01/2031 | 70 | &nbsp;&nbsp; 79153 |
| New York (City of), NY Transitional Finance Authority, Series 2025 H, RB | 5.00% | 11/01/2031 | 15 | &nbsp;&nbsp; 16961 |
| New York (City of), NY Transitional Finance Authority, Series 2025, Ref. RB | 5.00% | 11/01/2031 | 5 | &nbsp;&nbsp; 5654 |
| New York (City of), NY Transitional Finance Authority, Series 2025, Ref. RB | 5.00% | 11/01/2031 | 60 | &nbsp;&nbsp; 67846 |
| New York (City of), NY Transitional Finance Authority, Series 2025, Ref. RB | 5.00% | 11/01/2031 | 50 | &nbsp;&nbsp; 56538 |
| New York (City of), NY Transitional Finance Authority, Subseries 2010 F-5, RB | 5.00% | 02/01/2031 | 90 | &nbsp;&nbsp; 100487 |
| New York (City of), NY Transitional Finance Authority, Subseries 2021 S-1, Ref. RB | 5.00% | 07/15/2031 | 175 | &nbsp;&nbsp; 198092 |
| New York (City of), NY Transitional Finance Authority, Subseries 2021 S-1, Ref. RB | 4.00% | 07/15/2034 | 245 | &nbsp;&nbsp; 255687 |
| New York (City of), NY Transitional Finance Authority, Subseries 2021 S-1, Ref. RB | 4.00% | 07/15/2035 | 225 | &nbsp;&nbsp; 233532 |
| New York (City of), NY Transitional Finance Authority, Subseries 2021 S-1A, Ref. RB | 5.00% | 07/15/2033 | 190 | &nbsp;&nbsp; 213589 |
| New York (City of), NY Transitional Finance Authority, Subseries 2022 S-1A, Ref. RB | 5.00% | 07/15/2031 | 160 | &nbsp;&nbsp; 181112 |
| New York (City of), NY Transitional Finance Authority, Subseries 2024 A-1, Ref. RB | 5.00% | 11/01/2031 | 270 | &nbsp;&nbsp; 305305 |
| New York (City of), NY Trust for Cultural Resources (The), Series 2021, Ref. RB | 5.00% | 07/01/2031 | 20 | &nbsp;&nbsp; 22546 |
| &nbsp;&nbsp;&nbsp; New York (City of), NY Trust for Cultural Resources (The) (Lincoln Center for Performing Arts), <br> Series 2020 A, Ref. RB<br>| 5.00% | 12/01/2031 | 160 | &nbsp;&nbsp; 177785 |
| New York (State of), Series 2023 C, Ref. GO Bonds | 5.00% | 03/15/2031 | 15 | &nbsp;&nbsp; 17037 |
| New York (State of) Dormitory Authority, Series 2019 A, RB | 3.00% | 10/01/2031 | 90 | &nbsp;&nbsp; 90037 |
| New York (State of) Dormitory Authority, Series 2020 A, Ref. RB | 5.00% | 07/01/2031 | 270 | &nbsp;&nbsp; 306928 |
| New York (State of) Dormitory Authority, Series 2020 A-2, Ref. RB | 5.00% | 07/01/2031 | 90 | &nbsp;&nbsp; 100729 |
| New York (State of) Dormitory Authority, Series 2020 D, Ref. RB | 5.00% | 02/15/2031 | 215 | &nbsp;&nbsp; 236014 |
| New York (State of) Dormitory Authority, Series 2021 A, Ref. RB | 5.00% | 03/15/2031 | 380 | &nbsp;&nbsp; 426972 |
| New York (State of) Dormitory Authority, Series 2021 A, Ref. RB | 5.00% | 03/15/2033 | 190 | &nbsp;&nbsp; 211156 |
| New York (State of) Dormitory Authority, Series 2021 A, Ref. RB | 4.00% | 03/15/2034 | 20 | &nbsp;&nbsp; 20745 |
| New York (State of) Dormitory Authority, Series 2021 A, Ref. RB | 5.00% | 03/15/2034 | 165 | &nbsp;&nbsp; 182715 |
| New York (State of) Dormitory Authority, Series 2021 A, Ref. RB | 5.00% | 03/15/2035 | 440 | &nbsp;&nbsp; 484656 |
| New York (State of) Dormitory Authority, Series 2021 A, Ref. RB | 5.00% | 03/15/2036 | 220 | &nbsp;&nbsp; 240956 |
| New York (State of) Dormitory Authority, Series 2021 A, Ref. RB | 5.00% | 03/15/2044 | 50 | &nbsp;&nbsp; 52026 |
| New York (State of) Dormitory Authority, Series 2021 A, Ref. RB | 5.00% | 03/15/2049 | 110 | &nbsp;&nbsp; 112931 |
| New York (State of) Dormitory Authority, Series 2021, RB | 5.00% | 03/15/2031 | 235 | &nbsp;&nbsp; 264049 |
| New York (State of) Dormitory Authority, Series 2022 A, Ref. RB | 5.00% | 03/15/2031 | 125 | &nbsp;&nbsp; 140451 |
| New York (State of) Dormitory Authority, Series 2022, RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 10/01/2031 | 120 | &nbsp;&nbsp; 132863 |
| New York (State of) Dormitory Authority, Series 2023 A, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 10/01/2034 | 165 | &nbsp;&nbsp; 184511 |
| New York (State of) Dormitory Authority, Series 2023 A, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 10/01/2036 | 95 | &nbsp;&nbsp; 104887 |
| New York (State of) Dormitory Authority, Series 2023 A, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 10/01/2037 | 145 | &nbsp;&nbsp; 159151 |
| New York (State of) Dormitory Authority, Series 2023 A, Ref. RB | 5.00% | 03/15/2031 | 360 | &nbsp;&nbsp; 404500 |
| New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB | 5.00% | 03/15/2031 | 130 | &nbsp;&nbsp; 146550 |
| New York (State of) Dormitory Authority, Series 2023, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 10/01/2031 | 205 | &nbsp;&nbsp; 232316 |
| New York (State of) Dormitory Authority, Series 2023, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 10/01/2035 | 150 | &nbsp;&nbsp; 166723 |
| New York (State of) Dormitory Authority, Series 2023, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 10/01/2038 | 35 | &nbsp;&nbsp; 38191 |
| New York (State of) Dormitory Authority, Series 2023, Ref. RB | 5.00% | 08/01/2031 | 5 | &nbsp;&nbsp; 5693 |
| New York (State of) Dormitory Authority, Series 2024 A, RB | 5.00% | 03/15/2031 | 15 | &nbsp;&nbsp; 16910 |
| New York (State of) Dormitory Authority, Series 2024 A, RB | 5.00% | 10/01/2031 | 50 | &nbsp;&nbsp; 57187 |
| New York (State of) Dormitory Authority, Series 2024 A, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 10/01/2031 | 45 | &nbsp;&nbsp; 50996 |
| New York (State of) Dormitory Authority, Series 2024 A, Ref. RB | 5.00% | 03/15/2031 | 240 | &nbsp;&nbsp; 269667 |
| New York (State of) Dormitory Authority, Series 2024 B, Ref. RB | 5.00% | 03/15/2031 | 30 | &nbsp;&nbsp; 33819 |
| New York (State of) Dormitory Authority, Series 2025 A, Ref. RB | 5.00% | 03/15/2031 | 110 | &nbsp;&nbsp; 123597 |
| New York (State of) Dormitory Authority, Series 2025, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 10/01/2031 | 40 | &nbsp;&nbsp; 45330 |
| New York (State of) Dormitory Authority (Bidding Group 2), Series 2020 A, Ref. RB | 5.00% | 03/15/2031 | 200 | &nbsp;&nbsp; 222053 |
| New York (State of) Dormitory Authority (Fordham University), Series 2021 A, Ref. RB | 4.00% | 07/01/2037 | 30 | &nbsp;&nbsp; 30611 |
| New York (State of) Dormitory Authority (New York University), Series 2021 A, Ref. RB | 4.00% | 07/01/2040 | 45 | &nbsp;&nbsp; 45525 |
| New York (State of) Dormitory Authority (New York University), Series 2021 A, Ref. RB | 5.00% | 07/01/2051 | 75 | &nbsp;&nbsp; 77050 |
| New York (State of) Dormitory Authority (New York University), Series 2025 A, Ref. RB | 5.00% | 07/01/2031 | 5 | &nbsp;&nbsp; 5636 |
| New York (State of) Dormitory Authority (Northwell Health Obligated Group), Series 2025, Ref. RB | 5.00% | 05/01/2031 | 20 | &nbsp;&nbsp; 22171 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; New York (State of) Dormitory Authority (State University of New York Dormitory Facilities), <br> Series 2023 B, RB<br>| 5.00% | 07/01/2031 | $15 | &nbsp;&nbsp; $16893 |
| New York (State of) Power Authority (Green Bonds), Series 2024 A, RB | 5.00% | 11/15/2031 | 45 | &nbsp;&nbsp; 51855 |
| New York (State of) Power Authority (Green Transmission), Series 2022, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 11/15/2031 | 125 | &nbsp;&nbsp; 143290 |
| New York (State of) Power Authority (Green Transmission), Series 2022, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 11/15/2033 | 20 | &nbsp;&nbsp; 22670 |
| New York (State of) Power Authority (Green Transmission), Series 2022, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 11/15/2034 | 105 | &nbsp;&nbsp; 118587 |
| New York (State of) Power Authority (Green Transmission), Series 2022, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 11/15/2035 | 10 | &nbsp;&nbsp; 11221 |
| New York (State of) Power Authority (Green Transmission), Series 2022, RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 11/15/2037 | 40 | &nbsp;&nbsp; 41088 |
| New York (State of) Power Authority (Green Transmission), Series 2022, RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 11/15/2038 | 40 | &nbsp;&nbsp; 40868 |
| &nbsp;&nbsp;&nbsp; New York (State of) Power Authority (Green Transmission) (Green Bonds), Series 2023, RB, <br> (INS - AGI)<sup>(a)</sup><br>| 5.00% | 11/15/2031 | 10 | &nbsp;&nbsp; 11463 |
| New York (State of) Thruway Authority, Series 2021 A-1, Ref. RB | 5.00% | 03/15/2031 | 165 | &nbsp;&nbsp; 185048 |
| New York (State of) Thruway Authority, Series 2021 A-1, Ref. RB | 5.00% | 03/15/2035 | 5 | &nbsp;&nbsp; 5510 |
| New York (State of) Thruway Authority, Series 2021 A-1, Ref. RB | 4.00% | 03/15/2038 | 10 | &nbsp;&nbsp; 10174 |
| New York (State of) Thruway Authority, Series 2021 O, Ref. RB | 5.00% | 01/01/2033 | 5 | &nbsp;&nbsp; 5587 |
| New York (State of) Thruway Authority, Series 2021 O, Ref. RB | 5.00% | 01/01/2034 | 40 | &nbsp;&nbsp; 44506 |
| New York (State of) Thruway Authority, Series 2021 O, Ref. RB | 5.00% | 01/01/2035 | 55 | &nbsp;&nbsp; 61034 |
| New York (State of) Thruway Authority, Series 2024 P, Ref. RB | 5.00% | 01/01/2031 | 35 | &nbsp;&nbsp; 39520 |
| New York (State of) Thruway Authority, Series 2024 Q, Ref. RB | 5.00% | 01/01/2031 | 15 | &nbsp;&nbsp; 16937 |
| New York (State of) Thruway Authority, Series 2025 A, RB | 5.00% | 03/15/2031 | 40 | &nbsp;&nbsp; 44860 |
| New York (State of) Thruway Authority (Bidding Group 1), Series 2022 A, Ref. RB | 5.00% | 03/15/2031 | 145 | &nbsp;&nbsp; 162618 |
| New York (State of) Thruway Authority (Bidding Group 5), Series 2021 A-1, Ref. RB | 4.00% | 03/15/2036 | 70 | &nbsp;&nbsp; 71868 |
| New York (State of) Thruway Authority (Group 1), Series 2021 O, Ref. RB | 4.00% | 01/01/2038 | 15 | &nbsp;&nbsp; 15283 |
| New York (State of) Thruway Authority (Group 2), Series 2021 A-1, Ref. RB | 5.00% | 03/15/2034 | 45 | &nbsp;&nbsp; 49831 |
| &nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2021, <br> RB<br>| 5.00% | 06/15/2031 | 55 | &nbsp;&nbsp; 62593 |
| &nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2023, <br> Ref. RB<br>| 5.00% | 06/15/2031 | 200 | &nbsp;&nbsp; 227613 |
| &nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2024, <br> Ref. RB<br>| 5.00% | 06/15/2031 | 65 | &nbsp;&nbsp; 73974 |
| New York State Urban Development Corp., Series 2020 E, Ref. RB | 5.00% | 03/15/2031 | 20 | &nbsp;&nbsp; 21936 |
| New York State Urban Development Corp., Series 2020, Ref. RB | 5.00% | 03/15/2031 | 195 | &nbsp;&nbsp; 215945 |
| New York State Urban Development Corp., Series 2022, Ref. RB | 5.00% | 03/15/2031 | 5 | &nbsp;&nbsp; 5621 |
| New York State Urban Development Corp., Series 2022, Ref. RB | 5.00% | 09/15/2031 | 55 | &nbsp;&nbsp; 62376 |
| New York State Urban Development Corp., Series 2023 A, RB | 5.00% | 03/15/2031 | 15 | &nbsp;&nbsp; 16918 |
| New York State Urban Development Corp. (Bidding Group 1), Series 2021 A, Ref. RB | 5.00% | 03/15/2031 | 10 | &nbsp;&nbsp; 11278 |
| New York State Urban Development Corp. (Bidding Group 1), Series 2021 A, Ref. RB | 5.00% | 03/15/2036 | 195 | &nbsp;&nbsp; 215837 |
| New York State Urban Development Corp. (Bidding Group 2), Series 2021 A, Ref. RB | 4.00% | 03/15/2039 | 50 | &nbsp;&nbsp; 50672 |
| New York State Urban Development Corp. (Green Bonds), Series 2023, Ref. RB | 5.00% | 03/15/2031 | 75 | &nbsp;&nbsp; 84310 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. <br> RB<br>| 5.00% | 12/01/2031 | 50 | &nbsp;&nbsp; 54772 |
| Triborough Bridge & Tunnel Authority, Series 2018 B, Ref. RB | 5.00% | 11/15/2031 | 245 | &nbsp;&nbsp; 279387 |
| Triborough Bridge & Tunnel Authority, Series 2021 A-1, Ref. RB | 5.00% | 05/15/2051 | 1160 | &nbsp;&nbsp; 1196898 |
| Triborough Bridge & Tunnel Authority, Series 2021 C-1A, RB | 5.00% | 05/15/2037 | 75 | &nbsp;&nbsp; 82509 |
| Triborough Bridge & Tunnel Authority, Series 2021 C-1A, RB | 5.00% | 05/15/2038 | 185 | &nbsp;&nbsp; 202020 |
| Triborough Bridge & Tunnel Authority, Series 2021 C-1A, RB | 5.00% | 05/15/2039 | 175 | &nbsp;&nbsp; 190116 |
| Triborough Bridge & Tunnel Authority, Series 2021 C-1A, RB | 5.00% | 05/15/2040 | 50 | &nbsp;&nbsp; 54000 |
| Triborough Bridge & Tunnel Authority, Series 2021 C-1A, RB | 5.00% | 05/15/2041 | 50 | &nbsp;&nbsp; 53523 |
| Triborough Bridge & Tunnel Authority, Series 2021 C-2, Ref. RB | 4.00% | 05/15/2034 | 150 | &nbsp;&nbsp; 159754 |
| Triborough Bridge & Tunnel Authority, Series 2021 C-2, Ref. RB | 4.00% | 05/15/2035 | 95 | &nbsp;&nbsp; 100550 |
| Triborough Bridge & Tunnel Authority, Series 2023 B, Ref. RB | 5.00% | 11/15/2031 | 10 | &nbsp;&nbsp; 11404 |
| Triborough Bridge & Tunnel Authority, Series 2024 A-2, Ref. RB | 5.00% | 11/15/2031 | 100 | &nbsp;&nbsp; 114036 |
| Triborough Bridge & Tunnel Authority, Subseries 2021 B-1, Ref. RB | 5.00% | 05/15/2046 | 175 | &nbsp;&nbsp; 181724 |
| Triborough Bridge & Tunnel Authority (Green Bonds), Series 2024, Ref. RB | 5.00% | 05/15/2031 | 155 | &nbsp;&nbsp; 173801 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 A, RB | 5.00% | 11/15/2051 | 480 | &nbsp;&nbsp; 493389 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 A, RB | 5.00% | 11/15/2056 | 50 | &nbsp;&nbsp; 51247 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 C-1A, RB | 5.00% | 05/15/2051 | 225 | &nbsp;&nbsp; 232495 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022, RB | 5.00% | 05/15/2031 | 220 | &nbsp;&nbsp; 248414 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels) (Green Bonds), Series 2023, Ref. RB | 4.00% | 11/15/2031 | $30 | &nbsp;&nbsp; $32402 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels) (Green Bonds), Series 2023, Ref. RB | 5.00% | 11/15/2031 | 85 | &nbsp;&nbsp; 96829 |
|  |  |  |  | &nbsp;&nbsp; 26638245 |
| **North Carolina-1.38%** |  |  |  |  |
| Charlotte (City of), NC, Series 2020, Ref. RB | 5.00% | 07/01/2031 | 105 | &nbsp;&nbsp; 116539 |
| Charlotte (City of), NC, Series 2022 A, Ref. RB | 5.00% | 07/01/2031 | 100 | &nbsp;&nbsp; 113341 |
| Charlotte-Mecklenburg Hospital Authority (The) (Atrium Health), Series 2022 A, Ref. RB | 5.00% | 01/15/2031 | 30 | &nbsp;&nbsp; 33424 |
| Guildford (City of), NC, Series 2025, GO Bonds | 5.00% | 03/01/2031 | 130 | &nbsp;&nbsp; 146582 |
| Mecklenburg (County of), NC, Series 2022, GO Bonds | 5.00% | 09/01/2031 | 100 | &nbsp;&nbsp; 113794 |
| North Carolina (State of), Series 2013 A, RB<sup>(b)(c)</sup> | 3.00% | 12/18/2025 | 15 | &nbsp;&nbsp; 15002 |
| North Carolina (State of), Series 2020 A, GO Bonds | 5.00% | 06/01/2031 | 325 | &nbsp;&nbsp; 360296 |
| North Carolina (State of), Series 2021 A, Ref. RB | 5.00% | 05/01/2031 | 50 | &nbsp;&nbsp; 56310 |
| North Carolina (State of), Series 2021, RB | 5.00% | 03/01/2031 | 35 | &nbsp;&nbsp; 39226 |
| North Carolina (State of), Series 2021, RB | 5.00% | 03/01/2033 | 35 | &nbsp;&nbsp; 38949 |
| North Carolina (State of), Series 2021, RB | 4.00% | 03/01/2035 | 20 | &nbsp;&nbsp; 20947 |
| North Carolina (State of), Series 2022 A, RB | 5.00% | 05/01/2031 | 40 | &nbsp;&nbsp; 45048 |
| North Carolina (State of) (Build North Carolina Programs), Series 2020 B, RB | 5.00% | 05/01/2031 | 305 | &nbsp;&nbsp; 335826 |
| North Carolina (State of) Medical Care Commission, Series 2021 A, RB | 4.00% | 02/01/2036 | 5 | &nbsp;&nbsp; 5161 |
| Raleigh (City of), NC, Series 2024, Ref. RB | 5.00% | 10/01/2031 | 90 | &nbsp;&nbsp; 102201 |
| Wake (County of), NC, Series 2021, RB | 5.00% | 03/01/2031 | 110 | &nbsp;&nbsp; 123742 |
| Wake (County of), NC, Series 2021, RB | 4.00% | 03/01/2033 | 15 | &nbsp;&nbsp; 15872 |
| Wake (County of), NC, Series 2021, RB | 4.00% | 03/01/2034 | 15 | &nbsp;&nbsp; 15816 |
| Wake (County of), NC, Series 2023 A, Ref. GO Bonds | 5.00% | 05/01/2031 | 155 | &nbsp;&nbsp; 175315 |
| Wake (County of), NC, Series 2024 B, Ref. GO Bonds | 5.00% | 09/01/2031 | 40 | &nbsp;&nbsp; 45518 |
|  |  |  |  | &nbsp;&nbsp; 1918909 |
| **Ohio-3.01%** |  |  |  |  |
| American Municipal Power, Inc. (AMP Fremont Energy Center), Series 2021, Ref. RB | 5.00% | 02/15/2034 | 30 | &nbsp;&nbsp; 32999 |
| American Municipal Power, Inc. (Fremont Energy Center), Series 2021, Ref. RB | 5.00% | 02/15/2031 | 40 | &nbsp;&nbsp; 44546 |
| American Municipal Power, Inc. (Fremont Energy Center), Series 2021, Ref. RB | 5.00% | 02/15/2033 | 135 | &nbsp;&nbsp; 149065 |
| American Municipal Power, Inc. (Fremont Energy Center), Series 2021, Ref. RB | 5.00% | 02/15/2035 | 45 | &nbsp;&nbsp; 49316 |
| American Municipal Power, Inc. (Fremont Energy Center), Series 2021, Ref. RB | 4.00% | 02/15/2036 | 100 | &nbsp;&nbsp; 102811 |
| &nbsp;&nbsp;&nbsp; Cincinnati City School District (Classroom Construction & Improvement), Series 2006, Ref. GO Bonds, <br> (INS - NATL)<sup>(a)</sup><br>| 5.25% | 12/01/2031 | 20 | &nbsp;&nbsp; 23006 |
| Cleveland (City of), OH, Series 2025 A, Ref. RB | 5.00% | 01/01/2031 | 5 | &nbsp;&nbsp; 5547 |
| Columbus (City of), OH, Series 2016 A, GO Bonds | 3.00% | 08/15/2031 | 10 | &nbsp;&nbsp; 10001 |
| Columbus (City of), OH, Series 2021 A, GO Bonds | 5.00% | 04/01/2031 | 55 | &nbsp;&nbsp; 61270 |
| Columbus (City of), OH, Series 2023 A, GO Bonds | 5.00% | 08/15/2031 | 145 | &nbsp;&nbsp; 164208 |
| Columbus (City of), OH, Series 2024 A, GO Bonds | 5.00% | 08/15/2031 | 55 | &nbsp;&nbsp; 62286 |
| Hilliard (City of), OH, Series 2022, RB | 5.00% | 12/01/2058 | 50 | &nbsp;&nbsp; 51225 |
| Montgomery (County of), OH (Kettering Health Network Obligated Group), Series 2021, Ref. RB | 4.00% | 08/01/2041 | 10 | &nbsp;&nbsp; 9782 |
| Montgomery (County of), OH (Kettering Health Network Obligated Group), Series 2021, Ref. RB | 4.00% | 08/01/2051 | 10 | &nbsp;&nbsp; 8972 |
| Ohio (State of), Series 2019-1, RB | 5.00% | 12/15/2031 | 5 | &nbsp;&nbsp; 5686 |
| Ohio (State of), Series 2021 A, GO Bonds | 5.00% | 05/01/2037 | 20 | &nbsp;&nbsp; 22061 |
| Ohio (State of), Series 2021 A, GO Bonds | 4.00% | 06/15/2037 | 10 | &nbsp;&nbsp; 10391 |
| Ohio (State of), Series 2021 A, GO Bonds | 5.00% | 05/01/2040 | 130 | &nbsp;&nbsp; 140776 |
| Ohio (State of), Series 2021 A, GO Bonds | 5.00% | 06/15/2041 | 240 | &nbsp;&nbsp; 258562 |
| Ohio (State of), Series 2021 B, Ref. GO Bonds | 5.00% | 09/15/2031 | 90 | &nbsp;&nbsp; 102278 |
| Ohio (State of), Series 2021 C, Ref. GO Bonds | 5.00% | 03/15/2031 | 65 | &nbsp;&nbsp; 73206 |
| Ohio (State of), Series 2021, RB | 5.00% | 02/01/2031 | 175 | &nbsp;&nbsp; 196020 |
| Ohio (State of), Series 2023, Ref. GO Bonds | 5.00% | 09/01/2031 | 30 | &nbsp;&nbsp; 34069 |
| Ohio (State of), Series 2025 B, Ref. GO Bonds | 5.00% | 11/01/2031 | 25 | &nbsp;&nbsp; 28475 |
| Ohio (State of) Turnpike & Infrastructure Commission, Series 2013 A-4, RB | 5.70% | 02/15/2034 | 130 | &nbsp;&nbsp; 148439 |
| Ohio (State of) Turnpike & Infrastructure Commission, Series 2021 A, RB | 5.00% | 02/15/2046 | 355 | &nbsp;&nbsp; 370359 |
| Ohio (State of) Turnpike & Infrastructure Commission, Series 2021 A, RB | 5.00% | 02/15/2051 | 70 | &nbsp;&nbsp; 72479 |
| Ohio (State of) Turnpike & Infrastructure Commission, Series 2022, Ref. RB | 5.00% | 02/15/2031 | 195 | &nbsp;&nbsp; 218067 |
| Ohio (State of) Turnpike & Infrastructure Commission (Infrastructure), Series 2013, RB | 5.80% | 02/15/2036 | 25 | &nbsp;&nbsp; 28407 |
| Ohio (State of) Water Development Authority, Series 2021 A, RB | 5.00% | 12/01/2035 | 170 | &nbsp;&nbsp; 188970 |
| Ohio (State of) Water Development Authority, Series 2021 A, RB | 5.00% | 12/01/2037 | 115 | &nbsp;&nbsp; 126367 |
| Ohio (State of) Water Development Authority, Series 2021 A, RB | 5.00% | 12/01/2038 | 160 | &nbsp;&nbsp; 174783 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Ohio-(continued)** |  |  |  |  |
| Ohio (State of) Water Development Authority, Series 2021, RB | 5.00% | 06/01/2046 | $170 | &nbsp;&nbsp; $179158 |
| Ohio (State of) Water Development Authority, Series 2024 A, GO Bonds | 5.00% | 06/01/2031 | 40 | &nbsp;&nbsp; 45203 |
| &nbsp;&nbsp;&nbsp; Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2024 B, <br> Ref. RB<br>| 5.00% | 12/01/2031 | 40 | &nbsp;&nbsp; 45602 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2024 E, RB | 5.00% | 12/01/2031 | 75 | &nbsp;&nbsp; 85504 |
| &nbsp;&nbsp;&nbsp; Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund) (Green Bonds), <br> Series 2021 A, RB<br>| 5.00% | 12/01/2038 | 35 | &nbsp;&nbsp; 38501 |
| &nbsp;&nbsp;&nbsp; Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund) (Green Bonds), <br> Series 2021 A, RB<br>| 4.00% | 12/01/2039 | 5 | &nbsp;&nbsp; 5112 |
| &nbsp;&nbsp;&nbsp; Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund) (Green Bonds), <br> Series 2021 A, RB<br>| 5.00% | 12/01/2040 | 140 | &nbsp;&nbsp; 152399 |
| &nbsp;&nbsp;&nbsp; Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund) (Green Bonds), <br> Series 2021 A, RB<br>| 4.00% | 12/01/2041 | 15 | &nbsp;&nbsp; 15154 |
| &nbsp;&nbsp;&nbsp; Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund) (Green Bonds), <br> Series 2021 A, RB<br>| 5.00% | 12/01/2046 | 115 | &nbsp;&nbsp; 121148 |
| &nbsp;&nbsp;&nbsp; Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund) (Green Bonds), <br> Series 2024 D, RB<br>| 5.00% | 12/01/2031 | 40 | &nbsp;&nbsp; 45602 |
| Ohio State University (The), Series 2021, RB | 5.00% | 12/01/2035 | 20 | &nbsp;&nbsp; 22325 |
| Ohio State University (The) (Green Bonds), Series 2021, RB | 5.00% | 12/01/2033 | 45 | &nbsp;&nbsp; 50696 |
| Ohio State University (The) (Green Bonds), Series 2021, RB | 5.00% | 12/01/2034 | 100 | &nbsp;&nbsp; 112304 |
| Ohio State University (The) (Green Bonds), Series 2021, RB | 5.00% | 12/01/2036 | 155 | &nbsp;&nbsp; 171988 |
| Tipp (City of), Ohio Exempted Village School District, Series 2024 B, GO Bonds, (INS - BAM)<sup>(a)</sup> | 5.00% | 11/01/2054 | 115 | &nbsp;&nbsp; 119233 |
|  |  |  |  | &nbsp;&nbsp; 4184358 |
| **Oklahoma-0.32%** |  |  |  |  |
| Canadian (County of), OK Educational Facilities Authority (Mustang Public Schools), Series 2023, RB | 5.00% | 09/01/2031 | 10 | &nbsp;&nbsp; 11101 |
| Cleveland (County of), OK Educational Facilities Authority (Moore Public Schools), Series 2021, RB | 4.00% | 06/01/2031 | 100 | &nbsp;&nbsp; 104225 |
| Oklahoma (State of) Turnpike Authority, Series 2020 A, Ref. RB | 5.00% | 01/01/2031 | 175 | &nbsp;&nbsp; 194580 |
| Oklahoma (State of) Water Resources Board, Series 2024 B, RB | 4.38% | 10/01/2054 | 5 | &nbsp;&nbsp; 4964 |
| Oklahoma (State of) Water Resources Board (2019 Master Trust), Series 2021, RB | 5.00% | 04/01/2051 | 95 | &nbsp;&nbsp; 98519 |
| Payne County Economic Development Authority, Series 2024, RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 09/01/2031 | 20 | &nbsp;&nbsp; 22248 |
| University of Oklahoma (The), Series 2021 A, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 07/01/2046 | 10 | &nbsp;&nbsp; 10403 |
|  |  |  |  | &nbsp;&nbsp; 446040 |
| **Oregon-0.35%** |  |  |  |  |
| Oregon (State of), Series 2021, GO Bonds | 5.00% | 05/01/2036 | 35 | &nbsp;&nbsp; 38580 |
| Oregon (State of), Series 2025, Ref. GO Bonds | 5.00% | 05/01/2031 | 70 | &nbsp;&nbsp; 79137 |
| Oregon (State of) (Article XI-Q State), Series 2023 A, GO Bonds | 5.00% | 05/01/2031 | 245 | &nbsp;&nbsp; 276978 |
| Oregon (State of) (Q State), Series 2021 A, GO Bonds | 5.00% | 05/01/2035 | 50 | &nbsp;&nbsp; 55547 |
| Oregon (State of) Department of Transportation, Series 2024, Ref. RB | 5.00% | 11/15/2031 | 35 | &nbsp;&nbsp; 39850 |
|  |  |  |  | &nbsp;&nbsp; 490092 |
| **Pennsylvania-2.66%** |  |  |  |  |
| Lancaster School District, Series 2023, GO Bonds, (INS - BAM)<sup>(a)</sup> | 4.00% | 04/01/2040 | 65 | &nbsp;&nbsp; 65637 |
| Pennsylvania (Commonwealth of), First Series 2017, Ref. GO Bonds | 3.00% | 01/01/2031 | 335 | &nbsp;&nbsp; 331594 |
| Pennsylvania (Commonwealth of), First Series 2020, GO Bonds | 5.00% | 05/01/2031 | 75 | &nbsp;&nbsp; 82935 |
| Pennsylvania (Commonwealth of), First Series 2021, GO Bonds | 5.00% | 05/15/2031 | 60 | &nbsp;&nbsp; 67423 |
| Pennsylvania (Commonwealth of), First Series 2021, GO Bonds | 4.00% | 05/15/2033 | 350 | &nbsp;&nbsp; 369810 |
| Pennsylvania (Commonwealth of), First Series 2023, Ref. GO Bonds | 5.00% | 09/01/2031 | 80 | &nbsp;&nbsp; 90348 |
| Pennsylvania (Commonwealth of), First Series 2023, Ref. GO Bonds | 5.00% | 09/01/2031 | 55 | &nbsp;&nbsp; 62114 |
| Pennsylvania (Commonwealth of), Series 2022, GO Bonds | 5.00% | 10/01/2031 | 105 | &nbsp;&nbsp; 118748 |
| Pennsylvania (Commonwealth of), Series 2024, GO Bonds | 5.00% | 08/15/2031 | 25 | &nbsp;&nbsp; 28212 |
| Pennsylvania (Commonwealth of), Series 2025 A, Ref. GO Bonds | 5.00% | 08/15/2031 | 15 | &nbsp;&nbsp; 16927 |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority, Series 2023 A-1, RB | 5.00% | 05/15/2031 | 330 | &nbsp;&nbsp; 361669 |
| &nbsp;&nbsp;&nbsp; Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC), Series 2025 B, <br> Ref. RB<br>| 5.00% | 03/15/2031 | 5 | &nbsp;&nbsp; 5488 |
| &nbsp;&nbsp;&nbsp; Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania <br> Health System), Series 2021 A, Ref. RB<br>| 5.00% | 08/15/2044 | 175 | &nbsp;&nbsp; 183250 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, Ref. RB | 5.00% | 12/01/2046 | 125 | &nbsp;&nbsp; 131478 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, Ref. RB | 5.00% | 12/01/2047 | 240 | &nbsp;&nbsp; 251565 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 B, Ref. RB | 5.00% | 12/01/2037 | 65 | &nbsp;&nbsp; 71150 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Pennsylvania-(continued)** |  |  |  |  |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 B, Ref. RB | 5.00% | 12/01/2046 | $110 | &nbsp;&nbsp; $113627 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 B, Ref. RB | 5.00% | 12/01/2046 | 375 | &nbsp;&nbsp; 392420 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 B, Ref. RB | 5.00% | 12/01/2051 | 100 | &nbsp;&nbsp; 103747 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 C, Ref. RB | 5.00% | 12/01/2046 | 145 | &nbsp;&nbsp; 152514 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2022 A, Ref. RB | 5.00% | 12/01/2031 | 40 | &nbsp;&nbsp; 45435 |
| Philadelphia (City of), PA, Series 2021 A, GO Bonds | 5.00% | 05/01/2035 | 50 | &nbsp;&nbsp; 55229 |
| Philadelphia (City of), PA, Series 2021 A, GO Bonds | 5.00% | 05/01/2036 | 105 | &nbsp;&nbsp; 115455 |
| Philadelphia (City of), PA, Series 2021 A, GO Bonds | 4.00% | 05/01/2039 | 10 | &nbsp;&nbsp; 10059 |
| Philadelphia (City of), PA, Series 2021 C, RB | 5.00% | 10/01/2046 | 275 | &nbsp;&nbsp; 287294 |
| Philadelphia (City of), PA, Series 2024 C, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 09/01/2031 | 5 | &nbsp;&nbsp; 5641 |
| Philadelphia (City of), PA, Series 2025 C, Ref. GO Bonds | 5.00% | 08/01/2031 | 105 | &nbsp;&nbsp; 117944 |
| &nbsp;&nbsp;&nbsp; Philadelphia (City of), PA Authority for Industrial Development (Children's Hospital of Philadelphia), <br> Series 2021, Ref. RB<br>| 5.00% | 07/01/2031 | 15 | &nbsp;&nbsp; 16801 |
| Pittsburgh (City of), PA Water & Sewer Authority, Series 2019 B, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 09/01/2031 | 35 | &nbsp;&nbsp; 39487 |
|  |  |  |  | &nbsp;&nbsp; 3694001 |
| **Rhode Island-0.02%** |  |  |  |  |
| Rhode Island Commerce Corp. (Garvee), Series 2020 A, RB | 5.00% | 05/15/2031 | 20 | &nbsp;&nbsp; 21963 |
| **South Carolina-0.87%** |  |  |  |  |
| Lexington & Richland School District No. 5, Series 2021 B, Ref. GO Bonds | 4.00% | 03/01/2031 | 15 | &nbsp;&nbsp; 16017 |
| Piedmont Municipal Power Agency, Series 2021 D, Ref. RB | 4.00% | 01/01/2033 | 40 | &nbsp;&nbsp; 41096 |
| SCAGO Educational Facilities Corp. for Pickens School District, Series 2015, Ref. RB<sup>(b)(c)</sup> | 3.50% | 12/17/2025 | 25 | &nbsp;&nbsp; 25009 |
| &nbsp;&nbsp;&nbsp; South Carolina (State of) Jobs-Economic Development Authority (Novant Health Obligated Group), <br> Series 2024, RB<br>| 5.00% | 11/01/2031 | 260 | &nbsp;&nbsp; 290220 |
| South Carolina (State of) Public Service Authority, Series 2020 A, Ref. RB | 5.00% | 12/01/2031 | 10 | &nbsp;&nbsp; 11008 |
| South Carolina (State of) Public Service Authority, Series 2021 A, Ref. RB | 4.00% | 12/01/2034 | 10 | &nbsp;&nbsp; 10334 |
| South Carolina (State of) Public Service Authority, Series 2021 B, RB | 4.00% | 12/01/2039 | 350 | &nbsp;&nbsp; 351060 |
| South Carolina (State of) Public Service Authority, Series 2021 B, RB | 5.00% | 12/01/2040 | 15 | &nbsp;&nbsp; 15812 |
| South Carolina (State of) Public Service Authority, Series 2021 B, RB | 5.00% | 12/01/2043 | 45 | &nbsp;&nbsp; 46424 |
| South Carolina (State of) Public Service Authority (Santee Cooper), Series 2022 A, RB | 5.00% | 12/01/2031 | 70 | &nbsp;&nbsp; 78353 |
| South Carolina (State of) Transportation Infrastructure Bank, Series 2021 A, Ref. RB | 4.00% | 10/01/2033 | 135 | &nbsp;&nbsp; 143154 |
| South Carolina (State of) Transportation Infrastructure Bank, Series 2021 B, Ref. RB | 5.00% | 10/01/2031 | 40 | &nbsp;&nbsp; 45353 |
| University of South Carolina (Campus Village), Series 2021 A, RB | 5.00% | 05/01/2046 | 125 | &nbsp;&nbsp; 131331 |
|  |  |  |  | &nbsp;&nbsp; 1205171 |
| **South Dakota-0.23%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; South Dakota (State of) Health & Educational Facilities Authority (Avera Health), Series 2024 A, Ref. <br> RB<br>| 5.00% | 07/01/2031 | 290 | &nbsp;&nbsp; 320351 |
| **Tennessee-0.49%** |  |  |  |  |
| Clarksville (City of), TN, Series 2021 A, RB | 5.00% | 02/01/2045 | 105 | &nbsp;&nbsp; 109534 |
| &nbsp;&nbsp;&nbsp; Johnson City (City of), TN Health & Educational Facilities Board (Ballad Health Obligated Group), <br> Series 2023 A, Ref. RB<br>| 5.00% | 07/01/2031 | 230 | &nbsp;&nbsp; 252861 |
| Memphis (City of), TN, Series 2022 A, Ref. GO Bonds | 5.00% | 10/01/2047 | 50 | &nbsp;&nbsp; 52167 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 A, RB | 5.00% | 05/15/2046 | 150 | &nbsp;&nbsp; 156470 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 C, GO Bonds | 4.00% | 01/01/2031 | 40 | &nbsp;&nbsp; 42741 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2024 A, GO Bonds | 5.00% | 01/01/2031 | 20 | &nbsp;&nbsp; 22389 |
| &nbsp;&nbsp;&nbsp; Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities <br> Board (The) (Vanderbilt University Medical Center), Series 2021 A, RB<br>| 5.00% | 07/01/2031 | 30 | &nbsp;&nbsp; 32874 |
| Tennessee (State of), Series 2023 A, GO Bonds | 5.00% | 05/01/2031 | 5 | &nbsp;&nbsp; 5650 |
|  |  |  |  | &nbsp;&nbsp; 674686 |
| **Texas-7.46%** |  |  |  |  |
| Austin (City of), TX, Series 2021, Ref. RB | 5.00% | 11/15/2046 | 160 | &nbsp;&nbsp; 167569 |
| Austin (City of), TX, Series 2024, Ref. RB | 5.00% | 11/15/2031 | 75 | &nbsp;&nbsp; 84728 |
| Austin Independent School District, Series 2021, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 08/01/2036 | 65 | &nbsp;&nbsp; 67834 |
| Austin Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/01/2031 | 125 | &nbsp;&nbsp; 141252 |
| Bexar (County of), TX, Series 2022 B, Ctfs. of Obligations | 4.75% | 06/15/2048 | 20 | &nbsp;&nbsp; 20445 |
| Board of Regents of the University of Texas System, Series 2020 C, Ref. RB | 5.00% | 08/15/2031 | 155 | &nbsp;&nbsp; 175357 |
| Board of Regents of the University of Texas System, Series 2021 A, Ref. RB | 5.00% | 08/15/2031 | 110 | &nbsp;&nbsp; 124447 |
| Board of Regents of the University of Texas System, Series 2021 A, Ref. RB | 4.00% | 08/15/2035 | 15 | &nbsp;&nbsp; 15719 |
| Board of Regents of the University of Texas System, Series 2023 A, RB | 5.00% | 08/15/2031 | 290 | &nbsp;&nbsp; 328087 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas-(continued)** |  |  |  |  |
| Board of Regents of the University of Texas System, Series 2024 A, Ref. RB | 5.00% | 08/15/2031 | $70 | &nbsp;&nbsp; $79193 |
| Board of Regents of the University of Texas System, Series 2025 B, RB | 5.00% | 08/15/2031 | 25 | &nbsp;&nbsp; 28283 |
| Central Texas Regional Mobility Authority, Series 2021 B, RB | 5.00% | 01/01/2046 | 205 | &nbsp;&nbsp; 211398 |
| Central Texas Regional Mobility Authority, Series 2021 D, Ref. RB | 4.00% | 01/01/2037 | 155 | &nbsp;&nbsp; 159209 |
| Central Texas Regional Mobility Authority, Series 2021 D, Ref. RB | 4.00% | 01/01/2038 | 35 | &nbsp;&nbsp; 35749 |
| &nbsp;&nbsp;&nbsp; Clear Creek Independent School District, Series 2013 B, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2031 | 115 | &nbsp;&nbsp; 128307 |
| &nbsp;&nbsp;&nbsp; Clear Creek Independent School District, Series 2024 A, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2031 | 40 | &nbsp;&nbsp; 44628 |
| Comal Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 02/01/2036 | 100 | &nbsp;&nbsp; 103966 |
| &nbsp;&nbsp;&nbsp; Comal Independent School District, Series 2024, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2031 | 195 | &nbsp;&nbsp; 217563 |
| &nbsp;&nbsp;&nbsp; Cypress-Fairbanks Independent School District, Series 2020 A, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2037 | 15 | &nbsp;&nbsp; 15506 |
| &nbsp;&nbsp;&nbsp; Cypress-Fairbanks Independent School District, Series 2025, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2031 | 30 | &nbsp;&nbsp; 33580 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 A, Ref. RB | 5.00% | 11/01/2031 | 80 | &nbsp;&nbsp; 88530 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020, Ref. RB | 5.00% | 11/01/2031 | 70 | &nbsp;&nbsp; 77464 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB | 5.00% | 11/01/2031 | 85 | &nbsp;&nbsp; 95965 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2024, RB | 5.00% | 11/01/2031 | 40 | &nbsp;&nbsp; 45160 |
| Dallas (City of), TX, Series 2023 A, Ref. GO Bonds | 5.00% | 02/15/2031 | 40 | &nbsp;&nbsp; 44587 |
| Dallas (City of), TX, Series 2024 A, Ctfs. Of Obligations | 5.00% | 02/15/2031 | 215 | &nbsp;&nbsp; 239656 |
| Dallas (City of), TX Area Rapid Transit, Series 2007, Ref. RB, (INS - AMBAC)<sup>(a)</sup> | 5.25% | 12/01/2031 | 95 | &nbsp;&nbsp; 108484 |
| Dallas College, Series 2022, GO Bonds | 5.00% | 02/15/2031 | 100 | &nbsp;&nbsp; 111571 |
| Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2031 | 140 | &nbsp;&nbsp; 157911 |
| El Paso (City of), TX, Series 2022, RB | 5.00% | 03/01/2046 | 170 | &nbsp;&nbsp; 176311 |
| El Paso (City of), TX, Series 2022, RB | 5.00% | 03/01/2052 | 10 | &nbsp;&nbsp; 10310 |
| Garland Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2031 | 105 | &nbsp;&nbsp; 117366 |
| Georgetown (City of), TX, Series 2022, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 08/15/2042 | 130 | &nbsp;&nbsp; 137370 |
| Harris (County of), TX, Series 2022 A, Ref. GO Bonds | 5.00% | 08/15/2031 | 55 | &nbsp;&nbsp; 61912 |
| Harris (County of), TX, Series 2022 A, Ref. GO Bonds | 5.00% | 10/01/2047 | 10 | &nbsp;&nbsp; 10400 |
| Harris (County of), TX, Series 2024 A, RB | 5.00% | 08/15/2031 | 60 | &nbsp;&nbsp; 67439 |
| Harris (County of), TX, Series 2024 A, Ref. GO Bonds | 5.00% | 09/15/2031 | 20 | &nbsp;&nbsp; 22544 |
| &nbsp;&nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), <br> Series 2024, Ref. RB<br>| 5.00% | 07/01/2031 | 95 | &nbsp;&nbsp; 105940 |
| &nbsp;&nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp. (Texas Children's Hospital), Series 2024, Ref. <br> RB<br>| 5.00% | 10/01/2031 | 440 | &nbsp;&nbsp; 494180 |
| Houston (City of), TX, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 07/01/2031 | 160 | &nbsp;&nbsp; 180100 |
| Houston (City of), TX, Series 2024, Ref. RB | 5.00% | 11/15/2031 | 15 | &nbsp;&nbsp; 16954 |
| &nbsp;&nbsp;&nbsp; Hurst-Euless-Bedford Independent School District, Series 2024, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 08/15/2031 | 15 | &nbsp;&nbsp; 16877 |
| &nbsp;&nbsp;&nbsp; Lamar Consolidated Independent School District, Series 2024 A, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2031 | 75 | &nbsp;&nbsp; 83717 |
| Lewisville Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2031 | 60 | &nbsp;&nbsp; 67880 |
| Lower Colorado River Authority, Series 2022, Ref. RB | 5.00% | 05/15/2041 | 35 | &nbsp;&nbsp; 36907 |
| Lower Colorado River Authority, Series 2022, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 05/15/2033 | 100 | &nbsp;&nbsp; 111096 |
| Lower Colorado River Authority, Series 2022, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 05/15/2034 | 140 | &nbsp;&nbsp; 155013 |
| Lower Colorado River Authority, Series 2022, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 05/15/2035 | 30 | &nbsp;&nbsp; 33031 |
| Lower Colorado River Authority, Series 2022, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 05/15/2036 | 155 | &nbsp;&nbsp; 169520 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021 A, RB | 5.00% | 05/15/2046 | 200 | &nbsp;&nbsp; 205622 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, RB | 5.00% | 05/15/2051 | 110 | &nbsp;&nbsp; 112427 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2022, Ref. RB | 5.00% | 05/15/2036 | 40 | &nbsp;&nbsp; 43517 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2022, Ref. RB | 5.00% | 05/15/2037 | 175 | &nbsp;&nbsp; 189348 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2022, Ref. RB | 5.00% | 05/15/2038 | 55 | &nbsp;&nbsp; 59158 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2022, Ref. RB | 5.00% | 05/15/2040 | 15 | &nbsp;&nbsp; 15925 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2022, Ref. RB | 5.00% | 05/15/2042 | 40 | &nbsp;&nbsp; 41904 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2022, Ref. RB | 5.00% | 05/15/2043 | 15 | &nbsp;&nbsp; 15610 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2022, Ref. RB | 5.00% | 05/15/2047 | 90 | &nbsp;&nbsp; 92415 |
| Midland Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2031 | 120 | &nbsp;&nbsp; 133823 |
| North Texas Municipal Water District, Series 2021 A, Ref. RB | 4.00% | 09/01/2031 | 55 | &nbsp;&nbsp; 58020 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas-(continued)** |  |  |  |  |
| North Texas Municipal Water District, Series 2025, Ref. RB | 5.00% | 09/01/2031 | $100 | &nbsp;&nbsp; $112878 |
| North Texas Tollway Authority, Series 2021 B, RB | 5.00% | 01/01/2031 | 10 | &nbsp;&nbsp; 11094 |
| North Texas Tollway Authority, Series 2021 B, RB | 4.00% | 01/01/2033 | 10 | &nbsp;&nbsp; 10339 |
| North Texas Tollway Authority, Series 2021 B, RB | 4.00% | 01/01/2034 | 130 | &nbsp;&nbsp; 133580 |
| North Texas Tollway Authority, Series 2023 B, Ref. RB | 5.00% | 01/01/2031 | 35 | &nbsp;&nbsp; 38828 |
| North Texas Tollway Authority, Series 2024 B, Ref. RB | 5.00% | 01/01/2031 | 25 | &nbsp;&nbsp; 27734 |
| Permanent University Fund - Texas A&M University System, Series 2025 A, Ref. RB | 5.00% | 07/01/2031 | 120 | &nbsp;&nbsp; 135275 |
| Permanent University Fund - University of Texas System, Series 2022 A, RB | 5.00% | 07/01/2031 | 60 | &nbsp;&nbsp; 67571 |
| Permanent University Fund - University of Texas System, Series 2024 A, Ref. RB | 5.00% | 07/01/2031 | 115 | &nbsp;&nbsp; 129830 |
| Permanent University Fund - University of Texas System, Series 2025 A, Ref. RB | 5.00% | 07/01/2031 | 85 | &nbsp;&nbsp; 95961 |
| Plano Independent School District, Series 2023, GO Bonds | 5.00% | 02/15/2031 | 50 | &nbsp;&nbsp; 55682 |
| Plano Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2031 | 5 | &nbsp;&nbsp; 5591 |
| &nbsp;&nbsp;&nbsp; Rockwall Independent School District, Series 2022 A, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2047 | 190 | &nbsp;&nbsp; 196769 |
| Sabine-Neches Navigation District (Sabine-Neches Waterway), Series 2022, GO Bonds | 5.25% | 02/15/2052 | 265 | &nbsp;&nbsp; 276066 |
| San Antonio (City of), TX, Series 2021 A, RB | 5.00% | 02/01/2038 | 20 | &nbsp;&nbsp; 21520 |
| San Antonio (City of), TX, Series 2021 A, RB | 5.00% | 02/01/2039 | 140 | &nbsp;&nbsp; 149902 |
| San Antonio (City of), TX, Series 2021 A, RB | 5.00% | 02/01/2040 | 160 | &nbsp;&nbsp; 169896 |
| San Antonio (City of), TX, Series 2021 A, RB | 5.00% | 02/01/2041 | 125 | &nbsp;&nbsp; 131903 |
| San Antonio (City of), TX, Series 2021 A, RB | 5.00% | 02/01/2046 | 130 | &nbsp;&nbsp; 134736 |
| San Antonio (City of), TX, Series 2024 D, Ref. RB | 5.00% | 02/01/2031 | 35 | &nbsp;&nbsp; 39060 |
| San Antonio (City of), TX Water System, Series 2021 A, Ref. RB | 5.00% | 05/15/2046 | 100 | &nbsp;&nbsp; 104166 |
| San Antonio Public Facilities Corp., Series 2022, Ref. RB | 5.00% | 09/15/2031 | 5 | &nbsp;&nbsp; 5565 |
| Tarrant (County of), TX Regional Water District, Series 2024, Ref. RB | 5.00% | 03/01/2031 | 65 | &nbsp;&nbsp; 72577 |
| Tarrant County College District, Series 2022, GO Bonds | 5.00% | 08/15/2031 | 50 | &nbsp;&nbsp; 56058 |
| Texas (State of), Series 2024, Ref. GO Bonds | 5.00% | 10/01/2031 | 140 | &nbsp;&nbsp; 158574 |
| Texas (State of) Transportation Commission, Series 2024, Ref. GO Bonds | 5.00% | 04/01/2031 | 205 | &nbsp;&nbsp; 230089 |
| Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2024 C, Ref. RB | 5.00% | 08/15/2031 | 260 | &nbsp;&nbsp; 291211 |
| Texas (State of) Water Development Board, Series 2020, RB | 5.00% | 08/01/2031 | 110 | &nbsp;&nbsp; 121717 |
| Texas (State of) Water Development Board, Series 2021, RB | 5.00% | 08/01/2031 | 215 | &nbsp;&nbsp; 242469 |
| Texas (State of) Water Development Board, Series 2021, RB | 5.00% | 08/01/2033 | 80 | &nbsp;&nbsp; 89601 |
| Texas (State of) Water Development Board, Series 2021, RB | 5.00% | 08/01/2034 | 255 | &nbsp;&nbsp; 284613 |
| Texas (State of) Water Development Board, Series 2021, RB | 4.00% | 08/01/2035 | 35 | &nbsp;&nbsp; 36529 |
| Texas (State of) Water Development Board, Series 2021, RB | 4.00% | 08/01/2036 | 105 | &nbsp;&nbsp; 108971 |
| Texas (State of) Water Development Board, Series 2023 A, RB | 5.00% | 10/15/2031 | 90 | &nbsp;&nbsp; 101850 |
| Texas A&M University, Series 2024 A, RB | 5.00% | 05/15/2031 | 65 | &nbsp;&nbsp; 73112 |
| Texas State University Board of Regents, Series 2024 A, RB | 5.00% | 02/15/2031 | 20 | &nbsp;&nbsp; 22252 |
| Texas State University Board of Regents, Series 2024, Ref. RB | 5.00% | 03/15/2031 | 50 | &nbsp;&nbsp; 55865 |
| Trinity River Authority, Series 2020, Ref. RB | 3.00% | 08/01/2031 | 100 | &nbsp;&nbsp; 100955 |
| University of Houston, Series 2022 A, Ref. RB | 5.00% | 02/15/2031 | 40 | &nbsp;&nbsp; 44546 |
| Williamson (County of), TX, Series 2024, GO Notes | 5.00% | 02/15/2031 | 30 | &nbsp;&nbsp; 33440 |
|  |  |  |  | &nbsp;&nbsp; 10373159 |
| **Utah-1.58%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Granite School District Board of Education, Series 2021, Ref. GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 06/01/2031 | 120 | &nbsp;&nbsp; 135543 |
| Intermountain Power Agency, Series 2022 A, Ref. RB | 5.00% | 07/01/2031 | 50 | &nbsp;&nbsp; 55785 |
| Intermountain Power Agency, Series 2022 A, Ref. RB | 5.00% | 07/01/2034 | 55 | &nbsp;&nbsp; 60551 |
| Intermountain Power Agency, Series 2022 A, Ref. RB | 5.00% | 07/01/2035 | 115 | &nbsp;&nbsp; 126006 |
| Intermountain Power Agency, Series 2022 A, Ref. RB | 5.00% | 07/01/2037 | 70 | &nbsp;&nbsp; 75785 |
| Intermountain Power Agency, Series 2022 A, Ref. RB | 5.00% | 07/01/2038 | 45 | &nbsp;&nbsp; 48479 |
| Intermountain Power Agency, Series 2022 A, Ref. RB | 5.00% | 07/01/2039 | 200 | &nbsp;&nbsp; 214556 |
| Intermountain Power Agency, Series 2022 A, Ref. RB | 5.00% | 07/01/2040 | 20 | &nbsp;&nbsp; 21311 |
| Intermountain Power Agency, Series 2022 A, Ref. RB | 5.00% | 07/01/2041 | 200 | &nbsp;&nbsp; 211663 |
| Intermountain Power Agency, Series 2022 A, Ref. RB | 5.00% | 07/01/2042 | 120 | &nbsp;&nbsp; 126147 |
| Intermountain Power Agency, Series 2022 A, Ref. RB | 5.00% | 07/01/2043 | 25 | &nbsp;&nbsp; 26123 |
| Intermountain Power Agency, Series 2022 A, Ref. RB | 5.00% | 07/01/2044 | 320 | &nbsp;&nbsp; 332760 |
| Intermountain Power Agency, Series 2022 A, Ref. RB | 5.00% | 07/01/2045 | 270 | &nbsp;&nbsp; 280091 |
| Intermountain Power Agency, Series 2023 A, RB | 5.00% | 07/01/2031 | 35 | &nbsp;&nbsp; 39050 |
| Salt Lake City (City of), UT, Series 2021 B, RB | 5.00% | 07/01/2046 | 110 | &nbsp;&nbsp; 114009 |
| University of Utah (The) (Green Bonds), Series 2022 A, RB | 5.00% | 08/01/2046 | 75 | &nbsp;&nbsp; 78580 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Utah-(continued)** |  |  |  |  |
| University of Utah (The) (Green Bonds), Series 2022 B, RB | 5.00% | 08/01/2031 | $140 | &nbsp;&nbsp; $157808 |
| Utah (State of) Transit Authority, Series 2007 A, Ref. RB, (INS - NATL)<sup>(a)</sup> | 5.00% | 06/15/2031 | 70 | &nbsp;&nbsp; 77297 |
| Utah Transit Authority, Series 2025, Ref. RB | 5.00% | 12/15/2031 | 10 | &nbsp;&nbsp; 11383 |
|  |  |  |  | &nbsp;&nbsp; 2192927 |
| **Virginia-1.27%** |  |  |  |  |
| Fairfax (County of), VA, Series 2021 A, RB | 5.00% | 07/15/2046 | 10 | &nbsp;&nbsp; 10516 |
| Fairfax (County of), VA, Series 2023 A, GO Bonds | 4.00% | 10/01/2031 | 20 | &nbsp;&nbsp; 21587 |
| Fairfax (County of), VA, Series 2024 A, GO Bonds | 5.00% | 10/01/2031 | 50 | &nbsp;&nbsp; 56866 |
| Norfolk (City of), VA, Series 2021 A, GO Bonds | 5.00% | 03/01/2033 | 210 | &nbsp;&nbsp; 235112 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Centuity College and Equipment), <br> Series 2021, RB<br>| 5.00% | 02/01/2031 | 105 | &nbsp;&nbsp; 117720 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Centuity College and Equipment), <br> Series 2022, RB<br>| 5.00% | 02/01/2031 | 165 | &nbsp;&nbsp; 184989 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment <br> Programs), Series 2021 A, RB<br>| 4.00% | 02/01/2033 | 30 | &nbsp;&nbsp; 31558 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment <br> Programs), Series 2023 A, RB<br>| 5.00% | 02/01/2031 | 130 | &nbsp;&nbsp; 145749 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment <br> Programs), Series 2023 B, Ref. RB<br>| 5.00% | 02/01/2031 | 185 | &nbsp;&nbsp; 207412 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments <br> Programs), Series 2021, RB<br>| 4.00% | 02/01/2034 | 15 | &nbsp;&nbsp; 15730 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments <br> Programs), Series 2021, RB<br>| 4.00% | 02/01/2037 | 45 | &nbsp;&nbsp; 46433 |
| Virginia (Commonwealth of) Public Building Authority, Series 2021 A-1, RB | 5.00% | 08/01/2031 | 140 | &nbsp;&nbsp; 158360 |
| Virginia (Commonwealth of) Public Building Authority, Series 2021 A-1, RB | 5.00% | 08/01/2033 | 230 | &nbsp;&nbsp; 258203 |
| Virginia (Commonwealth of) Public Building Authority, Series 2021 A-2, RB | 4.00% | 08/01/2034 | 25 | &nbsp;&nbsp; 26252 |
| Virginia (Commonwealth of) Public Building Authority, Series 2021 A-2, RB | 4.00% | 08/01/2036 | 50 | &nbsp;&nbsp; 51821 |
| Virginia (Commonwealth of) Public Building Authority (Bidding Group 1), Series 2022 A, RB | 5.00% | 08/01/2031 | 60 | &nbsp;&nbsp; 67869 |
| Virginia (Commonwealth of) Transportation Board (I-81 Regional Corridor), Series 2021, RB | 5.00% | 05/15/2057 | 120 | &nbsp;&nbsp; 124403 |
| Virginia (Commonwealth of) Transportation Board (Transportation Capital), Series 2024, Ref. RB | 5.00% | 05/15/2031 | 5 | &nbsp;&nbsp; 5640 |
|  |  |  |  | &nbsp;&nbsp; 1766220 |
| **Washington-4.83%** |  |  |  |  |
| Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB | 5.00% | 11/01/2031 | 165 | &nbsp;&nbsp; 188031 |
| Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB | 5.00% | 11/01/2033 | 190 | &nbsp;&nbsp; 214150 |
| Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB | 5.00% | 11/01/2034 | 150 | &nbsp;&nbsp; 168109 |
| Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB | 5.00% | 11/01/2036 | 55 | &nbsp;&nbsp; 60917 |
| Energy Northwest, Series 2024 A, Ref. RB | 5.00% | 07/01/2031 | 70 | &nbsp;&nbsp; 79066 |
| Energy Northwest (Columbia Generating Station), Series 2021, Ref. RB | 5.00% | 07/01/2040 | 285 | &nbsp;&nbsp; 307405 |
| Energy Northwest (Columbia Generating Station), Series 2021, Ref. RB | 5.00% | 07/01/2041 | 330 | &nbsp;&nbsp; 353698 |
| Energy Northwest (No. 3), Series 2024 A, Ref. RB | 5.00% | 07/01/2031 | 15 | &nbsp;&nbsp; 16943 |
| Energy Northwest (No. 3), Series 2025 A, Ref. RB | 5.00% | 07/01/2031 | 35 | &nbsp;&nbsp; 39533 |
| King (County of), WA, Series 2021 A, GO Bonds | 5.00% | 01/01/2031 | 130 | &nbsp;&nbsp; 145662 |
| Seattle (Port of), WA, Series 2022 A, Ref. RB | 5.00% | 08/01/2031 | 5 | &nbsp;&nbsp; 5650 |
| Snohomish (County of), WA Public Utility District No. 1, Series 2021 A, RB | 5.00% | 12/01/2046 | 250 | &nbsp;&nbsp; 261058 |
| &nbsp;&nbsp;&nbsp; Snohomish County School District No. 15 Edmonds, Series 2024, Ref. GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2031 | 10 | &nbsp;&nbsp; 11371 |
| &nbsp;&nbsp;&nbsp; Spokane County School District No. 81, Series 2012, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 3.00% | 12/01/2031 | 50 | &nbsp;&nbsp; 49744 |
| &nbsp;&nbsp;&nbsp; Spokane County School District No. 81, Series 2021, Ref. GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 4.00% | 12/01/2039 | 25 | &nbsp;&nbsp; 25342 |
| Tacoma (City of), WA (Green Bonds), Series 2021, Ref. RB | 5.00% | 01/01/2046 | 150 | &nbsp;&nbsp; 156293 |
| Washington (State of), Series 2020 C, GO Bonds | 5.00% | 02/01/2031 | 255 | &nbsp;&nbsp; 279947 |
| Washington (State of), Series 2021 A, GO Bonds | 5.00% | 08/01/2033 | 65 | &nbsp;&nbsp; 72898 |
| Washington (State of), Series 2021 C, GO Bonds | 5.00% | 02/01/2038 | 80 | &nbsp;&nbsp; 87028 |
| Washington (State of), Series 2021 C, GO Bonds | 5.00% | 02/01/2039 | 45 | &nbsp;&nbsp; 48732 |
| Washington (State of), Series 2021 C, GO Bonds | 5.00% | 02/01/2041 | 80 | &nbsp;&nbsp; 85236 |
| Washington (State of), Series 2021 C, GO Bonds | 5.00% | 02/01/2042 | 65 | &nbsp;&nbsp; 68806 |
| Washington (State of), Series 2021 C, GO Bonds | 5.00% | 02/01/2044 | 50 | &nbsp;&nbsp; 52328 |
| Washington (State of), Series 2021 C, GO Bonds | 5.00% | 02/01/2045 | 150 | &nbsp;&nbsp; 156599 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Washington-(continued)** |  |  |  |  |  |
| Washington (State of), Series 2021, GO Bonds | 5.00% | 06/01/2045 | $| 95 | &nbsp;&nbsp; $99383 |
| Washington (State of), Series 2021, Ref. GO Bonds | 5.00% | 06/01/2031 |  | 85 | &nbsp;&nbsp; 93944 |
| Washington (State of), Series 2024 R-2025B, Ref. GO Bonds | 5.00% | 07/01/2031 |  | 35 | &nbsp;&nbsp; 39591 |
| Washington (State of), Series 2024, Ref. GO Bonds | 5.00% | 07/01/2031 |  | 60 | &nbsp;&nbsp; 67871 |
| Washington (State of), Series 2025 A, GO Bonds | 5.00% | 08/01/2031 |  | 10 | &nbsp;&nbsp; 11328 |
| Washington (State of), Series R-2021C, Ref. GO Bonds | 5.00% | 08/01/2031 |  | 15 | &nbsp;&nbsp; 16993 |
| Washington (State of), Series R-2021C, Ref. GO Bonds | 4.00% | 08/01/2035 |  | 50 | &nbsp;&nbsp; 52289 |
| Washington (State of), Series R-2021C, Ref. GO Bonds | 4.00% | 08/01/2036 |  | 40 | &nbsp;&nbsp; 41491 |
| Washington (State of), Series R-2023B, Ref. GO Bonds | 5.00% | 07/01/2031 |  | 60 | &nbsp;&nbsp; 67871 |
| Washington (State of), Series R-2024C, Ref. GO Bonds | 5.00% | 08/01/2031 |  | 80 | &nbsp;&nbsp; 90627 |
| Washington (State of) (Bid Group 1), Series 2020 A, GO Bonds | 5.00% | 08/01/2031 |  | 15 | &nbsp;&nbsp; 16626 |
| Washington (State of) (Bid Group 1), Series 2021 A, GO Bonds | 5.00% | 08/01/2031 |  | 260 | &nbsp;&nbsp; 294538 |
| Washington (State of) (Bid Group 1), Series 2021 A, GO Bonds | 5.00% | 08/01/2034 |  | 155 | &nbsp;&nbsp; 173002 |
| Washington (State of) (Bid Group 1), Series 2021 A, GO Bonds | 5.00% | 08/01/2035 |  | 105 | &nbsp;&nbsp; 116684 |
| Washington (State of) (Bid Group 1), Series 2021 A, GO Bonds | 5.00% | 08/01/2036 |  | 150 | &nbsp;&nbsp; 165826 |
| Washington (State of) (Bid Group 1), Series 2021 A, GO Bonds | 5.00% | 08/01/2037 |  | 245 | &nbsp;&nbsp; 269586 |
| Washington (State of) (Bid Group 1), Series 2021 A, GO Bonds | 5.00% | 08/01/2038 |  | 100 | &nbsp;&nbsp; 109313 |
| Washington (State of) (Bid Group 1), Series 2021 A, GO Bonds | 5.00% | 08/01/2039 |  | 30 | &nbsp;&nbsp; 32630 |
| Washington (State of) (Bid Group 1), Series 2021 C, GO Bonds | 5.00% | 02/01/2031 |  | 60 | &nbsp;&nbsp; 67361 |
| Washington (State of) (Bid Group 1), Series 2021 C, GO Bonds | 5.00% | 02/01/2033 |  | 240 | &nbsp;&nbsp; 267125 |
| Washington (State of) (Bid Group 1), Series 2021 C, GO Bonds | 5.00% | 02/01/2034 |  | 60 | &nbsp;&nbsp; 66487 |
| Washington (State of) (Bid Group 1), Series 2021 C, GO Bonds | 5.00% | 02/01/2035 |  | 125 | &nbsp;&nbsp; 138074 |
| Washington (State of) (Bid Group 1), Series 2021 C, GO Bonds | 5.00% | 02/01/2036 |  | 175 | &nbsp;&nbsp; 192457 |
| Washington (State of) (Bid Group 1), Series 2021 C, GO Bonds | 5.00% | 02/01/2037 |  | 125 | &nbsp;&nbsp; 136816 |
| Washington (State of) (Bid Group 1), Series 2022 A-1, GO Bonds | 5.00% | 08/01/2031 |  | 30 | &nbsp;&nbsp; 33985 |
| Washington (State of) (Bid Group 1), Series 2022 C, GO Bonds | 5.00% | 02/01/2031 |  | 180 | &nbsp;&nbsp; 202085 |
| Washington (State of) (Bid Group 1), Series 2023 B, GO Bonds | 5.00% | 02/01/2031 |  | 95 | &nbsp;&nbsp; 106656 |
| Washington (State of) (Bid Group 1), Series 2024 A, GO Bonds | 5.00% | 08/01/2031 |  | 55 | &nbsp;&nbsp; 62306 |
| Washington (State of) (Bid Group 1), Series 2024 C, GO Bonds | 5.00% | 02/01/2031 |  | 15 | &nbsp;&nbsp; 16840 |
| Washington (State of) (Bid Group 2), Series 2021 A, GO Bonds | 5.00% | 08/01/2040 |  | 170 | &nbsp;&nbsp; 183485 |
| Washington (State of) (Bid Group 2), Series 2021 A, GO Bonds | 5.00% | 08/01/2042 |  | 15 | &nbsp;&nbsp; 15944 |
| Washington (State of) (Bid Group 2), Series 2021 A, GO Bonds | 5.00% | 08/01/2044 |  | 10 | &nbsp;&nbsp; 10505 |
| Washington (State of) (Bid Group 2), Series R-2023A, Ref. GO Bonds | 5.00% | 08/01/2031 |  | 145 | &nbsp;&nbsp; 164262 |
| Washington (State of) (Bidding Group 2), Series 2021 A, GO Bonds | 5.00% | 08/01/2041 |  | 210 | &nbsp;&nbsp; 224892 |
| Washington (State of) (Bidding Group 2), Series 2021 A, GO Bonds | 5.00% | 08/01/2043 |  | 5 | &nbsp;&nbsp; 5279 |
| &nbsp;&nbsp;&nbsp; Whatcom (County of), WA Bellingham School District No. 501, Series 2021, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 4.00% | 12/01/2037 |  | 120 | &nbsp;&nbsp; 122827 |
|  |  |  |  |  | &nbsp;&nbsp; 6711525 |
| **West Virginia-0.11%** |  |  |  |  |  |
| West Virginia (State of) Parkways Authority, Series 2021, RB | 5.00% | 06/01/2047 |  | 150 | &nbsp;&nbsp; 156122 |
| **Wisconsin-1.05%** |  |  |  |  |  |
| Pleasant Prairie (Village of), WI, Series 2023 A, GO Bonds | 4.00% | 08/01/2033 |  | 85 | &nbsp;&nbsp; 89785 |
| Wisconsin (State of), Series 2021 1, Ref. GO Bonds | 5.00% | 05/01/2031 |  | 175 | &nbsp;&nbsp; 193514 |
| Wisconsin (State of), Series 2021-2, Ref. GO Bonds | 5.00% | 05/01/2031 |  | 205 | &nbsp;&nbsp; 226688 |
| Wisconsin (State of), Series 2022 A, GO Bonds | 5.00% | 05/01/2036 |  | 65 | &nbsp;&nbsp; 71986 |
| Wisconsin (State of), Series 2022-4, Ref. GO Bonds | 5.00% | 05/01/2031 |  | 210 | &nbsp;&nbsp; 237182 |
| Wisconsin (State of), Series 2023-2, Ref. GO Bonds | 5.00% | 05/01/2031 |  | 100 | &nbsp;&nbsp; 112944 |
| Wisconsin (State of), Series 2024-2, Ref. GO Bonds | 5.00% | 05/01/2031 |  | 80 | &nbsp;&nbsp; 90355 |
| Wisconsin (State of), Series 2025-3, GO Bonds | 5.00% | 05/01/2031 |  | 25 | &nbsp;&nbsp; 28236 |
| Wisconsin (State of) Department of Transportation, Series 2023-1, Ref. RB | 5.00% | 07/01/2031 |  | 170 | &nbsp;&nbsp; 192301 |
| Wisconsin (State of) Department of Transportation, Series 2024-2, Ref. RB | 5.00% | 07/01/2031 |  | 190 | &nbsp;&nbsp; 214924 |
|  |  |  |  |  | &nbsp;&nbsp; 1457915 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-97.66% <br>(Cost $134,329,653) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-97.66% <br>(Cost $134,329,653) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-97.66% <br>(Cost $134,329,653) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-97.66% <br>(Cost $134,329,653) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-97.66% <br>(Cost $134,329,653) | &nbsp;&nbsp; 135786598 |
| OTHER ASSETS LESS LIABILITIES-2.34% | OTHER ASSETS LESS LIABILITIES-2.34% | OTHER ASSETS LESS LIABILITIES-2.34% | OTHER ASSETS LESS LIABILITIES-2.34% | OTHER ASSETS LESS LIABILITIES-2.34% | &nbsp;&nbsp; 3256541 |
| NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $139043139 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| AGI | -Assured Guaranty, Inc. |
| 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 |
| RN | -Revenue Notes |
| Wts. | -Warrants |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Principal and/or interest payments are secured by the bond insurance company listed. |
| <sup>(b)</sup> | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. |
| <sup>(c)</sup> | Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. |
| <sup>(d)</sup> | 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 <br> obligations but may be called upon to satisfy the issuer's obligations. No concentration of any single entity was greater than 5% each.<br>|

---

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

See accompanying notes which are an integral part of this schedule.

------

Schedule of Investments

**Invesco BulletShares 2032 Municipal Bond ETF (BSMW)**

November 30, 2025

*(Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Municipal Obligations-98.14%** |  |  |  |  |
| **Alabama-0.66%** |  |  |  |  |
| Alabama (State of) Corrections Institution Finance Authority, Series 2022, RB | 5.00% | 07/01/2034 | $40 | &nbsp;&nbsp; $44884 |
| Alabama (State of) Corrections Institution Finance Authority, Series 2022, RB | 5.00% | 07/01/2035 | 160 | &nbsp;&nbsp; 178654 |
| Alabama (State of) Corrections Institution Finance Authority, Series 2022, RB | 5.00% | 07/01/2036 | 10 | &nbsp;&nbsp; 11096 |
| Alabama (State of) Corrections Institution Finance Authority, Series 2022, RB | 5.00% | 07/01/2037 | 105 | &nbsp;&nbsp; 115760 |
| Alabama (State of) Corrections Institution Finance Authority, Series 2022, RB | 5.00% | 07/01/2042 | 145 | &nbsp;&nbsp; 153888 |
| Alabama (State of) Corrections Institution Finance Authority, Series 2022, RB | 5.25% | 07/01/2047 | 210 | &nbsp;&nbsp; 221146 |
| Auburn University, Series 2025 B, Ref. RB | 5.00% | 06/01/2032 | 10 | &nbsp;&nbsp; 11422 |
| Cooper Green Mercy Health Services Authority, Series 2022, RB | 5.25% | 09/01/2047 | 35 | &nbsp;&nbsp; 36836 |
| Cooper Green Mercy Health Services Authority, Series 2022, RB | 5.25% | 09/01/2052 | 25 | &nbsp;&nbsp; 25937 |
| Jefferson (County of), AL, Series 2024, Ref. Revenue Wts. | 5.00% | 10/01/2032 | 100 | &nbsp;&nbsp; 112281 |
|  |  |  |  | &nbsp;&nbsp; 911904 |
| **Alaska-0.03%** |  |  |  |  |
| Alaska (State of), Series 2024 A, Ref. GO Bonds | 5.00% | 08/01/2032 | 40 | &nbsp;&nbsp; 45817 |
| **Arizona-0.66%** |  |  |  |  |
| Arizona (State of) Department of Transportation, Series 2023, RB | 5.00% | 07/01/2032 | 50 | &nbsp;&nbsp; 57305 |
| Arizona (State of) Industrial Development Authority (Social Bonds), Series 2023, RB | 5.25% | 11/01/2048 | 35 | &nbsp;&nbsp; 35915 |
| Gilbert Water Resource Municipal Property Corp. (Green Bonds), Series 2022, RB | 5.00% | 07/15/2032 | 20 | &nbsp;&nbsp; 22934 |
| Gilbert Water Resource Municipal Property Corp. (Green Bonds), Series 2022, RB | 5.00% | 07/15/2034 | 50 | &nbsp;&nbsp; 56842 |
| Gilbert Water Resource Municipal Property Corp. (Green Bonds), Series 2022, RB | 5.00% | 07/15/2035 | 10 | &nbsp;&nbsp; 11313 |
| Gilbert Water Resource Municipal Property Corp. (Green Bonds), Series 2022, RB | 5.00% | 07/15/2036 | 165 | &nbsp;&nbsp; 185439 |
| Gilbert Water Resource Municipal Property Corp. (Green Bonds), Series 2022, RB | 5.00% | 07/15/2038 | 115 | &nbsp;&nbsp; 127416 |
| Maricopa (County of), AZ Special Health Care District, Series 2021 D, GO Bonds | 5.00% | 07/01/2032 | 60 | &nbsp;&nbsp; 67196 |
| Maricopa County Unified School District No. 60 Higley, Series 2023, Ref. COP, (INS - AGI)<sup>(a)</sup> | 5.00% | 06/01/2053 | 25 | &nbsp;&nbsp; 25791 |
| Maricopa County Union High School District No. 210-Phoenix (2023), Series 2025 B, GO Bonds | 5.00% | 07/01/2032 | 10 | &nbsp;&nbsp; 11461 |
| Mesa (City of), AZ, Series 2022 A, RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 07/01/2046 | 5 | &nbsp;&nbsp; 5243 |
| Salt River Project Agricultural Improvement & Power District, Series 2022 A, Ref. RB | 5.00% | 01/01/2032 | 220 | &nbsp;&nbsp; 250996 |
| Salt River Project Agricultural Improvement & Power District, Series 2025 B, Ref. RB | 5.00% | 01/01/2032 | 50 | &nbsp;&nbsp; 57044 |
|  |  |  |  | &nbsp;&nbsp; 914895 |
| **Arkansas-0.14%** |  |  |  |  |
| University of Arkansas, Series 2022 A, RB | 5.00% | 04/01/2047 | 30 | &nbsp;&nbsp; 31347 |
| University of Arkansas (Fayetteville Campus), Series 2022 A, RB | 5.00% | 11/01/2047 | 25 | &nbsp;&nbsp; 26172 |
| University of Arkansas (Fayetteville Campus), Series 2022 A, RB | 5.25% | 11/01/2052 | 125 | &nbsp;&nbsp; 131893 |
|  |  |  |  | &nbsp;&nbsp; 189412 |
| **California-15.86%** |  |  |  |  |
| Alameda (City of), CA Corridor Transportation Authority, Series 2022 C, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 10/01/2052 | 250 | &nbsp;&nbsp; 259089 |
| Alameda (County of), CA Transportation Commission, Series 2022, RB | 5.00% | 03/01/2045 | 30 | &nbsp;&nbsp; 32189 |
| Alhambra Unified School District (Election of 2016), Series 2022 B, GO Bonds | 5.25% | 08/01/2047 | 165 | &nbsp;&nbsp; 178414 |
| Alisal Union School District, Series 2022 B, COP | 4.25% | 08/01/2054 | 25 | &nbsp;&nbsp; 24757 |
| Alum Rock Union Elementary School District (Election of 2016), Series 2022 A, Ref. GO Bonds | 5.25% | 08/01/2047 | 20 | &nbsp;&nbsp; 21377 |
| Bay Area Toll Authority, Series 2024 F-2, RB | 5.00% | 04/01/2040 | 55 | &nbsp;&nbsp; 61009 |
| Bay Area Toll Authority, Series 2024, Ref. RB | 5.00% | 04/01/2032 | 15 | &nbsp;&nbsp; 17522 |
| Bay Area Toll Authority (Green Bonds), Series 2024 F-2, RB | 5.00% | 04/01/2041 | 40 | &nbsp;&nbsp; 44033 |
| Bay Area Toll Authority (Green Bonds), Series 2024 F-2, RB | 5.00% | 04/01/2042 | 70 | &nbsp;&nbsp; 76316 |
| Bay Area Toll Authority (Green Bonds), Series 2024 F-2, RB | 5.00% | 04/01/2043 | 80 | &nbsp;&nbsp; 86409 |
| Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB | 3.00% | 04/01/2032 | 50 | &nbsp;&nbsp; 50053 |
| Brentwood Union School District (Election of 2016), Series 2022, GO Bonds | 5.25% | 08/01/2052 | 165 | &nbsp;&nbsp; 175672 |
| California (State of), Series 2007, Ref. GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.25% | 08/01/2032 | 255 | &nbsp;&nbsp; 294948 |
| California (State of), Series 2016, Ref. GO Bonds | 2.50% | 09/01/2032 | 110 | &nbsp;&nbsp; 105763 |
| California (State of), Series 2016, Ref. GO Bonds | 3.00% | 09/01/2032 | 160 | &nbsp;&nbsp; 159663 |
| California (State of), Series 2018, GO Bonds | 3.00% | 10/01/2032 | 170 | &nbsp;&nbsp; 169580 |
| California (State of), Series 2019, Ref. GO Bonds | 5.00% | 04/01/2032 | 375 | &nbsp;&nbsp; 431808 |
| California (State of), Series 2021 C, Ref. GO Bonds | 5.00% | 10/01/2032 | 50 | &nbsp;&nbsp; 56919 |
| California (State of), Series 2021, Ref. GO Bonds | 5.00% | 09/01/2032 | 70 | &nbsp;&nbsp; 79580 |
| California (State of), Series 2022, GO Bonds | 5.00% | 04/01/2032 | 135 | &nbsp;&nbsp; 155451 |
| California (State of), Series 2022, GO Bonds | 5.00% | 09/01/2032 | 245 | &nbsp;&nbsp; 283901 |
| California (State of), Series 2022, GO Bonds | 5.00% | 09/01/2034 | 120 | &nbsp;&nbsp; 138077 |
| California (State of), Series 2022, GO Bonds | 5.00% | 09/01/2035 | 180 | &nbsp;&nbsp; 206696 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| California (State of), Series 2022, GO Bonds | 5.00% | 09/01/2036 | $40 | &nbsp;&nbsp; $45608 |
| California (State of), Series 2022, GO Bonds | 5.00% | 09/01/2039 | 90 | &nbsp;&nbsp; 100333 |
| California (State of), Series 2022, GO Bonds | 5.25% | 09/01/2047 | 20 | &nbsp;&nbsp; 21545 |
| California (State of), Series 2022, GO Bonds | 5.00% | 09/01/2052 | 215 | &nbsp;&nbsp; 226695 |
| California (State of), Series 2022, Ref. GO Bonds | 5.00% | 11/01/2032 | 275 | &nbsp;&nbsp; 319448 |
| California (State of), Series 2022, Ref. GO Bonds | 5.00% | 04/01/2035 | 295 | &nbsp;&nbsp; 337085 |
| California (State of), Series 2022, Ref. GO Bonds | 5.00% | 09/01/2035 | 540 | &nbsp;&nbsp; 620087 |
| California (State of), Series 2022, Ref. GO Bonds | 5.00% | 09/01/2036 | 55 | &nbsp;&nbsp; 62711 |
| California (State of), Series 2022, Ref. GO Bonds | 5.00% | 04/01/2037 | 40 | &nbsp;&nbsp; 45026 |
| California (State of), Series 2022, Ref. GO Bonds | 5.00% | 11/01/2037 | 120 | &nbsp;&nbsp; 135804 |
| California (State of), Series 2022, Ref. GO Bonds | 5.00% | 04/01/2042 | 250 | &nbsp;&nbsp; 271073 |
| California (State of), Series 2022, Ref. GO Bonds | 5.00% | 09/01/2042 | 175 | &nbsp;&nbsp; 190612 |
| California (State of), Series 2022, Ref. GO Bonds | 5.00% | 11/01/2042 | 445 | &nbsp;&nbsp; 485578 |
| California (State of), Series 2023, GO Bonds | 5.00% | 10/01/2032 | 40 | &nbsp;&nbsp; 46408 |
| California (State of), Series 2023, Ref. GO Bonds | 5.00% | 09/01/2032 | 95 | &nbsp;&nbsp; 110084 |
| California (State of), Series 2023, Ref. GO Bonds | 5.00% | 09/01/2032 | 10 | &nbsp;&nbsp; 11588 |
| California (State of), Series 2024, GO Bonds | 5.00% | 09/01/2032 | 25 | &nbsp;&nbsp; 28970 |
| California (State of), Series 2024, GO Bonds | 5.00% | 09/01/2032 | 10 | &nbsp;&nbsp; 11588 |
| California (State of), Series 2024, Ref. GO Bonds | 5.00% | 08/01/2032 | 170 | &nbsp;&nbsp; 196750 |
| California (State of), Series 2024, Ref. GO Bonds | 5.00% | 08/01/2032 | 15 | &nbsp;&nbsp; 17360 |
| California (State of), Series 2024, Ref. GO Bonds | 5.00% | 09/01/2032 | 200 | &nbsp;&nbsp; 231756 |
| California (State of), Series 2025, Ref. GO Bonds | 5.00% | 03/01/2032 | 55 | &nbsp;&nbsp; 63249 |
| California (State of), Series 2025, Ref. GO Bonds | 5.00% | 08/01/2032 | 15 | &nbsp;&nbsp; 17360 |
| California (State of) Department of Water Resources, Series 2022, Ref. RB | 5.00% | 12/01/2035 | 5 | &nbsp;&nbsp; 5834 |
| California (State of) Department of Water Resources (Central Valley), Series 2022 BF, RB | 5.00% | 12/01/2034 | 15 | &nbsp;&nbsp; 17668 |
| California (State of) Department of Water Resources (Central Valley), Series 2022 BF, Ref. RB | 5.00% | 12/01/2032 | 210 | &nbsp;&nbsp; 249285 |
| California (State of) Educational Facilities Authority (Stanford University), Series 2012 U-2, Ref. RB | 5.00% | 10/01/2032 | 145 | &nbsp;&nbsp; 171534 |
| California (State of) Health Facilities Financing Authority (Scripps Health), Series 2024 A, Ref. RB | 5.00% | 11/15/2032 | 20 | &nbsp;&nbsp; 23287 |
| &nbsp;&nbsp;&nbsp; California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) <br> (Green Bonds), Series 2023, RB<br>| 5.00% | 10/01/2032 | 50 | &nbsp;&nbsp; 58975 |
| &nbsp;&nbsp;&nbsp; California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) <br> (Green Bonds), Series 2023, RB<br>| 5.00% | 10/01/2034 | 20 | &nbsp;&nbsp; 23375 |
| &nbsp;&nbsp;&nbsp; California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) <br> (Green Bonds), Series 2023, RB<br>| 5.00% | 10/01/2035 | 60 | &nbsp;&nbsp; 69704 |
| &nbsp;&nbsp;&nbsp; California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) <br> (Green Bonds), Series 2023, RB<br>| 5.00% | 10/01/2036 | 30 | &nbsp;&nbsp; 34618 |
| &nbsp;&nbsp;&nbsp; California (State of) Infrastructure & Economic Development Bank (Infrastructure State Revolving <br> Fund), Series 2022, RB<br>| 5.00% | 10/01/2047 | 370 | &nbsp;&nbsp; 394899 |
| &nbsp;&nbsp;&nbsp; California (State of) Infrastructure & Economic Development Bank (Infrastructure State Revolving <br> Fund), Series 2022, RB<br>| 5.00% | 10/01/2052 | 100 | &nbsp;&nbsp; 105508 |
| &nbsp;&nbsp;&nbsp; California (State of) Municipal Finance Authority (Palomar Health), Series 2022 A, Ref. COP, <br> (INS - AGI)<sup>(a)</sup><br>| 5.25% | 11/01/2052 | 50 | &nbsp;&nbsp; 51549 |
| California (State of) Public Finance Authority (Hoag Memorial Hospital), Series 2022 A, RB | 4.00% | 07/15/2051 | 335 | &nbsp;&nbsp; 313269 |
| California (State of) Public Works Board (Various Capital), Series 2022 A, Ref. RB | 5.00% | 08/01/2032 | 25 | &nbsp;&nbsp; 28397 |
| California (State of) Public Works Board (Various Capital), Series 2022 C, Ref. RB | 5.00% | 08/01/2032 | 10 | &nbsp;&nbsp; 11359 |
| California (State of) Public Works Board (Various Capital), Series 2023 B, Ref. RB | 5.00% | 12/01/2035 | 340 | &nbsp;&nbsp; 389180 |
| California (State of) Public Works Board (Various Capital), Series 2023 B, Ref. RB | 5.00% | 12/01/2036 | 150 | &nbsp;&nbsp; 170529 |
| California (State of) Public Works Board (Various Capital), Series 2023, Ref. RB | 5.00% | 09/01/2032 | 90 | &nbsp;&nbsp; 104351 |
| California (State of) Public Works Board (Various Capital), Series 2023, Ref. RB | 5.00% | 12/01/2032 | 125 | &nbsp;&nbsp; 145467 |
| California (State of) Public Works Board (Various Capital), Series 2023, Ref. RB | 5.00% | 12/01/2034 | 25 | &nbsp;&nbsp; 28799 |
| California (State of) Public Works Board (Various Capital), Series 2023, Ref. RB | 5.00% | 12/01/2037 | 20 | &nbsp;&nbsp; 22569 |
| California (State of) Public Works Board (Various Capital), Series 2024, Ref. RB | 5.00% | 09/01/2032 | 20 | &nbsp;&nbsp; 23189 |
| &nbsp;&nbsp;&nbsp; California (State of) Statewide Communities Development Authority (Enloe Medical Center), <br> Series 2022 A, RB, (INS - AGI)<sup>(a)</sup><br>| 5.25% | 08/15/2052 | 205 | &nbsp;&nbsp; 210703 |
| Chaffey Joint Union High School District (Election of 2012), Series 2023 G, GO Bonds | 5.25% | 08/01/2052 | 115 | &nbsp;&nbsp; 122438 |
| Coachella Valley Water District, Series 2022 A, COP | 5.00% | 08/01/2047 | 50 | &nbsp;&nbsp; 53336 |
| Contra Costa Transportation Authority Sales Tax Revenue, Series 2021 A, Ref. RB | 4.00% | 03/01/2032 | 30 | &nbsp;&nbsp; 32638 |
| East Bay Municipal Utility District, Series 2022 B-2, Ref. RB | 5.00% | 06/01/2032 | 15 | &nbsp;&nbsp; 17673 |
| East Bay Municipal Utility District, Series 2025 B, Ref. RB | 5.00% | 06/01/2032 | 5 | &nbsp;&nbsp; 5891 |
| East Bay Municipal Utility District (Green Bonds), Series 2022 A, RB | 5.00% | 06/01/2036 | 20 | &nbsp;&nbsp; 23068 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| East Bay Municipal Utility District (Green Bonds), Series 2022 A, RB | 5.00% | 06/01/2038 | $40 | &nbsp;&nbsp; $45564 |
| Gavilan Joint Community College District, Series 2024 C, GO Bonds | 5.00% | 08/01/2048 | 20 | &nbsp;&nbsp; 21027 |
| Indio Finance Authority, Series 2022 A, Ref. RB, (INS - BAM)<sup>(a)</sup> | 5.25% | 11/01/2042 | 100 | &nbsp;&nbsp; 110326 |
| Indio Finance Authority, Series 2022 A, Ref. RB, (INS - BAM)<sup>(a)</sup> | 5.25% | 11/01/2052 | 100 | &nbsp;&nbsp; 106190 |
| Kern Community College District, Series 2022 D, GO Bonds | 5.25% | 08/01/2038 | 15 | &nbsp;&nbsp; 17208 |
| Kern Community College District, Series 2022 D, GO Bonds | 5.25% | 08/01/2039 | 10 | &nbsp;&nbsp; 11412 |
| Kern Community College District, Series 2022 D, GO Bonds | 5.25% | 08/01/2040 | 10 | &nbsp;&nbsp; 11313 |
| Kern High School District (Election of 2022), Series 2023 A, GO Bonds | 5.00% | 08/01/2032 | 20 | &nbsp;&nbsp; 23524 |
| Los Angeles (City of), CA, Series 2022 C, Ref. RB | 5.00% | 06/01/2032 | 55 | &nbsp;&nbsp; 64544 |
| Los Angeles (City of), CA (Green Bonds), Series 2022 A, RB | 5.00% | 06/01/2047 | 35 | &nbsp;&nbsp; 37265 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB | 5.00% | 07/01/2032 | 140 | &nbsp;&nbsp; 157921 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB | 5.00% | 07/01/2034 | 95 | &nbsp;&nbsp; 106480 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB | 5.00% | 07/01/2035 | 5 | &nbsp;&nbsp; 5573 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB | 5.00% | 07/01/2036 | 20 | &nbsp;&nbsp; 22130 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB | 5.00% | 07/01/2037 | 35 | &nbsp;&nbsp; 38630 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB | 5.00% | 07/01/2039 | 130 | &nbsp;&nbsp; 141161 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB | 5.00% | 07/01/2040 | 10 | &nbsp;&nbsp; 10773 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB | 5.00% | 07/01/2041 | 40 | &nbsp;&nbsp; 42901 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB | 5.00% | 07/01/2043 | 235 | &nbsp;&nbsp; 248275 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB | 5.00% | 07/01/2047 | 25 | &nbsp;&nbsp; 25958 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 B, Ref. RB | 5.00% | 07/01/2036 | 140 | &nbsp;&nbsp; 153880 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 B, Ref. RB | 5.00% | 07/01/2037 | 40 | &nbsp;&nbsp; 43864 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 B, Ref. RB | 5.00% | 07/01/2038 | 45 | &nbsp;&nbsp; 48888 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 B, Ref. RB | 5.00% | 07/01/2039 | 10 | &nbsp;&nbsp; 10800 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 B, Ref. RB | 5.00% | 07/01/2042 | 70 | &nbsp;&nbsp; 74157 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 B, Ref. RB | 5.00% | 07/01/2047 | 55 | &nbsp;&nbsp; 56966 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 B, Ref. RB | 5.00% | 07/01/2052 | 250 | &nbsp;&nbsp; 257259 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB | 5.00% | 07/01/2036 | 100 | &nbsp;&nbsp; 110647 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB | 5.00% | 07/01/2037 | 195 | &nbsp;&nbsp; 215225 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB | 5.00% | 07/01/2038 | 145 | &nbsp;&nbsp; 158449 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB | 5.00% | 07/01/2038 | 35 | &nbsp;&nbsp; 38024 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB | 5.00% | 07/01/2039 | 80 | &nbsp;&nbsp; 86868 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB | 5.00% | 07/01/2039 | 65 | &nbsp;&nbsp; 70200 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB | 5.00% | 07/01/2040 | 120 | &nbsp;&nbsp; 128649 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB | 5.00% | 07/01/2040 | 180 | &nbsp;&nbsp; 193918 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB | 5.00% | 07/01/2041 | 100 | &nbsp;&nbsp; 106760 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB | 5.00% | 07/01/2041 | 10 | &nbsp;&nbsp; 10725 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB | 5.00% | 07/01/2042 | 50 | &nbsp;&nbsp; 52969 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB | 5.00% | 07/01/2042 | 15 | &nbsp;&nbsp; 15955 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB | 5.00% | 07/01/2043 | 70 | &nbsp;&nbsp; 73689 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 D, Ref. RB | 5.00% | 07/01/2039 | 50 | &nbsp;&nbsp; 54293 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 D, Ref. RB | 5.00% | 07/01/2040 | 20 | &nbsp;&nbsp; 21546 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 D, Ref. RB | 5.00% | 07/01/2041 | 155 | &nbsp;&nbsp; 166239 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 D, Ref. RB | 5.00% | 07/01/2042 | 10 | &nbsp;&nbsp; 10637 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 D, Ref. RB | 5.00% | 07/01/2043 | 25 | &nbsp;&nbsp; 26412 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 D, Ref. RB | 5.00% | 07/01/2047 | 35 | &nbsp;&nbsp; 36341 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 D, Ref. RB | 5.00% | 07/01/2052 | 200 | &nbsp;&nbsp; 206219 |
| Los Angeles (City of), CA Department of Water & Power, Series 2023 A, Ref. RB | 5.00% | 07/01/2032 | 5 | &nbsp;&nbsp; 5640 |
| Los Angeles (City of), CA Department of Water & Power, Series 2025 B, Ref. RB | 5.00% | 07/01/2032 | 10 | &nbsp;&nbsp; 11280 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB | 5.00% | 06/01/2032 | 65 | &nbsp;&nbsp; 74789 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2024, GO Bonds | 5.00% | 08/01/2032 | 15 | &nbsp;&nbsp; 17633 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020, RB | 5.00% | 06/01/2032 | 75 | &nbsp;&nbsp; 87815 |
| &nbsp;&nbsp;&nbsp; Los Angeles (County of), CA Metropolitan Transportation Authority (Measure R), Series 2024 A, Ref. <br> RB<br>| 5.00% | 06/01/2032 | 10 | &nbsp;&nbsp; 11762 |
| Los Angeles Community College District (Election of 2008), Series 2022 L, GO Bonds | 5.00% | 08/01/2036 | 155 | &nbsp;&nbsp; 178214 |
| Los Angeles Community College District (Election of 2008), Series 2022 L, GO Bonds | 5.00% | 08/01/2037 | 105 | &nbsp;&nbsp; 119936 |
| Los Angeles Community College District (Election of 2008), Series 2022, GO Bonds | 5.00% | 08/01/2035 | 15 | &nbsp;&nbsp; 17378 |
| Los Angeles Unified School District, Series 2016 B, Ref. GO Bonds | 3.00% | 07/01/2032 | 115 | &nbsp;&nbsp; 115003 |
| Los Angeles Unified School District, Series 2021 RYRR, GO Bonds | 5.00% | 07/01/2032 | 75 | &nbsp;&nbsp; 87252 |
| Los Angeles Unified School District, Series 2021 RYRR, GO Bonds | 5.00% | 07/01/2033 | 65 | &nbsp;&nbsp; 75318 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| Los Angeles Unified School District, Series 2021 RYRR, GO Bonds | 5.00% | 07/01/2034 | $70 | &nbsp;&nbsp; $80819 |
| Los Angeles Unified School District, Series 2021 RYRR, GO Bonds | 5.00% | 07/01/2035 | 50 | &nbsp;&nbsp; 57308 |
| Los Angeles Unified School District, Series 2021 RYRR, GO Bonds | 4.00% | 07/01/2036 | 80 | &nbsp;&nbsp; 83901 |
| Los Angeles Unified School District, Series 2021 RYRR, GO Bonds | 4.00% | 07/01/2038 | 15 | &nbsp;&nbsp; 15520 |
| Los Angeles Unified School District, Series 2021 RYRR, GO Bonds | 4.00% | 07/01/2040 | 10 | &nbsp;&nbsp; 10229 |
| Los Angeles Unified School District, Series 2024 A, Ref. GO Bonds | 5.00% | 07/01/2032 | 205 | &nbsp;&nbsp; 241054 |
| Los Angeles Unified School District (Green Bonds), Series 2023 QRR, GO Bonds | 5.00% | 07/01/2032 | 30 | &nbsp;&nbsp; 35276 |
| Metropolitan Water District of Southern California, Series 2022 B, Ref. RB | 5.00% | 07/01/2032 | 35 | &nbsp;&nbsp; 41179 |
| Metropolitan Water District of Southern California, Series 2022 B, Ref. RB | 5.00% | 07/01/2036 | 50 | &nbsp;&nbsp; 57696 |
| Metropolitan Water District of Southern California, Series 2024 A, Ref. RB | 5.00% | 04/01/2032 | 15 | &nbsp;&nbsp; 17570 |
| Northern California Power Agency (Hydroelectric No. 1), Series 2022, Ref. RB | 5.00% | 07/01/2032 | 60 | &nbsp;&nbsp; 70431 |
| Orange (County of), CA Sanitation District, Series 2022 A, Ref. COP | 5.00% | 02/01/2032 | 10 | &nbsp;&nbsp; 11447 |
| Pasadena Area Community College District, Series 2023 A-1, Ref. GO Bonds | 5.00% | 08/01/2048 | 150 | &nbsp;&nbsp; 159050 |
| Peralta Community College District, Series 2022 B, GO Bonds | 5.25% | 08/01/2042 | 90 | &nbsp;&nbsp; 99494 |
| Regents of the University of California Medical Center, Series 2022 P, RB | 5.00% | 05/15/2034 | 100 | &nbsp;&nbsp; 114289 |
| Regents of the University of California Medical Center, Series 2022 P, RB | 5.00% | 05/15/2037 | 145 | &nbsp;&nbsp; 162870 |
| Regents of the University of California Medical Center, Series 2022 P, RB | 5.00% | 05/15/2038 | 100 | &nbsp;&nbsp; 111619 |
| Regents of the University of California Medical Center, Series 2022 P, RB | 5.00% | 05/15/2039 | 255 | &nbsp;&nbsp; 283053 |
| Regents of the University of California Medical Center, Series 2022 P, RB | 5.00% | 05/15/2040 | 75 | &nbsp;&nbsp; 82541 |
| Regents of the University of California Medical Center, Series 2022 P, RB | 5.00% | 05/15/2041 | 25 | &nbsp;&nbsp; 27298 |
| Regents of the University of California Medical Center, Series 2022 P, RB | 5.00% | 05/15/2042 | 195 | &nbsp;&nbsp; 211125 |
| Regents of the University of California Medical Center, Series 2022 P, RB | 5.00% | 05/15/2047 | 660 | &nbsp;&nbsp; 692608 |
| Regents of the University of California Medical Center Pooled Revenue, Series 2022, RB | 5.00% | 05/15/2035 | 80 | &nbsp;&nbsp; 91040 |
| Regents of the University of California Medical Center Pooled Revenue, Series 2022, RB | 5.00% | 05/15/2036 | 5 | &nbsp;&nbsp; 5658 |
| Riverside (City of), CA, Series 2022 A, RB | 5.00% | 10/01/2052 | 10 | &nbsp;&nbsp; 10562 |
| Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2024 N-1, Ref. RB | 5.00% | 11/15/2032 | 20 | &nbsp;&nbsp; 23638 |
| Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2021, Ref. RB | 5.00% | 12/01/2032 | 150 | &nbsp;&nbsp; 177525 |
| Sacramento Transportation Authority (Measure A), Series 2023, Ref. RB | 5.00% | 10/01/2032 | 35 | &nbsp;&nbsp; 41429 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2022 A, RB | 5.00% | 05/15/2047 | 20 | &nbsp;&nbsp; 21239 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2022 A, RB | 5.00% | 05/15/2052 | 200 | &nbsp;&nbsp; 209661 |
| San Diego (County of), CA Regional Transportation Commission, Series 2023 A, Ref. RB | 5.00% | 04/01/2032 | 5 | &nbsp;&nbsp; 5870 |
| San Diego (County of), CA Water Authority, Series 2022 A, RB | 5.00% | 05/01/2047 | 105 | &nbsp;&nbsp; 111902 |
| San Diego (County of), CA Water Authority (Green Bonds), Series 2021 B, Ref. RB | 5.00% | 05/01/2032 | 5 | &nbsp;&nbsp; 5735 |
| San Diego Unified School District (Election of 2018), Series 2025 SR-5B, GO Bonds | 5.00% | 07/01/2032 | 10 | &nbsp;&nbsp; 11799 |
| San Diego Unified School District (Green Bonds), Series 2022 F2, GO Bonds | 5.00% | 07/01/2042 | 25 | &nbsp;&nbsp; 27490 |
| San Francisco (City & County of), CA, Series 2022 R-1, Ref. GO Bonds | 5.00% | 06/15/2032 | 10 | &nbsp;&nbsp; 11743 |
| San Francisco (City & County of), CA, Series 2024 R1, Ref. GO Bonds | 5.00% | 06/15/2032 | 85 | &nbsp;&nbsp; 99815 |
| &nbsp;&nbsp;&nbsp; San Francisco (City & County of), CA (Moscone Convention Center Expansion), Series 2017 B, <br> COP<sup>(b)(c)</sup><br>| 3.00% | 02/18/2026 | 20 | &nbsp;&nbsp; 20018 |
| &nbsp;&nbsp;&nbsp; San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Second <br> Series 2022 B, Ref. RB<br>| 5.00% | 05/01/2052 | 150 | &nbsp;&nbsp; 156005 |
| &nbsp;&nbsp;&nbsp; San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), <br> Series 2021 B, Ref. RB<br>| 5.00% | 05/01/2032 | 100 | &nbsp;&nbsp; 113283 |
| San Francisco (City & County of), CA Public Utilities Commission, Series 2023 A, RB | 5.00% | 11/01/2053 | 10 | &nbsp;&nbsp; 10470 |
| San Francisco (City & County of), CA Public Utilities Commission, Series 2023 B, Ref. RB | 5.00% | 10/01/2035 | 5 | &nbsp;&nbsp; 5815 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023 A, RB | 5.00% | 10/01/2032 | 70 | &nbsp;&nbsp; 82809 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023 A, RB | 5.00% | 10/01/2036 | 40 | &nbsp;&nbsp; 46212 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023 A, RB | 5.00% | 10/01/2037 | 35 | &nbsp;&nbsp; 40165 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023 A, RB | 5.00% | 10/01/2038 | 40 | &nbsp;&nbsp; 45598 |
| &nbsp;&nbsp;&nbsp; San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023 B, Ref. <br> RB<sup>(b)(c)</sup><br>| 5.00% | 10/01/2032 | 5 | &nbsp;&nbsp; 5835 |
| &nbsp;&nbsp;&nbsp; San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023 C, Ref. <br> RB<br>| 5.00% | 11/01/2032 | 250 | &nbsp;&nbsp; 296170 |
| San Francisco (City of), CA, Series 2025, Ref. RB | 5.00% | 11/01/2032 | 15 | &nbsp;&nbsp; 17770 |
| San Francisco (County of), CA Transportation Authority, Series 2017, RB | 3.00% | 02/01/2032 | 25 | &nbsp;&nbsp; 25046 |
| &nbsp;&nbsp;&nbsp; San Francisco Bay Area Rapid Transit District (Election of 2016) (Green Bonds), Series 2022, GO <br> Bonds<br>| 5.00% | 08/01/2039 | 190 | &nbsp;&nbsp; 213357 |
| &nbsp;&nbsp;&nbsp; San Francisco Bay Area Rapid Transit District (Election of 2016) (Green Bonds), Series 2022, GO <br> Bonds<br>| 5.25% | 08/01/2047 | 90 | &nbsp;&nbsp; 96676 |
| San Joaquin Hills Transportation Corridor Agency, Series 2021, Ref. RB | 4.00% | 01/15/2034 | 45 | &nbsp;&nbsp; 47042 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| San Jose (City of), CA Financing Authority (Green bonds), Series 2022 B, RB | 5.00% | 11/01/2047 | $110 | &nbsp;&nbsp; $117946 |
| San Jose Unified School District, Series 2025, Ref. GO Bonds | 5.00% | 08/01/2032 | 10 | &nbsp;&nbsp; 11762 |
| San Leandro Unified School District (Election of 2020), Series 2022 B, GO Bonds | 5.25% | 08/01/2048 | 120 | &nbsp;&nbsp; 127969 |
| San Luis Coastal Unified School District (Election of 2022), Series 2024 B, GO Bonds | 5.00% | 08/01/2050 | 25 | &nbsp;&nbsp; 26420 |
| Santa Clara (County of), CA (Election of 2008), Series 2022 D, Ref. GO Bonds | 5.00% | 08/01/2034 | 40 | &nbsp;&nbsp; 46610 |
| Santa Clara (County of), CA Water District (Green Bonds), Series 2022 A, RB | 5.00% | 08/01/2047 | 60 | &nbsp;&nbsp; 64185 |
| Santa Clara Valley Transportation Authority, Series 2023 A, Ref. RB | 5.00% | 04/01/2032 | 60 | &nbsp;&nbsp; 70242 |
| Santa Clarita Community College District (Election of 2016), Series 2022, GO Bonds | 5.25% | 08/01/2048 | 20 | &nbsp;&nbsp; 21546 |
| Santa Rosa High School District (Election of 2022), Series 2023 A, GO Bonds | 5.00% | 08/01/2053 | 155 | &nbsp;&nbsp; 162883 |
| &nbsp;&nbsp;&nbsp; South Orange (County of), CA Public Financing Authority (County of Orange Sheriff-Coroner), <br> Series 2022, RB<br>| 5.00% | 06/01/2047 | 15 | &nbsp;&nbsp; 15980 |
| State Center Community College District, Series 2022 C, GO Bonds | 5.00% | 08/01/2047 | 75 | &nbsp;&nbsp; 80004 |
| Sweetwater Union High School District (Election of 2018), Series 2022 A-1, GO Bonds | 5.00% | 08/01/2052 | 50 | &nbsp;&nbsp; 52137 |
| University of California, Series 2021 Q, Ref. RB | 5.00% | 05/15/2032 | 25 | &nbsp;&nbsp; 28615 |
| University of California, Series 2022 BK, RB | 5.00% | 05/15/2032 | 325 | &nbsp;&nbsp; 380451 |
| University of California, Series 2022 BK, RB | 5.00% | 05/15/2052 | 620 | &nbsp;&nbsp; 648163 |
| University of California, Series 2022 S, Ref. RB | 5.00% | 05/15/2032 | 40 | &nbsp;&nbsp; 46772 |
| University of California, Series 2022 S, Ref. RB | 5.00% | 05/15/2034 | 145 | &nbsp;&nbsp; 167815 |
| University of California, Series 2022 S, Ref. RB | 5.00% | 05/15/2035 | 55 | &nbsp;&nbsp; 63294 |
| University of California, Series 2022 S, Ref. RB | 5.00% | 05/15/2036 | 45 | &nbsp;&nbsp; 51239 |
| University of California, Series 2022 S, Ref. RB | 5.00% | 05/15/2037 | 10 | &nbsp;&nbsp; 11302 |
| University of California, Series 2022 S, Ref. RB | 5.00% | 05/15/2038 | 150 | &nbsp;&nbsp; 168126 |
| University of California, Series 2023 BM, Ref. RB | 5.00% | 05/15/2032 | 125 | &nbsp;&nbsp; 146327 |
| University of California, Series 2023 BN, Ref. RB | 5.00% | 05/15/2032 | 140 | &nbsp;&nbsp; 163887 |
| University of California, Series 2024 BS, Ref. RB | 5.00% | 05/15/2032 | 120 | &nbsp;&nbsp; 140474 |
| University of California, Series 2024 BV, Ref. RB | 5.00% | 05/15/2032 | 10 | &nbsp;&nbsp; 11706 |
| Ventura Unified School District (Election of 2022), Series 2023 A, GO Bonds | 5.00% | 08/01/2046 | 65 | &nbsp;&nbsp; 69006 |
| Vista Unified School District, Series 2022 B, GO Bonds, (INS - BAM)<sup>(a)</sup> | 5.25% | 08/01/2048 | 165 | &nbsp;&nbsp; 176652 |
|  |  |  |  | &nbsp;&nbsp; 21910077 |
| **Colorado-2.88%** |  |  |  |  |
| Brighton (City of), CO (Water System), Series 2022, RB | 5.00% | 06/01/2052 | 200 | &nbsp;&nbsp; 207472 |
| Colorado (State of), Series 2021 A, COP | 5.00% | 12/15/2032 | 55 | &nbsp;&nbsp; 62057 |
| Colorado (State of), Series 2022, COP | 6.00% | 12/15/2038 | 205 | &nbsp;&nbsp; 241197 |
| Colorado (State of), Series 2022, COP | 6.00% | 12/15/2039 | 120 | &nbsp;&nbsp; 140465 |
| Colorado (State of), Series 2022, COP | 6.00% | 12/15/2040 | 115 | &nbsp;&nbsp; 133679 |
| Colorado (State of), Series 2022, COP | 6.00% | 12/15/2041 | 105 | &nbsp;&nbsp; 121064 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2022, RB | 5.25% | 11/01/2038 | 25 | &nbsp;&nbsp; 27427 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2022, RB | 5.25% | 11/01/2039 | 100 | &nbsp;&nbsp; 109213 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2022, RB | 5.00% | 11/01/2041 | 45 | &nbsp;&nbsp; 47566 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2022, RB | 5.50% | 11/01/2047 | 250 | &nbsp;&nbsp; 264538 |
| Colorado (State of) Health Facilities Authority (Intermountain Healthcare), Series 2022 A, Ref. RB | 5.00% | 05/15/2032 | 80 | &nbsp;&nbsp; 90759 |
| Colorado (State of) Health Facilities Authority (Intermountain Healthcare), Series 2022 A, Ref. RB | 5.00% | 05/15/2047 | 90 | &nbsp;&nbsp; 93105 |
| Colorado (State of) Health Facilities Authority (Intermountain Healthcare), Series 2022, Ref. RB | 5.00% | 05/15/2052 | 260 | &nbsp;&nbsp; 267444 |
| Colorado (State of) Health Facilities Authority (Intermountain Healthcare), Series 2024 A, Ref. RB | 5.00% | 05/15/2034 | 20 | &nbsp;&nbsp; 22416 |
| Colorado (State of) Health Facilities Authority (Intermountain Healthcare), Series 2024 A, Ref. RB | 5.00% | 05/15/2036 | 90 | &nbsp;&nbsp; 99717 |
| Colorado (State of) Health Facilities Authority (Intermountain Healthcare), Series 2024 A, Ref. RB | 5.00% | 05/15/2037 | 500 | &nbsp;&nbsp; 550483 |
| Colorado (State of) Health Facilities Authority (Intermountain Healthcare), Series 2024, Ref. RB | 5.00% | 05/15/2032 | 15 | &nbsp;&nbsp; 17017 |
| Colorado (State of) Regional Transportation District, Series 2013 A, Ref. RB | 5.00% | 11/01/2032 | 25 | &nbsp;&nbsp; 28783 |
| Colorado Springs (City of), CO, Series 2022 B, RB | 5.25% | 11/15/2052 | 70 | &nbsp;&nbsp; 74008 |
| Colorado Springs (City of), CO, Series 2025 A, RB | 5.00% | 11/15/2032 | 10 | &nbsp;&nbsp; 11533 |
| Denver (City & County of), CO, Series 2022 A, GO Bonds | 5.00% | 08/01/2037 | 15 | &nbsp;&nbsp; 16716 |
| Denver (City & County of), CO, Series 2022 B, RB | 5.00% | 11/15/2047 | 10 | &nbsp;&nbsp; 10463 |
| Denver (City & County of), CO, Series 2022 B, RB | 5.25% | 11/15/2053 | 100 | &nbsp;&nbsp; 105541 |
| Denver (City & County of), CO, Series 2022 C, Ref. RB | 5.25% | 11/15/2047 | 50 | &nbsp;&nbsp; 53154 |
| Denver (City & County of), CO, Series 2022 C, Ref. RB | 5.25% | 11/15/2053 | 50 | &nbsp;&nbsp; 52771 |
| Denver (City & County of), CO, Series 2023, Ref. COP | 5.00% | 12/01/2032 | 30 | &nbsp;&nbsp; 34269 |
| Denver (City & County of), CO Board of Water Commissioners (The), Series 2022 A, RB | 5.00% | 12/15/2052 | 250 | &nbsp;&nbsp; 262701 |
| Denver City & County School District No. 1, Series 2022 A, GO Bonds | 5.00% | 12/01/2034 | 25 | &nbsp;&nbsp; 28342 |
| Denver City & County School District No. 1, Series 2022 A, GO Bonds | 5.00% | 12/01/2035 | 20 | &nbsp;&nbsp; 22539 |
| Denver City & County School District No. 1, Series 2022 A, GO Bonds | 5.00% | 12/01/2036 | 25 | &nbsp;&nbsp; 27994 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Colorado-(continued)** |  |  |  |  |
| Denver City & County School District No. 1, Series 2022 A, GO Bonds | 5.00% | 12/01/2037 | $30 | &nbsp;&nbsp; $33379 |
| Denver City & County School District No. 1, Series 2022 A, GO Bonds | 5.00% | 12/01/2038 | 85 | &nbsp;&nbsp; 94037 |
| Denver City & County School District No. 1, Series 2022 A, GO Bonds | 5.00% | 12/01/2039 | 25 | &nbsp;&nbsp; 27525 |
| Denver City & County School District No. 1, Series 2022 A, GO Bonds | 5.00% | 12/01/2040 | 50 | &nbsp;&nbsp; 54698 |
| Denver City & County School District No. 1, Series 2022 A, GO Bonds | 5.00% | 12/01/2041 | 5 | &nbsp;&nbsp; 5427 |
| Denver City & County School District No. 1, Series 2022 A, GO Bonds | 5.00% | 12/01/2042 | 100 | &nbsp;&nbsp; 107662 |
| Denver City & County School District No. 1, Series 2022 A, GO Bonds | 5.00% | 12/01/2045 | 160 | &nbsp;&nbsp; 169133 |
| Park Creek Metropolitan District, Series 2025, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 12/01/2038 | 50 | &nbsp;&nbsp; 54729 |
| Park Creek Metropolitan District, Series 2025, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 12/01/2043 | 20 | &nbsp;&nbsp; 21092 |
| Parker Water & Sanitation District, Series 2012, Ref. GO Bonds | 3.00% | 08/01/2032 | 100 | &nbsp;&nbsp; 99385 |
| Weld County School District No. RE-4, Series 2023, GO Bonds | 5.25% | 12/01/2047 | 80 | &nbsp;&nbsp; 85475 |
|  |  |  |  | &nbsp;&nbsp; 3976975 |
| **Connecticut-1.60%** |  |  |  |  |
| Connecticut (State of), Series 2016 E, GO Bonds | 3.00% | 10/15/2032 | 105 | &nbsp;&nbsp; 105064 |
| Connecticut (State of), Series 2021 A, GO Bonds | 3.00% | 01/15/2032 | 80 | &nbsp;&nbsp; 80505 |
| Connecticut (State of), Series 2021 A, RB | 5.00% | 05/01/2032 | 45 | &nbsp;&nbsp; 50467 |
| Connecticut (State of), Series 2021 D, RB | 5.00% | 11/01/2032 | 30 | &nbsp;&nbsp; 33897 |
| Connecticut (State of), Series 2022 A, GO Bonds | 4.00% | 01/15/2032 | 175 | &nbsp;&nbsp; 188141 |
| Connecticut (State of), Series 2022 A, GO Bonds | 4.00% | 01/15/2034 | 90 | &nbsp;&nbsp; 95497 |
| Connecticut (State of), Series 2022 B, Ref. RB | 5.00% | 07/01/2032 | 50 | &nbsp;&nbsp; 57239 |
| Connecticut (State of), Series 2022 E, GO Bonds | 5.00% | 11/15/2032 | 15 | &nbsp;&nbsp; 17258 |
| Connecticut (State of), Series 2022 E, GO Bonds | 5.00% | 11/15/2034 | 5 | &nbsp;&nbsp; 5695 |
| Connecticut (State of), Series 2022 F, GO Bonds | 5.00% | 11/15/2036 | 145 | &nbsp;&nbsp; 163022 |
| Connecticut (State of), Series 2022 F, GO Bonds | 5.00% | 11/15/2040 | 30 | &nbsp;&nbsp; 32945 |
| Connecticut (State of), Series 2022 F, GO Bonds | 5.00% | 11/15/2042 | 10 | &nbsp;&nbsp; 10798 |
| Connecticut (State of), Series 2022 G, Ref. GO Bonds | 5.00% | 11/15/2032 | 30 | &nbsp;&nbsp; 34516 |
| Connecticut (State of), Series 2023 A, RB | 5.00% | 07/01/2032 | 20 | &nbsp;&nbsp; 22896 |
| Connecticut (State of), Series 2023 B, Ref. GO Bonds | 5.00% | 08/01/2032 | 45 | &nbsp;&nbsp; 51574 |
| Connecticut (State of), Series 2023 B, Ref. RB | 5.00% | 07/01/2032 | 75 | &nbsp;&nbsp; 85859 |
| Connecticut (State of), Series 2024 A, GO Bonds | 5.00% | 01/15/2032 | 95 | &nbsp;&nbsp; 108043 |
| Connecticut (State of), Series 2024 C, Ref. GO Bonds | 5.00% | 03/01/2032 | 55 | &nbsp;&nbsp; 62667 |
| Connecticut (State of), Series 2025 B, Ref. GO Bonds | 5.00% | 12/01/2032 | 75 | &nbsp;&nbsp; 86342 |
| Connecticut (State of) (Green Bonds), Series 2021 B, GO Bonds | 3.00% | 06/01/2032 | 125 | &nbsp;&nbsp; 125486 |
| Connecticut (State of) (Green Bonds), Series 2022 B, GO Bonds | 4.00% | 01/15/2035 | 115 | &nbsp;&nbsp; 121549 |
| Connecticut (State of) (Green Bonds), Series 2022 B, GO Bonds | 4.00% | 01/15/2036 | 15 | &nbsp;&nbsp; 15727 |
| Connecticut (State of) (Green Bonds), Series 2022 B, GO Bonds | 4.00% | 01/15/2037 | 210 | &nbsp;&nbsp; 218599 |
| Connecticut (State of) (Green Bonds), Series 2022 F, GO Bonds | 5.00% | 11/15/2035 | 30 | &nbsp;&nbsp; 33978 |
| Connecticut (State of) (Green Bonds), Series 2022 F, GO Bonds | 5.00% | 11/15/2037 | 45 | &nbsp;&nbsp; 50252 |
| Connecticut (State of) (Green Bonds), Series 2022 F, GO Bonds | 5.00% | 11/15/2038 | 80 | &nbsp;&nbsp; 88745 |
| Connecticut (State of) (Green Bonds), Series 2022 F, GO Bonds | 5.00% | 11/15/2039 | 65 | &nbsp;&nbsp; 71863 |
| Connecticut (State of) (Green Bonds), Series 2022 F, GO Bonds | 5.00% | 11/15/2041 | 20 | &nbsp;&nbsp; 21784 |
| Connecticut (State of) (Transportation Infrastructure), Series 2022 A, RB | 5.00% | 07/01/2032 | 75 | &nbsp;&nbsp; 85859 |
| Connecticut (State of) (Transportation Infrastructure), Series 2024, RB | 5.00% | 07/01/2032 | 30 | &nbsp;&nbsp; 34344 |
| Connecticut (State of) Health & Educational Facilities Authority, Series 2022 M, Ref. RB | 4.00% | 07/01/2035 | 35 | &nbsp;&nbsp; 35808 |
| Connecticut (State of) Health & Educational Facilities Authority (Yale University), Series 2024, Ref. RB | 5.00% | 07/01/2032 | 15 | &nbsp;&nbsp; 17094 |
|  |  |  |  | &nbsp;&nbsp; 2213513 |
| **Delaware-0.25%** |  |  |  |  |
| Delaware (State of), Series 2021, Ref. GO Bonds | 4.00% | 02/01/2032 | 10 | &nbsp;&nbsp; 10723 |
| Delaware (State of), Series 2022, Ref. GO Bonds | 5.00% | 03/01/2032 | 66 | &nbsp;&nbsp; 75693 |
| Delaware (State of), Series 2023 A, GO Bonds | 5.00% | 05/01/2032 | 225 | &nbsp;&nbsp; 258701 |
|  |  |  |  | &nbsp;&nbsp; 345117 |
| **District of Columbia-1.85%** |  |  |  |  |
| District of Columbia, Series 2022 A, RB | 5.00% | 07/01/2032 | 250 | &nbsp;&nbsp; 285872 |
| District of Columbia, Series 2022 A, RB | 5.00% | 07/01/2034 | 85 | &nbsp;&nbsp; 96425 |
| District of Columbia, Series 2022 A, RB | 5.00% | 07/01/2035 | 145 | &nbsp;&nbsp; 163603 |
| District of Columbia, Series 2022 A, RB | 5.00% | 07/01/2036 | 95 | &nbsp;&nbsp; 106492 |
| District of Columbia, Series 2022 A, RB | 5.00% | 07/01/2037 | 85 | &nbsp;&nbsp; 94562 |
| District of Columbia, Series 2022 A, RB | 5.00% | 07/01/2039 | 80 | &nbsp;&nbsp; 87804 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **District of Columbia-(continued)** |  |  |  |  |
| District of Columbia, Series 2022 A, RB | 5.00% | 07/01/2040 | $50 | &nbsp;&nbsp; $54357 |
| District of Columbia, Series 2022 A, RB | 5.00% | 07/01/2041 | 110 | &nbsp;&nbsp; 118622 |
| District of Columbia, Series 2022 A, RB | 5.00% | 07/01/2042 | 240 | &nbsp;&nbsp; 256723 |
| District of Columbia, Series 2022 A, RB | 5.00% | 07/01/2047 | 180 | &nbsp;&nbsp; 188411 |
| District of Columbia, Series 2022 C, Ref. RB | 5.00% | 12/01/2032 | 10 | &nbsp;&nbsp; 11498 |
| District of Columbia, Series 2022 C, Ref. RB | 5.00% | 12/01/2034 | 60 | &nbsp;&nbsp; 68417 |
| District of Columbia, Series 2022 C, Ref. RB | 5.00% | 12/01/2035 | 15 | &nbsp;&nbsp; 16986 |
| District of Columbia, Series 2022 C, Ref. RB | 5.00% | 12/01/2036 | 150 | &nbsp;&nbsp; 168705 |
| District of Columbia, Series 2022 C, Ref. RB | 5.00% | 12/01/2037 | 50 | &nbsp;&nbsp; 55787 |
| District of Columbia, Series 2022, RB | 5.00% | 07/01/2038 | 55 | &nbsp;&nbsp; 60750 |
| District of Columbia, Series 2023 A, GO Bonds | 5.00% | 01/01/2032 | 60 | &nbsp;&nbsp; 68127 |
| District of Columbia, Series 2024 A, GO Bonds | 5.00% | 08/01/2032 | 55 | &nbsp;&nbsp; 62962 |
| District of Columbia, Series 2024 B, GO Bonds | 5.00% | 08/01/2032 | 5 | &nbsp;&nbsp; 5724 |
| District of Columbia, Series 2024 C, Ref. GO Bonds | 5.00% | 12/01/2032 | 60 | &nbsp;&nbsp; 68991 |
| District of Columbia, Series 2025 A, Ref. RB | 5.00% | 06/01/2032 | 50 | &nbsp;&nbsp; 57110 |
| District of Columbia Water & Sewer Authority, Series 2022 C1, RB | 5.00% | 10/01/2035 | 155 | &nbsp;&nbsp; 174092 |
| District of Columbia Water & Sewer Authority (Green Bonds), Series 2022 B, RB | 5.00% | 10/01/2047 | 220 | &nbsp;&nbsp; 229222 |
| Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB | 5.00% | 07/15/2032 | 45 | &nbsp;&nbsp; 50474 |
|  |  |  |  | &nbsp;&nbsp; 2551716 |
| **Florida-3.83%** |  |  |  |  |
| Bay County School Board, Series 2022 A, COP, (INS - AGI)<sup>(a)</sup> | 4.25% | 07/01/2047 | 70 | &nbsp;&nbsp; 70117 |
| &nbsp;&nbsp;&nbsp; Brevard (County of), FL Health Facilities Authority (Health First Obligated Group), Series 2022 A, Ref. <br> RB<br>| 5.00% | 04/01/2042 | 50 | &nbsp;&nbsp; 52145 |
| &nbsp;&nbsp;&nbsp; Brevard (County of), FL Health Facilities Authority (Health First Obligated Group), Series 2022, Ref. <br> RB<br>| 5.00% | 04/01/2041 | 30 | &nbsp;&nbsp; 31535 |
| Broward (County of), FL, Series 2022, RB | 5.00% | 01/01/2047 | 150 | &nbsp;&nbsp; 156033 |
| Broward (County of), FL School Board, Series 2022 B, COP | 5.00% | 07/01/2035 | 130 | &nbsp;&nbsp; 145074 |
| Broward (County of), FL School Board, Series 2022 B, COP | 5.00% | 07/01/2036 | 95 | &nbsp;&nbsp; 105592 |
| Central Florida Expressway Authority, Series 2016 A, Ref. RB | 3.00% | 07/01/2032 | 100 | &nbsp;&nbsp; 99888 |
| Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 07/01/2032 | 35 | &nbsp;&nbsp; 39236 |
| Central Florida Expressway Authority, Series 2024 B, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 07/01/2032 | 30 | &nbsp;&nbsp; 34266 |
| Florida (State of), Series 2021 A, Ref. GO Bonds | 5.00% | 06/01/2032 | 110 | &nbsp;&nbsp; 126280 |
| Florida (State of), Series 2023 A, Ref. GO Bonds | 5.00% | 06/01/2032 | 80 | &nbsp;&nbsp; 91840 |
| Florida (State of), Series 2024 A, Ref. GO Bonds | 5.00% | 06/01/2032 | 295 | &nbsp;&nbsp; 339232 |
| Florida (State of) (Capital Outlay), Series 2025 A, Ref. GO Bonds | 5.00% | 06/01/2032 | 85 | &nbsp;&nbsp; 97580 |
| Florida (State of) (Right-of-Way Acquisition), Series 2021 B, Ref. GO Bonds | 5.00% | 07/01/2032 | 105 | &nbsp;&nbsp; 120957 |
| Florida (State of) Department of Transportation, Series 2022, RB | 5.00% | 07/01/2047 | 20 | &nbsp;&nbsp; 21104 |
| Florida (State of) Department of Transportation, Series 2022, RB | 5.00% | 07/01/2052 | 100 | &nbsp;&nbsp; 104819 |
| Florida (State of) Municipal Power Agency, Series 2021 A, RB | 3.00% | 10/01/2032 | 55 | &nbsp;&nbsp; 54561 |
| Fort Lauderdale (City of), FL, Series 2023 A, RB | 5.00% | 07/01/2053 | 100 | &nbsp;&nbsp; 103944 |
| Jacksonville (City of), FL, Series 2015, Ref. RB | 3.25% | 10/01/2032 | 100 | &nbsp;&nbsp; 100019 |
| Jacksonville (City of), FL, Series 2023 A, Ref. RB | 5.00% | 10/01/2032 | 100 | &nbsp;&nbsp; 114195 |
| Jacksonville (City of), FL, Series 2025, RB | 5.00% | 10/01/2032 | 55 | &nbsp;&nbsp; 62844 |
| JEA Electric System, Third Series 2024 A, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 10/01/2032 | 40 | &nbsp;&nbsp; 45731 |
| Manatee (County of), FL, Series 2022, Ref. RB | 5.25% | 10/01/2047 | 75 | &nbsp;&nbsp; 80558 |
| Miami-Dade (County of), FL, Series 2022 A, RB | 5.00% | 04/01/2046 | 100 | &nbsp;&nbsp; 104632 |
| Miami-Dade (County of), FL, Series 2022, RB | 5.00% | 07/01/2043 | 30 | &nbsp;&nbsp; 31833 |
| Miami-Dade (County of), FL, Series 2022, RB | 5.00% | 07/01/2046 | 10 | &nbsp;&nbsp; 10439 |
| Miami-Dade (County of), FL, Series 2022, RB | 5.00% | 07/01/2047 | 25 | &nbsp;&nbsp; 26028 |
| Miami-Dade (County of), FL, Series 2022, RB | 5.00% | 07/01/2048 | 195 | &nbsp;&nbsp; 202635 |
| Miami-Dade (County of), FL, Series 2022, RB | 5.00% | 07/01/2049 | 555 | &nbsp;&nbsp; 575588 |
| Miami-Dade (County of), FL, Series 2022, RB | 5.00% | 07/01/2051 | 10 | &nbsp;&nbsp; 10350 |
| Miami-Dade (County of), FL, Series 2022, RB | 5.00% | 07/01/2052 | 155 | &nbsp;&nbsp; 161472 |
| Miami-Dade (County of), FL, Series 2024 B, RB | 5.00% | 10/01/2032 | 50 | &nbsp;&nbsp; 57164 |
| &nbsp;&nbsp;&nbsp; Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2023 A, <br> RB<br>| 5.00% | 10/01/2032 | 160 | &nbsp;&nbsp; 181324 |
| Orange (County of), FL School Board, Series 2021 A, Ref. COP | 5.00% | 08/01/2032 | 40 | &nbsp;&nbsp; 45633 |
| Palm Beach County School District, Series 2022 B, COP | 5.25% | 08/01/2035 | 140 | &nbsp;&nbsp; 159612 |
| Palm Beach County School District, Series 2022 B, COP | 5.25% | 08/01/2036 | 75 | &nbsp;&nbsp; 84868 |
| Palm Beach County School District, Series 2022 B, COP | 5.25% | 08/01/2037 | 50 | &nbsp;&nbsp; 56309 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Florida-(continued)** |  |  |  |  |
| Palm Beach County School District, Series 2022 B, COP | 5.25% | 08/01/2038 | $135 | &nbsp;&nbsp; $150379 |
| Palm Beach County School District, Series 2022 B, COP | 5.25% | 08/01/2039 | 45 | &nbsp;&nbsp; 49859 |
| Palm Beach County School District, Series 2022 B, COP | 5.25% | 08/01/2040 | 50 | &nbsp;&nbsp; 55078 |
| Palm Beach County School District, Series 2025 A, Ref. COP | 5.00% | 08/01/2032 | 25 | &nbsp;&nbsp; 28537 |
| Pasco (County of), FL School Board, Series 2021 A, Ref. COP | 5.00% | 08/01/2032 | 15 | &nbsp;&nbsp; 16995 |
| Sarasota (County of), FL, Series 2022, RB | 5.25% | 10/01/2047 | 25 | &nbsp;&nbsp; 26686 |
| Sarasota (County of), FL, Series 2022, RB | 5.25% | 10/01/2052 | 135 | &nbsp;&nbsp; 143027 |
| Sarasota (County of), FL Public Hospital District (Sarasota Memorial Hospital), Series 2022, RB | 5.00% | 07/01/2052 | 100 | &nbsp;&nbsp; 102217 |
| Seminole (County of), FL, Series 2022, Ref. RB | 5.00% | 10/01/2052 | 75 | &nbsp;&nbsp; 77548 |
| Seminole (County of), FL, Series 2025, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 10/01/2032 | 15 | &nbsp;&nbsp; 17139 |
| St. Johns (County of), FL, Series 2022, RB | 5.00% | 06/01/2052 | 250 | &nbsp;&nbsp; 262109 |
| Tallahassee (City of), FL, Series 2024, RB | 5.00% | 10/01/2049 | 10 | &nbsp;&nbsp; 10397 |
| Tampa (City of), FL (Green Bonds), Series 2022 A, RB | 5.00% | 10/01/2052 | 100 | &nbsp;&nbsp; 105203 |
| Tampa (City of), FL (Green Bonds), Series 2022 A, RB | 5.25% | 10/01/2057 | 120 | &nbsp;&nbsp; 127124 |
| Tampa Bay (City of), FL Water (Green Bonds), Series 2022, RB | 5.00% | 10/01/2052 | 200 | &nbsp;&nbsp; 208471 |
|  |  |  |  | &nbsp;&nbsp; 5286206 |
| **Georgia-2.54%** |  |  |  |  |
| Atlanta (City of), GA, Series 2022 C, RB | 5.00% | 07/01/2039 | 20 | &nbsp;&nbsp; 21914 |
| Atlanta (City of), GA, Series 2022 C, RB | 5.00% | 07/01/2041 | 20 | &nbsp;&nbsp; 21547 |
| Atlanta (City of), GA, Series 2022 C, RB | 5.00% | 07/01/2042 | 110 | &nbsp;&nbsp; 117532 |
| Atlanta (City of), GA (Green Bonds), Series 2024, RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 11/01/2032 | 15 | &nbsp;&nbsp; 17229 |
| Atlanta (City of), GA (Social Bonds), Series 2022 A-1, GO Bonds<sup>(b)(c)</sup> | 5.00% | 12/01/2032 | 90 | &nbsp;&nbsp; 103425 |
| Atlanta (City of), GA (Social Bonds), Series 2022 A-1, GO Bonds<sup>(b)</sup> | 5.00% | 12/01/2032 | 20 | &nbsp;&nbsp; 22983 |
| Atlanta (City of), GA (Social Bonds), Series 2022 A-1, GO Bonds | 5.00% | 12/01/2036 | 180 | &nbsp;&nbsp; 202930 |
| Atlanta (City of), GA (Social Bonds), Series 2022 A-1, GO Bonds | 5.00% | 12/01/2037 | 15 | &nbsp;&nbsp; 16796 |
| Atlanta (City of), GA (Social Bonds), Series 2022 A-1, GO Bonds | 5.00% | 12/01/2038 | 40 | &nbsp;&nbsp; 44466 |
| Atlanta (City of), GA (Social Bonds), Series 2022 A-1, GO Bonds | 5.00% | 12/01/2039 | 35 | &nbsp;&nbsp; 38709 |
| Atlanta (City of), GA (Social Bonds), Series 2022 A-1, GO Bonds | 5.00% | 12/01/2040 | 15 | &nbsp;&nbsp; 16438 |
| Atlanta (City of), GA (Social Bonds), Series 2022 A-1, Ref. GO Bonds | 5.00% | 12/01/2035 | 30 | &nbsp;&nbsp; 34053 |
| Atlanta (City of), GA Department of Aviation, Series 2022 A, RB | 5.00% | 07/01/2047 | 150 | &nbsp;&nbsp; 156794 |
| DeKalb (County of), GA, Series 2022, Ref. RB | 5.00% | 10/01/2032 | 50 | &nbsp;&nbsp; 57467 |
| DeKalb (County of), GA, Series 2022, Ref. RB | 5.00% | 10/01/2034 | 40 | &nbsp;&nbsp; 45436 |
| DeKalb (County of), GA, Series 2022, Ref. RB | 5.00% | 10/01/2035 | 30 | &nbsp;&nbsp; 33880 |
| DeKalb (County of), GA, Series 2022, Ref. RB | 5.00% | 10/01/2036 | 65 | &nbsp;&nbsp; 72925 |
| DeKalb (County of), GA, Series 2022, Ref. RB | 5.00% | 10/01/2037 | 50 | &nbsp;&nbsp; 55723 |
| DeKalb (County of), GA, Series 2022, Ref. RB | 5.00% | 10/01/2038 | 105 | &nbsp;&nbsp; 116311 |
| DeKalb (County of), GA, Series 2022, Ref. RB | 5.00% | 10/01/2039 | 15 | &nbsp;&nbsp; 16530 |
| DeKalb (County of), GA, Series 2022, Ref. RB | 5.00% | 10/01/2040 | 85 | &nbsp;&nbsp; 92919 |
| DeKalb (County of), GA, Series 2022, Ref. RB | 5.00% | 10/01/2041 | 10 | &nbsp;&nbsp; 10843 |
| DeKalb (County of), GA, Series 2022, Ref. RB | 5.00% | 10/01/2052 | 20 | &nbsp;&nbsp; 20749 |
| Downey Unified School District, Series 2025, GO Bonds | 5.00% | 04/01/2032 | 25 | &nbsp;&nbsp; 28645 |
| Georgia (State of), Series 2022 A, GO Bonds | 5.00% | 07/01/2034 | 110 | &nbsp;&nbsp; 125838 |
| Georgia (State of), Series 2022 A, GO Bonds | 5.00% | 07/01/2035 | 10 | &nbsp;&nbsp; 11383 |
| Georgia (State of), Series 2022 A, GO Bonds | 5.00% | 07/01/2036 | 55 | &nbsp;&nbsp; 62215 |
| Georgia (State of), Series 2023 C, Ref. GO Bonds | 5.00% | 01/01/2032 | 65 | &nbsp;&nbsp; 74395 |
| Georgia (State of) (Bid Group 1), Series 2022 A, GO Bonds | 5.00% | 07/01/2032 | 50 | &nbsp;&nbsp; 57664 |
| Georgia (State of) (Bidding Group 1), Series 2021 A, Ref. GO Bonds | 5.00% | 07/01/2032 | 180 | &nbsp;&nbsp; 203481 |
| Georgia (State of) (Bidding Group 1), Series 2023 A, GO Bonds | 5.00% | 07/01/2032 | 70 | &nbsp;&nbsp; 80730 |
| Georgia (State of) (Bidding Group 3), Series 2022 C, Ref. GO Bonds | 5.00% | 07/01/2032 | 100 | &nbsp;&nbsp; 115329 |
| Georgia (State of) Municipal Electric Authority, Series 2021 A, Ref. RB | 5.00% | 01/01/2034 | 80 | &nbsp;&nbsp; 88668 |
| Georgia (State of) Municipal Electric Authority, Series 2021, Ref. RB | 5.00% | 01/01/2046 | 60 | &nbsp;&nbsp; 61614 |
| Georgia (State of) Ports Authority, Series 2022, RB | 5.00% | 07/01/2032 | 15 | &nbsp;&nbsp; 17191 |
| Georgia (State of) Ports Authority, Series 2022, RB | 5.00% | 07/01/2034 | 15 | &nbsp;&nbsp; 17033 |
| Georgia (State of) Ports Authority, Series 2022, RB | 5.00% | 07/01/2035 | 35 | &nbsp;&nbsp; 39526 |
| Georgia (State of) Ports Authority, Series 2022, RB | 5.00% | 07/01/2036 | 45 | &nbsp;&nbsp; 50501 |
| Georgia (State of) Ports Authority, Series 2022, RB | 5.00% | 07/01/2037 | 20 | &nbsp;&nbsp; 22275 |
| Georgia (State of) Ports Authority, Series 2022, RB | 5.00% | 07/01/2038 | 10 | &nbsp;&nbsp; 11070 |
| Georgia (State of) Ports Authority, Series 2022, RB | 5.00% | 07/01/2041 | 65 | &nbsp;&nbsp; 70383 |
| Georgia (State of) Ports Authority, Series 2022, RB | 5.00% | 07/01/2042 | 20 | &nbsp;&nbsp; 21478 |
| Georgia (State of) Ports Authority, Series 2022, RB | 5.00% | 07/01/2047 | 80 | &nbsp;&nbsp; 83858 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Georgia-(continued)** |  |  |  |  |
| Georgia (State of) Ports Authority, Series 2022, RB | 5.25% | 07/01/2052 | $300 | &nbsp;&nbsp; $317779 |
| Gwinnett County School District, Series 2025, Ref. GO Bonds | 5.00% | 02/01/2032 | 100 | &nbsp;&nbsp; 114601 |
| Metropolitan Atlanta Rapid Transit Authority, Series 2024 B, RB | 5.00% | 07/01/2032 | 95 | &nbsp;&nbsp; 109189 |
| Metropolitan Atlanta Rapid Transit Authority, Series 2025 B, Ref. RB | 5.00% | 07/01/2032 | 5 | &nbsp;&nbsp; 5747 |
| Metropolitan Atlanta Rapid Transit Authority (Green Bonds), Series 2023 B, RB | 5.00% | 07/01/2032 | 25 | &nbsp;&nbsp; 28734 |
| Paulding (County of), GA Hospital Authority, Series 2022, Ref. RB | 5.00% | 04/01/2042 | 15 | &nbsp;&nbsp; 15917 |
| Private Colleges & Universities Authority (Emory University), Series 2022 A, Ref. RB | 5.00% | 09/01/2032 | 210 | &nbsp;&nbsp; 240530 |
| Private Colleges & Universities Authority (Emory University), Series 2025 A, Ref. RB | 5.00% | 09/01/2032 | 55 | &nbsp;&nbsp; 62996 |
| Private Colleges & Universities Authority (Mercer University), Series 2022, Ref. RB | 5.25% | 10/01/2051 | 35 | &nbsp;&nbsp; 36473 |
|  |  |  |  | &nbsp;&nbsp; 3512842 |
| **Guam-0.11%** |  |  |  |  |
| Guam (Territory of) Power Authority, Series 2022 A, Ref. RB | 5.00% | 10/01/2034 | 65 | &nbsp;&nbsp; 71546 |
| Guam (Territory of) Power Authority, Series 2022 A, Ref. RB | 5.00% | 10/01/2041 | 60 | &nbsp;&nbsp; 62709 |
| Guam (Territory of) Power Authority, Series 2022 A, Ref. RB | 5.00% | 10/01/2042 | 20 | &nbsp;&nbsp; 20774 |
|  |  |  |  | &nbsp;&nbsp; 155029 |
| **Hawaii-0.04%** |  |  |  |  |
| Hawaii (State of), Series 2016 FB, GO Bonds | 3.00% | 04/01/2032 | 50 | &nbsp;&nbsp; 49875 |
| **Idaho-0.21%** |  |  |  |  |
| Idaho (State of) Housing & Finance Association, Series 2022, RB | 5.00% | 08/15/2047 | 210 | &nbsp;&nbsp; 220699 |
| Idaho State Building Authority, Series 2024 A, RB | 5.00% | 06/01/2032 | 15 | &nbsp;&nbsp; 17181 |
| Idaho State Building Authority (Schools Modernization), Series 2025, RB | 5.00% | 06/01/2032 | 50 | &nbsp;&nbsp; 57271 |
|  |  |  |  | &nbsp;&nbsp; 295151 |
| **Illinois-5.98%** |  |  |  |  |
| Chicago (City of), IL, Series 2021 A, Ref. GO Bonds | 5.00% | 01/01/2032 | 125 | &nbsp;&nbsp; 131044 |
| Chicago (City of), IL, Series 2023 A, RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 01/01/2048 | 150 | &nbsp;&nbsp; 156369 |
| Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 01/01/2032 | 205 | &nbsp;&nbsp; 229824 |
| Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 11/01/2032 | 35 | &nbsp;&nbsp; 39176 |
| Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 11/01/2033 | 20 | &nbsp;&nbsp; 22238 |
| Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 01/01/2034 | 20 | &nbsp;&nbsp; 22264 |
| Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 01/01/2035 | 25 | &nbsp;&nbsp; 27699 |
| Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 11/01/2035 | 275 | &nbsp;&nbsp; 303199 |
| Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 01/01/2036 | 150 | &nbsp;&nbsp; 165101 |
| Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 11/01/2036 | 85 | &nbsp;&nbsp; 93182 |
| Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 11/01/2037 | 30 | &nbsp;&nbsp; 32681 |
| Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 01/01/2038 | 20 | &nbsp;&nbsp; 21732 |
| Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 11/01/2038 | 45 | &nbsp;&nbsp; 48693 |
| Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 01/01/2039 | 20 | &nbsp;&nbsp; 21574 |
| Chicago (City of), IL (O'Hare International Airport), Series 2022, Ref. RB | 5.00% | 01/01/2040 | 15 | &nbsp;&nbsp; 16107 |
| Chicago (City of), IL (O'Hare International Airport), Series 2022, Ref. RB | 5.00% | 01/01/2041 | 70 | &nbsp;&nbsp; 74615 |
| Chicago (City of), IL (O'Hare International Airport), Series 2022, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 01/01/2039 | 35 | &nbsp;&nbsp; 38085 |
| Chicago (City of), IL (O'Hare International Airport), Series 2024 D, Ref. RB | 5.00% | 01/01/2032 | 175 | &nbsp;&nbsp; 197338 |
| Chicago (City of), IL Metropolitan Water Reclamation District, Series 2007 C, Ref. GO Bonds | 5.25% | 12/01/2032 | 70 | &nbsp;&nbsp; 81310 |
| Chicago (City of), IL Midway International Airport, Series 2023 B, Ref. RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 01/01/2032 | 55 | &nbsp;&nbsp; 62218 |
| Cook (County of), IL, Series 2022 A, Ref. RB | 5.00% | 11/15/2042 | 30 | &nbsp;&nbsp; 31977 |
| Cook (County of), IL, Series 2022 A, Ref. RB | 5.25% | 11/15/2045 | 370 | &nbsp;&nbsp; 393639 |
| Cook (County of), IL, Series 2024, Ref. RB | 5.00% | 11/15/2042 | 20 | &nbsp;&nbsp; 21318 |
| Illinois (State of), Series 2016 D, Ref. RB | 3.00% | 06/15/2032 | 65 | &nbsp;&nbsp; 62611 |
| Illinois (State of), Series 2016, GO Bonds | 4.00% | 06/01/2032 | 20 | &nbsp;&nbsp; 20060 |
| Illinois (State of), Series 2020 B, GO Bonds | 4.00% | 10/01/2032 | 60 | &nbsp;&nbsp; 61655 |
| Illinois (State of), Series 2021 A, GO Bonds | 5.00% | 03/01/2032 | 75 | &nbsp;&nbsp; 82287 |
| Illinois (State of), Series 2021 B, GO Bonds | 5.00% | 12/01/2032 | 55 | &nbsp;&nbsp; 60839 |
| Illinois (State of), Series 2022 A, GO Bonds | 5.00% | 03/01/2032 | 80 | &nbsp;&nbsp; 89122 |
| Illinois (State of), Series 2022 A, GO Bonds | 5.00% | 03/01/2034 | 90 | &nbsp;&nbsp; 99198 |
| Illinois (State of), Series 2022 A, GO Bonds | 5.00% | 03/01/2035 | 165 | &nbsp;&nbsp; 180700 |
| Illinois (State of), Series 2022 A, GO Bonds | 5.00% | 03/01/2036 | 115 | &nbsp;&nbsp; 125072 |
| Illinois (State of), Series 2022 A, GO Bonds | 5.25% | 03/01/2038 | 270 | &nbsp;&nbsp; 292998 |
| Illinois (State of), Series 2022 A, GO Bonds | 5.50% | 03/01/2042 | 185 | &nbsp;&nbsp; 199361 |
| Illinois (State of), Series 2022 A, GO Bonds | 5.50% | 03/01/2047 | 75 | &nbsp;&nbsp; 78871 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Illinois-(continued)** |  |  |  |  |
| Illinois (State of), Series 2022 B, GO Bonds | 5.00% | 10/01/2034 | $45 | &nbsp;&nbsp; $49786 |
| Illinois (State of), Series 2022 B, GO Bonds | 5.25% | 10/01/2035 | 165 | &nbsp;&nbsp; 183740 |
| Illinois (State of), Series 2022 B, Ref. GO Bonds | 5.00% | 03/01/2032 | 40 | &nbsp;&nbsp; 44561 |
| Illinois (State of), Series 2022 C, GO Bonds | 5.00% | 10/01/2038 | 5 | &nbsp;&nbsp; 5362 |
| Illinois (State of), Series 2022 C, GO Bonds | 5.25% | 10/01/2046 | 10 | &nbsp;&nbsp; 10384 |
| Illinois (State of), Series 2023 B, GO Bonds | 5.00% | 05/01/2032 | 225 | &nbsp;&nbsp; 251083 |
| Illinois (State of), Series 2023 B, GO Bonds | 5.00% | 12/01/2032 | 60 | &nbsp;&nbsp; 67324 |
| Illinois (State of), Series 2023 B, GO Bonds | 5.00% | 05/01/2034 | 35 | &nbsp;&nbsp; 38622 |
| Illinois (State of), Series 2023 B, GO Bonds | 5.00% | 05/01/2035 | 140 | &nbsp;&nbsp; 153468 |
| Illinois (State of), Series 2023 B, GO Bonds | 5.00% | 05/01/2036 | 150 | &nbsp;&nbsp; 163423 |
| Illinois (State of), Series 2023 B, GO Bonds | 5.00% | 05/01/2037 | 95 | &nbsp;&nbsp; 103042 |
| Illinois (State of), Series 2023 B, GO Bonds | 5.25% | 05/01/2038 | 90 | &nbsp;&nbsp; 97892 |
| Illinois (State of), Series 2023 B, GO Bonds | 5.25% | 05/01/2039 | 60 | &nbsp;&nbsp; 64858 |
| Illinois (State of), Series 2023 B, GO Bonds | 5.25% | 05/01/2040 | 30 | &nbsp;&nbsp; 32207 |
| Illinois (State of), Series 2023 B, GO Bonds | 5.25% | 05/01/2041 | 30 | &nbsp;&nbsp; 32006 |
| Illinois (State of), Series 2023 B, GO Bonds | 5.25% | 05/01/2043 | 60 | &nbsp;&nbsp; 63152 |
| Illinois (State of), Series 2023 B, GO Bonds | 5.50% | 05/01/2047 | 200 | &nbsp;&nbsp; 210481 |
| Illinois (State of), Series 2023 C, GO Bonds | 5.00% | 05/01/2032 | 25 | &nbsp;&nbsp; 27898 |
| Illinois (State of), Series 2023 D, Ref. GO Bonds | 5.00% | 07/01/2032 | 10 | &nbsp;&nbsp; 11177 |
| Illinois (State of), Series 2023 D, Ref. GO Bonds | 5.00% | 07/01/2034 | 240 | &nbsp;&nbsp; 265126 |
| Illinois (State of), Series 2023 D, Ref. GO Bonds | 5.00% | 07/01/2035 | 145 | &nbsp;&nbsp; 159087 |
| Illinois (State of), Series 2023 D, Ref. GO Bonds | 5.00% | 07/01/2036 | 270 | &nbsp;&nbsp; 294000 |
| Illinois (State of), Series 2024 A, RB | 5.00% | 06/15/2032 | 145 | &nbsp;&nbsp; 162505 |
| Illinois (State of), Series 2024 B, GO Bonds | 5.00% | 05/01/2032 | 90 | &nbsp;&nbsp; 100433 |
| Illinois (State of), Series 2024, Ref. GO Bonds | 5.00% | 02/01/2032 | 10 | &nbsp;&nbsp; 11133 |
| Illinois (State of), Series 2025 A, RB | 5.00% | 06/15/2032 | 75 | &nbsp;&nbsp; 84054 |
| Illinois (State of), Series 2025 C, GO Bonds | 5.25% | 09/01/2032 | 25 | &nbsp;&nbsp; 28382 |
| Illinois (State of) Finance Authority (Green Bonds), Series 2025 B, RB | 5.00% | 07/01/2032 | 85 | &nbsp;&nbsp; 97196 |
| &nbsp;&nbsp;&nbsp; Illinois (State of) Finance Authority (Northshore - Edward-Elmhurst Health Credit Group), Series 2022 <br> A, Ref. RB<br>| 5.00% | 08/15/2038 | 20 | &nbsp;&nbsp; 21811 |
| &nbsp;&nbsp;&nbsp; Illinois (State of) Finance Authority (Northshore - Edward-Elmhurst Health Credit Group), Series 2022 <br> A, Ref. RB<br>| 5.00% | 08/15/2039 | 35 | &nbsp;&nbsp; 37857 |
| &nbsp;&nbsp;&nbsp; Illinois (State of) Finance Authority (Northshore Edward Elmhurst Health Credit Group), Series 2022 <br> A, Ref. RB<br>| 5.00% | 08/15/2047 | 340 | &nbsp;&nbsp; 347126 |
| &nbsp;&nbsp;&nbsp; Illinois (State of) Finance Authority (Northshore Edward Elmhurst Health Credit Group), Series 2022 <br> A, Ref. RB<br>| 5.00% | 08/15/2051 | 405 | &nbsp;&nbsp; 409256 |
| Illinois (State of) Finance Authority (The University of Chicago), Series 2024 A, Ref. RB | 5.00% | 04/01/2032 | 120 | &nbsp;&nbsp; 135545 |
| Illinois (State of) Finance Authority (The University of Chicago), Series 2024 B, Ref. RB | 5.00% | 04/01/2032 | 5 | &nbsp;&nbsp; 5648 |
| Illinois (State of) Finance Authority (University of Chicago Medical), Series 2021 A, Ref. RB | 5.00% | 10/01/2032 | 30 | &nbsp;&nbsp; 34098 |
| Illinois (State of) Toll Highway Authority, Series 2021 A, RB | 5.00% | 01/01/2041 | 30 | &nbsp;&nbsp; 32124 |
| Illinois (State of) Toll Highway Authority, Series 2021 A, RB | 5.00% | 01/01/2043 | 160 | &nbsp;&nbsp; 168855 |
| Illinois (State of) Toll Highway Authority, Series 2021 A, RB | 5.00% | 01/01/2046 | 415 | &nbsp;&nbsp; 431276 |
| Illinois (State of) Toll Highway Authority, Series 2024 A, Ref. RB | 5.00% | 01/01/2032 | 40 | &nbsp;&nbsp; 45418 |
| Sales Tax Securitization Corp., Series 2021 A, Ref. RB | 5.00% | 01/01/2032 | 165 | &nbsp;&nbsp; 182260 |
| Sales Tax Securitization Corp., Series 2023 C, Ref. RB | 5.00% | 01/01/2032 | 15 | &nbsp;&nbsp; 16569 |
|  |  |  |  | &nbsp;&nbsp; 8264382 |
| **Indiana-1.02%** |  |  |  |  |
| Greater Clark Building Corp., Series 2022, RB, (CEP - Colorado Higher Education Intercept Program) | 6.00% | 01/15/2042 | 5 | &nbsp;&nbsp; 5597 |
| Indiana (State of) Finance Authority, Series 2021, Ref. RB | 5.00% | 10/01/2032 | 30 | &nbsp;&nbsp; 33718 |
| Indiana (State of) Finance Authority, Series 2022, RB | 5.00% | 02/01/2032 | 25 | &nbsp;&nbsp; 28466 |
| Indiana (State of) Finance Authority, Series 2023 B, Ref. RB | 5.00% | 02/01/2032 | 20 | &nbsp;&nbsp; 22773 |
| Indiana (State of) Finance Authority (Green Bonds), Series 2022, RB | 5.00% | 02/01/2034 | 30 | &nbsp;&nbsp; 33793 |
| Indiana (State of) Finance Authority (Green Bonds), Series 2022, RB | 5.00% | 02/01/2035 | 120 | &nbsp;&nbsp; 134490 |
| Indiana (State of) Finance Authority (Green Bonds), Series 2022, RB | 5.00% | 02/01/2036 | 55 | &nbsp;&nbsp; 61129 |
| Indiana (State of) Finance Authority (Green Bonds), Series 2022, RB | 5.00% | 02/01/2037 | 130 | &nbsp;&nbsp; 143149 |
| Indiana (State of) Finance Authority (Green Bonds), Series 2022, RB | 5.00% | 02/01/2038 | 35 | &nbsp;&nbsp; 38577 |
| Indiana (State of) Finance Authority (Stadium), Series 2022 A, Ref. RB | 5.00% | 02/01/2032 | 15 | &nbsp;&nbsp; 16726 |
| Indiana (State of) Finance Authority (Stadium), Series 2022 A, Ref. RB | 4.00% | 02/01/2034 | 55 | &nbsp;&nbsp; 57828 |
| Indiana (State of) Finance Authority (Stadium), Series 2022 A, Ref. RB | 5.00% | 02/01/2035 | 340 | &nbsp;&nbsp; 379056 |
| Indiana (State of) Finance Authority (Stadium), Series 2022 A, Ref. RB | 4.00% | 02/01/2036 | 85 | &nbsp;&nbsp; 88247 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Indiana-(continued)** |  |  |  |  |
| Indianapolis Local Public Improvement Bond Bank, Series 2022, RB | 5.00% | 01/01/2053 | $185 | &nbsp;&nbsp; $190276 |
| &nbsp;&nbsp;&nbsp; IPS Multi-School Building Corp. (Social Bonds), Series 2023, RB, <br> (CEP - Colorado Higher Education Intercept Program)<br>| 5.25% | 07/15/2041 | 20 | &nbsp;&nbsp; 21768 |
| &nbsp;&nbsp;&nbsp; IPS Multi-School Building Corp. (Social Bonds), Series 2023, RB, <br> (CEP - Colorado Higher Education Intercept Program)<br>| 5.25% | 07/15/2043 | 10 | &nbsp;&nbsp; 10737 |
| &nbsp;&nbsp;&nbsp; Merrillville Multi School Building Corp., Series 2022, RB, <br> (CEP - Colorado Higher Education Intercept Program)<br>| 5.00% | 01/15/2042 | 135 | &nbsp;&nbsp; 145089 |
|  |  |  |  | &nbsp;&nbsp; 1411419 |
| **Iowa-0.34%** |  |  |  |  |
| Iowa (State of) Finance Authority (Green Bonds), Series 2022, Ref. RB | 5.00% | 08/01/2047 | 80 | &nbsp;&nbsp; 84383 |
| Iowa (State of) Finance Authority (Iowa Fertilizer Co.), Series 2022, Ref. RB<sup>(b)(c)</sup> | 5.00% | 12/01/2032 | 340 | &nbsp;&nbsp; 391185 |
|  |  |  |  | &nbsp;&nbsp; 475568 |
| **Kansas-0.04%** |  |  |  |  |
| Kansas (State of) Department of Transportation, Series 2024 A, Ref. RB | 5.00% | 09/01/2032 | 25 | &nbsp;&nbsp; 28668 |
| &nbsp;&nbsp;&nbsp; Wyandotte County Unified School District No. 203 (Piper), Series 2022 A, Ref. GO Bonds, <br> (INS - AGI)<sup>(a)</sup><br>| 5.25% | 09/01/2052 | 25 | &nbsp;&nbsp; 26158 |
|  |  |  |  | &nbsp;&nbsp; 54826 |
| **Kentucky-0.28%** |  |  |  |  |
| Kentucky (Commonwealth of) Property & Building Commission (No. 127), Series 2022 A, RB | 5.25% | 06/01/2039 | 85 | &nbsp;&nbsp; 94156 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 127), Series 2022 A, RB | 5.25% | 06/01/2040 | 25 | &nbsp;&nbsp; 27592 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 127), Series 2022 A, RB | 5.25% | 06/01/2041 | 20 | &nbsp;&nbsp; 22022 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 131), Series 2024 A, RB | 5.00% | 10/01/2032 | 35 | &nbsp;&nbsp; 39898 |
| Kentucky (Commonwealth of) Turnpike Authority (Revitalization), Series 2022, Ref. RB | 5.00% | 07/01/2032 | 110 | &nbsp;&nbsp; 123131 |
| Scott County School District Finance Corp., Series 2022, RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 09/01/2041 | 75 | &nbsp;&nbsp; 80482 |
|  |  |  |  | &nbsp;&nbsp; 387281 |
| **Louisiana-0.56%** |  |  |  |  |
| Louisiana (State of), Series 2024 A, RB | 5.00% | 05/01/2032 | 15 | &nbsp;&nbsp; 17046 |
| Louisiana (State of), Series 2024 E, GO Bonds | 5.00% | 09/01/2032 | 65 | &nbsp;&nbsp; 74536 |
| Louisiana (State of) (Garvee), Series 2023, RB | 5.00% | 09/01/2032 | 115 | &nbsp;&nbsp; 131337 |
| &nbsp;&nbsp;&nbsp; Louisiana (State of) Local Government Environmental Facilities & Community Development Authority <br> (Westlake Chemical Corp.), Series 2007, Ref. RB<br>| 3.50% | 11/01/2032 | 225 | &nbsp;&nbsp; 221398 |
| &nbsp;&nbsp;&nbsp; Louisiana (State of) Public Facilities Authority (Tulane University of Louisiana), Series 2023 A, Ref. <br> RB<br>| 5.00% | 10/15/2036 | 60 | &nbsp;&nbsp; 66393 |
| &nbsp;&nbsp;&nbsp; Louisiana (State of) Public Facilities Authority (Tulane University of Louisiana), Series 2023 A, Ref. <br> RB<br>| 5.00% | 10/15/2048 | 40 | &nbsp;&nbsp; 41414 |
| Louisiana (State of) Public Facilities Authority (Tulane University of Louisiana), Series 2023, Ref. RB | 5.00% | 10/15/2037 | 165 | &nbsp;&nbsp; 181244 |
| Louisiana (State of) Public Facilities Authority (Tulane University of Louisiana), Series 2023, Ref. RB | 5.00% | 10/15/2052 | 40 | &nbsp;&nbsp; 41150 |
|  |  |  |  | &nbsp;&nbsp; 774518 |
| **Maine-0.08%** |  |  |  |  |
| Maine (State of) Health & Higher Educational Facilities Authority, Series 2022 C, RB, (INS - AGI)<sup>(a)</sup> | 5.13% | 07/01/2052 | 25 | &nbsp;&nbsp; 25975 |
| University of Maine System, Series 2022, RB | 5.50% | 03/01/2057 | 75 | &nbsp;&nbsp; 79421 |
|  |  |  |  | &nbsp;&nbsp; 105396 |
| **Maryland-1.79%** |  |  |  |  |
| Maryland (State of), First Series 2022 A, GO Bonds | 5.00% | 06/01/2035 | 150 | &nbsp;&nbsp; 169832 |
| Maryland (State of), First Series 2022 A, GO Bonds | 5.00% | 06/01/2036 | 50 | &nbsp;&nbsp; 56199 |
| Maryland (State of), First Series 2022 A, GO Bonds | 5.00% | 06/01/2037 | 25 | &nbsp;&nbsp; 27920 |
| Maryland (State of), Series 2017 A, GO Bonds | 3.25% | 03/15/2032 | 85 | &nbsp;&nbsp; 85314 |
| Maryland (State of), Series 2022 A, GO Bonds | 5.00% | 06/01/2032 | 225 | &nbsp;&nbsp; 258445 |
| Maryland (State of) (Bidding Group 1), Series 2023 A, GO Bonds | 5.00% | 03/15/2032 | 45 | &nbsp;&nbsp; 51526 |
| Maryland (State of) (Bidding Group 1), Series 2024, GO Bonds | 5.00% | 06/01/2032 | 10 | &nbsp;&nbsp; 11487 |
| Maryland (State of) (Bidding Group 2), Second Series 2019 A, GO Bonds | 2.00% | 08/01/2032 | 155 | &nbsp;&nbsp; 142217 |
| Maryland (State of) (Bidding Group 2), Second Series 2021 A, GO Bonds | 5.00% | 08/01/2032 | 125 | &nbsp;&nbsp; 140998 |
| Maryland (State of) (Bidding Group 2), Series 2021 A, GO Bonds | 5.00% | 03/01/2032 | 310 | &nbsp;&nbsp; 347400 |
| Maryland (State of) (Bidding Group 2), Series 2022 A, GO Bonds | 5.00% | 06/01/2034 | 125 | &nbsp;&nbsp; 142191 |
| Maryland (State of) Department of Transportation, Series 2021 A, RB | 3.00% | 10/01/2032 | 190 | &nbsp;&nbsp; 190201 |
| Maryland (State of) Stadium Authority, Series 2022 A, RB | 4.00% | 06/01/2047 | 10 | &nbsp;&nbsp; 9349 |
| Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB | 3.00% | 07/01/2032 | 50 | &nbsp;&nbsp; 49813 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Maryland-(continued)** |  |  |  |  |
| Maryland (State of) Transportation Authority (Transportation Facilities), Series 2024, Ref. RB | 5.00% | 07/01/2032 | $225 | &nbsp;&nbsp; $258605 |
| Maryland Economic Development Corp. (College Park Leonardtown), Series 2024, RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 07/01/2064 | 65 | &nbsp;&nbsp; 66893 |
| Maryland Economic Development Corp. (Morgan State University), Series 2022, RB | 5.75% | 07/01/2053 | 200 | &nbsp;&nbsp; 210275 |
| Montgomery (County of), MD, Series 2024 B, Ref. GO Bonds | 5.00% | 12/01/2032 | 65 | &nbsp;&nbsp; 75190 |
| Prince George's (County of), MD, Series 2021 A, GO Bonds | 4.00% | 07/01/2032 | 125 | &nbsp;&nbsp; 133280 |
| Prince George's (County of), MD, Series 2022 A, GO Bonds | 5.00% | 07/01/2032 | 15 | &nbsp;&nbsp; 17260 |
| Prince George's (County of), MD, Series 2022 A, GO Bonds | 5.00% | 07/01/2034 | 10 | &nbsp;&nbsp; 11401 |
| Prince George's (County of), MD, Series 2022 A, GO Bonds | 5.00% | 07/01/2036 | 10 | &nbsp;&nbsp; 11273 |
|  |  |  |  | &nbsp;&nbsp; 2467069 |
| **Massachusetts-3.76%** |  |  |  |  |
| Boston (City of), MA, Series 2022 A, GO Bonds | 5.00% | 11/01/2034 | 20 | &nbsp;&nbsp; 23247 |
| Boston (City of), MA, Series 2022 A, GO Bonds | 5.00% | 11/01/2035 | 5 | &nbsp;&nbsp; 5776 |
| Boston (City of), MA, Series 2022 A, GO Bonds | 5.00% | 11/01/2036 | 5 | &nbsp;&nbsp; 5738 |
| Boston (City of), MA, Series 2022 A, GO Bonds | 5.00% | 11/01/2040 | 10 | &nbsp;&nbsp; 11183 |
| Boston (City of), MA, Series 2022, GO Bonds | 5.00% | 11/01/2041 | 5 | &nbsp;&nbsp; 5546 |
| Boston (City of), MA, Series 2023 A, GO Bonds | 5.00% | 11/01/2032 | 70 | &nbsp;&nbsp; 82238 |
| Boston (City of), MA, Series 2025 A, GO Bonds | 5.00% | 02/01/2032 | 10 | &nbsp;&nbsp; 11603 |
| Massachusetts (Commonwealth of), Series 2015 D, GO Bonds | 3.00% | 09/01/2032 | 40 | &nbsp;&nbsp; 39916 |
| Massachusetts (Commonwealth of), Series 2018 C, Ref. GO Bonds | 5.00% | 09/01/2032 | 150 | &nbsp;&nbsp; 173111 |
| Massachusetts (Commonwealth of), Series 2022 A, GO Bonds | 5.00% | 02/01/2032 | 10 | &nbsp;&nbsp; 11442 |
| Massachusetts (Commonwealth of), Series 2022 A, GO Bonds | 4.00% | 02/01/2034 | 25 | &nbsp;&nbsp; 26425 |
| Massachusetts (Commonwealth of), Series 2022 A-1, Ref. RB | 5.00% | 07/01/2037 | 50 | &nbsp;&nbsp; 55877 |
| Massachusetts (Commonwealth of), Series 2022 C, GO Bonds | 5.00% | 10/01/2032 | 200 | &nbsp;&nbsp; 231088 |
| Massachusetts (Commonwealth of), Series 2022 C, GO Bonds | 5.00% | 10/01/2034 | 85 | &nbsp;&nbsp; 97176 |
| Massachusetts (Commonwealth of), Series 2022 C, GO Bonds | 5.00% | 10/01/2035 | 70 | &nbsp;&nbsp; 79565 |
| Massachusetts (Commonwealth of), Series 2022 C, GO Bonds | 5.00% | 10/01/2036 | 165 | &nbsp;&nbsp; 186312 |
| Massachusetts (Commonwealth of), Series 2022 C, GO Bonds | 5.00% | 10/01/2037 | 235 | &nbsp;&nbsp; 263433 |
| Massachusetts (Commonwealth of), Series 2022 C, GO Bonds | 5.00% | 10/01/2038 | 115 | &nbsp;&nbsp; 127835 |
| Massachusetts (Commonwealth of), Series 2022 C, GO Bonds | 5.00% | 10/01/2039 | 25 | &nbsp;&nbsp; 27647 |
| Massachusetts (Commonwealth of), Series 2022 C, GO Bonds | 5.00% | 10/01/2040 | 110 | &nbsp;&nbsp; 120669 |
| Massachusetts (Commonwealth of), Series 2022 C, GO Bonds | 5.00% | 10/01/2041 | 45 | &nbsp;&nbsp; 48965 |
| Massachusetts (Commonwealth of), Series 2022 C, GO Bonds | 5.25% | 10/01/2047 | 255 | &nbsp;&nbsp; 271611 |
| Massachusetts (Commonwealth of), Series 2022 C, GO Bonds | 5.00% | 10/01/2052 | 225 | &nbsp;&nbsp; 233293 |
| Massachusetts (Commonwealth of), Series 2022 C, GO Bonds | 5.25% | 10/01/2052 | 330 | &nbsp;&nbsp; 349188 |
| Massachusetts (Commonwealth of), Series 2022 D, GO Bonds | 5.00% | 11/01/2032 | 5 | &nbsp;&nbsp; 5784 |
| Massachusetts (Commonwealth of), Series 2022 E, GO Bonds | 5.00% | 11/01/2047 | 90 | &nbsp;&nbsp; 94420 |
| Massachusetts (Commonwealth of), Series 2022 E, GO Bonds | 5.00% | 11/01/2048 | 130 | &nbsp;&nbsp; 135941 |
| Massachusetts (Commonwealth of), Series 2022 E, GO Bonds | 5.00% | 11/01/2052 | 430 | &nbsp;&nbsp; 446025 |
| Massachusetts (Commonwealth of), Series 2023 A, GO Bonds | 5.00% | 05/01/2032 | 30 | &nbsp;&nbsp; 34455 |
| Massachusetts (Commonwealth of), Series 2024 A, Ref. GO Bonds | 5.00% | 03/01/2032 | 10 | &nbsp;&nbsp; 11456 |
| Massachusetts (Commonwealth of), Series 2024 B, Ref. GO Bonds | 5.00% | 11/01/2032 | 185 | &nbsp;&nbsp; 214009 |
| Massachusetts (Commonwealth of), Series 2024 C, GO Bonds | 5.00% | 08/01/2032 | 5 | &nbsp;&nbsp; 5763 |
| Massachusetts (Commonwealth of), Series 2024 C, Ref. GO Bonds | 5.00% | 09/01/2032 | 5 | &nbsp;&nbsp; 5770 |
| Massachusetts (Commonwealth of), Series 2025 A, Ref. GO Bonds | 5.00% | 07/01/2032 | 30 | &nbsp;&nbsp; 34540 |
| Massachusetts (Commonwealth of), Series 2025 E, GO Bonds | 5.00% | 08/01/2032 | 5 | &nbsp;&nbsp; 5763 |
| Massachusetts (Commonwealth of) (Rail Enhancement Program), Series 2022 B, RB | 5.00% | 06/01/2052 | 105 | &nbsp;&nbsp; 108833 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2021 A-1, Ref. RB | 5.00% | 07/01/2032 | 10 | &nbsp;&nbsp; 11260 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2022 A-1, Ref. RB | 5.00% | 07/01/2036 | 15 | &nbsp;&nbsp; 16872 |
| Massachusetts (Commonwealth of) Development Finance Agency, Series 2022, Ref. RB | 5.00% | 10/01/2040 | 115 | &nbsp;&nbsp; 126373 |
| Massachusetts (Commonwealth of) Development Finance Agency, Series 2022, Ref. RB | 5.00% | 10/01/2041 | 30 | &nbsp;&nbsp; 32704 |
| Massachusetts (Commonwealth of) Development Finance Agency, Series 2023, RB | 5.00% | 07/01/2032 | 260 | &nbsp;&nbsp; 293781 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Development Finance Agency (Green Bonds) (Harvard University), <br> Series 2022, RB<br>| 5.00% | 11/15/2032 | 380 | &nbsp;&nbsp; 440610 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Development Finance Agency (Merrimack College), Series 2022, <br> RB<br>| 5.00% | 07/01/2052 | 55 | &nbsp;&nbsp; 53661 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Development Finance Agency (Northern University), Series 2022, <br> Ref. RB<br>| 5.00% | 10/01/2035 | 5 | &nbsp;&nbsp; 5670 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Development Finance Agency (Northern University), Series 2022, <br> Ref. RB<br>| 5.00% | 10/01/2039 | 45 | &nbsp;&nbsp; 49848 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Massachusetts-(continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Development Finance Agency (Northern University), Series 2022, <br> Ref. RB<br>| 5.00% | 10/01/2044 | $275 | &nbsp;&nbsp; $293167 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Development Finance Agency (Springfield College), Series 2022, <br> Ref. RB<br>| 5.00% | 10/01/2038 | 55 | &nbsp;&nbsp; 61210 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Development Finance Agency (Williams College), Series 2022, Ref. <br> RB<br>| 5.00% | 10/01/2034 | 20 | &nbsp;&nbsp; 22773 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Development Finance Agency (Williams College), Series 2022, Ref. <br> RB<br>| 5.00% | 10/01/2036 | 35 | &nbsp;&nbsp; 39451 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Development Finance Agency (Williams College), Series 2022, Ref. <br> RB<br>| 5.00% | 10/01/2037 | 40 | &nbsp;&nbsp; 44809 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Health & Educational Facilities Authority (Massachusetts Institute <br> of Technology), Series 2002 K, RB<br>| 5.50% | 07/01/2032 | 70 | &nbsp;&nbsp; 83032 |
| Quincy (City of), MA, Series 2022 B, GO Bonds | 5.00% | 07/01/2047 | 20 | &nbsp;&nbsp; 20976 |
|  |  |  |  | &nbsp;&nbsp; 5187840 |
| **Michigan-1.29%** |  |  |  |  |
| Detroit City School District, Series 2005 A, Ref. GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.25% | 05/01/2032 | 95 | &nbsp;&nbsp; 107035 |
| Great Lakes Water Authority, Series 2022 A, RB | 5.00% | 07/01/2035 | 20 | &nbsp;&nbsp; 22548 |
| Great Lakes Water Authority, Series 2022 A, RB | 5.25% | 07/01/2052 | 500 | &nbsp;&nbsp; 529458 |
| Great Lakes Water Authority, Series 2022 B, RB | 5.25% | 07/01/2047 | 165 | &nbsp;&nbsp; 174908 |
| Great Lakes Water Authority, Series 2024 A, Ref. RB | 5.00% | 07/01/2032 | 20 | &nbsp;&nbsp; 22870 |
| Michigan (State of), Series 2018, GO Bonds | 3.25% | 05/01/2032 | 30 | &nbsp;&nbsp; 30059 |
| Michigan (State of), Series 2021 A, RB | 5.00% | 11/15/2032 | 25 | &nbsp;&nbsp; 28278 |
| Michigan (State of), Series 2023, RB | 5.00% | 11/15/2032 | 45 | &nbsp;&nbsp; 52053 |
| Michigan (State of) Building Authority (Facilities Program), Series 2022 I, RB | 5.00% | 10/15/2047 | 15 | &nbsp;&nbsp; 15682 |
| Michigan (State of) Building Authority (Facilities Program), Series 2022 I, RB | 5.25% | 10/15/2057 | 150 | &nbsp;&nbsp; 158400 |
| Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2022, Ref. RB | 5.00% | 04/15/2032 | 30 | &nbsp;&nbsp; 33903 |
| Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2022, Ref. RB | 5.00% | 04/15/2036 | 115 | &nbsp;&nbsp; 127055 |
| Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2022, Ref. RB | 5.00% | 04/15/2037 | 30 | &nbsp;&nbsp; 32956 |
| Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2022, Ref. RB | 4.00% | 04/15/2038 | 270 | &nbsp;&nbsp; 275000 |
| Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2022, Ref. RB | 5.00% | 04/15/2038 | 40 | &nbsp;&nbsp; 43573 |
| Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2022 A, RB | 5.00% | 12/01/2032 | 100 | &nbsp;&nbsp; 111833 |
| Michigan State University Board of Trustees, Series 2023 A, Ref. RB | 5.00% | 02/15/2032 | 20 | &nbsp;&nbsp; 22724 |
|  |  |  |  | &nbsp;&nbsp; 1788335 |
| **Minnesota-1.16%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Duluth (City of), MN Economic Development Authority (St. Luke's Hospital of Duluth), Series 2022 B, <br> RB<br>| 5.25% | 06/15/2047 | 40 | &nbsp;&nbsp; 41811 |
| &nbsp;&nbsp;&nbsp; Duluth (City of), MN Economic Development Authority (St. Luke's Hospital of Duluth), Series 2022 B, <br> RB<br>| 5.25% | 06/15/2052 | 535 | &nbsp;&nbsp; 555821 |
| Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2022 A, Ref. RB | 5.00% | 01/01/2052 | 10 | &nbsp;&nbsp; 10274 |
| Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2023 A, Ref. RB | 5.00% | 01/01/2032 | 105 | &nbsp;&nbsp; 118528 |
| Minnesota (State of), Series 2021 A, GO Bonds | 5.00% | 09/01/2032 | 80 | &nbsp;&nbsp; 90719 |
| Minnesota (State of), Series 2021 B, GO Bonds | 4.00% | 09/01/2032 | 10 | &nbsp;&nbsp; 10688 |
| Minnesota (State of), Series 2023 E, Ref. GO Bonds | 5.00% | 08/01/2032 | 50 | &nbsp;&nbsp; 57701 |
| Minnesota (State of), Series 2023, COP | 5.00% | 11/01/2032 | 15 | &nbsp;&nbsp; 17311 |
| Minnesota (State of), Series 2024 A, GO Bonds | 5.00% | 08/01/2032 | 185 | &nbsp;&nbsp; 213495 |
| Osseo Independent School District No. 279, Series 2024 A, GO Bonds, (CEP - Ohio School District) | 5.00% | 02/01/2034 | 5 | &nbsp;&nbsp; 5630 |
| Osseo Independent School District No. 279, Series 2024 A, GO Bonds, (CEP - Ohio School District) | 5.00% | 02/01/2035 | 150 | &nbsp;&nbsp; 168219 |
| Osseo Independent School District No. 279, Series 2024 A, GO Bonds, (CEP - Ohio School District) | 5.00% | 02/01/2036 | 20 | &nbsp;&nbsp; 22253 |
| Rochester (City of), MN (Mayo Clinic), Series 2022, Ref. RB | 5.00% | 11/15/2057 | 150 | &nbsp;&nbsp; 154802 |
| &nbsp;&nbsp;&nbsp; Rosemount-Apple Valley-Eagan Independent School District No 196, Series 2023 A, GO Bonds, <br> (CEP - Ohio School District)<br>| 5.00% | 02/01/2034 | 20 | &nbsp;&nbsp; 22593 |
| &nbsp;&nbsp;&nbsp; Rosemount-Apple Valley-Eagan Independent School District No. 196, Series 2023 A, GO Bonds, <br> (CEP - Ohio School District)<br>| 5.00% | 02/01/2032 | 5 | &nbsp;&nbsp; 5687 |
| &nbsp;&nbsp;&nbsp; Rosemount-Apple Valley-Eagan Independent School District No. 196, Series 2023 A, GO Bonds, <br> (CEP - Ohio School District)<br>| 5.00% | 02/01/2035 | 20 | &nbsp;&nbsp; 22526 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Minnesota-(continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Rosemount-Apple Valley-Eagan Independent School District No. 196, Series 2023 A, GO Bonds, <br> (CEP - Ohio School District)<br>| 5.00% | 02/01/2036 | $60 | &nbsp;&nbsp; $67152 |
| &nbsp;&nbsp;&nbsp; St. Paul (City of), MN Housing & Redevelopment Authority (Healthpartners Obligated Group), <br> Series 2025, Ref. RB<br>| 5.00% | 07/01/2032 | 10 | &nbsp;&nbsp; 11128 |
|  |  |  |  | &nbsp;&nbsp; 1596338 |
| **Mississippi-0.17%** |  |  |  |  |
| University of Mississippi Educational Building Corp. (New Facilities), Series 2022, RB | 4.50% | 10/01/2052 | 235 | &nbsp;&nbsp; 235271 |
| **Missouri-0.66%** |  |  |  |  |
| Jefferson City School District, Series 2023 A, GO Bonds | 5.50% | 03/01/2043 | 5 | &nbsp;&nbsp; 5466 |
| Metropolitan St. Louis Sewer District, Series 2022 B, Ref. RB | 5.25% | 05/01/2052 | 100 | &nbsp;&nbsp; 105541 |
| Missouri (State of) Health & Educational Facilities Authority (SSM Health), Series 2022 A, RB | 5.00% | 06/01/2032 | 55 | &nbsp;&nbsp; 61392 |
| &nbsp;&nbsp;&nbsp; Missouri (State of) Health & Educational Facilities Authority (St. Luke's Health System, Inc.), <br> Series 2016, Ref. RB<br>| 3.00% | 11/15/2032 | 70 | &nbsp;&nbsp; 70028 |
| Missouri (State of) Highway & Transportation Commission, Series 2022 A, RB | 5.00% | 05/01/2032 | 115 | &nbsp;&nbsp; 131564 |
| Springfield (City of), MO, Series 2025, Ref. RB | 5.00% | 08/01/2032 | 335 | &nbsp;&nbsp; 384159 |
| Springfield School District No. R-12, Series 2023, GO Bonds | 5.00% | 03/01/2040 | 60 | &nbsp;&nbsp; 65347 |
| St. Louis School District, Series 2023, GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.00% | 04/01/2042 | 80 | &nbsp;&nbsp; 85696 |
|  |  |  |  | &nbsp;&nbsp; 909193 |
| **Montana-0.19%** |  |  |  |  |
| Montana State Board of Regents, Series 2022, RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 11/15/2052 | 250 | &nbsp;&nbsp; 262931 |
| **Nebraska-0.40%** |  |  |  |  |
| Omaha (City of), NE Public Power District, Series 2022 A, RB | 5.00% | 02/01/2047 | 130 | &nbsp;&nbsp; 135326 |
| Omaha (City of), NE Public Power District, Series 2022 A, RB | 5.25% | 02/01/2052 | 340 | &nbsp;&nbsp; 356732 |
| Omaha (City of), NE Public Power District, Series 2023 B, Ref. RB | 5.00% | 02/01/2032 | 50 | &nbsp;&nbsp; 57024 |
|  |  |  |  | &nbsp;&nbsp; 549082 |
| **Nevada-0.23%** |  |  |  |  |
| Clark (County of), NV, Series 2022, RB | 5.00% | 07/01/2036 | 150 | &nbsp;&nbsp; 167765 |
| Clark (County of), NV Department of Aviation, Series 2024 A, Ref. RB | 5.00% | 07/01/2032 | 50 | &nbsp;&nbsp; 56850 |
| Las Vegas (City of), NV Convention & Visitors Authority, Series 2022 B, RB | 5.25% | 07/01/2049 | 25 | &nbsp;&nbsp; 26209 |
| Las Vegas Valley Water District, Series 2021 C, GO Bonds | 3.00% | 06/01/2032 | 40 | &nbsp;&nbsp; 40055 |
| Las Vegas Valley Water District, Series 2022 C, Ref. GO Bonds | 4.00% | 06/01/2041 | 20 | &nbsp;&nbsp; 20111 |
|  |  |  |  | &nbsp;&nbsp; 310990 |
| **New Jersey-3.14%** |  |  |  |  |
| Bergen County Improvement Authority (The), Series 2022, Ref. RB | 5.00% | 08/01/2047 | 80 | &nbsp;&nbsp; 84335 |
| New Jersey (State of), Series 2020 A, GO Bonds | 4.00% | 06/01/2032 | 720 | &nbsp;&nbsp; 776908 |
| New Jersey (State of), Series 2020, GO Bonds | 3.00% | 06/01/2032 | 55 | &nbsp;&nbsp; 55625 |
| New Jersey (State of), Series 2021, GO Bonds | 2.00% | 06/01/2032 | 180 | &nbsp;&nbsp; 164508 |
| New Jersey (State of) Economic Development Authority (Portal North Bridge), Series 2022 A, RB | 5.25% | 11/01/2042 | 50 | &nbsp;&nbsp; 53871 |
| New Jersey (State of) Economic Development Authority (Portal North Bridge), Series 2022 A, RB | 5.25% | 11/01/2047 | 15 | &nbsp;&nbsp; 15801 |
| New Jersey (State of) Economic Development Authority (Portal North Bridge), Series 2022, RB | 5.00% | 11/01/2036 | 25 | &nbsp;&nbsp; 27729 |
| New Jersey (State of) Economic Development Authority (Portal North Bridge), Series 2022, RB | 5.00% | 11/01/2037 | 20 | &nbsp;&nbsp; 22031 |
| New Jersey (State of) Economic Development Authority (Portal North Bridge), Series 2022, RB | 5.00% | 11/01/2038 | 15 | &nbsp;&nbsp; 16416 |
| New Jersey (State of) Economic Development Authority (Portal North Bridge), Series 2022, RB | 5.25% | 11/01/2040 | 125 | &nbsp;&nbsp; 136804 |
| New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2022 A, RB | 5.00% | 03/01/2032 | 90 | &nbsp;&nbsp; 103218 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2014 BB-2, RN | 5.00% | 06/15/2032 | 40 | &nbsp;&nbsp; 44532 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2021 A, Ref. RB | 5.00% | 06/15/2032 | 450 | &nbsp;&nbsp; 500984 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022 A, RB | 4.00% | 06/15/2042 | 25 | &nbsp;&nbsp; 24233 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022 AA, Ref. RB | 5.00% | 06/15/2032 | 65 | &nbsp;&nbsp; 73578 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022 AA, Ref. RB | 5.00% | 06/15/2034 | 60 | &nbsp;&nbsp; 67303 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022 AA, Ref. RB | 5.00% | 06/15/2035 | 120 | &nbsp;&nbsp; 133832 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022 AA, Ref. RB | 5.00% | 06/15/2036 | 95 | &nbsp;&nbsp; 105252 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022 AA, Ref. RB | 5.00% | 06/15/2037 | 90 | &nbsp;&nbsp; 99047 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022 AA, Ref. RB | 5.00% | 06/15/2038 | 50 | &nbsp;&nbsp; 54679 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022 B, RB | 5.00% | 06/15/2034 | 25 | &nbsp;&nbsp; 28253 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022 BB, RB | 5.00% | 06/15/2032 | 35 | &nbsp;&nbsp; 39294 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022 CC, RB | 5.25% | 06/15/2041 | 35 | &nbsp;&nbsp; 38161 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB | 5.25% | 06/15/2032 | 20 | &nbsp;&nbsp; 22937 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New Jersey-(continued)** |  |  |  |  |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB<sup>(b)(c)</sup> | 5.00% | 12/15/2032 | $75 | &nbsp;&nbsp; $87184 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB<sup>(b)(c)</sup> | 5.50% | 12/15/2032 | 140 | &nbsp;&nbsp; 167240 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB | 5.00% | 06/15/2035 | 30 | &nbsp;&nbsp; 33696 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB | 5.25% | 06/15/2036 | 45 | &nbsp;&nbsp; 50893 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB | 5.00% | 06/15/2037 | 45 | &nbsp;&nbsp; 49832 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB | 5.00% | 06/15/2038 | 110 | &nbsp;&nbsp; 120991 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB | 5.25% | 06/15/2039 | 75 | &nbsp;&nbsp; 83081 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB | 5.00% | 06/15/2040 | 60 | &nbsp;&nbsp; 65030 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB | 5.00% | 06/15/2042 | 50 | &nbsp;&nbsp; 53324 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB | 5.25% | 06/15/2043 | 95 | &nbsp;&nbsp; 102038 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB | 5.25% | 06/15/2046 | 50 | &nbsp;&nbsp; 52899 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2023 AA, RB | 5.00% | 06/15/2032 | 50 | &nbsp;&nbsp; 56535 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB | 5.00% | 06/15/2032 | 75 | &nbsp;&nbsp; 84898 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2024 A, Ref. RB | 5.00% | 06/15/2032 | 330 | &nbsp;&nbsp; 373551 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2024 CC, RB | 5.00% | 06/15/2032 | 105 | &nbsp;&nbsp; 118857 |
| New Jersey (State of) Turnpike Authority, Series 2025 B, RB | 5.00% | 01/01/2032 | 20 | &nbsp;&nbsp; 22673 |
| Newark (City of), NJ (Mulberry Pedestrian Bridge Redevelopment), Series 2022, RB, (INS - AGI)<sup>(a)</sup> | 5.38% | 11/15/2052 | 45 | &nbsp;&nbsp; 48642 |
| South Jersey Transportation Authority, Series 2022 A, RB | 5.25% | 11/01/2052 | 60 | &nbsp;&nbsp; 62258 |
| Union County Utilities Authority, Series 2011, Ref. RB | 4.00% | 06/15/2032 | 15 | &nbsp;&nbsp; 15006 |
|  |  |  |  | &nbsp;&nbsp; 4337959 |
| **New Mexico-0.17%** |  |  |  |  |
| New Mexico (State of), Series 2023, GO Bonds | 5.00% | 03/01/2032 | 40 | &nbsp;&nbsp; 45626 |
| New Mexico (State of) Severance Tax Permanent Fund, Series 2022 A, RB | 5.00% | 07/01/2032 | 80 | &nbsp;&nbsp; 91427 |
| New Mexico (State of) Severance Tax Permanent Fund, Series 2022 B, RB | 5.00% | 07/01/2032 | 90 | &nbsp;&nbsp; 102855 |
|  |  |  |  | &nbsp;&nbsp; 239908 |
| **New York-19.55%** |  |  |  |  |
| Battery Park (City of), NY Authority, Series 2023 B, Ref. RB | 5.00% | 11/01/2032 | 20 | &nbsp;&nbsp; 23385 |
| Hudson Yards Infrastructure Corp. (Green Bonds), Series 2021 A, Ref. RB | 4.00% | 02/15/2037 | 75 | &nbsp;&nbsp; 77720 |
| Hudson Yards Infrastructure Corp. (Green Bonds), Series 2021 A, Ref. RB | 4.00% | 02/15/2038 | 15 | &nbsp;&nbsp; 15456 |
| Hudson Yards Infrastructure Corp. (Green Bonds), Series 2021, Ref. RB | 5.00% | 02/15/2032 | 5 | &nbsp;&nbsp; 5752 |
| Hudson Yards Infrastructure Corp. (Green Bonds), Series 2021, Ref. RB | 5.00% | 02/15/2034 | 30 | &nbsp;&nbsp; 34349 |
| Long Island (City of), NY Power Authority, Series 2021 A, Ref. RB | 4.00% | 09/01/2032 | 60 | &nbsp;&nbsp; 64103 |
| Metropolitan Transportation Authority, Series 2016 D, Ref. RB | 3.00% | 11/15/2032 | 60 | &nbsp;&nbsp; 56682 |
| Metropolitan Transportation Authority, Series 2024 B, Ref. RB | 5.00% | 11/15/2032 | 55 | &nbsp;&nbsp; 62233 |
| Metropolitan Transportation Authority (Bidding Group 1), Series 2022 A, RB | 4.00% | 11/15/2039 | 15 | &nbsp;&nbsp; 15179 |
| Metropolitan Transportation Authority (Bidding Group 2), Series 2022 A, RB | 5.00% | 11/15/2044 | 20 | &nbsp;&nbsp; 20923 |
| Metropolitan Transportation Authority (Bidding Group 2), Series 2022 A, RB | 5.00% | 11/15/2047 | 210 | &nbsp;&nbsp; 217552 |
| Metropolitan Transportation Authority (Bidding Group 2), Series 2022 A, RB | 5.00% | 11/15/2049 | 40 | &nbsp;&nbsp; 41390 |
| Nassau County Local Economic Assistance Corp. (Cold Spring Harbor Laboratory), Series 2024, RB | 5.00% | 01/01/2032 | 30 | &nbsp;&nbsp; 34409 |
| New York & New Jersey (States of) Port Authority, One Hundred Seventy Fifth Series 2012, RB | 3.00% | 12/01/2032 | 255 | &nbsp;&nbsp; 254337 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Eight series 2025, Ref. RB | 5.00% | 01/15/2032 | 20 | &nbsp;&nbsp; 22892 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Fourth Series 2024, Ref. RB | 5.00% | 07/15/2032 | 60 | &nbsp;&nbsp; 69197 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Three Series 2023 Ref. RB | 5.00% | 12/01/2032 | 25 | &nbsp;&nbsp; 28989 |
| New York & New Jersey (States of) Port Authority, Two Hundred Thirty Third Series 2022, Ref. RB | 5.25% | 08/01/2052 | 150 | &nbsp;&nbsp; 158567 |
| New York (City of), NY, Series 2006 J, GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.00% | 06/01/2032 | 130 | &nbsp;&nbsp; 147405 |
| New York (City of), NY, Series 2008 L-5, GO Bonds | 5.00% | 04/01/2032 | 35 | &nbsp;&nbsp; 38942 |
| New York (City of), NY, Series 2012-1, GO Bonds | 5.00% | 04/01/2032 | 45 | &nbsp;&nbsp; 50069 |
| New York (City of), NY, Series 2021 A-1, GO Bonds | 5.00% | 08/01/2032 | 5 | &nbsp;&nbsp; 5590 |
| New York (City of), NY, Series 2022 A-1, GO Bonds | 5.00% | 09/01/2034 | 190 | &nbsp;&nbsp; 213978 |
| New York (City of), NY, Series 2022 A-1, GO Bonds | 5.00% | 09/01/2035 | 20 | &nbsp;&nbsp; 22336 |
| New York (City of), NY, Series 2022 A-1, GO Bonds | 5.00% | 09/01/2036 | 75 | &nbsp;&nbsp; 83218 |
| New York (City of), NY, Series 2022 A-1, GO Bonds | 5.00% | 09/01/2037 | 80 | &nbsp;&nbsp; 88234 |
| New York (City of), NY, Series 2022 A-1, GO Bonds | 5.00% | 09/01/2038 | 190 | &nbsp;&nbsp; 207812 |
| New York (City of), NY, Series 2022 A-1, GO Bonds | 5.00% | 09/01/2039 | 70 | &nbsp;&nbsp; 76256 |
| New York (City of), NY, Series 2022 A-1, GO Bonds | 5.00% | 09/01/2041 | 50 | &nbsp;&nbsp; 53336 |
| New York (City of), NY, Series 2022 A-1, GO Bonds | 5.25% | 09/01/2041 | 300 | &nbsp;&nbsp; 325178 |
| New York (City of), NY, Series 2022 A-1, GO Bonds | 5.00% | 09/01/2042 | 215 | &nbsp;&nbsp; 228072 |
| New York (City of), NY, Series 2022 B-1, Ref. GO Bonds | 5.00% | 08/01/2032 | 30 | &nbsp;&nbsp; 34009 |
| New York (City of), NY, Series 2022 C, Ref. GO Bonds | 5.00% | 08/01/2032 | 15 | &nbsp;&nbsp; 17005 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| New York (City of), NY, Series 2022 D-1, GO Bonds | 4.00% | 05/01/2036 | $10 | &nbsp;&nbsp; $10236 |
| New York (City of), NY, Series 2023 A, GO Bonds | 5.00% | 08/01/2032 | 10 | &nbsp;&nbsp; 11336 |
| New York (City of), NY, Series 2023 C, Ref. GO Bonds | 5.00% | 08/01/2032 | 250 | &nbsp;&nbsp; 283411 |
| New York (City of), NY, Series 2023 F-1, Ref. GO Bonds | 5.00% | 08/01/2032 | 150 | &nbsp;&nbsp; 170047 |
| New York (City of), NY, Series 2023-1, GO Bonds | 5.00% | 08/01/2032 | 50 | &nbsp;&nbsp; 56682 |
| New York (City of), NY, Series 2024 A, Ref. GO Bonds | 5.00% | 08/01/2032 | 195 | &nbsp;&nbsp; 221061 |
| New York (City of), NY, Series 2024 C, GO Bonds | 5.00% | 03/01/2032 | 35 | &nbsp;&nbsp; 39469 |
| New York (City of), NY, Series 2024 D, GO Bonds | 5.00% | 04/01/2032 | 35 | &nbsp;&nbsp; 39512 |
| New York (City of), NY, Series 2024 E, Ref. GO Bonds | 5.00% | 08/01/2032 | 5 | &nbsp;&nbsp; 5668 |
| New York (City of), NY, Series 2025, Ref. GO Bonds | 5.00% | 08/01/2032 | 5 | &nbsp;&nbsp; 5668 |
| New York (City of), NY, Subseries 2022 B-1, GO Bonds | 5.00% | 10/01/2032 | 5 | &nbsp;&nbsp; 5680 |
| New York (City of), NY, Subseries 2022 B-1, GO Bonds | 5.00% | 10/01/2034 | 155 | &nbsp;&nbsp; 174729 |
| New York (City of), NY, Subseries 2022 B-1, GO Bonds | 5.00% | 10/01/2035 | 5 | &nbsp;&nbsp; 5588 |
| New York (City of), NY, Subseries 2022 B-1, GO Bonds | 5.00% | 10/01/2036 | 45 | &nbsp;&nbsp; 49958 |
| New York (City of), NY, Subseries 2022 B-1, GO Bonds | 5.00% | 10/01/2037 | 60 | &nbsp;&nbsp; 66207 |
| New York (City of), NY, Subseries 2022 B-1, GO Bonds | 5.25% | 10/01/2038 | 80 | &nbsp;&nbsp; 88902 |
| New York (City of), NY, Subseries 2022 B-1, GO Bonds | 5.25% | 10/01/2039 | 30 | &nbsp;&nbsp; 33207 |
| New York (City of), NY, Subseries 2022 B-1, GO Bonds | 5.25% | 10/01/2040 | 55 | &nbsp;&nbsp; 60323 |
| New York (City of), NY, Subseries 2022 B-1, GO Bonds | 5.25% | 10/01/2041 | 30 | &nbsp;&nbsp; 32545 |
| New York (City of), NY, Subseries 2022 B-1, GO Bonds | 5.25% | 10/01/2042 | 180 | &nbsp;&nbsp; 194069 |
| New York (City of), NY, Subseries 2022 B-1, GO Bonds | 5.25% | 10/01/2043 | 25 | &nbsp;&nbsp; 26767 |
| New York (City of), NY, Subseries 2022 B-1, GO Bonds | 5.25% | 10/01/2047 | 500 | &nbsp;&nbsp; 524679 |
| New York (City of), NY, Subseries 2022 D-1, GO Bonds | 5.00% | 05/01/2032 | 95 | &nbsp;&nbsp; 107363 |
| New York (City of), NY, Subseries 2022 D-1, GO Bonds | 5.00% | 05/01/2034 | 145 | &nbsp;&nbsp; 162659 |
| New York (City of), NY, Subseries 2022 D-1, GO Bonds | 5.00% | 05/01/2035 | 70 | &nbsp;&nbsp; 77964 |
| New York (City of), NY, Subseries 2022 D-1, GO Bonds | 5.00% | 05/01/2037 | 25 | &nbsp;&nbsp; 27517 |
| New York (City of), NY, Subseries 2022 D-1, GO Bonds | 5.25% | 05/01/2038 | 45 | &nbsp;&nbsp; 49851 |
| New York (City of), NY, Subseries 2022 D-1, GO Bonds | 5.25% | 05/01/2039 | 105 | &nbsp;&nbsp; 115841 |
| New York (City of), NY, Subseries 2022 D-1, GO Bonds | 5.25% | 05/01/2043 | 85 | &nbsp;&nbsp; 90688 |
| New York (City of), NY, Subseries 2022 D-1, GO Bonds | 5.50% | 05/01/2044 | 40 | &nbsp;&nbsp; 42998 |
| New York (City of), NY, Subseries 2022 D-1, GO Bonds | 5.50% | 05/01/2045 | 15 | &nbsp;&nbsp; 16048 |
| New York (City of), NY, Subseries 2022 D-1, GO Bonds | 5.50% | 05/01/2046 | 130 | &nbsp;&nbsp; 138519 |
| New York (City of), NY, Subseries 2025 G-1, GO Bonds | 5.00% | 02/01/2032 | 50 | &nbsp;&nbsp; 56324 |
| &nbsp;&nbsp;&nbsp; New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2021, Ref. RB, <br> (INS - AGI)<sup>(a)</sup><br>| 4.00% | 01/01/2032 | 10 | &nbsp;&nbsp; 10463 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2023 AA-1, RB | 5.25% | 06/15/2052 | 495 | &nbsp;&nbsp; 524996 |
| New York (City of), NY Municipal Water Finance Authority, Series 2015 GG, RB | 3.13% | 06/15/2032 | 20 | &nbsp;&nbsp; 20001 |
| New York (City of), NY Municipal Water Finance Authority, Series 2021, Ref. RB | 5.00% | 06/15/2032 | 200 | &nbsp;&nbsp; 225929 |
| New York (City of), NY Municipal Water Finance Authority, Series 2021, Ref. RB | 5.00% | 06/15/2032 | 20 | &nbsp;&nbsp; 22946 |
| New York (City of), NY Municipal Water Finance Authority, Series 2022 AA-3, Ref. RB | 5.00% | 06/15/2047 | 245 | &nbsp;&nbsp; 257380 |
| New York (City of), NY Municipal Water Finance Authority, Series 2022 EE, Ref. RB | 5.00% | 06/15/2034 | 165 | &nbsp;&nbsp; 188260 |
| New York (City of), NY Municipal Water Finance Authority, Series 2022 EE, Ref. RB | 5.00% | 06/15/2045 | 120 | &nbsp;&nbsp; 126535 |
| New York (City of), NY Municipal Water Finance Authority, Series 2025, Ref. RB | 5.00% | 06/15/2032 | 20 | &nbsp;&nbsp; 22946 |
| New York (City of), NY Transitional Finance Authority, Series 2010 F-5, RB | 5.00% | 02/01/2032 | 15 | &nbsp;&nbsp; 16718 |
| New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB | 5.00% | 11/01/2032 | 5 | &nbsp;&nbsp; 5632 |
| New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB | 5.00% | 08/01/2034 | 30 | &nbsp;&nbsp; 33889 |
| New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB | 5.00% | 08/01/2036 | 50 | &nbsp;&nbsp; 55671 |
| New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB | 5.00% | 08/01/2037 | 105 | &nbsp;&nbsp; 115817 |
| New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB | 5.00% | 08/01/2039 | 95 | &nbsp;&nbsp; 103439 |
| New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB | 5.25% | 08/01/2040 | 15 | &nbsp;&nbsp; 16440 |
| New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB | 5.00% | 08/01/2041 | 215 | &nbsp;&nbsp; 230961 |
| New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB | 5.25% | 08/01/2042 | 55 | &nbsp;&nbsp; 59467 |
| New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB | 5.00% | 08/01/2043 | 170 | &nbsp;&nbsp; 179426 |
| New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB | 5.00% | 08/01/2045 | 30 | &nbsp;&nbsp; 31283 |
| New York (City of), NY Transitional Finance Authority, Series 2022 B-1, Ref. RB | 5.00% | 11/01/2032 | 50 | &nbsp;&nbsp; 57158 |
| New York (City of), NY Transitional Finance Authority, Series 2022 B-1, Ref. RB | 5.25% | 11/01/2035 | 175 | &nbsp;&nbsp; 200280 |
| New York (City of), NY Transitional Finance Authority, Series 2022 B-1, Ref. RB | 5.25% | 11/01/2036 | 270 | &nbsp;&nbsp; 306036 |
| New York (City of), NY Transitional Finance Authority, Series 2022 B-1, Ref. RB | 5.25% | 11/01/2038 | 10 | &nbsp;&nbsp; 11146 |
| New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB | 5.00% | 02/01/2036 | 155 | &nbsp;&nbsp; 171905 |
| New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB | 5.00% | 02/01/2037 | 70 | &nbsp;&nbsp; 76957 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB | 4.00% | 02/01/2038 | $10 | &nbsp;&nbsp; $10189 |
| New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB | 5.00% | 02/01/2039 | 180 | &nbsp;&nbsp; 195360 |
| New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB | 5.00% | 02/01/2040 | 35 | &nbsp;&nbsp; 37579 |
| New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB | 5.00% | 02/01/2041 | 55 | &nbsp;&nbsp; 58810 |
| New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB | 5.00% | 02/01/2042 | 135 | &nbsp;&nbsp; 143199 |
| New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB | 5.00% | 02/01/2043 | 10 | &nbsp;&nbsp; 10521 |
| New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB | 5.00% | 02/01/2044 | 80 | &nbsp;&nbsp; 83563 |
| New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB | 5.00% | 02/01/2047 | 430 | &nbsp;&nbsp; 443654 |
| New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB | 5.00% | 02/01/2051 | 5 | &nbsp;&nbsp; 5124 |
| New York (City of), NY Transitional Finance Authority, Series 2022 S-1A, Ref. RB | 5.00% | 07/15/2032 | 10 | &nbsp;&nbsp; 11500 |
| New York (City of), NY Transitional Finance Authority, Series 2022 S-1A, Ref. RB | 5.00% | 07/15/2034 | 80 | &nbsp;&nbsp; 91221 |
| New York (City of), NY Transitional Finance Authority, Series 2022 S-1A, Ref. RB | 5.00% | 07/15/2036 | 160 | &nbsp;&nbsp; 180025 |
| New York (City of), NY Transitional Finance Authority, Series 2022 S-1A, Ref. RB | 5.00% | 07/15/2037 | 160 | &nbsp;&nbsp; 178859 |
| New York (City of), NY Transitional Finance Authority, Series 2022 S-1A, Ref. RB | 5.00% | 07/15/2038 | 65 | &nbsp;&nbsp; 72115 |
| New York (City of), NY Transitional Finance Authority, Series 2022, RB | 5.00% | 02/01/2032 | 20 | &nbsp;&nbsp; 22639 |
| New York (City of), NY Transitional Finance Authority, Series 2022, RB | 5.00% | 02/01/2035 | 75 | &nbsp;&nbsp; 83876 |
| New York (City of), NY Transitional Finance Authority, Series 2022, RB | 5.00% | 02/01/2036 | 290 | &nbsp;&nbsp; 321629 |
| New York (City of), NY Transitional Finance Authority, Series 2022, RB | 5.00% | 02/01/2037 | 75 | &nbsp;&nbsp; 82454 |
| New York (City of), NY Transitional Finance Authority, Series 2022, RB | 4.00% | 02/01/2038 | 10 | &nbsp;&nbsp; 10189 |
| New York (City of), NY Transitional Finance Authority, Series 2022, RB | 5.00% | 11/01/2038 | 75 | &nbsp;&nbsp; 81826 |
| New York (City of), NY Transitional Finance Authority, Series 2022, RB | 4.00% | 02/01/2039 | 45 | &nbsp;&nbsp; 45655 |
| New York (City of), NY Transitional Finance Authority, Series 2022, RB | 5.00% | 02/01/2044 | 205 | &nbsp;&nbsp; 214130 |
| New York (City of), NY Transitional Finance Authority, Series 2022, RB | 5.00% | 02/01/2047 | 455 | &nbsp;&nbsp; 469448 |
| New York (City of), NY Transitional Finance Authority, Series 2022, Ref. RB | 5.00% | 11/01/2032 | 200 | &nbsp;&nbsp; 226736 |
| New York (City of), NY Transitional Finance Authority, Series 2022, Ref. RB | 5.00% | 11/01/2033 | 25 | &nbsp;&nbsp; 28204 |
| New York (City of), NY Transitional Finance Authority, Series 2022, Ref. RB | 4.00% | 11/01/2034 | 140 | &nbsp;&nbsp; 146091 |
| New York (City of), NY Transitional Finance Authority, Series 2022, Ref. RB | 5.00% | 11/01/2034 | 20 | &nbsp;&nbsp; 22488 |
| New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB | 5.00% | 11/01/2032 | 65 | &nbsp;&nbsp; 74305 |
| New York (City of), NY Transitional Finance Authority, Series 2023, RB | 5.00% | 05/01/2032 | 25 | &nbsp;&nbsp; 28395 |
| New York (City of), NY Transitional Finance Authority, Series 2023, RB | 5.00% | 05/01/2032 | 5 | &nbsp;&nbsp; 5679 |
| New York (City of), NY Transitional Finance Authority, Series 2024 D-1, Ref. RB | 5.00% | 11/01/2032 | 80 | &nbsp;&nbsp; 91452 |
| New York (City of), NY Transitional Finance Authority, Series 2024, Ref. RB | 5.00% | 11/01/2032 | 30 | &nbsp;&nbsp; 34295 |
| New York (City of), NY Transitional Finance Authority, Series 2025 H, RB | 5.00% | 11/01/2032 | 10 | &nbsp;&nbsp; 11432 |
| New York (City of), NY Transitional Finance Authority, Series 2025 S-1, RB | 5.00% | 07/15/2032 | 10 | &nbsp;&nbsp; 11500 |
| New York (City of), NY Transitional Finance Authority, Series 2025, Ref. RB | 5.00% | 11/01/2032 | 45 | &nbsp;&nbsp; 51442 |
| New York (City of), NY Transitional Finance Authority, Series 2025, Ref. RB | 5.00% | 11/01/2032 | 5 | &nbsp;&nbsp; 5716 |
| New York (City of), NY Transitional Finance Authority, Subseries 2021 S-1, Ref. RB | 5.00% | 07/15/2032 | 130 | &nbsp;&nbsp; 146756 |
| New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB | 5.00% | 11/01/2036 | 50 | &nbsp;&nbsp; 55768 |
| New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB | 5.25% | 11/01/2037 | 275 | &nbsp;&nbsp; 308716 |
| New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB | 5.25% | 11/01/2039 | 25 | &nbsp;&nbsp; 27690 |
| New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB | 5.25% | 11/01/2040 | 10 | &nbsp;&nbsp; 10991 |
| New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB | 5.25% | 11/01/2041 | 55 | &nbsp;&nbsp; 60138 |
| New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB | 5.25% | 11/01/2042 | 5 | &nbsp;&nbsp; 5421 |
| New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB | 5.00% | 11/01/2046 | 200 | &nbsp;&nbsp; 207628 |
| New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB | 5.25% | 11/01/2048 | 290 | &nbsp;&nbsp; 305285 |
| New York (City of), NY Transitional Finance Authority, Subseries 2023 D-1, RB | 5.00% | 11/01/2038 | 30 | &nbsp;&nbsp; 32919 |
| New York (City of), NY Transitional Finance Authority, Subseries 2023 D-1, RB | 5.25% | 11/01/2038 | 95 | &nbsp;&nbsp; 105883 |
| New York (State of), Series 2025 A, Ref. GO Bonds | 5.00% | 03/15/2032 | 20 | &nbsp;&nbsp; 23115 |
| New York (State of) Dormitory Authority, Series 2021 A, Ref. RB | 5.00% | 03/15/2032 | 365 | &nbsp;&nbsp; 406991 |
| New York (State of) Dormitory Authority, Series 2021, RB | 5.00% | 03/15/2032 | 315 | &nbsp;&nbsp; 359699 |
| New York (State of) Dormitory Authority, Series 2021, RB | 5.00% | 07/01/2032 | 30 | &nbsp;&nbsp; 34285 |
| New York (State of) Dormitory Authority, Series 2021, RB | 5.00% | 03/15/2034 | 170 | &nbsp;&nbsp; 191516 |
| New York (State of) Dormitory Authority, Series 2021, RB | 5.00% | 03/15/2036 | 75 | &nbsp;&nbsp; 83444 |
| New York (State of) Dormitory Authority, Series 2021, RB | 4.00% | 03/15/2040 | 5 | &nbsp;&nbsp; 5020 |
| New York (State of) Dormitory Authority, Series 2022 A, Ref. RB | 5.00% | 03/15/2032 | 215 | &nbsp;&nbsp; 245509 |
| New York (State of) Dormitory Authority, Series 2022 A, Ref. RB | 4.00% | 03/15/2034 | 15 | &nbsp;&nbsp; 15652 |
| New York (State of) Dormitory Authority, Series 2022 A, Ref. RB | 4.00% | 03/15/2035 | 15 | &nbsp;&nbsp; 15631 |
| New York (State of) Dormitory Authority, Series 2022 A, Ref. RB | 5.00% | 03/15/2036 | 45 | &nbsp;&nbsp; 50067 |
| New York (State of) Dormitory Authority, Series 2022 A, Ref. RB | 5.00% | 03/15/2037 | 125 | &nbsp;&nbsp; 138214 |
| New York (State of) Dormitory Authority, Series 2022 A, Ref. RB | 5.00% | 03/15/2041 | 445 | &nbsp;&nbsp; 477209 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| New York (State of) Dormitory Authority, Series 2022 A, Ref. RB | 5.00% | 03/15/2046 | $555 | &nbsp;&nbsp; $575053 |
| New York (State of) Dormitory Authority, Series 2022, Ref. RB | 5.00% | 05/01/2038 | 30 | &nbsp;&nbsp; 32363 |
| New York (State of) Dormitory Authority, Series 2023 A, RB | 5.00% | 10/01/2032 | 70 | &nbsp;&nbsp; 81310 |
| New York (State of) Dormitory Authority, Series 2023 A, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 10/01/2032 | 10 | &nbsp;&nbsp; 11480 |
| New York (State of) Dormitory Authority, Series 2023 A, Ref. RB | 5.00% | 03/15/2032 | 230 | &nbsp;&nbsp; 262637 |
| New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB | 5.00% | 03/15/2032 | 15 | &nbsp;&nbsp; 17157 |
| New York (State of) Dormitory Authority, Series 2024 A, GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.00% | 10/01/2035 | 105 | &nbsp;&nbsp; 117682 |
| New York (State of) Dormitory Authority, Series 2024 A, GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.00% | 10/01/2036 | 50 | &nbsp;&nbsp; 55606 |
| New York (State of) Dormitory Authority, Series 2024 A, GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.00% | 10/01/2037 | 175 | &nbsp;&nbsp; 193442 |
| New York (State of) Dormitory Authority, Series 2024 A, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 10/01/2032 | 25 | &nbsp;&nbsp; 28700 |
| New York (State of) Dormitory Authority, Series 2024 A, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 10/01/2034 | 20 | &nbsp;&nbsp; 22587 |
| New York (State of) Dormitory Authority, Series 2024 A, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 10/01/2038 | 110 | &nbsp;&nbsp; 120729 |
| New York (State of) Dormitory Authority, Series 2024 A, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 10/01/2039 | 15 | &nbsp;&nbsp; 16377 |
| New York (State of) Dormitory Authority, Series 2024 B, Ref. RB | 5.00% | 03/15/2032 | 5 | &nbsp;&nbsp; 5719 |
| New York (State of) Dormitory Authority (Bidding Group 5), Series 2021 E, Ref. RB | 5.00% | 03/15/2035 | 135 | &nbsp;&nbsp; 151172 |
| New York (State of) Dormitory Authority (Northwell Health Obligated Group), Series 2022, Ref. RB | 5.00% | 05/01/2037 | 35 | &nbsp;&nbsp; 38038 |
| New York (State of) Dormitory Authority (Northwell Health Obligated Group), Series 2022, Ref. RB | 4.25% | 05/01/2052 | 10 | &nbsp;&nbsp; 9390 |
| New York (State of) Dormitory Authority (Northwell Health Obligated Group), Series 2025, Ref. RB | 5.00% | 05/01/2032 | 250 | &nbsp;&nbsp; 280502 |
| &nbsp;&nbsp;&nbsp; New York (State of) Energy Research & Development Authority (New Yourk State Electric & Gas <br> Corp.), Series 1997 C, Ref. RB<br>| 3.80% | 08/01/2032 | 20 | &nbsp;&nbsp; 20643 |
| New York (State of) Power Authority (Green Transmission), Series 2022, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 11/15/2032 | 25 | &nbsp;&nbsp; 28441 |
| New York (State of) Power Authority (Green Transmission), Series 2023, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 11/15/2032 | 20 | &nbsp;&nbsp; 23273 |
| New York (State of) Power Authority (Green Transmission) (Green Bonds), Series 2024 A, RB | 5.00% | 11/15/2032 | 50 | &nbsp;&nbsp; 58392 |
| New York (State of) Thruway Authority, Series 2021 A-1, Ref. RB | 5.00% | 03/15/2032 | 35 | &nbsp;&nbsp; 39027 |
| New York (State of) Thruway Authority, Series 2024 P, Ref. RB | 5.00% | 01/01/2032 | 30 | &nbsp;&nbsp; 34409 |
| New York (State of) Thruway Authority, Series 2024 Q, Ref. RB | 5.00% | 01/01/2032 | 20 | &nbsp;&nbsp; 22939 |
| New York (State of) Thruway Authority, Series 2025 A, RB | 5.00% | 03/15/2032 | 5 | &nbsp;&nbsp; 5691 |
| New York (State of) Thruway Authority (Bidding Group 1), Series 2022 A, Ref. RB | 5.00% | 03/15/2032 | 145 | &nbsp;&nbsp; 165034 |
| New York (State of) Thruway Authority (Bidding Group 1), Series 2022 A, Ref. RB | 5.00% | 03/15/2034 | 5 | &nbsp;&nbsp; 5682 |
| New York (State of) Thruway Authority (Bidding Group 1), Series 2022 A, Ref. RB | 5.00% | 03/15/2036 | 55 | &nbsp;&nbsp; 61852 |
| New York (State of) Thruway Authority (Bidding Group 1), Series 2022 A, Ref. RB | 5.00% | 03/15/2037 | 35 | &nbsp;&nbsp; 39078 |
| New York (State of) Thruway Authority (Bidding Group 1), Series 2022 A, Ref. RB | 5.00% | 03/15/2038 | 210 | &nbsp;&nbsp; 232655 |
| New York (State of) Thruway Authority (Bidding Group 1), Series 2022 A, Ref. RB | 5.00% | 03/15/2039 | 90 | &nbsp;&nbsp; 98994 |
| New York (State of) Thruway Authority (Bidding Group 1), Series 2022, Ref. RB | 5.00% | 03/15/2040 | 40 | &nbsp;&nbsp; 43573 |
| New York (State of) Thruway Authority (Bidding Group 1) (Green Bonds), Series 2022 C, RB | 5.00% | 03/15/2053 | 330 | &nbsp;&nbsp; 339692 |
| New York (State of) Thruway Authority (Bidding Group 1) (Green Bonds), Series 2022 C, RB | 5.00% | 03/15/2055 | 65 | &nbsp;&nbsp; 66756 |
| New York (State of) Thruway Authority (Bidding Group 2), Series 2022 A, Ref. RB | 5.00% | 03/15/2035 | 185 | &nbsp;&nbsp; 209367 |
| New York (State of) Thruway Authority (Bidding Group 3), Series 2022, Ref. RB | 5.00% | 03/15/2041 | 130 | &nbsp;&nbsp; 140474 |
| New York (State of) Thruway Authority (Bidding Group 3), Series 2022, Ref. RB | 5.00% | 03/15/2042 | 25 | &nbsp;&nbsp; 26778 |
| New York (State of) Thruway Authority (Bidding Group 4), Series 2022 A, Ref. RB | 5.00% | 03/15/2045 | 110 | &nbsp;&nbsp; 115697 |
| New York (State of) Thruway Authority (Bidding Group 4), Series 2022 A, Ref. RB | 5.00% | 03/15/2046 | 280 | &nbsp;&nbsp; 292654 |
| New York (State of) Thruway Authority (Bidding Group 4), Series 2022 A, Ref. RB | 5.00% | 03/15/2048 | 475 | &nbsp;&nbsp; 491192 |
| New York (State of) Utility Debt Securitization Authority, Series 2015, Ref. RB | 3.00% | 12/15/2032 | 150 | &nbsp;&nbsp; 150017 |
| &nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2022, <br> Ref. RB<br>| 5.00% | 06/15/2051 | 90 | &nbsp;&nbsp; 94392 |
| &nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2023, <br> Ref. RB<br>| 5.00% | 06/15/2032 | 20 | &nbsp;&nbsp; 23142 |
| New York State Urban Development Corp., Series 2022, Ref. RB | 5.00% | 03/15/2032 | 150 | &nbsp;&nbsp; 171285 |
| New York State Urban Development Corp., Series 2022, Ref. RB | 5.00% | 03/15/2035 | 50 | &nbsp;&nbsp; 56718 |
| New York State Urban Development Corp., Series 2022, Ref. RB | 5.00% | 03/15/2036 | 105 | &nbsp;&nbsp; 118288 |
| New York State Urban Development Corp., Series 2022, Ref. RB | 5.25% | 03/15/2037 | 245 | &nbsp;&nbsp; 277911 |
| New York State Urban Development Corp., Series 2022, Ref. RB | 5.25% | 03/15/2038 | 50 | &nbsp;&nbsp; 56346 |
| New York State Urban Development Corp., Series 2022, Ref. RB | 5.25% | 03/15/2039 | 85 | &nbsp;&nbsp; 95049 |
| New York State Urban Development Corp., Series 2022, Ref. RB | 5.00% | 03/15/2041 | 100 | &nbsp;&nbsp; 107808 |
| New York State Urban Development Corp. (Bidding Group 1), Series 2021 A, Ref. RB | 5.00% | 03/15/2032 | 150 | &nbsp;&nbsp; 169283 |
| New York State Urban Development Corp. (Bidding Group 1), Series 2023 A, RB | 5.00% | 03/15/2032 | 5 | &nbsp;&nbsp; 5722 |
| New York State Urban Development Corp. (Bidding Group 1), Series 2023, Ref. RB | 5.00% | 03/15/2032 | 65 | &nbsp;&nbsp; 74224 |
| New York State Urban Development Corp. (Bidding Group 4), Series 2022 A, Ref. RB | 5.00% | 03/15/2048 | 35 | &nbsp;&nbsp; 36276 |
| Schenectady County Capital Resource Corp. (Union College), Series 2022, Ref. RB | 5.00% | 07/01/2032 | 50 | &nbsp;&nbsp; 56593 |
| Schenectady County Capital Resource Corp. (Union College), Series 2022, Ref. RB | 5.25% | 07/01/2052 | 135 | &nbsp;&nbsp; 140981 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| Suffolk (County of), NY Water Authority, Series 2015, Ref. RB | 3.00% | 06/01/2032 | $75 | &nbsp;&nbsp; $75024 |
| Triborough Bridge & Tunnel Authority, Series 2021 C-2, Ref. RB | 3.00% | 05/15/2032 | 5 | &nbsp;&nbsp; 5038 |
| Triborough Bridge & Tunnel Authority, Series 2022 A, RB | 5.00% | 11/15/2041 | 160 | &nbsp;&nbsp; 173041 |
| Triborough Bridge & Tunnel Authority, Series 2022 A, RB | 5.00% | 11/15/2042 | 75 | &nbsp;&nbsp; 80414 |
| Triborough Bridge & Tunnel Authority, Series 2022 A, RB | 5.00% | 11/15/2045 | 100 | &nbsp;&nbsp; 105264 |
| Triborough Bridge & Tunnel Authority, Series 2022 A, RB | 5.00% | 11/15/2047 | 20 | &nbsp;&nbsp; 20903 |
| Triborough Bridge & Tunnel Authority, Series 2022 A, RB | 5.50% | 11/15/2057 | 405 | &nbsp;&nbsp; 433710 |
| Triborough Bridge & Tunnel Authority, Series 2022 C, RB | 5.00% | 05/15/2040 | 80 | &nbsp;&nbsp; 86639 |
| Triborough Bridge & Tunnel Authority, Series 2022 C, RB | 5.25% | 05/15/2041 | 25 | &nbsp;&nbsp; 27264 |
| Triborough Bridge & Tunnel Authority, Series 2022 C, RB | 5.00% | 05/15/2042 | 40 | &nbsp;&nbsp; 42548 |
| Triborough Bridge & Tunnel Authority, Series 2022 C, RB | 5.00% | 05/15/2044 | 95 | &nbsp;&nbsp; 99494 |
| Triborough Bridge & Tunnel Authority, Series 2022 C, RB | 5.25% | 05/15/2052 | 410 | &nbsp;&nbsp; 428130 |
| Triborough Bridge & Tunnel Authority, Series 2025, RB | 5.00% | 12/01/2032 | 5 | &nbsp;&nbsp; 5791 |
| Triborough Bridge & Tunnel Authority (Green Bonds), Series 2022 D-1A, Ref. RB | 5.00% | 11/15/2039 | 110 | &nbsp;&nbsp; 120682 |
| Triborough Bridge & Tunnel Authority (Green Bonds), Series 2022 D-2, RB | 5.25% | 05/15/2047 | 190 | &nbsp;&nbsp; 200512 |
| Triborough Bridge & Tunnel Authority (Green Bonds), Series 2022 E-2B, Ref. RB | 5.00% | 11/15/2032 | 475 | &nbsp;&nbsp; 544521 |
| Triborough Bridge & Tunnel Authority (Green Bonds), Series 2022, Ref. RB | 5.00% | 11/15/2037 | 45 | &nbsp;&nbsp; 50073 |
| Triborough Bridge & Tunnel Authority (Green Bonds), Series 2022, Ref. RB | 5.00% | 11/15/2038 | 155 | &nbsp;&nbsp; 171132 |
| Triborough Bridge & Tunnel Authority (Green Bonds), Series 2023 S, Ref. RB | 5.00% | 11/15/2032 | 10 | &nbsp;&nbsp; 11540 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority (MTA Brdiges & Tunnels) (Green Bonds), Subseries 2022 D-2, <br> RB<br>| 5.50% | 05/15/2052 | 305 | &nbsp;&nbsp; 324836 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, RB | 5.00% | 05/15/2044 | 40 | &nbsp;&nbsp; 42117 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, RB | 5.00% | 05/15/2047 | 110 | &nbsp;&nbsp; 114248 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, RB | 5.25% | 05/15/2057 | 165 | &nbsp;&nbsp; 172626 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, Ref. RB | 4.00% | 05/15/2041 | 250 | &nbsp;&nbsp; 250178 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, Ref. RB | 5.00% | 05/15/2043 | 30 | &nbsp;&nbsp; 31623 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, Ref. RB | 5.00% | 05/15/2044 | 240 | &nbsp;&nbsp; 251352 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, Ref. RB | 5.00% | 05/15/2047 | 135 | &nbsp;&nbsp; 139965 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, Ref. RB | 5.00% | 05/15/2057 | 250 | &nbsp;&nbsp; 256660 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 C, RB | 5.00% | 05/15/2047 | 430 | &nbsp;&nbsp; 445816 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022, RB | 5.00% | 05/15/2032 | 55 | &nbsp;&nbsp; 63028 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022, RB | 5.25% | 05/15/2062 | 200 | &nbsp;&nbsp; 208636 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023, Ref. RB | 5.00% | 11/15/2032 | 35 | &nbsp;&nbsp; 40462 |
|  |  |  |  | &nbsp;&nbsp; 27002138 |
| **North Carolina-0.74%** |  |  |  |  |
| Charlotte (City of), NC, Series 2022 A, Ref. RB | 5.00% | 07/01/2032 | 45 | &nbsp;&nbsp; 51839 |
| Charlotte (City of), NC, Series 2022 A, Ref. RB | 5.00% | 07/01/2045 | 20 | &nbsp;&nbsp; 21226 |
| Guildford (City of), NC, Series 2025, GO Bonds | 5.00% | 03/01/2032 | 100 | &nbsp;&nbsp; 114748 |
| Mecklenburg (County of), NC, Series 2022, GO Bonds | 5.00% | 09/01/2032 | 40 | &nbsp;&nbsp; 46217 |
| Mecklenburg (County of), NC, Series 2022, GO Bonds | 5.00% | 09/01/2034 | 40 | &nbsp;&nbsp; 45759 |
| Nash Health Care Systems, Series 2025, RB | 5.00% | 02/01/2032 | 65 | &nbsp;&nbsp; 72015 |
| North Carolina (State of), Series 2019 B, GO Bonds | 2.00% | 06/01/2032 | 15 | &nbsp;&nbsp; 13908 |
| North Carolina (State of), Series 2021 A, Ref. RB | 5.00% | 05/01/2032 | 60 | &nbsp;&nbsp; 68680 |
| North Carolina (State of), Series 2021, RB | 5.00% | 03/01/2032 | 30 | &nbsp;&nbsp; 33494 |
| North Carolina (State of), Series 2022 A, RB | 5.00% | 05/01/2032 | 70 | &nbsp;&nbsp; 80127 |
| North Carolina (State of), Series 2025 A, RB | 5.00% | 05/01/2032 | 25 | &nbsp;&nbsp; 28617 |
| North Carolina (State of) (Build North Carolina Programs), Series 2022 A, RB | 5.00% | 05/01/2034 | 85 | &nbsp;&nbsp; 96095 |
| North Carolina (State of) (Build North Carolina Programs), Series 2022 A, RB | 5.00% | 05/01/2036 | 60 | &nbsp;&nbsp; 67125 |
| North Carolina (State of) (Garvee), Series 2025, Ref. RB | 5.00% | 03/01/2032 | 25 | &nbsp;&nbsp; 28454 |
| Raleigh (City of), NC Combined Enterprise System, Series 2023, Ref. RB | 5.00% | 09/01/2032 | 115 | &nbsp;&nbsp; 132795 |
| Wake (County of), NC, Series 2021, RB | 5.00% | 03/01/2032 | 20 | &nbsp;&nbsp; 22361 |
| Wake (County of), NC, Series 2023 A, Ref. GO Bonds | 5.00% | 05/01/2032 | 80 | &nbsp;&nbsp; 91982 |
|  |  |  |  | &nbsp;&nbsp; 1015442 |
| **Ohio-1.41%** |  |  |  |  |
| American Municipal Power, Inc. (AMP Fremont Energy Center), Series 2021, Ref. RB | 5.00% | 02/15/2032 | 20 | &nbsp;&nbsp; 22198 |
| Bedford City School District, Series 2025, GO Bonds, (INS - BAM)<sup>(a)</sup> | 5.50% | 12/01/2055 | 145 | &nbsp;&nbsp; 154445 |
| Columbus (City of), OH, Series 2016 A, GO Bonds | 3.00% | 08/15/2032 | 65 | &nbsp;&nbsp; 65005 |
| Columbus (City of), OH, Series 2023 A, GO Bonds | 5.00% | 08/15/2032 | 55 | &nbsp;&nbsp; 63213 |
| Columbus (City of), OH, Series 2024 A, GO Bonds | 5.00% | 08/15/2032 | 20 | &nbsp;&nbsp; 22987 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Ohio-(continued)** |  |  |  |  |
| Franklin (County of), OH Convention Facilities Authority, Series 2024, Ref. RB | 5.00% | 12/01/2032 | $5 | &nbsp;&nbsp; $5705 |
| Kings Local School District, Series 2024, GO Bonds | 5.25% | 12/01/2054 | 35 | &nbsp;&nbsp; 36708 |
| Kings Local School District, Series 2024, GO Bonds | 5.50% | 12/01/2062 | 5 | &nbsp;&nbsp; 5323 |
| Northeast Ohio Regional Sewer District, Series 2024, Ref. RB | 5.00% | 11/15/2032 | 30 | &nbsp;&nbsp; 34599 |
| Ohio (State of), Series 2021 B, Ref. GO Bonds | 5.00% | 09/15/2032 | 315 | &nbsp;&nbsp; 363517 |
| Ohio (State of), Series 2021 C, Ref. GO Bonds | 5.00% | 03/15/2032 | 155 | &nbsp;&nbsp; 177577 |
| Ohio (State of), Series 2023 A, Ref. GO Bonds | 5.00% | 03/15/2032 | 70 | &nbsp;&nbsp; 80196 |
| Ohio (State of), Series 2023, Ref. GO Bonds | 5.00% | 09/01/2032 | 40 | &nbsp;&nbsp; 46136 |
| Ohio (State of), Series 2025 A, GO Bonds | 5.00% | 06/15/2032 | 15 | &nbsp;&nbsp; 17249 |
| Ohio (State of), Series 2025 B, Ref. GO Bonds | 5.00% | 11/01/2032 | 70 | &nbsp;&nbsp; 80928 |
| Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2021, Ref. RB | 5.00% | 01/01/2034 | 75 | &nbsp;&nbsp; 83739 |
| Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2024, Ref. RB | 5.00% | 01/01/2032 | 5 | &nbsp;&nbsp; 5653 |
| Ohio (State of) Turnpike & Infrastructure Commission, Series 2022, Ref. RB | 5.00% | 02/15/2032 | 20 | &nbsp;&nbsp; 22736 |
| Ohio (State of) Water Development Authority (Green Bonds), Series 2022 A, RB | 5.00% | 12/01/2041 | 30 | &nbsp;&nbsp; 32816 |
| &nbsp;&nbsp;&nbsp; Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2024 B, <br> Ref. RB<br>| 5.00% | 06/01/2032 | 5 | &nbsp;&nbsp; 5743 |
| &nbsp;&nbsp;&nbsp; Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2024 B, <br> Ref. RB<br>| 5.00% | 12/01/2032 | 100 | &nbsp;&nbsp; 115677 |
| &nbsp;&nbsp;&nbsp; Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund) (Green Bonds), <br> Series 2024 D, RB<br>| 5.00% | 12/01/2032 | 50 | &nbsp;&nbsp; 57838 |
| Ohio State University (The) (Green Bonds), Series 2021, RB | 5.00% | 12/01/2032 | 105 | &nbsp;&nbsp; 118723 |
| Rickenbacker Port Authority, Series 2002, RB | 5.38% | 01/01/2032 | 100 | &nbsp;&nbsp; 111119 |
| Worthington City School District, Series 2023, GO Bonds | 5.00% | 12/01/2048 | 210 | &nbsp;&nbsp; 219442 |
|  |  |  |  | &nbsp;&nbsp; 1949272 |
| **Oklahoma-0.62%** |  |  |  |  |
| Canadian (County of), OK Educational Facilities Authority (Mustang Public Schools), Series 2023, RB | 5.00% | 09/01/2032 | 30 | &nbsp;&nbsp; 33710 |
| Cushing (City of), OK Educational Facilities Authority (Cushing Public Schools), Series 2022, RB | 5.00% | 09/01/2032 | 100 | &nbsp;&nbsp; 111783 |
| Oklahoma (County of), OK Finance Authority (Midwest-City Del City Public Schools), Series 2023, RB | 5.00% | 09/01/2036 | 75 | &nbsp;&nbsp; 82930 |
| Oklahoma (County of), OK Finance Authority (Midwest-City Del City Public Schools), Series 2023, RB | 5.00% | 09/01/2041 | 305 | &nbsp;&nbsp; 328048 |
| Oklahoma (State of) Industries Authority (Oklahoma City Public Schools), Series 2024, RB | 5.00% | 04/01/2032 | 25 | &nbsp;&nbsp; 28269 |
| Oklahoma (State of) Turnpike Authority, Series 2023, RB | 5.50% | 01/01/2053 | 255 | &nbsp;&nbsp; 271496 |
|  |  |  |  | &nbsp;&nbsp; 856236 |
| **Oregon-0.83%** |  |  |  |  |
| Oregon (State of), Series 2025, Ref. GO Bonds | 5.00% | 05/01/2032 | 78 | &nbsp;&nbsp; 89683 |
| Oregon (State of) (Article XI - Q State), Series 2023 A, GO Bonds | 5.00% | 05/01/2032 | 100 | &nbsp;&nbsp; 114978 |
| Oregon (State of) Department of Transportation, Series 2022 A, RB | 5.25% | 11/15/2047 | 110 | &nbsp;&nbsp; 117975 |
| Oregon (State of) Department of Transportation, Series 2024, Ref. RB | 5.00% | 11/15/2032 | 440 | &nbsp;&nbsp; 507447 |
| Oregon (State of) Facilities Authority, Series 2014, Ref. RB | 4.13% | 11/15/2032 | 230 | &nbsp;&nbsp; 230073 |
| Portland (City of), OR, Series 2023 A, Ref. RB | 5.00% | 12/01/2032 | 80 | &nbsp;&nbsp; 92154 |
|  |  |  |  | &nbsp;&nbsp; 1152310 |
| **Pennsylvania-3.74%** |  |  |  |  |
| Allegheny (County of), PA, Series 2024 C-80, GO Bonds | 5.00% | 12/01/2054 | 100 | &nbsp;&nbsp; 103708 |
| &nbsp;&nbsp;&nbsp; Allegheny (County of), PA Higher Education Building Authority (Carnegie Mellon University), <br> Series 2022, RB<br>| 5.00% | 02/01/2032 | 55 | &nbsp;&nbsp; 62726 |
| Allegheny (County of), PA Sanitary Authority, Series 2022, RB | 5.75% | 06/01/2047 | 10 | &nbsp;&nbsp; 10932 |
| Allegheny (County of), PA Sanitary Authority, Series 2022, RB | 5.00% | 06/01/2053 | 200 | &nbsp;&nbsp; 208164 |
| Allegheny (County of), PA Sanitary Authority, Series 2024, Ref. RB | 5.00% | 12/01/2042 | 25 | &nbsp;&nbsp; 26981 |
| Bucks (County of), PA Water and Sewer Authority, Series 2022 A, RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 12/01/2047 | 60 | &nbsp;&nbsp; 63956 |
| Delaware Valley Regional Finance Authority, Series 2002, RB | 5.75% | 07/01/2032 | 345 | &nbsp;&nbsp; 401218 |
| Hempfield Area School District, Series 2022 C, GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.00% | 03/15/2042 | 5 | &nbsp;&nbsp; 5335 |
| Hempfield Area School District, Series 2022 C, GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.00% | 03/15/2048 | 50 | &nbsp;&nbsp; 51873 |
| Lehigh (County of), PA (Lehigh Valley Health Network), Series 2012, RB | 3.25% | 07/01/2032 | 100 | &nbsp;&nbsp; 99948 |
| &nbsp;&nbsp;&nbsp; Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University), <br> Series 2022, Ref. RB<br>| 5.00% | 05/01/2057 | 140 | &nbsp;&nbsp; 140993 |
| Pennsylvania (Commonwealth of), First Series 2021, GO Bonds | 4.00% | 05/15/2032 | 75 | &nbsp;&nbsp; 79490 |
| Pennsylvania (Commonwealth of), First Series 2023, GO Bonds | 5.00% | 09/01/2032 | 150 | &nbsp;&nbsp; 171707 |
| Pennsylvania (Commonwealth of), First Series 2023, Ref. GO Bonds | 5.00% | 09/01/2032 | 350 | &nbsp;&nbsp; 400651 |
| Pennsylvania (Commonwealth of), First series 2024 C, GO Bonds | 5.00% | 08/15/2032 | 50 | &nbsp;&nbsp; 57202 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Pennsylvania-(continued)** |  |  |  |  |
| Pennsylvania (Commonwealth of), Series 2022, GO Bonds | 5.00% | 10/01/2032 | $70 | &nbsp;&nbsp; $80218 |
| Pennsylvania (Commonwealth of), Series 2022, GO Bonds | 5.00% | 10/01/2034 | 45 | &nbsp;&nbsp; 51301 |
| Pennsylvania (Commonwealth of), Series 2022, GO Bonds | 5.00% | 10/01/2036 | 175 | &nbsp;&nbsp; 195533 |
| Pennsylvania (Commonwealth of), Series 2022, GO Bonds | 5.00% | 10/01/2038 | 50 | &nbsp;&nbsp; 55005 |
| Pennsylvania (Commonwealth of), Series 2022, GO Bonds | 5.00% | 10/01/2042 | 5 | &nbsp;&nbsp; 5364 |
| Pennsylvania (Commonwealth of), Series 2025 A, Ref. GO Bonds | 5.00% | 08/15/2032 | 55 | &nbsp;&nbsp; 62922 |
| &nbsp;&nbsp;&nbsp; Pennsylvania (Commonwealth of) Economic Development Financing Authority, Series 2022 A, Ref. <br> RB<br>| 5.00% | 02/15/2038 | 30 | &nbsp;&nbsp; 32325 |
| &nbsp;&nbsp;&nbsp; Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC), Series 2022 A, <br> Ref. RB<br>| 5.00% | 02/15/2039 | 25 | &nbsp;&nbsp; 26836 |
| &nbsp;&nbsp;&nbsp; Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC), Series 2022 A, <br> Ref. RB<br>| 5.00% | 02/15/2047 | 10 | &nbsp;&nbsp; 10252 |
| Pennsylvania (Commonwealth of) Turnpike Commission, First series 2023, Ref. RB | 5.00% | 12/01/2032 | 160 | &nbsp;&nbsp; 181461 |
| Pennsylvania (Commonwealth of) Turnpike Commission, First Series 2024, Ref. RB | 5.00% | 06/01/2032 | 20 | &nbsp;&nbsp; 22488 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 B, Ref. RB | 3.00% | 06/01/2032 | 50 | &nbsp;&nbsp; 49918 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2022 A, Ref. RB | 5.00% | 12/01/2032 | 85 | &nbsp;&nbsp; 97914 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2022 B, Ref. RB | 5.00% | 12/01/2047 | 15 | &nbsp;&nbsp; 15857 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2022 B, Ref. RB | 5.25% | 12/01/2047 | 35 | &nbsp;&nbsp; 37527 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2022 B, Ref. RB | 5.25% | 12/01/2052 | 335 | &nbsp;&nbsp; 354907 |
| Pennsylvania State University (The), Series 2022 A, RB | 5.00% | 09/01/2047 | 160 | &nbsp;&nbsp; 167603 |
| Philadelphia (City of), PA, Series 2022 C, RB | 5.50% | 06/01/2047 | 410 | &nbsp;&nbsp; 441926 |
| Philadelphia (City of), PA, Series 2025 C, Ref. GO Bonds | 5.00% | 08/01/2032 | 100 | &nbsp;&nbsp; 113690 |
| Philadelphia (City of), PA (1998 General Ordinance), Series 2024, Ref. RB | 5.00% | 08/01/2032 | 10 | &nbsp;&nbsp; 11343 |
| &nbsp;&nbsp;&nbsp; Philadelphia (City of), PA Authority for Industrial Development (Children's Hospital of Philadelphia), <br> Series 2021, Ref. RB<br>| 5.00% | 07/01/2032 | 75 | &nbsp;&nbsp; 84985 |
| &nbsp;&nbsp;&nbsp; Philadelphia (City of), PA Authority for Industrial Development (St. Joseph's University), Series 2022, <br> RB<br>| 5.25% | 11/01/2047 | 45 | &nbsp;&nbsp; 46819 |
| &nbsp;&nbsp;&nbsp; Philadelphia (City of), PA Authority for Industrial Development (St. Joseph's University), Series 2022, <br> RB<br>| 5.25% | 11/01/2052 | 270 | &nbsp;&nbsp; 279179 |
| &nbsp;&nbsp;&nbsp; Philadelphia (City of), PA Hospitals & Higher Education Facilities Authority (The) (Temple University <br> Health System), Series 2022, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| 5.00% | 07/01/2035 | 145 | &nbsp;&nbsp; 161813 |
| &nbsp;&nbsp;&nbsp; Philadelphia (City of), PA Hospitals & Higher Education Facilities Authority (The) (Temple University <br> Health System), Series 2022, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| 5.00% | 07/01/2036 | 65 | &nbsp;&nbsp; 71921 |
| Pittsburgh (City of), PA Water & Sewer Authority, Series 2019 B, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 09/01/2032 | 160 | &nbsp;&nbsp; 182730 |
| Southeastern Pennsylvania Transportation Authority, Series 2022, RB | 5.00% | 06/01/2035 | 20 | &nbsp;&nbsp; 22505 |
| Southeastern Pennsylvania Transportation Authority, Series 2022, RB | 5.00% | 06/01/2038 | 30 | &nbsp;&nbsp; 33071 |
| Southeastern Pennsylvania Transportation Authority, Series 2022, RB | 5.25% | 06/01/2042 | 30 | &nbsp;&nbsp; 32554 |
| Southeastern Pennsylvania Transportation Authority (Asset Improvement Program), Series 2022, RB | 5.00% | 06/01/2034 | 20 | &nbsp;&nbsp; 22629 |
| Southeastern Pennsylvania Transportation Authority (Asset Improvement Program), Series 2022, RB | 5.00% | 06/01/2037 | 30 | &nbsp;&nbsp; 33317 |
| Southeastern Pennsylvania Transportation Authority (Asset Improvement Program), Series 2022, RB | 5.25% | 06/01/2040 | 100 | &nbsp;&nbsp; 110185 |
| Southeastern Pennsylvania Transportation Authority (Asset Improvement Program), Series 2022, RB | 5.25% | 06/01/2041 | 150 | &nbsp;&nbsp; 164069 |
| Southeastern Pennsylvania Transportation Authority (Asset Improvement Program), Series 2022, RB | 5.25% | 06/01/2052 | 10 | &nbsp;&nbsp; 10479 |
| &nbsp;&nbsp;&nbsp; Temple University-of The Commonwealth System of Higher Education, First series 2025, Ref. RB, <br> (INS - AGI)<sup>(a)</sup><br>| 5.00% | 04/01/2032 | 5 | &nbsp;&nbsp; 5691 |
|  |  |  |  | &nbsp;&nbsp; 5161221 |
| **Puerto Rico-0.07%** |  |  |  |  |
| Puerto Rico (Commonwealth of) Electric Power Authority, Series 2007 VV, Ref. RB, (INS - NATL)<sup>(a)</sup> | 5.25% | 07/01/2032 | 100 | &nbsp;&nbsp; 101333 |
| **Rhode Island-0.03%** |  |  |  |  |
| Rhode Island (State of), Series 2022 A, GO Bonds | 5.00% | 08/01/2040 | 35 | &nbsp;&nbsp; 38257 |
| **South Carolina-0.49%** |  |  |  |  |
| Charleston (City of), SC, Series 2022, RB | 5.00% | 01/01/2052 | 100 | &nbsp;&nbsp; 104971 |
| Lexington & Richland School District No. 5, Series 2021 B, Ref. GO Bonds | 4.00% | 03/01/2032 | 15 | &nbsp;&nbsp; 16113 |
| &nbsp;&nbsp;&nbsp; South Carolina (State of) Jobs-Economic Development Authority (Bon Secours Mercy Health), <br> Series 2022 A, RB<br>| 5.00% | 10/01/2035 | 65 | &nbsp;&nbsp; 72349 |
| &nbsp;&nbsp;&nbsp; South Carolina (State of) Jobs-Economic Development Authority (Bon Secours Mercy Health), <br> Series 2022 A, RB<br>| 5.00% | 10/01/2037 | 140 | &nbsp;&nbsp; 153930 |
| South Carolina (State of) Public Service Authority (Santee Cooper), Series 2013, RB | 4.00% | 12/01/2039 | 10 | &nbsp;&nbsp; 10032 |
| South Carolina (State of) Public Service Authority (Santee Cooper), Series 2022 A, RB | 5.00% | 12/01/2033 | 55 | &nbsp;&nbsp; 61278 |
| South Carolina (State of) Public Service Authority (Santee Cooper), Series 2022 A, RB | 4.00% | 12/01/2040 | 5 | &nbsp;&nbsp; 4963 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **South Carolina-(continued)** |  |  |  |  |
| South Carolina (State of) Public Service Authority (Santee Cooper), Series 2022 A, RB | 5.00% | 12/01/2044 | $10 | &nbsp;&nbsp; $10407 |
| South Carolina (State of) Public Service Authority (Santee Cooper), Series 2022 E, RB | 5.75% | 12/01/2047 | 125 | &nbsp;&nbsp; 135663 |
| South Carolina (State of) Public Service Authority (Santee Cooper), Series 2022 E, RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 12/01/2038 | 15 | &nbsp;&nbsp; 16640 |
| South Carolina (State of) Public Service Authority (Santee Cooper), Series 2022 E, RB, (INS - AGI)<sup>(a)</sup> | 5.75% | 12/01/2052 | 5 | &nbsp;&nbsp; 5412 |
| South Island Public Service District, Series 2022, RB | 5.00% | 04/01/2047 | 15 | &nbsp;&nbsp; 15640 |
| Spartanburg County School District No. 4, Series 2022 A, GO Bonds | 5.25% | 03/01/2052 | 70 | &nbsp;&nbsp; 74002 |
|  |  |  |  | &nbsp;&nbsp; 681400 |
| **Tennessee-0.65%** |  |  |  |  |
| Metropolitan Nashville Airport Authority (The), Series 2022 A, RB | 5.25% | 07/01/2047 | 145 | &nbsp;&nbsp; 153291 |
| Metropolitan Nashville Airport Authority (The), Series 2022 A, RB | 5.00% | 07/01/2052 | 40 | &nbsp;&nbsp; 41244 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 C, GO Bonds | 4.00% | 01/01/2032 | 20 | &nbsp;&nbsp; 21140 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2022 A, GO Bonds | 4.00% | 01/01/2035 | 25 | &nbsp;&nbsp; 26381 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2022 B, GO Bonds | 5.00% | 01/01/2036 | 35 | &nbsp;&nbsp; 38975 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2022 B, GO Bonds | 5.00% | 01/01/2037 | 195 | &nbsp;&nbsp; 215843 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2022 B, GO Bonds | 4.00% | 01/01/2039 | 15 | &nbsp;&nbsp; 15379 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2022 B, GO Bonds | 4.00% | 01/01/2042 | 10 | &nbsp;&nbsp; 10025 |
| &nbsp;&nbsp;&nbsp; Nashville (City of) & Davidson (County of), TN Metropolitan Government of Convention Center <br> Authority, Series 2022 A, GO Bonds<br>| 4.00% | 01/01/2032 | 5 | &nbsp;&nbsp; 5383 |
| &nbsp;&nbsp;&nbsp; Nashville (City of) & Davidson (County of), TN Metropolitan Government of Convention Center <br> Authority, Series 2022 A, GO Bonds<br>| 5.00% | 01/01/2034 | 20 | &nbsp;&nbsp; 22474 |
| &nbsp;&nbsp;&nbsp; Nashville (City of) & Davidson (County of), TN Metropolitan Government of Convention Center <br> Authority, Series 2022 A, GO Bonds<br>| 4.00% | 01/01/2036 | 30 | &nbsp;&nbsp; 31475 |
| &nbsp;&nbsp;&nbsp; Nashville (City of) & Davidson (County of), TN Metropolitan Government of Convention Center <br> Authority, Series 2024 A, GO Bonds<br>| 5.00% | 01/01/2032 | 5 | &nbsp;&nbsp; 5695 |
| Tennessee (State of), Series 2023 A, GO Bonds | 5.00% | 05/01/2032 | 40 | &nbsp;&nbsp; 45966 |
| &nbsp;&nbsp;&nbsp; Tennessee (State of) School Bond Authority, Series 2022 A, RB, <br> (CEP - Colorado Higher Education Intercept Program)<br>| 5.00% | 11/01/2047 | 250 | &nbsp;&nbsp; 263559 |
|  |  |  |  | &nbsp;&nbsp; 896830 |
| **Texas-9.42%** |  |  |  |  |
| Argyle Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2047 | 25 | &nbsp;&nbsp; 26165 |
| Austin (City of), TX, Series 2022, Ref. RB | 5.00% | 11/15/2047 | 60 | &nbsp;&nbsp; 63116 |
| Austin (City of), TX, Series 2023 B, Ref. RB | 5.00% | 11/15/2032 | 10 | &nbsp;&nbsp; 11423 |
| Austin (City of), TX, Series 2024, Ref. GO Bonds | 5.00% | 09/01/2032 | 15 | &nbsp;&nbsp; 17171 |
| Austin (City of), TX, Series 2024, Ref. RB | 5.00% | 11/15/2032 | 125 | &nbsp;&nbsp; 143133 |
| Austin (City of), TX, Series 2025, Ref. GO Bonds | 5.00% | 09/01/2032 | 25 | &nbsp;&nbsp; 28618 |
| Austin Independent School District, Series 2023, GO Bonds | 5.00% | 08/01/2032 | 30 | &nbsp;&nbsp; 34088 |
| Austin Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/01/2032 | 50 | &nbsp;&nbsp; 57271 |
| Austin Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/01/2041 | 160 | &nbsp;&nbsp; 172172 |
| Bexar (County of), TX Hospital District, Series 2023, Ctfs. of Obligations | 5.00% | 02/15/2048 | 165 | &nbsp;&nbsp; 172436 |
| Board of Regents of the University of North Texas System, Series 2025 A, Ref. RB | 5.00% | 04/15/2032 | 10 | &nbsp;&nbsp; 11332 |
| Board of Regents of the University of Texas System, Series 2022 A, Ref. RB | 5.00% | 08/15/2032 | 175 | &nbsp;&nbsp; 201018 |
| Board of Regents of the University of Texas System, Series 2023 A, RB | 5.00% | 08/15/2034 | 60 | &nbsp;&nbsp; 68236 |
| Board of Regents of the University of Texas System, Series 2023 A, RB | 5.00% | 08/15/2043 | 190 | &nbsp;&nbsp; 203291 |
| Board of Regents of the University of Texas System, Series 2025 B, RB | 5.00% | 08/15/2032 | 5 | &nbsp;&nbsp; 5743 |
| Brock Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 08/15/2048 | 100 | &nbsp;&nbsp; 94520 |
| Bullard Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2047 | 75 | &nbsp;&nbsp; 78132 |
| Celina (City of), TX, Series 2022, GO Bonds | 5.00% | 09/01/2047 | 20 | &nbsp;&nbsp; 20914 |
| Central Texas Turnpike System, Series 2024 C, Ref. RB | 5.00% | 08/15/2032 | 90 | &nbsp;&nbsp; 102017 |
| &nbsp;&nbsp;&nbsp; Clear Creek Independent School District, Series 2024 A, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2032 | 35 | &nbsp;&nbsp; 39681 |
| &nbsp;&nbsp;&nbsp; Comal Independent School District, Series 2024, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2032 | 40 | &nbsp;&nbsp; 45301 |
| Conroe Independent School District, Series 2022 A, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 02/15/2047 | 10 | &nbsp;&nbsp; 9493 |
| Corpus Christi (City of), TX, Series 2022 B, RB | 5.00% | 07/15/2047 | 50 | &nbsp;&nbsp; 51508 |
| Corpus Christi (City of), TX, Series 2022 B, RB | 5.00% | 07/15/2052 | 105 | &nbsp;&nbsp; 107637 |
| &nbsp;&nbsp;&nbsp; Cypress-Fairbanks Independent School District, Series 2022, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2034 | 75 | &nbsp;&nbsp; 84793 |
| &nbsp;&nbsp;&nbsp; Cypress-Fairbanks Independent School District, Series 2022, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2035 | 20 | &nbsp;&nbsp; 22471 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas-(continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Cypress-Fairbanks Independent School District, Series 2022, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2036 | $55 | &nbsp;&nbsp; $61379 |
| &nbsp;&nbsp;&nbsp; Cypress-Fairbanks Independent School District, Series 2025, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2032 | 50 | &nbsp;&nbsp; 56748 |
| Dallas & Fort Worth (Cities of), TX, Series 2022 B, Ref. RB | 5.00% | 11/01/2040 | 55 | &nbsp;&nbsp; 59898 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB | 5.00% | 11/01/2032 | 25 | &nbsp;&nbsp; 28562 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB | 5.00% | 11/01/2034 | 25 | &nbsp;&nbsp; 28293 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB | 5.00% | 11/01/2035 | 35 | &nbsp;&nbsp; 39370 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB | 5.00% | 11/01/2036 | 25 | &nbsp;&nbsp; 27934 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB | 5.00% | 11/01/2037 | 85 | &nbsp;&nbsp; 94337 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB | 5.00% | 11/01/2038 | 30 | &nbsp;&nbsp; 33094 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB | 5.00% | 11/01/2039 | 45 | &nbsp;&nbsp; 49388 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB | 5.00% | 11/01/2050 | 15 | &nbsp;&nbsp; 15568 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2023 B, Ref. RB | 5.00% | 11/01/2032 | 235 | &nbsp;&nbsp; 268483 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2024, RB | 5.00% | 11/01/2032 | 40 | &nbsp;&nbsp; 45699 |
| Dallas (City of), TX, Series 2023 A, Ref. GO Bonds | 5.00% | 02/15/2032 | 100 | &nbsp;&nbsp; 113252 |
| Dallas (City of), TX, Series 2024 A, GO Bonds | 5.00% | 02/15/2032 | 15 | &nbsp;&nbsp; 16988 |
| Dallas (City of), TX, Series 2024 B, Ref. GO Bonds | 5.00% | 02/15/2032 | 10 | &nbsp;&nbsp; 11325 |
| Dallas (City of), TX, Series 2024 C, Ref. GO Bonds | 5.00% | 02/15/2032 | 40 | &nbsp;&nbsp; 45301 |
| &nbsp;&nbsp;&nbsp; Dallas (City of), TX Independent School District, Series 2023, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2040 | 40 | &nbsp;&nbsp; 43251 |
| &nbsp;&nbsp;&nbsp; Dallas (City of), TX Independent School District, Series 2023, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2041 | 20 | &nbsp;&nbsp; 21455 |
| &nbsp;&nbsp;&nbsp; Dallas (City of), TX Independent School District, Series 2023, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2048 | 155 | &nbsp;&nbsp; 161787 |
| Dallas College, Series 2022, GO Bonds | 5.00% | 02/15/2032 | 20 | &nbsp;&nbsp; 22675 |
| Deer Park Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2047 | 100 | &nbsp;&nbsp; 104363 |
| Forney Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2048 | 115 | &nbsp;&nbsp; 120232 |
| Fort Bend Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2053 | 100 | &nbsp;&nbsp; 103058 |
| &nbsp;&nbsp;&nbsp; Fredericksburg Independent School District, Series 2022, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2047 | 15 | &nbsp;&nbsp; 15618 |
| &nbsp;&nbsp;&nbsp; Frisco Independent School District, Series 2025 A, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2032 | 30 | &nbsp;&nbsp; 33976 |
| Garland Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2032 | 150 | &nbsp;&nbsp; 170061 |
| Godley Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2055 | 100 | &nbsp;&nbsp; 103543 |
| Greater Texoma Utility Authority (City of Sherman), Series 2023 A, RB, (INS - BAM)<sup>(a)</sup> | 5.25% | 10/01/2048 | 20 | &nbsp;&nbsp; 21057 |
| Harris (County of), TX, Series 2022 A, Ref. GO Bonds | 5.00% | 08/15/2032 | 175 | &nbsp;&nbsp; 199860 |
| Harris (County of), TX, Series 2024 A, RB | 5.00% | 08/15/2032 | 50 | &nbsp;&nbsp; 57004 |
| Harris (County of), TX, Series 2024 A, Ref. GO Bonds | 5.00% | 09/15/2032 | 5 | &nbsp;&nbsp; 5716 |
| Harris (County of), TX Hospital District, Series 2025, GO Bonds | 5.00% | 02/15/2032 | 20 | &nbsp;&nbsp; 22468 |
| Harris (County of), TX Port Authority of Houston, Series 2021, RB | 5.00% | 10/01/2051 | 100 | &nbsp;&nbsp; 103134 |
| Highland Park Independent School District, Series 2024, Ref. GO Bonds | 5.00% | 02/15/2032 | 115 | &nbsp;&nbsp; 131016 |
| Houston (City of), TX, Series 2002 A, Ref. RB<sup>(b)</sup> | 5.75% | 12/01/2032 | 35 | &nbsp;&nbsp; 42012 |
| Houston (City of), TX, Series 2014, RB | 4.00% | 11/15/2032 | 135 | &nbsp;&nbsp; 135055 |
| Houston (City of), TX, Series 2024, Ref. RB | 5.00% | 11/15/2032 | 35 | &nbsp;&nbsp; 40053 |
| Humble Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2047 | 110 | &nbsp;&nbsp; 114715 |
| &nbsp;&nbsp;&nbsp; Hurst-Euless-Bedford Independent School District, Series 2024, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 08/15/2032 | 25 | &nbsp;&nbsp; 28502 |
| Irving Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2035 | 60 | &nbsp;&nbsp; 67372 |
| Irving Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2036 | 215 | &nbsp;&nbsp; 239954 |
| Irving Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2037 | 60 | &nbsp;&nbsp; 66526 |
| Irving Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2038 | 90 | &nbsp;&nbsp; 99152 |
| Irving Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2039 | 5 | &nbsp;&nbsp; 5477 |
| Irving Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2040 | 100 | &nbsp;&nbsp; 108524 |
| Katy Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2048 | 10 | &nbsp;&nbsp; 10427 |
| Klein Independent School District, Series 2025, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/01/2032 | 5 | &nbsp;&nbsp; 5714 |
| Lake Travis Independent School District, Series 2023, GO Bonds | 4.00% | 02/15/2048 | 100 | &nbsp;&nbsp; 96243 |
| Lewisville Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2032 | 45 | &nbsp;&nbsp; 51541 |
| Lower Colorado River Authority, Series 2022, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 05/15/2032 | 60 | &nbsp;&nbsp; 66877 |
| Lower Colorado River Authority, Series 2025 A, Ref. RB | 5.00% | 05/15/2032 | 5 | &nbsp;&nbsp; 5638 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas-(continued)** |  |  |  |  |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2022, Ref. RB | 5.50% | 05/15/2047 | $250 | &nbsp;&nbsp; $264724 |
| &nbsp;&nbsp;&nbsp; Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023, Ref. RB, <br> (INS - AGI)<sup>(a)</sup><br>| 5.00% | 05/15/2032 | 120 | &nbsp;&nbsp; 136062 |
| &nbsp;&nbsp;&nbsp; Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023, Ref. RB, <br> (INS - AGI)<sup>(a)</sup><br>| 5.00% | 05/15/2034 | 55 | &nbsp;&nbsp; 61884 |
| &nbsp;&nbsp;&nbsp; Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023, Ref. RB, <br> (INS - AGI)<sup>(a)</sup><br>| 5.00% | 05/15/2035 | 5 | &nbsp;&nbsp; 5589 |
| &nbsp;&nbsp;&nbsp; Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023, Ref. RB, <br> (INS - AGI)<sup>(a)</sup><br>| 5.50% | 05/15/2048 | 20 | &nbsp;&nbsp; 21379 |
| Midland Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2032 | 25 | &nbsp;&nbsp; 28282 |
| New Braunfels (City of), TX, Series 2022, RB | 5.00% | 07/01/2053 | 100 | &nbsp;&nbsp; 103538 |
| North Texas Municipal Water District, Series 2021 A, Ref. RB | 3.00% | 09/01/2032 | 55 | &nbsp;&nbsp; 54916 |
| North Texas Tollway Authority, Series 2021 B, RB | 4.00% | 01/01/2032 | 105 | &nbsp;&nbsp; 109092 |
| North Texas Tollway Authority, Series 2022 A, Ref. RB | 5.25% | 01/01/2038 | 70 | &nbsp;&nbsp; 77611 |
| North Texas Tollway Authority, Series 2022 A, Ref. RB | 5.00% | 01/01/2039 | 150 | &nbsp;&nbsp; 163137 |
| North Texas Tollway Authority, Series 2022 A, Ref. RB | 5.00% | 01/01/2040 | 40 | &nbsp;&nbsp; 43117 |
| North Texas Tollway Authority, Series 2024 A, Ref. RB | 5.00% | 01/01/2032 | 15 | &nbsp;&nbsp; 16924 |
| North Texas Tollway Authority, Series 2024 B, Ref. RB | 5.00% | 01/01/2032 | 10 | &nbsp;&nbsp; 11253 |
| &nbsp;&nbsp;&nbsp; Northwest Independent School District, Series 2022 A, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2048 | 240 | &nbsp;&nbsp; 250109 |
| &nbsp;&nbsp;&nbsp; Northwest Independent School District, Series 2023, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2038 | 75 | &nbsp;&nbsp; 82070 |
| &nbsp;&nbsp;&nbsp; Northwest Independent School District, Series 2023, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2039 | 50 | &nbsp;&nbsp; 54454 |
| &nbsp;&nbsp;&nbsp; Northwest Independent School District, Series 2023, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2048 | 65 | &nbsp;&nbsp; 67738 |
| Permanent University Fund - Texas A&M University System, Series 2023, RB | 5.00% | 07/01/2038 | 20 | &nbsp;&nbsp; 22153 |
| Permanent University Fund - Texas A&M University System, Series 2025 A, Ref. RB | 5.00% | 07/01/2032 | 10 | &nbsp;&nbsp; 11435 |
| Permanent University Fund - University of Texas A&M System, Series 2023, RB | 5.00% | 07/01/2039 | 35 | &nbsp;&nbsp; 38566 |
| Permanent University Fund - University of Texas A&M System, Series 2023, RB | 5.00% | 07/01/2040 | 40 | &nbsp;&nbsp; 43682 |
| Permanent University Fund - University of Texas System, Series 2022 A, RB | 5.00% | 07/01/2032 | 210 | &nbsp;&nbsp; 240132 |
| Permanent University Fund - University of Texas System, Series 2022 A, RB | 5.00% | 07/01/2042 | 35 | &nbsp;&nbsp; 37565 |
| Permanent University Fund - University of Texas System, Series 2022, RB | 5.00% | 07/01/2034 | 25 | &nbsp;&nbsp; 28344 |
| Permanent University Fund - University of Texas System, Series 2023 A, Ref. RB | 5.00% | 07/01/2032 | 100 | &nbsp;&nbsp; 114674 |
| Pflugerville (City of), TX, Series 2023, Ctfs. of Obligations | 5.00% | 08/01/2053 | 200 | &nbsp;&nbsp; 207023 |
| Pflugerville (City of), TX, Series 2023, GO Bonds | 5.00% | 08/01/2048 | 80 | &nbsp;&nbsp; 83296 |
| Pflugerville Independent School District, Series 2023 A, GO Bonds | 5.00% | 02/15/2034 | 100 | &nbsp;&nbsp; 112415 |
| Plano Independent School District, Series 2023, GO Bonds | 5.00% | 02/15/2032 | 65 | &nbsp;&nbsp; 73415 |
| Plano Independent School District, Series 2023, GO Bonds | 5.00% | 02/15/2034 | 145 | &nbsp;&nbsp; 163242 |
| Plano Independent School District, Series 2023, GO Bonds | 5.00% | 02/15/2035 | 15 | &nbsp;&nbsp; 16795 |
| Plano Independent School District, Series 2023, GO Bonds | 5.00% | 02/15/2036 | 200 | &nbsp;&nbsp; 222061 |
| Plano Independent School District, Series 2023, GO Bonds | 5.00% | 02/15/2037 | 30 | &nbsp;&nbsp; 33091 |
| Plano Independent School District, Series 2023, GO Bonds | 5.00% | 02/15/2038 | 10 | &nbsp;&nbsp; 10954 |
| Plano Independent School District, Series 2023, GO Bonds | 5.00% | 02/15/2041 | 10 | &nbsp;&nbsp; 10699 |
| San Antonio (City of), TX, Series 2015, Ref. RB | 4.00% | 02/01/2032 | 40 | &nbsp;&nbsp; 42394 |
| San Antonio (City of), TX Water System, Series 2022 B, RB | 5.25% | 05/15/2052 | 100 | &nbsp;&nbsp; 105975 |
| &nbsp;&nbsp;&nbsp; San Antonio Independent School District, Series 2022, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 08/15/2052 | 100 | &nbsp;&nbsp; 103643 |
| San Antonio Public Facilities Corp., Series 2022, Ref. RB | 5.00% | 09/15/2032 | 10 | &nbsp;&nbsp; 11267 |
| San Antonio Public Facilities Corp., Series 2022, Ref. RB | 5.00% | 09/15/2035 | 30 | &nbsp;&nbsp; 33435 |
| Seguin (City of), TX, Series 2022 A, Ctfs. of Obligations | 5.25% | 09/01/2057 | 100 | &nbsp;&nbsp; 104440 |
| Smith (County of), TX, Series 2023, GO Bonds | 5.00% | 08/15/2043 | 10 | &nbsp;&nbsp; 10586 |
| Smith (County of), TX, Series 2023, GO Bonds | 5.00% | 08/15/2048 | 100 | &nbsp;&nbsp; 104193 |
| &nbsp;&nbsp;&nbsp; Southwest Independent School District, Series 2023, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/01/2046 | 100 | &nbsp;&nbsp; 104614 |
| Tarrant (County of), TX Regional Water District, Series 2024, Ref. RB | 5.00% | 03/01/2032 | 5 | &nbsp;&nbsp; 5663 |
| Tarrant County College District, Series 2022, GO Bonds | 5.00% | 08/15/2032 | 35 | &nbsp;&nbsp; 39788 |
| Tarrant County College District, Series 2022, GO Bonds | 5.00% | 08/15/2034 | 20 | &nbsp;&nbsp; 22523 |
| Tarrant County College District, Series 2022, GO Bonds | 5.00% | 08/15/2035 | 5 | &nbsp;&nbsp; 5599 |
| Tarrant County College District, Series 2022, GO Bonds | 5.00% | 08/15/2036 | 35 | &nbsp;&nbsp; 38935 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas-(continued)** |  |  |  |  |
| Tarrant County College District, Series 2022, GO Bonds | 5.00% | 08/15/2037 | $55 | &nbsp;&nbsp; $60784 |
| Tarrant County College District, Series 2022, GO Bonds | 5.00% | 08/15/2038 | 70 | &nbsp;&nbsp; 76895 |
| Tarrant County College District, Series 2022, GO Bonds | 5.00% | 08/15/2039 | 70 | &nbsp;&nbsp; 76498 |
| Tarrant County College District, Series 2022, GO Bonds | 5.00% | 08/15/2040 | 60 | &nbsp;&nbsp; 65106 |
| Tarrant County Cultural Education Facilities Finance Corp., Series 2022, RB | 5.00% | 10/01/2040 | 10 | &nbsp;&nbsp; 10718 |
| &nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health), Series 2022, <br> RB<br>| 5.50% | 11/15/2047 | 85 | &nbsp;&nbsp; 90585 |
| &nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health), Series 2022, <br> RB<br>| 5.00% | 11/15/2051 | 100 | &nbsp;&nbsp; 103085 |
| Tarrant County Cultural Education Facilities Finance Corp. (Christus Health), Series 2024 A, RB | 5.00% | 07/01/2032 | 205 | &nbsp;&nbsp; 227050 |
| &nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp. (Methodist Hospitals of Dallas), <br> Series 2022, RB<br>| 5.00% | 10/01/2039 | 40 | &nbsp;&nbsp; 43219 |
| Tennessee (State of), Series 2024, Ref. GO Bonds | 5.00% | 10/01/2032 | 105 | &nbsp;&nbsp; 120469 |
| Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2024 A, Ref. RB | 5.00% | 08/15/2032 | 15 | &nbsp;&nbsp; 17042 |
| Texas (State of) Transportation Commission State Highway Fund, Series 2024, Ref. RB | 5.00% | 10/01/2032 | 370 | &nbsp;&nbsp; 424011 |
| Texas (State of) Water Development Board, Series 2021, RB | 5.00% | 08/01/2032 | 10 | &nbsp;&nbsp; 11246 |
| Texas (State of) Water Development Board, Series 2022, RB | 5.00% | 10/15/2034 | 100 | &nbsp;&nbsp; 113802 |
| Texas (State of) Water Development Board, Series 2022, RB | 5.00% | 10/15/2035 | 40 | &nbsp;&nbsp; 45246 |
| Texas (State of) Water Development Board, Series 2022, RB | 4.45% | 10/15/2036 | 20 | &nbsp;&nbsp; 21420 |
| Texas (State of) Water Development Board, Series 2022, RB | 4.50% | 10/15/2037 | 35 | &nbsp;&nbsp; 37339 |
| Texas (State of) Water Development Board, Series 2022, RB | 4.55% | 10/15/2038 | 10 | &nbsp;&nbsp; 10608 |
| Texas (State of) Water Development Board, Series 2022, RB | 4.60% | 10/15/2039 | 5 | &nbsp;&nbsp; 5304 |
| Texas (State of) Water Development Board, Series 2022, RB | 4.65% | 10/15/2040 | 5 | &nbsp;&nbsp; 5277 |
| Texas (State of) Water Development Board, Series 2022, RB | 5.00% | 08/01/2041 | 5 | &nbsp;&nbsp; 5417 |
| Texas (State of) Water Development Board, Series 2022, RB | 4.70% | 10/15/2041 | 205 | &nbsp;&nbsp; 215598 |
| Texas (State of) Water Development Board, Series 2022, RB | 4.75% | 10/15/2042 | 100 | &nbsp;&nbsp; 104748 |
| Texas (State of) Water Development Board, Series 2023 A, RB | 5.00% | 10/15/2032 | 30 | &nbsp;&nbsp; 34437 |
| Texas (State of) Water Development Board (Master Trust), Series 2022, RB | 5.00% | 10/15/2047 | 275 | &nbsp;&nbsp; 287160 |
| Texas A&M University, Series 2024 A, RB | 5.00% | 05/15/2032 | 185 | &nbsp;&nbsp; 211174 |
| Texas State Technical College, Series 2022, RB, (INS - AGI)<sup>(a)</sup> | 5.50% | 08/01/2042 | 280 | &nbsp;&nbsp; 307860 |
| Texas State University Board of Regents, Series 2023 A, RB | 5.00% | 02/15/2032 | 35 | &nbsp;&nbsp; 39553 |
| Texas State University Board of Regents, Series 2024, Ref. RB | 5.00% | 03/15/2032 | 60 | &nbsp;&nbsp; 67955 |
| Trinity River Authority, Series 2020, Ref. RB | 3.00% | 08/01/2032 | 105 | &nbsp;&nbsp; 105655 |
| University of Houston, Series 2022 A, Ref. RB | 5.00% | 02/15/2032 | 80 | &nbsp;&nbsp; 90455 |
| University of Houston, Series 2022 A, Ref. RB | 5.00% | 02/15/2034 | 45 | &nbsp;&nbsp; 50532 |
| University of Houston, Series 2022 A, Ref. RB | 5.00% | 02/15/2035 | 25 | &nbsp;&nbsp; 27971 |
| University of Houston, Series 2022 A, Ref. RB | 5.00% | 02/15/2036 | 25 | &nbsp;&nbsp; 27795 |
| University of Houston, Series 2022 A, Ref. RB | 5.00% | 02/15/2037 | 15 | &nbsp;&nbsp; 16575 |
| University of Houston, Series 2022 A, Ref. RB | 5.00% | 02/15/2038 | 25 | &nbsp;&nbsp; 27295 |
| University of Houston, Series 2022 A, Ref. RB | 5.00% | 02/15/2040 | 40 | &nbsp;&nbsp; 43251 |
| University of Houston, Series 2022 A, Ref. RB | 5.00% | 02/15/2041 | 30 | &nbsp;&nbsp; 32199 |
| University of Houston, Series 2022 A, Ref. RB | 5.00% | 02/15/2042 | 160 | &nbsp;&nbsp; 170438 |
| Waco Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 08/15/2048 | 150 | &nbsp;&nbsp; 141781 |
| West Harris (County of), TX Regional Water Authority, Series 2022, RB, (INS - AGI)<sup>(a)</sup> | 5.50% | 12/15/2050 | 40 | &nbsp;&nbsp; 43064 |
| Ysleta Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund) | 4.25% | 08/15/2056 | 150 | &nbsp;&nbsp; 144285 |
|  |  |  |  | &nbsp;&nbsp; 13006733 |
| **Utah-1.62%** |  |  |  |  |
| Intermountain Power Agency, Series 2022 A, Ref. RB | 5.00% | 07/01/2032 | 135 | &nbsp;&nbsp; 149859 |
| Intermountain Power Agency, Series 2023 A, RB | 5.00% | 07/01/2032 | 100 | &nbsp;&nbsp; 112993 |
| Intermountain Power Agency, Series 2023 A, RB | 5.00% | 07/01/2034 | 105 | &nbsp;&nbsp; 117782 |
| Intermountain Power Agency, Series 2023 A, RB | 5.00% | 07/01/2035 | 5 | &nbsp;&nbsp; 5567 |
| Intermountain Power Agency, Series 2023 A, RB | 5.00% | 07/01/2037 | 50 | &nbsp;&nbsp; 54937 |
| Intermountain Power Agency, Series 2023 A, RB | 5.00% | 07/01/2038 | 110 | &nbsp;&nbsp; 120095 |
| Intermountain Power Agency, Series 2023 A, RB | 5.00% | 07/01/2039 | 30 | &nbsp;&nbsp; 32557 |
| Intermountain Power Agency, Series 2023 A, RB | 5.00% | 07/01/2040 | 120 | &nbsp;&nbsp; 129214 |
| Intermountain Power Agency, Series 2023 A, RB | 5.00% | 07/01/2041 | 120 | &nbsp;&nbsp; 128174 |
| Intermountain Power Agency, Series 2023 A, RB | 5.00% | 07/01/2042 | 130 | &nbsp;&nbsp; 137892 |
| Intermountain Power Agency, Series 2023 A, RB | 5.25% | 07/01/2043 | 60 | &nbsp;&nbsp; 64062 |
| Intermountain Power Agency, Series 2023 A, RB | 5.25% | 07/01/2045 | 100 | &nbsp;&nbsp; 105943 |
| Salt Lake City (City of), UT, Series 2022, RB | 5.00% | 02/01/2052 | 25 | &nbsp;&nbsp; 25895 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Utah-(continued)** |  |  |  |  |
| University of Utah (The), Series 2022 B, RB | 5.00% | 08/01/2036 | $65 | &nbsp;&nbsp; $72829 |
| University of Utah (The) (Green Bonds), Series 2022 B, RB | 5.00% | 08/01/2032 | 100 | &nbsp;&nbsp; 114411 |
| University of Utah (The) (Green Bonds), Series 2022 B, RB | 5.00% | 08/01/2034 | 40 | &nbsp;&nbsp; 45350 |
| University of Utah (The) (Green Bonds), Series 2022 B, RB | 5.00% | 08/01/2035 | 35 | &nbsp;&nbsp; 39467 |
| University of Utah (The) (Green Bonds), Series 2022 B, RB | 5.00% | 08/01/2037 | 140 | &nbsp;&nbsp; 155931 |
| University of Utah (The) (Green Bonds), Series 2022 B, RB | 5.00% | 08/01/2038 | 50 | &nbsp;&nbsp; 55300 |
| University of Utah (The) (Green Bonds), Series 2022 B, RB | 5.00% | 08/01/2039 | 40 | &nbsp;&nbsp; 44028 |
| University of Utah (The) (Green Bonds), Series 2022 B, RB | 5.00% | 08/01/2040 | 95 | &nbsp;&nbsp; 103662 |
| University of Utah (The) (Green Bonds), Series 2022 B, RB | 5.00% | 08/01/2042 | 135 | &nbsp;&nbsp; 145066 |
| Utah (State of) Transit Authority, Series 2006 C, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 06/15/2032 | 95 | &nbsp;&nbsp; 106823 |
| Utah (State of) Transit Authority, Series 2025, Ref. RB | 5.00% | 12/15/2032 | 45 | &nbsp;&nbsp; 51892 |
| Utah Telecommunication Open Infrastructure Agency, Series 2022, Ref. RB | 5.25% | 06/01/2037 | 40 | &nbsp;&nbsp; 44758 |
| Utah Telecommunication Open Infrastructure Agency, Series 2022, Ref. RB | 4.38% | 06/01/2040 | 40 | &nbsp;&nbsp; 41617 |
| Utah Telecommunication Open Infrastructure Agency, Series 2022, Ref. RB | 5.50% | 06/01/2040 | 30 | &nbsp;&nbsp; 33599 |
|  |  |  |  | &nbsp;&nbsp; 2239703 |
| **Virginia-1.85%** |  |  |  |  |
| Fairfax (County of), VA, Series 2023 A, GO Bonds | 5.00% | 10/01/2032 | 5 | &nbsp;&nbsp; 5725 |
| Fairfax (County of), VA, Series 2023 A, GO Bonds | 4.00% | 10/01/2033 | 150 | &nbsp;&nbsp; 161072 |
| Fairfax (County of), VA, Series 2023 A, GO Bonds | 4.00% | 10/01/2034 | 30 | &nbsp;&nbsp; 32011 |
| Fairfax (County of), VA, Series 2023 A, GO Bonds | 4.00% | 10/01/2036 | 10 | &nbsp;&nbsp; 10513 |
| Fairfax (County of), VA, Series 2024 A, GO Bonds | 5.00% | 10/01/2032 | 15 | &nbsp;&nbsp; 17332 |
| &nbsp;&nbsp;&nbsp; Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2022, Ref. <br> RB<br>| 5.00% | 05/15/2036 | 15 | &nbsp;&nbsp; 16656 |
| &nbsp;&nbsp;&nbsp; Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2022, Ref. <br> RB<br>| 5.00% | 05/15/2037 | 25 | &nbsp;&nbsp; 27601 |
| &nbsp;&nbsp;&nbsp; Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2022, Ref. <br> RB<br>| 4.00% | 05/15/2042 | 250 | &nbsp;&nbsp; 247907 |
| &nbsp;&nbsp;&nbsp; Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2023, Ref. <br> RB<br>| 5.00% | 05/15/2032 | 10 | &nbsp;&nbsp; 11332 |
| Northern Virginia Transportation Commission (Transforming Rail in Virginia), Series 2022, RB | 5.00% | 06/01/2047 | 75 | &nbsp;&nbsp; 78286 |
| Northern Virginia Transportation Commission (Transforming Rail in Virginia), Series 2022, RB | 5.00% | 06/01/2052 | 150 | &nbsp;&nbsp; 155604 |
| Virginia (Commonwealth of) Transportation Board, Series 2022, Ref. RB | 4.00% | 05/15/2034 | 35 | &nbsp;&nbsp; 37472 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Centuity College and Equipment), <br> Series 2021, RB<br>| 4.00% | 02/01/2032 | 5 | &nbsp;&nbsp; 5282 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Centuity College and Equipment), <br> Series 2022, RB<br>| 5.00% | 02/01/2032 | 60 | &nbsp;&nbsp; 68392 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Centuity College and Equipment), <br> Series 2024, RB<br>| 5.00% | 02/01/2032 | 20 | &nbsp;&nbsp; 22797 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment <br> Programs), Series 2017, RB<br>| 3.00% | 02/01/2032 | 175 | &nbsp;&nbsp; 174275 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment <br> Programs), Series 2022 A, RB<br>| 5.00% | 02/01/2035 | 75 | &nbsp;&nbsp; 84561 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment <br> Programs), Series 2022 A, RB<br>| 5.00% | 02/01/2036 | 75 | &nbsp;&nbsp; 84030 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment <br> Programs), Series 2022, RB<br>| 5.25% | 02/01/2041 | 35 | &nbsp;&nbsp; 38367 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment <br> Programs), Series 2022, RB<br>| 5.00% | 02/01/2042 | 40 | &nbsp;&nbsp; 42997 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment <br> Programs), Series 2023, Ref. RB<br>| 5.00% | 02/01/2032 | 170 | &nbsp;&nbsp; 193777 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments <br> Programs), Series 2022, RB<br>| 5.00% | 02/01/2037 | 45 | &nbsp;&nbsp; 50084 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments <br> Programs), Series 2022, RB<br>| 5.00% | 02/01/2038 | 45 | &nbsp;&nbsp; 49807 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments <br> Programs), Series 2023, RB<br>| 5.00% | 02/01/2032 | 35 | &nbsp;&nbsp; 39895 |
| Virginia (Commonwealth of) Public Building Authority, Series 2021 A-1, RB | 5.00% | 08/01/2032 | 40 | &nbsp;&nbsp; 45074 |
| Virginia (Commonwealth of) Public Building Authority (Bidding Group 1), Series 2022 A, RB | 5.00% | 08/01/2032 | 55 | &nbsp;&nbsp; 63180 |
| Virginia (Commonwealth of) Public Building Authority (Bidding Group 1), Series 2022 A, RB | 5.00% | 08/01/2034 | 20 | &nbsp;&nbsp; 22766 |
| Virginia (Commonwealth of) Public Building Authority (Bidding Group 1), Series 2022 A, RB | 5.00% | 08/01/2035 | 105 | &nbsp;&nbsp; 118877 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Virginia-(continued)** |  |  |  |  |
| Virginia (Commonwealth of) Public Building Authority (Bidding Group 2), Series 2022 A, RB | 5.00% | 08/01/2036 | $65 | &nbsp;&nbsp; $73038 |
| Virginia (Commonwealth of) Public Building Authority (Bidding Group 2), Series 2022 A, RB | 5.00% | 08/01/2037 | 80 | &nbsp;&nbsp; 89307 |
| Virginia (Commonwealth of) Public School Authority, Series 2022 B, RB | 5.00% | 08/01/2052 | 100 | &nbsp;&nbsp; 104806 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) Small Business Financing Authority (Bon Secours Mercy Health, Inc.), <br> Series 2022, RB<br>| 5.00% | 10/01/2042 | 100 | &nbsp;&nbsp; 106238 |
| Virginia (Commonwealth of) Transportation Board, Series 2022, Ref. RB | 5.00% | 05/15/2032 | 80 | &nbsp;&nbsp; 91728 |
| Virginia (Commonwealth of) Transportation Board, Series 2022, Ref. RB | 4.00% | 05/15/2035 | 25 | &nbsp;&nbsp; 26572 |
| Virginia (Commonwealth of) Transportation Board, Series 2022, Ref. RB | 4.00% | 05/15/2036 | 90 | &nbsp;&nbsp; 94876 |
| Virginia (Commonwealth of) Transportation Board, Series 2022, Ref. RB | 4.00% | 05/15/2037 | 60 | &nbsp;&nbsp; 62716 |
|  |  |  |  | &nbsp;&nbsp; 2554953 |
| **Washington-3.93%** |  |  |  |  |
| Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB | 5.00% | 11/01/2032 | 75 | &nbsp;&nbsp; 85051 |
| &nbsp;&nbsp;&nbsp; Clark County School District No. 114 Evergreen, Series 2022, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.25% | 12/01/2040 | 65 | &nbsp;&nbsp; 71689 |
| Douglas (County of), WA Public Utility District No. 1, Series 2022 B, RB | 5.00% | 09/01/2047 | 100 | &nbsp;&nbsp; 103886 |
| Energy Northwest, Series 2022 A, Ref. RB | 5.00% | 07/01/2035 | 10 | &nbsp;&nbsp; 11274 |
| Energy Northwest, Series 2024 A, Ref. RB | 5.00% | 07/01/2032 | 40 | &nbsp;&nbsp; 45896 |
| Energy Northwest, Series 2025 A, Ref. RB | 5.00% | 07/01/2032 | 40 | &nbsp;&nbsp; 45896 |
| Energy Northwest (Columbia Generating Station), Series 2022, Ref. RB | 5.00% | 07/01/2032 | 15 | &nbsp;&nbsp; 17211 |
| Energy Northwest (Columbia Generating Station), Series 2022, Ref. RB | 5.00% | 07/01/2034 | 15 | &nbsp;&nbsp; 17028 |
| Energy Northwest (Columbia Generating Station), Series 2022, Ref. RB | 5.00% | 07/01/2035 | 30 | &nbsp;&nbsp; 33822 |
| Energy Northwest (Columbia Generating Station), Series 2022, Ref. RB | 5.00% | 07/01/2036 | 295 | &nbsp;&nbsp; 330312 |
| Energy Northwest (Columbia Generating Station), Series 2022, Ref. RB | 5.00% | 07/01/2037 | 275 | &nbsp;&nbsp; 305935 |
| &nbsp;&nbsp;&nbsp; King & Snohomish Counties School District No. 417 Northshore, Series 2022, Ref. GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2038 | 30 | &nbsp;&nbsp; 32821 |
| &nbsp;&nbsp;&nbsp; King & Snohomish Counties School District No. 417 Northshore, Series 2022, Ref. GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2039 | 20 | &nbsp;&nbsp; 21776 |
| &nbsp;&nbsp;&nbsp; King & Snohomish Counties School District No. 417 Northshore, Series 2024, Ref. GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 4.00% | 12/01/2032 | 35 | &nbsp;&nbsp; 37766 |
| King (County of), WA, Series 2021 A, GO Bonds | 5.00% | 01/01/2032 | 115 | &nbsp;&nbsp; 129832 |
| King (County of), WA, Series 2023, RB | 5.00% | 01/01/2032 | 10 | &nbsp;&nbsp; 11385 |
| &nbsp;&nbsp;&nbsp; King County School District No. 401 Highline, Series 2017, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 3.13% | 12/01/2032 | 35 | &nbsp;&nbsp; 35070 |
| &nbsp;&nbsp;&nbsp; King County School District No. 401 Highline, Series 2023, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2032 | 20 | &nbsp;&nbsp; 22956 |
| &nbsp;&nbsp;&nbsp; King County School District No. 401 Highline, Series 2023, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2034 | 5 | &nbsp;&nbsp; 5688 |
| &nbsp;&nbsp;&nbsp; King County School District No. 401 Highline, Series 2023, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2037 | 30 | &nbsp;&nbsp; 33452 |
| &nbsp;&nbsp;&nbsp; King County School District No. 401 Highline, Series 2023, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2039 | 20 | &nbsp;&nbsp; 22053 |
| &nbsp;&nbsp;&nbsp; King County School District No. 401 Highline, Series 2023, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2040 | 315 | &nbsp;&nbsp; 344971 |
| &nbsp;&nbsp;&nbsp; King County School District No. 401 Highline, Series 2023, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2041 | 25 | &nbsp;&nbsp; 27153 |
| &nbsp;&nbsp;&nbsp; King County School District No. 403 Renton, Series 2023, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2037 | 25 | &nbsp;&nbsp; 27943 |
| &nbsp;&nbsp;&nbsp; King County School District No. 403 Renton, Series 2023, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2038 | 70 | &nbsp;&nbsp; 77768 |
| &nbsp;&nbsp;&nbsp; King County School District No. 403 Renton, Series 2023, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 4.00% | 12/01/2039 | 10 | &nbsp;&nbsp; 10256 |
| &nbsp;&nbsp;&nbsp; King County School District No. 403 Renton, Series 2023, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 4.00% | 12/01/2040 | 10 | &nbsp;&nbsp; 10210 |
| Seattle (City of), WA, Series 2022, Ref. RB | 5.00% | 07/01/2047 | 35 | &nbsp;&nbsp; 36541 |
| Seattle (City of), WA, Series 2022, Ref. RB | 5.00% | 07/01/2052 | 15 | &nbsp;&nbsp; 15548 |
| Seattle (City of), WA, Series 2023 A, Ref. RB | 5.00% | 03/01/2032 | 20 | &nbsp;&nbsp; 22776 |
| Seattle (Port of), WA, Series 2022 A, Ref. RB | 5.00% | 08/01/2032 | 20 | &nbsp;&nbsp; 22882 |
| &nbsp;&nbsp;&nbsp; Snohomish County School District No. 15 Edmonds, Series 2024, Ref. GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2032 | 45 | &nbsp;&nbsp; 51774 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Washington-(continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Snohomish County School District No. 6 Mukilteo, Series 2022, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2034 | $30 | &nbsp;&nbsp; $34147 |
| &nbsp;&nbsp;&nbsp; Spokane County School District No. 81, Series 2022, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2037 | 50 | &nbsp;&nbsp; 55721 |
| &nbsp;&nbsp;&nbsp; Spokane County School District No. 81, Series 2022, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2038 | 85 | &nbsp;&nbsp; 94152 |
| University of Washington, Series 2024 A, RB | 5.00% | 04/01/2032 | 5 | &nbsp;&nbsp; 5698 |
| University of Washington, Series 2024 B, Ref. RB | 5.00% | 07/01/2032 | 25 | &nbsp;&nbsp; 28587 |
| Washington (State of), Series 2021 A, Ref. GO Bonds | 4.00% | 02/01/2035 | 30 | &nbsp;&nbsp; 31573 |
| Washington (State of), Series 2022 C, GO Bonds | 5.00% | 02/01/2032 | 5 | &nbsp;&nbsp; 5699 |
| Washington (State of), Series 2023 A, Ref. GO Bonds | 5.00% | 02/01/2032 | 20 | &nbsp;&nbsp; 22797 |
| Washington (State of), Series 2024 A, GO Bonds | 5.00% | 08/01/2032 | 25 | &nbsp;&nbsp; 28702 |
| Washington (State of), Series 2024 C, GO Bonds | 5.00% | 02/01/2032 | 70 | &nbsp;&nbsp; 79791 |
| Washington (State of), Series 2025 C, GO Bonds | 5.00% | 02/01/2032 | 15 | &nbsp;&nbsp; 17098 |
| Washington (State of), Series R-2023B, Ref. GO Bonds | 5.00% | 07/01/2032 | 365 | &nbsp;&nbsp; 418561 |
| Washington (State of), Series R-2024C, Ref. GO Bonds | 5.00% | 08/01/2032 | 135 | &nbsp;&nbsp; 154989 |
| Washington (State of) (Bid Group 1), Series 2022 A-1, GO Bonds | 5.00% | 08/01/2032 | 115 | &nbsp;&nbsp; 132027 |
| Washington (State of) (Bid Group 1), Series 2022 A-1, GO Bonds | 5.00% | 08/01/2034 | 45 | &nbsp;&nbsp; 51096 |
| Washington (State of) (Bid Group 1), Series 2022 A-1, GO Bonds | 5.00% | 08/01/2035 | 125 | &nbsp;&nbsp; 141222 |
| Washington (State of) (Bid Group 1), Series 2022 A-1, GO Bonds | 5.00% | 08/01/2036 | 30 | &nbsp;&nbsp; 33671 |
| Washington (State of) (Bid Group 1), Series 2023 B, GO Bonds | 5.00% | 02/01/2032 | 105 | &nbsp;&nbsp; 119686 |
| Washington (State of) (Bid Group 1), Series 2024-A, GO Bonds | 5.00% | 08/01/2032 | 80 | &nbsp;&nbsp; 91845 |
| Washington (State of) (Bid Group 2), Series 2022 A-2, GO Bonds | 5.00% | 08/01/2038 | 70 | &nbsp;&nbsp; 77583 |
| Washington (State of) (Bid Group 2), Series 2022 A-2, GO Bonds | 5.00% | 08/01/2039 | 5 | &nbsp;&nbsp; 5513 |
| Washington (State of) (Bid Group 2), Series 2022 A-2, GO Bonds | 5.00% | 08/01/2040 | 5 | &nbsp;&nbsp; 5465 |
| Washington (State of) (Bid Group 2), Series 2022 A-2, GO Bonds | 5.00% | 08/01/2041 | 205 | &nbsp;&nbsp; 222233 |
| Washington (State of) (Bid Group 2), Series 2022 A-2, GO Bonds | 5.00% | 08/01/2042 | 125 | &nbsp;&nbsp; 134397 |
| Washington (State of) (Bid Group 2), Series 2022 A-2, GO Bonds | 5.00% | 08/01/2043 | 300 | &nbsp;&nbsp; 320248 |
| Washington (State of) (Bid Group 2), Series 2022 C, GO Bonds | 5.00% | 02/01/2034 | 100 | &nbsp;&nbsp; 112825 |
| Washington (State of) (Bid Group 2), Series 2022 C, GO Bonds | 5.00% | 02/01/2035 | 185 | &nbsp;&nbsp; 207895 |
| Washington (State of) (Bid Group 2), Series 2022 C, GO Bonds | 5.00% | 02/01/2036 | 85 | &nbsp;&nbsp; 94980 |
| Washington (State of) (Bid Group 2), Series 2022 C, GO Bonds | 5.00% | 02/01/2037 | 95 | &nbsp;&nbsp; 105508 |
| Washington (State of) (Bid Group 2), Series 2022 C, GO Bonds | 5.00% | 02/01/2038 | 55 | &nbsp;&nbsp; 60719 |
| Washington (State of) (Bid Group 2), Series 2022 C, GO Bonds | 5.00% | 02/01/2039 | 55 | &nbsp;&nbsp; 60398 |
| Washington (State of) (Bid Group 2), Series 2022 C, GO Bonds | 5.00% | 02/01/2041 | 40 | &nbsp;&nbsp; 43136 |
| Washington (State of) (Bid Group 2), Series 2022 C, Ref. GO Bonds | 4.00% | 07/01/2034 | 20 | &nbsp;&nbsp; 21232 |
| Washington (State of) (Bid Group 2), Series R-2023A, Ref. GO Bonds | 5.00% | 08/01/2032 | 40 | &nbsp;&nbsp; 45923 |
| Washington (State of) (Bid Group 3), Series 2022 A-3, GO Bonds | 5.00% | 08/01/2044 | 40 | &nbsp;&nbsp; 42454 |
| Washington (State of) (Bid Group 3), Series 2022 A-3, GO Bonds | 5.00% | 08/01/2045 | 25 | &nbsp;&nbsp; 26411 |
| Washington (State of) (Bid Group 3), Series 2022 A-3, GO Bonds | 5.00% | 08/01/2046 | 60 | &nbsp;&nbsp; 63079 |
| Washington (State of) (Bid Group 3), Series 2022 C, GO Bonds | 5.00% | 02/01/2040 | 5 | &nbsp;&nbsp; 5435 |
| Washington (State of) (Bid Group 3), Series 2022 C, GO Bonds | 5.00% | 02/01/2042 | 10 | &nbsp;&nbsp; 10703 |
| Washington (State of) (Bid Group 3), Series 2022 C, GO Bonds | 5.00% | 02/01/2043 | 10 | &nbsp;&nbsp; 10627 |
| Washington (State of) (Bid Group 3), Series 2022 C, GO Bonds | 5.00% | 02/01/2045 | 25 | &nbsp;&nbsp; 26316 |
| Washington (State of) (Bid Group 3), Series 2022 C, GO Bonds | 5.00% | 02/01/2046 | 105 | &nbsp;&nbsp; 110019 |
|  |  |  |  | &nbsp;&nbsp; 5428782 |
| **Wisconsin-1.27%** |  |  |  |  |
| Wisconsin (State of), Series 2022 4, Ref. GO Bonds | 5.00% | 05/01/2032 | 95 | &nbsp;&nbsp; 109108 |
| Wisconsin (State of), Series 2022 A, GO Bonds | 5.00% | 05/01/2032 | 20 | &nbsp;&nbsp; 22516 |
| Wisconsin (State of), Series 2023 A, GO Bonds | 5.00% | 05/01/2036 | 105 | &nbsp;&nbsp; 118187 |
| Wisconsin (State of), Series 2023 A, GO Bonds | 5.00% | 05/01/2037 | 60 | &nbsp;&nbsp; 67110 |
| Wisconsin (State of), Series 2023 A, GO Bonds | 5.00% | 05/01/2038 | 20 | &nbsp;&nbsp; 22230 |
| Wisconsin (State of), Series 2023 A, GO Bonds | 5.00% | 05/01/2039 | 65 | &nbsp;&nbsp; 71846 |
| Wisconsin (State of), Series 2023 B, GO Bonds | 5.00% | 05/01/2040 | 45 | &nbsp;&nbsp; 49295 |
| Wisconsin (State of), Series 2023 B, GO Bonds | 5.00% | 05/01/2041 | 10 | &nbsp;&nbsp; 10875 |
| Wisconsin (State of), Series 2023 B, GO Bonds | 5.00% | 05/01/2043 | 20 | &nbsp;&nbsp; 21433 |
| Wisconsin (State of), Series 2023-2, Ref. GO Bonds | 5.00% | 05/01/2032 | 130 | &nbsp;&nbsp; 149305 |
| Wisconsin (State of), Series 2024-1, Ref. GO Bonds | 5.00% | 05/01/2032 | 30 | &nbsp;&nbsp; 34455 |
| Wisconsin (State of), Series 2025-3, GO Bonds | 5.00% | 05/01/2032 | 125 | &nbsp;&nbsp; 143563 |
| Wisconsin (State of) Department of Transportation, Series 2023-1, Ref. RB | 5.00% | 07/01/2032 | 55 | &nbsp;&nbsp; 63214 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Wisconsin-(continued)** |  |  |  |  |  |
| Wisconsin (State of) Department of Transportation, Series 2024-2, Ref. RB | 5.00% | 07/01/2032 | $| 270 | &nbsp;&nbsp; $310326 |
| &nbsp;&nbsp;&nbsp; Wisconsin (State of) Health & Educational Facilities Authority (Bellin Memorial Hospital, Inc.), <br> Series 2022 B, RB<br>| 5.25% | 12/01/2048 |  | 5 | &nbsp;&nbsp; 5297 |
| &nbsp;&nbsp;&nbsp; Wisconsin (State of) Health & Educational Facilities Authority (Bellin Memorial Hospital, Inc.), <br> Series 2022, RB<br>| 5.50% | 12/01/2052 |  | 35 | &nbsp;&nbsp; 37473 |
| Wisconsin (State of) Public Finance Authority, Series 2022 A, RB | 5.00% | 10/01/2052 |  | 140 | &nbsp;&nbsp; 142523 |
| Wisconsin (State of) Public Finance Authority (Cone Health), Series 2022 A-1, RB, (INS - BAM)<sup>(a)</sup> | 5.50% | 07/01/2052 |  | 350 | &nbsp;&nbsp; 367313 |
| Wisconsin (State of) Public Finance Authority (Uwharrie Charter Academy), Series 2024 B, RB | 5.25% | 07/01/2044 |  | 5 | &nbsp;&nbsp; 5275 |
|  |  |  |  |  | &nbsp;&nbsp; 1751344 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-98.14% <br>(Cost $134,429,585) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-98.14% <br>(Cost $134,429,585) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-98.14% <br>(Cost $134,429,585) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-98.14% <br>(Cost $134,429,585) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-98.14% <br>(Cost $134,429,585) | &nbsp;&nbsp; 135552789 |
| OTHER ASSETS LESS LIABILITIES-1.86% | OTHER ASSETS LESS LIABILITIES-1.86% | OTHER ASSETS LESS LIABILITIES-1.86% | OTHER ASSETS LESS LIABILITIES-1.86% | OTHER ASSETS LESS LIABILITIES-1.86% | &nbsp;&nbsp; 2566079 |
| NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $138118868 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| AGI | -Assured Guaranty, Inc. |
| 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 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Principal and/or interest payments are secured by the bond insurance company listed. |
| <sup>(b)</sup> | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. |
| <sup>(c)</sup> | Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. |
| <sup>(d)</sup> | 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 <br> obligations but may be called upon to satisfy the issuer's obligations. No concentration of any single entity was greater than 5% each.<br>|

---

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

See accompanying notes which are an integral part of this schedule.

------

Schedule of Investments

**Invesco BulletShares 2033 Municipal Bond ETF (BSSX)**

November 30, 2025

*(Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Municipal Obligations-98.18%** |  |  |  |  |
| **Alabama-2.10%** |  |  |  |  |
| Alabama (State of) Corrections Institution Finance Authority, Series 2022, RB | 5.00% | 07/01/2033 | $20 | &nbsp;&nbsp; $22529 |
| Alabama (State of) Economic Settlement Authority, Series 2016 A, RB | 4.00% | 09/15/2033 | 15 | &nbsp;&nbsp; 15006 |
| Jefferson (County of), AL, Series 2024, Ref. RB | 5.00% | 10/01/2033 | 20 | &nbsp;&nbsp; 22660 |
| Jefferson (County of), AL, Series 2024, Ref. RB | 5.00% | 10/01/2036 | 30 | &nbsp;&nbsp; 33343 |
| Jefferson (County of), AL, Series 2024, Ref. RB | 5.00% | 10/01/2037 | 60 | &nbsp;&nbsp; 66141 |
| Jefferson (County of), AL, Series 2024, Ref. RB | 5.00% | 10/01/2039 | 75 | &nbsp;&nbsp; 81592 |
| Jefferson (County of), AL, Series 2024, Ref. RB | 5.25% | 10/01/2041 | 100 | &nbsp;&nbsp; 108954 |
| Jefferson (County of), AL, Series 2024, Ref. RB | 5.25% | 10/01/2042 | 120 | &nbsp;&nbsp; 129254 |
| Jefferson (County of), AL, Series 2024, Ref. RB | 5.25% | 10/01/2045 | 600 | &nbsp;&nbsp; 633255 |
| Jefferson (County of), AL, Series 2024, Ref. Revenue Wts. | 5.25% | 10/01/2040 | 5 | &nbsp;&nbsp; 5492 |
| Jefferson (County of), AL, Series 2024, Ref. Revenue Wts. | 5.25% | 10/01/2043 | 445 | &nbsp;&nbsp; 475518 |
| Jefferson (County of), AL, Series 2024, Ref. Revenue Wts. | 5.25% | 10/01/2044 | 100 | &nbsp;&nbsp; 106195 |
| Jefferson (County of), AL, Series 2024, Ref. Revenue Wts. | 5.25% | 10/01/2049 | 25 | &nbsp;&nbsp; 26004 |
| Jefferson (County of), AL, Series 2024, Ref. Revenue Wts. | 5.50% | 10/01/2053 | 50 | &nbsp;&nbsp; 52702 |
| Madison (City of), AL Water & Wastewater Board, Series 2023, RB | 5.25% | 12/01/2053 | 300 | &nbsp;&nbsp; 318935 |
| Montgomery (City of), AL, Series 2023, RB | 5.00% | 09/01/2048 | 15 | &nbsp;&nbsp; 15713 |
| Saraland (City of), AL, Series 2023 B, GO Bonds, (INS - BAM)<sup>(a)</sup> | 5.00% | 10/01/2053 | 10 | &nbsp;&nbsp; 10374 |
| &nbsp;&nbsp;&nbsp; UAB Medicine Finance Authority (University of Alabama Birmingham Hospital), Series 2016 B, Ref. <br> RB<br>| 3.25% | 09/01/2033 | 40 | &nbsp;&nbsp; 39968 |
|  |  |  |  | &nbsp;&nbsp; 2163635 |
| **Alaska-0.07%** |  |  |  |  |
| Alaska (State of), Series 2024 A, Ref. GO Bonds | 5.00% | 08/01/2033 | 10 | &nbsp;&nbsp; 11595 |
| Alaska (State of), Series 2025 A, Ref. RB | 5.00% | 10/01/2033 | 5 | &nbsp;&nbsp; 5781 |
| Alaska Housing Finance Corp. (Veterans Mortgage), First Series 2025, RB, (CEP - GNMA) | 4.88% | 12/01/2049 | 50 | &nbsp;&nbsp; 50892 |
|  |  |  |  | &nbsp;&nbsp; 68268 |
| **Arizona-1.35%** |  |  |  |  |
| Arizona (State of) Department of Transportation, Series 2023, RB | 5.00% | 07/01/2033 | 15 | &nbsp;&nbsp; 17410 |
| Gilbert Water Resource Municipal Property Corp. (Green Bonds), Series 2022, RB | 5.00% | 07/15/2033 | 35 | &nbsp;&nbsp; 39948 |
| &nbsp;&nbsp;&nbsp; Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), <br> Series 2016 A, Ref. RB<br>| 3.13% | 01/01/2033 | 100 | &nbsp;&nbsp; 99894 |
| Maricopa County Union High School District No. 210-Phoenix (2023), Series 2024 A, GO Bonds | 5.00% | 07/01/2040 | 5 | &nbsp;&nbsp; 5525 |
| Phoenix Civic Improvement Corp., Series 2023, RB | 5.00% | 07/01/2035 | 25 | &nbsp;&nbsp; 28645 |
| Phoenix Civic Improvement Corp., Series 2023, RB | 5.00% | 07/01/2036 | 80 | &nbsp;&nbsp; 90991 |
| Phoenix Civic Improvement Corp., Series 2023, RB | 5.00% | 07/01/2037 | 65 | &nbsp;&nbsp; 73393 |
| Phoenix Civic Improvement Corp., Series 2023, RB | 5.00% | 07/01/2040 | 10 | &nbsp;&nbsp; 11036 |
| Phoenix Civic Improvement Corp., Series 2023, RB | 5.00% | 07/01/2041 | 10 | &nbsp;&nbsp; 10936 |
| Phoenix Civic Improvement Corp., Series 2023, RB | 5.00% | 07/01/2043 | 15 | &nbsp;&nbsp; 16124 |
| Phoenix Civic Improvement Corp., Series 2023, RB | 5.25% | 07/01/2047 | 140 | &nbsp;&nbsp; 150586 |
| Salt River Project Agricultural Improvement & Power District, Series 2023 A, RB | 5.00% | 01/01/2043 | 160 | &nbsp;&nbsp; 171754 |
| Salt River Project Agricultural Improvement & Power District, Series 2023 A, RB | 5.00% | 01/01/2047 | 275 | &nbsp;&nbsp; 289500 |
| Salt River Project Agricultural Improvement & Power District, Series 2023 A, RB | 5.00% | 01/01/2050 | 115 | &nbsp;&nbsp; 120161 |
| University of Arizona Board of Regents (Green Bonds), Series 2023 A, RB | 5.50% | 07/01/2048 | 250 | &nbsp;&nbsp; 271251 |
|  |  |  |  | &nbsp;&nbsp; 1397154 |
| **Arkansas-0.12%** |  |  |  |  |
| Pulaski (County of), AR, Series 2023, RB | 5.25% | 03/01/2053 | 115 | &nbsp;&nbsp; 120627 |
| **California-16.96%** |  |  |  |  |
| Alameda (County of), CA Joint Powers Authority (Highland Hospital Project), Series 2023, Ref. RB | 5.00% | 12/01/2033 | 55 | &nbsp;&nbsp; 65174 |
| Alameda Unified School District (Election of 2022), Series 2024 B, GO Bonds | 5.00% | 08/01/2049 | 130 | &nbsp;&nbsp; 137925 |
| Bay Area Toll Authority, Series 2024 S-11, Ref. RB | 5.00% | 04/01/2033 | 35 | &nbsp;&nbsp; 41556 |
| Bay Area Toll Authority (San Francisco Bay Area), Series 2023 F-1, RB | 5.00% | 04/01/2054 | 215 | &nbsp;&nbsp; 226314 |
| Benicia Unified School District (Election of 2004), Series 2024 A, GO Bonds | 5.00% | 08/01/2053 | 100 | &nbsp;&nbsp; 105737 |
| Burlingame School District, Series 2023 B, GO Bonds | 5.00% | 08/01/2052 | 10 | &nbsp;&nbsp; 10560 |
| California (State of), Series 2015 C, Ref. GO Bonds<sup>(b)(c)</sup> | 3.38% | 12/30/2025 | 50 | &nbsp;&nbsp; 50033 |
| California (State of), Series 2015, Ref. GO Bonds<sup>(b)(c)</sup> | 3.50% | 12/30/2025 | 85 | &nbsp;&nbsp; 85065 |
| California (State of), Series 2016, Ref. GO Bonds | 3.00% | 09/01/2033 | 285 | &nbsp;&nbsp; 282830 |
| California (State of), Series 2019, GO Bonds | 3.00% | 10/01/2033 | 190 | &nbsp;&nbsp; 190697 |
| California (State of), Series 2022, GO Bonds | 5.00% | 04/01/2033 | 10 | &nbsp;&nbsp; 11470 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| California (State of), Series 2022, GO Bonds | 5.00% | 04/01/2033 | $230 | &nbsp;&nbsp; $268676 |
| California (State of), Series 2022, GO Bonds | 5.00% | 09/01/2033 | 5 | &nbsp;&nbsp; 5768 |
| California (State of), Series 2023, GO Bonds | 5.00% | 09/01/2033 | 30 | &nbsp;&nbsp; 35228 |
| California (State of), Series 2023, GO Bonds | 5.00% | 10/01/2033 | 15 | &nbsp;&nbsp; 17479 |
| California (State of), Series 2023, GO Bonds | 5.00% | 09/01/2035 | 10 | &nbsp;&nbsp; 11682 |
| California (State of), Series 2023, GO Bonds | 5.00% | 10/01/2035 | 280 | &nbsp;&nbsp; 324611 |
| California (State of), Series 2023, GO Bonds | 5.00% | 09/01/2036 | 50 | &nbsp;&nbsp; 57717 |
| California (State of), Series 2023, GO Bonds | 5.00% | 09/01/2037 | 55 | &nbsp;&nbsp; 62936 |
| California (State of), Series 2023, GO Bonds | 5.00% | 09/01/2038 | 75 | &nbsp;&nbsp; 85237 |
| California (State of), Series 2023, GO Bonds | 5.00% | 10/01/2039 | 90 | &nbsp;&nbsp; 101085 |
| California (State of), Series 2023, GO Bonds | 5.00% | 10/01/2045 | 400 | &nbsp;&nbsp; 429556 |
| California (State of), Series 2023, GO Bonds | 5.25% | 10/01/2045 | 15 | &nbsp;&nbsp; 16366 |
| California (State of), Series 2023, GO Bonds | 5.25% | 09/01/2053 | 500 | &nbsp;&nbsp; 538887 |
| California (State of), Series 2023, Ref. GO Bonds | 5.00% | 09/01/2033 | 85 | &nbsp;&nbsp; 99813 |
| California (State of), Series 2023, Ref. GO Bonds | 5.00% | 10/01/2033 | 90 | &nbsp;&nbsp; 104873 |
| California (State of), Series 2023, Ref. GO Bonds | 5.00% | 10/01/2036 | 170 | &nbsp;&nbsp; 194852 |
| California (State of), Series 2023, Ref. GO Bonds | 5.00% | 10/01/2042 | 325 | &nbsp;&nbsp; 356198 |
| California (State of), Series 2023, Ref. GO Bonds | 5.00% | 09/01/2043 | 55 | &nbsp;&nbsp; 59991 |
| California (State of), Series 2024, GO Bonds | 5.00% | 09/01/2033 | 55 | &nbsp;&nbsp; 64585 |
| California (State of), Series 2024, GO Bonds | 5.00% | 09/01/2033 | 20 | &nbsp;&nbsp; 23485 |
| California (State of), Series 2024, Ref. GO Bonds | 5.00% | 08/01/2033 | 45 | &nbsp;&nbsp; 52789 |
| California (State of), Series 2024, Ref. GO Bonds | 5.00% | 09/01/2033 | 75 | &nbsp;&nbsp; 88070 |
| California (State of), Series 2025, Ref. GO Bonds | 5.00% | 03/01/2033 | 135 | &nbsp;&nbsp; 157529 |
| California (State of) Educational Facilities Authority (Stanford University), Series 2023 V-3, RB | 5.00% | 06/01/2033 | 150 | &nbsp;&nbsp; 179684 |
| California (State of) Educational Facilities Authority (University of the Pacific), Series 2023, RB | 5.00% | 11/01/2053 | 5 | &nbsp;&nbsp; 5230 |
| &nbsp;&nbsp;&nbsp; California (State of) Health Facilities Financing Authority (Adventist Health System), Series 2013 A, <br> RB<br>| 4.00% | 03/01/2033 | 50 | &nbsp;&nbsp; 50008 |
| California (State of) Health Facilities Financing Authority (Scripps Health), Series 2024 A, Ref. RB | 5.00% | 11/15/2033 | 20 | &nbsp;&nbsp; 23591 |
| California (State of) Health Facilities Financing Authority (Scripps Health), Series 2024 A, Ref. RB | 5.00% | 11/15/2038 | 90 | &nbsp;&nbsp; 102708 |
| California (State of) Health Facilities Financing Authority (Scripps Health), Series 2024 A, Ref. RB | 5.00% | 11/15/2039 | 30 | &nbsp;&nbsp; 34061 |
| California (State of) Health Facilities Financing Authority (Scripps Health), Series 2024 A, Ref. RB | 5.00% | 11/15/2041 | 375 | &nbsp;&nbsp; 418677 |
| California (State of) Health Facilities Financing Authority (Scripps Health), Series 2024 A, Ref. RB | 5.00% | 11/15/2043 | 30 | &nbsp;&nbsp; 32862 |
| California (State of) Health Facilities Financing Authority (Scripps Health), Series 2024 A, Ref. RB | 5.00% | 11/15/2044 | 115 | &nbsp;&nbsp; 125114 |
| California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2023 A, RB | 5.00% | 08/15/2033 | 40 | &nbsp;&nbsp; 47780 |
| &nbsp;&nbsp;&nbsp; California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) <br> (Green Bonds), Series 2023, RB<br>| 5.00% | 10/01/2033 | 25 | &nbsp;&nbsp; 29356 |
| &nbsp;&nbsp;&nbsp; California (State of) Infrastructure & Economic Development Bank (The J. Paul Getty Trust), <br> Series 2020 A-1, Ref. RB<br>| 5.00% | 04/01/2033 | 180 | &nbsp;&nbsp; 213986 |
| &nbsp;&nbsp;&nbsp; California (State of) Infrastructure & Economic Development Bank (The J. Paul Getty Trust), <br> Series 2023, Ref. RB<br>| 5.00% | 04/01/2033 | 25 | &nbsp;&nbsp; 29720 |
| California (State of) Public Finance Authority (Sharp Healthcare), Series 2024 A, Ref. RB | 5.00% | 08/01/2033 | 45 | &nbsp;&nbsp; 53306 |
| California (State of) Public Works Board (Various Capital), Series 2023 C, Ref. RB | 5.00% | 09/01/2033 | 50 | &nbsp;&nbsp; 58675 |
| California (State of) Public Works Board (Various Capital), Series 2023 C, Ref. RB | 5.00% | 09/01/2036 | 20 | &nbsp;&nbsp; 23042 |
| California (State of) Public Works Board (Various Capital), Series 2023 D, RB | 5.00% | 11/01/2037 | 70 | &nbsp;&nbsp; 80088 |
| California (State of) Public Works Board (Various Capital), Series 2023 D, RB | 5.00% | 11/01/2038 | 30 | &nbsp;&nbsp; 34090 |
| California (State of) Public Works Board (Various Capital), Series 2023 D, RB | 4.50% | 11/01/2043 | 10 | &nbsp;&nbsp; 10306 |
| California (State of) Public Works Board (Various Capital), Series 2023 D, RB | 5.00% | 11/01/2044 | 15 | &nbsp;&nbsp; 16202 |
| California (State of) Public Works Board (Various Capital), Series 2023, Ref. RB | 5.00% | 12/01/2033 | 20 | &nbsp;&nbsp; 23136 |
| California (State of) Public Works Board (Various Capital), Series 2023, Ref. RB | 5.00% | 09/01/2035 | 45 | &nbsp;&nbsp; 52225 |
| California (State of) Public Works Board (Various Capital), Series 2023, Ref. RB | 5.00% | 09/01/2038 | 140 | &nbsp;&nbsp; 158902 |
| California (State of) Public Works Board (Various Capital), Series 2024, Ref. RB | 5.00% | 09/01/2033 | 50 | &nbsp;&nbsp; 58675 |
| California State University, Series 2016 A, Ref. RB | 3.00% | 11/01/2033 | 85 | &nbsp;&nbsp; 84974 |
| California State University, Series 2023 A, RB | 5.25% | 11/01/2048 | 120 | &nbsp;&nbsp; 130085 |
| California State University, Series 2023 A, RB | 5.25% | 11/01/2053 | 5 | &nbsp;&nbsp; 5379 |
| Central Unified School District, Series 2023 B, GO Bonds | 4.00% | 08/01/2050 | 5 | &nbsp;&nbsp; 4774 |
| Central Unified School District, Series 2023 B, GO Bonds | 5.25% | 08/01/2052 | 105 | &nbsp;&nbsp; 112375 |
| Dublin Unified School District (Election of 2020), Series 2023 B, GO Bonds | 4.13% | 08/01/2049 | 250 | &nbsp;&nbsp; 249214 |
| East Bay Municipal Utility District, Series 2024 A, RB | 5.00% | 06/01/2040 | 25 | &nbsp;&nbsp; 28452 |
| East Bay Municipal Utility District, Series 2024 A, RB | 5.00% | 06/01/2044 | 30 | &nbsp;&nbsp; 32912 |
| East Bay Municipal Utility District, Series 2024 B, Ref. RB | 5.00% | 06/01/2044 | 20 | &nbsp;&nbsp; 21941 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| East Bay Municipal Utility District, Series 2025 B, Ref. RB | 5.00% | 06/01/2033 | $5 | &nbsp;&nbsp; $5989 |
| East Bay Municipal Utility District (Green Bonds), Series 2024 A, RB | 5.00% | 06/01/2041 | 20 | &nbsp;&nbsp; 22557 |
| East Bay Municipal Utility District (Green Bonds), Series 2024 A, RB | 5.00% | 06/01/2042 | 175 | &nbsp;&nbsp; 195471 |
| East Bay Municipal Utility District (Green Bonds), Series 2024 A, RB | 5.00% | 06/01/2054 | 20 | &nbsp;&nbsp; 21200 |
| El Centro (City of), CA Financing Authority (Police Station), Series 2023 A, RB | 4.25% | 10/01/2047 | 100 | &nbsp;&nbsp; 100578 |
| El Rancho Unified School District (Election of 2016), Series 2023 D, GO Bonds, (INS - BAM)<sup>(a)</sup> | 5.75% | 08/01/2048 | 45 | &nbsp;&nbsp; 51132 |
| Hayward Area Recreation & Park District, Series 2023 B, GO Bonds | 5.00% | 08/01/2052 | 40 | &nbsp;&nbsp; 42300 |
| &nbsp;&nbsp;&nbsp; Imperial (County of), CA Community College District (Election of 2022), Series 2023 A, GO Bonds, <br> (INS - AGI)<sup>(a)</sup><br>| 5.25% | 08/01/2053 | 10 | &nbsp;&nbsp; 10682 |
| Imperial Irrigation District, Series 2016 C, Ref. RB | 3.00% | 11/01/2033 | 105 | &nbsp;&nbsp; 104674 |
| Indio Electric Financing Authority, Series 2023, RB | 5.25% | 01/01/2053 | 100 | &nbsp;&nbsp; 107449 |
| &nbsp;&nbsp;&nbsp; Irvine Facilities Financing Authority (Irvine Great Park Infrastructure), Series 2023 A, RB, <br> (INS - BAM)<sup>(a)</sup><br>| 5.25% | 09/01/2053 | 375 | &nbsp;&nbsp; 399800 |
| Irvine Facilities Financing Authority (Irvine Great Park Infrastructure), Series 2023, RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 09/01/2048 | 100 | &nbsp;&nbsp; 105643 |
| Kern High School District (Election of 2022), Series 2023 A, GO Bonds | 5.00% | 08/01/2033 | 25 | &nbsp;&nbsp; 29866 |
| Los Angeles (City of), CA, Series 2023 A, RB | 5.00% | 02/01/2037 | 30 | &nbsp;&nbsp; 34658 |
| Los Angeles (City of), CA, Series 2023 A, RB | 5.00% | 02/01/2038 | 140 | &nbsp;&nbsp; 160241 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB | 5.00% | 07/01/2033 | 60 | &nbsp;&nbsp; 67471 |
| Los Angeles (City of), CA Department of Water & Power, Series 2023 A, Ref. RB | 5.00% | 07/01/2035 | 220 | &nbsp;&nbsp; 248643 |
| Los Angeles (City of), CA Department of Water & Power, Series 2023 A, Ref. RB | 5.00% | 07/01/2049 | 30 | &nbsp;&nbsp; 31118 |
| Los Angeles (City of), CA Department of Water & Power, Series 2023 B, RB | 5.00% | 07/01/2037 | 65 | &nbsp;&nbsp; 72198 |
| Los Angeles (City of), CA Department of Water & Power, Series 2023 B, RB | 5.25% | 07/01/2053 | 25 | &nbsp;&nbsp; 26220 |
| Los Angeles (City of), CA Department of Water & Power, Series 2023 D, Ref. RB | 5.00% | 07/01/2041 | 130 | &nbsp;&nbsp; 140668 |
| Los Angeles (City of), CA Department of Water & Power, Series 2023 D, Ref. RB | 5.00% | 07/01/2042 | 10 | &nbsp;&nbsp; 10720 |
| Los Angeles (City of), CA Department of Water & Power, Series 2023 D, Ref. RB | 5.00% | 07/01/2043 | 5 | &nbsp;&nbsp; 5319 |
| Los Angeles (City of), CA Department of Water & Power, Series 2023 E, Ref. RB | 5.00% | 07/01/2035 | 20 | &nbsp;&nbsp; 22604 |
| Los Angeles (City of), CA Department of Water & Power, Series 2023 E, Ref. RB | 5.00% | 07/01/2036 | 15 | &nbsp;&nbsp; 16812 |
| Los Angeles (City of), CA Department of Water & Power, Series 2023 E, Ref. RB | 5.00% | 07/01/2038 | 100 | &nbsp;&nbsp; 110512 |
| Los Angeles (City of), CA Department of Water & Power, Series 2023 E, Ref. RB | 5.00% | 07/01/2041 | 30 | &nbsp;&nbsp; 32462 |
| Los Angeles (City of), CA Department of Water & Power, Series 2023 E, Ref. RB | 5.00% | 07/01/2042 | 55 | &nbsp;&nbsp; 58961 |
| Los Angeles (City of), CA Department of Water & Power, Series 2023 E, Ref. RB | 5.00% | 07/01/2043 | 70 | &nbsp;&nbsp; 74470 |
| Los Angeles (City of), CA Department of Water & Power, Series 2023 E, Ref. RB | 5.00% | 07/01/2044 | 170 | &nbsp;&nbsp; 179691 |
| Los Angeles (City of), CA Department of Water & Power, Series 2023 E, Ref. RB | 5.00% | 07/01/2048 | 70 | &nbsp;&nbsp; 72679 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 A, Ref. RB | 5.00% | 07/01/2033 | 20 | &nbsp;&nbsp; 22829 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 B, Ref. RB | 5.00% | 07/01/2033 | 15 | &nbsp;&nbsp; 17122 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 C, Ref. RB | 5.00% | 07/01/2033 | 70 | &nbsp;&nbsp; 79902 |
| &nbsp;&nbsp;&nbsp; Los Angeles (County of), CA Metropolitan Transportation Authority (Measure R), Series 2024 A, Ref. <br> RB<br>| 5.00% | 06/01/2033 | 25 | &nbsp;&nbsp; 29814 |
| &nbsp;&nbsp;&nbsp; Los Angeles (County of), CA Metropolitan Transportation Authority (Senior Bonds), Series 2023, Ref. <br> RB<br>| 5.00% | 07/01/2033 | 75 | &nbsp;&nbsp; 89548 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2024 H, Ref. RB | 5.00% | 12/01/2033 | 5 | &nbsp;&nbsp; 5969 |
| Los Angeles Unified School District, Series 2024 A, Ref. GO Bonds | 5.00% | 07/01/2033 | 195 | &nbsp;&nbsp; 232976 |
| Los Angeles Unified School District, Series 2025 A, Ref. GO Bonds | 5.00% | 07/01/2033 | 5 | &nbsp;&nbsp; 5974 |
| Los Angeles Unified School District (Green Bonds), Series 2022 QRR, GO Bonds | 5.00% | 07/01/2037 | 45 | &nbsp;&nbsp; 51639 |
| Los Angeles Unified School District (Green Bonds), Series 2022 QRR, GO Bonds | 5.00% | 07/01/2038 | 60 | &nbsp;&nbsp; 68326 |
| Los Angeles Unified School District (Green Bonds), Series 2022 QRR, GO Bonds | 5.00% | 07/01/2039 | 10 | &nbsp;&nbsp; 11311 |
| Los Angeles Unified School District (Green Bonds), Series 2022 QRR, GO Bonds | 5.00% | 07/01/2040 | 50 | &nbsp;&nbsp; 55942 |
| Los Angeles Unified School District (Green Bonds), Series 2022 QRR, GO Bonds | 5.00% | 07/01/2041 | 90 | &nbsp;&nbsp; 99733 |
| Los Angeles Unified School District (Green Bonds), Series 2022 QRR, GO Bonds | 5.00% | 07/01/2042 | 105 | &nbsp;&nbsp; 115054 |
| Los Angeles Unified School District (Green Bonds), Series 2022 QRR, GO Bonds | 5.25% | 07/01/2047 | 230 | &nbsp;&nbsp; 248390 |
| Los Angeles Unified School District (Green Bonds), Series 2023, COP<sup>(b)(c)</sup> | 5.00% | 10/01/2033 | 30 | &nbsp;&nbsp; 35734 |
| Los Angeles Unified School District (Green Bonds), Series 2023, COP<sup>(b)(c)</sup> | 5.00% | 10/01/2033 | 5 | &nbsp;&nbsp; 5956 |
| Los Angeles Unified School District (Green Bonds), Series 2023, COP<sup>(b)(c)</sup> | 5.00% | 10/01/2033 | 5 | &nbsp;&nbsp; 5956 |
| Los Angeles Unified School District (Green Bonds), Series 2023, COP<sup>(b)(c)</sup> | 5.00% | 10/01/2033 | 5 | &nbsp;&nbsp; 5956 |
| Los Angeles Unified School District (Green Bonds), Series 2023, COP<sup>(b)</sup> | 5.00% | 10/01/2033 | 20 | &nbsp;&nbsp; 23822 |
| Los Angeles Unified School District (Green Bonds), Series 2023, COP | 5.00% | 10/01/2035 | 25 | &nbsp;&nbsp; 29286 |
| Los Angeles Unified School District (Green Bonds), Series 2023, COP | 5.00% | 10/01/2038 | 5 | &nbsp;&nbsp; 5696 |
| Manteca Unified School District (Election of 2020), Series 2023 B, GO Bonds | 5.25% | 08/01/2053 | 50 | &nbsp;&nbsp; 53378 |
| Metropolitan Water District of Southern California, Series 2022 A, Ref. RB | 5.00% | 10/01/2033 | 20 | &nbsp;&nbsp; 23524 |
| Metropolitan Water District of Southern California, Series 2023 A, RB | 5.00% | 04/01/2048 | 190 | &nbsp;&nbsp; 203453 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| Municipal Improvement Corp. of Los Angeles (Real Property), Series 2016 B, Ref. RB | 4.00% | 11/01/2033 | $35 | &nbsp;&nbsp; $35255 |
| Norwalk-La Mirada Unified School District, Series 2023 F, GO Bonds | 5.00% | 08/01/2051 | 170 | &nbsp;&nbsp; 179863 |
| Oak Grove School District, Series 2023 A-2, GO Bonds | 5.00% | 08/01/2052 | 90 | &nbsp;&nbsp; 94257 |
| Oakland (City of), CA, Series 2023 D, GO Bonds | 5.25% | 07/15/2048 | 50 | &nbsp;&nbsp; 53728 |
| Oakland Unified School District (Election of 2012), Series 2023 A, GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.25% | 08/01/2048 | 150 | &nbsp;&nbsp; 161425 |
| Redwood City School District (Election of 2022), Series 2023 A, GO Bonds | 5.00% | 08/01/2048 | 90 | &nbsp;&nbsp; 96068 |
| Redwood City School District (Election of 2022), Series 2023 A, GO Bonds | 5.00% | 08/01/2052 | 50 | &nbsp;&nbsp; 53036 |
| Rialto Unified School District (Election of 2022), Series 2023, GO Bonds, (INS - BAM)<sup>(a)</sup> | 5.00% | 08/01/2052 | 40 | &nbsp;&nbsp; 41912 |
| Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2023 K, RB | 5.00% | 08/15/2048 | 265 | &nbsp;&nbsp; 283489 |
| Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2023 K, RB | 5.00% | 08/15/2053 | 95 | &nbsp;&nbsp; 100731 |
| Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2024 N-1, Ref. RB | 5.00% | 11/15/2033 | 10 | &nbsp;&nbsp; 11995 |
| Sacramento Transportation Authority (Measure A), Series 2023 A, Ref. RB | 5.00% | 10/01/2037 | 20 | &nbsp;&nbsp; 23434 |
| Sacramento Transportation Authority (Measure A), Series 2023, Ref. RB | 5.00% | 10/01/2033 | 20 | &nbsp;&nbsp; 24045 |
| Sacramento Transportation Authority (Measure A), Series 2023, Ref. RB | 5.00% | 10/01/2036 | 40 | &nbsp;&nbsp; 47223 |
| Sacramento Transportation Authority (Measure A), Series 2023, Ref. RB | 5.00% | 10/01/2038 | 5 | &nbsp;&nbsp; 5803 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2023 A, RB | 5.25% | 08/01/2048 | 50 | &nbsp;&nbsp; 54225 |
| San Diego (County of), CA Regional Transportation Commission, Series 2023 A, Ref. RB | 5.00% | 04/01/2035 | 20 | &nbsp;&nbsp; 23610 |
| San Diego (County of), CA Regional Transportation Commission, Series 2023 A, Ref. RB | 5.00% | 04/01/2036 | 55 | &nbsp;&nbsp; 64380 |
| San Diego (County of), CA Regional Transportation Commission, Series 2023 A, Ref. RB | 5.00% | 04/01/2037 | 65 | &nbsp;&nbsp; 75451 |
| San Diego (County of), CA Regional Transportation Commission, Series 2023 A, Ref. RB | 5.00% | 04/01/2038 | 10 | &nbsp;&nbsp; 11514 |
| San Diego Unified School District, Series 2016, Ref. GO Bonds | 3.00% | 07/01/2033 | 50 | &nbsp;&nbsp; 50023 |
| San Diego Unified School District (Election of 2008), Series 2023, GO Bonds | 5.00% | 07/01/2048 | 30 | &nbsp;&nbsp; 32086 |
| San Diego Unified School District (Election of 2018) (Green Bonds), Series 2023, GO Bonds | 5.00% | 07/01/2043 | 80 | &nbsp;&nbsp; 88129 |
| San Diego Unified School District (Election of 2018) (Green Bonds), Series 2023, GO Bonds | 5.00% | 07/01/2048 | 155 | &nbsp;&nbsp; 165775 |
| San Diego Unified School District (Election of 2018) (Green Bonds), Series 2023, GO Bonds | 5.00% | 07/01/2053 | 50 | &nbsp;&nbsp; 52810 |
| San Francisco (City & County of), CA, Series 2022 R-1, Ref. GO Bonds | 5.00% | 06/15/2033 | 15 | &nbsp;&nbsp; 17550 |
| San Francisco (City & County of), CA, Series 2024, Ref. GO Bonds | 5.00% | 06/15/2033 | 15 | &nbsp;&nbsp; 17909 |
| &nbsp;&nbsp;&nbsp; San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Second <br> Series 2023 B, Ref. RB<br>| 5.00% | 05/01/2043 | 55 | &nbsp;&nbsp; 59508 |
| &nbsp;&nbsp;&nbsp; San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), <br> Series 2023, Ref. RB<br>| 5.25% | 05/01/2048 | 135 | &nbsp;&nbsp; 145012 |
| San Francisco (City & County of), CA Public Utilities Commission, Series 2023 B, RB | 5.25% | 11/01/2048 | 35 | &nbsp;&nbsp; 37991 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023 A, RB | 5.00% | 10/01/2033 | 30 | &nbsp;&nbsp; 35244 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023, Ref. RB | 5.00% | 11/01/2036 | 105 | &nbsp;&nbsp; 123569 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023, Ref. RB | 4.00% | 11/01/2038 | 60 | &nbsp;&nbsp; 63511 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023, Ref. RB | 5.00% | 11/01/2038 | 110 | &nbsp;&nbsp; 127511 |
| &nbsp;&nbsp;&nbsp; San Francisco (City & County of), CA Public Utilities Commission (Regional Water and Local Water), <br> Series 2023 A, RB<br>| 5.00% | 11/01/2043 | 70 | &nbsp;&nbsp; 76725 |
| &nbsp;&nbsp;&nbsp; San Francisco (City & County of), CA Public Utilities Commission (Regional Water and Local Water), <br> Series 2023 A, RB<br>| 5.25% | 11/01/2048 | 120 | &nbsp;&nbsp; 130254 |
| &nbsp;&nbsp;&nbsp; San Francisco (City & County of), CA Public Utilities Commission (Regional Water and Local Water), <br> Series 2023 A, RB<br>| 5.25% | 11/01/2052 | 10 | &nbsp;&nbsp; 10708 |
| &nbsp;&nbsp;&nbsp; San Francisco (City & County of), CA Successor Agency to the Redevelopment Agency (Transbay <br> Infrastructure), Series 2023, RB, (INS - AGI)<sup>(a)</sup><br>| 5.25% | 08/01/2053 | 130 | &nbsp;&nbsp; 138110 |
| San Francisco (City of), CA, Series 2023, Ref. RB | 5.00% | 11/01/2035 | 55 | &nbsp;&nbsp; 65219 |
| San Francisco (City of), CA, Series 2025, Ref. RB | 5.00% | 11/01/2033 | 10 | &nbsp;&nbsp; 11997 |
| San Francisco (County of), CA Transportation Authority, Series 2017, RB | 3.00% | 02/01/2033 | 145 | &nbsp;&nbsp; 145072 |
| San Joaquin Hills Transportation Corridor Agency, Series 2021 A, Ref. RB | 5.00% | 01/15/2033 | 115 | &nbsp;&nbsp; 127902 |
| San Mateo County Transit District, Series 2025 A, Ref. RB | 5.00% | 06/01/2033 | 5 | &nbsp;&nbsp; 5986 |
| San Mateo Foster City School District (Election of 2020), Series 2025 C, GO Bonds | 5.00% | 08/01/2051 | 75 | &nbsp;&nbsp; 79859 |
| Santa Clara Unified School District, Series 2024, Ref. GO Bonds | 5.00% | 07/01/2033 | 20 | &nbsp;&nbsp; 23926 |
| Santa Clara Valley Transportation Authority, Series 2023 A, Ref. RB | 5.00% | 04/01/2033 | 35 | &nbsp;&nbsp; 41661 |
| Santa Clara Valley Transportation Authority, Series 2023 A, Ref. RB | 5.00% | 04/01/2035 | 60 | &nbsp;&nbsp; 70565 |
| Santa Clara Valley Transportation Authority, Series 2023 A, Ref. RB | 5.00% | 04/01/2036 | 60 | &nbsp;&nbsp; 70101 |
| Southern California Public Power Authority (No.1), Series 2007 A, RB | 5.00% | 11/01/2033 | 80 | &nbsp;&nbsp; 87918 |
| &nbsp;&nbsp;&nbsp; Southern California Public Power Authority (Southern Transmission System Renewal), Series 2023, <br> RB<br>| 5.00% | 07/01/2035 | 150 | &nbsp;&nbsp; 170072 |
| &nbsp;&nbsp;&nbsp; Southern California Public Power Authority (Southern Transmission System Renewal), Series 2023, <br> RB<br>| 5.00% | 07/01/2037 | 5 | &nbsp;&nbsp; 5588 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Southern California Public Power Authority (Southern Transmission System Renewal), Series 2023, <br> RB<br>| 5.00% | 07/01/2039 | $25 | &nbsp;&nbsp; $27659 |
| &nbsp;&nbsp;&nbsp; Southern California Public Power Authority (Southern Transmission System Renewal), Series 2023-<br> 1A, RB<br>| 5.00% | 07/01/2048 | 210 | &nbsp;&nbsp; 218448 |
| &nbsp;&nbsp;&nbsp; Southern California Public Power Authority (Southern Transmission System Renewal), Series 2023-<br> 1A, RB<br>| 5.25% | 07/01/2053 | 85 | &nbsp;&nbsp; 89395 |
| University of California, Series 2022 S, Ref. RB | 5.00% | 05/15/2033 | 100 | &nbsp;&nbsp; 116387 |
| University of California, Series 2023 BM, Ref. RB | 5.00% | 05/15/2033 | 20 | &nbsp;&nbsp; 23774 |
| University of California, Series 2023 BM, Ref. RB | 5.00% | 05/15/2035 | 175 | &nbsp;&nbsp; 205378 |
| University of California, Series 2023 BM, Ref. RB | 5.00% | 05/15/2037 | 20 | &nbsp;&nbsp; 22995 |
| University of California, Series 2023 BN, Ref. RB | 5.00% | 05/15/2033 | 50 | &nbsp;&nbsp; 59436 |
| University of California, Series 2023 BN, Ref. RB | 5.00% | 05/15/2035 | 50 | &nbsp;&nbsp; 58680 |
| University of California, Series 2023 BN, Ref. RB | 5.00% | 05/15/2036 | 100 | &nbsp;&nbsp; 115956 |
| University of California, Series 2023 BN, Ref. RB | 5.00% | 05/15/2037 | 155 | &nbsp;&nbsp; 178215 |
| University of California, Series 2023 BN, Ref. RB | 5.00% | 05/15/2038 | 255 | &nbsp;&nbsp; 290457 |
| University of California, Series 2023 BN, Ref. RB | 5.00% | 05/15/2039 | 10 | &nbsp;&nbsp; 11323 |
| University of California, Series 2023 BN, Ref. RB | 5.00% | 05/15/2041 | 300 | &nbsp;&nbsp; 334375 |
| University of California, Series 2023 BN, Ref. RB | 5.00% | 05/15/2042 | 65 | &nbsp;&nbsp; 71781 |
| University of California, Series 2023 BN, Ref. RB | 5.00% | 05/15/2043 | 155 | &nbsp;&nbsp; 169559 |
| University of California, Series 2023 BQ, RB | 5.00% | 05/15/2033 | 70 | &nbsp;&nbsp; 83210 |
| University of California, Series 2023 BQ, RB | 5.00% | 05/15/2035 | 165 | &nbsp;&nbsp; 193642 |
| University of California, Series 2024 BV, Ref. RB | 5.00% | 05/15/2033 | 55 | &nbsp;&nbsp; 65379 |
| University of California, Series 2024 BW, Ref. RB | 5.00% | 05/15/2033 | 15 | &nbsp;&nbsp; 17831 |
| University of California, Series 2024, Ref. RB | 5.00% | 05/15/2033 | 30 | &nbsp;&nbsp; 35661 |
| University of California, Series 2025, Ref. RB | 5.00% | 05/15/2033 | 10 | &nbsp;&nbsp; 11887 |
| Victor Valley Community College District (Election of 2008), Series 2024 E, GO Bonds | 5.00% | 08/01/2051 | 200 | &nbsp;&nbsp; 210663 |
| Washington Township Health Care District, Series 2023 A, RB | 5.75% | 07/01/2048 | 5 | &nbsp;&nbsp; 5338 |
| Washington Township Health Care District (Election of 2020), Series 2023 B, GO Bonds | 5.25% | 08/01/2048 | 35 | &nbsp;&nbsp; 38268 |
| Washington Township Health Care District (Election of 2020), Series 2023 B, GO Bonds | 5.50% | 08/01/2053 | 125 | &nbsp;&nbsp; 137218 |
|  |  |  |  | &nbsp;&nbsp; 17499032 |
| **Colorado-0.89%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Board of Governors of Colorado State University System, Series 2013 A, Ref. RB, <br> (CEP - Colorado Higher Education Intercept Program)<br>| 5.00% | 03/01/2033 | 45 | &nbsp;&nbsp; 51351 |
| Bromley Park Metropolitan District No. 2, Series 2023, Ref. GO Bonds, (INS - BAM)<sup>(a)</sup> | 5.38% | 12/01/2053 | 50 | &nbsp;&nbsp; 53261 |
| Centennial Water & Sanitation District, Series 2024, RB | 5.25% | 12/01/2053 | 175 | &nbsp;&nbsp; 187758 |
| Colorado (State of) Health Facilities Authority (Intermountain Healthcare), Series 2024 A, Ref. RB | 5.00% | 05/15/2033 | 15 | &nbsp;&nbsp; 16915 |
| Colorado (State of) Regional Transportation District (Fastracks), Series 2023 A, Ref. RB | 5.00% | 11/01/2037 | 25 | &nbsp;&nbsp; 28189 |
| Colorado Springs (City of), CO, Series 2023 A, RB | 5.25% | 11/15/2048 | 5 | &nbsp;&nbsp; 5373 |
| Colorado Springs (City of), CO, Series 2023 A, RB | 5.25% | 11/15/2053 | 200 | &nbsp;&nbsp; 212703 |
| Colorado Springs School District No. 11 Facilities Corp., Series 2024, COP, (INS - BAM)<sup>(a)</sup> | 5.25% | 12/15/2048 | 65 | &nbsp;&nbsp; 69149 |
| Denver (City & County of), CO, Series 2023 A, Ref. RB | 5.00% | 11/15/2033 | 5 | &nbsp;&nbsp; 5788 |
| Denver (City & County of), CO, Series 2023 A, Ref. RB | 5.00% | 11/15/2041 | 10 | &nbsp;&nbsp; 10935 |
| Denver (City & County of), CO, Series 2023 A, Ref. RB | 5.00% | 11/15/2042 | 10 | &nbsp;&nbsp; 10829 |
| Denver (City & County of), CO, Series 2023, Ref. COP | 5.00% | 12/01/2035 | 30 | &nbsp;&nbsp; 34453 |
| Denver (City & County of), CO, Series 2023, Ref. COP | 5.00% | 12/01/2036 | 45 | &nbsp;&nbsp; 51184 |
| Denver (City & County of), CO, Series 2023, Ref. COP | 5.00% | 12/01/2037 | 75 | &nbsp;&nbsp; 84603 |
| Midtown Clear Creek Metropolitan District, Series 2023 A, Ref. GO Bonds, (INS - BAM)<sup>(a)</sup> | 5.00% | 12/01/2053 | 50 | &nbsp;&nbsp; 52594 |
| University of Colorado, Series 2017 A-2, Ref. RB<sup>(b)</sup> | 3.00% | 06/01/2033 | 25 | &nbsp;&nbsp; 25004 |
| University of Colorado, Series 2017 A-2, Ref. RB | 3.00% | 06/01/2033 | 15 | &nbsp;&nbsp; 14909 |
|  |  |  |  | &nbsp;&nbsp; 914998 |
| **Connecticut-1.11%** |  |  |  |  |
| Connecticut (State of), Series 2016 A, GO Bonds | 3.25% | 03/15/2033 | 20 | &nbsp;&nbsp; 20012 |
| Connecticut (State of), Series 2021 A, GO Bonds | 3.00% | 01/15/2033 | 35 | &nbsp;&nbsp; 35022 |
| Connecticut (State of), Series 2022 A, GO Bonds | 4.00% | 01/15/2033 | 40 | &nbsp;&nbsp; 42834 |
| Connecticut (State of), Series 2023 A, RB | 5.00% | 07/01/2033 | 125 | &nbsp;&nbsp; 144801 |
| Connecticut (State of), Series 2024 A, GO Bonds | 5.00% | 01/15/2033 | 5 | &nbsp;&nbsp; 5761 |
| Connecticut (State of), Series 2024 C, Ref. GO Bonds | 5.00% | 03/01/2033 | 60 | &nbsp;&nbsp; 69238 |
| Connecticut (State of), Series 2024 F, GO Bonds | 5.00% | 11/15/2033 | 195 | &nbsp;&nbsp; 226801 |
| Connecticut (State of), Series 2025 B, Ref. GO Bonds | 5.00% | 12/01/2033 | 30 | &nbsp;&nbsp; 34910 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Connecticut-(continued)** |  |  |  |  |
| Connecticut (State of) (Green Bonds), Series 2021 B, GO Bonds | 3.00% | 06/01/2033 | $30 | &nbsp;&nbsp; $29878 |
| Connecticut (State of) (Transportation Infrastructure), Series 2022 A, RB | 5.00% | 07/01/2034 | 35 | &nbsp;&nbsp; 40009 |
| Connecticut (State of) (Transportation Infrastructure), Series 2022 A, RB | 5.00% | 07/01/2035 | 40 | &nbsp;&nbsp; 45500 |
| Connecticut (State of) (Transportation Infrastructure), Series 2022 A, RB | 5.00% | 07/01/2036 | 15 | &nbsp;&nbsp; 16939 |
| Connecticut (State of) (Transportation Infrastructure), Series 2022 A, RB | 5.00% | 07/01/2037 | 215 | &nbsp;&nbsp; 241121 |
| Connecticut (State of) (Transportation Infrastructure), Series 2022 A, RB | 5.00% | 07/01/2038 | 25 | &nbsp;&nbsp; 27847 |
| Connecticut (State of) (Transportation Infrastructure), Series 2022 A, RB | 5.00% | 07/01/2041 | 30 | &nbsp;&nbsp; 32723 |
| Connecticut (State of) (Transportation Infrastructure), Series 2022 A, RB | 5.25% | 07/01/2042 | 15 | &nbsp;&nbsp; 16473 |
| New Haven (City of), CT, Series 2024, Ref. GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.00% | 08/01/2033 | 50 | &nbsp;&nbsp; 57117 |
| University of Connecticut, Series 2023 A, RB | 5.25% | 11/15/2048 | 50 | &nbsp;&nbsp; 54011 |
|  |  |  |  | &nbsp;&nbsp; 1140997 |
| **Delaware-0.27%** |  |  |  |  |
| Delaware (State of), Series 2021, Ref. GO Bonds | 3.00% | 02/01/2033 | 55 | &nbsp;&nbsp; 55336 |
| Delaware (State of), Series 2023 A, GO Bonds | 5.00% | 05/01/2033 | 10 | &nbsp;&nbsp; 11657 |
| Delaware (State of), Series 2023 A, GO Bonds | 5.00% | 05/01/2035 | 90 | &nbsp;&nbsp; 103898 |
| Delaware (State of), Series 2023 A, GO Bonds | 5.00% | 05/01/2036 | 70 | &nbsp;&nbsp; 80276 |
| Delaware (State of), Series 2023 A, GO Bonds | 5.00% | 05/01/2038 | 25 | &nbsp;&nbsp; 28253 |
|  |  |  |  | &nbsp;&nbsp; 279420 |
| **District of Columbia-2.59%** |  |  |  |  |
| District of Columbia, Series 2022 A, RB | 5.00% | 07/01/2033 | 150 | &nbsp;&nbsp; 170837 |
| District of Columbia, Series 2022 C, Ref. RB | 5.00% | 12/01/2033 | 90 | &nbsp;&nbsp; 102994 |
| District of Columbia, Series 2023 A, GO Bonds | 5.00% | 01/01/2035 | 90 | &nbsp;&nbsp; 102705 |
| District of Columbia, Series 2023 A, GO Bonds | 5.00% | 01/01/2036 | 45 | &nbsp;&nbsp; 50991 |
| District of Columbia, Series 2023 A, GO Bonds | 5.00% | 01/01/2037 | 45 | &nbsp;&nbsp; 50580 |
| District of Columbia, Series 2023 A, GO Bonds | 5.00% | 01/01/2038 | 100 | &nbsp;&nbsp; 111497 |
| District of Columbia, Series 2023 A, GO Bonds | 5.00% | 01/01/2039 | 15 | &nbsp;&nbsp; 16595 |
| District of Columbia, Series 2023 A, GO Bonds | 5.00% | 01/01/2041 | 15 | &nbsp;&nbsp; 16273 |
| District of Columbia, Series 2023 A, GO Bonds | 5.00% | 01/01/2042 | 5 | &nbsp;&nbsp; 5376 |
| District of Columbia, Series 2023 A, GO Bonds | 5.00% | 01/01/2045 | 120 | &nbsp;&nbsp; 126782 |
| District of Columbia, Series 2023 A, GO Bonds | 5.25% | 01/01/2048 | 125 | &nbsp;&nbsp; 133147 |
| District of Columbia, Series 2023 A, RB | 5.00% | 05/01/2038 | 95 | &nbsp;&nbsp; 106159 |
| District of Columbia, Series 2023 A, RB | 5.00% | 05/01/2040 | 60 | &nbsp;&nbsp; 65936 |
| District of Columbia, Series 2023 A, RB | 5.00% | 05/01/2041 | 20 | &nbsp;&nbsp; 21772 |
| District of Columbia, Series 2023 A, RB | 5.00% | 05/01/2042 | 15 | &nbsp;&nbsp; 16195 |
| District of Columbia, Series 2023 A, RB | 5.00% | 05/01/2043 | 260 | &nbsp;&nbsp; 278272 |
| District of Columbia, Series 2023 A, RB | 5.25% | 05/01/2048 | 290 | &nbsp;&nbsp; 310260 |
| District of Columbia, Series 2024 A, GO Bonds | 5.00% | 08/01/2033 | 20 | &nbsp;&nbsp; 23174 |
| Washington Metropolitan Area Transit Authority, Series 2023, RB | 5.00% | 07/15/2035 | 35 | &nbsp;&nbsp; 39821 |
| Washington Metropolitan Area Transit Authority, Series 2023, RB | 5.00% | 07/15/2041 | 25 | &nbsp;&nbsp; 27149 |
| Washington Metropolitan Area Transit Authority, Series 2023, RB | 5.00% | 07/15/2044 | 110 | &nbsp;&nbsp; 116380 |
| Washington Metropolitan Area Transit Authority (Green Bonds), Series 2023 A, RB | 5.00% | 07/15/2041 | 10 | &nbsp;&nbsp; 10860 |
| Washington Metropolitan Area Transit Authority (Green Bonds), Series 2023 A, RB | 5.00% | 07/15/2042 | 50 | &nbsp;&nbsp; 53801 |
| Washington Metropolitan Area Transit Authority (Green Bonds), Series 2023 A, RB | 5.00% | 07/15/2048 | 155 | &nbsp;&nbsp; 161562 |
| Washington Metropolitan Area Transit Authority (Green Bonds), Series 2023 A, RB | 5.50% | 07/15/2051 | 205 | &nbsp;&nbsp; 219433 |
| Washington Metropolitan Area Transit Authority (Green Bonds), Series 2023 A, RB | 5.25% | 07/15/2053 | 80 | &nbsp;&nbsp; 83961 |
| Washington Metropolitan Area Transit Authority (Green Bonds), Series 2023, RB | 5.00% | 07/15/2036 | 40 | &nbsp;&nbsp; 45158 |
| Washington Metropolitan Area Transit Authority (Green Bonds), Series 2023, RB | 5.00% | 07/15/2037 | 30 | &nbsp;&nbsp; 33621 |
| Washington Metropolitan Area Transit Authority (Green Bonds), Series 2023, RB | 5.00% | 07/15/2039 | 75 | &nbsp;&nbsp; 82941 |
| Washington Metropolitan Area Transit Authority (Green Bonds), Series 2023, RB | 5.00% | 07/15/2040 | 40 | &nbsp;&nbsp; 43868 |
| Washington Metropolitan Area Transit Authority (Green Bonds), Series 2023, RB | 5.00% | 07/15/2042 | 40 | &nbsp;&nbsp; 43041 |
| Washington Metropolitan Area Transit Authority (Green Bonds), Series 2023, RB | 5.00% | 07/15/2043 | 5 | &nbsp;&nbsp; 5331 |
|  |  |  |  | &nbsp;&nbsp; 2676472 |
| **Florida-3.11%** |  |  |  |  |
| Brevard (County of), FL, Series 2023, RB | 5.50% | 09/01/2053 | 25 | &nbsp;&nbsp; 27256 |
| Broward (County of), FL School Board, Series 2016 A, Ref. COP | 3.25% | 07/01/2033 | 155 | &nbsp;&nbsp; 155057 |
| Cape Coral (City of), FL, Series 2023, Ref. RB, (INS - BAM)<sup>(a)</sup> | 5.60% | 03/01/2048 | 170 | &nbsp;&nbsp; 183395 |
| Cape Coral (City of), FL, Series 2023, Ref. RB, (INS - BAM)<sup>(a)</sup> | 5.25% | 10/01/2053 | 40 | &nbsp;&nbsp; 42592 |
| Florida (State of), Series 2022 B, Ref. GO Bonds | 5.00% | 06/01/2033 | 50 | &nbsp;&nbsp; 58162 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Florida-(continued)** |  |  |  |  |
| Florida (State of), Series 2023 A, Ref. GO Bonds | 5.00% | 06/01/2033 | $5 | &nbsp;&nbsp; $5816 |
| Florida (State of), Series 2024 A, Ref. GO Bonds | 5.00% | 06/01/2033 | 245 | &nbsp;&nbsp; 285541 |
| Florida (State of) Board of Governors (University of North Florida), Series 2023 A, RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 11/01/2053 | 25 | &nbsp;&nbsp; 25827 |
| Florida (State of) Department of Transportation, Series 2024 A, Ref. RB | 5.00% | 07/01/2033 | 20 | &nbsp;&nbsp; 23168 |
| Florida (State of) Municipal Power Agency, Series 2021 A, RB | 3.00% | 10/01/2033 | 125 | &nbsp;&nbsp; 123208 |
| Fort Lauderdale (City of), FL (Enabling Works), Series 2023 A, RB | 5.50% | 09/01/2048 | 170 | &nbsp;&nbsp; 185959 |
| Fort Lauderdale (City of), FL (Enabling Works), Series 2023 A, RB | 5.50% | 09/01/2053 | 70 | &nbsp;&nbsp; 75738 |
| Fort Lauderdale (City of), FL (Prospect Lake Water Treatment Plant), Series 2023, RB | 5.50% | 09/01/2048 | 30 | &nbsp;&nbsp; 32816 |
| Fort Myers (City of), FL, Series 2023, Ref. RB | 5.50% | 10/01/2049 | 55 | &nbsp;&nbsp; 60028 |
| Fort Myers (City of), FL, Series 2023, Ref. RB | 5.25% | 10/01/2053 | 50 | &nbsp;&nbsp; 53445 |
| Hillsborough (County of), FL, Series 2023, GO Bonds | 5.00% | 07/01/2053 | 150 | &nbsp;&nbsp; 157471 |
| Jacksonville (City of), FL, Series 2023 A, Ref. RB | 5.25% | 10/01/2048 | 100 | &nbsp;&nbsp; 106967 |
| JEA Electric System, Series 2024, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 10/01/2033 | 30 | &nbsp;&nbsp; 34686 |
| JEA Water & Sewer System, Series 2024 A, Ref. RB | 5.00% | 10/01/2044 | 5 | &nbsp;&nbsp; 5334 |
| JEA Water & Sewer System, Series 2024 A, Ref. RB | 5.50% | 10/01/2054 | 300 | &nbsp;&nbsp; 324382 |
| Manatee (County of), FL, Series 2023, RB | 5.25% | 10/01/2048 | 150 | &nbsp;&nbsp; 161904 |
| Manatee (County of), FL, Series 2023, RB | 5.50% | 10/01/2053 | 150 | &nbsp;&nbsp; 163653 |
| Manatee (County of), FL School District, Series 2023 A, COP, (INS - AGI)<sup>(a)</sup> | 5.00% | 07/01/2033 | 10 | &nbsp;&nbsp; 11429 |
| Manatee (County of), FL School District, Series 2023 A, COP, (INS - AGI)<sup>(a)</sup> | 5.00% | 07/01/2035 | 15 | &nbsp;&nbsp; 16964 |
| Manatee (County of), FL School District, Series 2023 A, COP, (INS - AGI)<sup>(a)</sup> | 5.00% | 07/01/2036 | 30 | &nbsp;&nbsp; 33688 |
| Manatee (County of), FL School District, Series 2023 A, COP, (INS - AGI)<sup>(a)</sup> | 5.00% | 07/01/2038 | 155 | &nbsp;&nbsp; 172543 |
| Miami (City of) & Dade (County of), FL School Board (The), Series 2016 C, Ref. COP | 3.25% | 02/01/2033 | 145 | &nbsp;&nbsp; 145005 |
| Miami (City of), FL, Series 2023 A, RB | 5.00% | 03/01/2048 | 40 | &nbsp;&nbsp; 41520 |
| Miami (City of), FL, Series 2023 A, RB | 5.25% | 03/01/2053 | 5 | &nbsp;&nbsp; 5248 |
| Miami-Dade (County of), FL, Series 2024, RB | 5.00% | 04/01/2054 | 40 | &nbsp;&nbsp; 41635 |
| &nbsp;&nbsp;&nbsp; Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2007 B, Ref. <br> RB, (INS - AMBAC)<sup>(a)</sup><br>| 5.25% | 04/01/2033 | 20 | &nbsp;&nbsp; 22663 |
| Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2023, RB | 5.00% | 10/01/2041 | 55 | &nbsp;&nbsp; 59500 |
| Orange (County of), FL School Board, Series 2024 A, COP | 5.00% | 08/01/2033 | 15 | &nbsp;&nbsp; 17280 |
| Orlando (City of), FL Utilities Commission, Series 2023 A, RB | 5.00% | 10/01/2048 | 100 | &nbsp;&nbsp; 104633 |
| Palm Beach County School District, Series 2023 A, COP | 5.00% | 08/01/2036 | 50 | &nbsp;&nbsp; 56135 |
| Palm Beach County School District, Series 2023 A, COP | 5.00% | 08/01/2037 | 10 | &nbsp;&nbsp; 11138 |
| Palm Beach County School District, Series 2023 A, COP | 5.00% | 08/01/2039 | 10 | &nbsp;&nbsp; 10970 |
| Pasco (City of), FL, Series 2023, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 09/01/2048 | 75 | &nbsp;&nbsp; 76993 |
| Sarasota (County of), FL School Board, Series 2023 A, COP | 5.00% | 07/01/2036 | 30 | &nbsp;&nbsp; 33926 |
| Sarasota (County of), FL School Board, Series 2023 B, COP | 5.00% | 07/01/2035 | 40 | &nbsp;&nbsp; 45556 |
| Sarasota (County of), FL School Board, Series 2023 B, COP | 5.00% | 07/01/2037 | 5 | &nbsp;&nbsp; 5620 |
|  |  |  |  | &nbsp;&nbsp; 3204851 |
| **Georgia-1.83%** |  |  |  |  |
| Atlanta (City of), GA, Series 2024, RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 11/01/2033 | 135 | &nbsp;&nbsp; 156848 |
| Atlanta (City of), GA (Social Bonds), Series 2023, RB | 5.00% | 07/01/2044 | 5 | &nbsp;&nbsp; 5312 |
| Atlanta (City of), GA Department of Aviation (Green Bonds), Series 2023 B-1, RB | 5.00% | 07/01/2053 | 175 | &nbsp;&nbsp; 182517 |
| Augusta (City of), GA, Series 2024 A, Ref. RB | 5.00% | 10/01/2033 | 70 | &nbsp;&nbsp; 81042 |
| Columbia (City of), GA (Wellstar Health System, Inc.), Series 2023, RAC | 5.13% | 04/01/2048 | 5 | &nbsp;&nbsp; 5211 |
| DeKalb (County of), GA, Series 2022, Ref. RB | 5.00% | 10/01/2033 | 85 | &nbsp;&nbsp; 96908 |
| Georgia (State of), Series 2015 A, GO Bonds | 4.00% | 02/01/2033 | 5 | &nbsp;&nbsp; 5006 |
| Georgia (State of), Series 2022 A, GO Bonds | 5.00% | 07/01/2033 | 5 | &nbsp;&nbsp; 5742 |
| Georgia (State of), Series 2023 C, Ref. GO Bonds | 5.00% | 01/01/2033 | 5 | &nbsp;&nbsp; 5808 |
| Georgia (State of) (Bidding Group 1), Series 2023 A, GO Bonds | 5.00% | 07/01/2033 | 25 | &nbsp;&nbsp; 29222 |
| Georgia (State of) (Bidding Group 2), Series 2023 A, GO Bonds | 5.00% | 07/01/2036 | 300 | &nbsp;&nbsp; 344729 |
| Georgia (State of) (Bidding Group 2), Series 2023 A, GO Bonds | 5.00% | 07/01/2037 | 5 | &nbsp;&nbsp; 5704 |
| Georgia (State of) (Bidding Group 2), Series 2023 A, GO Bonds | 5.00% | 07/01/2038 | 190 | &nbsp;&nbsp; 215262 |
| Georgia (State of) (Tranche 2), Series 2016 A, GO Bonds | 2.50% | 02/01/2033 | 50 | &nbsp;&nbsp; 48573 |
| &nbsp;&nbsp;&nbsp; Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2023 A, RB, <br> (INS - AGI)<sup>(a)</sup><br>| 5.00% | 07/01/2064 | 125 | &nbsp;&nbsp; 127012 |
| Georgia (State of) Municipal Electric Authority (Project One), Series 2024 B, Ref. RB | 5.00% | 01/01/2033 | 35 | &nbsp;&nbsp; 39537 |
| Georgia (State of) Ports Authority, Series 2022, RB | 5.00% | 07/01/2033 | 55 | &nbsp;&nbsp; 62697 |
| Metropolitan Atlanta Rapid Transit Authority (Green Bonds), Series 2024 A, RB | 5.00% | 07/01/2033 | 5 | &nbsp;&nbsp; 5822 |
| Metropolitan Atlanta Rapid Transit Authority (Green Bonds), Series 2024 B, RB | 5.00% | 07/01/2033 | 25 | &nbsp;&nbsp; 29109 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Georgia-(continued)** |  |  |  |  |
| Private Colleges & Universities Authority (Emory University), Series 2023 B, RB | 5.00% | 09/01/2033 | $250 | &nbsp;&nbsp; $289750 |
| Private Colleges & Universities Authority (Emory University), Series 2025 A, Ref. RB | 5.00% | 09/01/2033 | 125 | &nbsp;&nbsp; 144875 |
|  |  |  |  | &nbsp;&nbsp; 1886686 |
| **Hawaii-0.07%** |  |  |  |  |
| Hawaii (State of), Series 2016 FB, GO Bonds | 3.00% | 04/01/2033 | 25 | &nbsp;&nbsp; 24802 |
| Hawaii (State of), Series 2017 FK, GO Bonds | 3.25% | 05/01/2033 | 10 | &nbsp;&nbsp; 10018 |
| Honolulu (City & County of), HI, Series 2025 F, Ref. GO Bonds | 5.00% | 07/01/2033 | 20 | &nbsp;&nbsp; 23138 |
| Honolulu (City & County of), HI (Green Bonds), Series 2023, RB | 5.25% | 07/01/2053 | 15 | &nbsp;&nbsp; 16038 |
|  |  |  |  | &nbsp;&nbsp; 73996 |
| **Idaho-0.41%** |  |  |  |  |
| Idaho (State of) Housing & Finance Association, Series 2023 A, RB | 5.00% | 08/15/2040 | 35 | &nbsp;&nbsp; 38839 |
| Idaho (State of) Housing & Finance Association, Series 2023 A, RB | 5.00% | 08/15/2041 | 25 | &nbsp;&nbsp; 27483 |
| Idaho (State of) Housing & Finance Association, Series 2023 A, RB | 5.25% | 08/15/2048 | 250 | &nbsp;&nbsp; 268592 |
| Idaho State Building Authority, Series 2024 A, RB | 5.00% | 06/01/2033 | 80 | &nbsp;&nbsp; 92705 |
|  |  |  |  | &nbsp;&nbsp; 427619 |
| **Illinois-4.00%** |  |  |  |  |
| Chicago (City of), IL, Series 2023 A, RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 11/01/2048 | 70 | &nbsp;&nbsp; 73464 |
| Chicago (City of), IL, Series 2023 A, RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 11/01/2053 | 25 | &nbsp;&nbsp; 26029 |
| Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 01/01/2033 | 185 | &nbsp;&nbsp; 207104 |
| Chicago (City of), IL, Series 2024 A, GO Bonds | 5.00% | 01/01/2041 | 125 | &nbsp;&nbsp; 125650 |
| Chicago (City of), IL, Series 2024 B, Ref. GO Bonds | 5.00% | 01/01/2033 | 170 | &nbsp;&nbsp; 180404 |
| Chicago (City of), IL (O'Hare International Airport), Series 2023, Ref. RB, (INS - BAM)<sup>(a)</sup> | 5.25% | 01/01/2041 | 240 | &nbsp;&nbsp; 260552 |
| Chicago (City of), IL (O'Hare International Airport), Series 2023, Ref. RB, (INS - BAM)<sup>(a)</sup> | 5.25% | 01/01/2043 | 25 | &nbsp;&nbsp; 26665 |
| Chicago (City of), IL (O'Hare International Airport), Series 2024 D, Ref. RB | 5.00% | 01/01/2033 | 30 | &nbsp;&nbsp; 34259 |
| Chicago (City of), IL Board of Education, Series 2023, RB | 5.25% | 04/01/2037 | 25 | &nbsp;&nbsp; 26997 |
| Chicago (City of), IL Board of Education, Series 2023, RB | 5.25% | 04/01/2039 | 165 | &nbsp;&nbsp; 175949 |
| Chicago (City of), IL Board of Education, Series 2023, RB | 5.00% | 04/01/2041 | 25 | &nbsp;&nbsp; 25865 |
| Chicago (City of), IL Metropolitan Water Reclamation District, Series 2007 C, Ref. GO Bonds | 5.25% | 12/01/2033 | 35 | &nbsp;&nbsp; 41161 |
| Chicago (City of), IL Midway International Airport, Series 2023 B, Ref. RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 01/01/2033 | 10 | &nbsp;&nbsp; 11461 |
| Chicago (City of), IL Midway International Airport, Series 2023 B, Ref. RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 01/01/2035 | 125 | &nbsp;&nbsp; 141615 |
| Cook (County of), IL, Series 2022 A, Ref. GO Bonds | 5.00% | 11/15/2033 | 70 | &nbsp;&nbsp; 79544 |
| Illinois (State of), Series 2016 D, Ref. RB | 3.00% | 06/15/2033 | 85 | &nbsp;&nbsp; 80955 |
| Illinois (State of), Series 2020 B, GO Bonds | 4.00% | 10/01/2033 | 10 | &nbsp;&nbsp; 10222 |
| Illinois (State of), Series 2022 B, GO Bonds | 5.00% | 10/01/2033 | 155 | &nbsp;&nbsp; 172635 |
| Illinois (State of), Series 2022 B, Ref. GO Bonds | 5.00% | 03/01/2033 | 5 | &nbsp;&nbsp; 5543 |
| Illinois (State of), Series 2023 B, GO Bonds | 5.00% | 12/01/2033 | 45 | &nbsp;&nbsp; 50834 |
| Illinois (State of), Series 2023 B, GO Bonds | 5.00% | 12/01/2036 | 35 | &nbsp;&nbsp; 38544 |
| Illinois (State of), Series 2023 B, GO Bonds | 5.00% | 12/01/2037 | 15 | &nbsp;&nbsp; 16366 |
| Illinois (State of), Series 2023 B, GO Bonds | 5.00% | 12/01/2038 | 75 | &nbsp;&nbsp; 81111 |
| Illinois (State of), Series 2023 C, GO Bonds | 5.00% | 12/01/2039 | 100 | &nbsp;&nbsp; 107535 |
| Illinois (State of), Series 2023 C, GO Bonds | 5.00% | 12/01/2045 | 15 | &nbsp;&nbsp; 15469 |
| Illinois (State of), Series 2023 C, GO Bonds | 5.00% | 12/01/2048 | 500 | &nbsp;&nbsp; 510408 |
| Illinois (State of), Series 2023 D, Ref. GO Bonds | 5.00% | 07/01/2033 | 105 | &nbsp;&nbsp; 116725 |
| Illinois (State of), Series 2024 B, GO Bonds | 5.00% | 05/01/2033 | 25 | &nbsp;&nbsp; 28137 |
| Illinois (State of), Series 2024 B, GO Bonds | 5.00% | 10/01/2036 | 5 | &nbsp;&nbsp; 5505 |
| Illinois (State of), Series 2024, Ref. GO Bonds | 5.00% | 02/01/2033 | 40 | &nbsp;&nbsp; 44944 |
| Illinois (State of), Series 2025 C, GO Bonds | 5.25% | 09/01/2033 | 85 | &nbsp;&nbsp; 97388 |
| Illinois (State of) (Rebuild Illinois Program), Series 2019 B, GO Bonds | 4.00% | 11/01/2033 | 30 | &nbsp;&nbsp; 30549 |
| Illinois (State of) Finance Authority (Green Bonds), Series 2025 B, RB | 5.00% | 07/01/2033 | 10 | &nbsp;&nbsp; 11577 |
| Illinois (State of) Finance Authority (The University of Chicago), Series 2023 A, RB | 5.25% | 05/15/2048 | 100 | &nbsp;&nbsp; 105959 |
| Illinois (State of) Finance Authority (The University of Chicago), Series 2024 B, Ref. RB | 5.00% | 04/01/2033 | 65 | &nbsp;&nbsp; 74336 |
| Illinois (State of) Finance Authority (University of Chicago (The)), Series 2024 A, Ref. RB | 5.00% | 04/01/2033 | 120 | &nbsp;&nbsp; 137236 |
| Illinois (State of) Finance Authority (University of Chicago Medical), Series 2021 A, Ref. RB | 5.00% | 10/01/2033 | 60 | &nbsp;&nbsp; 68963 |
| Illinois (State of) Municipal Electric Agency, Series 2025 A, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 02/01/2033 | 30 | &nbsp;&nbsp; 34311 |
| Illinois (State of) Toll Highway Authority, Series 2023 A, RB | 5.00% | 01/01/2042 | 185 | &nbsp;&nbsp; 199630 |
| Illinois (State of) Toll Highway Authority, Series 2023 A, RB | 5.25% | 01/01/2043 | 75 | &nbsp;&nbsp; 81351 |
| Illinois (State of) Toll Highway Authority, Series 2023 A, RB | 5.00% | 01/01/2044 | 140 | &nbsp;&nbsp; 148467 |
| Illinois (State of) Toll Highway Authority, Series 2023 A, RB | 5.25% | 01/01/2045 | 160 | &nbsp;&nbsp; 171745 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Illinois-(continued)** |  |  |  |  |
| Sales Tax Securitization Corp., Series 2021 A, Ref. RB | 5.00% | 01/01/2033 | $80 | &nbsp;&nbsp; $88804 |
| Sales Tax Securitization Corp., Series 2023 A, Ref. RB | 5.00% | 01/01/2033 | 40 | &nbsp;&nbsp; 44402 |
| Sales Tax Securitization Corp., Series 2023 C, Ref. RB | 5.00% | 01/01/2035 | 90 | &nbsp;&nbsp; 98582 |
| Springfield (City of), IL, Series 2024, Ref. RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 03/01/2033 | 10 | &nbsp;&nbsp; 11286 |
|  |  |  |  | &nbsp;&nbsp; 4126238 |
| **Indiana-1.12%** |  |  |  |  |
| Indiana (State of) Finance Authority (Citizens Energy Group), Series 2023, Ref. RB | 5.00% | 10/01/2035 | 40 | &nbsp;&nbsp; 45669 |
| Indiana (State of) Finance Authority (Green Bonds), Series 2022, RB | 5.00% | 02/01/2033 | 15 | &nbsp;&nbsp; 16960 |
| Indiana (State of) Finance Authority (Green Bonds), Series 2023, Ref. RB | 5.00% | 02/01/2035 | 65 | &nbsp;&nbsp; 74505 |
| Indiana (State of) Finance Authority (Indiana University Health Obligated Group), Series 2023 A, RB | 5.00% | 10/01/2041 | 25 | &nbsp;&nbsp; 27078 |
| Indiana (State of) Finance Authority (Indiana University Health Obligated Group), Series 2023 A, RB | 5.00% | 10/01/2042 | 100 | &nbsp;&nbsp; 107147 |
| Indiana (State of) Finance Authority (Indiana University Health Obligated Group), Series 2023 A, RB | 5.00% | 10/01/2053 | 75 | &nbsp;&nbsp; 77212 |
| Indiana (State of) Finance Authority (Stadium), Series 2022 A, Ref. RB | 5.00% | 02/01/2033 | 40 | &nbsp;&nbsp; 44848 |
| Indiana (State of) Finance Authority (Tippecanoe LLC-Student HSG), Series 2023, RB | 5.00% | 06/01/2053 | 100 | &nbsp;&nbsp; 99425 |
| Indianapolis Local Public Improvement Bond Bank, Series 2023, RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 03/01/2053 | 10 | &nbsp;&nbsp; 10306 |
| Indianapolis Local Public Improvement Bond Bank, Series 2023, RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 03/01/2058 | 150 | &nbsp;&nbsp; 154126 |
| Indianapolis Local Public Improvement Bond Bank, Series 2023, RB, (INS - BAM)<sup>(a)</sup> | 5.25% | 03/01/2067 | 200 | &nbsp;&nbsp; 208183 |
| Indianapolis Local Public Improvement Bond Bank (Circle City Forward Phase II), Series 2023, RB | 5.25% | 02/01/2048 | 125 | &nbsp;&nbsp; 132759 |
| Indianapolis Local Public Improvement Bond Bank (Indianapolis Airport Authority), Series 2023, RB | 5.00% | 01/01/2048 | 50 | &nbsp;&nbsp; 51867 |
| Indianapolis Local Public Improvement Bond Bank (Metropolitan Throughfare), Series 2024, RB | 5.00% | 01/01/2043 | 20 | &nbsp;&nbsp; 21293 |
| Indianapolis Local Public Improvement Bond Bank (Metropolitan Throughfare), Series 2024, RB | 5.00% | 01/01/2044 | 80 | &nbsp;&nbsp; 84653 |
|  |  |  |  | &nbsp;&nbsp; 1156031 |
| **Iowa-0.38%** |  |  |  |  |
| Iowa (State of) Finance Authority (Green Bonds), Series 2023 B, Ref. RB | 5.00% | 08/01/2036 | 35 | &nbsp;&nbsp; 39934 |
| Iowa (State of) Finance Authority (Green Bonds), Series 2023, RB | 5.25% | 08/01/2048 | 100 | &nbsp;&nbsp; 107821 |
| Iowa (State of) Finance Authority (Green Bonds), Series 2023, Ref. RB | 5.00% | 08/01/2035 | 155 | &nbsp;&nbsp; 178165 |
| Iowa (State of) Finance Authority (Green Bonds), Series 2023, Ref. RB | 5.00% | 08/01/2037 | 10 | &nbsp;&nbsp; 11326 |
| Iowa (State of) Finance Authority (Green Bonds), Series 2023, Ref. RB | 5.00% | 08/01/2039 | 50 | &nbsp;&nbsp; 55952 |
|  |  |  |  | &nbsp;&nbsp; 393198 |
| **Kentucky-0.82%** |  |  |  |  |
| Christian County School District Finance Corp., Series 2023, RB, (INS - AGI)<sup>(a)</sup> | 4.50% | 10/01/2053 | 150 | &nbsp;&nbsp; 150101 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 132), Series 2025 A, RB | 5.00% | 04/01/2033 | 20 | &nbsp;&nbsp; 22816 |
| &nbsp;&nbsp;&nbsp; Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.), <br> Series 2023 A, Ref. RB<br>| 5.00% | 10/01/2040 | 160 | &nbsp;&nbsp; 173832 |
| &nbsp;&nbsp;&nbsp; Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.), <br> Series 2023 A, Ref. RB<br>| 5.00% | 10/01/2041 | 20 | &nbsp;&nbsp; 21536 |
| Louisville (City of) & Jefferson (County of), KY Metropolitan Sewer District, Series 2003, Ref. RB | 2.00% | 10/01/2033 | 5 | &nbsp;&nbsp; 4352 |
| Louisville (City of) & Jefferson (County of), KY Metropolitan Sewer District, Series 2023 A, Ref. RB | 5.00% | 05/15/2035 | 180 | &nbsp;&nbsp; 205317 |
| Louisville (City of) & Jefferson (County of), KY Metropolitan Sewer District, Series 2023 C, Ref. RB | 5.00% | 05/15/2051 | 40 | &nbsp;&nbsp; 41679 |
| Louisville (City of) & Jefferson (County of), KY Sewer District, Series 2023 B, Ref. RB | 5.00% | 05/15/2036 | 155 | &nbsp;&nbsp; 175249 |
| Louisville (City of) & Jefferson (County of), KY Sewer District, Series 2023 C, Ref. RB | 5.00% | 05/15/2053 | 50 | &nbsp;&nbsp; 52032 |
|  |  |  |  | &nbsp;&nbsp; 846914 |
| **Louisiana-1.03%** |  |  |  |  |
| Ernest N. Morial New Orleans Exhibition Hall Authority, Series 2023, RB | 5.50% | 07/15/2053 | 250 | &nbsp;&nbsp; 263184 |
| Lafayette (City of), LA, Series 2023, RB, (INS - BAM)<sup>(a)</sup> | 5.13% | 11/01/2048 | 10 | &nbsp;&nbsp; 10480 |
| Louisiana (State of), Series 2017 B, GO Bonds | 3.00% | 10/01/2033 | 25 | &nbsp;&nbsp; 24517 |
| Louisiana (State of), Series 2023 A, Ref. GO Bonds | 5.00% | 02/01/2033 | 10 | &nbsp;&nbsp; 11557 |
| Louisiana (State of), Series 2023, RB | 5.00% | 09/01/2033 | 45 | &nbsp;&nbsp; 51917 |
| Louisiana (State of), Series 2024 A, RB | 5.00% | 05/01/2033 | 15 | &nbsp;&nbsp; 17234 |
| Louisiana (State of), Series 2024 E, GO Bonds | 5.00% | 09/01/2033 | 100 | &nbsp;&nbsp; 116052 |
| Louisiana (State of) (Garvee), Series 2023, RB | 5.00% | 09/01/2035 | 80 | &nbsp;&nbsp; 91580 |
| Louisiana Stadium & Exposition District, Series 2023 A, Ref. RB | 5.00% | 07/01/2036 | 10 | &nbsp;&nbsp; 11258 |
| Louisiana Stadium & Exposition District, Series 2023 A, Ref. RB | 5.00% | 07/01/2041 | 210 | &nbsp;&nbsp; 227189 |
| Louisiana Stadium & Exposition District, Series 2023 A, Ref. RB | 5.00% | 07/01/2048 | 100 | &nbsp;&nbsp; 102856 |
| Louisiana Stadium & Exposition District, Series 2023 A, Ref. RB | 5.25% | 07/01/2053 | 135 | &nbsp;&nbsp; 139991 |
|  |  |  |  | &nbsp;&nbsp; 1067815 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Maine-0.00%** |  |  |  |  |
| Maine (State of) Health & Higher Educational Facilities Authority, Series 2023 B, RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 07/01/2048 | $5 | &nbsp;&nbsp; $5305 |
| **Maryland-1.15%** |  |  |  |  |
| Baltimore (County of), MD (84th Issue), Series 2023, GO Bonds | 5.00% | 03/01/2053 | 20 | &nbsp;&nbsp; 21055 |
| Maryland (State of), First series 2024 A, GO Bonds | 5.00% | 06/01/2033 | 50 | &nbsp;&nbsp; 58163 |
| Maryland (State of), Series 2022, GO Bonds | 5.00% | 06/01/2033 | 75 | &nbsp;&nbsp; 85648 |
| Maryland (State of) (Bidding Group 2), First Series 2023 A, GO Bonds | 5.00% | 03/15/2035 | 45 | &nbsp;&nbsp; 51736 |
| Maryland (State of) (Bidding Group 2), Series 2019 A, GO Bonds | 2.13% | 08/01/2033 | 40 | &nbsp;&nbsp; 36368 |
| Maryland (State of) (Bidding Group 2), Series 2023, A GO Bonds | 5.00% | 03/15/2036 | 45 | &nbsp;&nbsp; 51389 |
| Maryland (State of) Department of Transportation, Series 2019, RB | 2.50% | 10/01/2033 | 135 | &nbsp;&nbsp; 127806 |
| &nbsp;&nbsp;&nbsp; Maryland (State of) Health & Higher Educational Facilities Authority (Frederick Health System), <br> Series 2023, Ref. RB<br>| 5.25% | 07/01/2053 | 155 | &nbsp;&nbsp; 158801 |
| Maryland (State of) Stadium Authority (Football Stadium Issue), Series 2023 A, RB | 5.00% | 03/01/2036 | 240 | &nbsp;&nbsp; 270799 |
| Maryland (State of) Stadium Authority (Football Stadium Issue), Series 2023 A, RB | 5.00% | 03/01/2035 | 100 | &nbsp;&nbsp; 113587 |
| Maryland (State of) Stadium Authority (Football Stadium Issue), Series 2023 A, RB | 5.00% | 03/01/2037 | 50 | &nbsp;&nbsp; 55953 |
| Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB | 3.00% | 07/01/2033 | 40 | &nbsp;&nbsp; 39684 |
| Maryland (State of) Transportation Authority, Series 2024, Ref. RB | 5.00% | 07/01/2033 | 65 | &nbsp;&nbsp; 75684 |
| Montgomery (County of), MD, Series 2020 A, GO Bonds | 3.00% | 08/01/2033 | 40 | &nbsp;&nbsp; 40078 |
|  |  |  |  | &nbsp;&nbsp; 1186751 |
| **Massachusetts-4.05%** |  |  |  |  |
| Boston (City of), MA, Series 2023 A, GO Bonds | 5.00% | 11/01/2040 | 95 | &nbsp;&nbsp; 107677 |
| Boston (City of), MA, Series 2023 A, GO Bonds | 5.00% | 11/01/2041 | 10 | &nbsp;&nbsp; 11230 |
| Boston (City of), MA, Series 2023, A GO Bonds | 5.00% | 11/01/2035 | 25 | &nbsp;&nbsp; 29389 |
| Boston (City of), MA, Series 2025 A, GO Bonds | 5.00% | 02/01/2040 | 30 | &nbsp;&nbsp; 33891 |
| Boston (City of), MA, Series 2025 A, GO Bonds | 5.00% | 02/01/2042 | 5 | &nbsp;&nbsp; 5545 |
| Massachusetts (Commonwealth of), Series 2015 D, GO Bonds | 3.13% | 09/01/2033 | 50 | &nbsp;&nbsp; 50001 |
| Massachusetts (Commonwealth of), Series 2016 E, GO Bonds | 4.00% | 04/01/2033 | 145 | &nbsp;&nbsp; 145041 |
| Massachusetts (Commonwealth of), Series 2017 E, GO Bonds | 3.00% | 11/01/2033 | 70 | &nbsp;&nbsp; 69881 |
| Massachusetts (Commonwealth of), Series 2022 A, GO Bonds | 5.00% | 02/01/2033 | 10 | &nbsp;&nbsp; 11375 |
| Massachusetts (Commonwealth of), Series 2022 C, GO Bonds | 5.00% | 10/01/2033 | 70 | &nbsp;&nbsp; 80324 |
| Massachusetts (Commonwealth of), Series 2022 D, GO Bonds | 5.00% | 11/01/2033 | 10 | &nbsp;&nbsp; 11712 |
| Massachusetts (Commonwealth of), Series 2023 A, GO Bonds | 5.00% | 05/01/2035 | 35 | &nbsp;&nbsp; 40314 |
| Massachusetts (Commonwealth of), Series 2023 A, GO Bonds | 5.00% | 05/01/2036 | 70 | &nbsp;&nbsp; 80074 |
| Massachusetts (Commonwealth of), Series 2023 A, GO Bonds | 5.00% | 05/01/2040 | 15 | &nbsp;&nbsp; 16565 |
| Massachusetts (Commonwealth of), Series 2023 A, GO Bonds | 5.00% | 05/01/2043 | 200 | &nbsp;&nbsp; 215185 |
| Massachusetts (Commonwealth of), Series 2023 A, GO Bonds | 5.00% | 05/01/2048 | 405 | &nbsp;&nbsp; 425176 |
| Massachusetts (Commonwealth of), Series 2023 A, GO Bonds | 5.00% | 05/01/2053 | 35 | &nbsp;&nbsp; 36453 |
| Massachusetts (Commonwealth of), Series 2023 B, GO Bonds | 5.00% | 10/01/2037 | 20 | &nbsp;&nbsp; 22734 |
| Massachusetts (Commonwealth of), Series 2023 B, RB | 5.00% | 06/01/2050 | 20 | &nbsp;&nbsp; 20904 |
| Massachusetts (Commonwealth of), Series 2023 B, Ref. GO Bonds | 5.00% | 05/01/2033 | 50 | &nbsp;&nbsp; 58213 |
| Massachusetts (Commonwealth of), Series 2023 B, Ref. GO Bonds | 5.00% | 05/01/2035 | 100 | &nbsp;&nbsp; 115182 |
| Massachusetts (Commonwealth of), Series 2023 B, Ref. GO Bonds | 5.00% | 05/01/2036 | 20 | &nbsp;&nbsp; 22878 |
| Massachusetts (Commonwealth of), Series 2023 B, Ref. GO Bonds | 5.00% | 05/01/2037 | 75 | &nbsp;&nbsp; 85021 |
| Massachusetts (Commonwealth of), Series 2023 B, Ref. GO Bonds | 5.00% | 05/01/2038 | 15 | &nbsp;&nbsp; 16846 |
| Massachusetts (Commonwealth of), Series 2023 B, Ref. GO Bonds | 5.00% | 05/01/2041 | 95 | &nbsp;&nbsp; 103999 |
| Massachusetts (Commonwealth of), Series 2023 B, Ref. GO Bonds | 5.00% | 05/01/2043 | 35 | &nbsp;&nbsp; 37657 |
| Massachusetts (Commonwealth of), Series 2023 C, GO Bonds | 5.00% | 10/01/2048 | 245 | &nbsp;&nbsp; 257780 |
| Massachusetts (Commonwealth of), Series 2023 C, Ref. GO Bonds | 5.00% | 08/01/2039 | 20 | &nbsp;&nbsp; 22366 |
| Massachusetts (Commonwealth of), Series 2023 C, Ref. GO Bonds | 5.00% | 08/01/2043 | 45 | &nbsp;&nbsp; 48515 |
| Massachusetts (Commonwealth of), Series 2023 D, GO Bonds | 5.00% | 10/01/2052 | 100 | &nbsp;&nbsp; 104410 |
| Massachusetts (Commonwealth of), Series 2023 D, GO Bonds | 5.00% | 10/01/2053 | 175 | &nbsp;&nbsp; 182604 |
| Massachusetts (Commonwealth of), Series 2023, GO Bonds | 5.00% | 05/01/2037 | 15 | &nbsp;&nbsp; 17004 |
| Massachusetts (Commonwealth of), Series 2023, GO Bonds | 5.00% | 05/01/2038 | 115 | &nbsp;&nbsp; 129153 |
| Massachusetts (Commonwealth of) (Rail Enhancement Program) (Green Bonds), Series 2023, RB | 5.00% | 06/01/2053 | 330 | &nbsp;&nbsp; 343627 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2024 A, Ref. RB | 5.00% | 07/01/2033 | 40 | &nbsp;&nbsp; 46575 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2025 B, RB | 5.00% | 07/01/2033 | 5 | &nbsp;&nbsp; 5822 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Subseries 2023 A-1, RB | 5.00% | 07/01/2041 | 20 | &nbsp;&nbsp; 21960 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Subseries 2023 A-1, RB | 5.00% | 07/01/2042 | 15 | &nbsp;&nbsp; 16306 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Subseries 2023 A-1, RB | 5.25% | 07/01/2048 | 165 | &nbsp;&nbsp; 177027 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Subseries 2023 A-1, RB | 5.25% | 07/01/2053 | 325 | &nbsp;&nbsp; 345677 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Massachusetts-(continued)** |  |  |  |  |
| Massachusetts (Commonwealth of) Clean Water Trust (The) (Green Bonds), Series 2023-25B, RB | 5.00% | 02/01/2041 | $10 | &nbsp;&nbsp; $10965 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center) (Green <br> Bopnds), Series 2023, Ref. RB<br>| 5.25% | 07/01/2048 | 235 | &nbsp;&nbsp; 237766 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center) (Green <br> Bopnds), Series 2023, Ref. RB<br>| 5.25% | 07/01/2052 | 30 | &nbsp;&nbsp; 30186 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Development Finance Agency (Boston University), Series 2023 FF, <br> Ref. RB<br>| 5.00% | 10/01/2048 | 40 | &nbsp;&nbsp; 42344 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), <br> Series 2016, Ref. RB<br>| 3.13% | 07/01/2033 | 130 | &nbsp;&nbsp; 130008 |
| Massachusetts (Commonwealth of) Health & Educational Facilities Authority, Series 2005, Ref. RB | 5.00% | 11/01/2033 | 20 | &nbsp;&nbsp; 23564 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2023 B, Ref. <br> RB<br>| 5.25% | 08/01/2048 | 105 | &nbsp;&nbsp; 113583 |
| Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2023 C, RB | 5.00% | 08/01/2033 | 15 | &nbsp;&nbsp; 17596 |
|  |  |  |  | &nbsp;&nbsp; 4178105 |
| **Michigan-1.52%** |  |  |  |  |
| Great Lakes Water Authority, Series 2024 A, Ref. RB | 5.00% | 07/01/2033 | 30 | &nbsp;&nbsp; 34663 |
| Great Lakes Water Authority, Series 2025 A, Ref. RB | 5.00% | 07/01/2033 | 10 | &nbsp;&nbsp; 11554 |
| Great Lakes Water Authority, Series 2025 B, Ref. RB | 5.00% | 07/01/2033 | 5 | &nbsp;&nbsp; 5788 |
| Kentwood Public Schools, Series 2023 II, GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.00% | 05/01/2053 | 100 | &nbsp;&nbsp; 103609 |
| Lansing (City of), MI, Series 2023 B, GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.00% | 06/01/2048 | 50 | &nbsp;&nbsp; 52362 |
| Michigan (State of), Series 2018, GO Bonds | 3.13% | 05/01/2033 | 125 | &nbsp;&nbsp; 125116 |
| Michigan (State of), Series 2023, RB | 5.00% | 11/15/2033 | 125 | &nbsp;&nbsp; 146655 |
| Michigan (State of), Series 2023, RB | 5.00% | 11/15/2035 | 30 | &nbsp;&nbsp; 34533 |
| Michigan (State of), Series 2023, RB | 5.00% | 11/15/2036 | 15 | &nbsp;&nbsp; 17193 |
| Michigan (State of), Series 2023, RB | 5.00% | 11/15/2037 | 75 | &nbsp;&nbsp; 85316 |
| Michigan (State of), Series 2023, RB | 5.00% | 11/15/2039 | 20 | &nbsp;&nbsp; 22363 |
| Michigan (State of), Series 2023, RB | 5.00% | 11/15/2040 | 155 | &nbsp;&nbsp; 172012 |
| Michigan (State of), Series 2023, RB | 5.00% | 11/15/2041 | 50 | &nbsp;&nbsp; 54980 |
| Michigan (State of), Series 2023, RB | 5.00% | 11/15/2043 | 50 | &nbsp;&nbsp; 53802 |
| Michigan (State of), Series 2023, RB | 5.00% | 11/15/2046 | 95 | &nbsp;&nbsp; 100578 |
| Michigan (State of), Series 2023, RB | 5.25% | 11/15/2049 | 250 | &nbsp;&nbsp; 268206 |
| Michigan (State of), Series 2023, RB | 5.50% | 11/15/2049 | 110 | &nbsp;&nbsp; 119857 |
| Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB | 3.00% | 11/15/2033 | 65 | &nbsp;&nbsp; 63800 |
| Michigan Technological University, Series 2023 C, RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 10/01/2053 | 15 | &nbsp;&nbsp; 15808 |
| Troy School District, Series 2023, GO Bonds | 5.00% | 05/01/2047 | 25 | &nbsp;&nbsp; 26168 |
| Troy School District, Series 2023, GO Bonds | 5.00% | 05/01/2052 | 35 | &nbsp;&nbsp; 36353 |
| Wayne (County of), MI Airport Authority (Detroit Metropolitan Airport), Series 2023, RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 12/01/2048 | 15 | &nbsp;&nbsp; 16008 |
|  |  |  |  | &nbsp;&nbsp; 1566724 |
| **Minnesota-0.93%** |  |  |  |  |
| Minnesota (State of), Series 2023 D, Ref. GO Bonds | 5.00% | 08/01/2033 | 50 | &nbsp;&nbsp; 58464 |
| Minnesota (State of), Series 2023 E, Ref. GO Bonds | 5.00% | 08/01/2033 | 55 | &nbsp;&nbsp; 64310 |
| Minnesota (State of), Series 2023, COP | 5.00% | 11/01/2035 | 50 | &nbsp;&nbsp; 57769 |
| Minnesota (State of), Series 2023, COP | 5.00% | 11/01/2036 | 60 | &nbsp;&nbsp; 68756 |
| Minnesota (State of), Series 2023, COP | 5.00% | 11/01/2037 | 80 | &nbsp;&nbsp; 91105 |
| Minnesota (State of), Series 2023, COP | 5.00% | 11/01/2039 | 5 | &nbsp;&nbsp; 5623 |
| Minnesota (State of), Series 2023, COP | 5.00% | 11/01/2042 | 210 | &nbsp;&nbsp; 229901 |
| Minnesota (State of), Series 2024 A, GO Bonds | 5.00% | 08/01/2033 | 50 | &nbsp;&nbsp; 58464 |
| Minnesota (State of) Public Facilities Authority, Series 2023 A, RB | 5.00% | 03/01/2033 | 25 | &nbsp;&nbsp; 29046 |
| Minnesota (State of) Public Facilities Authority, Series 2023 A, RB | 5.00% | 03/01/2035 | 90 | &nbsp;&nbsp; 102844 |
| Minnesota (State of) Public Facilities Authority, Series 2023 A, RB | 5.00% | 03/01/2036 | 30 | &nbsp;&nbsp; 34059 |
| Rochester (City of), MN, Series 2016 B, Ref. RB | 5.00% | 11/15/2033 | 50 | &nbsp;&nbsp; 57999 |
| &nbsp;&nbsp;&nbsp; Rosemount-Apple Valley-Eagan Independent School District No. 196, Series 2023 A, GO Bonds, <br> (CEP - Ohio School District)<br>| 5.00% | 02/01/2033 | 10 | &nbsp;&nbsp; 11333 |
| &nbsp;&nbsp;&nbsp; St. Paul (City of), MN Housing & Redevelopment Authority (Healthpartners Obligated Group), <br> Series 2025, Ref. RB<br>| 5.00% | 07/01/2033 | 80 | &nbsp;&nbsp; 89811 |
|  |  |  |  | &nbsp;&nbsp; 959484 |
| **Missouri-0.83%** |  |  |  |  |
| Hazelwood School District, Series 2023 A, Ref. GO Bonds, (INS - BAM)<sup>(a)</sup> | 5.00% | 03/01/2033 | 40 | &nbsp;&nbsp; 44991 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Missouri-(continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Missouri (State of) Environmental Improvement & Energy Resources Authority (Union Electric Co.), <br> Series 1998 A, Ref. RB<br>| 2.90% | 09/01/2033 | $5 | &nbsp;&nbsp; $4669 |
| &nbsp;&nbsp;&nbsp; Missouri (State of) Environmental Improvement & Energy Resources Authority (Union Electric Co.), <br> Series 1998, Ref. RB<br>| 2.75% | 09/01/2033 | 15 | &nbsp;&nbsp; 14017 |
| Missouri (State of) Health & Educational Facilities Authority (BJC Health System), Series 2023 A, RB | 5.00% | 05/01/2033 | 180 | &nbsp;&nbsp; 206295 |
| Missouri (State of) Health & Educational Facilities Authority (SSM Health), Series 2022 A, RB | 5.00% | 06/01/2033 | 75 | &nbsp;&nbsp; 83232 |
| Missouri (State of) Highway & Transportation Commission, Series 2022, RB | 4.00% | 05/01/2033 | 25 | &nbsp;&nbsp; 27286 |
| Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2016 A, Ref. RB | 4.00% | 12/01/2033 | 110 | &nbsp;&nbsp; 110205 |
| Springfield (City of), MO, Series 2025, Ref. RB | 5.00% | 08/01/2033 | 20 | &nbsp;&nbsp; 23204 |
| St. Louis (City of), MO, Series 2015 B, Ref. RB, (INS - AGI)<sup>(a)</sup> | 3.25% | 12/15/2033 | 345 | &nbsp;&nbsp; 344876 |
|  |  |  |  | &nbsp;&nbsp; 858775 |
| **Nebraska-0.82%** |  |  |  |  |
| Omaha (City of), NE Public Power District, Series 2023 A, RB | 5.25% | 02/01/2048 | 65 | &nbsp;&nbsp; 69227 |
| Omaha (City of), NE Public Power District, Series 2023 A, RB | 5.25% | 02/01/2053 | 40 | &nbsp;&nbsp; 42293 |
| Omaha (City of), NE Public Power District, Series 2023 B, Ref. RB | 5.25% | 02/01/2048 | 30 | &nbsp;&nbsp; 31951 |
| Omaha (City of), NE Public Power District, Series 2024 A, RB | 5.50% | 02/01/2054 | 250 | &nbsp;&nbsp; 269729 |
| Omaha (City of), NE Public Power District, Series 2024 B, Ref. RB | 5.00% | 02/01/2036 | 55 | &nbsp;&nbsp; 62781 |
| Omaha (City of), NE Public Power District, Series 2024 B, Ref. RB | 5.00% | 02/01/2038 | 40 | &nbsp;&nbsp; 44993 |
| Omaha (City of), NE Public Power District, Series 2024 B, Ref. RB | 5.00% | 02/01/2039 | 140 | &nbsp;&nbsp; 156492 |
| Public Power Generation Agency (Whelan Energy Center Unit 2), Series 2016, Ref. RB | 3.00% | 01/01/2033 | 170 | &nbsp;&nbsp; 166764 |
|  |  |  |  | &nbsp;&nbsp; 844230 |
| **Nevada-0.82%** |  |  |  |  |
| Clark (County of), NV, Series 2021, Ref. GO Bonds | 3.00% | 11/01/2033 | 55 | &nbsp;&nbsp; 55023 |
| Clark (County of), NV, Series 2023, RB | 5.00% | 07/01/2038 | 20 | &nbsp;&nbsp; 22363 |
| Clark (County of), NV, Series 2023, RB | 5.00% | 07/01/2039 | 25 | &nbsp;&nbsp; 27783 |
| Clark (County of), NV, Series 2023, RB | 5.00% | 07/01/2040 | 10 | &nbsp;&nbsp; 11043 |
| Clark (County of), NV, Series 2023, RB | 4.00% | 07/01/2042 | 200 | &nbsp;&nbsp; 200027 |
| Clark (County of), NV Water Reclamation District, Series 2023, GO Bonds | 5.00% | 07/01/2046 | 5 | &nbsp;&nbsp; 5272 |
| Las Vegas (City of), NV Convention & Visitors Authority, Series 2023 A, RB | 5.00% | 07/01/2049 | 65 | &nbsp;&nbsp; 67466 |
| Las Vegas Valley Water District, Series 2021 C, GO Bonds | 3.00% | 06/01/2033 | 75 | &nbsp;&nbsp; 74594 |
| Las Vegas Valley Water District, Series 2024 A, Ref. GO Bonds | 5.00% | 06/01/2033 | 25 | &nbsp;&nbsp; 28952 |
| Nevada (State of), Series 2023 A, GO Bonds | 5.00% | 05/01/2035 | 100 | &nbsp;&nbsp; 115792 |
| Nevada (State of), Series 2023 A, GO Bonds | 5.00% | 05/01/2036 | 5 | &nbsp;&nbsp; 5744 |
| Nevada (State of), Series 2023 A, GO Bonds | 5.00% | 05/01/2038 | 5 | &nbsp;&nbsp; 5654 |
| Nevada (State of), Series 2023 A, GO Bonds | 5.00% | 05/01/2039 | 50 | &nbsp;&nbsp; 56165 |
| Nevada (State of), Series 2023 A, GO Bonds | 5.00% | 05/01/2040 | 40 | &nbsp;&nbsp; 44453 |
| Nevada (State of), Series 2023 A, GO Bonds | 5.00% | 05/01/2043 | 10 | &nbsp;&nbsp; 10818 |
| Truckee Meadows Water Authority, Series 2024, RB | 5.00% | 07/01/2033 | 95 | &nbsp;&nbsp; 110261 |
|  |  |  |  | &nbsp;&nbsp; 841410 |
| **New Jersey-2.94%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Middlesex (County of), NJ Improvement Authority (New Jersey Health + Life Science Exchange - H-1), <br> Series 2023, RB<br>| 5.00% | 08/15/2053 | 200 | &nbsp;&nbsp; 209540 |
| &nbsp;&nbsp;&nbsp; New Jersey (State of) Educational Facilities Authority (Stevenns Institute Technology), Series 2024 <br> A-1, RB<br>| 5.00% | 03/01/2033 | 20 | &nbsp;&nbsp; 23237 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022 B, RB | 5.00% | 06/15/2033 | 20 | &nbsp;&nbsp; 22717 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2023 A, RB | 5.00% | 06/15/2038 | 70 | &nbsp;&nbsp; 77431 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2023 A, Ref. RB | 5.00% | 06/15/2037 | 30 | &nbsp;&nbsp; 33423 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2023 A, Ref. RB | 5.25% | 06/15/2042 | 140 | &nbsp;&nbsp; 152144 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2023 AA, RB | 5.00% | 06/15/2038 | 60 | &nbsp;&nbsp; 66369 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2023 AA, Ref. RB | 5.00% | 06/15/2033 | 50 | &nbsp;&nbsp; 57225 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2023 AA, Ref. RB | 5.00% | 06/15/2035 | 145 | &nbsp;&nbsp; 163992 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2023 AA, Ref. RB | 5.00% | 06/15/2036 | 25 | &nbsp;&nbsp; 28064 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2023 AA, Ref. RB | 5.00% | 06/15/2037 | 105 | &nbsp;&nbsp; 116981 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2023 AA, Ref. RB | 5.00% | 06/15/2039 | 30 | &nbsp;&nbsp; 32940 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2023 AA, Ref. RB | 5.00% | 06/15/2040 | 25 | &nbsp;&nbsp; 27226 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB | 5.00% | 06/15/2033 | 45 | &nbsp;&nbsp; 51502 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB | 5.00% | 06/15/2035 | 55 | &nbsp;&nbsp; 62626 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB | 5.00% | 06/15/2036 | 85 | &nbsp;&nbsp; 96025 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New Jersey-(continued)** |  |  |  |  |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB | 5.00% | 06/15/2037 | $110 | &nbsp;&nbsp; $123280 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB | 5.00% | 06/15/2038 | 65 | &nbsp;&nbsp; 72299 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB | 5.00% | 06/15/2039 | 80 | &nbsp;&nbsp; 88292 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB | 5.00% | 06/15/2040 | 150 | &nbsp;&nbsp; 164118 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB | 5.00% | 06/15/2041 | 70 | &nbsp;&nbsp; 75890 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB | 5.00% | 06/15/2043 | 115 | &nbsp;&nbsp; 122591 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB | 5.00% | 06/15/2046 | 455 | &nbsp;&nbsp; 476478 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB | 5.25% | 06/15/2050 | 115 | &nbsp;&nbsp; 121289 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2024 A, Ref. RB | 5.00% | 06/15/2033 | 135 | &nbsp;&nbsp; 154507 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2024 CC, RB | 5.00% | 06/15/2033 | 10 | &nbsp;&nbsp; 11445 |
| New Jersey (State of) Turnpike Authority, Series 2022 B, RB | 5.00% | 01/01/2042 | 20 | &nbsp;&nbsp; 21503 |
| New Jersey (State of) Turnpike Authority, Series 2022 B, RB | 5.00% | 01/01/2046 | 360 | &nbsp;&nbsp; 379264 |
|  |  |  |  | &nbsp;&nbsp; 3032398 |
| **New Mexico-0.11%** |  |  |  |  |
| Farmington (City of), NM (San Juan and Four Corners), Series 2016 B, Ref. RB | 2.15% | 04/01/2033 | 40 | &nbsp;&nbsp; 34844 |
| New Mexico (State of), Series 2023, GO Bonds | 5.00% | 03/01/2033 | 65 | &nbsp;&nbsp; 75100 |
|  |  |  |  | &nbsp;&nbsp; 109944 |
| **New York-18.79%** |  |  |  |  |
| Battery Park (City of), NY Authority (Green Bonds), Series 2023 A, RB | 5.00% | 11/01/2041 | 15 | &nbsp;&nbsp; 16570 |
| Battery Park (City of), NY Authority (Green Bonds), Series 2023 A, RB | 5.00% | 11/01/2043 | 15 | &nbsp;&nbsp; 16237 |
| Battery Park (City of), NY Authority (Green Bonds), Series 2023 A, RB | 5.00% | 11/01/2044 | 55 | &nbsp;&nbsp; 59089 |
| Battery Park (City of), NY Authority (Green Bonds), Series 2023 A, RB | 5.00% | 11/01/2048 | 135 | &nbsp;&nbsp; 143153 |
| Battery Park (City of), NY Authority (Green Bonds), Series 2023 A, RB | 5.00% | 11/01/2053 | 265 | &nbsp;&nbsp; 279543 |
| Battery Park (City of), NY Authority (Green Bonds), Series 2023 B, Ref. RB | 5.00% | 11/01/2033 | 10 | &nbsp;&nbsp; 11853 |
| Hudson Yards Infrastructure Corp. (Green Bonds), Series 2021, Ref. RB | 5.00% | 02/15/2033 | 10 | &nbsp;&nbsp; 11474 |
| Long Island (City of), NY Power Authority, Series 2023 F, Ref. RB | 5.00% | 09/01/2033 | 5 | &nbsp;&nbsp; 5852 |
| Long Island (City of), NY Power Authority (Green Bonds), Series 2023 E, RB | 5.00% | 09/01/2048 | 10 | &nbsp;&nbsp; 10474 |
| Long Island (City of), NY Power Authority (Green Bonds), Series 2023 E, RB | 5.00% | 09/01/2053 | 80 | &nbsp;&nbsp; 83190 |
| Long Island (City of), NY Power Authority (Green Bonds), Series 2023 E, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 09/01/2053 | 240 | &nbsp;&nbsp; 250692 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 B-2, RB | 3.13% | 11/15/2033 | 65 | &nbsp;&nbsp; 64042 |
| Monroe County Industrial Development Corp. (University of Rochester), Series 2023 A, RB | 5.00% | 07/01/2053 | 85 | &nbsp;&nbsp; 88228 |
| Nassau (County of), NY, Series 2023 B, Ref. GO Bonds | 5.00% | 04/01/2036 | 15 | &nbsp;&nbsp; 17243 |
| Nassau (County of), NY, Series 2023 B, Ref. GO Bonds | 5.00% | 04/01/2037 | 5 | &nbsp;&nbsp; 5704 |
| Nassau (County of), NY, Series 2023 B, Ref. GO Bonds | 5.00% | 04/01/2038 | 45 | &nbsp;&nbsp; 50971 |
| New York & New Jersey (States of) Port Authority, One Hundred Seventy Fifth Series 2012, RB | 3.00% | 12/01/2033 | 15 | &nbsp;&nbsp; 14685 |
| New York & New Jersey (States of) Port Authority, Series 2014, RB | 3.50% | 12/15/2033 | 5 | &nbsp;&nbsp; 5001 |
| New York & New Jersey (States of) Port Authority, Series 2023, Ref. RB | 5.00% | 07/15/2043 | 30 | &nbsp;&nbsp; 32254 |
| New York & New Jersey (States of) Port Authority, Series 2023-241, RB | 5.00% | 07/15/2053 | 20 | &nbsp;&nbsp; 20973 |
| New York & New Jersey (States of) Port Authority, Two Hundred Fortieth Series 2023, Ref. RB | 5.00% | 07/15/2040 | 45 | &nbsp;&nbsp; 49795 |
| New York & New Jersey (States of) Port Authority, Two Hundred Fortieth Series 2023, Ref. RB | 5.00% | 07/15/2048 | 10 | &nbsp;&nbsp; 10563 |
| New York & New Jersey (States of) Port Authority, Two Hundred Fortieth Series 2023, Ref. RB | 5.00% | 07/15/2053 | 100 | &nbsp;&nbsp; 104975 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Eight series 2025, Ref. RB | 5.00% | 01/15/2033 | 5 | &nbsp;&nbsp; 5810 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty First Series 2023, RB | 5.00% | 07/15/2040 | 60 | &nbsp;&nbsp; 66393 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty First Series 2023, RB | 5.00% | 07/15/2042 | 205 | &nbsp;&nbsp; 222702 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty First Series 2023, RB | 5.00% | 07/15/2043 | 35 | &nbsp;&nbsp; 37629 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty First Series 2023, RB | 5.00% | 07/15/2048 | 40 | &nbsp;&nbsp; 42251 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty One Series 2023, RB | 5.00% | 07/15/2041 | 40 | &nbsp;&nbsp; 43912 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Series 2023 Ref. RB | 5.00% | 07/15/2041 | 10 | &nbsp;&nbsp; 10978 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Series 2023 Ref. RB | 5.00% | 07/15/2042 | 35 | &nbsp;&nbsp; 38022 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Third Series 2023, Ref. RB | 5.00% | 12/01/2038 | 60 | &nbsp;&nbsp; 67539 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Three Series 2023 Ref. RB | 5.00% | 12/01/2039 | 5 | &nbsp;&nbsp; 5600 |
| New York & New Jersey (States of) Port Authority, Two Hundred Thirty Seventh Series 2022, RB | 5.00% | 01/15/2047 | 50 | &nbsp;&nbsp; 52738 |
| New York (City of), NY, Series 2013 E, GO Bonds | 3.00% | 08/01/2033 | 100 | &nbsp;&nbsp; 96735 |
| New York (City of), NY, Series 2015 F-1, GO Bonds | 3.50% | 06/01/2033 | 5 | &nbsp;&nbsp; 5000 |
| New York (City of), NY, Series 2018 E-1, GO Bonds | 3.25% | 03/01/2033 | 60 | &nbsp;&nbsp; 60269 |
| New York (City of), NY, Series 2021-1, GO Bonds | 5.00% | 08/01/2033 | 65 | &nbsp;&nbsp; 74492 |
| New York (City of), NY, Series 2021-1, GO Bonds | 5.00% | 08/01/2035 | 40 | &nbsp;&nbsp; 45378 |
| New York (City of), NY, Series 2022 B-1, GO Bonds | 5.00% | 10/01/2033 | 25 | &nbsp;&nbsp; 28319 |
| New York (City of), NY, Series 2023 A, GO Bonds | 5.00% | 08/01/2036 | 10 | &nbsp;&nbsp; 11256 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| New York (City of), NY, Series 2023 A, GO Bonds | 5.00% | 08/01/2039 | $100 | &nbsp;&nbsp; $110048 |
| New York (City of), NY, Series 2023 A, GO Bonds | 5.00% | 08/01/2040 | 65 | &nbsp;&nbsp; 70834 |
| New York (City of), NY, Series 2023 A, GO Bonds | 5.00% | 08/01/2041 | 10 | &nbsp;&nbsp; 10759 |
| New York (City of), NY, Series 2023 A, GO Bonds | 5.00% | 08/01/2042 | 20 | &nbsp;&nbsp; 21372 |
| New York (City of), NY, Series 2023 C, Ref. GO Bonds | 5.00% | 08/01/2033 | 35 | &nbsp;&nbsp; 40111 |
| New York (City of), NY, Series 2023 F-1, Ref. GO Bonds | 5.00% | 08/01/2035 | 190 | &nbsp;&nbsp; 215547 |
| New York (City of), NY, Series 2023 F-1, Ref. GO Bonds | 5.00% | 08/01/2036 | 5 | &nbsp;&nbsp; 5628 |
| New York (City of), NY, Series 2023 F-1, Ref. GO Bonds | 5.00% | 08/01/2038 | 80 | &nbsp;&nbsp; 88441 |
| New York (City of), NY, Series 2023, A GO Bonds | 5.00% | 08/01/2033 | 20 | &nbsp;&nbsp; 22921 |
| New York (City of), NY, Series 2023, A GO Bonds | 5.00% | 08/01/2035 | 10 | &nbsp;&nbsp; 11345 |
| New York (City of), NY, Series 2023, A GO Bonds | 5.00% | 08/01/2043 | 40 | &nbsp;&nbsp; 42388 |
| New York (City of), NY, Series 2023, GO Bonds | 5.00% | 08/01/2037 | 45 | &nbsp;&nbsp; 50314 |
| New York (City of), NY, Series 2024 A, GO Bonds | 5.00% | 08/01/2051 | 100 | &nbsp;&nbsp; 102624 |
| New York (City of), NY, Series 2024 A, Ref. GO Bonds | 5.00% | 08/01/2033 | 5 | &nbsp;&nbsp; 5730 |
| New York (City of), NY, Series 2024 C, GO Bonds | 5.00% | 03/01/2033 | 10 | &nbsp;&nbsp; 11412 |
| New York (City of), NY, Series 2024 E, Ref. GO Bonds | 5.00% | 08/01/2033 | 5 | &nbsp;&nbsp; 5730 |
| New York (City of), NY, Series 2025 A-1, GO Bonds | 5.00% | 08/01/2033 | 10 | &nbsp;&nbsp; 11460 |
| New York (City of), NY, Series 2025, Ref. GO Bonds | 5.00% | 08/01/2033 | 45 | &nbsp;&nbsp; 51572 |
| New York (City of), NY, Subseries 2023 E-1, GO Bonds | 5.00% | 04/01/2035 | 150 | &nbsp;&nbsp; 169757 |
| New York (City of), NY, Subseries 2023 E-1, GO Bonds | 5.00% | 04/01/2036 | 60 | &nbsp;&nbsp; 67404 |
| New York (City of), NY, Subseries 2023 E-1, GO Bonds | 5.00% | 04/01/2037 | 130 | &nbsp;&nbsp; 145101 |
| New York (City of), NY, Subseries 2023 E-1, GO Bonds | 5.00% | 04/01/2038 | 190 | &nbsp;&nbsp; 209720 |
| New York (City of), NY, Subseries 2023 E-1, GO Bonds | 5.00% | 04/01/2039 | 45 | &nbsp;&nbsp; 49436 |
| New York (City of), NY, Subseries 2023 E-1, GO Bonds | 5.00% | 04/01/2040 | 15 | &nbsp;&nbsp; 16295 |
| New York (City of), NY, Subseries 2023 E-1, GO Bonds | 5.00% | 04/01/2041 | 215 | &nbsp;&nbsp; 230707 |
| New York (City of), NY, Subseries 2023 E-1, GO Bonds | 5.25% | 04/01/2043 | 110 | &nbsp;&nbsp; 118409 |
| New York (City of), NY, Subseries 2023 E-1, GO Bonds | 5.25% | 04/01/2044 | 70 | &nbsp;&nbsp; 74700 |
| New York (City of), NY, Subseries 2023 E-1, GO Bonds | 5.25% | 04/01/2047 | 155 | &nbsp;&nbsp; 163027 |
| New York (City of), NY, Subseries 2023 F-1, Ref. GO Bonds | 5.00% | 08/01/2033 | 65 | &nbsp;&nbsp; 74492 |
| New York (City of), NY, Subseries 2023 F-1, Ref. GO Bonds | 5.00% | 08/01/2037 | 125 | &nbsp;&nbsp; 139761 |
| New York (City of), NY, Subseries 2025 G-1, GO Bonds | 5.00% | 02/01/2033 | 10 | &nbsp;&nbsp; 11402 |
| New York (City of), NY Municipal Water Finance Authority, Series 2023 AA-2, RB | 5.00% | 06/15/2035 | 40 | &nbsp;&nbsp; 46439 |
| New York (City of), NY Municipal Water Finance Authority, Series 2023 D, Ref. RB | 5.25% | 06/15/2047 | 100 | &nbsp;&nbsp; 106364 |
| New York (City of), NY Municipal Water Finance Authority, Series 2023 DD, Ref. RB | 5.00% | 06/15/2035 | 40 | &nbsp;&nbsp; 46154 |
| New York (City of), NY Municipal Water Finance Authority, Series 2023 DD, Ref. RB | 5.00% | 06/15/2038 | 15 | &nbsp;&nbsp; 16854 |
| New York (City of), NY Municipal Water Finance Authority, Series 2023 DD, Ref. RB | 5.00% | 06/15/2046 | 600 | &nbsp;&nbsp; 628949 |
| New York (City of), NY Municipal Water Finance Authority, Series 2023, Ref. RB | 5.25% | 06/15/2046 | 10 | &nbsp;&nbsp; 10662 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2022 EE, Ref. RB | 5.00% | 06/15/2033 | 55 | &nbsp;&nbsp; 63884 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2023 AA-3, Ref. RB | 5.00% | 06/15/2043 | 15 | &nbsp;&nbsp; 16103 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2024 AA-1, RB | 5.25% | 06/15/2053 | 265 | &nbsp;&nbsp; 280393 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2024 BB-2, Ref. RB | 5.00% | 06/15/2035 | 90 | &nbsp;&nbsp; 104668 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2024 BB-2, Ref. RB | 5.00% | 06/15/2036 | 360 | &nbsp;&nbsp; 414732 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2024 BB-2, Ref. RB | 5.00% | 06/15/2039 | 235 | &nbsp;&nbsp; 264183 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2024 BB-2, Ref. RB | 5.00% | 06/15/2044 | 10 | &nbsp;&nbsp; 10627 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2024 BB-2, Ref. RB | 5.00% | 06/15/2045 | 250 | &nbsp;&nbsp; 264155 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2024 BB-2, Ref. RB | 5.25% | 06/15/2047 | 200 | &nbsp;&nbsp; 213438 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2024 CC-2, Ref. RB | 5.00% | 06/15/2033 | 95 | &nbsp;&nbsp; 110345 |
| New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB | 5.00% | 08/01/2033 | 45 | &nbsp;&nbsp; 51036 |
| New York (City of), NY Transitional Finance Authority, Series 2022 B-1, Ref. RB | 5.00% | 11/01/2033 | 30 | &nbsp;&nbsp; 34116 |
| New York (City of), NY Transitional Finance Authority, Series 2023 A, RB | 5.00% | 05/01/2035 | 90 | &nbsp;&nbsp; 102534 |
| New York (City of), NY Transitional Finance Authority, Series 2023 A, RB | 5.00% | 05/01/2037 | 25 | &nbsp;&nbsp; 27882 |
| New York (City of), NY Transitional Finance Authority, Series 2023 A, RB | 5.00% | 05/01/2038 | 240 | &nbsp;&nbsp; 266351 |
| New York (City of), NY Transitional Finance Authority, Series 2023 A, RB | 5.00% | 05/01/2039 | 60 | &nbsp;&nbsp; 65946 |
| New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB | 5.00% | 05/01/2040 | 20 | &nbsp;&nbsp; 21801 |
| New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB | 5.00% | 05/01/2043 | 25 | &nbsp;&nbsp; 26550 |
| New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB | 5.00% | 05/01/2044 | 110 | &nbsp;&nbsp; 115721 |
| New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB | 5.00% | 05/01/2046 | 255 | &nbsp;&nbsp; 265255 |
| New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB | 5.00% | 05/01/2053 | 75 | &nbsp;&nbsp; 77155 |
| New York (City of), NY Transitional Finance Authority, Series 2023 C, RB | 5.50% | 05/01/2053 | 275 | &nbsp;&nbsp; 294584 |
| New York (City of), NY Transitional Finance Authority, Series 2023 E-1, RB | 5.00% | 11/01/2035 | 35 | &nbsp;&nbsp; 39553 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| New York (City of), NY Transitional Finance Authority, Series 2023 E-1, RB | 5.00% | 11/01/2037 | $35 | &nbsp;&nbsp; $38896 |
| New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB | 5.00% | 11/01/2033 | 30 | &nbsp;&nbsp; 34405 |
| New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB | 5.00% | 11/01/2034 | 60 | &nbsp;&nbsp; 68545 |
| New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB | 5.00% | 11/01/2036 | 195 | &nbsp;&nbsp; 219081 |
| New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB | 5.00% | 11/01/2038 | 75 | &nbsp;&nbsp; 82970 |
| New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB | 5.00% | 11/01/2039 | 15 | &nbsp;&nbsp; 16442 |
| New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB | 5.00% | 11/01/2040 | 60 | &nbsp;&nbsp; 65396 |
| New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB | 5.00% | 11/01/2041 | 75 | &nbsp;&nbsp; 81239 |
| New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB | 5.00% | 02/01/2037 | 55 | &nbsp;&nbsp; 61256 |
| New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB | 5.00% | 02/01/2039 | 85 | &nbsp;&nbsp; 93293 |
| New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB | 5.00% | 02/01/2041 | 55 | &nbsp;&nbsp; 59422 |
| New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB | 5.00% | 02/01/2042 | 15 | &nbsp;&nbsp; 16040 |
| New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB | 5.00% | 02/01/2043 | 10 | &nbsp;&nbsp; 10600 |
| New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB | 5.00% | 02/01/2044 | 25 | &nbsp;&nbsp; 26269 |
| New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB | 5.25% | 02/01/2047 | 160 | &nbsp;&nbsp; 168622 |
| New York (City of), NY Transitional Finance Authority, Series 2023, RB | 5.00% | 05/01/2033 | 25 | &nbsp;&nbsp; 28742 |
| New York (City of), NY Transitional Finance Authority, Series 2023, RB | 5.00% | 05/01/2033 | 5 | &nbsp;&nbsp; 5748 |
| New York (City of), NY Transitional Finance Authority, Series 2023, RB | 5.00% | 05/01/2035 | 10 | &nbsp;&nbsp; 11476 |
| New York (City of), NY Transitional Finance Authority, Series 2023, RB | 5.00% | 05/01/2035 | 5 | &nbsp;&nbsp; 5738 |
| New York (City of), NY Transitional Finance Authority, Series 2023, RB | 5.00% | 05/01/2036 | 50 | &nbsp;&nbsp; 56756 |
| New York (City of), NY Transitional Finance Authority, Series 2023, RB | 5.00% | 05/01/2037 | 45 | &nbsp;&nbsp; 50495 |
| New York (City of), NY Transitional Finance Authority, Series 2023, RB | 5.00% | 05/01/2038 | 5 | &nbsp;&nbsp; 5581 |
| New York (City of), NY Transitional Finance Authority, Series 2023, RB | 5.00% | 05/01/2038 | 80 | &nbsp;&nbsp; 89302 |
| New York (City of), NY Transitional Finance Authority, Series 2023, RB | 5.00% | 05/01/2039 | 195 | &nbsp;&nbsp; 215458 |
| New York (City of), NY Transitional Finance Authority, Series 2023, RB | 5.00% | 05/01/2039 | 40 | &nbsp;&nbsp; 44197 |
| New York (City of), NY Transitional Finance Authority, Series 2023, RB | 5.50% | 05/01/2041 | 25 | &nbsp;&nbsp; 28052 |
| New York (City of), NY Transitional Finance Authority, Series 2023, RB | 5.00% | 05/01/2042 | 10 | &nbsp;&nbsp; 10758 |
| New York (City of), NY Transitional Finance Authority, Series 2023, RB | 5.25% | 05/01/2043 | 20 | &nbsp;&nbsp; 21683 |
| New York (City of), NY Transitional Finance Authority, Series 2023, RB | 5.50% | 05/01/2047 | 10 | &nbsp;&nbsp; 10788 |
| New York (City of), NY Transitional Finance Authority, Series 2023, RB | 5.25% | 05/01/2048 | 500 | &nbsp;&nbsp; 528285 |
| New York (City of), NY Transitional Finance Authority, Series 2023, RB | 5.25% | 05/01/2050 | 135 | &nbsp;&nbsp; 142044 |
| New York (City of), NY Transitional Finance Authority, Series 2023, RB | 5.25% | 05/01/2050 | 5 | &nbsp;&nbsp; 5261 |
| New York (City of), NY Transitional Finance Authority, Series 2023, RB | 5.00% | 05/01/2053 | 5 | &nbsp;&nbsp; 5150 |
| New York (City of), NY Transitional Finance Authority, Series 2024, Ref. RB | 5.00% | 11/01/2033 | 100 | &nbsp;&nbsp; 115567 |
| New York (City of), NY Transitional Finance Authority, Series 2024, Ref. RB | 5.00% | 11/01/2033 | 35 | &nbsp;&nbsp; 40448 |
| New York (City of), NY Transitional Finance Authority, Series 2025, Ref. RB | 5.00% | 11/01/2033 | 15 | &nbsp;&nbsp; 17335 |
| New York (City of), NY Transitional Finance Authority, Subseries 2016 E-1, RB | 3.00% | 02/01/2033 | 105 | &nbsp;&nbsp; 104063 |
| New York (City of), NY Transitional Finance Authority, Subseries 2023 A-1, RB | 5.00% | 05/01/2036 | 50 | &nbsp;&nbsp; 56376 |
| New York (City of), NY Transitional Finance Authority, Subseries 2023 F-1, RB | 5.00% | 02/01/2038 | 120 | &nbsp;&nbsp; 132985 |
| New York (State of), Series 2023 A, GO Bonds | 5.00% | 03/15/2037 | 30 | &nbsp;&nbsp; 34421 |
| New York (State of), Series 2023 A, GO Bonds | 5.00% | 03/15/2038 | 10 | &nbsp;&nbsp; 11393 |
| New York (State of), Series 2023 A, GO Bonds | 5.00% | 03/15/2040 | 95 | &nbsp;&nbsp; 106302 |
| New York (State of), Series 2023 A, GO Bonds | 5.00% | 03/15/2041 | 45 | &nbsp;&nbsp; 49861 |
| New York (State of), Series 2023 B, GO Bonds | 5.00% | 03/15/2035 | 20 | &nbsp;&nbsp; 23281 |
| New York (State of), Series 2023 B, GO Bonds | 5.00% | 03/15/2037 | 15 | &nbsp;&nbsp; 17210 |
| New York (State of), Series 2023 B, GO Bonds | 5.00% | 03/15/2039 | 60 | &nbsp;&nbsp; 67921 |
| New York (State of), Series 2023 B, GO Bonds | 5.00% | 03/15/2041 | 30 | &nbsp;&nbsp; 33241 |
| New York (State of) Dormitory Authority, Series 2019, RB | 2.00% | 07/01/2033 | 665 | &nbsp;&nbsp; 592974 |
| New York (State of) Dormitory Authority, Series 2022 A, Ref. RB | 5.00% | 03/15/2033 | 55 | &nbsp;&nbsp; 62265 |
| New York (State of) Dormitory Authority, Series 2023 A, RB | 5.00% | 10/01/2033 | 100 | &nbsp;&nbsp; 117546 |
| New York (State of) Dormitory Authority, Series 2023 A, Ref. RB | 5.00% | 03/15/2033 | 60 | &nbsp;&nbsp; 69355 |
| New York (State of) Dormitory Authority, Series 2023 A, Ref. RB | 5.00% | 03/15/2035 | 20 | &nbsp;&nbsp; 22809 |
| New York (State of) Dormitory Authority, Series 2023 A, Ref. RB | 5.00% | 03/15/2036 | 55 | &nbsp;&nbsp; 62228 |
| New York (State of) Dormitory Authority, Series 2023 A, Ref. RB | 5.00% | 03/15/2037 | 30 | &nbsp;&nbsp; 33642 |
| New York (State of) Dormitory Authority, Series 2023 A, Ref. RB | 5.00% | 03/15/2038 | 60 | &nbsp;&nbsp; 66650 |
| New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB | 5.00% | 03/15/2033 | 5 | &nbsp;&nbsp; 5780 |
| New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB | 5.00% | 03/15/2035 | 35 | &nbsp;&nbsp; 39990 |
| New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB | 5.00% | 03/15/2036 | 65 | &nbsp;&nbsp; 73679 |
| New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB | 5.00% | 03/15/2037 | 170 | &nbsp;&nbsp; 191227 |
| New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB | 5.00% | 03/15/2038 | 55 | &nbsp;&nbsp; 61511 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB | 5.00% | 03/15/2039 | $110 | &nbsp;&nbsp; $122085 |
| New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB | 5.00% | 03/15/2040 | 30 | &nbsp;&nbsp; 33076 |
| New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB | 5.00% | 03/15/2041 | 65 | &nbsp;&nbsp; 71053 |
| New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB | 5.00% | 03/15/2045 | 200 | &nbsp;&nbsp; 211015 |
| New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB | 5.00% | 03/15/2053 | 100 | &nbsp;&nbsp; 103687 |
| New York (State of) Dormitory Authority, Series 2023, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 10/01/2033 | 25 | &nbsp;&nbsp; 29116 |
| New York (State of) Dormitory Authority, Series 2023, Ref. RB | 5.00% | 08/01/2036 | 15 | &nbsp;&nbsp; 17281 |
| New York (State of) Dormitory Authority, Series 2023, Ref. RB | 5.00% | 08/01/2037 | 120 | &nbsp;&nbsp; 136791 |
| New York (State of) Dormitory Authority, Series 2023, Ref. RB | 5.00% | 08/01/2038 | 60 | &nbsp;&nbsp; 67856 |
| New York (State of) Dormitory Authority, Series 2024 A, Ref. RB | 5.00% | 03/15/2033 | 75 | &nbsp;&nbsp; 86694 |
| New York (State of) Dormitory Authority, Series 2025 A, Ref. RB | 5.00% | 03/15/2033 | 30 | &nbsp;&nbsp; 34678 |
| New York (State of) Dormitory Authority (Bidding Group 5), Series 2021 E, Ref. RB | 5.00% | 03/15/2033 | 50 | &nbsp;&nbsp; 56605 |
| &nbsp;&nbsp;&nbsp; New York (State of) Dormitory Authority (State University of New York Dormitory Facilities), <br> Series 2023 B, RB<br>| 5.00% | 07/01/2033 | 10 | &nbsp;&nbsp; 11562 |
| &nbsp;&nbsp;&nbsp; New York (State of) Dormitory Authority (State University of New York Dormitory Facilities), <br> Series 2023 B, Ref. RB<br>| 5.00% | 07/01/2035 | 5 | &nbsp;&nbsp; 5698 |
| &nbsp;&nbsp;&nbsp; New York (State of) Dormitory Authority (State University of New York Dormitory Facilities) (Green <br> Bonds), Series 2023, RB<br>| 5.00% | 07/01/2048 | 130 | &nbsp;&nbsp; 136950 |
| &nbsp;&nbsp;&nbsp; New York (State of) Dormitory Authority (State University of New York Dormitory Facilities) (Green <br> Bonds), Series 2023, RB<br>| 5.00% | 07/01/2053 | 55 | &nbsp;&nbsp; 57594 |
| New York (State of) Power Authority (Green Bonds), Series 2024 A, RB | 5.00% | 11/15/2033 | 25 | &nbsp;&nbsp; 29489 |
| New York (State of) Power Authority (Green Transmission), Series 2023, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 11/15/2035 | 80 | &nbsp;&nbsp; 93329 |
| New York (State of) Power Authority (Green Transmission), Series 2023, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 11/15/2038 | 30 | &nbsp;&nbsp; 34212 |
| New York (State of) Power Authority (Green Transmission), Series 2023, RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 11/15/2039 | 60 | &nbsp;&nbsp; 69218 |
| New York (State of) Power Authority (Green Transmission), Series 2023, RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 11/15/2040 | 120 | &nbsp;&nbsp; 137858 |
| &nbsp;&nbsp;&nbsp; New York (State of) Power Authority (Green Transmission) (Green Bonds), Series 2023, RB, <br> (INS - AGI)<sup>(a)</sup><br>| 5.00% | 11/15/2033 | 20 | &nbsp;&nbsp; 23559 |
| &nbsp;&nbsp;&nbsp; New York (State of) Power Authority (Green Transmission) (Green Bonds), Series 2023, RB, <br> (INS - AGI)<sup>(a)</sup><br>| 5.25% | 11/15/2042 | 5 | &nbsp;&nbsp; 5615 |
| &nbsp;&nbsp;&nbsp; New York (State of) Power Authority (Green Transmission) (Green Bonds), Series 2023, RB, <br> (INS - AGI)<sup>(a)</sup><br>| 5.13% | 11/15/2058 | 180 | &nbsp;&nbsp; 189303 |
| New York (State of) Thruway Authority (Bidding Group 1), Series 2022 A, Ref. RB | 5.00% | 03/15/2033 | 125 | &nbsp;&nbsp; 142709 |
| New York Liberty Development Corp., Series 2021, Ref. RB | 2.20% | 11/15/2033 | 20 | &nbsp;&nbsp; 17686 |
| &nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2023, <br> Ref. RB<br>| 5.00% | 06/15/2053 | 10 | &nbsp;&nbsp; 10539 |
| &nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2024, <br> Ref. RB<br>| 5.00% | 06/15/2033 | 50 | &nbsp;&nbsp; 58636 |
| New York State Urban Development Corp., Series 2022, Ref. RB | 5.00% | 03/15/2033 | 40 | &nbsp;&nbsp; 45632 |
| New York State Urban Development Corp., Series 2023 A, RB | 5.00% | 03/15/2035 | 10 | &nbsp;&nbsp; 11544 |
| New York State Urban Development Corp., Series 2023, Ref. RB | 5.00% | 03/15/2035 | 30 | &nbsp;&nbsp; 34450 |
| New York State Urban Development Corp. (Bidding Group 1), Series 2024 A, RB | 5.00% | 03/15/2033 | 10 | &nbsp;&nbsp; 11559 |
| New York State Urban Development Corp. (Bidding Group 2), Series 2023 A, RB | 5.00% | 03/15/2039 | 90 | &nbsp;&nbsp; 100680 |
| New York State Urban Development Corp. (Bidding Group 2), Series 2023 A, RB | 5.00% | 03/15/2042 | 45 | &nbsp;&nbsp; 48829 |
| New York State Urban Development Corp. (Bidding Group 3), Series 2023 A, RB | 5.00% | 03/15/2045 | 20 | &nbsp;&nbsp; 21179 |
| New York State Urban Development Corp. (Bidding Group 3), Series 2023 A, RB | 5.00% | 03/15/2046 | 35 | &nbsp;&nbsp; 36803 |
| New York State Urban Development Corp. (Bidding Group 3), Series 2023 A, RB | 5.00% | 03/15/2048 | 135 | &nbsp;&nbsp; 140987 |
| New York State Urban Development Corp. (Bidding Group 4), Series 2023 A, RB | 5.00% | 03/15/2049 | 220 | &nbsp;&nbsp; 229378 |
| New York State Urban Development Corp. (Bidding Group 4), Series 2023 A, RB | 5.00% | 03/15/2050 | 350 | &nbsp;&nbsp; 364269 |
| New York State Urban Development Corp. (Bidding Group 4), Series 2023 A, RB | 5.00% | 03/15/2052 | 105 | &nbsp;&nbsp; 109094 |
| New York State Urban Development Corp. (Green Bonds), Series 2023, Ref. RB | 5.00% | 03/15/2054 | 50 | &nbsp;&nbsp; 52017 |
| New York State Urban Development Corp. (Green Bonds), Series 2023, Ref. RB | 5.00% | 03/15/2063 | 250 | &nbsp;&nbsp; 258631 |
| Triborough Bridge & Tunnel Authority, Series 2023 B, Ref. RB | 5.00% | 11/15/2038 | 5 | &nbsp;&nbsp; 5571 |
| Triborough Bridge & Tunnel Authority, Series 2023, Ref. RB | 5.00% | 11/15/2033 | 20 | &nbsp;&nbsp; 23105 |
| Triborough Bridge & Tunnel Authority, Series 2024 A-2, Ref. RB | 5.00% | 11/15/2033 | 10 | &nbsp;&nbsp; 11662 |
| Triborough Bridge & Tunnel Authority, Series 2025, RB | 5.00% | 12/01/2033 | 5 | &nbsp;&nbsp; 5858 |
| Triborough Bridge & Tunnel Authority, Subseries 2023 B-1, RB | 5.00% | 11/15/2048 | 170 | &nbsp;&nbsp; 177821 |
| Triborough Bridge & Tunnel Authority, Subseries 2023 B-1, RB | 5.25% | 11/15/2053 | 65 | &nbsp;&nbsp; 68949 |
| Triborough Bridge & Tunnel Authority (Green Bonds), Series 2023 C, Ref. RB | 5.00% | 11/15/2033 | 15 | &nbsp;&nbsp; 17493 |
| Triborough Bridge & Tunnel Authority (Green Bonds), Series 2023 C, Ref. RB | 5.00% | 11/15/2037 | 155 | &nbsp;&nbsp; 175734 |
| Triborough Bridge & Tunnel Authority (Green Bonds), Series 2023 C, Ref. RB | 5.00% | 11/15/2038 | 15 | &nbsp;&nbsp; 16847 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| Triborough Bridge & Tunnel Authority (Green Bonds), Series 2023 C, Ref. RB | 5.25% | 11/15/2039 | $75 | &nbsp;&nbsp; $85332 |
| Triborough Bridge & Tunnel Authority (Green Bonds), Series 2023 C, Ref. RB | 5.25% | 11/15/2040 | 190 | &nbsp;&nbsp; 214421 |
| Triborough Bridge & Tunnel Authority (Green Bonds), Series 2023 C, Ref. RB | 5.00% | 11/15/2041 | 75 | &nbsp;&nbsp; 82281 |
| Triborough Bridge & Tunnel Authority (Green Bonds), Series 2023 C, Ref. RB | 5.00% | 11/15/2043 | 40 | &nbsp;&nbsp; 42971 |
| Triborough Bridge & Tunnel Authority (Green Bonds), Series 2023, RB | 5.00% | 11/15/2033 | 35 | &nbsp;&nbsp; 40545 |
| Triborough Bridge & Tunnel Authority (Green Bonds), Series 2023, Ref. RB | 5.00% | 11/15/2035 | 25 | &nbsp;&nbsp; 28797 |
| Triborough Bridge & Tunnel Authority (Green Bonds), Series 2023, Ref. RB | 5.00% | 11/15/2036 | 145 | &nbsp;&nbsp; 165871 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 C-2, Ref. RB | 3.00% | 05/15/2033 | 60 | &nbsp;&nbsp; 60044 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023, Ref. RB | 5.00% | 11/15/2034 | 25 | &nbsp;&nbsp; 28772 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023, Ref. RB | 5.00% | 11/15/2035 | 85 | &nbsp;&nbsp; 97242 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023, Ref. RB | 5.00% | 11/15/2036 | 85 | &nbsp;&nbsp; 96304 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023, Ref. RB | 5.00% | 11/15/2037 | 60 | &nbsp;&nbsp; 67365 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2024, A-2 RB | 5.25% | 05/15/2064 | 200 | &nbsp;&nbsp; 209031 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Subseries 2023 B-1, RB | 5.00% | 11/15/2045 | 5 | &nbsp;&nbsp; 5288 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels) (Green Bonds), Series 2023 C, Ref. <br> RB<br>| 5.25% | 11/15/2042 | 25 | &nbsp;&nbsp; 27615 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels) (Green Bonds), Series 2023, Ref. RB | 4.00% | 11/15/2033 | 30 | &nbsp;&nbsp; 32520 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels) (Green Bonds), Series 2023, Ref. RB | 5.00% | 11/15/2033 | 20 | &nbsp;&nbsp; 23076 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels) (Green Bonds), Series 2023, Ref. RB | 4.00% | 11/15/2035 | 60 | &nbsp;&nbsp; 63769 |
| Triborough Bridge & Tunnel Authority (TBTA Capital Lockbox Fund), Series 2023 A, RB | 5.00% | 05/15/2040 | 20 | &nbsp;&nbsp; 22022 |
| Triborough Bridge & Tunnel Authority (TBTA Capital Lockbox Fund), Series 2023 A, RB | 5.00% | 05/15/2041 | 25 | &nbsp;&nbsp; 27267 |
| Triborough Bridge & Tunnel Authority (TBTA Capital Lockbox Fund), Series 2023 A, RB | 5.00% | 05/15/2043 | 45 | &nbsp;&nbsp; 48088 |
| Triborough Bridge & Tunnel Authority (TBTA Capital Lockbox Fund), Series 2023 A, RB | 5.00% | 05/15/2048 | 170 | &nbsp;&nbsp; 176457 |
| Triborough Bridge & Tunnel Authority (TBTA Capital Lockbox Fund), Series 2023 A, RB | 5.25% | 05/15/2058 | 375 | &nbsp;&nbsp; 393384 |
| Westchester County Local Development Corp. (Blood Center), Series 2024, RB | 5.00% | 07/01/2038 | 20 | &nbsp;&nbsp; 21589 |
| &nbsp;&nbsp;&nbsp; Westchester County Local Development Corp. (Westchester Medical Center Obligated Group), <br> Series 2023, RB, (INS - AGI)<sup>(a)</sup><br>| 5.00% | 11/01/2047 | 30 | &nbsp;&nbsp; 30959 |
| &nbsp;&nbsp;&nbsp; Westchester County Local Development Corp. (Westchester Medical Center Obligated Group), <br> Series 2023, RB, (INS - AGI)<sup>(a)</sup><br>| 5.75% | 11/01/2048 | 200 | &nbsp;&nbsp; 218150 |
|  |  |  |  | &nbsp;&nbsp; 19391661 |
| **North Carolina-0.68%** |  |  |  |  |
| Charlotte (City of), NC, Series 2023 A, RB | 5.25% | 07/01/2053 | 250 | &nbsp;&nbsp; 265572 |
| Mecklenburg (County of), NC, Series 2022, GO Bonds | 5.00% | 09/01/2033 | 20 | &nbsp;&nbsp; 22966 |
| North Carolina (State of), Series 2013 A, RB<sup>(b)(c)</sup> | 3.00% | 12/18/2025 | 80 | &nbsp;&nbsp; 80010 |
| North Carolina (State of), Series 2020 B, RB | 3.00% | 05/01/2033 | 40 | &nbsp;&nbsp; 39646 |
| North Carolina (State of), Series 2025 A, RB | 5.00% | 05/01/2033 | 55 | &nbsp;&nbsp; 63793 |
| North Carolina (State of), Series 2025, Ref. RB | 5.00% | 03/01/2033 | 25 | &nbsp;&nbsp; 28831 |
| North Carolina (State of) (Build North Carolina Programs), Series 2022 A, RB | 5.00% | 05/01/2033 | 15 | &nbsp;&nbsp; 17025 |
| Raleigh (City of), NC, Series 2024, Ref. RB | 5.00% | 10/01/2033 | 10 | &nbsp;&nbsp; 11646 |
| Raleigh (City of), NC Combined Enterprise System, Series 2023, Ref. RB | 5.00% | 09/01/2033 | 25 | &nbsp;&nbsp; 29223 |
| Wake (County of), NC, Series 2023 A, Ref. GO Bonds | 5.00% | 05/01/2037 | 15 | &nbsp;&nbsp; 17047 |
| Wake (County of), NC, Series 2023 A, Ref. GO Bonds | 5.00% | 05/01/2035 | 10 | &nbsp;&nbsp; 11526 |
| Wake (County of), NC, Series 2024 B, Ref. GO Bonds | 5.00% | 09/01/2033 | 100 | &nbsp;&nbsp; 117043 |
|  |  |  |  | &nbsp;&nbsp; 704328 |
| **Ohio-2.25%** |  |  |  |  |
| Allen (County of), OH (Mercy Health), Series 2025, Ref. RB | 5.00% | 11/01/2033 | 25 | &nbsp;&nbsp; 28511 |
| Columbus (City of), OH, Series 2016 A, GO Bonds | 3.00% | 08/15/2033 | 135 | &nbsp;&nbsp; 134914 |
| Columbus (City of), OH, Series 2023 A, GO Bonds | 5.00% | 08/15/2035 | 40 | &nbsp;&nbsp; 46171 |
| Columbus (City of), OH, Series 2023 A, GO Bonds | 5.00% | 08/15/2036 | 50 | &nbsp;&nbsp; 57360 |
| Columbus (City of), OH, Series 2023 A, GO Bonds | 5.00% | 08/15/2037 | 25 | &nbsp;&nbsp; 28487 |
| Northeast Ohio Regional Sewer District, Series 2019, Ref. RB | 3.00% | 11/15/2033 | 50 | &nbsp;&nbsp; 49698 |
| Ohio (State of), Series 2023 A, Ref. GO Bonds | 5.00% | 03/15/2036 | 180 | &nbsp;&nbsp; 205810 |
| Ohio (State of), Series 2023 A, Ref. GO Bonds | 5.00% | 03/15/2037 | 70 | &nbsp;&nbsp; 79474 |
| Ohio (State of), Series 2023, Ref. GO Bonds | 5.00% | 09/01/2033 | 20 | &nbsp;&nbsp; 23378 |
| Ohio (State of), Series 2023, Ref. GO Bonds | 5.00% | 09/01/2036 | 25 | &nbsp;&nbsp; 28690 |
| Ohio (State of) (Infrastructure Improvement), Series 2023, Ref. GO Bonds | 5.00% | 09/01/2035 | 45 | &nbsp;&nbsp; 52029 |
| Ohio (State of) Higher Educational Facility Commission (Kenyon College), Series 2023, Ref. RB | 5.00% | 07/01/2036 | 40 | &nbsp;&nbsp; 44575 |
| &nbsp;&nbsp;&nbsp; Ohio (State of) Higher Educational Facility Commission (Oberlin College 2023) (Green Bonds), <br> Series 2023, RB<br>| 5.00% | 10/01/2048 | 160 | &nbsp;&nbsp; 166440 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Ohio-(continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Ohio (State of) Higher Educational Facility Commission (Oberlin College 2023) (Green Bonds), <br> Series 2023, RB<br>| 5.25% | 10/01/2053 | $110 | &nbsp;&nbsp; $115483 |
| Ohio (State of) Turnpike & Infrastructure Commission, Series 2022, Ref. RB | 5.00% | 02/15/2033 | 20 | &nbsp;&nbsp; 23038 |
| Ohio (State of) Turnpike & Infrastructure Commission, Series 2022, Ref. RB | 5.00% | 02/15/2039 | 50 | &nbsp;&nbsp; 55528 |
| Ohio (State of) Water Development Authority, Series 2023 A, RB | 5.00% | 12/01/2037 | 5 | &nbsp;&nbsp; 5693 |
| Ohio (State of) Water Development Authority (Green Bonds), Series 2023 A, RB | 5.00% | 12/01/2033 | 45 | &nbsp;&nbsp; 52463 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 B, RB | 3.00% | 12/01/2033 | 65 | &nbsp;&nbsp; 65047 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2023, RB | 5.00% | 12/01/2033 | 30 | &nbsp;&nbsp; 34975 |
| &nbsp;&nbsp;&nbsp; Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund) (Green Bonds), <br> Series 2023 B, RB<br>| 5.00% | 12/01/2037 | 370 | &nbsp;&nbsp; 418443 |
| &nbsp;&nbsp;&nbsp; Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund) (Green Bonds), <br> Series 2023 B, RB<br>| 5.00% | 12/01/2039 | 40 | &nbsp;&nbsp; 44618 |
| &nbsp;&nbsp;&nbsp; Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund) (Green Bonds), <br> Series 2023 B, RB<br>| 5.00% | 12/01/2040 | 270 | &nbsp;&nbsp; 299180 |
| &nbsp;&nbsp;&nbsp; Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund) (Green Bonds), <br> Series 2023 B, RB<br>| 5.00% | 12/01/2041 | 5 | &nbsp;&nbsp; 5499 |
| &nbsp;&nbsp;&nbsp; Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund) (Green Bonds), <br> Series 2024 D, RB<br>| 5.00% | 12/01/2033 | 30 | &nbsp;&nbsp; 35122 |
| Ohio State University (The), Series 2023, RB | 5.25% | 12/01/2046 | 30 | &nbsp;&nbsp; 32410 |
| Ohio State University (The) (Green Bonds), Series 2023, RB | 5.00% | 12/01/2033 | 65 | &nbsp;&nbsp; 75133 |
| Ohio State University (The) (Green Bonds), Series 2023, RB | 5.00% | 12/01/2034 | 5 | &nbsp;&nbsp; 5757 |
| Ohio State University (The) (Green Bonds), Series 2023, RB | 5.00% | 12/01/2035 | 90 | &nbsp;&nbsp; 102873 |
| Troy City School District, Series 2024, GO Bonds | 5.00% | 12/01/2054 | 5 | &nbsp;&nbsp; 5259 |
|  |  |  |  | &nbsp;&nbsp; 2322058 |
| **Oklahoma-0.47%** |  |  |  |  |
| Canadian (County of), OK Educational Facilities Authority (Mustang Public Schools), Series 2023, RB | 5.00% | 09/01/2033 | 5 | &nbsp;&nbsp; 5675 |
| Cleveland (County of), OK Educational Facilities Authority (Norman Public Schools), Series 2023, RB | 5.00% | 06/01/2033 | 5 | &nbsp;&nbsp; 5685 |
| Grand River Dam Authority, Series 2023, RB | 5.00% | 06/01/2036 | 165 | &nbsp;&nbsp; 185673 |
| Grand River Dam Authority, Series 2023, RB | 5.00% | 06/01/2037 | 50 | &nbsp;&nbsp; 55860 |
| Grand River Dam Authority, Series 2023, RB | 5.00% | 06/01/2038 | 20 | &nbsp;&nbsp; 22136 |
| Grand River Dam Authority, Series 2023, RB | 5.00% | 06/01/2039 | 5 | &nbsp;&nbsp; 5502 |
| Grand River Dam Authority, Series 2023, RB | 5.00% | 06/01/2040 | 55 | &nbsp;&nbsp; 60109 |
| Grand River Dam Authority, Series 2023, RB | 5.00% | 06/01/2041 | 10 | &nbsp;&nbsp; 10874 |
| Grand River Dam Authority, Series 2023, RB | 5.00% | 06/01/2042 | 20 | &nbsp;&nbsp; 21589 |
| Oklahoma (State of) Industries Authority (Oklahoma City Public Schools), Series 2024, RB | 5.00% | 04/01/2033 | 100 | &nbsp;&nbsp; 114364 |
|  |  |  |  | &nbsp;&nbsp; 487467 |
| **Oregon-1.62%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Deschutes County Administrative School District No.1 Bend-La Pine, Series 2017, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 3.00% | 06/15/2033 | 160 | &nbsp;&nbsp; 158651 |
| Oregon (State of), Series 2023, GO Bonds | 5.00% | 05/01/2035 | 65 | &nbsp;&nbsp; 74633 |
| Oregon (State of) (Article XI - Q State), Series 2023 A, GO Bonds | 5.00% | 05/01/2036 | 15 | &nbsp;&nbsp; 17094 |
| Oregon (State of) (Article XI - Q State), Series 2023 A, GO Bonds | 5.00% | 05/01/2038 | 40 | &nbsp;&nbsp; 44967 |
| Oregon (State of) (Article XI - Q State), Series 2023 A, GO Bonds | 5.00% | 05/01/2039 | 120 | &nbsp;&nbsp; 134053 |
| Oregon (State of) (Article XI-Q State), Series 2023 A, GO Bonds | 5.00% | 05/01/2037 | 55 | &nbsp;&nbsp; 62231 |
| Oregon (State of) (Article XI-Q State), Series 2023 A, GO Bonds | 5.00% | 05/01/2041 | 95 | &nbsp;&nbsp; 104130 |
| Oregon (State of) (Article XI-Q State), Series 2023 A, GO Bonds | 5.00% | 05/01/2043 | 55 | &nbsp;&nbsp; 59327 |
| Oregon (State of) Department of Transportation, Series 2023 A, RB | 5.00% | 11/15/2035 | 55 | &nbsp;&nbsp; 62882 |
| Oregon (State of) Department of Transportation, Series 2023 A, RB | 5.00% | 11/15/2036 | 150 | &nbsp;&nbsp; 170162 |
| Oregon (State of) Department of Transportation, Series 2023 A, RB | 5.00% | 11/15/2037 | 50 | &nbsp;&nbsp; 56314 |
| Oregon (State of) Department of Transportation, Series 2023 A, RB | 5.00% | 11/15/2038 | 15 | &nbsp;&nbsp; 16776 |
| Oregon (State of) Department of Transportation, Series 2023 A, RB | 5.00% | 11/15/2040 | 115 | &nbsp;&nbsp; 126925 |
| Oregon (State of) Department of Transportation, Series 2023 A, RB | 5.00% | 11/15/2041 | 70 | &nbsp;&nbsp; 76636 |
| Oregon (State of) Lottery, Series 2023 A, RB | 5.00% | 04/01/2041 | 10 | &nbsp;&nbsp; 10939 |
| Oregon (State of) Lottery, Series 2023 A, RB | 5.00% | 04/01/2043 | 65 | &nbsp;&nbsp; 69999 |
| Portland (City of), OR, Series 2023 A, Ref. RB | 5.00% | 12/01/2033 | 45 | &nbsp;&nbsp; 51949 |
| Portland (City of), OR, Series 2023 A, Ref. RB | 5.00% | 12/01/2034 | 35 | &nbsp;&nbsp; 40251 |
| Portland (City of), OR, Series 2023 A, Ref. RB | 5.00% | 12/01/2035 | 15 | &nbsp;&nbsp; 17135 |
| Portland (City of), OR, Series 2023 A, Ref. RB | 5.00% | 12/01/2047 | 100 | &nbsp;&nbsp; 105399 |
| Portland Community College District, Series 2023, GO Bonds | 5.00% | 06/15/2037 | 160 | &nbsp;&nbsp; 180608 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Oregon-(continued)** |  |  |  |  |
| Portland Community College District, Series 2023, GO Bonds | 5.00% | 06/15/2038 | $25 | &nbsp;&nbsp; $27965 |
| Tualatin Valley Water District, Series 2023, RB | 5.00% | 06/01/2053 | 5 | &nbsp;&nbsp; 5244 |
|  |  |  |  | &nbsp;&nbsp; 1674270 |
| **Pennsylvania-3.30%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Allegheny (County of), PA Higher Education Building Authority (Carnegie Mellon University), <br> Series 2023, Ref. RB<br>| 5.00% | 08/01/2033 | 20 | &nbsp;&nbsp; 23265 |
| Bethel Park School District, Series 2023, GO Bonds | 5.00% | 08/01/2046 | 5 | &nbsp;&nbsp; 5278 |
| Delaware Valley Regional Finance Authority, Series 2023 A, Ref. RB | 4.00% | 03/01/2033 | 45 | &nbsp;&nbsp; 47564 |
| Pennsylvania (Commonwealth of), First series 2023 A, GO Bonds | 5.00% | 09/01/2033 | 45 | &nbsp;&nbsp; 52121 |
| Pennsylvania (Commonwealth of), First Series 2023, Ref. GO Bonds | 5.00% | 09/01/2035 | 170 | &nbsp;&nbsp; 195244 |
| Pennsylvania (Commonwealth of), First Series 2023, Ref. GO Bonds | 5.00% | 09/01/2036 | 50 | &nbsp;&nbsp; 56895 |
| Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds, (INS - AGI)<sup>(a)</sup> | 3.00% | 09/15/2033 | 445 | &nbsp;&nbsp; 432650 |
| Pennsylvania (Commonwealth of), Series 2022, GO Bonds | 5.00% | 10/01/2033 | 30 | &nbsp;&nbsp; 34300 |
| Pennsylvania (Commonwealth of), Series 2023, Ref. GO Bonds | 5.00% | 09/01/2033 | 5 | &nbsp;&nbsp; 5791 |
| Pennsylvania (Commonwealth of), Series 2025 A, Ref. GO Bonds | 5.00% | 08/15/2033 | 60 | &nbsp;&nbsp; 69461 |
| Pennsylvania (Commonwealth of) (Bid Group B), Series 2023, GO Bonds | 5.00% | 09/01/2037 | 135 | &nbsp;&nbsp; 152579 |
| Pennsylvania (Commonwealth of) (Bid Group B), Series 2023, GO Bonds | 5.00% | 09/01/2038 | 150 | &nbsp;&nbsp; 167969 |
| Pennsylvania (Commonwealth of) (Bid Group C), First Series 2023, Ref. GO Bonds | 5.00% | 09/01/2039 | 25 | &nbsp;&nbsp; 27864 |
| &nbsp;&nbsp;&nbsp; Pennsylvania (Commonwealth of) Economic Development Financing Authority, Series 2017 A, Ref. <br> RB<br>| 3.38% | 11/15/2033 | 195 | &nbsp;&nbsp; 195067 |
| Pennsylvania (Commonwealth of) Turnpike Commission, First Series 2023, Ref. RB | 5.00% | 12/01/2033 | 40 | &nbsp;&nbsp; 45681 |
| Pennsylvania (Commonwealth of) Turnpike Commission, First Series 2023, Ref. RB | 5.00% | 12/01/2034 | 260 | &nbsp;&nbsp; 295425 |
| Pennsylvania (Commonwealth of) Turnpike Commission, First Series 2023, Ref. RB | 5.00% | 12/01/2039 | 505 | &nbsp;&nbsp; 560112 |
| Pennsylvania (Commonwealth of) Turnpike Commission, First Series 2023, Ref. RB | 5.00% | 12/01/2040 | 10 | &nbsp;&nbsp; 11018 |
| Pennsylvania (Commonwealth of) Turnpike Commission, First Series 2024, Ref. RB | 5.00% | 06/01/2033 | 25 | &nbsp;&nbsp; 28478 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2022 A, Ref. RB | 5.00% | 12/01/2033 | 60 | &nbsp;&nbsp; 68828 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2023 A, Ref. RB | 5.00% | 12/01/2035 | 80 | &nbsp;&nbsp; 90177 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2023 A, Ref. RB | 5.00% | 12/01/2053 | 90 | &nbsp;&nbsp; 93247 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2023 A, Ref. RB | 5.25% | 12/01/2053 | 160 | &nbsp;&nbsp; 170432 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2023, Ref. RB | 5.00% | 12/01/2037 | 55 | &nbsp;&nbsp; 62208 |
| Philadelphia (City of), PA, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 09/01/2035 | 30 | &nbsp;&nbsp; 34348 |
| Philadelphia (City of), PA, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 09/01/2037 | 205 | &nbsp;&nbsp; 231357 |
| Philadelphia (City of), PA, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 09/01/2040 | 45 | &nbsp;&nbsp; 49749 |
| Philadelphia (City of), PA, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.50% | 09/01/2053 | 20 | &nbsp;&nbsp; 21626 |
| Pittsburgh (City of), PA Water & Sewer Authority, Series 2019 B, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 09/01/2033 | 25 | &nbsp;&nbsp; 28881 |
| Pittsburgh (City of), PA Water & Sewer Authority, Series 2023 A, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 09/01/2048 | 25 | &nbsp;&nbsp; 26118 |
| Pittsburgh (City of), PA Water & Sewer Authority, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 09/01/2037 | 45 | &nbsp;&nbsp; 50235 |
| Westmoreland (County of), PA Municipal Authority, Series 2017, Ref. RB, (INS - BAM)<sup>(a)</sup> | 3.13% | 08/15/2033 | 70 | &nbsp;&nbsp; 69613 |
|  |  |  |  | &nbsp;&nbsp; 3403581 |
| **Rhode Island-0.27%** |  |  |  |  |
| Rhode Island Health & Educational Building Corp. (Brown University), Series 2022 A, RB | 5.00% | 09/01/2033 | 70 | &nbsp;&nbsp; 79717 |
| Rhode Island Health & Educational Building Corp. (Brown University), Series 2024, RB | 5.00% | 09/01/2035 | 45 | &nbsp;&nbsp; 51380 |
| Rhode Island Health & Educational Building Corp. (Brown University), Series 2024, RB | 5.00% | 09/01/2036 | 50 | &nbsp;&nbsp; 56747 |
| Rhode Island Health & Educational Building Corp. (Providence College), Series 2023, RB | 5.00% | 11/01/2047 | 85 | &nbsp;&nbsp; 87966 |
|  |  |  |  | &nbsp;&nbsp; 275810 |
| **Tennessee-1.11%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Johnson City (City of), TN Health & Educational Facilities Board (Ballad Health Obligated Group), <br> Series 2023 A, Ref. RB<br>| 5.00% | 07/01/2033 | 70 | &nbsp;&nbsp; 78535 |
| &nbsp;&nbsp;&nbsp; Johnson City (City of), TN Health & Educational Facilities Board (Ballad Health Obligated Group), <br> Series 2023 B, RB<br>| 5.00% | 07/01/2033 | 160 | &nbsp;&nbsp; 179508 |
| &nbsp;&nbsp;&nbsp; Knox (County of), TN Health, Educational & Housing Facility Board (University of Tennessee), <br> Series 2024 A-1, RB, (INS - BAM)<sup>(a)</sup><br>| 5.50% | 07/01/2059 | 150 | &nbsp;&nbsp; 158562 |
| Memphis (City of), TN, Series 2024 B, Ref. GO Bonds | 5.00% | 04/01/2042 | 65 | &nbsp;&nbsp; 70279 |
| Memphis (City of), TN, Series 2024 B, Ref. GO Bonds | 5.00% | 04/01/2043 | 5 | &nbsp;&nbsp; 5363 |
| Memphis (City of), TN, Series 2024 B, Ref. GO Bonds | 5.00% | 04/01/2044 | 130 | &nbsp;&nbsp; 138553 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 C, GO Bonds | 3.00% | 01/01/2033 | 75 | &nbsp;&nbsp; 74583 |
| &nbsp;&nbsp;&nbsp; Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities <br> Board (The) (Vanderbilt University Medical Center), Series 2023, RB<br>| 5.00% | 07/01/2033 | 40 | &nbsp;&nbsp; 45136 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Tennessee-(continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Nashville (City of) & Davidson (County of), TN Metropolitan Government of Convention Center <br> Authority, Series 2022 A, GO Bonds<br>| 5.00% | 01/01/2033 | $20 | &nbsp;&nbsp; $22567 |
| &nbsp;&nbsp;&nbsp; Nashville (City of) & Davidson (County of), TN Metropolitan Government (Belmont University), <br> Series 2023, RB<br>| 5.25% | 05/01/2048 | 45 | &nbsp;&nbsp; 46917 |
| Tennessee (State of), Series 2023 A, GO Bonds | 5.00% | 05/01/2035 | 35 | &nbsp;&nbsp; 40339 |
| Tennessee (State of), Series 2023 A, GO Bonds | 5.00% | 05/01/2036 | 15 | &nbsp;&nbsp; 17137 |
| Tennessee (State of), Series 2023 A, GO Bonds | 5.00% | 05/01/2037 | 105 | &nbsp;&nbsp; 119104 |
| Tennessee (State of), Series 2023 A, GO Bonds | 5.00% | 05/01/2038 | 90 | &nbsp;&nbsp; 101394 |
| Tennessee (State of), Series 2023 A, GO Bonds | 5.00% | 05/01/2039 | 20 | &nbsp;&nbsp; 22398 |
| Tennessee (State of), Series 2023, A GO Bonds | 5.00% | 05/01/2040 | 20 | &nbsp;&nbsp; 22155 |
|  |  |  |  | &nbsp;&nbsp; 1142530 |
| **Texas-12.16%** |  |  |  |  |
| Austin (City of), TX, Series 2023, Ref. GO Bonds | 5.00% | 09/01/2033 | 45 | &nbsp;&nbsp; 52053 |
| Austin (City of), TX, Series 2023, Ref. RB | 5.00% | 11/15/2033 | 50 | &nbsp;&nbsp; 57729 |
| Austin (City of), TX, Series 2023, Ref. RB | 5.00% | 11/15/2035 | 80 | &nbsp;&nbsp; 91355 |
| Austin (City of), TX, Series 2023, Ref. RB | 5.00% | 11/15/2036 | 5 | &nbsp;&nbsp; 5655 |
| Austin (City of), TX, Series 2023, Ref. RB | 5.00% | 11/15/2037 | 65 | &nbsp;&nbsp; 72867 |
| Austin (City of), TX, Series 2023, Ref. RB | 5.00% | 11/15/2038 | 50 | &nbsp;&nbsp; 55673 |
| Austin (City of), TX, Series 2023, Ref. RB | 5.00% | 11/15/2048 | 15 | &nbsp;&nbsp; 15690 |
| Austin (City of), TX, Series 2023, Ref. RB | 5.25% | 11/15/2053 | 70 | &nbsp;&nbsp; 74154 |
| Austin (City of), TX, Series 2024, Ref. GO Bonds | 5.00% | 09/01/2033 | 15 | &nbsp;&nbsp; 17351 |
| Austin (City of), TX, Series 2024, Ref. RB | 5.00% | 11/15/2033 | 50 | &nbsp;&nbsp; 57883 |
| Austin Community College District, Series 2023, GO Bonds | 5.00% | 08/01/2048 | 40 | &nbsp;&nbsp; 41991 |
| Austin Community College District, Series 2023, GO Bonds | 5.25% | 08/01/2053 | 20 | &nbsp;&nbsp; 21207 |
| Austin Independent School District, Series 2023, GO Bonds | 5.00% | 08/01/2034 | 50 | &nbsp;&nbsp; 56677 |
| Austin Independent School District, Series 2023, GO Bonds | 5.00% | 08/01/2035 | 175 | &nbsp;&nbsp; 197314 |
| Austin Independent School District, Series 2023, GO Bonds | 5.00% | 08/01/2036 | 50 | &nbsp;&nbsp; 55983 |
| Austin Independent School District, Series 2023, GO Bonds | 5.00% | 08/01/2037 | 15 | &nbsp;&nbsp; 16679 |
| Austin Independent School District, Series 2023, GO Bonds | 5.00% | 08/01/2038 | 95 | &nbsp;&nbsp; 104891 |
| Austin Independent School District, Series 2023, GO Bonds | 5.00% | 08/01/2039 | 35 | &nbsp;&nbsp; 38361 |
| Austin Independent School District, Series 2023, GO Bonds | 5.00% | 08/01/2042 | 100 | &nbsp;&nbsp; 107230 |
| Austin Independent School District, Series 2023, GO Bonds | 5.00% | 08/01/2043 | 50 | &nbsp;&nbsp; 53272 |
| Bastrop Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2048 | 100 | &nbsp;&nbsp; 104479 |
| Bexar (County of), TX, Series 2023, Ctfs. of Obligations | 5.00% | 06/15/2049 | 35 | &nbsp;&nbsp; 36714 |
| &nbsp;&nbsp;&nbsp; Birdville Independent School District, Series 2023 A, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2048 | 65 | &nbsp;&nbsp; 68076 |
| Board of Regents of the University of Texas System, Series 2023 A, RB | 5.00% | 08/15/2033 | 25 | &nbsp;&nbsp; 28546 |
| Board of Regents of the University of Texas System, Series 2024 A, Ref. RB | 5.00% | 08/15/2033 | 10 | &nbsp;&nbsp; 11630 |
| Board of Regents of the University of Texas System, Series 2025 B, RB | 5.00% | 08/15/2033 | 50 | &nbsp;&nbsp; 58149 |
| Carrollton-Farmers Branch Independent School District, Series 2023, GO Bonds<sup>(b)(c)</sup> | 5.00% | 02/15/2033 | 15 | &nbsp;&nbsp; 17282 |
| &nbsp;&nbsp;&nbsp; Carrollton-Farmers Branch Independent School District, Series 2023, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2048 | 105 | &nbsp;&nbsp; 110102 |
| &nbsp;&nbsp;&nbsp; Chapel Hill Independent School District, Series 2023, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2048 | 100 | &nbsp;&nbsp; 105212 |
| Collin (County of), TX, Series 2023, GO Bonds | 5.00% | 02/15/2041 | 10 | &nbsp;&nbsp; 10810 |
| &nbsp;&nbsp;&nbsp; Community Independent School District, Series 2023, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2048 | 100 | &nbsp;&nbsp; 104353 |
| &nbsp;&nbsp;&nbsp; Conroe Independent School District, Series 2024, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2033 | 30 | &nbsp;&nbsp; 34367 |
| &nbsp;&nbsp;&nbsp; Corpus Christi Independent School District, Series 2024, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 08/15/2049 | 160 | &nbsp;&nbsp; 167821 |
| Crowley Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/01/2043 | 85 | &nbsp;&nbsp; 91087 |
| Crowley Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/01/2048 | 200 | &nbsp;&nbsp; 209561 |
| &nbsp;&nbsp;&nbsp; Cypress-Fairbanks Independent School District, Series 2023, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2037 | 80 | &nbsp;&nbsp; 89992 |
| &nbsp;&nbsp;&nbsp; Cypress-Fairbanks Independent School District, Series 2023, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2039 | 25 | &nbsp;&nbsp; 27730 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB | 5.00% | 11/01/2033 | 25 | &nbsp;&nbsp; 28412 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2023 B, Ref. RB | 5.00% | 11/01/2033 | 280 | &nbsp;&nbsp; 323373 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2023 B, Ref. RB | 5.00% | 11/01/2036 | 5 | &nbsp;&nbsp; 5662 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas-(continued)** |  |  |  |  |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2023 B, Ref. RB | 5.00% | 11/01/2039 | $5 | &nbsp;&nbsp; $5549 |
| Dallas (City of), TX, Series 2017, Ref. GO Bonds, (INS - AGI)<sup>(a)</sup> | 3.00% | 02/15/2033 | 70 | &nbsp;&nbsp; 69474 |
| Dallas (City of), TX, Series 2023 A, RB | 5.00% | 10/01/2047 | 40 | &nbsp;&nbsp; 42376 |
| Dallas (City of), TX, Series 2023 A, Ref. GO Bonds | 5.00% | 02/15/2033 | 5 | &nbsp;&nbsp; 5735 |
| Dallas (City of), TX, Series 2023 A, Ref. GO Bonds | 5.00% | 02/15/2035 | 5 | &nbsp;&nbsp; 5687 |
| Dallas (City of), TX, Series 2023 A, Ref. GO Bonds | 5.00% | 02/15/2036 | 20 | &nbsp;&nbsp; 22600 |
| Dallas (City of), TX, Series 2023 A, Ref. GO Bonds | 5.00% | 02/15/2037 | 50 | &nbsp;&nbsp; 56004 |
| Dallas (City of), TX, Series 2023 A, Ref. GO Bonds | 5.00% | 02/15/2038 | 5 | &nbsp;&nbsp; 5548 |
| Dallas (City of), TX, Series 2023 A, Ref. GO Bonds | 5.00% | 02/15/2039 | 25 | &nbsp;&nbsp; 27561 |
| Dallas (City of), TX, Series 2023 A, Ref. GO Bonds | 5.00% | 02/15/2041 | 10 | &nbsp;&nbsp; 10830 |
| Dallas (City of), TX, Series 2024 B, Ref. GO Bonds | 5.00% | 02/15/2033 | 10 | &nbsp;&nbsp; 11470 |
| &nbsp;&nbsp;&nbsp; Dallas (City of), TX Independent School District, Series 2024, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2042 | 35 | &nbsp;&nbsp; 37718 |
| &nbsp;&nbsp;&nbsp; Dallas (City of), TX Independent School District, Series 2024, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2043 | 45 | &nbsp;&nbsp; 48074 |
| &nbsp;&nbsp;&nbsp; Dallas (City of), TX Independent School District, Series 2024, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2044 | 100 | &nbsp;&nbsp; 106093 |
| Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2033 | 80 | &nbsp;&nbsp; 92434 |
| Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2035 | 5 | &nbsp;&nbsp; 5708 |
| Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2036 | 5 | &nbsp;&nbsp; 5666 |
| Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2037 | 110 | &nbsp;&nbsp; 123569 |
| Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2038 | 40 | &nbsp;&nbsp; 44629 |
| Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2039 | 10 | &nbsp;&nbsp; 11107 |
| Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2042 | 150 | &nbsp;&nbsp; 162422 |
| Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2048 | 145 | &nbsp;&nbsp; 152043 |
| Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2053 | 65 | &nbsp;&nbsp; 67323 |
| Dickinson Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 4.13% | 02/15/2048 | 5 | &nbsp;&nbsp; 4821 |
| &nbsp;&nbsp;&nbsp; Duncanville Independent School District, Series 2024, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2049 | 5 | &nbsp;&nbsp; 5232 |
| El Paso (City of), TX, Series 2023, RB | 5.25% | 03/01/2049 | 80 | &nbsp;&nbsp; 84803 |
| Fort Bend (County of), TX, Series 2023, GO Bonds | 5.25% | 03/01/2053 | 110 | &nbsp;&nbsp; 117277 |
| Fort Bend County Texas Public Facility Corp., Series 2023, RB | 5.00% | 03/01/2048 | 65 | &nbsp;&nbsp; 67761 |
| Garland Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2033 | 45 | &nbsp;&nbsp; 51677 |
| Garland Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2036 | 70 | &nbsp;&nbsp; 78908 |
| Garland Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2037 | 25 | &nbsp;&nbsp; 27985 |
| Garland Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2038 | 50 | &nbsp;&nbsp; 55590 |
| Garland Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2039 | 40 | &nbsp;&nbsp; 44206 |
| Garland Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2040 | 75 | &nbsp;&nbsp; 82061 |
| Garland Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2041 | 10 | &nbsp;&nbsp; 10843 |
| Garland Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2048 | 230 | &nbsp;&nbsp; 240593 |
| &nbsp;&nbsp;&nbsp; Greenwood Independent School District, Series 2024, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2049 | 50 | &nbsp;&nbsp; 52096 |
| Harris (County of), TX, Series 2023 A, GO Bonds | 5.00% | 09/15/2048 | 90 | &nbsp;&nbsp; 94520 |
| Harris (County of), TX, Series 2024 A, RB | 5.00% | 08/15/2033 | 15 | &nbsp;&nbsp; 17298 |
| Harris (County of), TX Port Authority of Houston, Series 2023, RB | 5.00% | 10/01/2048 | 10 | &nbsp;&nbsp; 10413 |
| Harris (County of), TX Port Authority of Houston, Series 2023, RB | 5.00% | 10/01/2053 | 200 | &nbsp;&nbsp; 207614 |
| Harris (County of), TX Toll Road Authority (The), Series 2022 A, Ref. RB | 5.00% | 08/15/2033 | 55 | &nbsp;&nbsp; 62419 |
| &nbsp;&nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), <br> Series 2024, Ref. RB<br>| 5.00% | 07/01/2033 | 45 | &nbsp;&nbsp; 51497 |
| Houston (City of), TX, Series 2023 A, GO Bonds | 5.25% | 03/01/2042 | 180 | &nbsp;&nbsp; 195391 |
| Houston (City of), TX, Series 2023, A GO Bonds | 5.00% | 03/01/2038 | 125 | &nbsp;&nbsp; 137893 |
| Houston (City of), TX, Series 2023, GO Bonds | 5.25% | 03/01/2043 | 70 | &nbsp;&nbsp; 75364 |
| Houston (City of), TX, Series 2024, Ref. RB | 5.00% | 11/15/2033 | 5 | &nbsp;&nbsp; 5784 |
| &nbsp;&nbsp;&nbsp; Hurst-Euless-Bedford Independent School District, Series 2024, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 08/15/2033 | 35 | &nbsp;&nbsp; 40388 |
| Hutto Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/01/2048 | 50 | &nbsp;&nbsp; 52422 |
| Irving Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2033 | 55 | &nbsp;&nbsp; 62420 |
| Kermit Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2053 | 5 | &nbsp;&nbsp; 5198 |
| &nbsp;&nbsp;&nbsp; Lamar Consolidated Independent School District, Series 2023 A, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2039 | 130 | &nbsp;&nbsp; 143670 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas-(continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Lamar Consolidated Independent School District, Series 2023 A, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2041 | $40 | &nbsp;&nbsp; $43399 |
| &nbsp;&nbsp;&nbsp; Lamar Consolidated Independent School District, Series 2023 A, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2042 | 20 | &nbsp;&nbsp; 21514 |
| &nbsp;&nbsp;&nbsp; Lamar Consolidated Independent School District, Series 2023 A, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2053 | 250 | &nbsp;&nbsp; 259296 |
| Lamar Consolidated Independent School District, Series 2023, GO Bonds | 5.00% | 02/15/2041 | 15 | &nbsp;&nbsp; 16156 |
| Lamar Consolidated Independent School District, Series 2023, GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.50% | 02/15/2058 | 170 | &nbsp;&nbsp; 182522 |
| Lewisville Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2033 | 145 | &nbsp;&nbsp; 166994 |
| Lewisville Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2036 | 160 | &nbsp;&nbsp; 180951 |
| Lewisville Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2037 | 35 | &nbsp;&nbsp; 39241 |
| Lewisville Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2038 | 40 | &nbsp;&nbsp; 44485 |
| Lewisville Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2039 | 45 | &nbsp;&nbsp; 49755 |
| Lower Colorado River Authority, Series 2024, RB | 5.00% | 05/15/2035 | 25 | &nbsp;&nbsp; 28177 |
| Lower Colorado River Authority, Series 2024, RB | 5.00% | 05/15/2036 | 80 | &nbsp;&nbsp; 89376 |
| Lower Colorado River Authority, Series 2024, RB | 5.00% | 05/15/2040 | 35 | &nbsp;&nbsp; 37853 |
| Lower Colorado River Authority, Series 2024, RB | 5.00% | 05/15/2041 | 20 | &nbsp;&nbsp; 21443 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023, Ref. RB | 5.25% | 05/15/2048 | 150 | &nbsp;&nbsp; 157379 |
| &nbsp;&nbsp;&nbsp; Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023, Ref. RB, <br> (INS - AGI)<sup>(a)</sup><br>| 5.25% | 05/15/2053 | 15 | &nbsp;&nbsp; 15804 |
| &nbsp;&nbsp;&nbsp; Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2024, Ref. RB, <br> (INS - AGI)<sup>(a)</sup><br>| 5.00% | 05/15/2049 | 50 | &nbsp;&nbsp; 52064 |
| &nbsp;&nbsp;&nbsp; Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2024, Ref. RB, <br> (INS - AGI)<sup>(a)</sup><br>| 5.25% | 05/15/2054 | 50 | &nbsp;&nbsp; 52646 |
| Midland Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2036 | 5 | &nbsp;&nbsp; 5619 |
| Midland Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2037 | 10 | &nbsp;&nbsp; 11153 |
| Midland Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2038 | 40 | &nbsp;&nbsp; 44310 |
| Midland Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2047 | 115 | &nbsp;&nbsp; 120685 |
| &nbsp;&nbsp;&nbsp; New Caney Independent School District, Series 2023, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2053 | 100 | &nbsp;&nbsp; 104335 |
| North Texas Tollway Authority, Series 2017 B, Ref. RB, (INS - AGI)<sup>(a)</sup> | 3.13% | 01/01/2033 | 150 | &nbsp;&nbsp; 150432 |
| &nbsp;&nbsp;&nbsp; Northwest Independent School District, Series 2024, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2049 | 135 | &nbsp;&nbsp; 141254 |
| Pasadena Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2048 | 40 | &nbsp;&nbsp; 41792 |
| Permanent University Fund - University of Texas System, Series 2022, RB | 5.00% | 07/01/2033 | 85 | &nbsp;&nbsp; 96753 |
| Permanent University Fund - University of Texas System, Series 2023 A, Ref. RB | 5.00% | 07/01/2040 | 300 | &nbsp;&nbsp; 331930 |
| Permanent University Fund - University of Texas System, Series 2023 A, Ref. RB | 5.00% | 07/01/2041 | 5 | &nbsp;&nbsp; 5482 |
| Pflugerville Independent School District, Series 2023 A, GO Bonds | 5.00% | 02/15/2033 | 100 | &nbsp;&nbsp; 112899 |
| Prosper Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 02/15/2048 | 100 | &nbsp;&nbsp; 94118 |
| Rockwall Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.25% | 02/15/2048 | 100 | &nbsp;&nbsp; 106654 |
| &nbsp;&nbsp;&nbsp; Round Rock Independent School District, Series 2019 A, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 3.00% | 08/01/2033 | 75 | &nbsp;&nbsp; 75021 |
| &nbsp;&nbsp;&nbsp; Royse (City of), TX Independent School District, Series 2023, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2053 | 100 | &nbsp;&nbsp; 103906 |
| San Antonio (City of), TX, Series 2023 A, RB | 5.00% | 02/01/2036 | 55 | &nbsp;&nbsp; 61976 |
| San Antonio (City of), TX, Series 2023 A, RB | 5.00% | 02/01/2038 | 5 | &nbsp;&nbsp; 5535 |
| San Antonio (City of), TX, Series 2023 A, Ref. RB | 5.25% | 02/01/2046 | 315 | &nbsp;&nbsp; 333527 |
| San Antonio (City of), TX, Series 2023 B, RB | 5.00% | 02/01/2039 | 75 | &nbsp;&nbsp; 82340 |
| San Antonio (City of), TX, Series 2023 B, RB | 5.25% | 02/01/2041 | 20 | &nbsp;&nbsp; 21820 |
| San Antonio (City of), TX, Series 2023 B, RB | 5.25% | 02/01/2044 | 25 | &nbsp;&nbsp; 26659 |
| San Antonio (City of), TX, Series 2023, RB | 5.00% | 02/01/2037 | 75 | &nbsp;&nbsp; 83787 |
| San Antonio (City of), TX, Series 2024 D, Ref. RB | 5.00% | 02/01/2033 | 5 | &nbsp;&nbsp; 5718 |
| San Antonio (City of), TX Water System, Series 2023 A, Ref. RB | 5.25% | 05/15/2048 | 125 | &nbsp;&nbsp; 133899 |
| &nbsp;&nbsp;&nbsp; San Marcos Consolidated Independent School District, Series 2023, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.25% | 08/15/2047 | 110 | &nbsp;&nbsp; 118095 |
| Seguin (City of), TX, Series 2024, Ctfs. of Obligations | 5.25% | 09/01/2058 | 100 | &nbsp;&nbsp; 104993 |
| sherman (City of), TX, Series 2023, Ctfs. of Obligations | 5.00% | 08/15/2048 | 50 | &nbsp;&nbsp; 52162 |
| &nbsp;&nbsp;&nbsp; Sherman Independent School District, Series 2023 B, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2053 | 150 | &nbsp;&nbsp; 155765 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas-(continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Splendora Independent School District, Series 2023, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.10% | 02/15/2048 | $100 | &nbsp;&nbsp; $96071 |
| Spring Independent School District, Series 2023, GO Bonds | 5.00% | 08/15/2047 | 30 | &nbsp;&nbsp; 31521 |
| Tarrant County College District, Series 2022, GO Bonds | 5.00% | 08/15/2033 | 100 | &nbsp;&nbsp; 113005 |
| &nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health), Series 2016 <br> A, Ref. RB<br>| 3.00% | 11/15/2033 | 225 | &nbsp;&nbsp; 222232 |
| Texas (State of) Transportation Commission, Series 2024, Ref. GO Bonds | 5.00% | 04/01/2033 | 40 | &nbsp;&nbsp; 46117 |
| Texas (State of) Transportation Commission, Series 2024, Ref. GO Bonds | 5.00% | 04/01/2035 | 125 | &nbsp;&nbsp; 143843 |
| Texas (State of) Transportation Commission, Series 2024, Ref. GO Bonds | 5.00% | 04/01/2036 | 10 | &nbsp;&nbsp; 11428 |
| Texas (State of) Transportation Commission, Series 2024, Ref. GO Bonds | 5.00% | 04/01/2037 | 110 | &nbsp;&nbsp; 124768 |
| Texas (State of) Transportation Commission, Series 2024, Ref. GO Bonds | 5.00% | 04/01/2038 | 10 | &nbsp;&nbsp; 11261 |
| Texas (State of) Transportation Commission, Series 2024, Ref. GO Bonds | 5.00% | 04/01/2039 | 65 | &nbsp;&nbsp; 72735 |
| Texas (State of) Transportation Commission, Series 2024, Ref. GO Bonds | 5.00% | 04/01/2041 | 45 | &nbsp;&nbsp; 49347 |
| Texas (State of) Transportation Commission State Highway Fund, Series 2024, Ref. RB | 5.00% | 10/01/2033 | 35 | &nbsp;&nbsp; 40574 |
| Texas (State of) Water Development Board, Series 2019 A, RB | 3.00% | 10/15/2033 | 30 | &nbsp;&nbsp; 30015 |
| Texas (State of) Water Development Board, Series 2023 A, RB | 5.00% | 10/15/2033 | 15 | &nbsp;&nbsp; 17408 |
| Texas (State of) Water Development Board, Series 2023 A, RB | 5.00% | 10/15/2037 | 100 | &nbsp;&nbsp; 113099 |
| Texas (State of) Water Development Board, Series 2023 A, RB | 4.60% | 10/15/2039 | 25 | &nbsp;&nbsp; 26714 |
| Texas (State of) Water Development Board, Series 2023 A, RB | 4.65% | 10/15/2040 | 30 | &nbsp;&nbsp; 31873 |
| Texas (State of) Water Development Board, Series 2023 A, RB | 4.75% | 10/15/2043 | 60 | &nbsp;&nbsp; 62663 |
| Texas (State of) Water Development Board, Series 2023 A, RB | 5.00% | 10/15/2044 | 15 | &nbsp;&nbsp; 16039 |
| Texas (State of) Water Development Board, Series 2023 A, RB | 4.88% | 10/15/2048 | 75 | &nbsp;&nbsp; 77545 |
| Texas (State of) Water Development Board, Series 2023 A, RB | 5.25% | 10/15/2051 | 250 | &nbsp;&nbsp; 265205 |
| Texas (State of) Water Development Board, Series 2023 A, RB | 5.00% | 10/15/2058 | 140 | &nbsp;&nbsp; 144504 |
| Texas A&M University, Series 2024 A, RB | 5.00% | 05/15/2033 | 200 | &nbsp;&nbsp; 231202 |
| Texas State University Board of Regents, Series 2023 A, RB | 5.00% | 02/15/2035 | 5 | &nbsp;&nbsp; 5667 |
| Texas State University Board of Regents, Series 2023 A, RB | 5.00% | 02/15/2036 | 150 | &nbsp;&nbsp; 168778 |
| Tomball Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2048 | 100 | &nbsp;&nbsp; 104669 |
| &nbsp;&nbsp;&nbsp; Tomball Independent School District, Series 2024, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2033 | 50 | &nbsp;&nbsp; 57419 |
| Wylie Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.25% | 08/15/2054 | 10 | &nbsp;&nbsp; 10613 |
|  |  |  |  | &nbsp;&nbsp; 12551126 |
| **Utah-0.33%** |  |  |  |  |
| Intermountain Power Agency, Series 2023 A, RB | 5.00% | 07/01/2033 | 15 | &nbsp;&nbsp; 16883 |
| University of Utah (The), Series 2023 B, RB | 5.25% | 08/01/2053 | 5 | &nbsp;&nbsp; 5305 |
| University of Utah (The) (Green Bonds), Series 2022 B, RB | 5.00% | 08/01/2033 | 10 | &nbsp;&nbsp; 11376 |
| University of Utah (The) (Green Bonds), Series 2023 B, RB | 5.25% | 08/01/2048 | 125 | &nbsp;&nbsp; 134096 |
| Utah (State of) Transit Authority, Series 2023, RB | 5.00% | 12/15/2041 | 75 | &nbsp;&nbsp; 82582 |
| Utah (State of) Transit Authority, Series 2024, Ref. RB | 5.00% | 06/15/2033 | 35 | &nbsp;&nbsp; 40602 |
| Utah Transit Authority, Series 2025, Ref. RB | 5.00% | 12/15/2033 | 40 | &nbsp;&nbsp; 46661 |
|  |  |  |  | &nbsp;&nbsp; 337505 |
| **Vermont-0.02%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Vermont (State of) Educational & Health Buildings Financing Agency (Middlebury College), <br> Series 2023, RB<br>| 5.00% | 11/01/2052 | 25 | &nbsp;&nbsp; 26029 |
| **Virginia-1.15%** |  |  |  |  |
| Fairfax (County of), VA, Series 2024 A, GO Bonds | 4.00% | 10/01/2035 | 15 | &nbsp;&nbsp; 15995 |
| Fairfax (County of), VA, Series 2024 A, GO Bonds | 5.00% | 10/01/2036 | 50 | &nbsp;&nbsp; 57024 |
| Fairfax (County of), VA, Series 2024 A, GO Bonds | 5.00% | 10/01/2037 | 40 | &nbsp;&nbsp; 45241 |
| &nbsp;&nbsp;&nbsp; Isle Wight (County of), VA Economic Development Authority (Riverside Health System), Series 2023, <br> RB, (INS - AGI)<sup>(a)</sup><br>| 5.25% | 07/01/2043 | 50 | &nbsp;&nbsp; 54403 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Centuity College and Equipment), <br> Series 2023, RB<br>| 5.00% | 02/01/2033 | 70 | &nbsp;&nbsp; 80846 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment <br> Programs), Series 2023, RB<br>| 5.00% | 02/01/2039 | 165 | &nbsp;&nbsp; 183980 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment <br> Programs), Series 2023, RB<br>| 5.00% | 02/01/2040 | 170 | &nbsp;&nbsp; 187691 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment <br> Programs), Series 2023, RB<br>| 5.00% | 02/01/2041 | 70 | &nbsp;&nbsp; 76642 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Virginia-(continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment <br> Programs), Series 2023, Ref. RB<br>| 5.00% | 02/01/2035 | $10 | &nbsp;&nbsp; $11462 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments <br> Programs), Series 2023, RB<br>| 5.00% | 02/01/2036 | 10 | &nbsp;&nbsp; 11380 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments <br> Programs), Series 2023, RB<br>| 5.00% | 02/01/2037 | 115 | &nbsp;&nbsp; 129887 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments <br> Programs), Series 2023, Ref. RB<br>| 5.00% | 02/01/2033 | 20 | &nbsp;&nbsp; 23099 |
| Virginia (Commonwealth of) Public Building Authority (Bidding Group 1), Series 2022 A, RB | 5.00% | 08/01/2033 | 65 | &nbsp;&nbsp; 74244 |
| Virginia (Commonwealth of) Transportation Board (Transportation Capital), Series 2022, Ref. RB | 4.00% | 05/15/2033 | 25 | &nbsp;&nbsp; 26942 |
| Virginia (Commonwealth of) Transportation Board (Transportation Capital), Series 2024, Ref. RB | 5.00% | 05/15/2033 | 65 | &nbsp;&nbsp; 75426 |
| Virginia Port Authority Commonwealth Port Fund, Series 2023 A, RB | 5.25% | 07/01/2048 | 100 | &nbsp;&nbsp; 107293 |
| Williamsburg Economic Development Authority (William & Mary), Series 2023 A, RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 07/01/2053 | 25 | &nbsp;&nbsp; 26541 |
|  |  |  |  | &nbsp;&nbsp; 1188096 |
| **Washington-3.62%** |  |  |  |  |
| Energy Northwest, Series 2023 A, Ref. RB | 5.00% | 07/01/2033 | 75 | &nbsp;&nbsp; 87160 |
| Energy Northwest, Series 2023 B, Ref. RB | 5.00% | 07/01/2035 | 45 | &nbsp;&nbsp; 51514 |
| Energy Northwest, Series 2024 A, Ref. RB | 5.00% | 07/01/2033 | 50 | &nbsp;&nbsp; 58107 |
| Energy Northwest (Columbia Generating Station), Series 2022, Ref. RB | 5.00% | 07/01/2033 | 45 | &nbsp;&nbsp; 51257 |
| Energy Northwest (Columbia Generating Station), Series 2023, Ref. RB | 5.00% | 07/01/2036 | 90 | &nbsp;&nbsp; 102234 |
| Energy Northwest (Columbia Generating Station), Series 2023, Ref. RB | 5.00% | 07/01/2037 | 135 | &nbsp;&nbsp; 152237 |
| Energy Northwest (Columbia Generating Station), Series 2023, Ref. RB | 5.00% | 07/01/2038 | 90 | &nbsp;&nbsp; 100763 |
| Energy Northwest (Columbia Generating Station), Series 2023, Ref. RB | 5.00% | 07/01/2039 | 135 | &nbsp;&nbsp; 150313 |
| &nbsp;&nbsp;&nbsp; Franklin County School District No. 1 Pasco, Series 2023, Ref. GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2037 | 30 | &nbsp;&nbsp; 33586 |
| &nbsp;&nbsp;&nbsp; Franklin County School District No. 1 Pasco, Series 2023, Ref. GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2038 | 15 | &nbsp;&nbsp; 16685 |
| &nbsp;&nbsp;&nbsp; King & Snohomish Counties School District No. 417 Northshore, Series 2024, Ref. GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 4.00% | 12/01/2033 | 10 | &nbsp;&nbsp; 10824 |
| King (County of), WA, Series 2024 A, Ref. RB | 5.00% | 01/01/2033 | 30 | &nbsp;&nbsp; 34635 |
| King (County of), WA Public Hospital District No. 2, Series 2024, GO Bonds | 5.25% | 12/01/2045 | 15 | &nbsp;&nbsp; 16046 |
| &nbsp;&nbsp;&nbsp; King County School District No. 401 Highline, Series 2023, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2033 | 10 | &nbsp;&nbsp; 11416 |
| Seattle (City of), WA, Series 2023 A, Ref. RB | 5.00% | 03/01/2048 | 40 | &nbsp;&nbsp; 41926 |
| Seattle (City of), WA, Series 2023 A, Ref. RB | 5.00% | 03/01/2053 | 20 | &nbsp;&nbsp; 20760 |
| Seattle (City of), WA, Series 2023, RB | 5.00% | 02/01/2049 | 25 | &nbsp;&nbsp; 26249 |
| Seattle (City of), WA, Series 2023, RB | 5.00% | 02/01/2053 | 75 | &nbsp;&nbsp; 78341 |
| Seattle (Port of), WA, Series 2022 A, Ref. RB | 5.00% | 08/01/2033 | 100 | &nbsp;&nbsp; 113829 |
| &nbsp;&nbsp;&nbsp; Snohomish County School District No. 15 Edmonds, Series 2024, Ref. GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2033 | 20 | &nbsp;&nbsp; 23273 |
| University of Washington, Series 2024 C, RB | 5.00% | 04/01/2033 | 10 | &nbsp;&nbsp; 11544 |
| Washington (State of), Series 2022 A-1, GO Bonds | 5.00% | 08/01/2033 | 5 | &nbsp;&nbsp; 5700 |
| Washington (State of), Series 2023 A, GO Bonds | 5.00% | 08/01/2035 | 20 | &nbsp;&nbsp; 22944 |
| Washington (State of), Series 2023 B, GO Bonds | 5.00% | 06/01/2038 | 60 | &nbsp;&nbsp; 67296 |
| Washington (State of), Series 2023 B, GO Bonds | 5.00% | 06/01/2041 | 25 | &nbsp;&nbsp; 27338 |
| Washington (State of), Series 2023 B, Ref. GO Bonds | 5.00% | 07/01/2041 | 10 | &nbsp;&nbsp; 10943 |
| Washington (State of), Series 2024 A, GO Bonds | 5.00% | 08/01/2033 | 25 | &nbsp;&nbsp; 29024 |
| Washington (State of), Series 2024 C, GO Bonds | 5.00% | 02/01/2033 | 20 | &nbsp;&nbsp; 23085 |
| Washington (State of), Series 2024, Ref. GO Bonds | 5.00% | 07/01/2033 | 5 | &nbsp;&nbsp; 5799 |
| Washington (State of), Series 2025-2, Ref. GO Bonds | 5.00% | 08/01/2033 | 30 | &nbsp;&nbsp; 34829 |
| Washington (State of), Series R-2023B, Ref. GO Bonds | 5.00% | 07/01/2036 | 30 | &nbsp;&nbsp; 34143 |
| Washington (State of), Series R-2023B, Ref. GO Bonds | 5.00% | 07/01/2037 | 80 | &nbsp;&nbsp; 90387 |
| Washington (State of), Series R-2023B, Ref. GO Bonds | 5.00% | 07/01/2038 | 60 | &nbsp;&nbsp; 67329 |
| Washington (State of), Series R-2023B, Ref. GO Bonds | 5.00% | 07/01/2039 | 80 | &nbsp;&nbsp; 89245 |
| Washington (State of), Series R-2023B, Ref. GO Bonds | 5.00% | 07/01/2040 | 30 | &nbsp;&nbsp; 33130 |
| Washington (State of), Series R-2024A, Ref. GO Bonds | 5.00% | 02/01/2033 | 40 | &nbsp;&nbsp; 46170 |
| Washington (State of), Series R-2024B, Ref. GO Bonds | 5.00% | 06/01/2037 | 20 | &nbsp;&nbsp; 22738 |
| Washington (State of), Series R-2024B, Ref. GO Bonds | 5.00% | 06/01/2038 | 110 | &nbsp;&nbsp; 124160 |
| Washington (State of), Series R-2024B, Ref. GO Bonds | 5.00% | 06/01/2039 | 90 | &nbsp;&nbsp; 100952 |
| Washington (State of) (Bid Group 1), Series 2024 A, GO Bonds | 5.00% | 08/01/2036 | 5 | &nbsp;&nbsp; 5694 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Washington-(continued)** |  |  |  |  |  |
| Washington (State of) (Bid Group 1), Series 2024 A, GO Bonds | 5.00% | 08/01/2037 | $| 80 | &nbsp;&nbsp; $90432 |
| Washington (State of) (Bid Group 1), Series 2024 A, GO Bonds | 5.00% | 08/01/2039 |  | 5 | &nbsp;&nbsp; 5581 |
| Washington (State of) (Bid Group 2), Series 2022 C, GO Bonds | 5.00% | 02/01/2033 |  | 35 | &nbsp;&nbsp; 39658 |
| Washington (State of) (Bid Group 2), Series 2023 B, GO Bonds | 5.00% | 02/01/2037 |  | 180 | &nbsp;&nbsp; 202806 |
| Washington (State of) (Bid Group 2), Series 2023 B, GO Bonds | 5.00% | 02/01/2038 |  | 105 | &nbsp;&nbsp; 117500 |
| Washington (State of) (Bid Group 2), Series 2023 B, GO Bonds | 5.00% | 02/01/2039 |  | 55 | &nbsp;&nbsp; 61178 |
| Washington (State of) (Bid Group 2), Series 2023 B, GO Bonds | 5.00% | 02/01/2040 |  | 10 | &nbsp;&nbsp; 10994 |
| Washington (State of) (Bid Group 2), Series 2023 B, GO Bonds | 5.00% | 02/01/2041 |  | 130 | &nbsp;&nbsp; 141647 |
| Washington (State of) (Bid Group 2), Series 2023 B, GO Bonds | 5.00% | 02/01/2042 |  | 45 | &nbsp;&nbsp; 48615 |
| Washington (State of) (Bid Group 2), Series 2023 B, GO Bonds | 5.00% | 06/01/2047 |  | 15 | &nbsp;&nbsp; 15817 |
| Washington (State of) (Bid Group 2), Series 2024 A, GO Bonds | 5.00% | 08/01/2041 |  | 110 | &nbsp;&nbsp; 120456 |
| Washington (State of) (Bid Group 2), Series 2024 A, GO Bonds | 5.00% | 08/01/2042 |  | 5 | &nbsp;&nbsp; 5425 |
| Washington (State of) (Bid Group 2), Series 2024 A, GO Bonds | 5.00% | 08/01/2043 |  | 35 | &nbsp;&nbsp; 37668 |
| Washington (State of) (Bid Group 2), Series R-2023A, Ref. GO Bonds | 5.00% | 08/01/2033 |  | 55 | &nbsp;&nbsp; 63853 |
| Washington (State of) (Bid Group 3), Series 2023 B, GO Bonds | 5.00% | 02/01/2043 |  | 170 | &nbsp;&nbsp; 182173 |
| Washington (State of) (Bid Group 3), Series 2023 B, GO Bonds | 5.00% | 02/01/2044 |  | 200 | &nbsp;&nbsp; 213084 |
| Washington (State of) (Bid Group 3), Series 2023 B, GO Bonds | 5.00% | 02/01/2045 |  | 15 | &nbsp;&nbsp; 15900 |
| Washington (State of) (Bid Group 3), Series 2023 B, GO Bonds | 5.00% | 02/01/2046 |  | 25 | &nbsp;&nbsp; 26362 |
| Washington (State of) (Bid Group 3), Series R-2023A, Ref. GO Bonds | 5.00% | 08/01/2035 |  | 30 | &nbsp;&nbsp; 34417 |
| Washington (State of) (Bid Group 3), Series R-2023A, Ref. GO Bonds | 5.00% | 08/01/2037 |  | 150 | &nbsp;&nbsp; 169560 |
| Washington (State of) (Bid Group 3), Series R-2023A, Ref. GO Bonds | 5.00% | 08/01/2038 |  | 40 | &nbsp;&nbsp; 44908 |
| &nbsp;&nbsp;&nbsp; Whatcom (County of), WA Bellingham School District No. 501, Series 2023, Ref. GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2039 |  | 50 | &nbsp;&nbsp; 55178 |
|  |  |  |  |  | &nbsp;&nbsp; 3736817 |
| **West Virginia-0.33%** |  |  |  |  |  |
| West Virginia (State of) Hospital Finance Authority (Vandalia Health Group), Series 2023 B, RB | 5.75% | 09/01/2043 |  | 60 | &nbsp;&nbsp; 64717 |
| &nbsp;&nbsp;&nbsp; West Virginia (State of) Hospital Finance Authority (Vandalia Health Group), Series 2023 B, RB, <br> (INS - AGI)<sup>(a)</sup><br>| 5.38% | 09/01/2053 |  | 100 | &nbsp;&nbsp; 106008 |
| &nbsp;&nbsp;&nbsp; West Virginia (State of) Hospital Finance Authority (West Virginia University Health System Obligated <br> Group), Series 2023 A, RB<br>| 5.00% | 06/01/2040 |  | 20 | &nbsp;&nbsp; 21641 |
| &nbsp;&nbsp;&nbsp; West Virginia (State of) Hospital Finance Authority (West Virginia University Health System Obligated <br> Group), Series 2023 A, RB<br>| 5.00% | 06/01/2043 |  | 110 | &nbsp;&nbsp; 115574 |
| &nbsp;&nbsp;&nbsp; West Virginia (State of) Hospital Finance Authority (West Virginia University Health System Obligated <br> Group), Series 2023, RB<br>| 5.00% | 06/01/2041 |  | 35 | &nbsp;&nbsp; 37535 |
|  |  |  |  |  | &nbsp;&nbsp; 345475 |
| **Wisconsin-0.68%** |  |  |  |  |  |
| Wisconsin (State of), Series 2023 2, Ref. GO Bonds | 5.00% | 05/01/2037 |  | 125 | &nbsp;&nbsp; 141790 |
| Wisconsin (State of), Series 2023 A, GO Bonds | 5.00% | 05/01/2033 |  | 25 | &nbsp;&nbsp; 28572 |
| Wisconsin (State of), Series 2023, Ref. GO Bonds | 5.00% | 05/01/2038 |  | 70 | &nbsp;&nbsp; 78841 |
| Wisconsin (State of), Series 2023-2, Ref. GO Bonds | 5.00% | 05/01/2035 |  | 60 | &nbsp;&nbsp; 69066 |
| Wisconsin (State of), Series 2023-2, Ref. GO Bonds | 5.00% | 05/01/2036 |  | 145 | &nbsp;&nbsp; 165659 |
| Wisconsin (State of), Series 2023-2, Ref. GO Bonds | 5.00% | 05/01/2039 |  | 125 | &nbsp;&nbsp; 139901 |
| Wisconsin (State of), Series 2024 A, RB | 5.00% | 06/01/2033 |  | 10 | &nbsp;&nbsp; 11615 |
| Wisconsin (State of), Series 2024-1, Ref. GO Bonds | 5.00% | 05/01/2033 |  | 50 | &nbsp;&nbsp; 58213 |
| Wisconsin (State of) Department of Transportation, Series 2023-1, Ref. RB | 5.00% | 07/01/2033 |  | 5 | &nbsp;&nbsp; 5822 |
|  |  |  |  |  | &nbsp;&nbsp; 699479 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-98.18% <br>(Cost $100,937,068) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-98.18% <br>(Cost $100,937,068) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-98.18% <br>(Cost $100,937,068) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-98.18% <br>(Cost $100,937,068) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-98.18% <br>(Cost $100,937,068) | &nbsp;&nbsp; 101313309 |
| OTHER ASSETS LESS LIABILITIES-1.82% | OTHER ASSETS LESS LIABILITIES-1.82% | OTHER ASSETS LESS LIABILITIES-1.82% | OTHER ASSETS LESS LIABILITIES-1.82% | OTHER ASSETS LESS LIABILITIES-1.82% | &nbsp;&nbsp; 1872988 |
| NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $103186297 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| AGI | -Assured Guaranty, Inc. |
| AMBAC | -American Municipal Bond Assurance Corp. |
| BAM | -Build America Mutual Assurance Co. |
| CEP | -Credit Enhancement Provider |
| COP | -Certificates of Participation |
| Ctfs. | -Certificates |
| GNMA | -Government National Mortgage Association |
| GO | -General Obligation |
| INS | -Insurer |
| RAC | -Revenue Anticipation Certificates |
| RB | -Revenue Bonds |
| Ref. | -Refunding |
| Wts. | -Warrants |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Principal and/or interest payments are secured by the bond insurance company listed. |
| <sup>(b)</sup> | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. |
| <sup>(c)</sup> | Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. |
| <sup>(d)</sup> | 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 <br> obligations but may be called upon to satisfy the issuer's obligations. No concentration of any single entity was greater than 5% each.<br>|

---

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

See accompanying notes which are an integral part of this schedule.

------

Schedule of Investments

**Invesco BulletShares 2034 Municipal Bond ETF (BSMY)**

November 30, 2025

*(Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Municipal Obligations-98.25%** |  |  |  |  |
| **Alabama-0.31%** |  |  |  |  |
| Jacksonville (City of), FL Building Authority, Series 2024 A, RB, (INS - BAM)<sup>(a)</sup> | 5.25% | 08/01/2049 | $75 | &nbsp;&nbsp; $78407 |
| Jefferson (County of), AL, Series 2024, Ref. RB | 5.00% | 10/01/2034 | 5 | &nbsp;&nbsp; 5642 |
| Lower Alabama Gas District (The), Series 2016 A, RB | 5.00% | 09/01/2034 | 10 | &nbsp;&nbsp; 10866 |
| University of South Alabama, Series 2024 A, Ref. RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 04/01/2049 | 60 | &nbsp;&nbsp; 62602 |
| University of South Alabama, Series 2024 A, Ref. RB, (INS - BAM)<sup>(a)</sup> | 5.25% | 04/01/2054 | 95 | &nbsp;&nbsp; 100086 |
|  |  |  |  | &nbsp;&nbsp; 257603 |
| **Arizona-1.37%** |  |  |  |  |
| Glendale (City of), AZ, Series 2024, Ref. RB | 5.00% | 07/01/2036 | 95 | &nbsp;&nbsp; 109722 |
| Maricopa (County of), AZ Industrial Development Authority (HonorHealth), Series 2024 D, Ref. RB | 5.00% | 12/01/2039 | 35 | &nbsp;&nbsp; 38392 |
| Maricopa (County of), AZ Industrial Development Authority (HonorHealth), Series 2024 D, Ref. RB | 5.00% | 12/01/2041 | 135 | &nbsp;&nbsp; 145376 |
| Maricopa County High School District No. 214, Series 2025, GO Bonds | 5.00% | 07/01/2040 | 10 | &nbsp;&nbsp; 11138 |
| Maricopa County Union High School District No. 210-Phoenix (2023), Series 2025, GO Bonds | 5.00% | 07/01/2044 | 15 | &nbsp;&nbsp; 16170 |
| Phoenix Civic Improvement Corp., Series 2023, RB | 5.00% | 07/01/2034 | 5 | &nbsp;&nbsp; 5760 |
| Salt River Project Agricultural Improvement & Power District, Series 2023 B, RB | 5.00% | 01/01/2043 | 20 | &nbsp;&nbsp; 21734 |
| Salt River Project Agricultural Improvement & Power District, Series 2023 B, RB | 5.00% | 01/01/2048 | 225 | &nbsp;&nbsp; 237744 |
| Salt River Project Agricultural Improvement & Power District, Series 2023 B, RB | 5.25% | 01/01/2053 | 200 | &nbsp;&nbsp; 212989 |
| Salt River Project Agricultural Improvement & Power District, Series 2024 B, RB | 5.00% | 05/01/2039 | 20 | &nbsp;&nbsp; 22819 |
| University of Arizona Board of Regents (Green Bonds), Series 2024, RB | 5.00% | 07/01/2050 | 75 | &nbsp;&nbsp; 79364 |
| &nbsp;&nbsp;&nbsp; Yuma (City of), AZ Industrial Development Authority (Yuma Regional Medical Center), Series 2024, Ref. <br> RB<br>| 5.25% | 08/01/2049 | 220 | &nbsp;&nbsp; 230955 |
| &nbsp;&nbsp;&nbsp; Yuma (City of), AZ Industrial Development Authority (Yuma Regional Medical Center), Series 2024, Ref. <br> RB<br>| 5.25% | 08/01/2054 | 15 | &nbsp;&nbsp; 15629 |
|  |  |  |  | &nbsp;&nbsp; 1147792 |
| **California-13.16%** |  |  |  |  |
| Bay Area Toll Authority, Series 2024 S-11, Ref. RB | 5.00% | 04/01/2036 | 55 | &nbsp;&nbsp; 64764 |
| California (State of), Series 2019, Ref. GO Bonds | 3.00% | 10/01/2034 | 75 | &nbsp;&nbsp; 74707 |
| California (State of), Series 2020, Ref. GO Bonds | 3.00% | 11/01/2034 | 40 | &nbsp;&nbsp; 39890 |
| California (State of), Series 2024, GO Bonds | 5.00% | 08/01/2036 | 5 | &nbsp;&nbsp; 5857 |
| California (State of), Series 2024, GO Bonds | 5.00% | 09/01/2036 | 15 | &nbsp;&nbsp; 17448 |
| California (State of), Series 2024, GO Bonds | 5.00% | 09/01/2039 | 135 | &nbsp;&nbsp; 153528 |
| California (State of), Series 2024, GO Bonds | 5.00% | 09/01/2039 | 10 | &nbsp;&nbsp; 11372 |
| California (State of), Series 2024, GO Bonds | 5.00% | 09/01/2041 | 85 | &nbsp;&nbsp; 94861 |
| California (State of), Series 2024, GO Bonds | 5.00% | 09/01/2043 | 20 | &nbsp;&nbsp; 21916 |
| California (State of), Series 2024, GO Bonds | 5.25% | 08/01/2044 | 115 | &nbsp;&nbsp; 128318 |
| California (State of), Series 2024, GO Bonds | 5.00% | 09/01/2044 | 25 | &nbsp;&nbsp; 27297 |
| California (State of), Series 2024, GO Bonds | 5.00% | 09/01/2044 | 50 | &nbsp;&nbsp; 54595 |
| California (State of), Series 2024, GO Bonds | 5.00% | 09/01/2048 | 150 | &nbsp;&nbsp; 160656 |
| California (State of), Series 2024, GO Bonds | 5.00% | 08/01/2049 | 50 | &nbsp;&nbsp; 53608 |
| California (State of), Series 2024, GO Bonds | 5.00% | 09/01/2053 | 185 | &nbsp;&nbsp; 196692 |
| California (State of), Series 2024, GO Bonds | 5.25% | 08/01/2054 | 100 | &nbsp;&nbsp; 108546 |
| California (State of), Series 2024, Ref. GO Bonds | 5.00% | 09/01/2035 | 15 | &nbsp;&nbsp; 17669 |
| California (State of), Series 2024, Ref. GO Bonds | 4.00% | 08/01/2036 | 10 | &nbsp;&nbsp; 10732 |
| California (State of), Series 2024, Ref. GO Bonds | 5.00% | 08/01/2037 | 25 | &nbsp;&nbsp; 29003 |
| California (State of), Series 2024, Ref. GO Bonds | 4.00% | 09/01/2037 | 175 | &nbsp;&nbsp; 184989 |
| California (State of), Series 2024, Ref. GO Bonds | 5.00% | 09/01/2037 | 5 | &nbsp;&nbsp; 5763 |
| California (State of), Series 2024, Ref. GO Bonds | 5.00% | 08/01/2039 | 30 | &nbsp;&nbsp; 34317 |
| California (State of), Series 2024, Ref. GO Bonds | 5.00% | 08/01/2044 | 35 | &nbsp;&nbsp; 38355 |
| California (State of) Enterprise Development Authority (Castilleja School Foundation), Series 2024, RB | 5.00% | 06/01/2049 | 20 | &nbsp;&nbsp; 21188 |
| &nbsp;&nbsp;&nbsp; California (State of) Enterprise Development Authority (Riverside County-Mead Valley Wellness Village), <br> Series 2024, RB<br>| 5.25% | 11/01/2049 | 165 | &nbsp;&nbsp; 177189 |
| &nbsp;&nbsp;&nbsp; California (State of) Enterprise Development Authority (Riverside County-Mead Valley Wellness Village), <br> Series 2024, RB<br>| 5.25% | 11/01/2054 | 75 | &nbsp;&nbsp; 80004 |
| &nbsp;&nbsp;&nbsp; California (State of) Enterprise Development Authority (Riverside County-Mead Valley Wellness Village), <br> Series 2024, RB<br>| 5.50% | 11/01/2059 | 70 | &nbsp;&nbsp; 75899 |
| &nbsp;&nbsp;&nbsp; California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 B, <br> Ref. RB<br>| 3.00% | 08/15/2034 | 35 | &nbsp;&nbsp; 34441 |
| &nbsp;&nbsp;&nbsp; California (State of) Health Facilities Financing Authority (Children's Hospital of Orange), Series 2024, <br> RB<br>| 5.00% | 11/01/2049 | 10 | &nbsp;&nbsp; 10596 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2034 Municipal Bond ETF (BSMY)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; California (State of) Health Facilities Financing Authority (Children's Hospital of Orange), Series 2024, <br> RB<br>| 5.00% | 11/01/2054 | $40 | &nbsp;&nbsp; $42021 |
| California (State of) Health Facilities Financing Authority (Commonspirit Health), Series 2024 A, RB | 5.25% | 12/01/2049 | 150 | &nbsp;&nbsp; 160210 |
| California (State of) Health Facilities Financing Authority (CommonSpirit Health), Series 2024 A, RB | 5.00% | 12/01/2054 | 100 | &nbsp;&nbsp; 104006 |
| California (State of) Health Facilities Financing Authority (Lucile Salter Packard), Series 2024, Ref. RB | 5.00% | 08/15/2034 | 25 | &nbsp;&nbsp; 29662 |
| California (State of) Health Facilities Financing Authority(Adventist Health System), Series 2024, RB | 5.00% | 12/01/2036 | 10 | &nbsp;&nbsp; 11086 |
| California (State of) Health Facilities Financing Authority(Adventist Health System), Series 2024, RB | 5.00% | 12/01/2039 | 65 | &nbsp;&nbsp; 70410 |
| California (State of) Municipal Finance Authority (St. Ignatius College Preparatory), Series 2024 A, RB | 5.00% | 09/01/2049 | 50 | &nbsp;&nbsp; 52692 |
| California (State of) Municipal Finance Authority (St. Ignatius College Preparatory), Series 2024 A, RB | 5.00% | 09/01/2054 | 50 | &nbsp;&nbsp; 51572 |
| California (State of) Public Works Board (May Lee State Office Complex), Series 2024 A, RB | 5.00% | 04/01/2041 | 105 | &nbsp;&nbsp; 117047 |
| California (State of) Public Works Board (May Lee State Office Complex), Series 2024 A, RB | 5.00% | 04/01/2043 | 20 | &nbsp;&nbsp; 21872 |
| California (State of) Public Works Board (May Lee State Office Complex), Series 2024 A, RB | 5.00% | 04/01/2044 | 35 | &nbsp;&nbsp; 37931 |
| California (State of) Public Works Board (May Lee State Office Complex), Series 2024, RB | 5.00% | 04/01/2037 | 10 | &nbsp;&nbsp; 11561 |
| California (State of) Public Works Board (May Lee State Office Complex), Series 2024, RB | 5.00% | 04/01/2039 | 20 | &nbsp;&nbsp; 22778 |
| California (State of) Public Works Board (May Lee State Office Complex), Series 2024, RB | 5.00% | 04/01/2045 | 10 | &nbsp;&nbsp; 10788 |
| California (State of) Public Works Board (May Lee State Office Complex), Series 2024, RB | 5.00% | 04/01/2049 | 185 | &nbsp;&nbsp; 196836 |
| California (State of) Public Works Board (Various Capital), Series 2024, RB | 5.00% | 04/01/2036 | 20 | &nbsp;&nbsp; 23322 |
| California (State of) Public Works Board (Various Capital), Series 2024, RB | 5.00% | 04/01/2040 | 60 | &nbsp;&nbsp; 67577 |
| California (State of) Public Works Board (Various Capital), Series 2024, Ref. RB | 5.00% | 09/01/2034 | 5 | &nbsp;&nbsp; 5936 |
| California (State of) Public Works Board (Various Capital), Series 2024, Ref. RB | 5.00% | 09/01/2036 | 50 | &nbsp;&nbsp; 58472 |
| California (State of) Public Works Board (Various Capital), Series 2024, Ref. RB | 5.00% | 09/01/2038 | 10 | &nbsp;&nbsp; 11503 |
| California (State of) Public Works Board (Various Capital), Series 2024, Ref. RB | 5.00% | 09/01/2039 | 190 | &nbsp;&nbsp; 216986 |
| &nbsp;&nbsp;&nbsp; California (State of) Statewide Communities Development Authority (Adventist Health System), <br> Series 2015 A, Ref. RB<br>| 4.13% | 03/01/2034 | 225 | &nbsp;&nbsp; 225283 |
| &nbsp;&nbsp;&nbsp; California (State of) Statewide Communities Development Authority (John Muir Health), Series 2024 A, <br> Ref. RB<br>| 5.00% | 12/01/2049 | 100 | &nbsp;&nbsp; 104224 |
| &nbsp;&nbsp;&nbsp; California (State of) Statewide Communities Development Authority (John Muir Health), Series 2024 A, <br> Ref. RB<br>| 5.25% | 12/01/2054 | 30 | &nbsp;&nbsp; 31811 |
| California State University, Series 2024 A, GO Bonds | 5.00% | 11/01/2041 | 5 | &nbsp;&nbsp; 5649 |
| California State University, Series 2024 A, GO Bonds | 5.00% | 11/01/2042 | 90 | &nbsp;&nbsp; 100601 |
| California State University, Series 2024 A, RB | 5.00% | 11/01/2034 | 15 | &nbsp;&nbsp; 18227 |
| California State University, Series 2024 A, RB | 5.00% | 11/01/2039 | 35 | &nbsp;&nbsp; 40365 |
| California State University, Series 2024 A, RB | 5.00% | 11/01/2043 | 5 | &nbsp;&nbsp; 5528 |
| California State University, Series 2024 A, RB | 5.00% | 11/01/2044 | 45 | &nbsp;&nbsp; 49098 |
| California State University, Series 2024 A, RB | 5.50% | 11/01/2045 | 50 | &nbsp;&nbsp; 56401 |
| California State University, Series 2024 A, RB | 5.50% | 11/01/2046 | 100 | &nbsp;&nbsp; 112198 |
| California State University, Series 2024 A, RB | 5.50% | 11/01/2049 | 75 | &nbsp;&nbsp; 83272 |
| Carson (City of), CA Public Financing Authority, Series 2024, RB | 5.00% | 06/01/2049 | 65 | &nbsp;&nbsp; 69040 |
| Citrus Community College District (Election of 2020), Series 2024 B, GO Bonds | 5.00% | 08/01/2049 | 20 | &nbsp;&nbsp; 21383 |
| &nbsp;&nbsp;&nbsp; College of the Sequoias Community College District (Visalia Area Improvement District No. 2), <br> Series 2024, GO Bonds<br>| 5.00% | 08/01/2049 | 10 | &nbsp;&nbsp; 10631 |
| East Bay Municipal Utility District, Series 2025 B, Ref. RB | 5.00% | 06/01/2034 | 5 | &nbsp;&nbsp; 6067 |
| Glendale (City of), AZ, Series 2024, RB | 5.00% | 02/01/2051 | 60 | &nbsp;&nbsp; 62740 |
| Glendale (City of), AZ, Series 2024, RB | 5.00% | 02/01/2054 | 15 | &nbsp;&nbsp; 15664 |
| Goleta Union School District (Election of 2020), Series 2024 C, GO Bonds | 5.00% | 08/01/2049 | 90 | &nbsp;&nbsp; 96562 |
| &nbsp;&nbsp;&nbsp; Imperial (County of), CA Community college District (Election of 2022), Series 2024 B, GO Bonds, <br> (INS - AGI)<sup>(a)</sup><br>| 5.00% | 08/01/2054 | 20 | &nbsp;&nbsp; 21108 |
| Irvine (City of), CA Community Facilities District No. 2013-3, Series 2024, Ref. RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 09/01/2048 | 160 | &nbsp;&nbsp; 171944 |
| Los Angeles (City of), CA Department of Water & Power, Series 2023 A, Ref. RB | 5.00% | 07/01/2034 | 15 | &nbsp;&nbsp; 17059 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 A, RB | 5.00% | 07/01/2037 | 10 | &nbsp;&nbsp; 11244 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 A, RB | 5.00% | 07/01/2038 | 65 | &nbsp;&nbsp; 72225 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 A, RB | 5.00% | 07/01/2039 | 90 | &nbsp;&nbsp; 99252 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 A, Ref. RB | 5.00% | 07/01/2035 | 15 | &nbsp;&nbsp; 17067 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 A, Ref. RB | 5.00% | 07/01/2041 | 70 | &nbsp;&nbsp; 76069 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 A, Ref. RB | 5.00% | 07/01/2044 | 290 | &nbsp;&nbsp; 307452 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 B, Ref. RB | 5.00% | 07/01/2036 | 35 | &nbsp;&nbsp; 39472 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 B, Ref. RB | 5.00% | 07/01/2037 | 80 | &nbsp;&nbsp; 90491 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 B, Ref. RB | 5.00% | 07/01/2038 | 20 | &nbsp;&nbsp; 22223 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 B, Ref. RB | 5.00% | 07/01/2038 | 20 | &nbsp;&nbsp; 22342 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 B, Ref. RB | 5.00% | 07/01/2039 | 265 | &nbsp;&nbsp; 292243 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2034 Municipal Bond ETF (BSMY)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 B, Ref. RB | 5.00% | 07/01/2040 | $35 | &nbsp;&nbsp; $38408 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 C, Ref. RB | 5.00% | 07/01/2035 | 25 | &nbsp;&nbsp; 28444 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 C, Ref. RB | 5.00% | 07/01/2036 | 40 | &nbsp;&nbsp; 45111 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 C, Ref. RB | 5.00% | 07/01/2041 | 40 | &nbsp;&nbsp; 43468 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 D, RB | 5.00% | 07/01/2045 | 60 | &nbsp;&nbsp; 63499 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 E, Ref. RB | 5.00% | 07/01/2034 | 55 | &nbsp;&nbsp; 63424 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 E, Ref. RB | 5.00% | 07/01/2039 | 85 | &nbsp;&nbsp; 94202 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2024 A, Ref. RB | 5.00% | 06/01/2039 | 25 | &nbsp;&nbsp; 29012 |
| &nbsp;&nbsp;&nbsp; Los Angeles (County of), CA Metropolitan Transportation Authority (Measure R), Series 2024 A, Ref. <br> RB<br>| 5.00% | 06/01/2034 | 5 | &nbsp;&nbsp; 6041 |
| &nbsp;&nbsp;&nbsp; Los Angeles (County of), CA Metropolitan Transportation Authority (Measure R), Series 2024 A, Ref. <br> RB<br>| 5.00% | 06/01/2036 | 5 | &nbsp;&nbsp; 5959 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2024 H, Ref. RB | 5.00% | 12/01/2036 | 5 | &nbsp;&nbsp; 5917 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2024 H, Ref. RB | 5.00% | 12/01/2037 | 30 | &nbsp;&nbsp; 35206 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2024 H, Ref. RB | 5.00% | 12/01/2039 | 25 | &nbsp;&nbsp; 28891 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2024 H, Ref. RB | 5.00% | 12/01/2040 | 20 | &nbsp;&nbsp; 22869 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2024 H, Ref. RB | 5.00% | 12/01/2042 | 55 | &nbsp;&nbsp; 61307 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2024 H, Ref. RB | 5.25% | 12/01/2044 | 25 | &nbsp;&nbsp; 27768 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2024 H, Ref. RB | 5.00% | 12/01/2049 | 30 | &nbsp;&nbsp; 32025 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2024 H, Ref. RB | 5.50% | 12/01/2053 | 30 | &nbsp;&nbsp; 32995 |
| Los Angeles Community College District, Series 2024, GO Bonds | 5.00% | 08/01/2036 | 55 | &nbsp;&nbsp; 65450 |
| Los Angeles County Facilities 2, Inc., Series 2024 A, RB | 5.25% | 06/01/2049 | 20 | &nbsp;&nbsp; 21643 |
| Los Angeles County Facilities 2, Inc., Series 2024 A, RB | 5.25% | 06/01/2054 | 100 | &nbsp;&nbsp; 107595 |
| Los Angeles Unified School District, Series 2019 A, Ref. GO Bonds | 3.00% | 01/01/2034 | 110 | &nbsp;&nbsp; 109563 |
| Los Angeles Unified School District (Sustainability Bonds), Series 2023 QRR, GO Bonds | 5.00% | 07/01/2038 | 40 | &nbsp;&nbsp; 46249 |
| Los Angeles Unified School District (Sustainability Bonds), Series 2023 QRR, GO Bonds | 5.00% | 07/01/2039 | 10 | &nbsp;&nbsp; 11475 |
| Los Angeles Unified School District (Green Bonds), Series 2023 QRR, GO Bonds | 5.25% | 07/01/2040 | 135 | &nbsp;&nbsp; 155642 |
| Los Angeles Unified School District (Green Bonds), Series 2023 QRR, GO Bonds | 5.25% | 07/01/2042 | 50 | &nbsp;&nbsp; 56324 |
| Los Angeles Unified School District (Green Bonds), Series 2023 QRR, GO Bonds | 5.25% | 07/01/2048 | 170 | &nbsp;&nbsp; 184420 |
| Los Angeles Unified School District (Green Bonds), Series 2023, GO Bonds | 5.00% | 07/01/2034 | 10 | &nbsp;&nbsp; 12009 |
| Los Angeles Unified School District (Green Bonds), Series 2023, GO Bonds | 5.00% | 07/01/2041 | 45 | &nbsp;&nbsp; 50468 |
| Los Angeles Unified School District (Green Bonds), Series 2023, GO Bonds | 5.00% | 07/01/2043 | 65 | &nbsp;&nbsp; 71358 |
| Madera Unified School District (Election of 2018), Series 2024, GO Bonds | 5.00% | 08/01/2050 | 100 | &nbsp;&nbsp; 106360 |
| Metropolitan Water District of Southern California, Series 2024 A, Ref. RB | 5.00% | 04/01/2034 | 15 | &nbsp;&nbsp; 18130 |
| Metropolitan Water District of Southern California, Series 2024 A, Ref. RB | 5.00% | 04/01/2036 | 30 | &nbsp;&nbsp; 35796 |
| Metropolitan Water District of Southern California, Series 2024 C, Ref. RB | 5.00% | 04/01/2049 | 50 | &nbsp;&nbsp; 53735 |
| M-S-R Energy Authority, Series 2009 C, RB | 7.00% | 11/01/2034 | 100 | &nbsp;&nbsp; 122097 |
| Northern California Sanitation Agencies Financing Authority, Series 2024, Ref. RB | 5.00% | 12/01/2036 | 20 | &nbsp;&nbsp; 24077 |
| Orange (County of), CA Sanitation District, Series 2024 A, Ref. RB | 5.00% | 02/01/2037 | 10 | &nbsp;&nbsp; 11796 |
| Rincon Valley Union School District (Election od 2024), Series 2024 A, GO Bonds | 5.00% | 08/01/2054 | 15 | &nbsp;&nbsp; 16010 |
| Riverside (City of), CA, Series 2024 A, Ref. RB | 5.00% | 10/01/2049 | 10 | &nbsp;&nbsp; 10749 |
| Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2024 M, RB | 5.00% | 11/15/2049 | 95 | &nbsp;&nbsp; 101928 |
| Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2024 M, RB | 5.00% | 11/15/2054 | 75 | &nbsp;&nbsp; 79786 |
| Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2024, Ref. RB | 5.00% | 11/15/2036 | 10 | &nbsp;&nbsp; 11823 |
| Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2025-O, RB | 5.00% | 09/15/2040 | 10 | &nbsp;&nbsp; 11366 |
| Sacramento (County of), CA, Series 2024, RB | 5.00% | 07/01/2044 | 30 | &nbsp;&nbsp; 32485 |
| Sacramento (County of), CA, Series 2024, RB | 5.00% | 07/01/2049 | 25 | &nbsp;&nbsp; 26510 |
| Sacramento (County of), CA, Series 2024, RB | 5.25% | 07/01/2049 | 45 | &nbsp;&nbsp; 48591 |
| Sacramento (County of), CA, Series 2024, RB | 5.00% | 07/01/2054 | 15 | &nbsp;&nbsp; 15791 |
| Sacramento (County of), CA, Series 2024, RB | 5.25% | 07/01/2054 | 65 | &nbsp;&nbsp; 69684 |
| Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2021, Ref. RB | 3.00% | 12/01/2034 | 15 | &nbsp;&nbsp; 15106 |
| &nbsp;&nbsp;&nbsp; Sacramento (County of), CA Sanitation Districts Financing Authority (Sacramento Area Sewer District <br> Treatment & Resource Recovery System), Series 2024, Ref. RB<br>| 5.00% | 12/01/2034 | 20 | &nbsp;&nbsp; 24421 |
| &nbsp;&nbsp;&nbsp; Sacramento (County of), CA Sanitation Districts Financing Authority (Sacramento Area Sewer District <br> Treatment & Resource Recovery System), Series 2024, Ref. RB<br>| 5.00% | 12/01/2037 | 20 | &nbsp;&nbsp; 23874 |
| &nbsp;&nbsp;&nbsp; Sacramento (County of), CA Sanitation Districts Financing Authority (Sacramento Area Sewer District <br> Treatment & Resource Recovery System), Series 2024, Ref. RB<br>| 5.00% | 12/01/2039 | 40 | &nbsp;&nbsp; 46810 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2024 A, RB | 5.00% | 05/15/2049 | 65 | &nbsp;&nbsp; 69596 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2024 A, RB | 5.00% | 05/15/2054 | 40 | &nbsp;&nbsp; 42376 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2034 Municipal Bond ETF (BSMY)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2024, Ref. <br> RB<br>| 5.00% | 10/15/2049 | $30 | &nbsp;&nbsp; $32046 |
| San Diego (County of), CA Regional Transportation Commission, Series 2023 A, Ref. RB | 5.00% | 04/01/2034 | 30 | &nbsp;&nbsp; 35613 |
| San Diego Unified School District (Election of 2018), Series 2024, GO Bonds | 5.00% | 07/01/2044 | 10 | &nbsp;&nbsp; 10982 |
| San Diego Unified School District (Election of 2018) (Green Bonds), Series 2024, GO Bonds | 5.00% | 07/01/2042 | 125 | &nbsp;&nbsp; 140733 |
| San Diego Unified School District (Election of 2018) (Green Bonds), Series 2024, GO Bonds | 5.00% | 07/01/2043 | 25 | &nbsp;&nbsp; 27829 |
| San Diego Unified School District (Election of 2018) (Green Bonds), Series 2024, GO Bonds | 5.00% | 07/01/2049 | 75 | &nbsp;&nbsp; 80538 |
| &nbsp;&nbsp;&nbsp; San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), <br> Series 2024, Ref. RB<br>| 5.00% | 05/01/2041 | 5 | &nbsp;&nbsp; 5571 |
| &nbsp;&nbsp;&nbsp; San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), <br> Series 2024, Ref. RB<br>| 5.00% | 05/01/2042 | 10 | &nbsp;&nbsp; 11013 |
| &nbsp;&nbsp;&nbsp; San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), <br> Series 2024, Ref. RB<br>| 5.00% | 05/01/2049 | 40 | &nbsp;&nbsp; 42260 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2024 C, RB | 5.00% | 10/01/2039 | 20 | &nbsp;&nbsp; 23373 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2024 C, RB | 5.00% | 10/01/2040 | 10 | &nbsp;&nbsp; 11511 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2024 C, RB | 5.00% | 10/01/2045 | 25 | &nbsp;&nbsp; 27323 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2024 C, RB | 5.00% | 10/01/2049 | 125 | &nbsp;&nbsp; 133588 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2024 C, RB | 5.00% | 10/01/2054 | 135 | &nbsp;&nbsp; 142597 |
| San Francisco Community College District (Election of 2020), Series 2024 B, GO Bonds, (INS - BAM)<sup>(a)</sup> | 5.25% | 06/15/2049 | 50 | &nbsp;&nbsp; 54466 |
| Santa Clara (County of), CA Financing Authority, Series 2016 Q, Ref. RB | 3.00% | 05/15/2034 | 285 | &nbsp;&nbsp; 281472 |
| Santa Clara Unified School District, Series 2017, Ref. GO Bonds | 3.00% | 07/01/2034 | 70 | &nbsp;&nbsp; 70038 |
| Santa Clara Valley Transportation Authority, Series 2023 A, Ref. RB | 5.00% | 04/01/2034 | 20 | &nbsp;&nbsp; 23638 |
| Santa Clara Valley Water District, Series 2024 A-1, RB | 5.00% | 06/01/2050 | 40 | &nbsp;&nbsp; 43190 |
| Santa Clara Valley Water District, Series 2024 A-1, RB | 5.00% | 06/01/2052 | 20 | &nbsp;&nbsp; 21490 |
| Santa Clara Valley Water District, Series 2024 A-1, RB | 5.00% | 06/01/2054 | 10 | &nbsp;&nbsp; 10700 |
| Southern California Public Power Authority (Southern Transmission System Renewal), Series 2024, RB | 5.00% | 07/01/2034 | 40 | &nbsp;&nbsp; 46488 |
| Southern California Public Power Authority (Southern Transmission System Renewal), Series 2024, RB | 5.00% | 07/01/2038 | 35 | &nbsp;&nbsp; 39459 |
| Southern California Public Power Authority (Southern Transmission System Renewal), Series 2024, RB | 5.00% | 07/01/2040 | 50 | &nbsp;&nbsp; 55063 |
| Southern California Public Power Authority (Southern Transmission System Renewal), Series 2024, RB | 5.00% | 07/01/2041 | 10 | &nbsp;&nbsp; 10974 |
| Southern California Public Power Authority (Southern Transmission System Renewal), Series 2024, RB | 5.00% | 07/01/2042 | 5 | &nbsp;&nbsp; 5431 |
| Southern California Public Power Authority (Southern Transmission System Renewal), Series 2024, RB | 5.00% | 07/01/2043 | 10 | &nbsp;&nbsp; 10739 |
| Southern California Public Power Authority (Southern Transmission System Renewal), Series 2024, RB | 5.00% | 07/01/2049 | 100 | &nbsp;&nbsp; 104279 |
| University of California, Series 2024 BS, Ref. RB | 5.00% | 05/15/2034 | 5 | &nbsp;&nbsp; 6016 |
| University of California, Series 2024 BS, Ref. RB | 5.00% | 05/15/2036 | 40 | &nbsp;&nbsp; 47148 |
| University of California, Series 2024 BS, Ref. RB | 5.00% | 05/15/2037 | 65 | &nbsp;&nbsp; 75896 |
| University of California, Series 2024 BS, Ref. RB | 5.00% | 05/15/2038 | 30 | &nbsp;&nbsp; 34666 |
| University of California, Series 2024 BS, Ref. RB | 5.00% | 05/15/2039 | 45 | &nbsp;&nbsp; 51655 |
| University of California, Series 2024 BS, Ref. RB | 5.00% | 05/15/2040 | 35 | &nbsp;&nbsp; 39866 |
| University of California, Series 2024 BS, Ref. RB | 5.00% | 05/15/2041 | 5 | &nbsp;&nbsp; 5640 |
| University of California, Series 2024 BS, Ref. RB | 5.00% | 05/15/2042 | 55 | &nbsp;&nbsp; 61404 |
| University of California, Series 2024 BS, Ref. RB | 5.00% | 05/15/2044 | 15 | &nbsp;&nbsp; 16408 |
| University of California, Series 2024 BV, Ref. RB | 5.00% | 05/15/2034 | 215 | &nbsp;&nbsp; 258679 |
| University of California, Series 2024 BV, Ref. RB | 5.00% | 05/15/2036 | 25 | &nbsp;&nbsp; 29467 |
| University of California, Series 2024 BV, Ref. RB | 5.00% | 05/15/2037 | 35 | &nbsp;&nbsp; 40867 |
| University of California, Series 2024 BV, Ref. RB | 5.00% | 05/15/2038 | 195 | &nbsp;&nbsp; 225327 |
| University of California, Series 2024 BV, Ref. RB | 5.00% | 05/15/2039 | 70 | &nbsp;&nbsp; 80353 |
| University of California, Series 2024 BV, Ref. RB | 5.00% | 05/15/2040 | 95 | &nbsp;&nbsp; 108207 |
| University of California, Series 2024 BV, Ref. RB | 5.00% | 05/15/2042 | 10 | &nbsp;&nbsp; 11164 |
| University of California, Series 2024 BV, Ref. RB | 5.00% | 05/15/2044 | 30 | &nbsp;&nbsp; 32817 |
| University of California, Series 2024 BV, Ref. RB | 5.00% | 05/15/2045 | 100 | &nbsp;&nbsp; 108805 |
| University of California, Series 2024, Ref. RB | 5.00% | 05/15/2043 | 15 | &nbsp;&nbsp; 16571 |
| Victor Valley Union High School District, Series 2016 A, Ref. GO Bonds, (INS - BAM)<sup>(a)</sup> | 3.00% | 08/01/2034 | 30 | &nbsp;&nbsp; 29817 |
|  |  |  |  | &nbsp;&nbsp; 10992219 |
| **Colorado-2.58%** |  |  |  |  |
| Adams & Weld Counties School District No. 27J Brighton, Series 2024 A, GO Bonds | 5.00% | 12/01/2047 | 25 | &nbsp;&nbsp; 26632 |
| Adams & Weld Counties School District No. 27J Brighton, Series 2024 A, GO Bonds | 5.00% | 12/01/2048 | 100 | &nbsp;&nbsp; 106326 |
| Arapahoe County School District No. 5 Cherry Creek, Series 2024, GO Bonds | 5.25% | 12/15/2041 | 5 | &nbsp;&nbsp; 5679 |
| Arapahoe County School District No. 5 Cherry Creek, Series 2024, GO Bonds | 5.25% | 12/15/2042 | 35 | &nbsp;&nbsp; 39354 |
| Arapahoe County School District No. 5 Cherry Creek, Series 2024, GO Bonds | 5.25% | 12/15/2043 | 40 | &nbsp;&nbsp; 44581 |
| Arapahoe County School District No. 5 Cherry Creek, Series 2024, GO Bonds | 5.25% | 12/15/2044 | 75 | &nbsp;&nbsp; 82970 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2034 Municipal Bond ETF (BSMY)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Colorado-(continued)** |  |  |  |  |
| Aurora (City of), CO, Series 2024, RB | 5.00% | 08/01/2049 | $10 | &nbsp;&nbsp; $10563 |
| Aurora (City of), CO, Series 2024, RB | 5.00% | 08/01/2054 | 70 | &nbsp;&nbsp; 73532 |
| Colorado (State of), Series 2024, COP | 5.00% | 11/01/2053 | 90 | &nbsp;&nbsp; 94698 |
| Colorado (State of) Bridge & Tunnel Enterprise, Series 2024 A, RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 12/01/2049 | 40 | &nbsp;&nbsp; 42777 |
| Colorado (State of) Bridge & Tunnel Enterprise, Series 2024 B, Ref. RB | 5.00% | 12/01/2034 | 65 | &nbsp;&nbsp; 76756 |
| Colorado (State of) Bridge & Tunnel Enterprise, Series 2024 B, Ref. RB | 5.00% | 12/01/2037 | 20 | &nbsp;&nbsp; 23024 |
| Colorado (State of) Bridge & Tunnel Enterprise, Series 2024 B, Ref. RB | 5.00% | 12/01/2038 | 60 | &nbsp;&nbsp; 68555 |
| Colorado (State of) Bridge & Tunnel Enterprise, Series 2025 A, RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 12/01/2050 | 10 | &nbsp;&nbsp; 10673 |
| Colorado (State of) Bridge & Tunnel Enterprise, Series 2025 A, RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 12/01/2054 | 10 | &nbsp;&nbsp; 10657 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2024 A, Ref. RB | 5.00% | 12/01/2039 | 110 | &nbsp;&nbsp; 119572 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2024 A, Ref. RB | 5.25% | 12/01/2054 | 40 | &nbsp;&nbsp; 41444 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2024, Ref. RB | 5.00% | 11/15/2039 | 170 | &nbsp;&nbsp; 189192 |
| Colorado (State of) Health Facilities Authority (Intermountain Healthcare), Series 2024 B, Ref. RB | 5.00% | 05/15/2034 | 20 | &nbsp;&nbsp; 23149 |
| Colorado (State of) Regional Transportation District, Series 2024, Ref. COP | 5.00% | 06/01/2034 | 15 | &nbsp;&nbsp; 17493 |
| Colorado (State of) Regional Transportation District, Series 2024, Ref. COP | 5.00% | 06/01/2036 | 5 | &nbsp;&nbsp; 5782 |
| &nbsp;&nbsp;&nbsp; Colorado (State of) Regional Transportation District (Denver Transit Partners Eagle P3), Series 2020 A, <br> Ref. RB<br>| 4.00% | 07/15/2034 | 15 | &nbsp;&nbsp; 15336 |
| Colorado School of Mines, Series 2024 A, RB, (CEP - Colorado Higher Education Intercept Program) | 5.00% | 12/01/2054 | 60 | &nbsp;&nbsp; 62318 |
| Colorado Springs (City of), CO, Series 2024 A, RB | 5.25% | 11/15/2054 | 25 | &nbsp;&nbsp; 26770 |
| Colorado Springs (City of), CO, Series 2025 A, RB | 5.00% | 11/15/2034 | 5 | &nbsp;&nbsp; 5901 |
| Denver (City & County of), CO, Series 2020 A, GO Bonds | 3.00% | 08/01/2034 | 25 | &nbsp;&nbsp; 24841 |
| Denver (City & County of), CO, Series 2023, Ref. COP | 5.00% | 12/01/2034 | 5 | &nbsp;&nbsp; 5799 |
| Denver (City & County of), CO Board of Water Commissioners (The), Series 2024 A, Ref. RB | 5.00% | 09/15/2041 | 40 | &nbsp;&nbsp; 44637 |
| Denver (City & County of), CO Board of Water Commissioners (The), Series 2024 A, Ref. RB | 5.00% | 09/15/2054 | 10 | &nbsp;&nbsp; 10592 |
| Denver City & County School District No. 1, Series 2025 A, GO Bonds | 5.25% | 12/01/2036 | 20 | &nbsp;&nbsp; 23733 |
| Denver City & County School District No. 1, Series 2025 A, GO Bonds | 5.25% | 12/01/2039 | 15 | &nbsp;&nbsp; 17423 |
| Denver City & County School District No. 1, Series 2025 A, GO Bonds | 5.25% | 12/01/2040 | 70 | &nbsp;&nbsp; 80455 |
| Denver City & County School District No. 1, Series 2025 A, GO Bonds | 5.25% | 12/01/2042 | 20 | &nbsp;&nbsp; 22479 |
| Denver City & County School District No. 1, Series 2025 A, GO Bonds | 5.25% | 12/01/2043 | 45 | &nbsp;&nbsp; 50100 |
| Douglas County School District No. Re-1 Douglas & Elbert Counties, Series 2024, GO Bonds | 5.00% | 12/15/2039 | 30 | &nbsp;&nbsp; 34038 |
| Douglas County School District No. Re-1 Douglas & Elbert Counties, Series 2024, GO Bonds | 5.00% | 12/15/2041 | 100 | &nbsp;&nbsp; 111320 |
| Douglas County School District No. Re-1 Douglas & Elbert Counties, Series 2024, GO Bonds | 5.00% | 12/15/2042 | 55 | &nbsp;&nbsp; 60567 |
| Douglas County School District No. Re-1 Douglas & Elbert Counties, Series 2024, GO Bonds | 5.00% | 12/15/2044 | 20 | &nbsp;&nbsp; 21636 |
| E-470 Public Highway Authority, Series 2024 A, Ref. RB | 5.00% | 09/01/2040 | 10 | &nbsp;&nbsp; 11148 |
| Grand Junction (City of), CO, Series 2024, RB | 5.00% | 03/01/2049 | 20 | &nbsp;&nbsp; 20938 |
| Gypsum (Town of), CO, Series 2024, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 12/01/2054 | 25 | &nbsp;&nbsp; 25975 |
| Johnstown (Town of), CO, Series 2024, RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 12/01/2048 | 25 | &nbsp;&nbsp; 26408 |
| Mesa County Valley School District No. 51 Grand Junction, Series 2025, GO Bonds | 5.25% | 12/01/2043 | 65 | &nbsp;&nbsp; 72000 |
| Mesa County Valley School District No. 51 Grand Junction, Series 2025, GO Bonds | 5.25% | 12/01/2044 | 75 | &nbsp;&nbsp; 82404 |
| Mesa County Valley School District No. 51 Grand Junction, Series 2025, GO Bonds | 5.25% | 12/01/2049 | 15 | &nbsp;&nbsp; 16210 |
| &nbsp;&nbsp;&nbsp; St. Vrain Valley School District Re-1J (Boulder, Larimer & Weld Counties and the City and County of <br> Broomfield), Series 2024, GO Bonds<br>| 5.00% | 12/15/2034 | 10 | &nbsp;&nbsp; 11838 |
| &nbsp;&nbsp;&nbsp; St. Vrain Valley School District Re-1J (Boulder, Larimer & Weld Counties and the City and County of <br> Broomfield), Series 2024, GO Bonds<br>| 5.00% | 12/15/2036 | 15 | &nbsp;&nbsp; 17469 |
| &nbsp;&nbsp;&nbsp; St. Vrain Valley School District Re-1J (Boulder, Larimer & Weld Counties and the City and County of <br> Broomfield), Series 2024, GO Bonds<br>| 5.00% | 12/15/2037 | 5 | &nbsp;&nbsp; 5753 |
| &nbsp;&nbsp;&nbsp; St. Vrain Valley School District Re-1J (Boulder, Larimer & Weld Counties and the City and County of <br> Broomfield), Series 2024, GO Bonds<br>| 5.00% | 12/15/2038 | 70 | &nbsp;&nbsp; 79761 |
| Westminster (City of), CO, Series 2024, RB | 5.00% | 12/01/2054 | 30 | &nbsp;&nbsp; 31716 |
| Westminster Public Schools, Series 2024 A, GO Bonds | 5.00% | 12/01/2049 | 20 | &nbsp;&nbsp; 21196 |
|  |  |  |  | &nbsp;&nbsp; 2154170 |
| **Connecticut-1.42%** |  |  |  |  |
| Connecticut (State of), Series 2023 A, RB | 5.00% | 07/01/2036 | 160 | &nbsp;&nbsp; 183266 |
| Connecticut (State of), Series 2023 A, RB | 5.00% | 07/01/2037 | 100 | &nbsp;&nbsp; 113663 |
| Connecticut (State of), Series 2023 A, RB | 5.00% | 07/01/2038 | 65 | &nbsp;&nbsp; 73322 |
| Connecticut (State of), Series 2023 A, RB | 5.00% | 07/01/2039 | 35 | &nbsp;&nbsp; 39305 |
| Connecticut (State of), Series 2024 A, GO Bonds | 5.00% | 01/15/2036 | 5 | &nbsp;&nbsp; 5754 |
| Connecticut (State of), Series 2024 F, GO Bonds | 5.00% | 11/15/2036 | 60 | &nbsp;&nbsp; 69484 |
| Connecticut (State of), Series 2024 F, GO Bonds | 5.00% | 11/15/2037 | 60 | &nbsp;&nbsp; 68853 |
| Connecticut (State of), Series 2024 F, GO Bonds | 5.00% | 11/15/2038 | 45 | &nbsp;&nbsp; 51291 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2034 Municipal Bond ETF (BSMY)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Connecticut-(continued)** |  |  |  |  |
| Connecticut (State of), Series 2025 B, Ref. GO Bonds | 5.00% | 12/01/2034 | $40 | &nbsp;&nbsp; $47060 |
| Connecticut (State of), Series 2025 D, Ref. GO Bonds | 5.00% | 08/15/2034 | 40 | &nbsp;&nbsp; 46914 |
| Connecticut (State of) (Green Bonds), Series 2024 G, GO Bonds | 5.00% | 11/15/2039 | 30 | &nbsp;&nbsp; 34028 |
| Connecticut (State of) (Green Bonds), Series 2024 G, GO Bonds | 5.00% | 11/15/2040 | 60 | &nbsp;&nbsp; 67422 |
| Connecticut (State of) (Social Bonds), Series 2024 B, GO Bonds | 5.00% | 01/15/2037 | 40 | &nbsp;&nbsp; 45650 |
| Connecticut (State of) (Social Bonds), Series 2024 B, GO Bonds | 5.00% | 01/15/2038 | 210 | &nbsp;&nbsp; 237822 |
| Connecticut (State of) (Social Bonds), Series 2024 B, GO Bonds | 5.00% | 01/15/2039 | 40 | &nbsp;&nbsp; 45029 |
| Connecticut (State of) (Social Bonds), Series 2024 C, Ref. GO Bonds | 5.00% | 03/01/2034 | 5 | &nbsp;&nbsp; 5835 |
| Connecticut (State of) (Transportation Infrastructure), Series 2024, RB | 5.00% | 07/01/2036 | 5 | &nbsp;&nbsp; 5805 |
| Connecticut (State of) (Transportation Infrastructure), Series 2024, RB | 5.00% | 07/01/2038 | 5 | &nbsp;&nbsp; 5709 |
| Connecticut (State of) (Transportation Infrastructure), Series 2024, RB | 5.00% | 07/01/2040 | 25 | &nbsp;&nbsp; 28091 |
| Connecticut (State of) (Transportation Infrastructure), Series 2024, RB | 5.00% | 07/01/2041 | 10 | &nbsp;&nbsp; 11126 |
|  |  |  |  | &nbsp;&nbsp; 1185429 |
| **Delaware-0.09%** |  |  |  |  |
| Delaware (State of), Series 2020 A, GO Bonds | 2.00% | 01/01/2034 | 80 | &nbsp;&nbsp; 71217 |
| **District of Columbia-1.53%** |  |  |  |  |
| District of Columbia, Series 2024 A, GO Bonds | 5.00% | 08/01/2034 | 30 | &nbsp;&nbsp; 35146 |
| District of Columbia, Series 2024 A, GO Bonds | 5.00% | 08/01/2041 | 30 | &nbsp;&nbsp; 33076 |
| District of Columbia, Series 2024 A, GO Bonds | 5.00% | 08/01/2042 | 85 | &nbsp;&nbsp; 92758 |
| District of Columbia, Series 2024 A, GO Bonds | 5.00% | 08/01/2043 | 55 | &nbsp;&nbsp; 59374 |
| District of Columbia, Series 2024 A, GO Bonds | 5.00% | 08/01/2044 | 70 | &nbsp;&nbsp; 74974 |
| District of Columbia, Series 2024 A, GO Bonds | 5.00% | 08/01/2045 | 20 | &nbsp;&nbsp; 21313 |
| District of Columbia, Series 2024 A, GO Bonds | 5.00% | 08/01/2049 | 150 | &nbsp;&nbsp; 157993 |
| District of Columbia, Series 2024 A, Ref. RB | 5.00% | 10/01/2036 | 20 | &nbsp;&nbsp; 23097 |
| District of Columbia, Series 2024 A, Ref. RB | 5.00% | 10/01/2037 | 125 | &nbsp;&nbsp; 142954 |
| District of Columbia, Series 2024 B, GO Bonds | 5.00% | 08/01/2034 | 20 | &nbsp;&nbsp; 23431 |
| District of Columbia, Series 2024 C, Ref. GO Bonds | 5.00% | 12/01/2034 | 15 | &nbsp;&nbsp; 17634 |
| District of Columbia Water & Sewer Authority, Series 2024 A, Ref. RB | 5.00% | 10/01/2036 | 120 | &nbsp;&nbsp; 138478 |
| District of Columbia Water & Sewer Authority, Series 2024 A, Ref. RB | 5.00% | 10/01/2039 | 20 | &nbsp;&nbsp; 22556 |
| District of Columbia Water & Sewer Authority, Series 2024 A, Ref. RB | 5.00% | 10/01/2040 | 75 | &nbsp;&nbsp; 83741 |
| District of Columbia Water & Sewer Authority, Series 2024 A, Ref. RB | 5.00% | 10/01/2041 | 20 | &nbsp;&nbsp; 22079 |
| Washington Metropolitan Area Transit Authority, Series 2024, RB | 5.25% | 07/15/2059 | 100 | &nbsp;&nbsp; 105531 |
| Washington Metropolitan Area Transit Authority (Green Bonds), Series 2023, RB | 5.00% | 07/15/2034 | 10 | &nbsp;&nbsp; 11446 |
| Washington Metropolitan Area Transit Authority (Green Bonds), Series 2024 A, RB | 5.00% | 07/15/2056 | 45 | &nbsp;&nbsp; 46594 |
| Washington Metropolitan Area Transit Authority (Green Bonds), Series 2024, RB | 5.00% | 07/15/2049 | 100 | &nbsp;&nbsp; 104366 |
| Washington Metropolitan Area Transit Authority (Green Bonds), Series 2024, RB | 5.00% | 07/15/2054 | 60 | &nbsp;&nbsp; 62168 |
|  |  |  |  | &nbsp;&nbsp; 1278709 |
| **Florida-3.39%** |  |  |  |  |
| Central Florida Expressway Authority, Series 2017, Ref. RB, (INS - BAM)<sup>(a)</sup> | 3.00% | 07/01/2034 | 195 | &nbsp;&nbsp; 191900 |
| Central Florida Expressway Authority, Series 2024 A, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 07/01/2054 | 25 | &nbsp;&nbsp; 26198 |
| &nbsp;&nbsp;&nbsp; Collier (County of), FL Industrial Development Authority (NCH Healthcare System), Series 2024, RB, <br> (INS - AGI)<sup>(a)</sup><br>| 5.00% | 10/01/2049 | 20 | &nbsp;&nbsp; 20729 |
| &nbsp;&nbsp;&nbsp; Collier (County of), FL Industrial Development Authority (NCH Healthcare System), Series 2024, RB, <br> (INS - AGI)<sup>(a)</sup><br>| 5.00% | 10/01/2054 | 75 | &nbsp;&nbsp; 77275 |
| Florida (State of) (Capital Outlay), Series 2017 C, Ref. GO Bonds | 3.00% | 06/01/2034 | 5 | &nbsp;&nbsp; 4948 |
| Florida (State of) (Capital Outlay), Series 2025 A, Ref. GO Bonds | 5.00% | 06/01/2034 | 40 | &nbsp;&nbsp; 47077 |
| Florida (State of) Atlantic University Finance Corp., Series 2024, RB | 5.00% | 07/01/2049 | 50 | &nbsp;&nbsp; 52579 |
| Florida (State of) Department of Transportation, Series 2024 A, Ref. RB | 5.00% | 07/01/2034 | 25 | &nbsp;&nbsp; 29388 |
| Florida Development Finance Corp. (Lakeland Regional Health System), Series 2021, Ref. RB | 4.00% | 11/15/2034 | 10 | &nbsp;&nbsp; 10296 |
| Halifax Hospital Medical Center (Daytona Beach), Series 2024, RB | 5.25% | 06/01/2054 | 100 | &nbsp;&nbsp; 103647 |
| &nbsp;&nbsp;&nbsp; Hillsborough (County of), FL Industrial Development Authority (Baycare Health System), Series 2024 C, <br> Ref. RB<br>| 5.00% | 11/15/2034 | 225 | &nbsp;&nbsp; 260720 |
| &nbsp;&nbsp;&nbsp; Hillsborough (County of), FL Industrial Development Authority (Baycare Health System), Series 2024 C, <br> Ref. RB<br>| 5.25% | 11/15/2049 | 325 | &nbsp;&nbsp; 344872 |
| Jacksonville (City of), FL, Series 2024, Ref. RB | 5.25% | 10/01/2054 | 25 | &nbsp;&nbsp; 26677 |
| JEA Electric System, Series 2024 A, Ref. RB | 5.00% | 10/01/2034 | 10 | &nbsp;&nbsp; 11668 |
| JEA Water & Sewer System, Series 2024 A, Ref. RB | 5.00% | 10/01/2034 | 40 | &nbsp;&nbsp; 46153 |
| Marion (County of), FL School Board, Series 2024, COP, (INS - AGI)<sup>(a)</sup> | 5.00% | 06/01/2034 | 10 | &nbsp;&nbsp; 11523 |
| Marion (County of), FL School Board, Series 2024, COP, (INS - AGI)<sup>(a)</sup> | 5.00% | 06/01/2037 | 75 | &nbsp;&nbsp; 84307 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2034 Municipal Bond ETF (BSMY)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Florida-(continued)** |  |  |  |  |
| Marion (County of), FL School Board, Series 2024, COP, (INS - AGI)<sup>(a)</sup> | 5.00% | 06/01/2039 | $25 | &nbsp;&nbsp; $27728 |
| Marion (County of), FL School Board, Series 2024, COP, (INS - AGI)<sup>(a)</sup> | 5.00% | 06/01/2040 | 10 | &nbsp;&nbsp; 10967 |
| Marion (County of), FL School Board, Series 2024, COP, (INS - AGI)<sup>(a)</sup> | 5.00% | 06/01/2041 | 15 | &nbsp;&nbsp; 16300 |
| Miami-Dade (County of), FL, Series 2017 B, Ref. RB | 3.00% | 10/01/2034 | 125 | &nbsp;&nbsp; 123033 |
| Miami-Dade (County of), FL, Series 2024 A, RB | 5.00% | 10/01/2048 | 10 | &nbsp;&nbsp; 10574 |
| Miami-Dade (County of), FL, Series 2024 A, RB | 5.00% | 10/01/2049 | 100 | &nbsp;&nbsp; 105415 |
| Miami-Dade (County of), FL, Series 2024 A, RB | 5.25% | 10/01/2054 | 100 | &nbsp;&nbsp; 106534 |
| Miami-Dade (County of), FL, Series 2024 B, Ref. RB | 5.00% | 10/01/2037 | 10 | &nbsp;&nbsp; 11370 |
| &nbsp;&nbsp;&nbsp; Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2024 A, Ref. <br> RB<br>| 5.00% | 04/01/2034 | 5 | &nbsp;&nbsp; 5732 |
| Okaloosa County School Board, Series 2024, COP, (INS - AGI)<sup>(a)</sup> | 5.00% | 10/01/2049 | 35 | &nbsp;&nbsp; 36517 |
| Orlando (City of), FL, Series 2024 A, GO Bonds | 5.00% | 10/01/2054 | 20 | &nbsp;&nbsp; 21158 |
| Orlando (City of), FL Utilities Commission, Series 2024 B, Ref. RB | 5.00% | 10/01/2036 | 20 | &nbsp;&nbsp; 23130 |
| Orlando (City of), FL Utilities Commission, Series 2024 B, Ref. RB | 5.00% | 10/01/2037 | 25 | &nbsp;&nbsp; 28674 |
| Orlando (City of), FL Utilities Commission, Series 2024 B, Ref. RB | 5.00% | 10/01/2038 | 190 | &nbsp;&nbsp; 216310 |
| Orlando (City of), FL Utilities Commission, Series 2024 B, Ref. RB | 5.00% | 10/01/2039 | 20 | &nbsp;&nbsp; 22605 |
| Orlando (City of), FL Utilities Commission, Series 2025 B, Ref. RB | 5.00% | 10/01/2034 | 10 | &nbsp;&nbsp; 11770 |
| Osceola (County of), FL, Series 2025, RB | 5.00% | 10/01/2036 | 55 | &nbsp;&nbsp; 62873 |
| Pasco (County of), FL, Series 2024 A, RB | 5.00% | 10/01/2054 | 130 | &nbsp;&nbsp; 135771 |
| Pasco (County of), FL School Board, Series 2024, RB | 5.00% | 10/01/2037 | 15 | &nbsp;&nbsp; 16847 |
| Pasco (County of), FL School Board, Series 2024, RB | 5.00% | 10/01/2039 | 55 | &nbsp;&nbsp; 61139 |
| Polk (County of), FL, Series 2024, Ref. RB | 5.00% | 10/01/2054 | 5 | &nbsp;&nbsp; 5259 |
| South Broward Hospital District, Series 2016, Ref. RB | 3.00% | 05/01/2034 | 70 | &nbsp;&nbsp; 67852 |
| Tallahassee (City of), FL, Series 2024 A, Ref. RB | 5.00% | 10/01/2037 | 15 | &nbsp;&nbsp; 17092 |
| Tallahassee (City of), FL, Series 2024 A, Ref. RB | 5.00% | 10/01/2038 | 40 | &nbsp;&nbsp; 45210 |
| Tallahassee (City of), FL, Series 2024, Ref. RB | 5.00% | 10/01/2038 | 35 | &nbsp;&nbsp; 39559 |
| Tallahassee (City of), FL, Series 2024, Ref. RB | 5.00% | 10/01/2039 | 10 | &nbsp;&nbsp; 11229 |
| Tampa (City of), FL, Series 2024, RB | 5.00% | 10/01/2047 | 50 | &nbsp;&nbsp; 53691 |
| Tampa (City of), FL, Series 2024, RB | 5.00% | 10/01/2054 | 25 | &nbsp;&nbsp; 26391 |
| Tampa Bay (City of), FL Water, Series 2024 A, RB | 5.00% | 10/01/2045 | 40 | &nbsp;&nbsp; 42695 |
| Tampa Bay (City of), FL Water, Series 2024 A, RB | 5.25% | 10/01/2054 | 110 | &nbsp;&nbsp; 117711 |
|  |  |  |  | &nbsp;&nbsp; 2831093 |
| **Georgia-1.06%** |  |  |  |  |
| Atlanta (City of), GA, Series 2024, RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 11/01/2036 | 35 | &nbsp;&nbsp; 40466 |
| Atlanta (City of), GA (Green Bonds), Series 2024, RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 11/01/2040 | 45 | &nbsp;&nbsp; 50325 |
| Atlanta (City of), GA (Green Bonds), Series 2024, RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 11/01/2041 | 30 | &nbsp;&nbsp; 33211 |
| Atlanta (City of), GA Department of Aviation (Green Bonds), Series 2024 A-1, RB | 5.00% | 07/01/2049 | 95 | &nbsp;&nbsp; 100177 |
| Atlanta (City of), GA Department of Aviation (Green Bonds), Series 2024 A-1, RB | 5.00% | 07/01/2054 | 50 | &nbsp;&nbsp; 52418 |
| Augusta (City of), GA, Series 2024 A, Ref. RB | 5.00% | 10/01/2038 | 35 | &nbsp;&nbsp; 39698 |
| Augusta (City of), GA, Series 2024 A, Ref. RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 10/01/2039 | 10 | &nbsp;&nbsp; 11270 |
| Columbia (County of), GA, Series 2024, RB | 5.00% | 06/01/2049 | 10 | &nbsp;&nbsp; 10534 |
| Coweta County Water & Sewage Authority, Series 2024, RB | 5.00% | 06/01/2049 | 80 | &nbsp;&nbsp; 84210 |
| Coweta County Water & Sewage Authority, Series 2024, RB | 5.00% | 06/01/2054 | 75 | &nbsp;&nbsp; 78492 |
| Fulton (County of), GA Development Authority (Curran Street Residence Hall), Series 2024, RB | 5.00% | 06/15/2056 | 65 | &nbsp;&nbsp; 67613 |
| Fulton (County of), GA Development Authority (Curran Street Residence Hall), Series 2024, RB | 5.00% | 06/15/2056 | 10 | &nbsp;&nbsp; 10438 |
| Macon Water Authority, Series 2024, RB | 5.00% | 10/01/2054 | 20 | &nbsp;&nbsp; 21005 |
| Metropolitan Atlanta Rapid Transit Authority (Green Bonds), Series 2024 A, GO Bonds | 5.00% | 07/01/2034 | 10 | &nbsp;&nbsp; 11703 |
| Metropolitan Atlanta Rapid Transit Authority (Green Bonds), Series 2024 A, RB | 5.00% | 07/01/2037 | 5 | &nbsp;&nbsp; 5729 |
| Metropolitan Atlanta Rapid Transit Authority (Green Bonds), Series 2024 B, RB | 5.00% | 07/01/2036 | 35 | &nbsp;&nbsp; 40416 |
| Metropolitan Atlanta Rapid Transit Authority (Green Bonds), Series 2024 B, RB | 5.00% | 07/01/2045 | 15 | &nbsp;&nbsp; 16076 |
| Rockdale (County of), GA Public Facilities Authority, Series 2024, RB | 5.00% | 01/01/2049 | 65 | &nbsp;&nbsp; 68323 |
| Rockdale (County of), GA Public Facilities Authority, Series 2024, RB | 5.00% | 01/01/2054 | 65 | &nbsp;&nbsp; 67945 |
| Upper Oconee Basin Water Authority, Series 2024, RB | 5.00% | 07/01/2055 | 25 | &nbsp;&nbsp; 26264 |
| Valdosta & Lowndes County Hospital Authority, Series 2024, RB | 5.00% | 10/01/2054 | 50 | &nbsp;&nbsp; 52326 |
|  |  |  |  | &nbsp;&nbsp; 888639 |
| **Hawaii-0.29%** |  |  |  |  |
| Honolulu (City & County of), HI, Series 2024, Ref. RB | 5.00% | 07/01/2040 | 35 | &nbsp;&nbsp; 39094 |
| Honolulu (City & County of), HI, Series 2025 D, Ref. GO Bonds | 5.00% | 07/01/2034 | 5 | &nbsp;&nbsp; 5869 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2034 Municipal Bond ETF (BSMY)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Hawaii-(continued)** |  |  |  |  |
| Honolulu (City & County of), HI (Second Bond Resolution), Series 2024, Ref. RB | 5.00% | 07/01/2039 | $35 | &nbsp;&nbsp; $39536 |
| Honolulu (City & County), HI Board of Water Supply (Green Bonds), Series 2024 A, Ref. RB | 5.00% | 07/01/2053 | 150 | &nbsp;&nbsp; 158513 |
|  |  |  |  | &nbsp;&nbsp; 243012 |
| **Idaho-0.23%** |  |  |  |  |
| Idaho (State of) Housing & Finance Association, Series 2024, RB | 5.00% | 08/15/2048 | 100 | &nbsp;&nbsp; 106203 |
| Idaho State Building Authority (School Modernization Facilities), Series 2025, RB | 5.00% | 06/01/2034 | 70 | &nbsp;&nbsp; 82037 |
|  |  |  |  | &nbsp;&nbsp; 188240 |
| **Illinois-5.40%** |  |  |  |  |
| Chicago (City of), IL, Series 2024 A, Ref. RB | 5.00% | 11/01/2037 | 25 | &nbsp;&nbsp; 28051 |
| Chicago (City of), IL, Series 2024 A, Ref. RB | 5.00% | 11/01/2038 | 170 | &nbsp;&nbsp; 189507 |
| Chicago (City of), IL, Series 2024 A, Ref. RB | 5.00% | 11/01/2039 | 15 | &nbsp;&nbsp; 16610 |
| Chicago (City of), IL, Series 2024 A, Ref. RB | 5.00% | 11/01/2041 | 10 | &nbsp;&nbsp; 10883 |
| Chicago (City of), IL, Series 2024, Ref. RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 01/01/2038 | 85 | &nbsp;&nbsp; 94708 |
| Chicago (City of), IL, Series 2024, Ref. RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 01/01/2044 | 50 | &nbsp;&nbsp; 53051 |
| Chicago (City of), IL, Series 2025 B, GO Bonds | 5.00% | 01/01/2034 | 10 | &nbsp;&nbsp; 10630 |
| Chicago (City of), IL (O'Hare International Airport), Series 2024 B, RB | 5.00% | 01/01/2042 | 25 | &nbsp;&nbsp; 26992 |
| Chicago (City of), IL (O'Hare International Airport), Series 2024 B, RB | 5.25% | 01/01/2044 | 55 | &nbsp;&nbsp; 59404 |
| Chicago (City of), IL (O'Hare International Airport), Series 2024 B, RB | 5.00% | 01/01/2048 | 100 | &nbsp;&nbsp; 104730 |
| Chicago (City of), IL (O'Hare International Airport), Series 2024 B, RB | 5.25% | 01/01/2053 | 50 | &nbsp;&nbsp; 52762 |
| Chicago (City of), IL (O'Hare International Airport), Series 2024 D, Ref. RB | 5.00% | 01/01/2034 | 5 | &nbsp;&nbsp; 5769 |
| Chicago (City of), IL Metropolitan Water Reclamation District (Green Bonds), Series 2024 A, GO Bonds | 5.00% | 12/01/2039 | 85 | &nbsp;&nbsp; 95239 |
| Chicago (City of), IL Metropolitan Water Reclamation District (Green Bonds), Series 2024 A, GO Bonds | 5.00% | 12/01/2040 | 75 | &nbsp;&nbsp; 83335 |
| Chicago (City of), IL Metropolitan Water Reclamation District (Green Bonds), Series 2024 A, GO Bonds | 5.00% | 12/01/2041 | 40 | &nbsp;&nbsp; 43994 |
| Chicago (City of), IL Metropolitan Water Reclamation District (Green Bonds), Series 2024 A, GO Bonds | 5.00% | 12/01/2042 | 10 | &nbsp;&nbsp; 10881 |
| Chicago (City of), IL Metropolitan Water Reclamation District (Green Bonds), Series 2024 A, GO Bonds | 5.00% | 12/01/2043 | 105 | &nbsp;&nbsp; 113163 |
| Chicago (City of), IL Metropolitan Water Reclamation District (Green Bonds), Series 2024 A, GO Bonds | 5.00% | 12/01/2044 | 15 | &nbsp;&nbsp; 16046 |
| Chicago (City of), IL Midway International Airport, Series 2023 B, Ref. RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 01/01/2034 | 30 | &nbsp;&nbsp; 34078 |
| Chicago (City of), IL Transit Authority, Series 2024 A, Ref. RB | 5.00% | 12/01/2042 | 140 | &nbsp;&nbsp; 148716 |
| Illinois (State of), Series 2016, GO Bonds, (INS - AGI)<sup>(a)</sup> | 3.75% | 01/01/2034 | 45 | &nbsp;&nbsp; 45011 |
| Illinois (State of), Series 2020 B, GO Bonds | 4.00% | 10/01/2034 | 15 | &nbsp;&nbsp; 15229 |
| Illinois (State of), Series 2021 B, GO Bonds | 4.00% | 12/01/2034 | 60 | &nbsp;&nbsp; 61056 |
| Illinois (State of), Series 2024 B, GO Bonds | 5.00% | 05/01/2034 | 35 | &nbsp;&nbsp; 39609 |
| Illinois (State of), Series 2024 B, GO Bonds | 5.00% | 05/01/2036 | 35 | &nbsp;&nbsp; 39004 |
| Illinois (State of), Series 2024 B, GO Bonds | 5.00% | 05/01/2037 | 25 | &nbsp;&nbsp; 27532 |
| Illinois (State of), Series 2024 B, GO Bonds | 5.00% | 05/01/2038 | 30 | &nbsp;&nbsp; 32726 |
| Illinois (State of), Series 2024 B, GO Bonds | 5.00% | 05/01/2039 | 15 | &nbsp;&nbsp; 16213 |
| Illinois (State of), Series 2024 B, GO Bonds | 5.00% | 05/01/2040 | 5 | &nbsp;&nbsp; 5376 |
| Illinois (State of), Series 2024 B, GO Bonds | 5.00% | 05/01/2041 | 115 | &nbsp;&nbsp; 122677 |
| Illinois (State of), Series 2024 B, GO Bonds | 5.25% | 05/01/2042 | 10 | &nbsp;&nbsp; 10752 |
| Illinois (State of), Series 2024 B, GO Bonds | 5.25% | 05/01/2043 | 10 | &nbsp;&nbsp; 10662 |
| Illinois (State of), Series 2024 B, GO Bonds | 5.25% | 05/01/2044 | 20 | &nbsp;&nbsp; 21173 |
| Illinois (State of), Series 2024 B, GO Bonds | 5.25% | 05/01/2048 | 100 | &nbsp;&nbsp; 103772 |
| Illinois (State of), Series 2024 B, RB | 5.00% | 06/15/2036 | 250 | &nbsp;&nbsp; 281028 |
| Illinois (State of), Series 2024 B, RB | 5.00% | 06/15/2038 | 60 | &nbsp;&nbsp; 66312 |
| Illinois (State of), Series 2024 B, RB | 5.00% | 06/15/2039 | 5 | &nbsp;&nbsp; 5490 |
| Illinois (State of), Series 2024 C, RB | 5.00% | 06/15/2040 | 50 | &nbsp;&nbsp; 54390 |
| Illinois (State of), Series 2024 C, RB | 5.00% | 06/15/2041 | 5 | &nbsp;&nbsp; 5386 |
| Illinois (State of), Series 2024, Ref. GO Bonds | 5.00% | 02/01/2034 | 45 | &nbsp;&nbsp; 50876 |
| Illinois (State of), Series 2024, Ref. GO Bonds | 5.00% | 02/01/2036 | 35 | &nbsp;&nbsp; 39127 |
| Illinois (State of), Series 2024, Ref. GO Bonds | 5.00% | 02/01/2037 | 50 | &nbsp;&nbsp; 55325 |
| Illinois (State of), Series 2024, Ref. GO Bonds | 5.00% | 02/01/2038 | 65 | &nbsp;&nbsp; 71213 |
| Illinois (State of), Series 2024, Ref. GO Bonds | 5.00% | 02/01/2039 | 15 | &nbsp;&nbsp; 16281 |
| Illinois (State of), Series 2024, Ref. GO Bonds, (INS - BAM)<sup>(a)</sup> | 5.00% | 02/01/2034 | 15 | &nbsp;&nbsp; 17073 |
| Illinois (State of), Series 2025 C, GO Bonds | 5.00% | 09/01/2034 | 50 | &nbsp;&nbsp; 56772 |
| Illinois (State of), Series 2025 D, GO Bonds | 5.00% | 09/01/2037 | 15 | &nbsp;&nbsp; 16550 |
| Illinois (State of), Series 2025 E, GO Bonds | 5.00% | 09/01/2042 | 75 | &nbsp;&nbsp; 79214 |
| Illinois (State of), Series 2025 E, GO Bonds | 5.00% | 09/01/2044 | 75 | &nbsp;&nbsp; 78017 |
| Illinois (State of), Series 2025 F, GO Bonds | 5.25% | 09/01/2046 | 75 | &nbsp;&nbsp; 78516 |
| Illinois (State of), Series 2025 F, GO Bonds | 5.25% | 09/01/2047 | 100 | &nbsp;&nbsp; 103875 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2034 Municipal Bond ETF (BSMY)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Illinois-(continued)** |  |  |  |  |
| Illinois (State of), Series 2025 F, GO Bonds | 5.25% | 09/01/2048 | $75 | &nbsp;&nbsp; $77845 |
| Illinois (State of) (Rebuild Illinois Program), Series 2019 B, GO Bonds | 4.00% | 11/01/2034 | 25 | &nbsp;&nbsp; 25315 |
| Illinois (State of) Finance Authority (University of Chicago (The)), Series 2024 A, Ref. RB | 5.25% | 04/01/2043 | 10 | &nbsp;&nbsp; 10855 |
| Illinois (State of) Finance Authority (University of Chicago (The)), Series 2024 A, Ref. RB | 5.25% | 04/01/2044 | 95 | &nbsp;&nbsp; 102413 |
| Illinois (State of) Finance Authority (University of Chicago (The)), Series 2024 A, Ref. RB | 5.25% | 04/01/2045 | 265 | &nbsp;&nbsp; 284579 |
| Illinois (State of) Finance Authority (University of Chicago (The)), Series 2024 B, Ref. RB | 5.25% | 04/01/2038 | 35 | &nbsp;&nbsp; 39793 |
| Illinois (State of) Finance Authority (University of Chicago Medical), Series 2021 A, Ref. RB | 5.00% | 10/01/2034 | 5 | &nbsp;&nbsp; 5804 |
| Illinois (State of) Finance Authority (University of Chicago Medical), Series 2024 A, Ref. RB | 5.25% | 04/01/2042 | 20 | &nbsp;&nbsp; 21909 |
| Illinois (State of) Finance Authority (University of Chicago Medical), Series 2024 B, Ref. RB | 5.25% | 04/01/2039 | 15 | &nbsp;&nbsp; 16934 |
| Illinois (State of) Finance Authority (University of Chicago Medical), Series 2024, Ref. RB | 5.25% | 04/01/2041 | 85 | &nbsp;&nbsp; 93956 |
| Illinois (State of) Toll Highway Authority, Series 2024 A, Ref. RB | 5.00% | 01/01/2036 | 155 | &nbsp;&nbsp; 178347 |
| Illinois (State of) Toll Highway Authority, Series 2024 A, Ref. RB | 5.00% | 01/01/2037 | 105 | &nbsp;&nbsp; 119758 |
| Illinois (State of) Toll Highway Authority, Series 2024 A, Ref. RB | 5.00% | 01/01/2038 | 135 | &nbsp;&nbsp; 152737 |
| Illinois (State of) Toll Highway Authority, Series 2024, Ref. RB | 5.00% | 01/01/2039 | 125 | &nbsp;&nbsp; 140332 |
| Sales Tax Securitization Corp., Series 2023 C, Ref. RB | 5.00% | 01/01/2034 | 20 | &nbsp;&nbsp; 22030 |
| Sales Tax Securitization Corp., Series 2024 A, Ref. RB | 5.00% | 01/01/2034 | 100 | &nbsp;&nbsp; 112686 |
| Springdale (City of), AR, Series 2024, Ref. RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 03/01/2036 | 10 | &nbsp;&nbsp; 11268 |
| Springdale (City of), AR, Series 2024, Ref. RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 03/01/2039 | 55 | &nbsp;&nbsp; 60510 |
| St. Clair County Community Unit School District No. 187, Series 2024 A, GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.00% | 01/01/2049 | 130 | &nbsp;&nbsp; 133246 |
| St. Clair County Community Unit School District No. 187, Series 2024 A, GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.00% | 01/01/2054 | 50 | &nbsp;&nbsp; 50966 |
| University of Illinois Auxiliary Facilities System, Series 2024, Ref. RB | 5.25% | 04/01/2043 | 20 | &nbsp;&nbsp; 21694 |
|  |  |  |  | &nbsp;&nbsp; 4507763 |
| **Indiana-1.25%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Brownsburg 1999 School Building Corp., Series 2024 A, GO Bonds, <br> (CEP - Colorado Higher Education Intercept Program)<br>| 5.00% | 07/15/2043 | 60 | &nbsp;&nbsp; 63866 |
| &nbsp;&nbsp;&nbsp; Brownsburg 1999 School Building Corp., Series 2024 A, RB, <br> (CEP - Colorado Higher Education Intercept Program)<br>| 5.00% | 07/15/2044 | 100 | &nbsp;&nbsp; 105683 |
| Fishers Town Hall Building Corp., Series 2023 A, RB, (INS - BAM)<sup>(a)</sup> | 5.63% | 07/15/2053 | 10 | &nbsp;&nbsp; 11052 |
| Fishers Town Hall Building Corp., Series 2023 A, RB, (INS - BAM)<sup>(a)</sup> | 5.75% | 07/15/2058 | 30 | &nbsp;&nbsp; 33369 |
| Illinois (State of) Finance Authority (Green Bonds), Series 2024 A, RB | 5.00% | 02/01/2037 | 15 | &nbsp;&nbsp; 17205 |
| Illinois (State of) Finance Authority (Green Bonds), Series 2024 A, RB | 5.00% | 02/01/2038 | 30 | &nbsp;&nbsp; 34195 |
| Indiana (State of) Finance Authority, Series 2024 A, RB | 5.00% | 02/01/2039 | 180 | &nbsp;&nbsp; 204208 |
| Indiana (State of) Finance Authority, Series 2024, RB | 5.00% | 02/01/2040 | 20 | &nbsp;&nbsp; 22254 |
| Indiana (State of) Finance Authority, Series 2024, Ref. RB | 4.00% | 02/01/2034 | 30 | &nbsp;&nbsp; 31799 |
| Indiana (State of) Finance Authority (Green Bonds), Series 2024 A, RB | 5.00% | 02/01/2040 | 85 | &nbsp;&nbsp; 95287 |
| Indiana (State of) Finance Authority (Green Bonds), Series 2024, RB | 5.00% | 02/01/2041 | 25 | &nbsp;&nbsp; 27706 |
| Indiana (State of) Finance Authority (Green Bonds), Series 2024, RB | 5.00% | 02/01/2042 | 100 | &nbsp;&nbsp; 109503 |
| Indiana University, Series 2024 A, RB | 5.00% | 06/01/2034 | 35 | &nbsp;&nbsp; 40788 |
| Northern Indiana Commuter Transportation District, Series 2024, RB | 5.25% | 01/01/2049 | 130 | &nbsp;&nbsp; 138727 |
| Northern Indiana Commuter Transportation District, Series 2024, RB | 5.00% | 01/01/2054 | 70 | &nbsp;&nbsp; 73232 |
| Westfield-Washington Multi-School Building Corp., Series 2024 A, RB, (INS - BAM)<sup>(a)</sup> | 5.25% | 07/15/2043 | 35 | &nbsp;&nbsp; 38204 |
|  |  |  |  | &nbsp;&nbsp; 1047078 |
| **Iowa-0.17%** |  |  |  |  |
| Iowa (State of) Finance Authority (Green Bonds), Series 2023, Ref. RB | 5.00% | 08/01/2034 | 55 | &nbsp;&nbsp; 63703 |
| Iowa (State of) Finance Authority (Green Bonds), Series 2024 A, RB | 5.00% | 08/01/2034 | 70 | &nbsp;&nbsp; 82043 |
|  |  |  |  | &nbsp;&nbsp; 145746 |
| **Kansas-0.16%** |  |  |  |  |
| Finney County Unified School District No. 457 Garden City, Series 2016 A, Ref. GO Bonds | 3.25% | 09/01/2034 | 60 | &nbsp;&nbsp; 59397 |
| Kansas (State of) Department of Transportation, Series 2024 A, Ref. RB | 5.00% | 09/01/2034 | 20 | &nbsp;&nbsp; 23468 |
| Kansas (State of) Development Finance Authority (Green Bonds), Series 2024, RB | 5.00% | 05/01/2037 | 10 | &nbsp;&nbsp; 11399 |
| Kansas (State of) Development Finance Authority (Green Bonds), Series 2024, RB | 5.00% | 05/01/2039 | 15 | &nbsp;&nbsp; 16904 |
| Kansas (State of) Development Finance Authority (Green Bonds), Series 2024, RB | 5.00% | 05/01/2041 | 20 | &nbsp;&nbsp; 22145 |
|  |  |  |  | &nbsp;&nbsp; 133313 |
| **Kentucky-0.73%** |  |  |  |  |
| Kentucky (Commonwealth of) Property & Building Commission (No. 130), Series 2024 A, RB | 5.25% | 11/01/2044 | 35 | &nbsp;&nbsp; 38427 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 131), Series 2024 A, GO Bonds | 5.00% | 10/01/2040 | 35 | &nbsp;&nbsp; 38855 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 131), Series 2024 A, RB | 5.00% | 10/01/2034 | 10 | &nbsp;&nbsp; 11642 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 131), Series 2024 A, RB | 5.00% | 10/01/2037 | 50 | &nbsp;&nbsp; 56810 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2034 Municipal Bond ETF (BSMY)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Kentucky-(continued)** |  |  |  |  |
| Kentucky (Commonwealth of) Property & Building Commission (No. 131), Series 2024 A, RB | 5.00% | 10/01/2039 | $25 | &nbsp;&nbsp; $28012 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 131), Series 2024 A, RB | 5.00% | 10/01/2043 | 155 | &nbsp;&nbsp; 168663 |
| Louisville (City of) & Jefferson (County of), KY Metropolitan Sewer District, Series 2024 A, Ref. RB | 5.00% | 05/15/2037 | 35 | &nbsp;&nbsp; 39863 |
| Louisville (City of) & Jefferson (County of), KY Metropolitan Sewer District, Series 2024 A, Ref. RB | 5.00% | 05/15/2038 | 160 | &nbsp;&nbsp; 181449 |
| University of Kentucky, Series 2024, RB | 5.00% | 10/01/2049 | 45 | &nbsp;&nbsp; 47172 |
|  |  |  |  | &nbsp;&nbsp; 610893 |
| **Louisiana-0.54%** |  |  |  |  |
| Louisiana (State of), Series 2023 A, Ref. GO Bonds | 5.00% | 02/01/2034 | 50 | &nbsp;&nbsp; 58453 |
| Louisiana (State of), Series 2024 A, GO Bonds | 5.00% | 05/01/2036 | 35 | &nbsp;&nbsp; 40300 |
| Louisiana (State of), Series 2024 A, GO Bonds | 5.00% | 05/01/2038 | 30 | &nbsp;&nbsp; 33891 |
| Louisiana (State of), Series 2024 A, RB | 5.00% | 05/01/2036 | 45 | &nbsp;&nbsp; 51382 |
| Louisiana (State of), Series 2024 A, RB | 5.00% | 05/01/2038 | 25 | &nbsp;&nbsp; 28145 |
| Louisiana (State of), Series 2024 E, GO Bonds | 5.00% | 09/01/2034 | 15 | &nbsp;&nbsp; 17678 |
| &nbsp;&nbsp;&nbsp; Louisiana (State of) Local Government Environmental Facilities & Community Development Authority <br> (East Baton Rouge Sewerage Commission), Series 2024, Ref. RB, (INS - BAM)<sup>(a)</sup><br>| 5.00% | 02/01/2039 | 35 | &nbsp;&nbsp; 38854 |
| &nbsp;&nbsp;&nbsp; Louisiana (State of) Local Government Environmental Facilities & Community Development Authority <br> (East Baton Rouge Sewerage Commission), Series 2024, Ref. RB, (INS - BAM)<sup>(a)</sup><br>| 5.00% | 02/01/2040 | 75 | &nbsp;&nbsp; 82109 |
| Louisiana (State of) Public Facilities Authority (Tulane University of Louisiana), Series 2024, RB | 5.00% | 04/15/2037 | 80 | &nbsp;&nbsp; 89790 |
| Louisiana (State of) Public Facilities Authority (Tulane University of Louisiana), Series 2024, RB | 5.00% | 04/15/2038 | 10 | &nbsp;&nbsp; 11126 |
|  |  |  |  | &nbsp;&nbsp; 451728 |
| **Maine-0.20%** |  |  |  |  |
| Bar Harbor (Town of), ME, Series 2024, GO Bonds | 5.00% | 09/01/2054 | 10 | &nbsp;&nbsp; 10590 |
| Maine (State of) Health & Higher Educational Facilities Authority, Series 2024 A, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 07/01/2049 | 10 | &nbsp;&nbsp; 10620 |
| Maine (State of) Health & Higher Educational Facilities Authority, Series 2024, RB | 5.00% | 10/01/2036 | 45 | &nbsp;&nbsp; 51255 |
| Maine (State of) Health & Higher Educational Facilities Authority, Series 2024, RB | 5.00% | 10/01/2037 | 5 | &nbsp;&nbsp; 5644 |
| Maine (State of) Health & Higher Educational Facilities Authority, Series 2024, RB | 5.00% | 10/01/2038 | 15 | &nbsp;&nbsp; 16816 |
| Maine (State of) Health & Higher Educational Facilities Authority, Series 2024, RB | 5.00% | 10/01/2039 | 40 | &nbsp;&nbsp; 44529 |
| Maine (State of) Health & Higher Educational Facilities Authority, Series 2024, RB | 5.25% | 10/01/2054 | 25 | &nbsp;&nbsp; 26469 |
|  |  |  |  | &nbsp;&nbsp; 165923 |
| **Maryland-1.20%** |  |  |  |  |
| Maryland (State of), First series 2024 A, GO Bonds | 5.00% | 06/01/2038 | 10 | &nbsp;&nbsp; 11413 |
| Maryland (State of), First Series 2024 A, GO Bonds | 5.00% | 06/01/2036 | 175 | &nbsp;&nbsp; 203169 |
| Maryland (State of), Series 2019 A, GO Bonds | 2.25% | 08/01/2034 | 25 | &nbsp;&nbsp; 22591 |
| Maryland (State of) (Bidding Group 2), Series 2023, A GO Bonds | 5.00% | 03/15/2034 | 15 | &nbsp;&nbsp; 17324 |
| Maryland (State of) (Bidding Group 3), Series 2024, GO Bonds | 5.00% | 06/01/2037 | 120 | &nbsp;&nbsp; 138006 |
| Maryland (State of) (Bidding Group 3), Series 2024, GO Bonds | 5.00% | 06/01/2039 | 80 | &nbsp;&nbsp; 90709 |
| Maryland (State of) Department of Transportation, Series 2019, RB | 3.00% | 10/01/2034 | 30 | &nbsp;&nbsp; 29631 |
| Maryland (State of) Health & Higher Educational Facilities Authority, Series 2024, RB | 5.00% | 07/01/2054 | 105 | &nbsp;&nbsp; 107910 |
| Maryland (State of) Stadium Authority, Series 2024, RB | 5.25% | 06/01/2051 | 15 | &nbsp;&nbsp; 15941 |
| Maryland (State of) Stadium Authority (Built to Learn), Series 2024, RB | 5.00% | 06/01/2054 | 100 | &nbsp;&nbsp; 103720 |
| Maryland (State of) Transportation Authority, Series 2024, Ref. RB | 5.00% | 07/01/2038 | 20 | &nbsp;&nbsp; 22788 |
| Maryland (State of) Transportation Authority, Series 2024, Ref. RB | 5.00% | 07/01/2039 | 110 | &nbsp;&nbsp; 124519 |
| Maryland (State of) Transportation Authority, Series 2024, Ref. RB | 5.00% | 07/01/2043 | 20 | &nbsp;&nbsp; 21736 |
| Maryland (State of) Transportation Authority (Transportation Facilities), Series 2024, Ref. RB | 5.00% | 07/01/2040 | 20 | &nbsp;&nbsp; 22385 |
| Montgomery (County of), MD, Series 2021 A, Ref. GO Bonds | 3.00% | 08/01/2034 | 25 | &nbsp;&nbsp; 24735 |
| Prince George's (County of), MD, Series 2019 A, GO Bonds | 3.00% | 07/15/2034 | 15 | &nbsp;&nbsp; 14845 |
| Washington (State of) Suburban Sanitary Commission, Series 2017, RB | 3.00% | 06/15/2034 | 30 | &nbsp;&nbsp; 29681 |
|  |  |  |  | &nbsp;&nbsp; 1001103 |
| **Massachusetts-5.82%** |  |  |  |  |
| Greater Fall River Vocational School District, Series 2025, GO Bonds | 5.00% | 06/01/2049 | 10 | &nbsp;&nbsp; 10475 |
| Massachusetts (Commonwealth of), Series 2015 D, GO Bonds | 3.13% | 09/01/2034 | 305 | &nbsp;&nbsp; 304995 |
| Massachusetts (Commonwealth of), Series 2017 E, GO Bonds | 3.00% | 11/01/2034 | 70 | &nbsp;&nbsp; 69374 |
| Massachusetts (Commonwealth of), Series 2019 G, GO Bonds | 3.00% | 09/01/2034 | 10 | &nbsp;&nbsp; 9919 |
| Massachusetts (Commonwealth of), Series 2020 B, GO Bonds | 2.00% | 03/01/2034 | 75 | &nbsp;&nbsp; 66527 |
| Massachusetts (Commonwealth of), Series 2023 B, GO Bonds | 5.00% | 10/01/2034 | 10 | &nbsp;&nbsp; 11652 |
| Massachusetts (Commonwealth of), Series 2024 A, GO Bonds | 5.00% | 01/01/2038 | 220 | &nbsp;&nbsp; 250296 |
| Massachusetts (Commonwealth of), Series 2024 A, GO Bonds | 5.00% | 01/01/2039 | 235 | &nbsp;&nbsp; 265558 |
| Massachusetts (Commonwealth of), Series 2024 A, GO Bonds | 5.00% | 01/01/2040 | 50 | &nbsp;&nbsp; 55735 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2034 Municipal Bond ETF (BSMY)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Massachusetts-(continued)** |  |  |  |  |
| Massachusetts (Commonwealth of), Series 2024 A, GO Bonds | 5.00% | 01/01/2041 | $35 | &nbsp;&nbsp; $38651 |
| Massachusetts (Commonwealth of), Series 2024 A, GO Bonds | 5.00% | 01/01/2042 | 60 | &nbsp;&nbsp; 65477 |
| Massachusetts (Commonwealth of), Series 2024 A, GO Bonds | 5.00% | 01/01/2054 | 430 | &nbsp;&nbsp; 448589 |
| Massachusetts (Commonwealth of), Series 2024 A, Ref. GO Bonds | 5.00% | 03/01/2039 | 215 | &nbsp;&nbsp; 243219 |
| Massachusetts (Commonwealth of), Series 2024 A, Ref. GO Bonds | 5.00% | 03/01/2040 | 100 | &nbsp;&nbsp; 111674 |
| Massachusetts (Commonwealth of), Series 2024 A, Ref. GO Bonds | 5.00% | 03/01/2041 | 15 | &nbsp;&nbsp; 16592 |
| Massachusetts (Commonwealth of), Series 2024 A, Ref. GO Bonds | 5.00% | 03/01/2042 | 35 | &nbsp;&nbsp; 38251 |
| Massachusetts (Commonwealth of), Series 2024 A, Ref. GO Bonds | 5.00% | 03/01/2044 | 15 | &nbsp;&nbsp; 16092 |
| Massachusetts (Commonwealth of), Series 2024 A, Ref. RB | 5.00% | 06/01/2044 | 50 | &nbsp;&nbsp; 54034 |
| Massachusetts (Commonwealth of), Series 2024 A, Ref. RB | 5.00% | 07/01/2044 | 85 | &nbsp;&nbsp; 91719 |
| Massachusetts (Commonwealth of), Series 2024 A, Ref. RB | 5.00% | 07/01/2045 | 10 | &nbsp;&nbsp; 10732 |
| Massachusetts (Commonwealth of), Series 2024 B, GO Bonds | 5.00% | 05/01/2034 | 5 | &nbsp;&nbsp; 5891 |
| Massachusetts (Commonwealth of), Series 2024 B, GO Bonds | 5.00% | 05/01/2036 | 25 | &nbsp;&nbsp; 29028 |
| Massachusetts (Commonwealth of), Series 2024 B, GO Bonds | 5.00% | 05/01/2038 | 15 | &nbsp;&nbsp; 17100 |
| Massachusetts (Commonwealth of), Series 2024 B, GO Bonds | 5.00% | 05/01/2039 | 45 | &nbsp;&nbsp; 50961 |
| Massachusetts (Commonwealth of), Series 2024 B, GO Bonds | 5.00% | 05/01/2040 | 20 | &nbsp;&nbsp; 22376 |
| Massachusetts (Commonwealth of), Series 2024 B, GO Bonds | 5.00% | 05/01/2041 | 60 | &nbsp;&nbsp; 66481 |
| Massachusetts (Commonwealth of), Series 2024 B, GO Bonds | 5.00% | 05/01/2042 | 75 | &nbsp;&nbsp; 82088 |
| Massachusetts (Commonwealth of), Series 2024 B, GO Bonds | 5.00% | 05/01/2043 | 10 | &nbsp;&nbsp; 10846 |
| Massachusetts (Commonwealth of), Series 2024 B, GO Bonds | 5.00% | 05/01/2044 | 10 | &nbsp;&nbsp; 10740 |
| Massachusetts (Commonwealth of), Series 2024 B, GO Bonds | 5.00% | 05/01/2047 | 20 | &nbsp;&nbsp; 21161 |
| Massachusetts (Commonwealth of), Series 2024 B, GO Bonds | 5.00% | 05/01/2054 | 125 | &nbsp;&nbsp; 130589 |
| Massachusetts (Commonwealth of), Series 2024 B, Ref. GO Bonds | 5.00% | 11/01/2034 | 5 | &nbsp;&nbsp; 5879 |
| Massachusetts (Commonwealth of), Series 2024 B, Ref. GO Bonds | 5.00% | 11/01/2036 | 10 | &nbsp;&nbsp; 11565 |
| Massachusetts (Commonwealth of), Series 2024 B, Ref. GO Bonds | 5.00% | 11/01/2039 | 145 | &nbsp;&nbsp; 163717 |
| Massachusetts (Commonwealth of), Series 2024 B, Ref. GO Bonds | 5.00% | 11/01/2040 | 45 | &nbsp;&nbsp; 50346 |
| Massachusetts (Commonwealth of), Series 2024 B, Ref. GO Bonds | 5.00% | 11/01/2041 | 30 | &nbsp;&nbsp; 33241 |
| Massachusetts (Commonwealth of), Series 2024 B, Ref. GO Bonds | 5.00% | 11/01/2042 | 45 | &nbsp;&nbsp; 49253 |
| Massachusetts (Commonwealth of), Series 2024 C, GO Bonds | 5.00% | 08/01/2038 | 20 | &nbsp;&nbsp; 22830 |
| Massachusetts (Commonwealth of), Series 2024 D, GO Bonds | 5.00% | 08/01/2040 | 20 | &nbsp;&nbsp; 22437 |
| Massachusetts (Commonwealth of), Series 2024 D, GO Bonds | 5.00% | 08/01/2041 | 10 | &nbsp;&nbsp; 11108 |
| Massachusetts (Commonwealth of), Series 2024 D, GO Bonds | 5.00% | 08/01/2044 | 5 | &nbsp;&nbsp; 5379 |
| Massachusetts (Commonwealth of), Series 2024 E, GO Bonds | 5.00% | 08/01/2051 | 100 | &nbsp;&nbsp; 104946 |
| Massachusetts (Commonwealth of), Series 2024 E, GO Bonds | 5.00% | 08/01/2053 | 135 | &nbsp;&nbsp; 141382 |
| Massachusetts (Commonwealth of), Series 2024 H, GO Bonds | 5.00% | 12/01/2038 | 15 | &nbsp;&nbsp; 17152 |
| Massachusetts (Commonwealth of), Series 2024 H, GO Bonds | 5.00% | 12/01/2040 | 50 | &nbsp;&nbsp; 56295 |
| Massachusetts (Commonwealth of), Series 2024 H, GO Bonds | 5.00% | 12/01/2041 | 60 | &nbsp;&nbsp; 66866 |
| Massachusetts (Commonwealth of), Series 2024 H, GO Bonds | 5.00% | 12/01/2042 | 55 | &nbsp;&nbsp; 60504 |
| Massachusetts (Commonwealth of), Series 2024 H, GO Bonds | 5.00% | 12/01/2043 | 25 | &nbsp;&nbsp; 27240 |
| Massachusetts (Commonwealth of), Series 2024 H, GO Bonds | 5.00% | 12/01/2044 | 25 | &nbsp;&nbsp; 26959 |
| Massachusetts (Commonwealth of), Series 2024, GO Bonds | 5.00% | 12/01/2046 | 45 | &nbsp;&nbsp; 47922 |
| Massachusetts (Commonwealth of), Series 2024, GO Bonds | 5.00% | 12/01/2047 | 10 | &nbsp;&nbsp; 10614 |
| Massachusetts (Commonwealth of) (Rail Enhancement Program), Series 2024 A, RB | 5.00% | 06/01/2053 | 105 | &nbsp;&nbsp; 110120 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2006 A, RB | 5.25% | 07/01/2034 | 10 | &nbsp;&nbsp; 11980 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2024 A, Ref. RB | 5.00% | 07/01/2040 | 30 | &nbsp;&nbsp; 33673 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2024 A, Ref. RB | 5.00% | 07/01/2042 | 15 | &nbsp;&nbsp; 16476 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2024 A, Ref. RB | 5.00% | 07/01/2046 | 20 | &nbsp;&nbsp; 21307 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2024 A, Ref. RB | 5.00% | 07/01/2048 | 110 | &nbsp;&nbsp; 116605 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2024 A, Ref. RB | 5.25% | 07/01/2052 | 325 | &nbsp;&nbsp; 347935 |
| Massachusetts (Commonwealth of) Development Finance Agency, Series 2023, RB | 5.00% | 07/01/2034 | 110 | &nbsp;&nbsp; 124660 |
| Massachusetts (Commonwealth of) Development Finance Agency, Series 2024 T, RB | 5.25% | 03/01/2054 | 280 | &nbsp;&nbsp; 297662 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Development Finance Agency (Green Bonds), Series 2024 C, GO <br> Bonds<br>| 5.00% | 08/01/2039 | 75 | &nbsp;&nbsp; 85303 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Development Finance Agency (Mass General Brigham), Series 2024, <br> Ref. RB<br>| 5.00% | 07/01/2043 | 25 | &nbsp;&nbsp; 26735 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Development Finance Agency (Mass General Brigham, Inc.), <br> Series 2024 D, Ref. RB<br>| 5.00% | 07/01/2047 | 100 | &nbsp;&nbsp; 104762 |
|  |  |  |  | &nbsp;&nbsp; 4859675 |
| **Michigan-1.07%** |  |  |  |  |
| Berkley School District, Series 2024, GO Bonds | 5.00% | 05/01/2049 | 110 | &nbsp;&nbsp; 116492 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2034 Municipal Bond ETF (BSMY)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Michigan-(continued)** |  |  |  |  |
| Great Lakes Water Authority, Series 2023 A, RB | 5.00% | 07/01/2037 | $15 | &nbsp;&nbsp; $17004 |
| Great Lakes Water Authority, Series 2023 A, Ref. RB | 5.00% | 07/01/2037 | 130 | &nbsp;&nbsp; 147364 |
| Great Lakes Water Authority, Series 2023 A, Ref. RB | 5.00% | 07/01/2038 | 145 | &nbsp;&nbsp; 163014 |
| Great Lakes Water Authority, Series 2024 A, Ref. RB | 5.00% | 07/01/2037 | 25 | &nbsp;&nbsp; 28339 |
| Great Lakes Water Authority, Series 2024 B, Ref. RB | 5.00% | 07/01/2036 | 20 | &nbsp;&nbsp; 22769 |
| Lansing (City of), MI Board of Water & Light, Series 2024 A, Ref. RB | 5.00% | 07/01/2036 | 25 | &nbsp;&nbsp; 28895 |
| Lansing (City of), MI Board of Water & Light, Series 2024 A, Ref. RB | 5.00% | 07/01/2054 | 75 | &nbsp;&nbsp; 78925 |
| Lansing (City of), MI Board of Water & Light, Series 2024 A, Ref. RB | 5.25% | 07/01/2054 | 50 | &nbsp;&nbsp; 53619 |
| Michigan (State of) Building Authority (Facilities Program), Series 2024, RB | 5.25% | 10/15/2054 | 45 | &nbsp;&nbsp; 48096 |
| Michigan (State of) Hospital Finance Authority (Corewell Health), Series 2025 A, RB | 5.00% | 08/15/2034 | 10 | &nbsp;&nbsp; 11511 |
| Michigan State University Board of Trustees, Series 2024 A, RB | 5.25% | 08/15/2054 | 170 | &nbsp;&nbsp; 181026 |
|  |  |  |  | &nbsp;&nbsp; 897054 |
| **Minnesota-1.05%** |  |  |  |  |
| Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2024 A, RB | 5.00% | 01/01/2052 | 100 | &nbsp;&nbsp; 104322 |
| Minnesota (State of), Series 2023, COP | 5.00% | 11/01/2034 | 40 | &nbsp;&nbsp; 46658 |
| Minnesota (State of), Series 2024 A, GO Bonds | 5.00% | 08/01/2038 | 5 | &nbsp;&nbsp; 5740 |
| Minnesota (State of), Series 2024 A, GO Bonds | 5.00% | 08/01/2040 | 25 | &nbsp;&nbsp; 28207 |
| Minnesota (State of), Series 2024 A, GO Bonds | 5.00% | 08/01/2042 | 10 | &nbsp;&nbsp; 11053 |
| Minnesota (State of), Series 2024 B, GO Bonds | 4.00% | 08/01/2037 | 135 | &nbsp;&nbsp; 143845 |
| Minnesota (State of), Series 2024 D, Ref. GO Bonds | 5.00% | 08/01/2034 | 25 | &nbsp;&nbsp; 29585 |
| Minnesota (State of), Series 2024, Ref. GO Bonds | 5.00% | 08/01/2034 | 20 | &nbsp;&nbsp; 23668 |
| Minnesota (State of) (Bidding Group 2), Series 2024 A, GO Bonds | 5.00% | 08/01/2036 | 10 | &nbsp;&nbsp; 11663 |
| Minnesota (State of) (Bidding Group 2), Series 2024 A, GO Bonds | 5.00% | 08/01/2037 | 80 | &nbsp;&nbsp; 92544 |
| Minnesota (State of) (Bidding Group 2), Series 2024 A, GO Bonds | 5.00% | 08/01/2039 | 15 | &nbsp;&nbsp; 17109 |
| Minnesota (State of) Public Facilities Authority, Series 2023 A, RB | 5.00% | 03/01/2034 | 45 | &nbsp;&nbsp; 51665 |
| &nbsp;&nbsp;&nbsp; Minnesota Agricultural & Economic Development Board (Healthpartners Obligated Group), Series 2024, <br> RB<br>| 5.25% | 01/01/2047 | 40 | &nbsp;&nbsp; 42254 |
| &nbsp;&nbsp;&nbsp; Minnesota Agricultural & Economic Development Board (Healthpartners Obligated Group), Series 2024, <br> RB<br>| 5.25% | 01/01/2054 | 150 | &nbsp;&nbsp; 156003 |
| &nbsp;&nbsp;&nbsp; Minnesota Agricultural & Economic Development Board (HealthPartners Obligated Group), Series 2024, <br> RB<br>| 5.00% | 01/01/2040 | 50 | &nbsp;&nbsp; 54492 |
| &nbsp;&nbsp;&nbsp; Minnesota Agricultural & Economic Development Board (HealthPartners Obligated Group), Series 2024, <br> RB<br>| 5.00% | 01/01/2043 | 10 | &nbsp;&nbsp; 10539 |
| Rochester (City of), MN, Series 2016 B, Ref. RB | 5.00% | 11/15/2034 | 15 | &nbsp;&nbsp; 17574 |
| St. Cloud (City of), MN (CentraCare Health System), Series 2024, Ref. RB | 5.00% | 05/01/2040 | 25 | &nbsp;&nbsp; 27228 |
| St. Cloud (City of), MN (CentraCare Health System), Series 2024, Ref. RB | 5.00% | 05/01/2042 | 5 | &nbsp;&nbsp; 5335 |
|  |  |  |  | &nbsp;&nbsp; 879484 |
| **Mississippi-0.01%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Mississippi (State of) University Educational Building Corp. (New Residence Hall and Facilities), <br> Series 2024, Ref. RB<br>| 5.00% | 08/01/2053 | 10 | &nbsp;&nbsp; 10446 |
| **Missouri-0.41%** |  |  |  |  |
| Curators of the University of Missouri (The), Series 2024, Ref. RB | 5.00% | 11/01/2034 | 100 | &nbsp;&nbsp; 117550 |
| Jackson County School District No. R-IV Blue Springs, Series 2024, Ref. GO Bonds | 5.50% | 03/01/2042 | 15 | &nbsp;&nbsp; 16967 |
| Jackson County School District No. R-IV Blue Springs, Series 2024, Ref. GO Bonds | 5.50% | 03/01/2043 | 20 | &nbsp;&nbsp; 22463 |
| Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2025, Ref. RB | 5.00% | 12/01/2034 | 5 | &nbsp;&nbsp; 5741 |
| St Louis Community College District, Series 2024, COP | 5.00% | 04/01/2041 | 30 | &nbsp;&nbsp; 32606 |
| St. Louis (City of), MO, Series 2024, RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 07/01/2054 | 140 | &nbsp;&nbsp; 148640 |
|  |  |  |  | &nbsp;&nbsp; 343967 |
| **Nebraska-0.23%** |  |  |  |  |
| Omaha (City of), NE Public Power District, Series 2024 D, Ref. RB | 5.00% | 02/01/2039 | 70 | &nbsp;&nbsp; 78716 |
| Omaha (City of), NE Public Power District, Series 2024 D, Ref. RB | 5.00% | 02/01/2043 | 75 | &nbsp;&nbsp; 80947 |
| Public Power Generation Agency (Whelan Energy Center Unit 2), Series 2024, Ref. RB | 5.00% | 01/01/2034 | 30 | &nbsp;&nbsp; 34520 |
|  |  |  |  | &nbsp;&nbsp; 194183 |
| **Nevada-0.42%** |  |  |  |  |
| Clark County School District, Series 2024 B, GO Bonds | 5.00% | 06/15/2036 | 30 | &nbsp;&nbsp; 34275 |
| Clark County School District, Series 2024 B, GO Bonds | 5.00% | 06/15/2039 | 20 | &nbsp;&nbsp; 22380 |
| Clark County School District, Series 2024, GO Bonds | 5.00% | 06/15/2038 | 80 | &nbsp;&nbsp; 90012 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2034 Municipal Bond ETF (BSMY)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Nevada-(continued)** |  |  |  |  |
| Las Vegas Valley Water District, Series 2024 A, Ref. GO Bonds | 5.00% | 06/01/2034 | $20 | &nbsp;&nbsp; $23373 |
| Las Vegas Valley Water District, Series 2024 A, Ref. GO Bonds | 5.00% | 06/01/2036 | 60 | &nbsp;&nbsp; 69364 |
| Las Vegas Valley Water District, Series 2024 A, Ref. GO Bonds | 5.00% | 06/01/2037 | 45 | &nbsp;&nbsp; 51607 |
| Las Vegas Valley Water District, Series 2024 A, Ref. GO Bonds | 5.00% | 06/01/2038 | 50 | &nbsp;&nbsp; 56767 |
| North Las Vegas (City of), NV, Series 2024 B, Ref. GO Bonds | 5.00% | 06/01/2038 | 5 | &nbsp;&nbsp; 5646 |
|  |  |  |  | &nbsp;&nbsp; 353424 |
| **New Hampshire-0.14%** |  |  |  |  |
| Manchester (City of), NH (Green Bonds), Series 2024, RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 06/01/2054 | 110 | &nbsp;&nbsp; 118233 |
| **New Jersey-4.77%** |  |  |  |  |
| Bergen County Improvement Authority (The), Series 2024, RB | 5.00% | 06/01/2054 | 10 | &nbsp;&nbsp; 10771 |
| New Jersey (State of), Series 2021, GO Bonds | 2.00% | 06/01/2034 | 135 | &nbsp;&nbsp; 117796 |
| New Jersey (State of) Economic Development Authority, Series 2017 A, Ref. RB | 4.00% | 07/01/2034 | 50 | &nbsp;&nbsp; 50079 |
| New Jersey (State of) Economic Development Authority, Series 2024 SSS, Ref. RB | 5.25% | 06/15/2037 | 5 | &nbsp;&nbsp; 5729 |
| New Jersey (State of) Educational Facilities Authority, Series 2024 A-1, RB | 5.00% | 03/01/2037 | 35 | &nbsp;&nbsp; 40275 |
| New Jersey (State of) Educational Facilities Authority, Series 2024 A-2, RB | 5.00% | 03/01/2038 | 115 | &nbsp;&nbsp; 131780 |
| New Jersey (State of) Educational Facilities Authority, Series 2024 A-2, RB | 5.00% | 03/01/2040 | 40 | &nbsp;&nbsp; 45139 |
| New Jersey (State of) Educational Facilities Authority, Series 2024 A-2, RB | 5.00% | 03/01/2043 | 15 | &nbsp;&nbsp; 16445 |
| New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2024, RB | 5.25% | 03/01/2054 | 240 | &nbsp;&nbsp; 260336 |
| &nbsp;&nbsp;&nbsp; New Jersey (State of) Educational Facilities Authority (Stevenns Institute Technology), Series 2024 A-1, <br> RB<br>| 5.00% | 03/01/2036 | 55 | &nbsp;&nbsp; 63744 |
| &nbsp;&nbsp;&nbsp; New Jersey (State of) Health Care Facilities Financing Authority (AHS Hospital Corp.), Series 2016, Ref. <br> RB<br>| 3.50% | 07/01/2034 | 125 | &nbsp;&nbsp; 125199 |
| New Jersey (State of) Health Care Facilities Financing Authority (AHS Hospital Corp.), Series 2024, RB | 5.00% | 07/01/2041 | 40 | &nbsp;&nbsp; 43918 |
| &nbsp;&nbsp;&nbsp; New Jersey (State of) Health Care Facilities Financing Authority (Inspira Health Obligated Group), <br> Series 2024 A, Ref. RB<br>| 5.25% | 07/01/2054 | 125 | &nbsp;&nbsp; 132661 |
| &nbsp;&nbsp;&nbsp; New Jersey (State of) Health Care Facilities Financing Authority (Inspira Health Obligated Group), <br> Series 2024, Ref. RB<br>| 5.25% | 07/01/2049 | 30 | &nbsp;&nbsp; 32260 |
| &nbsp;&nbsp;&nbsp; New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated <br> Group), Series 2024, RB<br>| 5.00% | 07/01/2039 | 40 | &nbsp;&nbsp; 44948 |
| &nbsp;&nbsp;&nbsp; New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated <br> Group), Series 2024, RB<br>| 5.25% | 07/01/2043 | 20 | &nbsp;&nbsp; 22251 |
| &nbsp;&nbsp;&nbsp; New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated <br> Group), Series 2024, RB<br>| 5.25% | 07/01/2054 | 130 | &nbsp;&nbsp; 139505 |
| &nbsp;&nbsp;&nbsp; New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated <br> Group), Series 2024, Ref. RB<br>| 5.00% | 07/01/2036 | 25 | &nbsp;&nbsp; 28792 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2023 AA, Ref. RB | 5.00% | 06/15/2034 | 5 | &nbsp;&nbsp; 5692 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB | 5.00% | 06/15/2034 | 85 | &nbsp;&nbsp; 97454 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2024 A, Ref. RB | 5.00% | 06/15/2036 | 150 | &nbsp;&nbsp; 171551 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2024 A, Ref. RB | 5.00% | 06/15/2037 | 180 | &nbsp;&nbsp; 204058 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2024 A, Ref. RB | 5.25% | 06/15/2039 | 205 | &nbsp;&nbsp; 232441 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2024 AA, Ref. RB | 5.00% | 06/15/2039 | 300 | &nbsp;&nbsp; 334391 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2024 AA, Ref. RB | 5.00% | 06/15/2040 | 25 | &nbsp;&nbsp; 27601 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2024 AA, Ref. RB | 5.25% | 06/15/2041 | 80 | &nbsp;&nbsp; 88955 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2024 CC, RB | 5.00% | 06/15/2036 | 135 | &nbsp;&nbsp; 154396 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2024 CC, RB | 5.00% | 06/15/2037 | 35 | &nbsp;&nbsp; 39678 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2024 CC, RB | 5.00% | 06/15/2038 | 65 | &nbsp;&nbsp; 73077 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2024 CC, RB | 5.00% | 06/15/2039 | 70 | &nbsp;&nbsp; 78025 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2024 CC, RB | 5.00% | 06/15/2040 | 40 | &nbsp;&nbsp; 44161 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2024 CC, RB | 5.00% | 06/15/2041 | 40 | &nbsp;&nbsp; 43718 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2024 CC, RB | 5.00% | 06/15/2042 | 50 | &nbsp;&nbsp; 54115 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2024 CC, RB | 5.00% | 06/15/2043 | 175 | &nbsp;&nbsp; 187746 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2024 CC, RB | 5.00% | 06/15/2044 | 55 | &nbsp;&nbsp; 58575 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2024 CC, RB | 5.25% | 06/15/2055 | 95 | &nbsp;&nbsp; 100269 |
| New Jersey (State of) Turnpike Authority, Series 2024 B, RB | 5.00% | 01/01/2044 | 225 | &nbsp;&nbsp; 239527 |
| New Jersey (State of) Turnpike Authority, Series 2024 B, RB | 5.25% | 01/01/2049 | 50 | &nbsp;&nbsp; 53658 |
| New Jersey (State of) Turnpike Authority, Series 2024 B, RB | 5.25% | 01/01/2054 | 100 | &nbsp;&nbsp; 106638 |
| New Jersey (State of) Turnpike Authority, Series 2024 C, Ref. RB | 5.00% | 01/01/2044 | 170 | &nbsp;&nbsp; 181580 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2034 Municipal Bond ETF (BSMY)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New Jersey-(continued)** |  |  |  |  |
| New Jersey (State of) Turnpike Authority, Series 2024 C, Ref. RB | 5.00% | 01/01/2045 | $5 | &nbsp;&nbsp; $5323 |
| New Jersey (State of) Turnpike Authority, Series 2025 B, RB | 5.00% | 01/01/2034 | 80 | &nbsp;&nbsp; 92867 |
|  |  |  |  | &nbsp;&nbsp; 3987124 |
| **New York-20.86%** |  |  |  |  |
| Long Island (City of), NY Power Authority, Series 2024 A, Ref. RB | 5.00% | 09/01/2037 | 100 | &nbsp;&nbsp; 114715 |
| Long Island (City of), NY Power Authority, Series 2024 A, Ref. RB | 5.00% | 09/01/2038 | 20 | &nbsp;&nbsp; 22742 |
| Long Island (City of), NY Power Authority, Series 2024 A, Ref. RB | 5.00% | 09/01/2039 | 10 | &nbsp;&nbsp; 11280 |
| Long Island (City of), NY Power Authority, Series 2024 A, Ref. RB | 5.00% | 09/01/2040 | 10 | &nbsp;&nbsp; 11140 |
| Long Island (City of), NY Power Authority, Series 2024 A, Ref. RB | 5.00% | 09/01/2041 | 25 | &nbsp;&nbsp; 27541 |
| Long Island (City of), NY Power Authority, Series 2024 A, Ref. RB | 5.00% | 09/01/2044 | 10 | &nbsp;&nbsp; 10641 |
| Long Island (City of), NY Power Authority, Series 2024 A, Ref. RB | 5.00% | 09/01/2049 | 30 | &nbsp;&nbsp; 31455 |
| Long Island (City of), NY Power Authority, Series 2024 A, Ref. RB | 5.25% | 09/01/2054 | 100 | &nbsp;&nbsp; 106435 |
| Long Island (City of), NY Power Authority, Series 2024 A, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 09/01/2043 | 25 | &nbsp;&nbsp; 26962 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024 A, RB | 5.00% | 11/15/2049 | 230 | &nbsp;&nbsp; 241062 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024 A, RB | 5.25% | 11/15/2054 | 20 | &nbsp;&nbsp; 21294 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024 A, Ref. RB | 5.00% | 11/15/2034 | 40 | &nbsp;&nbsp; 45621 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024 A, Ref. RB | 5.00% | 11/15/2035 | 10 | &nbsp;&nbsp; 11314 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024 A, Ref. RB | 5.00% | 11/15/2036 | 10 | &nbsp;&nbsp; 11209 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024 A, Ref. RB | 5.00% | 11/15/2039 | 20 | &nbsp;&nbsp; 21874 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024 A, Ref. RB | 5.00% | 11/15/2040 | 10 | &nbsp;&nbsp; 10833 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024 A, Ref. RB | 5.00% | 11/15/2043 | 10 | &nbsp;&nbsp; 10583 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024 A, Ref. RB | 5.00% | 11/15/2044 | 40 | &nbsp;&nbsp; 42121 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024 A, Ref. RB | 5.50% | 11/15/2047 | 25 | &nbsp;&nbsp; 27025 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024 B, Ref. RB | 5.00% | 11/15/2037 | 15 | &nbsp;&nbsp; 16753 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024 B, Ref. RB | 5.00% | 11/15/2038 | 5 | &nbsp;&nbsp; 5535 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024 B-2, Ref. RB | 5.00% | 11/15/2046 | 20 | &nbsp;&nbsp; 21155 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024 B-2, Ref. RB | 5.00% | 11/15/2047 | 10 | &nbsp;&nbsp; 10542 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024 B-2, Ref. RB | 5.00% | 11/15/2048 | 95 | &nbsp;&nbsp; 99822 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024, Ref. RB | 5.00% | 11/15/2041 | 60 | &nbsp;&nbsp; 66205 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024, Ref. RB | 5.00% | 11/15/2042 | 5 | &nbsp;&nbsp; 5458 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024, Ref. RB | 5.00% | 11/15/2043 | 170 | &nbsp;&nbsp; 183825 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024, Ref. RB | 5.00% | 11/15/2044 | 75 | &nbsp;&nbsp; 80325 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024, Ref. RB | 5.00% | 11/15/2049 | 25 | &nbsp;&nbsp; 26202 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024, Ref. RB | 5.00% | 11/15/2051 | 10 | &nbsp;&nbsp; 10448 |
| New York & New Jersey (States of) Port Authority, One Hundred Seventy Fifth Series 2012, RB | 3.00% | 12/01/2034 | 5 | &nbsp;&nbsp; 4849 |
| New York & New Jersey (States of) Port Authority, Series 2024, Ref. RB | 5.00% | 07/15/2049 | 45 | &nbsp;&nbsp; 47761 |
| New York & New Jersey (States of) Port Authority, Series 2024, Ref. RB | 5.00% | 07/15/2054 | 255 | &nbsp;&nbsp; 268761 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Five Series 2024, Ref. RB | 5.00% | 09/01/2034 | 10 | &nbsp;&nbsp; 11828 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Five Series 2024, Ref. RB | 5.00% | 09/01/2036 | 55 | &nbsp;&nbsp; 63902 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Five Series 2024, Ref. RB | 5.00% | 09/01/2037 | 20 | &nbsp;&nbsp; 23080 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Five Series 2024, Ref. RB | 5.00% | 09/01/2038 | 15 | &nbsp;&nbsp; 17133 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Five Series 2024, Ref. RB | 5.00% | 09/01/2039 | 75 | &nbsp;&nbsp; 84916 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Five Series 2024, Ref. RB | 5.00% | 09/01/2041 | 10 | &nbsp;&nbsp; 11104 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Five Series 2024, Ref. RB | 5.00% | 09/01/2042 | 20 | &nbsp;&nbsp; 21946 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Five Series 2024, Ref. RB | 5.00% | 09/01/2049 | 35 | &nbsp;&nbsp; 37190 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Five Series 2024, Ref. RB | 5.00% | 09/01/2054 | 90 | &nbsp;&nbsp; 94906 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Fourth Series 2024, Ref. RB | 5.00% | 07/15/2036 | 40 | &nbsp;&nbsp; 46539 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Fourth Series 2024, Ref. RB | 5.00% | 07/15/2038 | 160 | &nbsp;&nbsp; 183121 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Fourth Series 2024, Ref. RB | 5.00% | 07/15/2040 | 20 | &nbsp;&nbsp; 22426 |
| New York (City of), NY, Series 2006 J, GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.00% | 06/01/2036 | 15 | &nbsp;&nbsp; 17111 |
| New York (City of), NY, Series 2016 C, Ref. GO Bonds | 3.00% | 08/01/2034 | 80 | &nbsp;&nbsp; 79391 |
| New York (City of), NY, Series 2017 B-1, GO Bonds | 3.00% | 10/01/2034 | 200 | &nbsp;&nbsp; 196932 |
| New York (City of), NY, Series 2021-1, GO Bonds | 5.00% | 08/01/2034 | 10 | &nbsp;&nbsp; 11419 |
| New York (City of), NY, Series 2023 A, GO Bonds | 5.00% | 08/01/2034 | 15 | &nbsp;&nbsp; 17128 |
| New York (City of), NY, Series 2023 F-1, Ref. GO Bonds | 5.00% | 08/01/2034 | 125 | &nbsp;&nbsp; 142735 |
| New York (City of), NY, Series 2024 A, Ref. GO Bonds | 5.00% | 08/01/2034 | 25 | &nbsp;&nbsp; 28892 |
| New York (City of), NY, Series 2024 A, Ref. GO Bonds | 5.00% | 08/01/2036 | 25 | &nbsp;&nbsp; 28538 |
| New York (City of), NY, Series 2024 A, Ref. GO Bonds | 5.00% | 08/01/2037 | 185 | &nbsp;&nbsp; 209618 |
| New York (City of), NY, Series 2024 A, Ref. GO Bonds | 5.00% | 08/01/2038 | 35 | &nbsp;&nbsp; 39247 |
| New York (City of), NY, Series 2024 C, GO Bonds | 5.00% | 03/01/2036 | 60 | &nbsp;&nbsp; 68355 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2034 Municipal Bond ETF (BSMY)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| New York (City of), NY, Series 2024 C, GO Bonds | 5.00% | 03/01/2037 | $50 | &nbsp;&nbsp; $56558 |
| New York (City of), NY, Series 2024 C, GO Bonds | 5.00% | 03/01/2038 | 220 | &nbsp;&nbsp; 246295 |
| New York (City of), NY, Series 2024 C, GO Bonds | 5.00% | 03/01/2039 | 60 | &nbsp;&nbsp; 66724 |
| New York (City of), NY, Series 2024 C, GO Bonds | 5.00% | 03/01/2042 | 65 | &nbsp;&nbsp; 69745 |
| New York (City of), NY, Series 2024 C, GO Bonds | 5.00% | 03/01/2043 | 75 | &nbsp;&nbsp; 79764 |
| New York (City of), NY, Series 2024 C, GO Bonds | 5.00% | 03/01/2044 | 45 | &nbsp;&nbsp; 47464 |
| New York (City of), NY, Series 2024 C, GO Bonds | 5.25% | 03/01/2048 | 40 | &nbsp;&nbsp; 42242 |
| New York (City of), NY, Series 2024 C-1, GO Bonds | 5.00% | 09/01/2039 | 25 | &nbsp;&nbsp; 27862 |
| New York (City of), NY, Series 2024 C-1, GO Bonds | 5.00% | 09/01/2041 | 10 | &nbsp;&nbsp; 10850 |
| New York (City of), NY, Series 2024 C-1, GO Bonds | 5.00% | 09/01/2042 | 25 | &nbsp;&nbsp; 26918 |
| New York (City of), NY, Series 2024 C-1, GO Bonds | 5.00% | 09/01/2047 | 130 | &nbsp;&nbsp; 135561 |
| New York (City of), NY, Series 2024 C-1, GO Bonds | 5.00% | 09/01/2048 | 150 | &nbsp;&nbsp; 156021 |
| New York (City of), NY, Series 2024 D, GO Bonds | 5.00% | 04/01/2037 | 30 | &nbsp;&nbsp; 33947 |
| New York (City of), NY, Series 2024 D, GO Bonds | 5.00% | 04/01/2038 | 190 | &nbsp;&nbsp; 212785 |
| New York (City of), NY, Series 2024 D, GO Bonds | 5.00% | 04/01/2039 | 50 | &nbsp;&nbsp; 55625 |
| New York (City of), NY, Series 2024 D, GO Bonds | 5.00% | 04/01/2040 | 20 | &nbsp;&nbsp; 21929 |
| New York (City of), NY, Series 2024 D, GO Bonds | 5.00% | 04/01/2043 | 135 | &nbsp;&nbsp; 143649 |
| New York (City of), NY, Series 2024 D, GO Bonds | 5.00% | 04/01/2044 | 55 | &nbsp;&nbsp; 58037 |
| New York (City of), NY, Series 2024 E, Ref. GO Bonds | 5.00% | 08/01/2034 | 15 | &nbsp;&nbsp; 17335 |
| New York (City of), NY, Subseries 2024 C-1, GO Bonds | 5.00% | 09/01/2038 | 25 | &nbsp;&nbsp; 28042 |
| New York (City of), NY, Subseries 2024 C-1, GO Bonds | 5.00% | 09/01/2040 | 105 | &nbsp;&nbsp; 115557 |
| New York (City of), NY Municipal Water Finance Authority, Series 2024 AA, RB | 5.00% | 06/15/2051 | 50 | &nbsp;&nbsp; 52030 |
| New York (City of), NY Municipal Water Finance Authority, Series 2024 AA, RB | 5.25% | 06/15/2053 | 140 | &nbsp;&nbsp; 148591 |
| New York (City of), NY Municipal Water Finance Authority, Series 2024, RB | 5.00% | 06/15/2046 | 100 | &nbsp;&nbsp; 105817 |
| New York (City of), NY Municipal Water Finance Authority, Series 2024, RB | 5.00% | 06/15/2048 | 80 | &nbsp;&nbsp; 83909 |
| New York (City of), NY Municipal Water Finance Authority, Series 2024, RB | 5.00% | 06/15/2049 | 50 | &nbsp;&nbsp; 52347 |
| New York (City of), NY Municipal Water Finance Authority, Series 2025, Ref. RB | 5.00% | 06/15/2037 | 15 | &nbsp;&nbsp; 17305 |
| New York (City of), NY Municipal Water Finance Authority, Series 2025, Ref. RB | 5.00% | 06/15/2039 | 115 | &nbsp;&nbsp; 130717 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2024 BB-2, Ref. RB | 5.00% | 06/15/2034 | 95 | &nbsp;&nbsp; 111539 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2024 CC-1, RB | 5.25% | 06/15/2054 | 220 | &nbsp;&nbsp; 232794 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2024, Ref. RB | 5.00% | 06/15/2034 | 135 | &nbsp;&nbsp; 158503 |
| New York (City of), NY Transitional Finance Authority, Series 2017 F-1, RB | 3.00% | 05/01/2034 | 35 | &nbsp;&nbsp; 34274 |
| New York (City of), NY Transitional Finance Authority, Series 2024 C, GO Bonds | 5.00% | 05/01/2039 | 5 | &nbsp;&nbsp; 5581 |
| New York (City of), NY Transitional Finance Authority, Series 2024 C, GO Bonds | 5.00% | 05/01/2043 | 55 | &nbsp;&nbsp; 58985 |
| New York (City of), NY Transitional Finance Authority, Series 2024 C, RB | 5.00% | 05/01/2040 | 70 | &nbsp;&nbsp; 77378 |
| New York (City of), NY Transitional Finance Authority, Series 2024 C, RB | 5.00% | 05/01/2041 | 25 | &nbsp;&nbsp; 27429 |
| New York (City of), NY Transitional Finance Authority, Series 2024 C, RB | 5.00% | 05/01/2044 | 100 | &nbsp;&nbsp; 106073 |
| New York (City of), NY Transitional Finance Authority, Series 2024 C, RB | 5.00% | 05/01/2045 | 115 | &nbsp;&nbsp; 121309 |
| New York (City of), NY Transitional Finance Authority, Series 2024 C, RB | 5.00% | 05/01/2046 | 5 | &nbsp;&nbsp; 5235 |
| New York (City of), NY Transitional Finance Authority, Series 2024 C, RB | 5.00% | 05/01/2048 | 20 | &nbsp;&nbsp; 20831 |
| New York (City of), NY Transitional Finance Authority, Series 2024 C, RB | 5.25% | 05/01/2049 | 90 | &nbsp;&nbsp; 95414 |
| New York (City of), NY Transitional Finance Authority, Series 2024 D, RB | 5.00% | 05/01/2037 | 20 | &nbsp;&nbsp; 22709 |
| New York (City of), NY Transitional Finance Authority, Series 2024 D, RB | 5.00% | 05/01/2039 | 40 | &nbsp;&nbsp; 44650 |
| New York (City of), NY Transitional Finance Authority, Series 2024 D, RB | 5.25% | 05/01/2043 | 35 | &nbsp;&nbsp; 38268 |
| New York (City of), NY Transitional Finance Authority, Series 2024 D, RB | 5.00% | 05/01/2044 | 300 | &nbsp;&nbsp; 318220 |
| New York (City of), NY Transitional Finance Authority, Series 2024 D, RB | 5.00% | 05/01/2050 | 50 | &nbsp;&nbsp; 51858 |
| New York (City of), NY Transitional Finance Authority, Series 2024 D, RB | 5.50% | 05/01/2052 | 45 | &nbsp;&nbsp; 48654 |
| New York (City of), NY Transitional Finance Authority, Series 2024 D-1, Ref. RB | 5.00% | 11/01/2034 | 10 | &nbsp;&nbsp; 11612 |
| New York (City of), NY Transitional Finance Authority, Series 2024 D-1, Ref. RB | 5.00% | 11/01/2036 | 205 | &nbsp;&nbsp; 233469 |
| New York (City of), NY Transitional Finance Authority, Series 2024 D-1, Ref. RB | 5.00% | 11/01/2038 | 75 | &nbsp;&nbsp; 83902 |
| New York (City of), NY Transitional Finance Authority, Series 2024 D-1, Ref. RB | 5.00% | 11/01/2039 | 150 | &nbsp;&nbsp; 166099 |
| New York (City of), NY Transitional Finance Authority, Series 2024 D-1, Ref. RB | 5.00% | 11/01/2040 | 215 | &nbsp;&nbsp; 236561 |
| New York (City of), NY Transitional Finance Authority, Series 2024 D-1, Ref. RB | 5.00% | 11/01/2041 | 30 | &nbsp;&nbsp; 32783 |
| New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB | 5.00% | 02/01/2039 | 50 | &nbsp;&nbsp; 55469 |
| New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB | 5.00% | 02/01/2040 | 35 | &nbsp;&nbsp; 38429 |
| New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB | 5.00% | 02/01/2041 | 65 | &nbsp;&nbsp; 70852 |
| New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB | 5.00% | 02/01/2043 | 90 | &nbsp;&nbsp; 96042 |
| New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB | 5.00% | 02/01/2044 | 195 | &nbsp;&nbsp; 206062 |
| New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB | 5.00% | 02/01/2046 | 60 | &nbsp;&nbsp; 62639 |
| New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB | 5.00% | 02/01/2048 | 5 | &nbsp;&nbsp; 5194 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2034 Municipal Bond ETF (BSMY)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB | 5.00% | 02/01/2049 | $5 | &nbsp;&nbsp; $5185 |
| New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB | 5.25% | 02/01/2053 | 100 | &nbsp;&nbsp; 105135 |
| New York (City of), NY Transitional Finance Authority, Series 2024 G-1, RB | 5.00% | 05/01/2042 | 310 | &nbsp;&nbsp; 334744 |
| New York (City of), NY Transitional Finance Authority, Series 2024 G-1, RB | 5.00% | 05/01/2044 | 95 | &nbsp;&nbsp; 100491 |
| New York (City of), NY Transitional Finance Authority, Series 2024 G-1, RB | 5.00% | 05/01/2047 | 60 | &nbsp;&nbsp; 62532 |
| New York (City of), NY Transitional Finance Authority, Series 2024 G-1, RB | 5.25% | 05/01/2048 | 110 | &nbsp;&nbsp; 116867 |
| New York (City of), NY Transitional Finance Authority, Series 2024, RB | 5.00% | 05/01/2037 | 10 | &nbsp;&nbsp; 11288 |
| New York (City of), NY Transitional Finance Authority, Series 2024, RB | 5.00% | 05/01/2038 | 80 | &nbsp;&nbsp; 89813 |
| New York (City of), NY Transitional Finance Authority, Series 2024, RB | 5.00% | 05/01/2039 | 240 | &nbsp;&nbsp; 266551 |
| New York (City of), NY Transitional Finance Authority, Series 2024, RB | 5.00% | 05/01/2040 | 175 | &nbsp;&nbsp; 192583 |
| New York (City of), NY Transitional Finance Authority, Series 2024, RB | 5.00% | 05/01/2041 | 30 | &nbsp;&nbsp; 32783 |
| New York (City of), NY Transitional Finance Authority, Series 2024, RB | 5.25% | 05/01/2049 | 10 | &nbsp;&nbsp; 10577 |
| New York (City of), NY Transitional Finance Authority, Series 2024, RB | 5.25% | 05/01/2051 | 330 | &nbsp;&nbsp; 347933 |
| New York (City of), NY Transitional Finance Authority, Series 2024, RB | 5.00% | 05/01/2052 | 70 | &nbsp;&nbsp; 72360 |
| New York (City of), NY Transitional Finance Authority, Series 2024, Ref. RB | 5.00% | 11/01/2037 | 170 | &nbsp;&nbsp; 192225 |
| New York (City of), NY Transitional Finance Authority, Series 2024, Ref. RB | 5.00% | 11/01/2038 | 30 | &nbsp;&nbsp; 33742 |
| New York (City of), NY Transitional Finance Authority, Series 2024, Ref. RB | 5.00% | 11/01/2038 | 45 | &nbsp;&nbsp; 50613 |
| New York (City of), NY Transitional Finance Authority, Series 2024, Ref. RB | 5.00% | 11/01/2040 | 100 | &nbsp;&nbsp; 110540 |
| New York (City of), NY Transitional Finance Authority, Series 2025 E, RB | 5.00% | 11/01/2037 | 20 | &nbsp;&nbsp; 22615 |
| New York (City of), NY Transitional Finance Authority, Series 2025 E, RB | 5.00% | 11/01/2038 | 25 | &nbsp;&nbsp; 28119 |
| New York (City of), NY Transitional Finance Authority, Series 2025 E, RB | 5.00% | 11/01/2040 | 60 | &nbsp;&nbsp; 66324 |
| New York (City of), NY Transitional Finance Authority, Series 2025 E, RB | 5.00% | 11/01/2044 | 75 | &nbsp;&nbsp; 79555 |
| New York (City of), NY Transitional Finance Authority, Series 2025 E, RB | 5.00% | 11/01/2046 | 35 | &nbsp;&nbsp; 36642 |
| New York (City of), NY Transitional Finance Authority, Series 2025 E, RB | 5.00% | 11/01/2053 | 165 | &nbsp;&nbsp; 170767 |
| New York (State of) Dormitory Authority, Series 2019, RB | 3.00% | 07/01/2034 | 15 | &nbsp;&nbsp; 14482 |
| New York (State of) Dormitory Authority, Series 2024 A, GO Bonds | 5.00% | 10/01/2036 | 10 | &nbsp;&nbsp; 11624 |
| New York (State of) Dormitory Authority, Series 2024 A, GO Bonds | 5.00% | 03/15/2041 | 20 | &nbsp;&nbsp; 22190 |
| New York (State of) Dormitory Authority, Series 2024 A, GO Bonds | 5.00% | 03/15/2043 | 30 | &nbsp;&nbsp; 32444 |
| New York (State of) Dormitory Authority, Series 2024 A, GO Bonds | 5.00% | 03/15/2045 | 40 | &nbsp;&nbsp; 42520 |
| New York (State of) Dormitory Authority, Series 2024 A, GO Bonds | 5.00% | 03/15/2048 | 75 | &nbsp;&nbsp; 78679 |
| New York (State of) Dormitory Authority, Series 2024 A, RB | 5.00% | 03/15/2042 | 35 | &nbsp;&nbsp; 38357 |
| New York (State of) Dormitory Authority, Series 2024 A, RB | 5.00% | 03/15/2050 | 275 | &nbsp;&nbsp; 287602 |
| New York (State of) Dormitory Authority, Series 2024 A, RB | 5.00% | 03/15/2051 | 10 | &nbsp;&nbsp; 10451 |
| New York (State of) Dormitory Authority, Series 2024 A, RB | 5.00% | 03/15/2054 | 35 | &nbsp;&nbsp; 36458 |
| New York (State of) Dormitory Authority, Series 2024 A, RB | 5.00% | 03/15/2056 | 200 | &nbsp;&nbsp; 208075 |
| New York (State of) Dormitory Authority, Series 2024 A, Ref. RB | 5.00% | 03/15/2036 | 5 | &nbsp;&nbsp; 5745 |
| New York (State of) Dormitory Authority, Series 2024 A, Ref. RB | 5.00% | 03/15/2037 | 50 | &nbsp;&nbsp; 56997 |
| New York (State of) Dormitory Authority, Series 2024 A, Ref. RB | 5.00% | 03/15/2038 | 50 | &nbsp;&nbsp; 56526 |
| New York (State of) Dormitory Authority, Series 2024 A, Ref. RB | 5.00% | 03/15/2042 | 135 | &nbsp;&nbsp; 146784 |
| New York (State of) Dormitory Authority, Series 2024 A, Ref. RB | 5.00% | 03/15/2043 | 210 | &nbsp;&nbsp; 226300 |
| New York (State of) Dormitory Authority, Series 2024 A, Ref. RB | 5.00% | 03/15/2044 | 185 | &nbsp;&nbsp; 197304 |
| New York (State of) Dormitory Authority, Series 2024 A, Ref. RB | 5.00% | 03/15/2046 | 10 | &nbsp;&nbsp; 10477 |
| New York (State of) Dormitory Authority, Series 2024 A, Ref. RB | 5.25% | 03/15/2048 | 290 | &nbsp;&nbsp; 308141 |
| New York (State of) Dormitory Authority, Series 2024 A, Ref. RB | 5.50% | 07/01/2054 | 200 | &nbsp;&nbsp; 216843 |
| New York (State of) Dormitory Authority, Series 2024 B, Ref. RB | 5.00% | 03/15/2034 | 35 | &nbsp;&nbsp; 41089 |
| New York (State of) Dormitory Authority, Series 2025 A, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 10/01/2038 | 15 | &nbsp;&nbsp; 17090 |
| New York (State of) Dormitory Authority, Series 2025, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 10/01/2039 | 150 | &nbsp;&nbsp; 169417 |
| New York (State of) Dormitory Authority (Montefiore Obligated Group), Series 2024, RB | 5.50% | 11/01/2047 | 370 | &nbsp;&nbsp; 388193 |
| New York (State of) Dormitory Authority (Northwell Health Obligated Group), Series 2024, Ref. RB | 5.00% | 05/01/2034 | 140 | &nbsp;&nbsp; 159509 |
| New York (State of) Dormitory Authority (Northwell Health Obligated Group), Series 2024, Ref. RB | 4.00% | 05/01/2039 | 30 | &nbsp;&nbsp; 30259 |
| New York (State of) Dormitory Authority (Northwell Health Obligated Group), Series 2024, Ref. RB | 5.25% | 05/01/2054 | 120 | &nbsp;&nbsp; 125190 |
| New York (State of) Dormitory Authority (Northwell Health Obligated Group), Series 2025 A, Ref. RB | 5.00% | 05/01/2043 | 55 | &nbsp;&nbsp; 57600 |
| New York (State of) Dormitory Authority (Northwell Health Obligated Group), Series 2025, Ref. RB | 5.00% | 05/01/2034 | 20 | &nbsp;&nbsp; 22787 |
| New York (State of) Dormitory Authority (Northwell Health Obligated Group), Series 2025, Ref. RB | 5.00% | 05/01/2036 | 15 | &nbsp;&nbsp; 16797 |
| New York (State of) Dormitory Authority (Northwell Health Obligated Group), Series 2025, Ref. RB | 5.00% | 05/01/2042 | 20 | &nbsp;&nbsp; 21134 |
| &nbsp;&nbsp;&nbsp; New York (State of) Energy Research & Development Authority (New York State Electric & Gas Corp.), <br> Series 2004 C, Ref. RB<br>| 4.00% | 04/01/2034 | 35 | &nbsp;&nbsp; 36336 |
| New York (State of) Power Authority (Green Bonds), Series 2024 A, GO Bonds | 5.00% | 11/15/2043 | 10 | &nbsp;&nbsp; 10892 |
| New York (State of) Power Authority (Green Bonds), Series 2024 A, RB | 5.00% | 11/15/2037 | 10 | &nbsp;&nbsp; 11577 |
| New York (State of) Power Authority (Green Bonds), Series 2024 A, RB | 5.00% | 11/15/2038 | 15 | &nbsp;&nbsp; 17172 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2034 Municipal Bond ETF (BSMY)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| New York (State of) Power Authority (Green Bonds), Series 2024 A, RB | 5.00% | 11/15/2039 | $20 | &nbsp;&nbsp; $22702 |
| New York (State of) Power Authority (Green Bonds), Series 2024 A, RB | 5.00% | 11/15/2040 | 5 | &nbsp;&nbsp; 5619 |
| New York (State of) Power Authority (Green Bonds), Series 2024 A, RB | 5.00% | 11/15/2041 | 10 | &nbsp;&nbsp; 11123 |
| New York (State of) Thruway Authority, Series 2024 P, Ref. RB | 5.00% | 01/01/2036 | 60 | &nbsp;&nbsp; 69505 |
| New York (State of) Thruway Authority, Series 2024 P, Ref. RB | 5.00% | 01/01/2038 | 10 | &nbsp;&nbsp; 11392 |
| New York (State of) Thruway Authority, Series 2024 P, Ref. RB | 5.00% | 01/01/2039 | 95 | &nbsp;&nbsp; 107432 |
| New York (State of) Thruway Authority, Series 2024 P, Ref. RB | 5.00% | 01/01/2040 | 20 | &nbsp;&nbsp; 22330 |
| New York (State of) Thruway Authority, Series 2024 P, Ref. RB | 5.00% | 01/01/2042 | 15 | &nbsp;&nbsp; 16416 |
| New York (State of) Thruway Authority, Series 2024 P, Ref. RB | 5.00% | 01/01/2043 | 50 | &nbsp;&nbsp; 54226 |
| New York (State of) Thruway Authority, Series 2024 P, Ref. RB | 5.00% | 01/01/2049 | 85 | &nbsp;&nbsp; 89715 |
| New York (State of) Thruway Authority, Series 2024 P, Ref. RB | 5.25% | 01/01/2054 | 120 | &nbsp;&nbsp; 127712 |
| New York State Environmental Facilities Corp., Series 2024, Ref. RB | 5.00% | 06/15/2047 | 20 | &nbsp;&nbsp; 21457 |
| &nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2024, <br> Ref. RB<br>| 5.00% | 06/15/2034 | 10 | &nbsp;&nbsp; 11867 |
| &nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2024, <br> Ref. RB<br>| 5.00% | 06/15/2037 | 75 | &nbsp;&nbsp; 86636 |
| &nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2024, <br> Ref. RB<br>| 5.00% | 06/15/2039 | 10 | &nbsp;&nbsp; 11373 |
| &nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2024, <br> Ref. RB<br>| 5.00% | 06/15/2042 | 45 | &nbsp;&nbsp; 49514 |
| &nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2024, <br> Ref. RB<br>| 5.00% | 06/15/2043 | 45 | &nbsp;&nbsp; 49096 |
| &nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2024, <br> Ref. RB<br>| 5.00% | 06/15/2049 | 100 | &nbsp;&nbsp; 106906 |
| &nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2024, <br> Ref. RB<br>| 5.25% | 06/15/2053 | 10 | &nbsp;&nbsp; 10840 |
| New York State Urban Development Corp., Series 2023 A, RB | 5.00% | 03/15/2034 | 15 | &nbsp;&nbsp; 17419 |
| New York State Urban Development Corp., Series 2023, Ref. RB | 5.00% | 03/15/2034 | 10 | &nbsp;&nbsp; 11544 |
| New York State Urban Development Corp. (Bidding Group 1), Series 2024 A, RB | 5.00% | 03/15/2038 | 215 | &nbsp;&nbsp; 244832 |
| New York State Urban Development Corp. (Bidding Group 1), Series 2024 A, RB | 5.00% | 03/15/2039 | 270 | &nbsp;&nbsp; 305382 |
| Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB | 3.00% | 11/15/2034 | 405 | &nbsp;&nbsp; 405017 |
| Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB | 5.00% | 05/15/2042 | 50 | &nbsp;&nbsp; 54512 |
| Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB | 5.00% | 05/15/2043 | 35 | &nbsp;&nbsp; 37752 |
| Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB | 5.00% | 11/15/2043 | 5 | &nbsp;&nbsp; 5422 |
| Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB | 5.00% | 05/15/2044 | 80 | &nbsp;&nbsp; 85532 |
| Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB | 5.00% | 11/15/2044 | 50 | &nbsp;&nbsp; 53628 |
| Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB | 5.00% | 05/15/2046 | 105 | &nbsp;&nbsp; 110628 |
| Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB | 5.25% | 11/15/2051 | 20 | &nbsp;&nbsp; 21339 |
| Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB | 5.00% | 05/15/2054 | 80 | &nbsp;&nbsp; 83279 |
| Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB | 5.25% | 05/15/2059 | 105 | &nbsp;&nbsp; 110642 |
| Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB | 5.25% | 05/15/2064 | 460 | &nbsp;&nbsp; 482737 |
| Triborough Bridge & Tunnel Authority, Series 2024 A-2, Ref. RB | 5.00% | 11/15/2037 | 15 | &nbsp;&nbsp; 17201 |
| Triborough Bridge & Tunnel Authority, Series 2024 A-2, Ref. RB | 5.00% | 11/15/2039 | 20 | &nbsp;&nbsp; 22586 |
| Triborough Bridge & Tunnel Authority, Series 2024 A-2, Ref. RB | 5.00% | 11/15/2040 | 35 | &nbsp;&nbsp; 39158 |
| Triborough Bridge & Tunnel Authority, Series 2024 A-2, Ref. RB | 5.00% | 11/15/2041 | 5 | &nbsp;&nbsp; 5533 |
| Triborough Bridge & Tunnel Authority, Series 2024, RB | 5.00% | 05/15/2044 | 15 | &nbsp;&nbsp; 15982 |
| Triborough Bridge & Tunnel Authority, Series 2024, Ref. RB | 5.00% | 11/15/2036 | 50 | &nbsp;&nbsp; 57946 |
| Triborough Bridge & Tunnel Authority (Green Bonds), Series 2024, RB | 5.00% | 05/15/2049 | 40 | &nbsp;&nbsp; 41892 |
| Triborough Bridge & Tunnel Authority (Green Bonds), Series 2024, Ref. RB | 5.00% | 11/15/2037 | 60 | &nbsp;&nbsp; 68853 |
| Triborough Bridge & Tunnel Authority (Green Bonds), Series 2024, Ref. RB | 5.00% | 11/15/2038 | 75 | &nbsp;&nbsp; 85360 |
| Triborough Bridge & Tunnel Authority (Green Bonds), Series 2024, Ref. RB | 5.25% | 05/15/2054 | 225 | &nbsp;&nbsp; 238481 |
| Triborough Bridge & Tunnel Authority Sales Tax Revenue, Series 2024 A-1, RB | 5.00% | 05/15/2045 | 10 | &nbsp;&nbsp; 10617 |
|  |  |  |  | &nbsp;&nbsp; 17425548 |
| **North Carolina-0.62%** |  |  |  |  |
| Charlotte (City of), NC, Series 2022 A, Ref. RB | 5.00% | 07/01/2034 | 30 | &nbsp;&nbsp; 35467 |
| Charlotte (City of), NC, Series 2024, RB | 5.00% | 07/01/2038 | 25 | &nbsp;&nbsp; 28688 |
| Charlotte (City of), NC, Series 2024, RB | 5.00% | 07/01/2040 | 45 | &nbsp;&nbsp; 50724 |
| Charlotte (City of), NC, Series 2024, RB | 5.00% | 07/01/2043 | 10 | &nbsp;&nbsp; 10929 |
| Charlotte (City of), NC, Series 2024, RB | 5.00% | 07/01/2044 | 75 | &nbsp;&nbsp; 81156 |
| Charlotte (City of), NC, Series 2024, RB | 5.00% | 07/01/2054 | 225 | &nbsp;&nbsp; 238032 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2034 Municipal Bond ETF (BSMY)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **North Carolina-(continued)** |  |  |  |  |
| North Carolina (State of), Series 2020 B, RB | 3.00% | 05/01/2034 | $15 | &nbsp;&nbsp; $14840 |
| North Carolina (State of) Turnpike Authority (Monroe Expressway System), Series 2024, Ref. RB | 5.00% | 01/01/2041 | 20 | &nbsp;&nbsp; 21998 |
| &nbsp;&nbsp;&nbsp; North Carolina (State of) Turnpike Authority (Triangle Expressway System), Series 2024, RB, <br> (INS - AGI)<sup>(a)</sup><br>| 5.00% | 01/01/2054 | 20 | &nbsp;&nbsp; 20631 |
| Raleigh (City of), NC Combined Enterprise System, Series 2023, Ref. RB | 5.00% | 09/01/2034 | 15 | &nbsp;&nbsp; 17448 |
|  |  |  |  | &nbsp;&nbsp; 519913 |
| **Ohio-1.63%** |  |  |  |  |
| Allen (County of), IN, Series 2025, Ref. RB | 5.00% | 11/01/2034 | 20 | &nbsp;&nbsp; 23015 |
| American Municipal Power, Inc. (Prairie State Energy Campus), Series 2023, Ref. RB | 5.00% | 02/15/2037 | 65 | &nbsp;&nbsp; 73307 |
| American Municipal Power, Inc. (Prairie State Energy Campus), Series 2023, Ref. RB | 5.00% | 02/15/2038 | 50 | &nbsp;&nbsp; 55857 |
| Columbus (City of), OH, Series 2023 A, GO Bonds | 5.00% | 08/15/2034 | 80 | &nbsp;&nbsp; 92755 |
| Columbus (City of), OH, Series 2024 A, GO Bonds | 5.00% | 08/15/2034 | 5 | &nbsp;&nbsp; 5890 |
| Columbus (City of), OH, Series 2024 A, GO Bonds | 5.00% | 08/15/2039 | 55 | &nbsp;&nbsp; 62704 |
| Columbus (City of), OH, Series 2024 A, GO Bonds | 5.00% | 08/15/2040 | 40 | &nbsp;&nbsp; 45103 |
| Franklin (County of), OH Convention Facilities Authority, Series 2024, Ref. RB | 5.00% | 12/01/2042 | 45 | &nbsp;&nbsp; 48290 |
| Hamilton (County of), OH, Series 2024, RB | 5.00% | 12/01/2053 | 45 | &nbsp;&nbsp; 47031 |
| Northeast Ohio Regional Sewer District, Series 2019, Ref. RB | 3.00% | 11/15/2034 | 25 | &nbsp;&nbsp; 24696 |
| Ohio (State of), Series 2023 A, Ref. GO Bonds | 5.00% | 03/15/2034 | 25 | &nbsp;&nbsp; 28911 |
| Ohio (State of), Series 2025 A, GO Bonds | 5.00% | 05/01/2036 | 20 | &nbsp;&nbsp; 23239 |
| Ohio (State of), Series 2025 A, GO Bonds | 5.00% | 05/01/2037 | 15 | &nbsp;&nbsp; 17291 |
| Ohio (State of), Series 2025 A, GO Bonds | 5.00% | 05/01/2039 | 10 | &nbsp;&nbsp; 11356 |
| Ohio (State of), Series 2025 A, GO Bonds | 5.00% | 05/01/2040 | 10 | &nbsp;&nbsp; 11229 |
| Ohio (State of), Series 2025 A, GO Bonds | 5.00% | 05/01/2041 | 65 | &nbsp;&nbsp; 72373 |
| Ohio (State of), Series 2025 A, GO Bonds | 5.00% | 05/01/2043 | 10 | &nbsp;&nbsp; 10933 |
| Ohio (State of), Series 2025 A, GO Bonds | 5.00% | 05/01/2044 | 10 | &nbsp;&nbsp; 10836 |
| Ohio (State of), Series 2025 B, Ref. GO Bonds | 5.00% | 11/01/2034 | 5 | &nbsp;&nbsp; 5921 |
| Ohio (State of) (Infrastructure Improvement), Series 2023, Ref. GO Bonds | 5.00% | 09/01/2034 | 40 | &nbsp;&nbsp; 46520 |
| Ohio (State of) Water Development Authority, Series 2024 A, RB | 5.00% | 12/01/2040 | 35 | &nbsp;&nbsp; 39247 |
| Ohio (State of) Water Development Authority, Series 2024 A, RB | 5.00% | 12/01/2045 | 40 | &nbsp;&nbsp; 43145 |
| Ohio (State of) Water Development Authority (Sustainability Bonds), Series 2024 A, GO Bonds | 5.00% | 12/01/2043 | 30 | &nbsp;&nbsp; 32741 |
| Ohio (State of) Water Development Authority (Sustainability Bonds), Series 2024 A, GO Bonds | 5.00% | 12/01/2044 | 10 | &nbsp;&nbsp; 10829 |
| Ohio (State of) Water Development Authority (Sustainability Bonds), Series 2024 A, RB | 5.00% | 12/01/2038 | 65 | &nbsp;&nbsp; 73923 |
| Ohio (State of) Water Development Authority (Sustainability Bonds), Series 2024 A, RB | 5.00% | 12/01/2042 | 75 | &nbsp;&nbsp; 82546 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 B, RB | 3.00% | 12/01/2034 | 45 | &nbsp;&nbsp; 44891 |
| &nbsp;&nbsp;&nbsp; Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2024 A, GO <br> Bonds<br>| 5.00% | 12/01/2044 | 20 | &nbsp;&nbsp; 21658 |
| &nbsp;&nbsp;&nbsp; Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2024 B, Ref. <br> RB<br>| 5.00% | 12/01/2034 | 5 | &nbsp;&nbsp; 5876 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2024 D, RB | 5.00% | 12/01/2044 | 5 | &nbsp;&nbsp; 5435 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2024, RB | 5.00% | 12/01/2043 | 50 | &nbsp;&nbsp; 54569 |
| &nbsp;&nbsp;&nbsp; Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund) (Green Bonds), <br> Series 2024 A, RB<br>| 5.00% | 12/01/2042 | 10 | &nbsp;&nbsp; 11006 |
| &nbsp;&nbsp;&nbsp; Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund) (Green Bonds), <br> Series 2024 D, RB<br>| 5.00% | 12/01/2038 | 50 | &nbsp;&nbsp; 57214 |
| &nbsp;&nbsp;&nbsp; Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund) (Green Bonds), <br> Series 2024 D, RB<br>| 5.00% | 12/01/2039 | 20 | &nbsp;&nbsp; 22707 |
| &nbsp;&nbsp;&nbsp; Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund) (Green Bonds), <br> Series 2024 D, RB<br>| 5.00% | 12/01/2041 | 10 | &nbsp;&nbsp; 11169 |
| Ohio State University (The), Series 2024, RB | 5.25% | 12/01/2054 | 25 | &nbsp;&nbsp; 26510 |
| Shaker Heights City School District, Series 2024, GO Bonds | 5.25% | 12/15/2059 | 45 | &nbsp;&nbsp; 47799 |
| Wyoming City School District, Series 2025, GO Bonds | 5.00% | 12/01/2061 | 50 | &nbsp;&nbsp; 52100 |
|  |  |  |  | &nbsp;&nbsp; 1360622 |
| **Oklahoma-0.59%** |  |  |  |  |
| Canadian (County of), OK Educational Facilities Authority (Mustang Public Schools), Series 2023, RB | 5.25% | 09/01/2034 | 65 | &nbsp;&nbsp; 74932 |
| Grand River Dam Authority, Series 2024 A, Ref. RB | 5.00% | 06/01/2037 | 105 | &nbsp;&nbsp; 118735 |
| Grand River Dam Authority, Series 2024 A, Ref. RB | 5.00% | 06/01/2039 | 10 | &nbsp;&nbsp; 11118 |
| Grand River Dam Authority, Series 2024 A, Ref. RB | 5.00% | 06/01/2042 | 10 | &nbsp;&nbsp; 10877 |
| &nbsp;&nbsp;&nbsp; Oklahoma (County of), OK Finance Authority (Midwest-City Del City Public Schools), Series 2024, RB, <br> (INS - BAM)<sup>(a)</sup><br>| 5.00% | 10/01/2038 | 55 | &nbsp;&nbsp; 61932 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2034 Municipal Bond ETF (BSMY)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Oklahoma-(continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Oklahoma (County of), OK Finance Authority (Midwest-City Del City Public Schools), Series 2024, RB, <br> (INS - BAM)<sup>(a)</sup><br>| 5.00% | 10/01/2042 | $55 | &nbsp;&nbsp; $59595 |
| &nbsp;&nbsp;&nbsp; Oklahoma (County of), OK Finance Authority (Midwest-City Del City Public Schools), Series 2024, RB, <br> (INS - BAM)<sup>(a)</sup><br>| 5.00% | 10/01/2043 | 10 | &nbsp;&nbsp; 10703 |
| Oklahoma (State of) Water Resources Board, Series 2024, RB | 5.00% | 07/01/2049 | 80 | &nbsp;&nbsp; 85010 |
| University of Oklahoma (The), Series 2024 A, Ref. RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 07/01/2049 | 45 | &nbsp;&nbsp; 47334 |
| University of Oklahoma (The), Series 2024 A, Ref. RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 07/01/2054 | 10 | &nbsp;&nbsp; 10465 |
|  |  |  |  | &nbsp;&nbsp; 490701 |
| **Oregon-0.37%** |  |  |  |  |
| Oregon (State of), Series 2023, GO Bonds | 5.00% | 05/01/2034 | 80 | &nbsp;&nbsp; 92292 |
| Oregon (State of) Department of Transportation (Social Bonds) (Garvee), Series 2024, RB | 5.00% | 05/15/2034 | 10 | &nbsp;&nbsp; 11722 |
| Oregon (State of) Department of Transportation (Social Bonds) (Garvee), Series 2024, RB | 5.00% | 05/15/2036 | 30 | &nbsp;&nbsp; 34526 |
| Oregon (State of) Department of Transportation (Social Bonds) (Garvee), Series 2024, RB | 5.00% | 05/15/2038 | 10 | &nbsp;&nbsp; 11319 |
| Oregon (State of) Tri-County Metropolitan Transportation District (Garvee), Series 2018 A, RB | 3.25% | 10/01/2034 | 10 | &nbsp;&nbsp; 9839 |
| Tualatin Valley Water District, Series 2024, RB | 5.00% | 06/01/2054 | 140 | &nbsp;&nbsp; 148101 |
|  |  |  |  | &nbsp;&nbsp; 307799 |
| **Pennsylvania-3.22%** |  |  |  |  |
| Allegheny (County of), PA Sanitary Authority, Series 2025, Ref. RB | 5.00% | 12/01/2050 | 100 | &nbsp;&nbsp; 105337 |
| Bethel Park School District, Series 2024, GO Bonds | 5.00% | 08/01/2050 | 90 | &nbsp;&nbsp; 94857 |
| Delaware Valley Regional Finance Authority, Series 2023 A, Ref. RB | 4.00% | 03/01/2034 | 50 | &nbsp;&nbsp; 52924 |
| &nbsp;&nbsp;&nbsp; Northampton (County of), PA General Purpose Authority (St. Luke's University Health Network), <br> Series 2024, Ref. RB<br>| 5.25% | 08/15/2053 | 50 | &nbsp;&nbsp; 52102 |
| &nbsp;&nbsp;&nbsp; Northampton (County of), PA General Purpose Authority (St. Luke's University Health Network), <br> Series 2024, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| 5.00% | 08/15/2041 | 30 | &nbsp;&nbsp; 32607 |
| Pennsylvania (Commonwealth of), First Series 2021, GO Bonds | 3.00% | 05/15/2034 | 95 | &nbsp;&nbsp; 93796 |
| Pennsylvania (Commonwealth of), First series 2024 B, GO Bonds | 5.00% | 08/15/2038 | 20 | &nbsp;&nbsp; 22579 |
| Pennsylvania (Commonwealth of), Series 2024, GO Bonds | 5.00% | 08/15/2034 | 5 | &nbsp;&nbsp; 5852 |
| Pennsylvania (Commonwealth of), Series 2024, GO Bonds | 5.00% | 08/15/2036 | 20 | &nbsp;&nbsp; 23064 |
| Pennsylvania (Commonwealth of), Series 2024, GO Bonds | 5.00% | 08/15/2037 | 5 | &nbsp;&nbsp; 5699 |
| Pennsylvania (Commonwealth of), Series 2024, GO Bonds | 5.00% | 08/15/2039 | 70 | &nbsp;&nbsp; 78558 |
| Pennsylvania (Commonwealth of) (Bid Group B), Series 2023, GO Bonds | 5.00% | 09/01/2034 | 115 | &nbsp;&nbsp; 132919 |
| &nbsp;&nbsp;&nbsp; Pennsylvania (Commonwealth of) Economic Development Financing Authority (Villanova University), <br> Series 2024, RB<br>| 5.00% | 08/01/2049 | 190 | &nbsp;&nbsp; 200972 |
| &nbsp;&nbsp;&nbsp; Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Thomas Jefferson University), <br> Series 2024, Ref. RB<br>| 5.25% | 11/01/2039 | 5 | &nbsp;&nbsp; 5573 |
| &nbsp;&nbsp;&nbsp; Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Thomas Jefferson University), <br> Series 2024, Ref. RB<br>| 5.25% | 11/01/2040 | 130 | &nbsp;&nbsp; 143545 |
| &nbsp;&nbsp;&nbsp; Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Thomas Jefferson University), <br> Series 2024, Ref. RB<br>| 5.25% | 11/01/2043 | 140 | &nbsp;&nbsp; 149718 |
| &nbsp;&nbsp;&nbsp; Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Thomas Jefferson University), <br> Series 2024, Ref. RB<br>| 5.25% | 11/01/2044 | 60 | &nbsp;&nbsp; 63552 |
| &nbsp;&nbsp;&nbsp; Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Thomas Jefferson University), <br> Series 2024, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| 5.25% | 11/01/2048 | 30 | &nbsp;&nbsp; 32026 |
| Pennsylvania (Commonwealth of) Turnpike Commission, First Series 2024, Ref. RB | 5.00% | 06/01/2034 | 20 | &nbsp;&nbsp; 22981 |
| Pennsylvania (Commonwealth of) Turnpike Commission, First Series 2024, Ref. RB | 5.00% | 12/01/2036 | 90 | &nbsp;&nbsp; 103486 |
| Pennsylvania (Commonwealth of) Turnpike Commission, First Series 2024, Ref. RB | 5.00% | 06/01/2037 | 10 | &nbsp;&nbsp; 11438 |
| Pennsylvania (Commonwealth of) Turnpike Commission, First Series 2024, Ref. RB | 5.00% | 06/01/2038 | 30 | &nbsp;&nbsp; 34053 |
| Pennsylvania (Commonwealth of) Turnpike Commission, First Series 2024, Ref. RB | 5.00% | 12/01/2038 | 5 | &nbsp;&nbsp; 5671 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2024 C, RB | 5.00% | 12/01/2047 | 50 | &nbsp;&nbsp; 53418 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2024 C, RB | 5.25% | 12/01/2054 | 50 | &nbsp;&nbsp; 53556 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2024, Ref. RB | 5.00% | 12/01/2038 | 30 | &nbsp;&nbsp; 34177 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2024, Ref. RB | 5.00% | 12/01/2039 | 30 | &nbsp;&nbsp; 33837 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2024, Ref. RB | 5.00% | 12/01/2042 | 100 | &nbsp;&nbsp; 109846 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2024, Ref. RB | 5.00% | 12/01/2043 | 40 | &nbsp;&nbsp; 43520 |
| Philadelphia (City of), PA, Series 2024 C, GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.00% | 09/01/2036 | 30 | &nbsp;&nbsp; 34630 |
| Philadelphia (City of), PA, Series 2024 C, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 09/01/2037 | 45 | &nbsp;&nbsp; 51473 |
| Philadelphia (City of), PA, Series 2024 C, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 09/01/2038 | 15 | &nbsp;&nbsp; 17032 |
| Philadelphia (City of), PA, Series 2024 C, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 09/01/2039 | 80 | &nbsp;&nbsp; 90237 |
| Philadelphia (City of), PA, Series 2024 C, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 09/01/2040 | 20 | &nbsp;&nbsp; 22409 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2034 Municipal Bond ETF (BSMY)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Pennsylvania-(continued)** |  |  |  |  |
| Philadelphia (City of), PA, Series 2024 C, RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 09/01/2049 | $30 | &nbsp;&nbsp; $32337 |
| Philadelphia (City of), PA, Series 2024 C, RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 09/01/2054 | 30 | &nbsp;&nbsp; 32156 |
| Philadelphia (City of), PA, Series 2025 C, Ref. GO Bonds | 5.00% | 08/01/2034 | 50 | &nbsp;&nbsp; 58242 |
| Philadelphia (City of), PA (1998 General Ordinance), Series 2024, RB | 5.25% | 08/01/2049 | 80 | &nbsp;&nbsp; 85163 |
| Philadelphia (City of), PA (1998 General Ordinance), Series 2024, RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 08/01/2054 | 150 | &nbsp;&nbsp; 158478 |
| &nbsp;&nbsp;&nbsp; Philadelphia (City of), PA Authority for Industrial Development (Children's Hospital of Philadelphia), <br> Series 2024, RB<br>| 5.00% | 07/01/2045 | 50 | &nbsp;&nbsp; 53017 |
| &nbsp;&nbsp;&nbsp; Philadelphia (City of), PA Authority for Industrial Development (Children's Hospital of Philadelphia), <br> Series 2024, RB<br>| 5.00% | 07/01/2046 | 185 | &nbsp;&nbsp; 195318 |
| &nbsp;&nbsp;&nbsp; Philadelphia (City of), PA Authority for Industrial Development (Children's Hospital of Philadelphia), <br> Series 2024, RB<br>| 5.50% | 07/01/2053 | 45 | &nbsp;&nbsp; 48689 |
| Southcentral Pennsylvania General Authority (WellSpan Health Obligated Group), Series 2023, Ref. RB | 5.00% | 06/01/2034 | 5 | &nbsp;&nbsp; 5745 |
| University of Pittsburgh-of the Commonwealth System of Higher Education, Series 2023, RB | 5.00% | 02/15/2034 | 5 | &nbsp;&nbsp; 5820 |
|  |  |  |  | &nbsp;&nbsp; 2692409 |
| **Rhode Island-0.23%** |  |  |  |  |
| Rhode Island Commerce Corp. (Garvee), Series 2024, RB | 5.00% | 05/15/2038 | 75 | &nbsp;&nbsp; 83834 |
| Rhode Island Health & Educational Building Corp., Series 2024 D, RB, (INS - AGI)<sup>(a)</sup> | 5.50% | 05/15/2049 | 25 | &nbsp;&nbsp; 27307 |
| Rhode Island Health & Educational Building Corp. (Lifespan Obligated Group), Series 2024, RB | 5.00% | 05/15/2034 | 70 | &nbsp;&nbsp; 77963 |
|  |  |  |  | &nbsp;&nbsp; 189104 |
| **South Carolina-2.24%** |  |  |  |  |
| Charleston County Airport District, Series 2024 B, RB | 5.00% | 07/01/2049 | 200 | &nbsp;&nbsp; 210017 |
| Dorchester (County of), SC, Series 2024, RB | 5.00% | 10/01/2054 | 50 | &nbsp;&nbsp; 52663 |
| Greenville-Spartanburg Airport District, Series 2024 A, GO Bonds | 5.25% | 07/01/2054 | 30 | &nbsp;&nbsp; 31851 |
| South Carolina (State of) Jobs-Economic Development Authority (Furman University), Series 2024, RB | 5.00% | 04/01/2034 | 10 | &nbsp;&nbsp; 11358 |
| &nbsp;&nbsp;&nbsp; South Carolina (State of) Jobs-Economic Development Authority (McLeod Health), Series 2024, Ref. <br> RB<br>| 5.25% | 11/01/2054 | 80 | &nbsp;&nbsp; 85094 |
| &nbsp;&nbsp;&nbsp; South Carolina (State of) Jobs-Economic Development Authority (Novant Health Obligated Group), <br> Series 2024, RB<br>| 5.00% | 11/01/2034 | 120 | &nbsp;&nbsp; 137399 |
| &nbsp;&nbsp;&nbsp; South Carolina (State of) Jobs-Economic Development Authority (Novant Health Obligated Group), <br> Series 2024, RB<br>| 5.00% | 11/01/2035 | 100 | &nbsp;&nbsp; 113439 |
| &nbsp;&nbsp;&nbsp; South Carolina (State of) Jobs-Economic Development Authority (Novant Health Obligated Group), <br> Series 2024, RB<br>| 5.00% | 11/01/2037 | 30 | &nbsp;&nbsp; 33474 |
| &nbsp;&nbsp;&nbsp; South Carolina (State of) Jobs-Economic Development Authority (Novant Health Obligated Group), <br> Series 2024, RB<br>| 5.00% | 11/01/2038 | 30 | &nbsp;&nbsp; 33188 |
| &nbsp;&nbsp;&nbsp; South Carolina (State of) Jobs-Economic Development Authority (Novant Health Obligated Group), <br> Series 2024, RB<br>| 5.00% | 11/01/2039 | 30 | &nbsp;&nbsp; 32990 |
| &nbsp;&nbsp;&nbsp; South Carolina (State of) Jobs-Economic Development Authority (Novant Health Obligated Group), <br> Series 2024, RB<br>| 5.25% | 11/01/2040 | 90 | &nbsp;&nbsp; 100577 |
| &nbsp;&nbsp;&nbsp; South Carolina (State of) Jobs-Economic Development Authority (Novant Health Obligated Group), <br> Series 2024, RB<br>| 5.25% | 11/01/2041 | 15 | &nbsp;&nbsp; 16593 |
| &nbsp;&nbsp;&nbsp; South Carolina (State of) Jobs-Economic Development Authority (Novant Health Obligated Group), <br> Series 2024, RB<br>| 5.25% | 11/01/2043 | 30 | &nbsp;&nbsp; 32425 |
| &nbsp;&nbsp;&nbsp; South Carolina (State of) Jobs-Economic Development Authority (Novant Health Obligated Group), <br> Series 2024, RB<br>| 5.50% | 11/01/2045 | 290 | &nbsp;&nbsp; 316084 |
| South Carolina (State of) Jobs-Economic Development Authority (Wofford College), Series 2024, RB | 5.00% | 04/01/2034 | 10 | &nbsp;&nbsp; 11294 |
| &nbsp;&nbsp;&nbsp; South Carolina (State of) Jobs-Economic Development Authority (Novant Health Obligated Group), <br> Series 2024, RB<br>| 5.50% | 11/01/2048 | 30 | &nbsp;&nbsp; 32390 |
| South Carolina (State of) Public Service Authority (Santee Cooper), Series 2024 B, Ref. RB | 5.00% | 12/01/2038 | 55 | &nbsp;&nbsp; 61337 |
| South Carolina (State of) Public Service Authority (Santee Cooper), Series 2024 B, Ref. RB | 5.00% | 12/01/2039 | 5 | &nbsp;&nbsp; 5541 |
| South Carolina (State of) Public Service Authority (Santee Cooper), Series 2024 B, Ref. RB | 5.00% | 12/01/2041 | 85 | &nbsp;&nbsp; 92401 |
| &nbsp;&nbsp;&nbsp; South Carolina (State of) Public Service Authority (Santee Cooper), Series 2024 B, Ref. RB, <br> (INS - AGI)<sup>(a)</sup><br>| 5.00% | 12/01/2037 | 140 | &nbsp;&nbsp; 158461 |
| &nbsp;&nbsp;&nbsp; South Carolina (State of) Public Service Authority (Santee Cooper), Series 2024 B, Ref. RB, <br> (INS - AGI)<sup>(a)</sup><br>| 5.00% | 12/01/2040 | 10 | &nbsp;&nbsp; 11063 |
| &nbsp;&nbsp;&nbsp; South Carolina (State of) Public Service Authority (Santee Cooper), Series 2024 B, Ref. RB, <br> (INS - AGI)<sup>(a)</sup><br>| 5.00% | 12/01/2042 | 55 | &nbsp;&nbsp; 59583 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2034 Municipal Bond ETF (BSMY)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **South Carolina-(continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; South Carolina (State of) Public Service Authority (Santee Cooper), Series 2024 B, Ref. RB, <br> (INS - AGI)<sup>(a)</sup><br>| 5.00% | 12/01/2049 | $15 | &nbsp;&nbsp; $15748 |
| &nbsp;&nbsp;&nbsp; South Carolina (State of) Public Service Authority (Santee Cooper), Series 2024 B, Ref. RB, <br> (INS - AGI)<sup>(a)</sup><br>| 5.00% | 12/01/2054 | 205 | &nbsp;&nbsp; 213609 |
|  |  |  |  | &nbsp;&nbsp; 1868579 |
| **South Dakota-0.16%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; South Dakota (State of) Health & Educational Facilities Authority (Avera Health), Series 2024 A, Ref. <br> RB<br>| 5.25% | 07/01/2054 | 125 | &nbsp;&nbsp; 132294 |
| **Tennessee-1.40%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Chattanooga (City of), TN Health, Educational & Housing Facility Board (Catholic Health Services), <br> Series 2024, Ref. RB<br>| 5.25% | 12/01/2049 | 30 | &nbsp;&nbsp; 31659 |
| &nbsp;&nbsp;&nbsp; Chattanooga (City of), TN Health, Educational & Housing Facility Board (Erlanger Health System), <br> Series 2024, Ref. RB<br>| 5.00% | 12/01/2034 | 15 | &nbsp;&nbsp; 17021 |
| &nbsp;&nbsp;&nbsp; Chattanooga (City of), TN Health, Educational & Housing Facility Board (Erlanger Health System), <br> Series 2024, Ref. RB<br>| 5.25% | 12/01/2054 | 50 | &nbsp;&nbsp; 52151 |
| Hamilton (County of), TN, Series 2024 A, GO Bonds | 5.00% | 08/01/2041 | 85 | &nbsp;&nbsp; 94481 |
| Hamilton (County of), TN, Series 2024 A, GO Bonds | 5.00% | 08/01/2044 | 10 | &nbsp;&nbsp; 10820 |
| Johnson City (City of), TN Health & Educational Facilities Board, Series 2023 A, Ref. RB | 5.00% | 07/01/2034 | 55 | &nbsp;&nbsp; 61026 |
| Knoxville (City of), TN, Series 2024 A, RB | 5.25% | 06/01/2054 | 35 | &nbsp;&nbsp; 36940 |
| Memphis (City of), TN, Series 2024, Ref. RB | 5.00% | 12/01/2047 | 50 | &nbsp;&nbsp; 53224 |
| Memphis (City of), TN, Series 2024, Ref. RB | 5.00% | 12/01/2054 | 145 | &nbsp;&nbsp; 152851 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2024 A, RB | 5.25% | 05/15/2049 | 5 | &nbsp;&nbsp; 5401 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2024 C, GO Bonds | 5.00% | 01/01/2040 | 150 | &nbsp;&nbsp; 166982 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2025, Ref. RB | 5.00% | 07/01/2034 | 20 | &nbsp;&nbsp; 23477 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2025, Ref. RB | 5.00% | 07/01/2036 | 25 | &nbsp;&nbsp; 28936 |
| &nbsp;&nbsp;&nbsp; Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities <br> Board (The) (Vanderbilt University Medical Center), Series 2024, RB<br>| 5.00% | 07/01/2034 | 5 | &nbsp;&nbsp; 5681 |
| &nbsp;&nbsp;&nbsp; Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities <br> Board (The) (Vanderbilt University Medical Center), Series 2024, RB<br>| 5.00% | 10/01/2034 | 30 | &nbsp;&nbsp; 35311 |
| &nbsp;&nbsp;&nbsp; Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities <br> Board (The) (Vanderbilt University Medical Center), Series 2024, RB<br>| 5.00% | 10/01/2049 | 150 | &nbsp;&nbsp; 158980 |
| &nbsp;&nbsp;&nbsp; Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities <br> Board (The) (Vanderbilt University Medical Center), Series 2024, RB<br>| 5.00% | 10/01/2054 | 60 | &nbsp;&nbsp; 63203 |
| &nbsp;&nbsp;&nbsp; Nashville (City of) & Davidson (County of), TN Metropolitan Government Sports Authority (Stadium), <br> Series 2023 A, RB, (INS - AGI)<sup>(a)</sup><br>| 5.25% | 07/01/2053 | 90 | &nbsp;&nbsp; 94287 |
| Shelby (County of), TN, Series 2025 A, GO Bonds | 5.00% | 04/01/2043 | 10 | &nbsp;&nbsp; 10854 |
| Shelby (County of), TN, Series 2025 A, GO Bonds | 5.00% | 04/01/2045 | 5 | &nbsp;&nbsp; 5368 |
| &nbsp;&nbsp;&nbsp; Shelby (County of), TN Health, Educational & Housing Facilities Board (Baptist Memorial Health Care), <br> Series 2024 A, Ref. RB<br>| 5.25% | 09/01/2034 | 25 | &nbsp;&nbsp; 28081 |
| &nbsp;&nbsp;&nbsp; Shelby (County of), TN Health, Educational & Housing Facilities Board (Baptist Memorial Health Care), <br> Series 2024 A, Ref. RB<br>| 5.25% | 09/01/2039 | 30 | &nbsp;&nbsp; 32434 |
|  |  |  |  | &nbsp;&nbsp; 1169168 |
| **Texas-11.92%** |  |  |  |  |
| Aldine Independent School District, Series 2024 A, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2037 | 50 | &nbsp;&nbsp; 56853 |
| Aldine Independent School District, Series 2024 A, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2038 | 10 | &nbsp;&nbsp; 11277 |
| &nbsp;&nbsp;&nbsp; Arlington Independent School District, Series 2025, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2036 | 30 | &nbsp;&nbsp; 34285 |
| Aurora (City of), IL, Series 2024, Ref. RB | 5.00% | 11/15/2038 | 25 | &nbsp;&nbsp; 28225 |
| Aurora (City of), IL, Series 2024, Ref. RB | 5.00% | 11/15/2039 | 35 | &nbsp;&nbsp; 39208 |
| Aurora (City of), IL, Series 2024, Ref. RB | 5.00% | 11/15/2040 | 15 | &nbsp;&nbsp; 16696 |
| Austin (City of), TX, Series 2023, Ref, RB | 5.00% | 11/15/2034 | 10 | &nbsp;&nbsp; 11499 |
| Austin (City of), TX, Series 2024, RB | 5.00% | 11/15/2050 | 30 | &nbsp;&nbsp; 31412 |
| Austin (City of), TX, Series 2024, RB | 5.00% | 11/15/2054 | 75 | &nbsp;&nbsp; 78304 |
| Austin (City of), TX, Series 2024, Ref. RB | 5.00% | 11/15/2042 | 25 | &nbsp;&nbsp; 27292 |
| Austin (City of), TX, Series 2024, Ref. RB | 5.00% | 11/15/2049 | 30 | &nbsp;&nbsp; 31785 |
| Austin (City of), TX, Series 2024, Ref. RB | 5.00% | 11/15/2053 | 50 | &nbsp;&nbsp; 52696 |
| Austin Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/01/2036 | 10 | &nbsp;&nbsp; 11456 |
| Austin Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/01/2037 | 15 | &nbsp;&nbsp; 17045 |
| Austin Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/01/2038 | 30 | &nbsp;&nbsp; 33833 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2034 Municipal Bond ETF (BSMY)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas-(continued)** |  |  |  |  |
| Austin Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/01/2039 | $110 | &nbsp;&nbsp; $123252 |
| Board of Regents of the University of North Texas System, Series 2025 A, Ref. RB | 5.00% | 04/15/2034 | 5 | &nbsp;&nbsp; 5782 |
| Board of Regents of the University of Texas System, Series 2024 A, Ref. RB | 5.00% | 08/15/2034 | 5 | &nbsp;&nbsp; 5877 |
| Board of Regents of the University of Texas System, Series 2024 A, Ref. RB | 5.00% | 08/15/2037 | 90 | &nbsp;&nbsp; 103165 |
| Board of Regents of the University of Texas System, Series 2024 A, Ref. RB | 5.00% | 08/15/2039 | 5 | &nbsp;&nbsp; 5635 |
| Board of Regents of the University of Texas System, Series 2024 A, Ref. RB | 5.00% | 08/15/2043 | 20 | &nbsp;&nbsp; 21737 |
| Board of Regents of the University of Texas System, Series 2024 B, RB | 5.00% | 08/15/2038 | 20 | &nbsp;&nbsp; 22672 |
| Board of Regents of the University of Texas System, Series 2024 B, RB | 5.00% | 08/15/2039 | 20 | &nbsp;&nbsp; 22542 |
| Board of Regents of the University of Texas System, Series 2024 B, RB | 5.00% | 08/15/2040 | 65 | &nbsp;&nbsp; 72771 |
| Board of Regents of the University of Texas System, Series 2024 B, RB | 5.00% | 08/15/2041 | 95 | &nbsp;&nbsp; 105259 |
| Board of Regents of the University of Texas System, Series 2024 B, RB | 5.00% | 08/15/2042 | 75 | &nbsp;&nbsp; 82245 |
| Canutillo Independent School District, Series 2024 A, GO Bonds, (CEP - Texas Permanent School Fund) | 5.25% | 02/15/2054 | 75 | &nbsp;&nbsp; 80032 |
| Cedar Hill Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2044 | 60 | &nbsp;&nbsp; 64086 |
| Central Texas Turnpike System, Series 2024 C, Ref. RB | 5.00% | 08/15/2034 | 5 | &nbsp;&nbsp; 5760 |
| Central Texas Turnpike System, Series 2024 C, Ref. RB | 5.00% | 08/15/2040 | 45 | &nbsp;&nbsp; 49434 |
| Central Texas Turnpike System, Series 2024 C, Ref. RB | 5.00% | 08/15/2041 | 30 | &nbsp;&nbsp; 32631 |
| &nbsp;&nbsp;&nbsp; Clear Creek Independent School District, Series 2024, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2036 | 65 | &nbsp;&nbsp; 74234 |
| Clifton Higher Education Finance Corp., Series 2025, Ref. RB, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2036 | 5 | &nbsp;&nbsp; 5607 |
| &nbsp;&nbsp;&nbsp; College Station Independent School District, Series 2025, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 08/15/2050 | 10 | &nbsp;&nbsp; 10518 |
| Comal Independent School District, Series 2023, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/01/2034 | 50 | &nbsp;&nbsp; 57250 |
| Comal Independent School District, Series 2024, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2036 | 45 | &nbsp;&nbsp; 51710 |
| Conroe Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2038 | 195 | &nbsp;&nbsp; 219898 |
| Conroe Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2039 | 25 | &nbsp;&nbsp; 28023 |
| Conroe Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2040 | 40 | &nbsp;&nbsp; 44308 |
| Corpus Christi (City of), TX, Series 2024, Ref. RB | 5.00% | 07/15/2036 | 15 | &nbsp;&nbsp; 16998 |
| Corpus Christi (City of), TX, Series 2024, Ref. RB | 5.00% | 07/15/2049 | 70 | &nbsp;&nbsp; 72345 |
| Crowley Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/01/2049 | 85 | &nbsp;&nbsp; 89326 |
| &nbsp;&nbsp;&nbsp; Cypress-Fairbanks Independent School District, Series 2024 B, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2043 | 105 | &nbsp;&nbsp; 113021 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2024, RB | 5.00% | 11/01/2037 | 35 | &nbsp;&nbsp; 39837 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2024, RB | 5.00% | 11/01/2038 | 25 | &nbsp;&nbsp; 28242 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2024, RB | 5.00% | 11/01/2040 | 120 | &nbsp;&nbsp; 133421 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2024, RB | 5.00% | 11/01/2044 | 50 | &nbsp;&nbsp; 53537 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2024, RB | 5.25% | 11/01/2048 | 80 | &nbsp;&nbsp; 85942 |
| Dallas (City of), TX, Series 2023 A, Ref. GO Bonds | 5.00% | 02/15/2034 | 5 | &nbsp;&nbsp; 5708 |
| &nbsp;&nbsp;&nbsp; Dallas (City of), TX Independent School District, Series 2019 B, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 3.00% | 02/15/2034 | 15 | &nbsp;&nbsp; 14819 |
| &nbsp;&nbsp;&nbsp; Dallas (City of), TX Independent School District, Series 2025 B, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2040 | 55 | &nbsp;&nbsp; 61131 |
| &nbsp;&nbsp;&nbsp; Dallas (City of), TX Independent School District, Series 2025 B, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2041 | 70 | &nbsp;&nbsp; 77023 |
| &nbsp;&nbsp;&nbsp; Dallas (City of), TX Independent School District, Series 2025 B, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2043 | 15 | &nbsp;&nbsp; 16200 |
| Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2034 | 75 | &nbsp;&nbsp; 86170 |
| East Montgomery County Improvement District, Series 2024, RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 08/15/2049 | 70 | &nbsp;&nbsp; 74491 |
| Ector (County of), TX, Series 2024, Ctfs. of Obligations | 5.00% | 02/15/2050 | 70 | &nbsp;&nbsp; 73240 |
| Ector (County of), TX, Series 2024, GO Bonds | 5.00% | 02/15/2043 | 130 | &nbsp;&nbsp; 139250 |
| El Paso (City of), TX, Series 2025, Ref. RB | 5.00% | 03/01/2044 | 10 | &nbsp;&nbsp; 10598 |
| El Paso (County of), TX Hospital District, Series 2024, Ref. GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.00% | 08/15/2040 | 105 | &nbsp;&nbsp; 113844 |
| El Paso (County of), TX Hospital District, Series 2024, Ref. GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.00% | 08/15/2043 | 10 | &nbsp;&nbsp; 10537 |
| Fort Worth Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2049 | 10 | &nbsp;&nbsp; 10510 |
| Garland Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2034 | 20 | &nbsp;&nbsp; 22796 |
| Harris (County of) & Houston (City of), TX Sports Authority, Series 2024 A, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 11/15/2037 | 25 | &nbsp;&nbsp; 27922 |
| Harris (County of) & Houston (City of), TX Sports Authority, Series 2024 A, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 11/15/2038 | 40 | &nbsp;&nbsp; 44343 |
| Harris (County of), TX, Series 2023 A, Ref. RB | 5.00% | 08/15/2034 | 25 | &nbsp;&nbsp; 28707 |
| Harris (County of), TX, Series 2024 A, GO Bonds | 5.00% | 08/15/2036 | 65 | &nbsp;&nbsp; 74530 |
| Harris (County of), TX, Series 2024 A, GO Bonds | 5.00% | 09/15/2054 | 90 | &nbsp;&nbsp; 94584 |
| Harris (County of), TX, Series 2024 A, RB | 5.00% | 08/15/2034 | 10 | &nbsp;&nbsp; 11653 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2034 Municipal Bond ETF (BSMY)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas-(continued)** |  |  |  |  |
| Harris (County of), TX, Series 2024 A, RB | 5.00% | 08/15/2037 | $65 | &nbsp;&nbsp; $73923 |
| Harris (County of), TX, Series 2024 A, RB | 5.00% | 08/15/2038 | 10 | &nbsp;&nbsp; 11271 |
| Harris (County of), TX, Series 2024 A, RB | 5.00% | 08/15/2039 | 20 | &nbsp;&nbsp; 22349 |
| Harris (County of), TX, Series 2024 A, RB | 5.00% | 08/15/2040 | 45 | &nbsp;&nbsp; 49859 |
| Harris (County of), TX, Series 2024 A, RB | 5.00% | 08/15/2044 | 60 | &nbsp;&nbsp; 64204 |
| Harris (County of), TX, Series 2024 A, Ref. GO Bonds | 5.00% | 09/15/2049 | 25 | &nbsp;&nbsp; 26342 |
| Harris (County of), TX, Series 2024, Ctfs. Of Obligations | 5.00% | 09/15/2054 | 75 | &nbsp;&nbsp; 78820 |
| Harris (County of), TX Toll Road Authority (The), Series 2024 A, RB | 5.25% | 08/15/2049 | 150 | &nbsp;&nbsp; 160634 |
| Harris (County of), TX Toll Road Authority (The), Series 2024 A, RB | 5.25% | 08/15/2054 | 30 | &nbsp;&nbsp; 31917 |
| &nbsp;&nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), <br> Series 2024, Ref. RB<br>| 5.00% | 07/01/2036 | 65 | &nbsp;&nbsp; 73963 |
| &nbsp;&nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), <br> Series 2024, Ref. RB<br>| 5.00% | 07/01/2037 | 35 | &nbsp;&nbsp; 39534 |
| &nbsp;&nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), <br> Series 2024, Ref. RB<br>| 5.00% | 07/01/2039 | 75 | &nbsp;&nbsp; 83354 |
| &nbsp;&nbsp;&nbsp; Highland Park Independent School District, Series 2016, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 3.00% | 02/15/2034 | 30 | &nbsp;&nbsp; 29527 |
| Houston (City of), TX, Series 2024 A, GO Bonds | 5.00% | 03/01/2037 | 65 | &nbsp;&nbsp; 73223 |
| Houston (City of), TX, Series 2024 A, GO Bonds | 5.00% | 03/01/2038 | 135 | &nbsp;&nbsp; 150593 |
| Houston (City of), TX, Series 2024 A, GO Bonds | 5.00% | 03/01/2039 | 20 | &nbsp;&nbsp; 22105 |
| Houston (City of), TX, Series 2024 A, GO Bonds | 5.00% | 03/01/2040 | 20 | &nbsp;&nbsp; 21827 |
| Houston (City of), TX, Series 2024 A, GO Bonds | 5.00% | 03/01/2041 | 45 | &nbsp;&nbsp; 48782 |
| Houston (City of), TX, Series 2024 A, GO Bonds | 5.00% | 03/01/2042 | 30 | &nbsp;&nbsp; 32298 |
| Houston (City of), TX, Series 2024 A, GO Bonds | 5.00% | 03/01/2043 | 100 | &nbsp;&nbsp; 106673 |
| Houston (City of), TX, Series 2024 A, GO Bonds | 5.00% | 03/01/2044 | 10 | &nbsp;&nbsp; 10629 |
| Houston (City of), TX, Series 2024 A, Ref. RB | 5.00% | 11/15/2035 | 65 | &nbsp;&nbsp; 74894 |
| Houston (City of), TX, Series 2024, Ref. RB | 5.00% | 11/15/2036 | 40 | &nbsp;&nbsp; 45723 |
| Houston (City of), TX, Series 2024, Ref. RB | 5.00% | 11/15/2037 | 25 | &nbsp;&nbsp; 28349 |
| Houston (City of), TX, Series 2024, Ref. RB | 5.25% | 11/15/2054 | 50 | &nbsp;&nbsp; 53340 |
| Houston Higher Education Finance Corp. (Rice University), Series 2024, RB | 5.00% | 05/15/2034 | 55 | &nbsp;&nbsp; 63883 |
| Huffman Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.25% | 02/15/2049 | 20 | &nbsp;&nbsp; 21464 |
| &nbsp;&nbsp;&nbsp; Hurst-Euless-Bedford Independent School District, Series 2024, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 08/15/2036 | 15 | &nbsp;&nbsp; 17224 |
| &nbsp;&nbsp;&nbsp; Hurst-Euless-Bedford Independent School District, Series 2024, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 08/15/2038 | 55 | &nbsp;&nbsp; 62036 |
| Hutto Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/01/2049 | 35 | &nbsp;&nbsp; 36813 |
| Jarrell Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2049 | 70 | &nbsp;&nbsp; 73869 |
| Judson Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/01/2049 | 85 | &nbsp;&nbsp; 89807 |
| &nbsp;&nbsp;&nbsp; Lamar Consolidated Independent School District, Series 2024, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2049 | 70 | &nbsp;&nbsp; 73225 |
| &nbsp;&nbsp;&nbsp; Leander Independent School District, Series 2021 A, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 3.00% | 08/15/2034 | 40 | &nbsp;&nbsp; 39916 |
| Lewisville Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2039 | 35 | &nbsp;&nbsp; 39111 |
| Liberty Hill Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/01/2054 | 35 | &nbsp;&nbsp; 36473 |
| Lower Colorado River Authority, Series 2025 A, Ref. RB | 5.00% | 05/15/2039 | 20 | &nbsp;&nbsp; 22078 |
| Lower Colorado River Authority, Series 2025 A, Ref. RB | 5.00% | 05/15/2040 | 15 | &nbsp;&nbsp; 16363 |
| Lower Colorado River Authority, Series 2025 A, Ref. RB | 5.00% | 05/15/2041 | 45 | &nbsp;&nbsp; 48615 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2024, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 05/15/2039 | 30 | &nbsp;&nbsp; 33348 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2024, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 05/15/2040 | 5 | &nbsp;&nbsp; 5492 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2024, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 05/15/2041 | 60 | &nbsp;&nbsp; 65271 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2024, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 05/15/2042 | 125 | &nbsp;&nbsp; 134881 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2024, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 05/15/2043 | 10 | &nbsp;&nbsp; 10715 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2024, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 05/15/2054 | 170 | &nbsp;&nbsp; 176779 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2025, Ref. RB | 5.00% | 05/15/2034 | 15 | &nbsp;&nbsp; 17264 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2025, Ref. RB | 5.00% | 05/15/2039 | 25 | &nbsp;&nbsp; 27597 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2025, Ref. RB | 5.00% | 05/15/2040 | 10 | &nbsp;&nbsp; 10908 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2025, Ref. RB | 5.00% | 05/15/2043 | 20 | &nbsp;&nbsp; 21195 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2025, Ref. RB | 5.00% | 05/15/2050 | 55 | &nbsp;&nbsp; 56879 |
| &nbsp;&nbsp;&nbsp; Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2025, Ref. RB, <br> (INS - BAM)<sup>(a)</sup><br>| 5.00% | 05/15/2055 | 180 | &nbsp;&nbsp; 187177 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2034 Municipal Bond ETF (BSMY)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas-(continued)** |  |  |  |  |
| McGregor Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2054 | $160 | &nbsp;&nbsp; $166529 |
| Midland Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2034 | 50 | &nbsp;&nbsp; 56886 |
| &nbsp;&nbsp;&nbsp; Montgomery Independent School District, Series 2024 B, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2049 | 55 | &nbsp;&nbsp; 57806 |
| North Texas Municipal Water District, Series 2025, Ref. RB | 5.00% | 09/01/2034 | 10 | &nbsp;&nbsp; 11692 |
| North Texas Tollway Authority, Series 2024 A, Ref. RB | 5.00% | 01/01/2041 | 55 | &nbsp;&nbsp; 60170 |
| North Texas Tollway Authority, Series 2024 A, Ref. RB | 5.25% | 01/01/2042 | 20 | &nbsp;&nbsp; 22055 |
| North Texas Tollway Authority, Series 2024 A, Ref. RB | 5.25% | 01/01/2044 | 20 | &nbsp;&nbsp; 21759 |
| North Texas Tollway Authority, Series 2024 A, Ref. RB | 5.00% | 01/01/2045 | 55 | &nbsp;&nbsp; 58672 |
| North Texas Tollway Authority, Series 2024 B, Ref. RB | 5.00% | 01/01/2037 | 5 | &nbsp;&nbsp; 5610 |
| Northside Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2055 | 65 | &nbsp;&nbsp; 68144 |
| Pampa Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2049 | 75 | &nbsp;&nbsp; 78894 |
| Permanent University Fund - University of Texas System, Series 2024 A, Ref. RB | 5.00% | 07/01/2036 | 30 | &nbsp;&nbsp; 34624 |
| Permanent University Fund - University of Texas System, Series 2024 A, Ref. RB | 5.00% | 07/01/2037 | 15 | &nbsp;&nbsp; 17173 |
| Permanent University Fund - University of Texas System, Series 2024 A, Ref. RB | 5.00% | 07/01/2038 | 30 | &nbsp;&nbsp; 33990 |
| Permanent University Fund - University of Texas System, Series 2024 A, Ref. RB | 5.00% | 07/01/2039 | 135 | &nbsp;&nbsp; 152064 |
| Permanent University Fund - University of Texas System, Series 2024 B, Ref. RB | 5.00% | 07/01/2034 | 5 | &nbsp;&nbsp; 5873 |
| Permanent University Fund - University of Texas System, Series 2024 B, Ref. RB | 5.00% | 07/01/2037 | 45 | &nbsp;&nbsp; 51518 |
| Princeton Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2054 | 100 | &nbsp;&nbsp; 104151 |
| Prosper Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2044 | 5 | &nbsp;&nbsp; 5340 |
| San Antonio (City of), TX, Series 2019, Ref. GO Bonds | 3.00% | 08/01/2034 | 5 | &nbsp;&nbsp; 4920 |
| San Antonio (City of), TX, Series 2024 A, RB | 5.00% | 02/01/2037 | 20 | &nbsp;&nbsp; 22608 |
| San Antonio (City of), TX, Series 2024 A, RB | 5.00% | 02/01/2038 | 10 | &nbsp;&nbsp; 11190 |
| San Antonio (City of), TX, Series 2024 A, RB | 5.00% | 02/01/2039 | 10 | &nbsp;&nbsp; 11088 |
| San Antonio (City of), TX, Series 2024 A, RB | 5.00% | 02/01/2040 | 15 | &nbsp;&nbsp; 16403 |
| San Antonio (City of), TX, Series 2024 A, RB | 5.00% | 02/01/2042 | 20 | &nbsp;&nbsp; 21431 |
| San Antonio (City of), TX, Series 2024 A, RB | 5.25% | 02/01/2043 | 40 | &nbsp;&nbsp; 43251 |
| San Antonio (City of), TX, Series 2024 A, RB | 5.25% | 02/01/2044 | 35 | &nbsp;&nbsp; 37574 |
| San Antonio (City of), TX, Series 2024 A, RB | 5.25% | 02/01/2049 | 75 | &nbsp;&nbsp; 79517 |
| San Antonio (City of), TX, Series 2024 B, Ref. RB | 5.00% | 02/01/2037 | 10 | &nbsp;&nbsp; 11304 |
| San Antonio (City of), TX, Series 2024 B, Ref. RB | 5.00% | 02/01/2040 | 25 | &nbsp;&nbsp; 27338 |
| San Antonio (City of), TX, Series 2024 B, Ref. RB | 5.00% | 02/01/2042 | 10 | &nbsp;&nbsp; 10716 |
| San Antonio (City of), TX, Series 2024 B, Ref. RB | 5.00% | 02/01/2043 | 20 | &nbsp;&nbsp; 21234 |
| San Antonio (City of), TX, Series 2024 B, Ref. RB | 5.00% | 02/01/2044 | 30 | &nbsp;&nbsp; 31623 |
| San Antonio (City of), TX, Series 2024 B, Ref. RB | 5.25% | 02/01/2049 | 205 | &nbsp;&nbsp; 217345 |
| San Antonio (City of), TX, Series 2024 C, RB | 5.00% | 02/01/2054 | 55 | &nbsp;&nbsp; 56956 |
| San Antonio (City of), TX Water System, Series 2024 B, RB | 5.00% | 05/15/2043 | 10 | &nbsp;&nbsp; 10805 |
| San Antonio (City of), TX Water System, Series 2024 B, RB | 5.00% | 05/15/2044 | 20 | &nbsp;&nbsp; 21451 |
| San Antonio (City of), TX Water System, Series 2024 B, RB | 5.00% | 05/15/2046 | 75 | &nbsp;&nbsp; 79790 |
| San Antonio (City of), TX Water System, Series 2024 B, RB | 5.00% | 05/15/2047 | 50 | &nbsp;&nbsp; 53095 |
| &nbsp;&nbsp;&nbsp; Sunnyvale Independent School District, Series 2025, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2050 | 100 | &nbsp;&nbsp; 104769 |
| Tarrant (County of), TX Regional Water District, Series 2024, Ref. RB | 5.00% | 03/01/2036 | 40 | &nbsp;&nbsp; 45383 |
| Texas (State of), Series 2024, Ref. GO Bonds | 5.00% | 10/01/2039 | 130 | &nbsp;&nbsp; 146828 |
| Texas (State of) Transportation Commission, Series 2024, Ref. GO Bonds | 5.00% | 04/01/2034 | 10 | &nbsp;&nbsp; 11567 |
| Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2024 A, Ref. RB | 5.00% | 08/15/2036 | 25 | &nbsp;&nbsp; 28481 |
| Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2024 A, Ref. RB | 5.00% | 08/15/2038 | 100 | &nbsp;&nbsp; 112149 |
| Texas (State of) Water Development Board, Series 2019, RB | 3.00% | 10/15/2034 | 10 | &nbsp;&nbsp; 9969 |
| Texas (State of) Water Development Board, Series 2020, RB | 3.00% | 10/15/2034 | 10 | &nbsp;&nbsp; 9969 |
| Texas (State of) Water Development Board, Series 2023 A, RB | 5.00% | 10/15/2034 | 10 | &nbsp;&nbsp; 11557 |
| Texas (State of) Water Development Board, Series 2024 A, RB | 5.00% | 10/15/2040 | 120 | &nbsp;&nbsp; 134236 |
| Texas (State of) Water Development Board (Master Trust), Series 2024 A, RB | 5.00% | 10/15/2044 | 175 | &nbsp;&nbsp; 188406 |
| Texas (State of) Water Development Board (Master Trust), Series 2024 A, RB | 5.00% | 10/15/2049 | 130 | &nbsp;&nbsp; 136592 |
| Texas (State of) Water Development Board (Master Trust), Series 2024 A, RB | 5.00% | 10/15/2053 | 100 | &nbsp;&nbsp; 104297 |
| Texas A&M University, Series 2024 A, GO Bonds | 5.00% | 05/15/2040 | 35 | &nbsp;&nbsp; 39030 |
| Texas A&M University, Series 2024 A, RB | 5.00% | 05/15/2034 | 10 | &nbsp;&nbsp; 11689 |
| Texas A&M University, Series 2024 A, RB | 5.00% | 05/15/2036 | 65 | &nbsp;&nbsp; 74964 |
| Texas A&M University, Series 2024 A, RB | 5.00% | 05/15/2037 | 50 | &nbsp;&nbsp; 57206 |
| Texas A&M University, Series 2024 A, RB | 5.00% | 05/15/2038 | 45 | &nbsp;&nbsp; 51096 |
| Texas A&M University, Series 2024 A, RB | 5.00% | 05/15/2039 | 95 | &nbsp;&nbsp; 107159 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2034 Municipal Bond ETF (BSMY)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas-(continued)** |  |  |  |  |
| Texas A&M University, Series 2024 A, RB | 5.00% | 05/15/2041 | $10 | &nbsp;&nbsp; $11042 |
| Texas A&M University, Series 2024 A, RB | 5.00% | 05/15/2042 | 30 | &nbsp;&nbsp; 32798 |
| Texas State University Board of Regents, Series 2023 A, RB | 5.00% | 02/15/2034 | 30 | &nbsp;&nbsp; 34141 |
| Texas State University Board of Regents, Series 2024, Ref. RB | 5.00% | 03/15/2038 | 50 | &nbsp;&nbsp; 56127 |
| Texas State University Board of Regents, Series 2024, Ref. RB | 5.00% | 03/15/2041 | 65 | &nbsp;&nbsp; 70940 |
| Texas State University Board of Regents, Series 2024, Ref. RB | 5.00% | 03/15/2042 | 5 | &nbsp;&nbsp; 5408 |
| Texas State University Board of Regents, Series 2024, Ref. RB | 5.00% | 03/15/2044 | 25 | &nbsp;&nbsp; 26624 |
| &nbsp;&nbsp;&nbsp; Tuloso-Midway Independent School District, Series 2025, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.25% | 08/15/2050 | 105 | &nbsp;&nbsp; 112491 |
| Weatherford College of the Parker County Junior College District, Series 2025, RB | 5.25% | 08/01/2050 | 180 | &nbsp;&nbsp; 191739 |
| Weatherford College of the Parker County Junior College District, Series 2025, RB | 5.00% | 08/01/2055 | 15 | &nbsp;&nbsp; 15668 |
|  |  |  |  | &nbsp;&nbsp; 9954449 |
| **Utah-0.70%** |  |  |  |  |
| Iron (County of), UT, Series 2024, RB | 5.00% | 10/01/2064 | 100 | &nbsp;&nbsp; 103685 |
| Timpanogos Special Service District, Series 2024, Ref. RB | 5.00% | 06/01/2054 | 115 | &nbsp;&nbsp; 120613 |
| Utah (State of), Series 2020, GO Bonds | 3.00% | 07/01/2034 | 100 | &nbsp;&nbsp; 99419 |
| Utah (State of) Transit Authority, Series 2024, Ref. RB | 5.00% | 06/15/2037 | 35 | &nbsp;&nbsp; 40117 |
| Utah (State of) Transit Authority, Series 2024, Ref. RB | 5.00% | 06/15/2038 | 45 | &nbsp;&nbsp; 51169 |
| Utah (State of) Transit Authority, Series 2024, Ref. RB | 5.00% | 06/15/2039 | 20 | &nbsp;&nbsp; 22602 |
| Utah (State of) Transit Authority, Series 2024, Ref. RB | 5.00% | 06/15/2040 | 80 | &nbsp;&nbsp; 89350 |
| Utah Transit Authority, Series 2024, Ref. RB | 5.00% | 06/15/2041 | 10 | &nbsp;&nbsp; 11065 |
| Utah Transit Authority, Series 2024, Ref. RB | 5.00% | 06/15/2042 | 45 | &nbsp;&nbsp; 49293 |
|  |  |  |  | &nbsp;&nbsp; 587313 |
| **Virginia-1.06%** |  |  |  |  |
| Chesterfield (County of), VA Economic Development Authority (County Mobility), Series 2024, RB | 5.00% | 04/01/2048 | 50 | &nbsp;&nbsp; 52809 |
| Fairfax (County of), VA, Series 2025 A, GO Bonds | 4.00% | 10/01/2034 | 10 | &nbsp;&nbsp; 10859 |
| Fairfax (County of), VA, Series 2025 A, GO Bonds | 5.00% | 10/01/2035 | 5 | &nbsp;&nbsp; 5838 |
| Fairfax (County of), VA, Series 2025 A, GO Bonds | 5.00% | 10/01/2036 | 85 | &nbsp;&nbsp; 98386 |
| Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2024, RB | 5.00% | 05/15/2051 | 45 | &nbsp;&nbsp; 46829 |
| Hampton Roads Sanitation District, Series 2024 B, RB | 5.00% | 07/01/2040 | 5 | &nbsp;&nbsp; 5609 |
| Hampton Roads Sanitation District, Series 2024 B, RB | 5.00% | 07/01/2042 | 80 | &nbsp;&nbsp; 87935 |
| Hampton Roads Sanitation District, Series 2024 B, RB | 5.00% | 07/01/2046 | 10 | &nbsp;&nbsp; 10684 |
| Hampton Roads Sanitation District, Series 2024 B, RB | 5.00% | 07/01/2054 | 20 | &nbsp;&nbsp; 21091 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Centuity College and Equipment), <br> Series 2023, RB<br>| 5.00% | 02/01/2034 | 110 | &nbsp;&nbsp; 126595 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments <br> Programs), Series 2022, RB<br>| 3.50% | 02/01/2034 | 10 | &nbsp;&nbsp; 10189 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments <br> Programs), Series 2023, Ref. RB<br>| 5.00% | 02/01/2034 | 45 | &nbsp;&nbsp; 51789 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments <br> Programs), Series 2024, RB<br>| 5.00% | 02/01/2036 | 25 | &nbsp;&nbsp; 28879 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments <br> Programs), Series 2024, RB<br>| 5.00% | 02/01/2037 | 20 | &nbsp;&nbsp; 22909 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments <br> Programs), Series 2024, RB<br>| 5.00% | 02/01/2038 | 20 | &nbsp;&nbsp; 22748 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments <br> Programs), Series 2024, RB<br>| 5.00% | 02/01/2039 | 50 | &nbsp;&nbsp; 56455 |
| Virginia (Commonwealth of) Public Building Authority, Series 2024 A, RB | 5.00% | 08/01/2039 | 65 | &nbsp;&nbsp; 73299 |
| Virginia (Commonwealth of) Public Building Authority, Series 2024 A, RB | 5.00% | 08/01/2044 | 20 | &nbsp;&nbsp; 21527 |
| Virginia (Commonwealth of) Transportation Board (Transportation Capital), Series 2024, Ref. RB | 5.00% | 05/15/2034 | 30 | &nbsp;&nbsp; 35165 |
| Virginia (Commonwealth of) Transportation Board (Transportation Capital), Series 2024, Ref. RB | 5.00% | 05/15/2038 | 45 | &nbsp;&nbsp; 51043 |
| Virginia (Commonwealth of) Transportation Board (Transportation Capital), Series 2024, Ref. RB | 5.00% | 05/15/2039 | 25 | &nbsp;&nbsp; 28160 |
| Virginia Resources Authority, Series 2024 S, Ref. RB | 5.00% | 11/01/2054 | 15 | &nbsp;&nbsp; 15851 |
|  |  |  |  | &nbsp;&nbsp; 884649 |
| **Washington-3.26%** |  |  |  |  |
| Energy Northwest, Series 2024 A, Ref. RB | 5.00% | 07/01/2038 | 50 | &nbsp;&nbsp; 56826 |
| Energy Northwest, Series 2024 A, Ref. RB | 5.00% | 07/01/2040 | 80 | &nbsp;&nbsp; 89106 |
| Energy Northwest, Series 2025 A, Ref. RB | 5.00% | 07/01/2034 | 20 | &nbsp;&nbsp; 23510 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2034 Municipal Bond ETF (BSMY)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Washington-(continued)** |  |  |  |  |
| Energy Northwest (Columbia Generating Station), Series 2023, Ref. RB | 5.00% | 07/01/2034 | $45 | &nbsp;&nbsp; $51916 |
| Energy Northwest (No. 1), Series 2023 A, Ref. RB | 5.00% | 07/01/2034 | 185 | &nbsp;&nbsp; 213431 |
| Energy Northwest (No. 3), Series 2024 A, Ref. RB | 5.00% | 07/01/2037 | 15 | &nbsp;&nbsp; 17185 |
| &nbsp;&nbsp;&nbsp; Grant (County of), WA Public Utility District No. 2 Priest Rapids Hydroelectric Project, Series 2024, Ref. <br> RB<br>| 5.00% | 01/01/2038 | 25 | &nbsp;&nbsp; 28365 |
| &nbsp;&nbsp;&nbsp; Grant (County of), WA Public Utility District No. 2 Priest Rapids Hydroelectric Project, Series 2024, Ref. <br> RB<br>| 5.00% | 01/01/2039 | 5 | &nbsp;&nbsp; 5617 |
| &nbsp;&nbsp;&nbsp; Grant (County of), WA Public Utility District No. 2 Priest Rapids Hydroelectric Project, Series 2024, Ref. <br> RB<br>| 5.00% | 01/01/2040 | 10 | &nbsp;&nbsp; 11101 |
| &nbsp;&nbsp;&nbsp; King & Snohomish Counties School District No. 417 Northshore, Series 2024, Ref. GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2039 | 100 | &nbsp;&nbsp; 112726 |
| &nbsp;&nbsp;&nbsp; King & Snohomish Counties School District No. 417 Northshore, Series 2024, Ref. GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2041 | 5 | &nbsp;&nbsp; 5521 |
| King (County of), WA, Series 2024 A, Ref. GO Bonds | 5.00% | 07/01/2037 | 20 | &nbsp;&nbsp; 23011 |
| King (County of), WA, Series 2024 A, Ref. GO Bonds | 5.00% | 07/01/2038 | 20 | &nbsp;&nbsp; 22837 |
| King (County of), WA, Series 2024 A, Ref. RB | 5.00% | 01/01/2038 | 65 | &nbsp;&nbsp; 73853 |
| King (County of), WA, Series 2024 A, Ref. RB | 5.00% | 01/01/2039 | 10 | &nbsp;&nbsp; 11258 |
| King (County of), WA, Series 2024 A, Ref. RB | 5.00% | 01/01/2049 | 10 | &nbsp;&nbsp; 10540 |
| &nbsp;&nbsp;&nbsp; Pierce County School District No. 10 Tacoma, Series 2024, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2048 | 150 | &nbsp;&nbsp; 159142 |
| Seattle (City of), WA, Series 2024, Ref. RB | 5.00% | 10/01/2054 | 100 | &nbsp;&nbsp; 104663 |
| &nbsp;&nbsp;&nbsp; Snohomish County School District No. 15 Edmonds, Series 2024, Ref. GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2039 | 50 | &nbsp;&nbsp; 56205 |
| &nbsp;&nbsp;&nbsp; Snohomish County School District No. 15 Edmonds, Series 2024, Ref. GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2040 | 65 | &nbsp;&nbsp; 72530 |
| &nbsp;&nbsp;&nbsp; Snohomish County School District No. 15 Edmonds, Series 2024, Ref. GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2041 | 10 | &nbsp;&nbsp; 11050 |
| Tacoma (City of), WA (Green Bonds), Series 2024, Ref. RB | 5.00% | 12/01/2041 | 40 | &nbsp;&nbsp; 44293 |
| Washington (State of), Series 2023 R-2024A, Ref. GO Bonds | 5.00% | 02/01/2036 | 5 | &nbsp;&nbsp; 5756 |
| Washington (State of), Series 2023 R-2024A, Ref. GO Bonds | 5.00% | 02/01/2037 | 5 | &nbsp;&nbsp; 5712 |
| Washington (State of), Series 2023 R-2024A, Ref. GO Bonds | 5.00% | 02/01/2039 | 40 | &nbsp;&nbsp; 45042 |
| Washington (State of), Series 2024 A, GO Bonds | 5.00% | 08/01/2044 | 10 | &nbsp;&nbsp; 10769 |
| Washington (State of), Series 2024 A, GO Bonds | 5.00% | 08/01/2047 | 30 | &nbsp;&nbsp; 31877 |
| Washington (State of), Series 2024 C, GO Bonds | 5.00% | 02/01/2040 | 10 | &nbsp;&nbsp; 11114 |
| Washington (State of), Series 2024 C, GO Bonds | 5.00% | 02/01/2041 | 10 | &nbsp;&nbsp; 11004 |
| Washington (State of), Series 2024 R-2024C, Ref. GO Bonds | 5.00% | 08/01/2038 | 185 | &nbsp;&nbsp; 210279 |
| Washington (State of), Series 2024 R-2025A, Ref. GO Bonds | 5.00% | 07/01/2038 | 45 | &nbsp;&nbsp; 51129 |
| Washington (State of), Series 2025 A, GO Bonds | 5.00% | 08/01/2038 | 110 | &nbsp;&nbsp; 125031 |
| Washington (State of), Series 2025 A, GO Bonds | 5.00% | 08/01/2039 | 120 | &nbsp;&nbsp; 135514 |
| Washington (State of), Series 2025 A, GO Bonds | 5.00% | 08/01/2046 | 10 | &nbsp;&nbsp; 10672 |
| Washington (State of), Series 2025 A, GO Bonds | 5.00% | 08/01/2048 | 25 | &nbsp;&nbsp; 26454 |
| Washington (State of), Series 2025A, GO Bonds | 5.00% | 08/01/2036 | 5 | &nbsp;&nbsp; 5773 |
| Washington (State of), Series 2025A, GO Bonds | 5.00% | 08/01/2042 | 15 | &nbsp;&nbsp; 16416 |
| Washington (State of), Series R-2023B, Ref. GO Bonds | 5.00% | 07/01/2034 | 25 | &nbsp;&nbsp; 28820 |
| Washington (State of), Series R-2024A, Ref. GO Bonds | 5.00% | 02/01/2038 | 25 | &nbsp;&nbsp; 28341 |
| Washington (State of), Series R-2024C, Ref. GO Bonds | 5.00% | 08/01/2036 | 50 | &nbsp;&nbsp; 57733 |
| Washington (State of), Series R-2024C, Ref. GO Bonds | 5.00% | 08/01/2039 | 105 | &nbsp;&nbsp; 118575 |
| Washington (State of), Series R-2024C, Ref. GO Bonds | 5.00% | 08/01/2040 | 110 | &nbsp;&nbsp; 122882 |
| Washington (State of) (Bid Group 1), Series 2024 C, GO Bonds | 5.00% | 02/01/2039 | 65 | &nbsp;&nbsp; 73193 |
| Washington (State of) (Bid Group 2), Series 2024 C, GO Bonds | 5.00% | 02/01/2043 | 95 | &nbsp;&nbsp; 102613 |
| Washington (State of) (Bid Group 2), Series 2024 C, GO Bonds | 5.00% | 02/01/2045 | 10 | &nbsp;&nbsp; 10685 |
| Washington (State of) (Bid Group 2), Series 2024 C, GO Bonds | 5.00% | 02/01/2047 | 210 | &nbsp;&nbsp; 222466 |
| &nbsp;&nbsp;&nbsp; Washington (State of) Health Care Facilities Authority (Providence Health & Services), Series 2012 A, <br> RB<br>| 4.00% | 10/01/2034 | 55 | &nbsp;&nbsp; 55008 |
|  |  |  |  | &nbsp;&nbsp; 2727544 |
| **Wisconsin-0.99%** |  |  |  |  |
| University of Wisconsin Hospitals & Clinics (Green Bonds), Series 2024 A, RB | 5.00% | 04/01/2049 | 25 | &nbsp;&nbsp; 25885 |
| Wisconsin (State of), Series 2023-2, Ref. GO Bonds | 5.00% | 05/01/2034 | 85 | &nbsp;&nbsp; 98369 |
| Wisconsin (State of), Series 2024 B, GO Bonds | 5.00% | 05/01/2038 | 120 | &nbsp;&nbsp; 136758 |
| Wisconsin (State of), Series 2024 C, GO Bonds | 5.00% | 05/01/2043 | 10 | &nbsp;&nbsp; 10885 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2034 Municipal Bond ETF (BSMY)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Wisconsin-(continued)** |  |  |  |  |  |
| Wisconsin (State of), Series 2024, Ref. GO Bonds | 5.00% | 05/01/2038 | $| 75 | &nbsp;&nbsp; $85474 |
| Wisconsin (State of), Series 2024-1, Ref. GO Bonds | 5.00% | 05/01/2034 |  | 10 | &nbsp;&nbsp; 11782 |
| Wisconsin (State of), Series 2025 A, GO Bonds | 5.00% | 05/01/2036 |  | 25 | &nbsp;&nbsp; 28947 |
| Wisconsin (State of), Series 2025 B, GO Bonds | 5.00% | 05/01/2036 |  | 15 | &nbsp;&nbsp; 17530 |
| Wisconsin (State of), Series 2025-1, Ref. GO Bonds | 5.00% | 05/01/2034 |  | 185 | &nbsp;&nbsp; 217976 |
| Wisconsin (State of) Department of Transportation, Series 2023, Ref. RB | 5.00% | 07/01/2034 |  | 30 | &nbsp;&nbsp; 34874 |
| Wisconsin (State of) Public Finance Authority, Series 2024, RB<sup>(b)</sup> | 5.50% | 07/01/2044 |  | 150 | &nbsp;&nbsp; 155272 |
|  |  |  |  |  | &nbsp;&nbsp; 823752 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(c)</sup>-98.25% <br>(Cost $80,390,368) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(c)</sup>-98.25% <br>(Cost $80,390,368) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(c)</sup>-98.25% <br>(Cost $80,390,368) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(c)</sup>-98.25% <br>(Cost $80,390,368) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(c)</sup>-98.25% <br>(Cost $80,390,368) | &nbsp;&nbsp; 82079104 |
| OTHER ASSETS LESS LIABILITIES-1.75% | OTHER ASSETS LESS LIABILITIES-1.75% | OTHER ASSETS LESS LIABILITIES-1.75% | OTHER ASSETS LESS LIABILITIES-1.75% | OTHER ASSETS LESS LIABILITIES-1.75% | &nbsp;&nbsp; 1461828 |
| NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $83540932 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| AGI | -Assured Guaranty, Inc. |
| BAM | -Build America Mutual Assurance Co. |
| CEP | -Credit Enhancement Provider |
| COP | -Certificates of Participation |
| Ctfs. | -Certificates |
| GO | -General Obligation |
| INS | -Insurer |
| RB | -Revenue Bonds |
| Ref. | -Refunding |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Principal and/or interest payments are secured by the bond insurance company listed. |
| <sup>(b)</sup> | Security subject to the alternative minimum tax. |
| <sup>(c)</sup> | 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 <br> obligations but may be called upon to satisfy the issuer's obligations. No concentration of any single entity was greater than 5% each.<br>|

---

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

See accompanying notes which are an integral part of this schedule.

------

Schedule of Investments

**Invesco BulletShares 2035 Municipal Bond ETF (BSMZ)**

November 30, 2025

*(Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Municipal Obligations-96.27%** |  |  |  |  |
| **Alabama-1.24%** |  |  |  |  |
| Alabama (State of) Federal Aid Highway Finance Authority, Series 2025 A, RB | 5.00% | 09/01/2044 | $30 | &nbsp;&nbsp; $32403 |
| Alabama (State of) Federal Aid Highway Finance Authority, Series 2025 A, RB | 5.00% | 03/01/2045 | 20 | &nbsp;&nbsp; 21510 |
| Alabama (State of) Federal Aid Highway Finance Authority, Series 2025 B, Ref. RB | 5.00% | 09/01/2035 | 5 | &nbsp;&nbsp; 5877 |
| Alabama (State of) Federal Aid Highway Finance Authority, Series 2025 B, Ref. RB | 5.00% | 09/01/2036 | 5 | &nbsp;&nbsp; 5828 |
| Auburn University, Series 2025 A, RB | 5.00% | 06/01/2055 | 10 | &nbsp;&nbsp; 10542 |
| Mobile (City of), AL, Series 2025 A, GO Bonds | 5.00% | 02/15/2039 | 15 | &nbsp;&nbsp; 17054 |
| Mobile (City of), AL, Series 2025 A, GO Bonds | 5.00% | 02/15/2045 | 30 | &nbsp;&nbsp; 32209 |
|  |  |  |  | &nbsp;&nbsp; 125423 |
| **Arizona-0.70%** |  |  |  |  |
| Mesa (City of), AZ, Series 2025, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 07/01/2039 | 15 | &nbsp;&nbsp; 17045 |
| Salt River Project Agricultural Improvement & Power District, Series 2024 A, RB | 5.00% | 01/01/2044 | 50 | &nbsp;&nbsp; 54264 |
|  |  |  |  | &nbsp;&nbsp; 71309 |
| **California-16.74%** |  |  |  |  |
| Bay Area Toll Authority, Series 2025 F-1, Ref. RB | 5.00% | 04/01/2042 | 10 | &nbsp;&nbsp; 11267 |
| California (State of), Series 2016, GO Bonds | 4.00% | 09/01/2035 | 15 | &nbsp;&nbsp; 15072 |
| California (State of), Series 2024, Ref. GO Bonds | 5.00% | 08/01/2035 | 25 | &nbsp;&nbsp; 29668 |
| California (State of), Series 2025, GO Bonds | 5.00% | 08/01/2041 | 10 | &nbsp;&nbsp; 11329 |
| California (State of), Series 2025, GO Bonds | 5.00% | 03/01/2042 | 15 | &nbsp;&nbsp; 16760 |
| California (State of), Series 2025, GO Bonds | 5.00% | 08/01/2042 | 25 | &nbsp;&nbsp; 28044 |
| California (State of), Series 2025, GO Bonds | 5.00% | 08/01/2043 | 15 | &nbsp;&nbsp; 16643 |
| California (State of), Series 2025, GO Bonds | 5.00% | 03/01/2044 | 50 | &nbsp;&nbsp; 55063 |
| California (State of), Series 2025, GO Bonds | 5.00% | 03/01/2055 | 10 | &nbsp;&nbsp; 10695 |
| California (State of), Series 2025, GO Bonds | 5.25% | 08/01/2055 | 25 | &nbsp;&nbsp; 27338 |
| California (State of), Series 2025, Ref. GO Bonds | 5.00% | 03/01/2035 | 10 | &nbsp;&nbsp; 12019 |
| California (State of), Series 2025, Ref. GO Bonds | 5.00% | 03/01/2038 | 10 | &nbsp;&nbsp; 11639 |
| California (State of), Series 2025, Ref. GO Bonds | 5.00% | 03/01/2045 | 50 | &nbsp;&nbsp; 54502 |
| California (State of) Educational Facilities Authority (university of Pacific), Series 2025, RB | 5.00% | 11/01/2055 | 55 | &nbsp;&nbsp; 57917 |
| &nbsp;&nbsp;&nbsp; California (State of) Health Facilities Financing Authority (Providence St. Joseph Health), Series 2016 A, <br> Ref. RB<br>| 4.00% | 10/01/2035 | 40 | &nbsp;&nbsp; 40098 |
| &nbsp;&nbsp;&nbsp; California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2025 A, Ref. <br> RB<br>| 5.25% | 08/15/2054 | 20 | &nbsp;&nbsp; 21760 |
| California (State of) Public Works Board (Various Capital), Series 2025 A, RB | 5.25% | 04/01/2039 | 5 | &nbsp;&nbsp; 5876 |
| California (State of) Public Works Board (Various Capital), Series 2025 A, RB | 5.00% | 04/01/2044 | 20 | &nbsp;&nbsp; 21843 |
| California (State of) Public Works Board (Various Capital), Series 2025 A, RB | 5.00% | 04/01/2050 | 50 | &nbsp;&nbsp; 53262 |
| California State University, Series 2025 A, Ref. RB | 5.00% | 11/01/2044 | 30 | &nbsp;&nbsp; 32985 |
| California State University, Series 2025 A, Ref. RB | 5.00% | 11/01/2046 | 25 | &nbsp;&nbsp; 27202 |
| Foothill-De Anza Community College District, Series 2025 D, GO Bonds | 5.00% | 08/01/2044 | 10 | &nbsp;&nbsp; 11085 |
| Imperial Irrigation District, Series 2016 C, Ref. RB | 3.13% | 11/01/2035 | 20 | &nbsp;&nbsp; 19826 |
| Long Beach (City of), CA (Green Bonds), Series 2025, Ref. RB | 5.00% | 05/15/2038 | 15 | &nbsp;&nbsp; 17668 |
| Long Beach (City of), CA (Green Bonds), Series 2025, Ref. RB | 5.00% | 05/15/2048 | 5 | &nbsp;&nbsp; 5358 |
| Long Beach (City of), CA (Green Bonds), Series 2025, Ref. RB | 5.25% | 05/15/2048 | 60 | &nbsp;&nbsp; 65655 |
| Long Beach (City of), CA (Green Bonds), Series 2025, Ref. RB | 5.25% | 05/15/2051 | 50 | &nbsp;&nbsp; 53983 |
| Los Angeles (City of), CA, Series 2025 A, RB | 5.00% | 06/01/2055 | 50 | &nbsp;&nbsp; 53474 |
| Los Angeles (City of), CA, Series 2025 C, Ref. RB | 5.00% | 06/01/2042 | 5 | &nbsp;&nbsp; 5656 |
| Los Angeles (City of), CA, Series 2025 E, RB | 5.25% | 05/15/2055 | 75 | &nbsp;&nbsp; 80733 |
| Los Angeles (City of), CA, Series 2025, Ref. RB | 5.00% | 06/01/2043 | 5 | &nbsp;&nbsp; 5583 |
| Los Angeles (City of), CA (Green Bonds), Series 2025, Ref. RB | 5.00% | 05/15/2044 | 20 | &nbsp;&nbsp; 22114 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 E, Ref. RB | 5.00% | 07/01/2035 | 15 | &nbsp;&nbsp; 17178 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2025 J, RB | 5.00% | 12/01/2037 | 5 | &nbsp;&nbsp; 5951 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2025 J, RB | 5.00% | 12/01/2046 | 20 | &nbsp;&nbsp; 21671 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2025 J, RB | 5.25% | 12/01/2054 | 20 | &nbsp;&nbsp; 21685 |
| Los Angeles Unified School District, Series 2024, GO Bonds | 5.00% | 07/01/2039 | 5 | &nbsp;&nbsp; 5817 |
| Los Angeles Unified School District, Series 2025 A-1, GO Bonds | 5.00% | 07/01/2042 | 15 | &nbsp;&nbsp; 16866 |
| Los Angeles Unified School District (Green Bonds), Series 2024 QRR, GO Bonds | 5.00% | 07/01/2042 | 20 | &nbsp;&nbsp; 22377 |
| Los Angeles Unified School District (Green Bonds), Series 2024 QRR, GO Bonds | 5.00% | 07/01/2043 | 25 | &nbsp;&nbsp; 27702 |
| Los Angeles Unified School District (Green Bonds), Series 2024 QRR, GO Bonds | 5.00% | 07/01/2044 | 30 | &nbsp;&nbsp; 32920 |
| Metropolitan Water District of Southern California, Series 2025 A, Ref. RB | 5.00% | 04/01/2038 | 10 | &nbsp;&nbsp; 11923 |
| Orange (County of), CA Sanitation District, Series 2024 A, Ref. RB | 5.00% | 02/01/2035 | 5 | &nbsp;&nbsp; 6012 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2035 Municipal Bond ETF (BSMZ)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| Pittsburg Unified School District, Series 2025 A, GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.00% | 08/01/2054 | $30 | &nbsp;&nbsp; $31801 |
| Redwoods Community College District (Election of 2024), Series 2025, GO Bonds, (INS - BAM)<sup>(a)</sup> | 5.25% | 08/01/2050 | 40 | &nbsp;&nbsp; 43745 |
| Rio Hondo Community College District (Election of 2024), Series 2025 A, GO Bonds | 5.25% | 08/01/2055 | 30 | &nbsp;&nbsp; 32656 |
| San Diego (County of), CA Regional Airport Authority, Series 2025 A, RB | 5.25% | 07/01/2055 | 10 | &nbsp;&nbsp; 10830 |
| San Diego (County of), CA Regional Transportation Commission, Series 2025 A, RB | 5.00% | 08/01/2049 | 50 | &nbsp;&nbsp; 53950 |
| San Diego Community College District, Series 2025 A-1, GO Bonds | 5.00% | 08/01/2039 | 5 | &nbsp;&nbsp; 5882 |
| San Diego Community College District, Series 2025 A-1, GO Bonds | 5.00% | 08/01/2041 | 5 | &nbsp;&nbsp; 5736 |
| San Diego Community College District, Series 2025 A-1, GO Bonds | 5.00% | 08/01/2043 | 45 | &nbsp;&nbsp; 50437 |
| San Diego Community College District, Series 2025 A-1, GO Bonds | 5.00% | 08/01/2055 | 25 | &nbsp;&nbsp; 26843 |
| San Dieguito Union High School District, Series 2025, Ref. GO Bonds | 5.00% | 08/01/2039 | 15 | &nbsp;&nbsp; 17716 |
| &nbsp;&nbsp;&nbsp; San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), <br> Series 2025 B, RB<br>| 5.00% | 05/01/2053 | 20 | &nbsp;&nbsp; 21219 |
| San Francisco (City of), CA, Series 2025 E, RB | 5.25% | 11/01/2055 | 25 | &nbsp;&nbsp; 27028 |
| San Francisco Bay Area Rapid Transit District, Series 2025, GO Bonds | 5.00% | 08/01/2037 | 5 | &nbsp;&nbsp; 6035 |
| San Francisco Bay Area Rapid Transit District (Election of 2016), Series 2025, GO Bonds | 5.00% | 08/01/2044 | 55 | &nbsp;&nbsp; 60968 |
| State Center Community College District, Series 2025 D, GO Bonds | 5.00% | 08/01/2046 | 15 | &nbsp;&nbsp; 16445 |
| University of California, Series 2025 BZ, Ref. RB | 5.00% | 05/15/2037 | 5 | &nbsp;&nbsp; 5925 |
| University of California, Series 2025 BZ, Ref. RB | 5.00% | 05/15/2038 | 10 | &nbsp;&nbsp; 11715 |
| University of California, Series 2025 BZ, Ref. RB | 5.25% | 05/15/2040 | 5 | &nbsp;&nbsp; 5877 |
| University of California, Series 2025 BZ, Ref. RB | 5.00% | 05/15/2041 | 5 | &nbsp;&nbsp; 5705 |
| University of California, Series 2025 CA, RB | 5.00% | 05/15/2039 | 5 | &nbsp;&nbsp; 5815 |
| University of California, Series 2025 CA, RB | 5.00% | 05/15/2040 | 10 | &nbsp;&nbsp; 11532 |
| University of California, Series 2025 CB, RB | 5.00% | 05/15/2038 | 5 | &nbsp;&nbsp; 5858 |
| University of California, Series 2025 CB, RB | 5.00% | 05/15/2040 | 40 | &nbsp;&nbsp; 46127 |
| University of California, Series 2025 CC, RB | 5.00% | 05/15/2037 | 5 | &nbsp;&nbsp; 5925 |
| University of California, Series 2025 CC, RB | 5.00% | 05/15/2044 | 20 | &nbsp;&nbsp; 22064 |
| University of California, Series 2025 CC, RB | 5.00% | 05/15/2047 | 5 | &nbsp;&nbsp; 5421 |
| University of California, Series 2025, Ref. RB | 5.00% | 05/15/2040 | 10 | &nbsp;&nbsp; 11532 |
| &nbsp;&nbsp;&nbsp; West Sacrament (City of), CA Enhanced Infrastructure Financing District No. 1, Series 2025, RB, <br> (INS - AGI)<sup>(a)</sup><br>| 5.00% | 09/01/2050 | 50 | &nbsp;&nbsp; 53050 |
|  |  |  |  | &nbsp;&nbsp; 1700056 |
| **Colorado-1.09%** |  |  |  |  |
| Adams & Arapahoe Joint School District No. 28J Aurora, Series 2025, GO Bonds | 5.50% | 12/01/2041 | 25 | &nbsp;&nbsp; 29243 |
| Colorado Springs (City of), CO, Series 2025 A, RB | 5.00% | 11/15/2038 | 5 | &nbsp;&nbsp; 5784 |
| Colorado Springs (City of), CO, Series 2025 A, RB | 5.00% | 11/15/2043 | 20 | &nbsp;&nbsp; 21983 |
| Colorado Springs (City of), CO, Series 2025 A, RB | 5.25% | 11/15/2050 | 50 | &nbsp;&nbsp; 54111 |
|  |  |  |  | &nbsp;&nbsp; 111121 |
| **Connecticut-0.23%** |  |  |  |  |
| Connecticut (State of), Series 2024 A, GO Bonds | 5.00% | 01/15/2035 | 20 | &nbsp;&nbsp; 23186 |
| **District of Columbia-2.07%** |  |  |  |  |
| District of Columbia, Series 2024 A, GO Bonds | 5.00% | 08/01/2035 | 5 | &nbsp;&nbsp; 5816 |
| District of Columbia, Series 2025 A, Ref. RB | 5.00% | 06/01/2039 | 10 | &nbsp;&nbsp; 11368 |
| District of Columbia, Series 2025 A, Ref. RB | 5.00% | 06/01/2040 | 15 | &nbsp;&nbsp; 16835 |
| District of Columbia, Series 2025 A, Ref. RB | 5.00% | 06/01/2041 | 20 | &nbsp;&nbsp; 22208 |
| District of Columbia, Series 2025 A, Ref. RB | 5.00% | 06/01/2045 | 20 | &nbsp;&nbsp; 21529 |
| District of Columbia, Series 2025 A, Ref. RB | 5.00% | 06/01/2050 | 40 | &nbsp;&nbsp; 42392 |
| District of Columbia Water & Sewer Authority, Series 2024 A, Ref. RB | 5.00% | 10/01/2035 | 10 | &nbsp;&nbsp; 11660 |
| Washington Metropolitan Area Transit Authority, Series 2025 A, RB | 5.00% | 07/15/2060 | 75 | &nbsp;&nbsp; 78082 |
|  |  |  |  | &nbsp;&nbsp; 209890 |
| **Florida-3.95%** |  |  |  |  |
| Florida (State of) (Capital Outlay), Series 2015 F, Ref. GO Bonds | 3.25% | 06/01/2035 | 25 | &nbsp;&nbsp; 24911 |
| Florida (State of) Department of Transportation, Series 2025 A, Ref. RB | 5.00% | 07/01/2035 | 5 | &nbsp;&nbsp; 5922 |
| Florida (State of) Department of Transportation, Series 2025 C, RB | 5.00% | 07/01/2052 | 30 | &nbsp;&nbsp; 31976 |
| Florida (State of) Department of Transportation, Series 2025 C, RB | 5.00% | 07/01/2055 | 25 | &nbsp;&nbsp; 26424 |
| JEA Electric System, Series 2017 B, Ref. RB | 4.00% | 10/01/2035 | 10 | &nbsp;&nbsp; 10083 |
| JEA Electric System, Series 2024-3, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 10/01/2036 | 5 | &nbsp;&nbsp; 5759 |
| JEA Water & Sewer System, Series 2025 A, Ref. RB | 5.25% | 10/01/2049 | 90 | &nbsp;&nbsp; 97405 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2035 Municipal Bond ETF (BSMZ)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Florida-(continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2024 A, Ref. <br> RB<br>| 5.00% | 04/01/2040 | $10 | &nbsp;&nbsp; $11106 |
| &nbsp;&nbsp;&nbsp; Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2024 A, Ref. <br> RB<br>| 5.00% | 04/01/2043 | 10 | &nbsp;&nbsp; 10763 |
| &nbsp;&nbsp;&nbsp; Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2024 A, Ref. <br> RB<br>| 5.00% | 04/01/2044 | 10 | &nbsp;&nbsp; 10681 |
| &nbsp;&nbsp;&nbsp; Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2024 A, Ref. <br> RB<br>| 5.25% | 04/01/2047 | 5 | &nbsp;&nbsp; 5376 |
| &nbsp;&nbsp;&nbsp; Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2025 B, Ref. <br> RB<br>| 5.25% | 04/01/2040 | 10 | &nbsp;&nbsp; 11302 |
| &nbsp;&nbsp;&nbsp; Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2025, Ref. <br> RB<br>| 5.00% | 10/01/2047 | 25 | &nbsp;&nbsp; 26259 |
| Pasco (City of), FL, Series 2025 A, RB | 5.00% | 10/01/2055 | 20 | &nbsp;&nbsp; 21036 |
| Peace River Manasota Regional Water Supply Authority, Series 2025 A, RB | 5.25% | 10/01/2050 | 50 | &nbsp;&nbsp; 53611 |
| Port St. Lucie (City of), FL, Series 2016, Ref. RB | 3.00% | 09/01/2035 | 25 | &nbsp;&nbsp; 24352 |
| South Broward Hospital District, Series 2016, Ref. RB | 3.00% | 05/01/2035 | 25 | &nbsp;&nbsp; 23950 |
|  |  |  |  | &nbsp;&nbsp; 400916 |
| **Georgia-0.90%** |  |  |  |  |
| DeKalb (County of), GA, Series 2025 A, RB | 5.00% | 10/01/2055 | 5 | &nbsp;&nbsp; 5251 |
| Metropolitan Atlanta Rapid Transit Authority, Series 2025 A, RB | 5.00% | 07/01/2043 | 5 | &nbsp;&nbsp; 5463 |
| Metropolitan Atlanta Rapid Transit Authority (Green Bonds), Series 2025 A, RB | 5.25% | 07/01/2050 | 5 | &nbsp;&nbsp; 5417 |
| Metropolitan Atlanta Rapid Transit Authority (Green Bonds), Series 2025 A, RB | 5.00% | 07/01/2055 | 45 | &nbsp;&nbsp; 47662 |
| Private Colleges & Universities Authority (Emory University), Series 2025 A, Ref. RB | 5.25% | 09/01/2040 | 10 | &nbsp;&nbsp; 11491 |
| Private Colleges & Universities Authority (Emory University), Series 2025 A, Ref. RB | 5.25% | 09/01/2043 | 5 | &nbsp;&nbsp; 5562 |
| Private Colleges & Universities Authority (Emory University), Series 2025 A, Ref. RB | 5.25% | 09/01/2044 | 10 | &nbsp;&nbsp; 11037 |
|  |  |  |  | &nbsp;&nbsp; 91883 |
| **Hawaii-1.24%** |  |  |  |  |
| Hawaii (State of) Department of Budget & Finance (The Queen's Health System), Series 2025, Ref. RB | 5.00% | 07/01/2040 | 10 | &nbsp;&nbsp; 11103 |
| Honolulu (City & County of), HI, Series 2025 D, Ref. GO Bonds | 5.00% | 07/01/2039 | 70 | &nbsp;&nbsp; 80098 |
| Honolulu (City & County of), HI, Series 2025, Ref. RB | 5.00% | 07/01/2037 | 5 | &nbsp;&nbsp; 5815 |
| Honolulu (City & County of), HI, Series 2025, Ref. RB | 5.00% | 07/01/2038 | 25 | &nbsp;&nbsp; 28835 |
|  |  |  |  | &nbsp;&nbsp; 125851 |
| **Idaho-0.22%** |  |  |  |  |
| Idaho (State of) Health Facilities Authority (St. Luke's Health System), Series 2025, Ref. RB | 5.00% | 03/01/2041 | 20 | &nbsp;&nbsp; 22015 |
| **Illinois-3.02%** |  |  |  |  |
| Chicago (City of), IL (Chicago Works), Series 2023 A, GO Bonds | 4.00% | 01/01/2035 | 15 | &nbsp;&nbsp; 14609 |
| Illinois (State of), Series 2024 B, GO Bonds | 5.00% | 05/01/2035 | 5 | &nbsp;&nbsp; 5619 |
| Illinois (State of), Series 2024, Ref. GO Bonds | 5.00% | 02/01/2035 | 50 | &nbsp;&nbsp; 56396 |
| Illinois (State of), Series 2025, RB | 5.00% | 06/15/2043 | 30 | &nbsp;&nbsp; 31859 |
| Illinois (State of) Finance Authority (Green Bonds), Series 2025 A, RB | 5.00% | 01/01/2038 | 10 | &nbsp;&nbsp; 11472 |
| Illinois (State of) Finance Authority (Green Bonds), Series 2025 A, RB | 5.00% | 07/01/2044 | 30 | &nbsp;&nbsp; 32302 |
| Illinois (State of) Finance Authority (Silver Cross Hospital & Medical Center), Series 2025, Ref. RB | 5.00% | 08/15/2037 | 50 | &nbsp;&nbsp; 56368 |
| Illinois (State of) Finance Authority (Silver Cross Hospital & Medical Center), Series 2025, Ref. RB | 5.00% | 08/15/2038 | 25 | &nbsp;&nbsp; 27959 |
| Illinois (State of) Finance Authority (University of Chicago Medical), Series 2024 B, Ref. RB | 5.00% | 04/01/2035 | 5 | &nbsp;&nbsp; 5730 |
| Sales Tax Securitization Corp., Series 2024 A, Ref. RB | 5.00% | 01/01/2039 | 50 | &nbsp;&nbsp; 54239 |
| University of Illinois, Series 2016 A, Ref. RB | 4.00% | 04/01/2035 | 10 | &nbsp;&nbsp; 10009 |
|  |  |  |  | &nbsp;&nbsp; 306562 |
| **Indiana-0.54%** |  |  |  |  |
| Indiana (State of) Finance Authority, Series 2025 C, Ref. RB | 5.25% | 10/01/2044 | 10 | &nbsp;&nbsp; 10925 |
| Indiana (State of) Finance Authority, Series 2025 C, Ref. RB | 5.25% | 10/01/2045 | 40 | &nbsp;&nbsp; 43441 |
|  |  |  |  | &nbsp;&nbsp; 54366 |
| **Iowa-0.21%** |  |  |  |  |
| Iowa (State of) Finance Authority (Green Bonds), Series 2025 A, RB | 5.00% | 08/01/2045 | 20 | &nbsp;&nbsp; 21547 |
| **Kentucky-0.84%** |  |  |  |  |
| Kentucky (Commonwealth of) Property & Building Commission (No. 132), Series 2025 A, RB | 5.00% | 04/01/2037 | 10 | &nbsp;&nbsp; 11495 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 132), Series 2025 A, RB | 5.00% | 04/01/2040 | 40 | &nbsp;&nbsp; 44583 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2035 Municipal Bond ETF (BSMZ)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Kentucky-(continued)** |  |  |  |  |
| Kentucky (Commonwealth of) Property & Building Commission (No. 132), Series 2025 A, RB | 5.00% | 04/01/2044 | $5 | &nbsp;&nbsp; $5408 |
| University of Kentucky, Series 2018 A, RB, (CEP - Colorado Higher Education Intercept Program) | 3.00% | 10/01/2035 | 25 | &nbsp;&nbsp; 24160 |
|  |  |  |  | &nbsp;&nbsp; 85646 |
| **Louisiana-0.44%** |  |  |  |  |
| Louisiana (State of), Series 2025 A, Ref. GO Bonds | 5.00% | 05/01/2035 | 5 | &nbsp;&nbsp; 5930 |
| Louisiana (State of), Series 2025 B, GO Bonds | 5.00% | 06/01/2035 | 5 | &nbsp;&nbsp; 5933 |
| Louisiana (State of), Series 2025 B, GO Bonds | 5.00% | 06/01/2038 | 10 | &nbsp;&nbsp; 11424 |
| Louisiana (State of), Series 2025 B, GO Bonds | 5.00% | 06/01/2044 | 10 | &nbsp;&nbsp; 10911 |
| Louisiana (State of), Series 2025 B, GO Bonds | 5.00% | 06/01/2045 | 10 | &nbsp;&nbsp; 10855 |
|  |  |  |  | &nbsp;&nbsp; 45053 |
| **Maryland-2.07%** |  |  |  |  |
| Maryland (State of), Series 2025 A, GO Bonds | 5.00% | 06/01/2039 | 50 | &nbsp;&nbsp; 57413 |
| Maryland (State of) Transportation Authority, Series 2021 A, RB | 3.00% | 10/01/2035 | 25 | &nbsp;&nbsp; 24561 |
| Maryland Economic Development Corp. (Dept. of Health Heardquarters), Series 2025, RB | 5.00% | 06/01/2048 | 75 | &nbsp;&nbsp; 79057 |
| Montgomery (County of), MD, Series 2019 A, GO Bonds | 3.00% | 11/01/2035 | 50 | &nbsp;&nbsp; 49415 |
|  |  |  |  | &nbsp;&nbsp; 210446 |
| **Massachusetts-4.46%** |  |  |  |  |
| Massachusetts (Commonwealth of), Series 2024 A, Ref. GO Bonds | 5.00% | 03/01/2035 | 50 | &nbsp;&nbsp; 58423 |
| Massachusetts (Commonwealth of), Series 2024 B, GO Bonds | 5.00% | 05/01/2035 | 25 | &nbsp;&nbsp; 29251 |
| Massachusetts (Commonwealth of), Series 2025 A, GO Bonds | 5.00% | 04/01/2040 | 30 | &nbsp;&nbsp; 33998 |
| Massachusetts (Commonwealth of), Series 2025 A, GO Bonds | 5.00% | 04/01/2046 | 10 | &nbsp;&nbsp; 10692 |
| Massachusetts (Commonwealth of), Series 2025 A, GO Bonds | 5.00% | 04/01/2050 | 50 | &nbsp;&nbsp; 52825 |
| Massachusetts (Commonwealth of), Series 2025 B, GO Bonds | 5.00% | 06/01/2039 | 25 | &nbsp;&nbsp; 28751 |
| Massachusetts (Commonwealth of), Series 2025 C, GO Bonds | 5.00% | 06/01/2045 | 5 | &nbsp;&nbsp; 5390 |
| Massachusetts (Commonwealth of), Series 2025, RB | 5.00% | 06/01/2055 | 50 | &nbsp;&nbsp; 52550 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Development Finance Agency (Beth Israel Lahey Health), <br> Series 2025, Ref. RB<br>| 5.50% | 07/01/2055 | 50 | &nbsp;&nbsp; 53433 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Development Finance Agency (Beth Israel Lahey Health), <br> Series 2025, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| 5.50% | 07/01/2055 | 50 | &nbsp;&nbsp; 54444 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Development Finance Agency (Boston College), Series 2025 W, Ref. <br> RB<br>| 5.00% | 07/01/2040 | 30 | &nbsp;&nbsp; 33958 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Development Finance Agency (Boston College), Series 2025 W, Ref. <br> RB<br>| 5.00% | 07/01/2055 | 5 | &nbsp;&nbsp; 5261 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Development Finance Agency (Boston University), Series 2025 B-2, <br> RB<br>| 5.00% | 10/01/2048 | 5 | &nbsp;&nbsp; 5330 |
| Massachusetts (Commonwealth of) School Building Authority, Series 2025, Ref. RB | 5.00% | 02/15/2038 | 25 | &nbsp;&nbsp; 28807 |
|  |  |  |  | &nbsp;&nbsp; 453113 |
| **Michigan-1.62%** |  |  |  |  |
| L'Anse Creuse Public Schools, Series 2025 I, GO Bonds | 5.00% | 05/01/2049 | 10 | &nbsp;&nbsp; 10548 |
| Michigan (State of) Finance Authority, Series 2025 A, Ref. RB | 5.00% | 02/15/2055 | 5 | &nbsp;&nbsp; 5292 |
| Michigan (State of) Finance Authority, Series 2025 I, Ref. RB | 5.00% | 10/15/2050 | 10 | &nbsp;&nbsp; 10542 |
| Michigan (State of) Hospital Finance Authority (Corewell Health), Series 2025 A, RB | 5.00% | 08/15/2035 | 5 | &nbsp;&nbsp; 5779 |
| Michigan (State of) Hospital Finance Authority (Corewell Health), Series 2025 A, RB | 5.00% | 08/15/2045 | 125 | &nbsp;&nbsp; 132428 |
|  |  |  |  | &nbsp;&nbsp; 164589 |
| **Missouri-0.65%** |  |  |  |  |
| Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2016 A, Ref. RB | 4.00% | 12/01/2035 | 55 | &nbsp;&nbsp; 55082 |
| Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2025, Ref. RB | 5.00% | 12/01/2037 | 10 | &nbsp;&nbsp; 11372 |
|  |  |  |  | &nbsp;&nbsp; 66454 |
| **Nebraska-1.06%** |  |  |  |  |
| Omaha (City of), NE Public Power District, Series 2025 A, RB | 5.25% | 02/01/2050 | 100 | &nbsp;&nbsp; 107763 |
| **Nevada-0.06%** |  |  |  |  |
| Clark County School District, Series 2025 B, Ref. GO Bonds | 5.00% | 06/15/2039 | 5 | &nbsp;&nbsp; 5663 |
| **New Hampshire-0.05%** |  |  |  |  |
| New Hampshire (State of) Health and Education Facilities Authority, Series 2025, Ref. RB | 5.50% | 08/01/2050 | 5 | &nbsp;&nbsp; 5397 |
| **New Jersey-0.53%** |  |  |  |  |
| New Jersey (State of) Turnpike Authority, Series 2025 A, RB | 5.25% | 01/01/2055 | 50 | &nbsp;&nbsp; 53986 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2035 Municipal Bond ETF (BSMZ)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-22.97%** |  |  |  |  |
| Metropolitan Transportation Authority, Series 2025 B, Ref. RB | 5.00% | 11/15/2041 | $15 | &nbsp;&nbsp; $16303 |
| Metropolitan Transportation Authority, Series 2025, Ref. RB | 5.00% | 11/15/2040 | 5 | &nbsp;&nbsp; 5458 |
| Metropolitan Transportation Authority (Green Bonds), Series 2025 B, Ref. RB | 5.00% | 11/15/2043 | 5 | &nbsp;&nbsp; 5333 |
| Metropolitan Transportation Authority (Green Bonds), Series 2025, Ref. RB | 5.25% | 11/15/2045 | 50 | &nbsp;&nbsp; 53562 |
| New York & New Jersey (States of) Port Authority, One Hundred Seventy Fifth Series 2012, RB | 3.00% | 12/01/2035 | 50 | &nbsp;&nbsp; 47918 |
| New York & New Jersey (States of) Port Authority, Two Hundred Fifty series 2025, Ref. RB | 5.00% | 10/15/2044 | 20 | &nbsp;&nbsp; 21759 |
| New York & New Jersey (States of) Port Authority, Two Hundred Fifty series 2025, Ref. RB | 5.00% | 10/15/2045 | 40 | &nbsp;&nbsp; 43255 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Eight series 2025, Ref. RB | 5.00% | 01/15/2039 | 25 | &nbsp;&nbsp; 28604 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Eight series 2025, Ref. RB | 5.00% | 01/15/2050 | 30 | &nbsp;&nbsp; 31827 |
| New York (City of), NY, Series 2025 D, GO Bonds | 5.25% | 10/01/2051 | 50 | &nbsp;&nbsp; 52750 |
| New York (City of), NY, Series 2025 E, GO Bonds | 5.00% | 08/01/2043 | 45 | &nbsp;&nbsp; 48122 |
| New York (City of), NY, Subseries 2025 G-1, GO Bonds | 5.00% | 02/01/2039 | 35 | &nbsp;&nbsp; 39515 |
| New York (City of), NY, Subseries 2025 G-1, GO Bonds | 5.00% | 02/01/2041 | 5 | &nbsp;&nbsp; 5462 |
| New York (City of), NY, Subseries 2025 G-1, GO Bonds | 5.00% | 02/01/2043 | 15 | &nbsp;&nbsp; 16087 |
| New York (City of), NY, Subseries 2025 G-1, GO Bonds | 5.25% | 02/01/2050 | 50 | &nbsp;&nbsp; 52793 |
| New York (City of), NY Municipal Water Finance Authority, Series 2025 BB, RB | 5.25% | 06/15/2050 | 75 | &nbsp;&nbsp; 79986 |
| New York (City of), NY Municipal Water Finance Authority, Series 2025 BB, RB | 5.00% | 06/15/2052 | 60 | &nbsp;&nbsp; 62497 |
| New York (City of), NY Transitional Finance Authority, Series 2015, RB | 3.25% | 08/01/2035 | 10 | &nbsp;&nbsp; 9725 |
| New York (City of), NY Transitional Finance Authority, Series 2025 A, RB | 5.00% | 05/01/2039 | 20 | &nbsp;&nbsp; 22544 |
| New York (City of), NY Transitional Finance Authority, Series 2025 A, RB | 5.00% | 05/01/2040 | 25 | &nbsp;&nbsp; 27881 |
| New York (City of), NY Transitional Finance Authority, Series 2025 A, RB | 5.00% | 05/01/2042 | 10 | &nbsp;&nbsp; 10911 |
| New York (City of), NY Transitional Finance Authority, Series 2025 A, RB | 5.50% | 05/01/2050 | 10 | &nbsp;&nbsp; 10902 |
| New York (City of), NY Transitional Finance Authority, Series 2025 H, RB | 5.00% | 11/01/2038 | 5 | &nbsp;&nbsp; 5654 |
| New York (City of), NY Transitional Finance Authority, Series 2025 H, RB | 5.00% | 11/01/2039 | 10 | &nbsp;&nbsp; 11181 |
| New York (City of), NY Transitional Finance Authority, Series 2025 H, RB | 5.00% | 11/01/2041 | 55 | &nbsp;&nbsp; 60611 |
| New York (City of), NY Transitional Finance Authority, Series 2025 H, RB | 5.00% | 11/01/2044 | 110 | &nbsp;&nbsp; 116988 |
| New York (City of), NY Transitional Finance Authority, Series 2025 H, RB | 5.25% | 11/01/2045 | 50 | &nbsp;&nbsp; 53951 |
| New York (City of), NY Transitional Finance Authority, Series 2025 H, RB | 5.00% | 11/01/2050 | 10 | &nbsp;&nbsp; 10388 |
| New York (City of), NY Transitional Finance Authority, Series 2025 H-1, RB | 5.00% | 11/01/2043 | 35 | &nbsp;&nbsp; 37653 |
| New York (City of), NY Transitional Finance Authority, Series 2025, Ref. RB | 5.00% | 11/01/2038 | 50 | &nbsp;&nbsp; 56535 |
| New York (City of), NY Transitional Finance Authority, Series 2025, Ref. RB | 5.00% | 11/01/2038 | 5 | &nbsp;&nbsp; 5654 |
| New York (City of), NY Transitional Finance Authority, Series 2025, Ref. RB | 5.00% | 11/01/2040 | 20 | &nbsp;&nbsp; 22207 |
| New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, RB | 4.00% | 08/01/2035 | 25 | &nbsp;&nbsp; 25088 |
| New York (City of), NY Transitional Finance Authority, Subseries 2016 F-3, RB | 3.00% | 02/01/2035 | 20 | &nbsp;&nbsp; 18884 |
| New York (State of), Series 2025 A, Ref. GO Bonds | 5.00% | 03/15/2039 | 15 | &nbsp;&nbsp; 17559 |
| New York (State of) Dormitory Authority, Series 2024 A, RB | 5.00% | 03/15/2035 | 5 | &nbsp;&nbsp; 5842 |
| New York (State of) Dormitory Authority, Series 2024 B, Ref. RB | 5.00% | 03/15/2039 | 75 | &nbsp;&nbsp; 85566 |
| New York (State of) Dormitory Authority, Series 2024 B, Ref. RB | 5.00% | 03/15/2040 | 20 | &nbsp;&nbsp; 22535 |
| New York (State of) Dormitory Authority, Series 2024 B, Ref. RB | 5.00% | 03/15/2043 | 25 | &nbsp;&nbsp; 27095 |
| New York (State of) Dormitory Authority, Series 2024 B, Ref. RB | 5.00% | 03/15/2045 | 115 | &nbsp;&nbsp; 122521 |
| New York (State of) Dormitory Authority, Series 2024 B, Ref. RB | 5.00% | 03/15/2051 | 55 | &nbsp;&nbsp; 57537 |
| New York (State of) Dormitory Authority, Series 2024 B, Ref. RB | 5.00% | 03/15/2054 | 70 | &nbsp;&nbsp; 73066 |
| New York (State of) Dormitory Authority, Series 2025 A, Ref. RB | 5.00% | 07/01/2038 | 10 | &nbsp;&nbsp; 11561 |
| New York (State of) Dormitory Authority, Series 2025 A, Ref. RB | 5.00% | 03/15/2039 | 100 | &nbsp;&nbsp; 113486 |
| New York (State of) Dormitory Authority, Series 2025 A, Ref. RB | 5.00% | 03/15/2043 | 15 | &nbsp;&nbsp; 16313 |
| New York (State of) Dormitory Authority, Series 2025 A, Ref. RB | 5.00% | 07/01/2043 | 5 | &nbsp;&nbsp; 5405 |
| New York (State of) Dormitory Authority, Series 2025 A, Ref. RB | 5.00% | 03/15/2044 | 10 | &nbsp;&nbsp; 10731 |
| New York (State of) Dormitory Authority, Series 2025 C, Ref. RB | 5.00% | 03/15/2040 | 5 | &nbsp;&nbsp; 5623 |
| New York (State of) Dormitory Authority, Series 2025 C, Ref. RB | 5.00% | 03/15/2044 | 10 | &nbsp;&nbsp; 10764 |
| New York (State of) Dormitory Authority, Series 2025 C, Ref. RB | 5.00% | 03/15/2055 | 25 | &nbsp;&nbsp; 26001 |
| New York (State of) Dormitory Authority, Series 2025, RB | 5.25% | 07/01/2054 | 50 | &nbsp;&nbsp; 53863 |
| New York (State of) Dormitory Authority (New York University), Series 2025 A, Ref. RB | 5.00% | 07/01/2045 | 10 | &nbsp;&nbsp; 10631 |
| New York (State of) Thruway Authority, Series 2025 A, RB | 5.00% | 03/15/2041 | 10 | &nbsp;&nbsp; 11123 |
| New York (State of) Thruway Authority, Series 2025 A, RB | 5.00% | 03/15/2044 | 100 | &nbsp;&nbsp; 107135 |
| New York State Environmental Facilities Corp., Series 2025, Ref. RB | 5.00% | 06/15/2055 | 35 | &nbsp;&nbsp; 37439 |
| Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB | 3.00% | 11/15/2035 | 15 | &nbsp;&nbsp; 14947 |
| Triborough Bridge & Tunnel Authority, Series 2025 A, RB | 5.00% | 11/15/2043 | 100 | &nbsp;&nbsp; 109222 |
| Triborough Bridge & Tunnel Authority, Series 2025 A, RB | 5.25% | 11/15/2050 | 100 | &nbsp;&nbsp; 107381 |
| Triborough Bridge & Tunnel Authority, Series 2025, RB | 5.00% | 12/01/2036 | 35 | &nbsp;&nbsp; 41031 |
| Triborough Bridge & Tunnel Authority, Series 2025, RB | 5.00% | 12/01/2042 | 60 | &nbsp;&nbsp; 66430 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2035 Municipal Bond ETF (BSMZ)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| Triborough Bridge & Tunnel Authority, Series 2025, RB | 5.00% | 12/01/2043 | $20 | &nbsp;&nbsp; $21890 |
| Triborough Bridge & Tunnel Authority, Series 2025, RB | 5.00% | 12/01/2045 | 20 | &nbsp;&nbsp; 21495 |
|  |  |  |  | &nbsp;&nbsp; 2332180 |
| **North Carolina-0.11%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; North Carolina (State of) Medical Care Commission (Duke University Health system), Series 2025 A, <br> Ref. RB<br>| 5.00% | 06/01/2039 | 10 | &nbsp;&nbsp; 11238 |
| **Ohio-0.66%** |  |  |  |  |
| Allen (County of), OH (Mercy Health), Series 2025, Ref. RB | 5.00% | 11/01/2039 | 5 | &nbsp;&nbsp; 5599 |
| Ohio (State of), Series 2025 B, Ref. GO Bonds | 5.00% | 11/01/2035 | 5 | &nbsp;&nbsp; 5962 |
| Ohio (State of) Water Development Authority, Series 2025, RB | 5.00% | 12/01/2040 | 10 | &nbsp;&nbsp; 11318 |
| Ohio (State of) Water Development Authority, Series 2025, RB | 5.00% | 12/01/2041 | 10 | &nbsp;&nbsp; 11224 |
| Ohio (State of) Water Development Authority, Series 2025, RB | 5.25% | 12/01/2047 | 25 | &nbsp;&nbsp; 27461 |
| Toledo City School District, Series 2025, GO Bonds, (CEP - Ohio School District) | 5.00% | 12/01/2054 | 5 | &nbsp;&nbsp; 5275 |
|  |  |  |  | &nbsp;&nbsp; 66839 |
| **Oklahoma-1.64%** |  |  |  |  |
| Oklahoma (State of) Capitol Improvement Authority, Series 2025, RB | 5.25% | 07/01/2055 | 100 | &nbsp;&nbsp; 107157 |
| Oklahoma (State of) Turnpike Authority, Series 2025 A, RB | 5.00% | 01/01/2044 | 55 | &nbsp;&nbsp; 59167 |
|  |  |  |  | &nbsp;&nbsp; 166324 |
| **Oregon-0.23%** |  |  |  |  |
| Oregon (State of), Series 2025, Ref. GO Bonds | 5.00% | 05/01/2039 | 10 | &nbsp;&nbsp; 11486 |
| Oregon (State of) Department of Transportation, Series 2024, RB | 5.00% | 05/15/2035 | 5 | &nbsp;&nbsp; 5815 |
| Oregon (State of) Lottery, Series 2025 A, Ref. RB | 5.25% | 04/01/2042 | 5 | &nbsp;&nbsp; 5648 |
|  |  |  |  | &nbsp;&nbsp; 22949 |
| **Pennsylvania-2.82%** |  |  |  |  |
| Pennsylvania (Commonwealth of), Second series 2016, GO Bonds | 3.00% | 09/15/2035 | 25 | &nbsp;&nbsp; 24297 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Second series 2025, Ref. RB | 5.00% | 12/01/2038 | 50 | &nbsp;&nbsp; 57029 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Second series 2025, Ref. RB | 5.00% | 12/01/2039 | 10 | &nbsp;&nbsp; 11331 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Second series 2025, Ref. RB | 5.00% | 12/01/2040 | 5 | &nbsp;&nbsp; 5616 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Second series 2025, Ref. RB | 5.00% | 12/01/2043 | 5 | &nbsp;&nbsp; 5460 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Second series 2025, Ref. RB | 5.00% | 12/01/2045 | 5 | &nbsp;&nbsp; 5399 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2025 A, RB | 5.25% | 12/01/2055 | 50 | &nbsp;&nbsp; 53757 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2025, Ref. RB | 5.00% | 12/01/2044 | 20 | &nbsp;&nbsp; 21672 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2025-I, RB | 5.00% | 12/01/2037 | 10 | &nbsp;&nbsp; 11609 |
| Philadelphia (City of), PA, Series 2025 A, GO Bonds | 5.00% | 08/01/2039 | 20 | &nbsp;&nbsp; 22781 |
| Philadelphia (City of), PA, Series 2025 A, GO Bonds | 5.00% | 08/01/2040 | 10 | &nbsp;&nbsp; 11276 |
| Philadelphia (City of), PA, Series 2025 A, GO Bonds | 5.00% | 08/01/2041 | 40 | &nbsp;&nbsp; 44671 |
| Philadelphia (City of), PA, Series 2025 A, GO Bonds | 5.00% | 08/01/2042 | 10 | &nbsp;&nbsp; 11054 |
|  |  |  |  | &nbsp;&nbsp; 285952 |
| **Rhode Island-0.32%** |  |  |  |  |
| Rhode Island (State of), Series 2025 A, GO Bonds | 5.00% | 05/01/2044 | 30 | &nbsp;&nbsp; 32440 |
| **South Carolina-1.04%** |  |  |  |  |
| Clemson University, Series 2025 A, RB | 5.00% | 05/01/2055 | 100 | &nbsp;&nbsp; 106012 |
| **Tennessee-0.87%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Nashville (City of) & Davidson (County of), TN Metropolitan Government of Convention Center <br> Authority, Series 2021 C, GO Bonds<br>| 3.00% | 01/01/2035 | 90 | &nbsp;&nbsp; 88244 |
| **Texas-14.41%** |  |  |  |  |
| Alvin Independent School District, Series 2025 A, GO Bonds, (CEP - Texas Permanent School Fund) | 5.25% | 02/15/2053 | 10 | &nbsp;&nbsp; 10700 |
| Anna Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund) | 5.25% | 02/15/2055 | 40 | &nbsp;&nbsp; 42832 |
| Austin (City of), TX, Series 2025, GO Bonds | 5.00% | 09/01/2044 | 10 | &nbsp;&nbsp; 10879 |
| Austin (City of), TX, Series 2025, GO Bonds | 5.00% | 09/01/2045 | 10 | &nbsp;&nbsp; 10831 |
| Austin (City of), TX, Series 2025, Ref. GO Bonds | 5.00% | 09/01/2044 | 10 | &nbsp;&nbsp; 10879 |
| Board of Regents of the University of Texas System, Series 2024 A, Ref. RB | 5.00% | 08/15/2035 | 50 | &nbsp;&nbsp; 58306 |
| Board of Regents of the University of Texas System, Series 2025 B, RB | 5.00% | 08/15/2035 | 15 | &nbsp;&nbsp; 17737 |
| Board of Regents of the University of Texas System, Series 2025 B, RB | 5.00% | 08/15/2045 | 15 | &nbsp;&nbsp; 16229 |
| &nbsp;&nbsp;&nbsp; Carrollton-Farmers Branch Independent School District, Series 2025, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2055 | 50 | &nbsp;&nbsp; 52676 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2035 Municipal Bond ETF (BSMZ)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas-(continued)** |  |  |  |  |
| Celina Independent School District, Series 2025 A, GO Bonds, (CEP - Texas Permanent School Fund) | 5.25% | 02/15/2055 | $15 | &nbsp;&nbsp; $16027 |
| Central Texas Turnpike System, Series 2024 A, Ref. RB | 5.00% | 08/15/2035 | 10 | &nbsp;&nbsp; 11484 |
| Conroe Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2038 | 20 | &nbsp;&nbsp; 22753 |
| Conroe Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2039 | 10 | &nbsp;&nbsp; 11302 |
| Conroe Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2040 | 30 | &nbsp;&nbsp; 33422 |
| Frenship Independent School District, Series 2025 A, GO Bonds, (CEP - Texas Permanent School Fund) | 5.25% | 02/15/2056 | 50 | &nbsp;&nbsp; 53344 |
| Harris (County of), TX, Series 2024 A, RB | 5.00% | 08/15/2035 | 15 | &nbsp;&nbsp; 17363 |
| Harris (County of), TX, Series 2025 A, Ref. GO Bonds | 5.25% | 09/15/2055 | 15 | &nbsp;&nbsp; 16116 |
| Harris (County of), TX Hospital District, Series 2025, GO Bonds | 5.00% | 02/15/2045 | 10 | &nbsp;&nbsp; 10602 |
| Harris (County of), TX Hospital District, Series 2025, GO Bonds | 5.00% | 02/15/2055 | 5 | &nbsp;&nbsp; 5213 |
| &nbsp;&nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), <br> Series 2024, Ref. RB<br>| 5.00% | 07/01/2035 | 5 | &nbsp;&nbsp; 5746 |
| &nbsp;&nbsp;&nbsp; Hays Consolidated Independent School District, Series 2025, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.25% | 02/15/2055 | 50 | &nbsp;&nbsp; 53188 |
| Houston (City of), TX, Series 2025 B, RB | 5.50% | 07/01/2055 | 5 | &nbsp;&nbsp; 5430 |
| Leander (City of), TX, Series 2025, GO Bonds | 5.00% | 08/15/2050 | 25 | &nbsp;&nbsp; 26560 |
| &nbsp;&nbsp;&nbsp; Leander Independent School District, Series 2025 A, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 08/15/2037 | 20 | &nbsp;&nbsp; 23070 |
| &nbsp;&nbsp;&nbsp; Leander Independent School District, Series 2025 A, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 08/15/2040 | 25 | &nbsp;&nbsp; 28069 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2025, Ref. RB | 5.00% | 05/15/2035 | 5 | &nbsp;&nbsp; 5710 |
| &nbsp;&nbsp;&nbsp; Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2025, Ref. RB, <br> (INS - BAM)<sup>(a)</sup><br>| 5.00% | 05/15/2038 | 5 | &nbsp;&nbsp; 5659 |
| &nbsp;&nbsp;&nbsp; Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2025, Ref. RB, <br> (INS - BAM)<sup>(a)</sup><br>| 5.00% | 05/15/2039 | 10 | &nbsp;&nbsp; 11228 |
| &nbsp;&nbsp;&nbsp; Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2025, Ref. RB, <br> (INS - BAM)<sup>(a)</sup><br>| 5.50% | 05/15/2055 | 40 | &nbsp;&nbsp; 43699 |
| Mansfield Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund) | 5.25% | 02/15/2055 | 20 | &nbsp;&nbsp; 21447 |
| &nbsp;&nbsp;&nbsp; Medina Valley Independent School District, Series 2025, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.75% | 02/15/2050 | 10 | &nbsp;&nbsp; 10247 |
| &nbsp;&nbsp;&nbsp; Mesquite Independent School District, Series 2025, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 08/15/2046 | 5 | &nbsp;&nbsp; 5337 |
| New Hope Cultural Education Facilities Finance Corp., Series 2025, RB | 5.25% | 08/15/2044 | 15 | &nbsp;&nbsp; 16298 |
| New Hope Cultural Education Facilities Finance Corp., Series 2025, RB | 5.25% | 08/15/2045 | 15 | &nbsp;&nbsp; 16227 |
| &nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp. (Children's Health System of Texas), Series 2017 <br> A, Ref. RB<br>| 4.00% | 08/15/2035 | 10 | &nbsp;&nbsp; 10051 |
| North Texas Municipal Water District, Series 2025, Ref. RB | 5.00% | 09/01/2041 | 15 | &nbsp;&nbsp; 16409 |
| Northwest Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2055 | 50 | &nbsp;&nbsp; 52135 |
| Northwest Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund) | 5.25% | 02/15/2055 | 25 | &nbsp;&nbsp; 26750 |
| Permanent University Fund - University of Texas System, Series 2024 A, Ref. RB | 5.00% | 07/01/2035 | 25 | &nbsp;&nbsp; 29132 |
| Prosper Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund) | 5.25% | 02/15/2055 | 40 | &nbsp;&nbsp; 43021 |
| Red Oak Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund) | 5.25% | 02/15/2055 | 55 | &nbsp;&nbsp; 59024 |
| &nbsp;&nbsp;&nbsp; Round Rock Independent School District, Series 2025 B, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 08/01/2037 | 5 | &nbsp;&nbsp; 5744 |
| &nbsp;&nbsp;&nbsp; Round Rock Independent School District, Series 2025 B, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 08/01/2040 | 10 | &nbsp;&nbsp; 11232 |
| &nbsp;&nbsp;&nbsp; Round Rock Independent School District, Series 2025 B, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 08/01/2041 | 10 | &nbsp;&nbsp; 11111 |
| &nbsp;&nbsp;&nbsp; Round Rock Independent School District, Series 2025 B, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 08/01/2042 | 15 | &nbsp;&nbsp; 16478 |
| San Antonio (City of), TX, Series 2024 D, Ref. RB | 5.00% | 02/01/2039 | 20 | &nbsp;&nbsp; 22283 |
| Seguin (City of), TX, Series 2025, GO Bonds | 5.50% | 09/01/2059 | 50 | &nbsp;&nbsp; 54488 |
| Spring Independent School District, Series 2025, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2040 | 5 | &nbsp;&nbsp; 5640 |
| Tarrant (County of), TX Regional Water District, Series 2024, Ref. RB | 5.00% | 03/01/2035 | 5 | &nbsp;&nbsp; 5727 |
| Tarrant County Cultural Education Facilities Finance Corp., Series 2025 A, RB | 5.00% | 11/15/2039 | 15 | &nbsp;&nbsp; 16785 |
| Tarrant County Cultural Education Facilities Finance Corp., Series 2025 A, RB | 5.50% | 11/15/2052 | 75 | &nbsp;&nbsp; 81596 |
| Tarrant County Cultural Education Facilities Finance Corp., Series 2025, Ref. RB | 5.00% | 12/01/2040 | 5 | &nbsp;&nbsp; 5548 |
| Tarrant County Cultural Education Facilities Finance Corp., Series 2025, Ref. RB | 5.00% | 12/01/2041 | 50 | &nbsp;&nbsp; 54888 |
| Tarrant County Cultural Education Facilities Finance Corp., Series 2025, Ref. RB | 5.00% | 12/01/2042 | 25 | &nbsp;&nbsp; 27138 |
| Texas (State of) Water Development Board, Series 2016, RB | 4.00% | 10/15/2035 | 35 | &nbsp;&nbsp; 35141 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2035 Municipal Bond ETF (BSMZ)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas-(continued)** |  |  |  |  |
| Texas (State of) Water Development Board, Series 2018, RB | 4.00% | 10/15/2035 | $15 | &nbsp;&nbsp; $15260 |
| Texas (State of) Water Development Board, Series 2019, RB | 3.00% | 10/15/2035 | 50 | &nbsp;&nbsp; 49362 |
| Texas (State of) Water Development Board, Series 2020, RB | 3.00% | 10/15/2035 | 15 | &nbsp;&nbsp; 14809 |
| Texas (State of) Water Development Board, Series 2025, RB | 5.00% | 10/15/2038 | 10 | &nbsp;&nbsp; 11500 |
| Texas (State of) Water Development Board, Series 2025, RB | 5.00% | 10/15/2044 | 20 | &nbsp;&nbsp; 21674 |
| &nbsp;&nbsp;&nbsp; Waller Consolidated Independent School District, Series 2025, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.25% | 02/15/2050 | 50 | &nbsp;&nbsp; 53816 |
|  |  |  |  | &nbsp;&nbsp; 1463352 |
| **Utah-0.81%** |  |  |  |  |
| Downtown Revitalization Public Infrastructure District, Series 2025, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 06/01/2040 | 30 | &nbsp;&nbsp; 33163 |
| Downtown Revitalization Public Infrastructure District, Series 2025, RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 06/01/2045 | 5 | &nbsp;&nbsp; 5391 |
| Local Building Authority of Alpine School District (West School District), Series 2025, RB | 5.00% | 03/15/2043 | 15 | &nbsp;&nbsp; 16124 |
| Local Building Authority of Alpine School District (West School District), Series 2025, RB | 5.00% | 03/15/2045 | 15 | &nbsp;&nbsp; 15933 |
| Utah (State of) Transit Authority, Series 2025, Ref. RB | 5.00% | 12/15/2044 | 5 | &nbsp;&nbsp; 5437 |
| Utah Transit Authority, Series 2025, Ref. RB | 5.00% | 12/15/2037 | 5 | &nbsp;&nbsp; 5824 |
|  |  |  |  | &nbsp;&nbsp; 81872 |
| **Virginia-0.90%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments <br> Programs), Series 2017, RB<br>| 3.00% | 02/01/2035 | 70 | &nbsp;&nbsp; 68764 |
| &nbsp;&nbsp;&nbsp; Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments <br> Programs), Series 2024, RB<br>| 5.00% | 02/01/2035 | 5 | &nbsp;&nbsp; 5822 |
| Virginia (Commonwealth of) Public Building Authority, Series 2025 A, RB | 5.00% | 08/01/2041 | 5 | &nbsp;&nbsp; 5578 |
| Virginia (Commonwealth of) Public Building Authority, Series 2025 A, RB | 5.00% | 08/01/2043 | 10 | &nbsp;&nbsp; 10922 |
|  |  |  |  | &nbsp;&nbsp; 91086 |
| **Washington-5.07%** |  |  |  |  |
| Energy Northwest, Series 2025 A, Ref. RB | 5.00% | 07/01/2039 | 10 | &nbsp;&nbsp; 11416 |
| Energy Northwest, Series 2025, Ref. RB | 5.00% | 07/01/2037 | 25 | &nbsp;&nbsp; 29097 |
| Energy Northwest, Series 2025, Ref. RB | 5.00% | 07/01/2043 | 10 | &nbsp;&nbsp; 10927 |
| Energy Northwest (Columbia Generating Station), Series 2025, Ref. RB | 5.00% | 07/01/2042 | 25 | &nbsp;&nbsp; 27573 |
| &nbsp;&nbsp;&nbsp; Pierce County School District No. 320 Sumner, Series 2025, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2039 | 10 | &nbsp;&nbsp; 11365 |
| &nbsp;&nbsp;&nbsp; Pierce County School District No. 320 Sumner, Series 2025, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2040 | 10 | &nbsp;&nbsp; 11258 |
| &nbsp;&nbsp;&nbsp; Pierce County School District No. 320 Sumner, Series 2025, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2041 | 10 | &nbsp;&nbsp; 11104 |
| Seattle (City of), WA, Series 2025, Ref. RB | 5.00% | 02/01/2035 | 5 | &nbsp;&nbsp; 5867 |
| Seattle (City of), WA, Series 2025, Ref. RB | 5.00% | 02/01/2039 | 10 | &nbsp;&nbsp; 11396 |
| University of Washington, Series 2025 A, Ref. RB | 5.00% | 04/01/2037 | 50 | &nbsp;&nbsp; 58135 |
| Washington (State of), Series 2024 A, GO Bonds | 5.00% | 08/01/2035 | 5 | &nbsp;&nbsp; 5821 |
| Washington (State of), Series 2024 C, GO Bonds | 5.00% | 02/01/2035 | 20 | &nbsp;&nbsp; 23191 |
| Washington (State of), Series 2024 C, Ref. GO Bonds | 5.00% | 08/01/2035 | 5 | &nbsp;&nbsp; 5821 |
| Washington (State of), Series 2024 R, Ref. GO Bonds | 5.00% | 07/01/2035 | 5 | &nbsp;&nbsp; 5818 |
| Washington (State of), Series 2024 R, Ref. GO Bonds | 5.00% | 07/01/2037 | 10 | &nbsp;&nbsp; 11522 |
| Washington (State of), Series 2024 R, Ref. GO Bonds | 5.00% | 07/01/2039 | 10 | &nbsp;&nbsp; 11352 |
| Washington (State of), Series 2025 A, GO Bonds | 5.00% | 08/01/2043 | 50 | &nbsp;&nbsp; 54625 |
| Washington (State of), Series 2025 A, GO Bonds | 5.00% | 08/01/2046 | 40 | &nbsp;&nbsp; 42950 |
| Washington (State of), Series 2025 C, GO Bonds | 5.00% | 02/01/2045 | 30 | &nbsp;&nbsp; 32249 |
| Washington (State of), Series 2025 D, Ref. GO Bonds | 5.00% | 08/01/2035 | 5 | &nbsp;&nbsp; 5906 |
| Washington (State of), Series 2025 D, Ref. GO Bonds | 5.00% | 08/01/2039 | 15 | &nbsp;&nbsp; 17130 |
| Washington (State of), Series 2025 D, Ref. GO Bonds | 5.00% | 08/01/2040 | 60 | &nbsp;&nbsp; 67709 |
| Washington (State of), Series 2025, GO Bonds | 5.00% | 06/01/2046 | 5 | &nbsp;&nbsp; 5352 |
| Washington (State of), Series 2025, GO Bonds | 5.00% | 06/01/2049 | 35 | &nbsp;&nbsp; 37159 |
|  |  |  |  | &nbsp;&nbsp; 514743 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco BulletShares 2035 Municipal Bond ETF (BSMZ)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Wisconsin-0.49%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), <br> Series 2016 A, Ref. RB<br>| 4.00% | 11/15/2035 | $| 50 | &nbsp;&nbsp; $50081 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(b)</sup>-96.27% <br>(Cost $9,710,109) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(b)</sup>-96.27% <br>(Cost $9,710,109) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(b)</sup>-96.27% <br>(Cost $9,710,109) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(b)</sup>-96.27% <br>(Cost $9,710,109) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(b)</sup>-96.27% <br>(Cost $9,710,109) | &nbsp;&nbsp; 9775547 |
| OTHER ASSETS LESS LIABILITIES-3.73% | OTHER ASSETS LESS LIABILITIES-3.73% | OTHER ASSETS LESS LIABILITIES-3.73% | OTHER ASSETS LESS LIABILITIES-3.73% | OTHER ASSETS LESS LIABILITIES-3.73% | &nbsp;&nbsp; 378702 |
| NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $10154249 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| AGI | -Assured Guaranty, Inc. |
| BAM | -Build America Mutual Assurance Co. |
| CEP | -Credit Enhancement Provider |
| GO | -General Obligation |
| INS | -Insurer |
| RB | -Revenue Bonds |
| Ref. | -Refunding |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Principal and/or interest payments are secured by the bond insurance company listed. |
| <sup>(b)</sup> | 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 <br> obligations but may be called upon to satisfy the issuer's obligations. No concentration of any single entity was greater than 5% each.<br>|

---

The valuation policy and a listing of other significant accounting policies are available in the most recent Statement of Additional Information.

See accompanying notes which are an integral part of this schedule.

------

**Notes to Quarterly Schedules of Portfolio Holdings**

November 30, 2025

*(Unaudited)*

**NOTE 1—Additional Valuation Information**

Generally Accepted Accounting Principles ("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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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 Invesco Capital Management LLC'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 November 30, 2025, for each Fund (except for Invesco BulletShares 2029 Corporate Bond ETF, Invesco BulletShares 2030 Corporate Bond ETF, Invesco BulletShares 2034 Corporate Bond ETF, Invesco BulletShares 2029 High Yield Corporate Bond ETF, Invesco BulletShares 2032 High Yield Corporate Bond ETF and the "BulletShares Municipal Bond ETFs", which consist of: Invesco BulletShares 2025 Municipal Bond ETF, Invesco BulletShares 2026 Municipal Bond ETF, Invesco BulletShares 2027 Municipal Bond ETF, Invesco BulletShares 2028 Municipal Bond ETF, Invesco BulletShares 2029 Municipal Bond ETF, Invesco BulletShares 2030 Municipal Bond ETF, Invesco BulletShares 2031 Municipal Bond ETF, Invesco BulletShares 2032 Municipal Bond ETF, Invesco BulletShares 2033 Municipal Bond ETF, Invesco BulletShares 2034 Municipal Bond ETF and Invesco BulletShares 2035 Municipal Bond ETF. As of November 30, 2025, all of the securities in Invesco BulletShares 2029 Corporate Bond ETF, Invesco BulletShares 2030 Corporate Bond ETF, Invesco BulletShares 2034 Corporate Bond ETF, Invesco BulletShares 2029 High Yield Corporate Bond ETF, Invesco BulletShares 2032 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** |
| &nbsp;&nbsp; Invesco BulletShares 2025 Corporate Bond ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $168266955 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $168266955 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp;&nbsp; 2198097964 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2198097964 |
| **Total Investments** | &nbsp;&nbsp;&nbsp; $2198097964 | &nbsp;&nbsp;&nbsp; $168266955 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $2366364919 |
| &nbsp;&nbsp; Invesco BulletShares 2026 Corporate Bond ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $4213371290 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $4213371290 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp;&nbsp; 50814047 | &nbsp;&nbsp;&nbsp; 174236522 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 225050569 |
| **Total Investments** | &nbsp;&nbsp;&nbsp; $50814047 | &nbsp;&nbsp;&nbsp; $4387607812 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $4438421859 |
| &nbsp;&nbsp; Invesco BulletShares 2027 Corporate Bond ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $4271436895 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $4271436895 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp;&nbsp; 20900791 | &nbsp;&nbsp;&nbsp; 360234250 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 381135041 |
| **Total Investments** | &nbsp;&nbsp;&nbsp; $20900791 | &nbsp;&nbsp;&nbsp; $4631671145 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $4652571936 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp; Invesco BulletShares 2028 Corporate Bond ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $3032861070 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $3032861070 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp;&nbsp; 14653755 | &nbsp;&nbsp;&nbsp; 310696672 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 325350427 |
| **Total Investments** | &nbsp;&nbsp;&nbsp; $14653755 | &nbsp;&nbsp;&nbsp; $3343557742 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $3358211497 |
| &nbsp;&nbsp; Invesco BulletShares 2031 Corporate Bond ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $1396871455 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $1396871455 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp;&nbsp; 108905 | &nbsp;&nbsp;&nbsp; 21965666 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 22074571 |
| **Total Investments** | &nbsp;&nbsp;&nbsp; $108905 | &nbsp;&nbsp;&nbsp; $1418837121 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $1418946026 |
| &nbsp;&nbsp; Invesco BulletShares 2032 Corporate Bond ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $1169731550 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $1169731550 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp;&nbsp; 151428 | &nbsp;&nbsp;&nbsp; 35886201 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 36037629 |
| **Total Investments** | &nbsp;&nbsp;&nbsp; $151428 | &nbsp;&nbsp;&nbsp; $1205617751 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $1205769179 |
| &nbsp;&nbsp; Invesco BulletShares 2033 Corporate Bond ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $807068369 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $807068369 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp;&nbsp; 971044 | &nbsp;&nbsp;&nbsp; 35853437 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 36824481 |
| **Total Investments** | &nbsp;&nbsp;&nbsp; $971044 | &nbsp;&nbsp;&nbsp; $842921806 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $843892850 |
| &nbsp;&nbsp; Invesco BulletShares 2035 Corporate Bond ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $77291421 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $77291421 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp;&nbsp; 122703 | &nbsp;&nbsp;&nbsp; 2325942 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2448645 |
| **Total Investments** | &nbsp;&nbsp;&nbsp; $122703 | &nbsp;&nbsp;&nbsp; $79617363 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $79740066 |
| &nbsp;&nbsp; Invesco BulletShares 2025 High Yield Corporate Bond ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $27166360 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $27166360 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp;&nbsp; 555641393 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 555641393 |
| **Total Investments** | &nbsp;&nbsp;&nbsp; $555641393 | &nbsp;&nbsp;&nbsp; $27166360 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $582807753 |
| &nbsp;&nbsp; Invesco BulletShares 2026 High Yield Corporate Bond ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $1060387881 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $1060387881 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp;&nbsp; 88709904 | &nbsp;&nbsp;&nbsp; 45686511 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 134396415 |
| **Total Investments** | &nbsp;&nbsp;&nbsp; $88709904 | &nbsp;&nbsp;&nbsp; $1106074392 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $1194784296 |
| &nbsp;&nbsp; Invesco BulletShares 2027 High Yield Corporate Bond ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $668038052 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $668038052 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp;&nbsp; 10478634 | &nbsp;&nbsp;&nbsp; 103257558 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 113736192 |
| **Total Investments** | &nbsp;&nbsp;&nbsp; $10478634 | &nbsp;&nbsp;&nbsp; $771295610 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $781774244 |
| &nbsp;&nbsp; Invesco BulletShares 2028 High Yield Corporate Bond ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $528739124 | &nbsp;&nbsp;&nbsp; $425 | &nbsp;&nbsp;&nbsp; $528739549 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp;&nbsp; 1311072 | &nbsp;&nbsp;&nbsp; 106060995 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 107372067 |
| **Total Investments** | &nbsp;&nbsp;&nbsp; $1311072 | &nbsp;&nbsp;&nbsp; $634800119 | &nbsp;&nbsp;&nbsp; $425 | &nbsp;&nbsp;&nbsp; $636111616 |
| &nbsp;&nbsp; Invesco BulletShares 2030 High Yield Corporate Bond ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $181140152 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $181140152 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp;&nbsp; 90465 | &nbsp;&nbsp;&nbsp; 14377501 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 14467966 |
| **Total Investments** | &nbsp;&nbsp;&nbsp; $90465 | &nbsp;&nbsp;&nbsp; $195517653 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $195608118 |
| &nbsp;&nbsp; Invesco BulletShares 2031 High Yield Corporate Bond ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $57233673 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $57233673 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp;&nbsp; 133033 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 133033 |
| **Total Investments** | &nbsp;&nbsp;&nbsp; $133033 | &nbsp;&nbsp;&nbsp; $57233673 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $57366706 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp; Invesco BulletShares 2033 High Yield Corporate Bond ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $4998456 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $4998456 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp;&nbsp; 27968 | &nbsp;&nbsp;&nbsp; 285168 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 313136 |
| **Total Investments** | &nbsp;&nbsp;&nbsp; $27968 | &nbsp;&nbsp;&nbsp; $5283624 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $5311592 |

---

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Invesco Exchange-Traded Self-Indexed Fund Trust

- **b. Investment Company Act file number:** 811-23304

- **c. CIK number of Registrant:** 0001657201

- **d. LEI of Registrant:** 549300U103VG1ABIOE62

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 3500 Lacey Road

  - **City:** Downers Grove

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60515

  - **Telephone number:** 800-983-0903

**Item A.2. Information about the Series.**

- **a. Name of Series:** Invesco BulletShares 2029 High Yield Corporate Bond ETF

- **b. EDGAR series identifier (if any):** S000073019

- **c. LEI of Series:** 549300CN8U8NWC30YD33

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-08-31

- **b. Date as of which information is reported:** 2025-11-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $388937198.06

**Total Liabilities:** $18426055.51

**Net Assets:** $370511142.55

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -0.30584202 | **1-Year:** -32.96647116 | **5-Year:** -55.12402901 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -380.29843758 | **1-Year:** -30586.39573705 | **5-Year:** -49405.13325726 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000229788 | 0.74%                | 0.13%                | 0.48%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $60684.15                | $441838.51                                 |
| Month 2  | $475497.01               | $-1862466.97                               |
| Month 3  | $-333750.59              | $412141.62                                 |

### Schedule of Portfolio Investments

| Name                                                                              | Title                                                                             | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CSC Holdings, LLC                                                                 | CSC Holdings, LLC                                                                 | CUSIP: 126307AZ0<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   2373000 | PA      | $1492369.97   | 0.40%             | 2029-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Match Group Holdings II, LLC                                                      | Match Group Holdings II, LLC                                                      | CUSIP: 57665RAJ5<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |    482000 | PA      | $485613.07    | 0.13%             | 2029-02-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Hudson Pacific Properties, L.P.                                                   | Hudson Pacific Properties, L.P.                                                   | CUSIP: 44409MAB2<br>LEI: 5493007NTUGLGZ8T3526 | Long             | DBT              | CORP              | US        |    699000 | PA      | $643988.70    | 0.17%             | 2029-04-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: —       |
| Whirlpool Corp.                                                                   | Whirlpool Corp.                                                                   | CUSIP: 963320AW6<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |    973000 | PA      | $967663.68    | 0.26%             | 2029-02-26      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Allison Transmission, Inc.                                                        | Allison Transmission, Inc.                                                        | CUSIP: 019736AF4<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | DBT              | CORP              | US        |    687000 | PA      | $698808.84    | 0.19%             | 2029-06-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| NRG Energy, Inc.                                                                  | NRG Energy, Inc.                                                                  | CUSIP: 629377CH3<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |   1021000 | PA      | $1025942.42   | 0.28%             | 2029-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Service Corp. International                                                       | Service Corp. International                                                       | CUSIP: 817565CE2<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |   1031000 | PA      | $1036282.84   | 0.28%             | 2029-06-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: —       |
| Virgin Media Secured Finance PLC                                                  | Virgin Media Secured Finance PLC                                                  | CUSIP: 92769XAP0<br>LEI: 213800X3RLP4NOTPY579 | Long             | DBT              | CORP              | GB        |   1979000 | PA      | $1944694.23   | 0.52%             | 2029-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CCO Holdings, LLC/CCO Holdings Capital Corp.                                      | CCO Holdings, LLC/CCO Holdings Capital Corp.                                      | CUSIP: 1248EPCB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2081000 | PA      | $2062411.68   | 0.56%             | 2029-06-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Sirius XM Radio LLC.                                                              | Sirius XM Radio LLC.                                                              | CUSIP: 82967NBC1<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |   1738000 | PA      | $1748236.82   | 0.47%             | 2029-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Clean Harbors, Inc.                                                               | Clean Harbors, Inc.                                                               | CUSIP: 184496AP2<br>LEI: 5493000SJVZVZJKHJF48 | Long             | DBT              | CORP              | US        |    408000 | PA      | $409941.67    | 0.11%             | 2029-07-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Post Holdings, Inc.                                                               | Post Holdings, Inc.                                                               | CUSIP: 737446AP9<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |   1711000 | PA      | $1713135.64   | 0.46%             | 2029-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Iron Mountain Inc.                                                                | Iron Mountain Inc.                                                                | CUSIP: 46284VAF8<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |   1374000 | PA      | $1358604.88   | 0.37%             | 2029-09-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Murphy Oil USA, Inc.                                                              | Murphy Oil USA, Inc.                                                              | CUSIP: 626738AE8<br>LEI: N32S6DTR2ZZ5222WHV58 | Long             | DBT              | CORP              | US        |    687000 | PA      | $682241.15    | 0.18%             | 2029-09-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Methanex Corp.                                                                    | Methanex Corp.                                                                    | CUSIP: 59151KAL2<br>LEI: 549300TSJHRXT9QXRD13 | Long             | DBT              | CORP              | CA        |    976000 | PA      | $977706.05    | 0.26%             | 2029-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: —       |
| OneMain Finance Corp.                                                             | OneMain Finance Corp.                                                             | CUSIP: 85172FAR0<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |   1030000 | PA      | $1029238.11   | 0.28%             | 2029-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Light and Wonder International, Inc.                                              | Light and Wonder International, Inc.                                              | CUSIP: 80874YBE9<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |    686000 | PA      | $705949.57    | 0.19%             | 2029-11-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Scotts Miracle-Gro Co. (The)                                                      | Scotts Miracle-Gro Co. (The)                                                      | CUSIP: 810186AS5<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |    561000 | PA      | $550021.12    | 0.15%             | 2029-10-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| DPL LLC                                                                           | DPL LLC                                                                           | CUSIP: 233293AQ2<br>LEI: 549300DCB0ZJQBPCO827 | Long             | DBT              | CORP              | US        |    546000 | PA      | $536641.34    | 0.14%             | 2029-04-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Invesco Private Government Fund                                                   | Invesco Private Government Fund                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | PF                | US        |   4605924 | NS      | $4605924.00   | 1.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Six Flags Entertainment Corp. / Canada's Wonderland Co. / Magnum Management Corp. | Six Flags Entertainment Corp. / Canada's Wonderland Co. / Magnum Management Corp. | CUSIP: 150190AE6<br>LEI: 549300TUVLNQQ6BVKH61 | Long             | DBT              | CORP              | US        |    686000 | PA      | $636816.06    | 0.17%             | 2029-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Invesco Private Prime Fund                                                        | Invesco Private Prime Fund                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | PF                | US        |  13696486 | NS      | $13696485.71  | 3.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Calpine Corp.                                                                     | Calpine Corp.                                                                     | CUSIP: 131347CP9<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |    891000 | PA      | $885004.55    | 0.24%             | 2029-02-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Level 3 Financing, Inc.                                                           | Level 3 Financing, Inc.                                                           | CUSIP: 527298BS1<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    408000 | PA      | $369386.88    | 0.10%             | 2029-01-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Albertsons Cos Inc / Safeway Inc / New Albertsons L.P./ Albertsons LLC            | Albertsons Cos Inc / Safeway Inc / New Albertsons L.P./ Albertsons LLC            | CUSIP: 013092AG6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1876000 | PA      | $1800984.01   | 0.49%             | 2029-03-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Graphic Packaging International, LLC                                              | Graphic Packaging International, LLC                                              | CUSIP: 38869AAC1<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |    478000 | PA      | $456238.19    | 0.12%             | 2029-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Big River Steel LLC and BRS Finance Corp.                                         | Big River Steel LLC and BRS Finance Corp.                                         | CUSIP: 08949LAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    988000 | PA      | $993783.75    | 0.27%             | 2029-01-31      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Hudbay Minerals Inc.                                                              | Hudbay Minerals Inc.                                                              | CUSIP: 443628AH5<br>LEI: 894500LX3TMESP27BE29 | Long             | DBT              | CORP              | CA        |    742000 | PA      | $752218.82    | 0.20%             | 2029-04-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Hologic, Inc.                                                                     | Hologic, Inc.                                                                     | CUSIP: 436440AP6<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | DBT              | CORP              | US        |   1319000 | PA      | $1304616.83   | 0.35%             | 2029-02-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Energizer Holdings, Inc.                                                          | Energizer Holdings, Inc.                                                          | CUSIP: 29272WAD1<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |   1095000 | PA      | $1043140.91   | 0.28%             | 2029-03-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Acadia Healthcare Co., Inc.                                                       | Acadia Healthcare Co., Inc.                                                       | CUSIP: 00404AAP4<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |    650000 | PA      | $632062.28    | 0.17%             | 2029-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEGNA Inc.                                                                        | TEGNA Inc.                                                                        | CUSIP: 87901JAH8<br>LEI: 549300YC5EDBGX85AO10 | Long             | DBT              | CORP              | US        |   1524000 | PA      | $1511007.60   | 0.41%             | 2029-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AMN Healthcare, Inc.                                                              | AMN Healthcare, Inc.                                                              | CUSIP: 00175PAC7<br>LEI: 549300H27NUKBFFQEE84 | Long             | DBT              | CORP              | US        |    475000 | PA      | $452876.31    | 0.12%             | 2029-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| 1011778 BC ULC / New Red Finance Inc.                                             | 1011778 BC ULC / New Red Finance Inc.                                             | CUSIP: 68245XAP4<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   1030000 | PA      | $995724.18    | 0.27%             | 2029-02-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Lamar Media Corp.                                                                 | Lamar Media Corp.                                                                 | CUSIP: 513075BW0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    547000 | PA      | $546328.83    | 0.15%             | 2029-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Axalta Coating Systems, LLC                                                       | Axalta Coating Systems, LLC                                                       | CUSIP: 05453GAC9<br>LEI: 549300G80QONCHILSF69 | Long             | DBT              | CORP              | US        |    976000 | PA      | $943474.41    | 0.25%             | 2029-02-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Hilton Domestic Operating Co. Inc.                                                | Hilton Domestic Operating Co. Inc.                                                | CUSIP: 432833AJ0<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |   1114000 | PA      | $1081601.65   | 0.29%             | 2029-05-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| NRG Energy, Inc.                                                                  | NRG Energy, Inc.                                                                  | CUSIP: 629377CQ3<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    686000 | PA      | $657655.85    | 0.18%             | 2029-02-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| CNX Resources Corp.                                                               | CNX Resources Corp.                                                               | CUSIP: 12653CAJ7<br>LEI: 549300JK3KH8PWM3B226 | Long             | DBT              | CORP              | US        |    697000 | PA      | $700093.29    | 0.19%             | 2029-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Lumen Technologies, Inc.                                                          | Lumen Technologies, Inc.                                                          | CUSIP: 156700BD7<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |    408000 | PA      | $378456.72    | 0.10%             | 2029-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| LifePoint Health, Inc.                                                            | LifePoint Health, Inc.                                                            | CUSIP: 53219LAU3<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |    682000 | PA      | $665365.68    | 0.18%             | 2029-01-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| LBM Acquisition, LLC                                                              | LBM Acquisition, LLC                                                              | CUSIP: 05552BAA4<br>LEI: 549300FAEB3VWZL4NI86 | Long             | DBT              | CORP              | US        |    994000 | PA      | $889932.08    | 0.24%             | 2029-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| AdaptHealth LLC                                                                   | AdaptHealth LLC                                                                   | CUSIP: 00653VAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    688000 | PA      | $664467.24    | 0.18%             | 2029-08-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: —       |
| Scripps Escrow II, Inc.                                                           | Scripps Escrow II, Inc.                                                           | CUSIP: 81105DAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    714000 | PA      | $665036.24    | 0.18%             | 2029-01-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| CHS/Community Health Systems, Inc.                                                | CHS/Community Health Systems, Inc.                                                | CUSIP: 12543DBH2<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    885000 | PA      | $885649.06    | 0.24%             | 2029-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Anywhere Real Estate Group LLC / Realogy Co-Issuer Corp.                          | Anywhere Real Estate Group LLC / Realogy Co-Issuer Corp.                          | CUSIP: 75606DAL5<br>LEI: LF6PBYTYG3BDVEF4FI12 | Long             | DBT              | CORP              | US        |    771000 | PA      | $744380.99    | 0.20%             | 2029-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Hilcorp Energy I, L.P.                                                            | Hilcorp Energy I, L.P.                                                            | CUSIP: 431318AU8<br>LEI: 549300ITPIHLG0LHEC09 | Long             | DBT              | CORP              | US        |    836000 | PA      | $821671.13    | 0.22%             | 2029-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Level 3 Financing, Inc.                                                           | Level 3 Financing, Inc.                                                           | CUSIP: 527298BT9<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    496000 | PA      | $440708.37    | 0.12%             | 2029-07-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Outfront Media Capital LLC / Outfront Media Capital Corp.                         | Outfront Media Capital LLC / Outfront Media Capital Corp.                         | CUSIP: 69007TAE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    687000 | PA      | $668024.72    | 0.18%             | 2029-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MEG Energy Corp.                                                                  | MEG Energy Corp.                                                                  | CUSIP: 552704AF5<br>LEI: 5493002WXPTG5ZC1T326 | Long             | DBT              | CORP              | CA        |    807000 | PA      | $818854.83    | 0.22%             | 2029-02-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Uniti Group L.P./ Uniti Group Finance 2019 Inc / CSL Capital LLC                  | Uniti Group L.P./ Uniti Group Finance 2019 Inc / CSL Capital LLC                  | CUSIP: 91327BAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1544000 | PA      | $1466944.83   | 0.40%             | 2029-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Howard Hughes Corp. (The)                                                         | Howard Hughes Corp. (The)                                                         | CUSIP: 44267DAE7<br>LEI: 549300BVHY25JZC1KI49 | Long             | DBT              | CORP              | US        |    891000 | PA      | $865704.24    | 0.23%             | 2029-02-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| US Foods, Inc.                                                                    | US Foods, Inc.                                                                    | CUSIP: 90290MAD3<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |   1254000 | PA      | $1249526.23   | 0.34%             | 2029-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| AMC Networks Inc.                                                                 | AMC Networks Inc.                                                                 | CUSIP: 00164VAF0<br>LEI: 549300VGG9K75226LR46 | Long             | DBT              | CORP              | US        |    457000 | PA      | $401624.67    | 0.11%             | 2029-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: —       |
| ZoomInfo Technologies LLC/ZoomInfo Finance Corp.                                  | ZoomInfo Technologies LLC/ZoomInfo Finance Corp.                                  | CUSIP: 98981BAA0<br>LEI: 254900NOX7TLOJ3WS309 | Long             | DBT              | CORP              | US        |    890000 | PA      | $843484.06    | 0.23%             | 2029-02-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Rocket Software, Inc.                                                             | Rocket Software, Inc.                                                             | CUSIP: 77314EAA6<br>LEI: 549300PVG26ISP5X1556 | Long             | DBT              | CORP              | US        |    789000 | PA      | $769027.65    | 0.21%             | 2029-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Acrisure LLC / Acrisure Finance Inc.                                              | Acrisure LLC / Acrisure Finance Inc.                                              | CUSIP: 00489LAF0<br>LEI: 549300R0Z1Q47XRTGO22 | Long             | DBT              | CORP              | US        |    975000 | PA      | $947845.76    | 0.26%             | 2029-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Kennedy-Wilson, Inc.                                                              | Kennedy-Wilson, Inc.                                                              | CUSIP: 489399AL9<br>LEI: 5EA4464UK7FM5QNNKL62 | Long             | DBT              | CORP              | US        |    837000 | PA      | $811797.01    | 0.22%             | 2029-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Global Partners L.P./ GLP Finance Corp.                                           | Global Partners L.P./ GLP Finance Corp.                                           | CUSIP: 37954FAJ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    473000 | PA      | $479223.26    | 0.13%             | 2029-01-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cliffs Inc.                                                             | Cleveland-Cliffs Inc.                                                             | CUSIP: 185899AK7<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    503000 | PA      | $491809.61    | 0.13%             | 2029-03-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| PennyMac Financial Services, Inc.                                                 | PennyMac Financial Services, Inc.                                                 | CUSIP: 70932MAB3<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |    891000 | PA      | $871569.78    | 0.24%             | 2029-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Constellium SE                                                                    | Constellium SE                                                                    | CUSIP: 21039CAB0<br>LEI: 724500KRJEMC79KAAU28 | Long             | DBT              | CORP              | FR        |    686000 | PA      | $661242.81    | 0.18%             | 2029-04-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| RHP Hotel Properties L.P./ RHP Finance Corp.                                      | RHP Hotel Properties L.P./ RHP Finance Corp.                                      | CUSIP: 749571AG0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    818000 | PA      | $807595.69    | 0.22%             | 2029-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Simmons Foods Inc./Simmons Prepared Foods Inc./Simmons Pet Food Inc./Simmons Feed | Simmons Foods Inc./Simmons Prepared Foods Inc./Simmons Pet Food Inc./Simmons Feed | CUSIP: 82873MAA1<br>LEI: 5493002Z1TVWRIL6NM97 | Long             | DBT              | CORP              | US        |   1170000 | PA      | $1126371.05   | 0.30%             | 2029-03-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Avis Budget Car Rental, LLC                                                       | Avis Budget Car Rental, LLC                                                       | CUSIP: 053773BF3<br>LEI: XN8R4HH1TVC1XOCL5P21 | Long             | DBT              | CORP              | US        |    836000 | PA      | $811007.36    | 0.22%             | 2029-03-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: —       |
| Comstock Resources, Inc.                                                          | Comstock Resources, Inc.                                                          | CUSIP: 205768AS3<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |   1699000 | PA      | $1705459.60   | 0.46%             | 2029-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Upbound Group, Inc.                                                               | Upbound Group, Inc.                                                               | CUSIP: 76009NAL4<br>LEI: 529900QUHE15UQNCCJ63 | Long             | DBT              | CORP              | US        |    622000 | PA      | $608088.41    | 0.16%             | 2029-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Coeur Mining, Inc.                                                                | Coeur Mining, Inc.                                                                | CUSIP: 192108BC1<br>LEI: 5493003AVK173D48DR70 | Long             | DBT              | CORP              | US        |    400000 | PA      | $399517.44    | 0.11%             | 2029-02-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Go Daddy Operating Co. LLC / GD Finance Co. Inc.                                  | Go Daddy Operating Co. LLC / GD Finance Co. Inc.                                  | CUSIP: 38016LAC9<br>LEI: 5493005GJOH8HLL11157 | Long             | DBT              | CORP              | US        |   1114000 | PA      | $1067285.19   | 0.29%             | 2029-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| TriNet Group, Inc.                                                                | TriNet Group, Inc.                                                                | CUSIP: 896288AA5<br>LEI: 5299003FJVBETSFKE990 | Long             | DBT              | CORP              | US        |    686000 | PA      | $647866.36    | 0.17%             | 2029-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| TTM Technologies, Inc.                                                            | TTM Technologies, Inc.                                                            | CUSIP: 87305RAK5<br>LEI: 549300SC4BDOIS008048 | Long             | DBT              | CORP              | US        |    686000 | PA      | $665134.83    | 0.18%             | 2029-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Edgewell Personal Care Co.                                                        | Edgewell Personal Care Co.                                                        | CUSIP: 28035QAB8<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | DBT              | CORP              | US        |    686000 | PA      | $647257.94    | 0.17%             | 2029-04-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC       | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC       | CUSIP: 03969YAB4<br>LEI: 635400YUJMWFYRBL5293 | Long             | DBT              | CORP              | US        |   1458000 | PA      | $1358104.55   | 0.37%             | 2029-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ACCO Brands Corp.                                                                 | ACCO Brands Corp.                                                                 | CUSIP: 00081TAK4<br>LEI: JCT8P4Y190IH4I1NX328 | Long             | DBT              | CORP              | US        |    788000 | PA      | $715296.91    | 0.19%             | 2029-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: —       |
| Superior Plus L.P./ Superior General Partner Inc.                                 | Superior Plus L.P./ Superior General Partner Inc.                                 | CUSIP: 86828LAC6<br>LEI: 549300K5Y13GU6TPZJ49 | Long             | DBT              | CORP              | CA        |    836000 | PA      | $809218.15    | 0.22%             | 2029-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Owens & Minor, Inc.                                                               | Owens & Minor, Inc.                                                               | CUSIP: 690732AF9<br>LEI: 549300LMT5KQQXCEZ733 | Long             | DBT              | CORP              | US        |    654000 | PA      | $463997.85    | 0.13%             | 2029-03-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Twilio Inc.                                                                       | Twilio Inc.                                                                       | CUSIP: 90138FAC6<br>LEI: 5493004W8TRGD63APX93 | Long             | DBT              | CORP              | US        |    697000 | PA      | $675247.86    | 0.18%             | 2029-03-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Compass Group Diversified Holdings LLC                                            | Compass Group Diversified Holdings LLC                                            | CUSIP: 20451RAB8<br>LEI: 549300I6PTUQPX21TE93 | Long             | DBT              | CORP              | US        |   1430590 | PA      | $1339394.03   | 0.36%             | 2029-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Playtika Holding Corp.                                                            | Playtika Holding Corp.                                                            | CUSIP: 72815LAA5<br>LEI: 254900E35Z4TKA4UFG64 | Long             | DBT              | CORP              | US        |    827000 | PA      | $748621.08    | 0.20%             | 2029-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Crocs, Inc.                                                                       | Crocs, Inc.                                                                       | CUSIP: 227046AA7<br>LEI: 549300B0J6YCXD63OG72 | Long             | DBT              | CORP              | US        |    475000 | PA      | $459432.30    | 0.12%             | 2029-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Synaptics Inc.                                                                    | Synaptics Inc.                                                                    | CUSIP: 87157DAG4<br>LEI: 549300AJ3LI4FWNRQX29 | Long             | DBT              | CORP              | US        |    548000 | PA      | $527036.70    | 0.14%             | 2029-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sensata Technologies B.V.                                                         | Sensata Technologies B.V.                                                         | CUSIP: 81725WAK9<br>LEI: PUCKW5P5O3XMOZVH7T53 | Long             | DBT              | CORP              | NL        |   1274000 | PA      | $1245258.69   | 0.34%             | 2029-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: —       |
| Pitney Bowes Inc.                                                                 | Pitney Bowes Inc.                                                                 | CUSIP: 724479AQ3<br>LEI: 549300N2O26NW4ST6W55 | Long             | DBT              | CORP              | US        |    447000 | PA      | $451101.23    | 0.12%             | 2029-03-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: —       |
| TriMas Corp.                                                                      | TriMas Corp.                                                                      | CUSIP: 896215AH3<br>LEI: 75G1WUQ8QK4P5MZOYD78 | Long             | DBT              | CORP              | US        |    548000 | PA      | $538196.61    | 0.15%             | 2029-04-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Ferrellgas L.P./ Ferrellgas Finance Corp.                                         | Ferrellgas L.P./ Ferrellgas Finance Corp.                                         | CUSIP: 315289AC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1149000 | PA      | $1098464.80   | 0.30%             | 2029-04-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| NESCO Holdings II, Inc.                                                           | NESCO Holdings II, Inc.                                                           | CUSIP: 64083YAA9<br>LEI: 254900FAHT0HW9T6L409 | Long             | DBT              | CORP              | US        |   1266000 | PA      | $1251274.14   | 0.34%             | 2029-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Terex Corp.                                                                       | Terex Corp.                                                                       | CUSIP: 880779BA0<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | DBT              | CORP              | US        |    837000 | PA      | $832251.95    | 0.22%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NCR Voyix Corp.                                                                   | NCR Voyix Corp.                                                                   | CUSIP: 62886EBA5<br>LEI: 549300YKTY8JX1DV2R67 | Long             | DBT              | CORP              | US        |    551000 | PA      | $546425.98    | 0.15%             | 2029-04-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| VM Consolidated, Inc.                                                             | VM Consolidated, Inc.                                                             | CUSIP: 91835HAA0<br>LEI: 549300GCTGJLEBXJUK89 | Long             | DBT              | CORP              | US        |    477000 | PA      | $477155.22    | 0.13%             | 2029-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Teine Energy Ltd.                                                                 | Teine Energy Ltd.                                                                 | CUSIP: 879068AB0<br>LEI: 894500JBC83AX7PYEU16 | Long             | DBT              | CORP              | CA        |    545000 | PA      | $545352.02    | 0.15%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Dycom Industries, Inc.                                                            | Dycom Industries, Inc.                                                            | CUSIP: 267475AD3<br>LEI: 549300F56EKTHQI3WT60 | Long             | DBT              | CORP              | US        |    687000 | PA      | $678399.52    | 0.18%             | 2029-04-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BWX Technologies, Inc.                                                            | BWX Technologies, Inc.                                                            | CUSIP: 05605HAC4<br>LEI: 549300NP85N265KWMS58 | Long             | DBT              | CORP              | US        |    548000 | PA      | $538240.23    | 0.15%             | 2029-04-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| United Wholesale Mortgage LLC                                                     | United Wholesale Mortgage LLC                                                     | CUSIP: 913229AA8<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |    976000 | PA      | $966788.51    | 0.26%             | 2029-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Imola Merger Corp.                                                                | Imola Merger Corp.                                                                | CUSIP: 45258LAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2778000 | PA      | $2746334.69   | 0.74%             | 2029-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Arcosa, Inc.                                                                      | Arcosa, Inc.                                                                      | CUSIP: 039653AA8<br>LEI: 549300WFHLTCZV7D6V29 | Long             | DBT              | CORP              | US        |    548000 | PA      | $537516.05    | 0.15%             | 2029-04-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Hunt Cos., Inc.                                                                   | Hunt Cos., Inc.                                                                   | CUSIP: 445587AE8<br>LEI: 549300ODPWDNCH5TKM49 | Long             | DBT              | CORP              | US        |    875000 | PA      | $855377.51    | 0.23%             | 2029-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Aretec Group, Inc.                                                                | Aretec Group, Inc.                                                                | CUSIP: 040133AA8<br>LEI: 549300NV2T8A33L0PQ58 | Long             | DBT              | CORP              | US        |    552000 | PA      | $557208.12    | 0.15%             | 2029-04-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Bloomin' Brands Inc / OSI Restaurant Partners LLC                                 | Bloomin' Brands Inc / OSI Restaurant Partners LLC                                 | CUSIP: 094234AA9<br>LEI: E1UJ2GO305B5FXGV7N04 | Long             | DBT              | CORP              | US        |    414000 | PA      | $371498.18    | 0.10%             | 2029-04-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: —       |
| Tms International Corp.                                                           | Tms International Corp.                                                           | CUSIP: 87261QAC7<br>LEI: 549300L4K0F1YF8WKF23 | Long             | DBT              | CORP              | US        |    482000 | PA      | $466087.08    | 0.13%             | 2029-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Michaels Cos., Inc. (The)                                                         | Michaels Cos., Inc. (The)                                                         | CUSIP: 55916AAB0<br>LEI: 549300H9LWMBP7HYLR98 | Long             | DBT              | CORP              | US        |   1330000 | PA      | $1213963.88   | 0.33%             | 2029-05-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp.                        | Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp.                        | CUSIP: 59833DAB6<br>LEI: 5493005826VXDUREHL94 | Long             | DBT              | CORP              | US        |   1040000 | PA      | $1018830.38   | 0.27%             | 2029-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Broadstreet Partners Group, LLC                                                   | Broadstreet Partners Group, LLC                                                   | CUSIP: 11135RAA3<br>LEI: 549300BS9N54G8DD0R75 | Long             | DBT              | CORP              | US        |    993000 | PA      | $992243.53    | 0.27%             | 2029-04-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Patrick Industries Inc.                                                           | Patrick Industries Inc.                                                           | CUSIP: 703343AD5<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | DBT              | CORP              | US        |    473000 | PA      | $470766.21    | 0.13%             | 2029-05-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Boyne USA, Inc.                                                                   | Boyne USA, Inc.                                                                   | CUSIP: 103557AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    944000 | PA      | $932499.53    | 0.25%             | 2029-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SCIH Salt Holdings Inc.                                                           | SCIH Salt Holdings Inc.                                                           | CUSIP: 78433BAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    976000 | PA      | $981094.72    | 0.26%             | 2029-05-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Entegris, Inc.                                                                    | Entegris, Inc.                                                                    | CUSIP: 29362UAD6<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | DBT              | CORP              | US        |    547000 | PA      | $522450.86    | 0.14%             | 2029-05-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Hightower Holding, LLC                                                            | Hightower Holding, LLC                                                            | CUSIP: 43118DAA8<br>LEI: 254900MKOSB7RTMA9K12 | Long             | DBT              | CORP              | US        |    409000 | PA      | $410120.25    | 0.11%             | 2029-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| LCM Investments Holdings II, LLC                                                  | LCM Investments Holdings II, LLC                                                  | CUSIP: 50190EAA2<br>LEI: 549300P5V78NNQTG4428 | Long             | DBT              | CORP              | US        |   1374000 | PA      | $1353936.30   | 0.37%             | 2029-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| American Builders & Contractors Supply Co., Inc.                                  | American Builders & Contractors Supply Co., Inc.                                  | CUSIP: 024747AG2<br>LEI: 549300H5GQ4C1BEKG397 | Long             | DBT              | CORP              | US        |    548000 | PA      | $526581.26    | 0.14%             | 2029-11-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| NOVA Chemicals Corp.                                                              | NOVA Chemicals Corp.                                                              | CUSIP: 66977WAS8<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |    789000 | PA      | $764892.25    | 0.21%             | 2029-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Carriage Services, Inc.                                                           | Carriage Services, Inc.                                                           | CUSIP: 143905AP2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    548000 | PA      | $525381.43    | 0.14%             | 2029-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| TKC Holdings, Inc.                                                                | TKC Holdings, Inc.                                                                | CUSIP: 87256YAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    929000 | PA      | $953882.34    | 0.26%             | 2029-05-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                                                         | Vistra Operations Co. LLC                                                         | CUSIP: 92840VAH5<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |   1738000 | PA      | $1717016.95   | 0.46%             | 2029-05-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Allied Universal Holdco LLC / Allied Universal Finance Corp.                      | Allied Universal Holdco LLC / Allied Universal Finance Corp.                      | CUSIP: 019576AC1<br>LEI: 98450038B4549046D794 | Long             | DBT              | CORP              | US        |   1319000 | PA      | $1294461.72   | 0.35%             | 2029-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Frontier Communications Holdings, LLC                                             | Frontier Communications Holdings, LLC                                             | CUSIP: 35908MAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1030000 | PA      | $1046104.05   | 0.28%             | 2029-11-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Univision Communications Inc.                                                     | Univision Communications Inc.                                                     | CUSIP: 914906AV4<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |   1459000 | PA      | $1392434.00   | 0.38%             | 2029-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| HLF Financing S.a.r.l. LLC / Herbalife International Inc.                         | HLF Financing S.a.r.l. LLC / Herbalife International Inc.                         | CUSIP: 40390DAC9<br>LEI: 549300VKVJUV5OGV2R51 | Long             | DBT              | CORP              | US        |    820000 | PA      | $770539.81    | 0.21%             | 2029-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: —       |
| Great Lakes Dredge & Dock Corp.                                                   | Great Lakes Dredge & Dock Corp.                                                   | CUSIP: 390607AF6<br>LEI: 549300H65E3MZ1CX0P05 | Long             | DBT              | CORP              | US        |    443000 | PA      | $431800.07    | 0.12%             | 2029-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer  | Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer  | CUSIP: 70052LAC7<br>LEI: 549300HJUVLG7EAGZV92 | Long             | DBT              | CORP              | US        |   1028000 | PA      | $998751.45    | 0.27%             | 2029-05-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Brookfield Residential Properties Inc / Brookfield Residential US LLC             | Brookfield Residential Properties Inc / Brookfield Residential US LLC             | CUSIP: 11283YAG5<br>LEI: 549300C2SXDXVIUV3Q14 | Long             | DBT              | CORP              | CA        |    482000 | PA      | $466239.03    | 0.13%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MajorDrive Holdings IV, LLC                                                       | MajorDrive Holdings IV, LLC                                                       | CUSIP: 56085RAA8<br>LEI: 25490044R1FR5N8FIT62 | Long             | DBT              | CORP              | US        |    699000 | PA      | $478815.00    | 0.13%             | 2029-06-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Mueller Water Products, Inc.                                                      | Mueller Water Products, Inc.                                                      | CUSIP: 624758AF5<br>LEI: 549300F7ZU4P1F8V8L60 | Long             | DBT              | CORP              | US        |    613000 | PA      | $595864.14    | 0.16%             | 2029-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings, Inc.                                              | Clear Channel Outdoor Holdings, Inc.                                              | CUSIP: 18453HAD8<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |   1458000 | PA      | $1443435.31   | 0.39%             | 2029-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Garda World Security Corp.                                                        | Garda World Security Corp.                                                        | CUSIP: 36485MAL3<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |    685000 | PA      | $673180.94    | 0.18%             | 2029-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Lithia Motors, Inc.                                                               | Lithia Motors, Inc.                                                               | CUSIP: 536797AG8<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | DBT              | CORP              | US        |   1114000 | PA      | $1074251.59   | 0.29%             | 2029-06-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| XHR L.P.                                                                          | XHR L.P.                                                                          | CUSIP: 98372MAC9<br>LEI: 549300M88BPT83ZL2164 | Long             | DBT              | CORP              | US        |    685000 | PA      | $674709.93    | 0.18%             | 2029-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Deluxe Corp.                                                                      | Deluxe Corp.                                                                      | CUSIP: 248019AU5<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | DBT              | CORP              | US        |    650000 | PA      | $657910.50    | 0.18%             | 2029-06-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Hilton Grand Vacations Borrower LLC                                               | Hilton Grand Vacations Borrower LLC                                               | CUSIP: 43284MAA6<br>LEI: 254900HF0EZ734FDVY79 | Long             | DBT              | CORP              | US        |   1180000 | PA      | $1134605.99   | 0.31%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Global Infrastructure Solutions Inc.                                              | Global Infrastructure Solutions Inc.                                              | CUSIP: 37960XAA5<br>LEI: 2549003BGLQITAJ6ZT28 | Long             | DBT              | CORP              | US        |    548000 | PA      | $551732.43    | 0.15%             | 2029-06-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Antero Midstream Partners L.P./ Antero Midstream Finance Corp.                    | Antero Midstream Partners L.P./ Antero Midstream Finance Corp.                    | CUSIP: 03690AAH9<br>LEI: 529900HFO1BDEIT4QU11 | Long             | DBT              | CORP              | US        |   1041000 | PA      | $1045218.75   | 0.28%             | 2029-06-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Penske Automotive Group, Inc.                                                     | Penske Automotive Group, Inc.                                                     | CUSIP: 70959WAK9<br>LEI: 549300W7UTQ0M4C7LB15 | Long             | DBT              | CORP              | US        |    687000 | PA      | $664805.16    | 0.18%             | 2029-06-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: —       |
| Precision Drilling Corp.                                                          | Precision Drilling Corp.                                                          | CUSIP: 740212AM7<br>LEI: 549300WF2OE8T5BP4B84 | Long             | DBT              | CORP              | CA        |    548000 | PA      | $551676.53    | 0.15%             | 2029-01-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Lumen Technologies, Inc.                                                          | Lumen Technologies, Inc.                                                          | CUSIP: 550241AA1<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |    316000 | PA      | $294000.08    | 0.08%             | 2029-06-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| GFL Environmental Inc.                                                            | GFL Environmental Inc.                                                            | CUSIP: 36168QAN4<br>LEI: 894500E7NLBY9VZRT696 | Long             | DBT              | CORP              | CA        |   1030000 | PA      | $1029694.30   | 0.28%             | 2029-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Marriott Ownership Resorts, Inc.                                                  | Marriott Ownership Resorts, Inc.                                                  | CUSIP: 57164PAH9<br>LEI: BW4532OH033VURR0IT68 | Long             | DBT              | CORP              | US        |    686000 | PA      | $651803.38    | 0.18%             | 2029-06-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SunCoke Energy, Inc.                                                              | SunCoke Energy, Inc.                                                              | CUSIP: 86722AAD5<br>LEI: 1KF1J2NXQE2PI0QOB943 | Long             | DBT              | CORP              | US        |    686000 | PA      | $628236.12    | 0.17%             | 2029-06-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Ascent Resources Utica Holdings LLC / ARU Finance Corp.                           | Ascent Resources Utica Holdings LLC / ARU Finance Corp.                           | CUSIP: 04364VAU7<br>LEI: 549300EGLQ2M2CL7JZ89 | Long             | DBT              | CORP              | US        |    697000 | PA      | $699873.73    | 0.19%             | 2029-06-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Paysafe Finance PLC / Paysafe Holdings US Corp.                                   | Paysafe Finance PLC / Paysafe Holdings US Corp.                                   | CUSIP: 70452AAA1<br>LEI: 894500TDMZ4S0F5X0Z61 | Long             | DBT              | CORP              | GB        |    458000 | PA      | $417579.44    | 0.11%             | 2029-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LGI Homes, Inc.                                                                   | LGI Homes, Inc.                                                                   | CUSIP: 50187TAF3<br>LEI: 549300W02B4WNV8CV109 | Long             | DBT              | CORP              | US        |    408000 | PA      | $373203.88    | 0.10%             | 2029-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Madison IAQ LLC                                                                   | Madison IAQ LLC                                                                   | CUSIP: 55760LAB3<br>LEI: 549300IXDNBXNHUPBU73 | Long             | DBT              | CORP              | US        |   1422000 | PA      | $1407514.51   | 0.38%             | 2029-06-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Apollo Commercial Real Estate Finance, Inc.                                       | Apollo Commercial Real Estate Finance, Inc.                                       | CUSIP: 03762UAD7<br>LEI: 549300E0AN7M2AQHSY29 | Long             | DBT              | CORP              | US        |    690000 | PA      | $670916.74    | 0.18%             | 2029-06-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: —       |
| APi Group DE, Inc.                                                                | APi Group DE, Inc.                                                                | CUSIP: 001877AA7<br>LEI: 549300XP4G7B4QYA0G83 | Long             | DBT              | CORP              | US        |    464000 | PA      | $451234.48    | 0.12%             | 2029-07-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| At Home Group Inc.                                                                | At Home Group Inc.                                                                | CUSIP: 04650YAB6<br>LEI: 549300LGPR0P05O30I24 | Long             | DBT              | CORP              | US        |     20000 | PA      | $221.15       | 0.00%             | 2029-07-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| AHP Health Partners, Inc.                                                         | AHP Health Partners, Inc.                                                         | CUSIP: 00150LAB7<br>LEI: 549300QMM8MQ6SM5KX05 | Long             | DBT              | CORP              | US        |    406000 | PA      | $398715.14    | 0.11%             | 2029-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ITT Holdings LLC                                                                  | ITT Holdings LLC                                                                  | CUSIP: 45074JAA2<br>LEI: 549300TH2PHOLK31LB42 | Long             | DBT              | CORP              | US        |   1695000 | PA      | $1644247.04   | 0.44%             | 2029-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Leeward Renewable Energy Operations, LLC                                          | Leeward Renewable Energy Operations, LLC                                          | CUSIP: 524590AA4<br>LEI: 254900EVJU1A57NUX379 | Long             | DBT              | CORP              | US        |    510000 | PA      | $487935.72    | 0.13%             | 2029-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PENN Entertainment, Inc.                                                          | PENN Entertainment, Inc.                                                          | CUSIP: 707569AV1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    547000 | PA      | $506296.75    | 0.14%             | 2029-07-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Elastic N.V.                                                                      | Elastic N.V.                                                                      | CUSIP: 28415LAA1<br>LEI: 2549003I48WHHH937I59 | Long             | DBT              | CORP              | NL        |    788000 | PA      | $760765.30    | 0.21%             | 2029-07-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Victoria's Secret & Co.                                                           | Victoria's Secret & Co.                                                           | CUSIP: 926400AA0<br>LEI: 5493006T3O70U3UWVF17 | Long             | DBT              | CORP              | US        |    837000 | PA      | $810968.38    | 0.22%             | 2029-07-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Mercer International Inc.                                                         | Mercer International Inc.                                                         | CUSIP: 588056BB6<br>LEI: 549300Z5IAG39VRTY874 | Long             | DBT              | CORP              | US        |   1184000 | PA      | $703598.87    | 0.19%             | 2029-02-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: —       |
| Sunoco L.P. and Sunoco Finance Corp.                                              | Sunoco L.P. and Sunoco Finance Corp.                                              | CUSIP: 86765LAT4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1115000 | PA      | $1093679.86   | 0.30%             | 2029-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: —       |
| Performance Food Group, Inc.                                                      | Performance Food Group, Inc.                                                      | CUSIP: 71376LAE0<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |   1384000 | PA      | $1360423.84   | 0.37%             | 2029-08-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Icahn Enterprises L.P./ Icahn Enterprises Finance Corp.                           | Icahn Enterprises L.P./ Icahn Enterprises Finance Corp.                           | CUSIP: 451102CC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    917000 | PA      | $799497.00    | 0.22%             | 2029-02-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: —       |
| AmWINS Group, Inc.                                                                | AmWINS Group, Inc.                                                                | CUSIP: 031921AB5<br>LEI: 549300SJE7MUB8NMRG61 | Long             | DBT              | CORP              | US        |   1084000 | PA      | $1058248.93   | 0.29%             | 2029-06-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| First Student Bidco Inc / First Transit Parent Inc.                               | First Student Bidco Inc / First Transit Parent Inc.                               | CUSIP: 337120AA7<br>LEI: 2549006DRO2F06AA1391 | Long             | DBT              | CORP              | US        |    864000 | PA      | $844573.56    | 0.23%             | 2029-07-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Vital Energy, Inc.                                                                | Vital Energy, Inc.                                                                | CUSIP: 516806AH9<br>LEI: 549300X0PTWU2QSLSL14 | Long             | DBT              | CORP              | US        |    406000 | PA      | $400761.91    | 0.11%             | 2029-07-31      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| ADT Security Corp. (The)                                                          | ADT Security Corp. (The)                                                          | CUSIP: 00109LAA1<br>LEI: 5493009JEEDYLVRA0J13 | Long             | DBT              | CORP              | US        |   1393000 | PA      | $1357016.02   | 0.37%             | 2029-08-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Ashton Woods USA LLC / Ashton Woods Finance Co.                                   | Ashton Woods USA LLC / Ashton Woods Finance Co.                                   | CUSIP: 045086AM7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    481000 | PA      | $456139.52    | 0.12%             | 2029-08-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| McGraw-Hill Education, Inc.                                                       | McGraw-Hill Education, Inc.                                                       | CUSIP: 57767XAB6<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | DBT              | CORP              | US        |    879000 | PA      | $890691.58    | 0.24%             | 2029-08-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Acrisure LLC / Acrisure Finance Inc.                                              | Acrisure LLC / Acrisure Finance Inc.                                              | CUSIP: 00489LAH6<br>LEI: 549300R0Z1Q47XRTGO22 | Long             | DBT              | CORP              | US        |    687000 | PA      | $677514.34    | 0.18%             | 2029-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Sotheby's/Bidfair Holdings Inc.                                                   | Sotheby's/Bidfair Holdings Inc.                                                   | CUSIP: 83600GAA2<br>LEI: 549300P5BAAMQQ7VL735 | Long             | DBT              | CORP              | US        |    407000 | PA      | $384837.79    | 0.10%             | 2029-06-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Altice Financing S.A.                                                             | Altice Financing S.A.                                                             | CUSIP: 02154CAH6<br>LEI: 549300DIYGW8HVDF7Q17 | Long             | DBT              | CORP              | LU        |   2605000 | PA      | $1741455.53   | 0.47%             | 2029-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Century Communities, Inc.                                                         | Century Communities, Inc.                                                         | CUSIP: 156504AM4<br>LEI: 5299002QMB2O7ZL1CA26 | Long             | DBT              | CORP              | US        |    680000 | PA      | $647619.01    | 0.17%             | 2029-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Chemours Co. (The)                                                                | Chemours Co. (The)                                                                | CUSIP: 163851AH1<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |    848000 | PA      | $758264.72    | 0.20%             | 2029-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| GFL Environmental Inc.                                                            | GFL Environmental Inc.                                                            | CUSIP: 36168QAP9<br>LEI: 894500E7NLBY9VZRT696 | Long             | DBT              | CORP              | CA        |    751000 | PA      | $741538.53    | 0.20%             | 2029-08-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Resideo Funding Inc.                                                              | Resideo Funding Inc.                                                              | CUSIP: 76119LAB7<br>LEI: 5493000IFJ6XJKH66598 | Long             | DBT              | CORP              | US        |    410000 | PA      | $391396.25    | 0.11%             | 2029-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CommScope, LLC                                                                    | CommScope, LLC                                                                    | CUSIP: 203372AX5<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |   1319000 | PA      | $1320015.63   | 0.36%             | 2029-09-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| W. R. Grace Holdings LLC                                                          | W. R. Grace Holdings LLC                                                          | CUSIP: 92943GAA9<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |   1595000 | PA      | $1502927.13   | 0.41%             | 2029-08-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Wolverine World Wide, Inc.                                                        | Wolverine World Wide, Inc.                                                        | CUSIP: 978097AG8<br>LEI: 549300OVC7PK14LQ8D87 | Long             | DBT              | CORP              | US        |    752000 | PA      | $690302.69    | 0.19%             | 2029-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: —       |
| SeaWorld Parks & Entertainment, Inc.                                              | SeaWorld Parks & Entertainment, Inc.                                              | CUSIP: 81282UAG7<br>LEI: 549300UZV72O3371JJ53 | Long             | DBT              | CORP              | US        |    992000 | PA      | $960317.70    | 0.26%             | 2029-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Stagwell Global LLC                                                               | Stagwell Global LLC                                                               | CUSIP: 59565JAA9<br>LEI: 984500904E015Z0C1F82 | Long             | DBT              | CORP              | US        |   1524000 | PA      | $1482227.31   | 0.40%             | 2029-08-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| American Axle & Manufacturing, Inc.                                               | American Axle & Manufacturing, Inc.                                               | CUSIP: 02406PBB5<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |    827000 | PA      | $793347.88    | 0.21%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clarivate Science Holdings Corp.                                                  | Clarivate Science Holdings Corp.                                                  | CUSIP: 18064PAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1268000 | PA      | $1199470.56   | 0.32%             | 2029-07-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| DISH DBS Corp.                                                                    | DISH DBS Corp.                                                                    | CUSIP: 25470XBD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2080000 | PA      | $1762347.81   | 0.48%             | 2029-06-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Papa John's International, Inc.                                                   | Papa John's International, Inc.                                                   | CUSIP: 698813AA0<br>LEI: HZYLD3DK5XOX0WBVNB56 | Long             | DBT              | CORP              | US        |    548000 | PA      | $528847.84    | 0.14%             | 2029-09-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ATI Inc.                                                                          | ATI Inc.                                                                          | CUSIP: 01741RAL6<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | DBT              | CORP              | US        |    445000 | PA      | $444460.57    | 0.12%             | 2029-10-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| RLJ LODGING TRUST, L.P.                                                           | RLJ LODGING TRUST, L.P.                                                           | CUSIP: 74965LAB7<br>LEI: 549300RX5I8Z6I6LDZ74 | Long             | DBT              | CORP              | US        |    687000 | PA      | $649838.91    | 0.18%             | 2029-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Caesars Entertainment, Inc.                                                       | Caesars Entertainment, Inc.                                                       | CUSIP: 12769GAA8<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |   1662000 | PA      | $1574078.87   | 0.42%             | 2029-10-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: —       |
| Gap, Inc. (The)                                                                   | Gap, Inc. (The)                                                                   | CUSIP: 364760AP3<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | DBT              | CORP              | US        |   1030000 | PA      | $978399.16    | 0.26%             | 2029-10-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| PRA Group, Inc.                                                                   | PRA Group, Inc.                                                                   | CUSIP: 69354NAD8<br>LEI: 549300Q5HW3JSSB86K27 | Long             | DBT              | CORP              | US        |    482000 | PA      | $446122.09    | 0.12%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: —       |
| Olympus Water US Holding Corp.                                                    | Olympus Water US Holding Corp.                                                    | CUSIP: 681639AB6<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |    547000 | PA      | $528985.38    | 0.14%             | 2029-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Roller Bearing Co. of America, Inc.                                               | Roller Bearing Co. of America, Inc.                                               | CUSIP: 775631AD6<br>LEI: 254900U9XW6S76H2P167 | Long             | DBT              | CORP              | US        |    687000 | PA      | $677471.58    | 0.18%             | 2029-10-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Carriage Purchaser, Inc.                                                          | Carriage Purchaser, Inc.                                                          | CUSIP: 14445LAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    409000 | PA      | $380620.96    | 0.10%             | 2029-10-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Viavi Solutions Inc.                                                              | Viavi Solutions Inc.                                                              | CUSIP: 925550AF2<br>LEI: 5493006K3E3N1QOBF092 | Long             | DBT              | CORP              | US        |    546000 | PA      | $520322.88    | 0.14%             | 2029-10-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Dornoch Debt Merger Sub Inc.                                                      | Dornoch Debt Merger Sub Inc.                                                      | CUSIP: 25830JAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    892000 | PA      | $752063.13    | 0.20%             | 2029-10-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                                                   | TransDigm, Inc.                                                                   | CUSIP: 893647BQ9<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   1029000 | PA      | $1023473.34   | 0.28%             | 2029-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                                                   | TransDigm, Inc.                                                                   | CUSIP: 893647BP1<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   1663000 | PA      | $1643873.01   | 0.44%             | 2029-01-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| TGNR Intermediate Holdings LLC                                                    | TGNR Intermediate Holdings LLC                                                    | CUSIP: 77289KAA3<br>LEI: 5493007AZNVKZ5HEMT23 | Long             | DBT              | CORP              | US        |    976000 | PA      | $960022.56    | 0.26%             | 2029-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HealthEquity, Inc.                                                                | HealthEquity, Inc.                                                                | CUSIP: 42226AAA5<br>LEI: 529900LRJU1RAFQHM467 | Long             | DBT              | CORP              | US        |    827000 | PA      | $813674.55    | 0.22%             | 2029-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Medline Borrower, L.P.                                                            | Medline Borrower, L.P.                                                            | CUSIP: 62482BAA0<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |   6242000 | PA      | $6064167.92   | 1.64%             | 2029-04-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Medline Borrower, L.P.                                                            | Medline Borrower, L.P.                                                            | CUSIP: 62482BAB8<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |   3474000 | PA      | $3485241.86   | 0.94%             | 2029-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Cobra AcquisitionCo LLC                                                           | Cobra AcquisitionCo LLC                                                           | CUSIP: 19106CAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    550000 | PA      | $478570.13    | 0.13%             | 2029-11-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Thor Industries, Inc.                                                             | Thor Industries, Inc.                                                             | CUSIP: 885160AA9<br>LEI: 254900XZO1228PDSG060 | Long             | DBT              | CORP              | US        |    687000 | PA      | $658354.16    | 0.18%             | 2029-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| APi Group DE, Inc.                                                                | APi Group DE, Inc.                                                                | CUSIP: 00185PAA9<br>LEI: 549300XP4G7B4QYA0G83 | Long             | DBT              | CORP              | US        |    383000 | PA      | $377839.58    | 0.10%             | 2029-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SK Invictus Intermediate II S.a.r.l.                                              | SK Invictus Intermediate II S.a.r.l.                                              | CUSIP: 29977LAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    928000 | PA      | $914165.84    | 0.25%             | 2029-10-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Conduent Business Services LLC / Conduent State & Local Solutions Inc.            | Conduent Business Services LLC / Conduent State & Local Solutions Inc.            | CUSIP: 20679LAB7<br>LEI: 54930026CNAIP718XD30 | Long             | DBT              | CORP              | US        |    708000 | PA      | $620016.77    | 0.17%             | 2029-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Sonic Automotive, Inc.                                                            | Sonic Automotive, Inc.                                                            | CUSIP: 83545GBD3<br>LEI: 549300NTLRGJ2JCBZU03 | Long             | DBT              | CORP              | US        |    890000 | PA      | $870983.19    | 0.24%             | 2029-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| ARKO Corp.                                                                        | ARKO Corp.                                                                        | CUSIP: 041242AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    613000 | PA      | $511792.54    | 0.14%             | 2029-11-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Magnera Corp.                                                                     | Magnera Corp.                                                                     | CUSIP: 377320AA4<br>LEI: 549300LDQLQBT38QDY28 | Long             | DBT              | CORP              | US        |    686000 | PA      | $621102.55    | 0.17%             | 2029-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: —       |
| Avantor Funding, Inc.                                                             | Avantor Funding, Inc.                                                             | CUSIP: 05352TAB5<br>LEI: 5493003VM0XB4U8YD238 | Long             | DBT              | CORP              | US        |   1114000 | PA      | $1064298.56   | 0.29%             | 2029-11-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| BlueLinx Holdings Inc.                                                            | BlueLinx Holdings Inc.                                                            | CUSIP: 09624HAA7<br>LEI: 549300YSX7GU28F5I540 | Long             | DBT              | CORP              | US        |    409000 | PA      | $399943.10    | 0.11%             | 2029-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                    | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                    | CUSIP: 01883LAD5<br>LEI: 5493006Q26653NF8SI73 | Long             | DBT              | CORP              | US        |    613000 | PA      | $608333.48    | 0.16%             | 2029-11-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Option Care Health, Inc.                                                          | Option Care Health, Inc.                                                          | CUSIP: 68404LAA0<br>LEI: 549300DI3Q5ACSYJRI17 | Long             | DBT              | CORP              | US        |    686000 | PA      | $673053.60    | 0.18%             | 2029-10-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Armor Holdco, Inc.                                                                | Armor Holdco, Inc.                                                                | CUSIP: 04625PAA9<br>LEI: 254900X6HLK0YPTHHF09 | Long             | DBT              | CORP              | US        |    482000 | PA      | $483246.60    | 0.13%             | 2029-11-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Jane Street Group / JSG Finance Inc.                                              | Jane Street Group / JSG Finance Inc.                                              | CUSIP: 47077WAA6<br>LEI: 5493002N1IVX6KHGYO08 | Long             | DBT              | CORP              | US        |    834000 | PA      | $821577.65    | 0.22%             | 2029-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Navient Corp.                                                                     | Navient Corp.                                                                     | CUSIP: 63938CAM0<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |   1030000 | PA      | $1015537.26   | 0.27%             | 2029-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: —       |
| Asbury Automotive Group, Inc.                                                     | Asbury Automotive Group, Inc.                                                     | CUSIP: 043436AW4<br>LEI: 549300JH4DTA7U42GL91 | Long             | DBT              | CORP              | US        |   1114000 | PA      | $1093698.91   | 0.30%             | 2029-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Open Text Corp.                                                                   | Open Text Corp.                                                                   | CUSIP: 683715AD8<br>LEI: 549300HP7ONDQODZJV16 | Long             | DBT              | CORP              | CA        |   1170000 | PA      | $1110765.47   | 0.30%             | 2029-12-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Kontoor Brands, Inc.                                                              | Kontoor Brands, Inc.                                                              | CUSIP: 50050NAA1<br>LEI: 549300M0CPXV65RFF271 | Long             | DBT              | CORP              | US        |    547000 | PA      | $520499.60    | 0.14%             | 2029-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| PROG Holdings, Inc.                                                               | PROG Holdings, Inc.                                                               | CUSIP: 74319RAA9<br>LEI: 549300DHYTLBOVRXIG52 | Long             | DBT              | CORP              | US        |    827000 | PA      | $814532.98    | 0.22%             | 2029-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Reworld Holding Corp.                                                             | Reworld Holding Corp.                                                             | CUSIP: 22303XAA3<br>LEI: 40XIFLS8XDQGGHGPGC04 | Long             | DBT              | CORP              | US        |   1066000 | PA      | $1011064.76   | 0.27%             | 2029-12-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Travel + Leisure Co.                                                              | Travel + Leisure Co.                                                              | CUSIP: 894164AA0<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | DBT              | CORP              | US        |    890000 | PA      | $868941.09    | 0.23%             | 2029-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Hertz Corp. (The)                                                                 | Hertz Corp. (The)                                                                 | CUSIP: 428040DB2<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |   1393000 | PA      | $959869.63    | 0.26%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HUB International Ltd.                                                            | HUB International Ltd.                                                            | CUSIP: 44332PAG6<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |    751000 | PA      | $754112.74    | 0.20%             | 2029-12-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Coherent Corp.                                                                    | Coherent Corp.                                                                    | CUSIP: 902104AC2<br>LEI: 549300O5C25A0MMHHU33 | Long             | DBT              | CORP              | US        |   1373000 | PA      | $1362134.90   | 0.37%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fertitta Entertainment LLC / Fertitta Entertainment Finance Co. Inc.              | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co. Inc.              | CUSIP: 31556TAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1393000 | PA      | $1342558.91   | 0.36%             | 2029-01-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Jacobs Entertainment, Inc.                                                        | Jacobs Entertainment, Inc.                                                        | CUSIP: 469815AK0<br>LEI: 5493004U9JIWY3HSUO63 | Long             | DBT              | CORP              | US        |    686000 | PA      | $661907.68    | 0.18%             | 2029-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| AMC Entertainment Holdings, Inc.                                                  | AMC Entertainment Holdings, Inc.                                                  | CUSIP: 00165CBA1<br>LEI: 549300ZO77UNR6NRBR11 | Long             | DBT              | CORP              | US        |    488000 | PA      | $438910.38    | 0.12%             | 2029-02-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Clydesdale Acquisition Holdings, Inc.                                             | Clydesdale Acquisition Holdings, Inc.                                             | CUSIP: 18972EAA3<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |    686000 | PA      | $694644.29    | 0.19%             | 2029-04-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Sealed Air Corp.                                                                  | Sealed Air Corp.                                                                  | CUSIP: 81211KBA7<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |    585000 | PA      | $589524.39    | 0.16%             | 2029-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Goodyear Tire & Rubber Co. (The)                                                  | Goodyear Tire & Rubber Co. (The)                                                  | CUSIP: 382550BN0<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |   1174000 | PA      | $1141474.92   | 0.31%             | 2029-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: —       |
| Central Parent Inc / CDK Global Inc.                                              | Central Parent Inc / CDK Global Inc.                                              | CUSIP: 15477CAA3<br>LEI: 5493000L10CYRTHIJ385 | Long             | DBT              | CORP              | US        |   1030000 | PA      | $855569.50    | 0.23%             | 2029-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Celanese US Holdings LLC                                                          | Celanese US Holdings LLC                                                          | CUSIP: 15089QAN4<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |   1030000 | PA      | $1065719.37   | 0.29%             | 2029-07-15      | Fixed         | 6.83%                 | No            |                  2 | On Loan: No      |
| CCO Holdings, LLC/CCO Holdings Capital Corp.                                      | CCO Holdings, LLC/CCO Holdings Capital Corp.                                      | CUSIP: 1248EPCS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2080000 | PA      | $2113198.88   | 0.57%             | 2029-09-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Newell Brands Inc.                                                                | Newell Brands Inc.                                                                | CUSIP: 651229BD7<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |    687000 | PA      | $677416.01    | 0.18%             | 2029-09-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: —       |
| Cloud Software Group, Inc.                                                        | Cloud Software Group, Inc.                                                        | CUSIP: 88632QAE3<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |   5555000 | PA      | $5604588.21   | 1.51%             | 2029-03-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Shea Homes L.P./ Shea Homes Funding Corp.                                         | Shea Homes L.P./ Shea Homes Funding Corp.                                         | CUSIP: 82088KAJ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    404000 | PA      | $398316.73    | 0.11%             | 2029-04-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Neptune Bidco US Inc.                                                             | Neptune Bidco US Inc.                                                             | CUSIP: 640695AA0<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |   3623800 | PA      | $3610221.26   | 0.97%             | 2029-04-15      | Fixed         | 9.29%                 | No            |                  2 | On Loan: No      |
| TransAlta Corp.                                                                   | TransAlta Corp.                                                                   | CUSIP: 89346DAH0<br>LEI: 984500EE2ADD850F1C96 | Long             | DBT              | CORP              | CA        |    547000 | PA      | $571950.86    | 0.15%             | 2029-11-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Bombardier Inc.                                                                   | Bombardier Inc.                                                                   | CUSIP: 097751BZ3<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |   1030000 | PA      | $1075754.66   | 0.29%             | 2029-02-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Tenet Healthcare Corp.                                                            | Tenet Healthcare Corp.                                                            | CUSIP: 88033GDM9<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |   1940000 | PA      | $1903235.25   | 0.51%             | 2029-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Cloud Software Group, Inc.                                                        | Cloud Software Group, Inc.                                                        | CUSIP: 18912UAA0<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |   5328000 | PA      | $5501495.66   | 1.48%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Kedrion S.p.A.                                                                    | Kedrion S.p.A.                                                                    | CUSIP: 49272YAB9<br>LEI: 81560047FA58E1BEDF67 | Long             | DBT              | CORP              | IT        |   1083000 | PA      | $1057256.91   | 0.29%             | 2029-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Ball Corp.                                                                        | Ball Corp.                                                                        | CUSIP: 058498AZ9<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |   1385000 | PA      | $1427181.56   | 0.39%             | 2029-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Iron Mountain Inc.                                                                | Iron Mountain Inc.                                                                | CUSIP: 46284VAP6<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |   1374000 | PA      | $1412448.64   | 0.38%             | 2029-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Central Parent LLC / CDK Global II LLC / CDK Financing Co. Inc.                   | Central Parent LLC / CDK Global II LLC / CDK Financing Co. Inc.                   | CUSIP: 154915AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1036000 | PA      | $884165.81    | 0.24%             | 2029-06-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Rain Carbon Inc.                                                                  | Rain Carbon Inc.                                                                  | CUSIP: 75079LAB7<br>LEI: 25490038N6JQH7QXUK52 | Long             | DBT              | CORP              | US        |    612000 | PA      | $632279.23    | 0.17%             | 2029-09-01      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| CITGO Petroleum Corp.                                                             | CITGO Petroleum Corp.                                                             | CUSIP: 17302XAN6<br>LEI: YX52P86PXMLYDOTUQ225 | Long             | DBT              | CORP              | US        |   1524000 | PA      | $1591735.70   | 0.43%             | 2029-01-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Banijay Entertainment                                                             | Banijay Entertainment                                                             | CUSIP: 060335AB2<br>LEI: 969500CE0IE2EZ5VBG13 | Long             | DBT              | CORP              | FR        |    548000 | PA      | $570983.67    | 0.15%             | 2029-05-01      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Venture Global LNG, Inc.                                                          | Venture Global LNG, Inc.                                                          | CUSIP: 92332YAC5<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |   4161000 | PA      | $4391063.81   | 1.19%             | 2029-02-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| INEOS Quattro Finance 2 PLC                                                       | INEOS Quattro Finance 2 PLC                                                       | CUSIP: 45674GAB0<br>LEI: 213800V48W4Y5MT5Q131 | Long             | DBT              | CORP              | GB        |    548000 | PA      | $466759.00    | 0.13%             | 2029-03-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: —       |
| American Airlines, Inc.                                                           | American Airlines, Inc.                                                           | CUSIP: 023771T40<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | DBT              | CORP              | US        |   1393000 | PA      | $1456059.52   | 0.39%             | 2029-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: —       |
| ams-OSRAM AG                                                                      | ams-OSRAM AG                                                                      | CUSIP: 03217CAB2<br>LEI: 5299001JPPT2QFTV5D76 | Long             | DBT              | CORP              | AT        |   1030000 | PA      | $1107006.92   | 0.30%             | 2029-03-30      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| Helix Energy Solutions Group, Inc.                                                | Helix Energy Solutions Group, Inc.                                                | CUSIP: 42330PAL1<br>LEI: 416AP2JOUTCWEGSOZW41 | Long             | DBT              | CORP              | US        |    420000 | PA      | $441282.24    | 0.12%             | 2029-03-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Genesis Energy L.P./ Genesis Energy Finance Corp.                                 | Genesis Energy L.P./ Genesis Energy Finance Corp.                                 | CUSIP: 37185LAP7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    836000 | PA      | $873801.18    | 0.24%             | 2029-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| XPLR Infrastructure Operating Partners, L.P.                                      | XPLR Infrastructure Operating Partners, L.P.                                      | CUSIP: 65342QAM4<br>LEI: 549300KJEC5IUVJWR786 | Long             | DBT              | CORP              | US        |   1030000 | PA      | $1056234.10   | 0.29%             | 2029-01-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: —       |
| PennyMac Financial Services, Inc.                                                 | PennyMac Financial Services, Inc.                                                 | CUSIP: 70932MAD9<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |   1031000 | PA      | $1100566.36   | 0.30%             | 2029-12-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| CVR Energy, Inc.                                                                  | CVR Energy, Inc.                                                                  | CUSIP: 12662PAF5<br>LEI: 529900SOYZIXZBTXB558 | Long             | DBT              | CORP              | US        |    836000 | PA      | $860391.14    | 0.23%             | 2029-01-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Chobani LLC / Chobani Finance Corp Inc.                                           | Chobani LLC / Chobani Finance Corp Inc.                                           | CUSIP: 17027NAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    687000 | PA      | $717658.75    | 0.19%             | 2029-07-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Global Auto Holdings Ltd./AAG FH UK Ltd.                                          | Global Auto Holdings Ltd./AAG FH UK Ltd.                                          | CUSIP: 00033GAA3<br>LEI: 984500ADEF1BB0584352 | Long             | DBT              | CORP              | GB        |    724000 | PA      | $696154.96    | 0.19%             | 2029-01-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Acrisure LLC / Acrisure Finance Inc.                                              | Acrisure LLC / Acrisure Finance Inc.                                              | CUSIP: 00489LAK9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1271000 | PA      | $1323881.23   | 0.36%             | 2029-02-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Tallgrass Energy Partners L.P./ Tallgrass Energy Finance Corp.                    | Tallgrass Energy Partners L.P./ Tallgrass Energy Finance Corp.                    | CUSIP: 87470LAL5<br>LEI: 549300IQ3DN0F3VERF65 | Long             | DBT              | CORP              | US        |   1115000 | PA      | $1158067.99   | 0.31%             | 2029-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| CSC Holdings, LLC                                                                 | CSC Holdings, LLC                                                                 | CUSIP: 126307BN6<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   2630000 | PA      | $1855573.09   | 0.50%             | 2029-01-31      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution Inc.           | KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution Inc.           | CUSIP: 487526AC9<br>LEI: 549300WQCH7SRQ8JKE47 | Long             | DBT              | CORP              | US        |   1393000 | PA      | $1457047.35   | 0.39%             | 2029-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Freedom Mortgage Holdings LLC                                                     | Freedom Mortgage Holdings LLC                                                     | CUSIP: 35641AAA6<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |   1561000 | PA      | $1637793.07   | 0.44%             | 2029-02-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| NGL Energy Operating LLC / NGL Energy Finance Corp.                               | NGL Energy Operating LLC / NGL Energy Finance Corp.                               | CUSIP: 62922LAC2<br>LEI: 5493008CQD36WWZJ3O79 | Long             | DBT              | CORP              | US        |   1254000 | PA      | $1290976.70   | 0.35%             | 2029-02-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Talos Production Inc.                                                             | Talos Production Inc.                                                             | CUSIP: 87485LAD6<br>LEI: 549300GZ2DZZE2Y8TX15 | Long             | DBT              | CORP              | US        |    854000 | PA      | $891298.45    | 0.24%             | 2029-02-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Jefferson Capital Holdings, LLC                                                   | Jefferson Capital Holdings, LLC                                                   | CUSIP: 472481AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    548000 | PA      | $580534.21    | 0.16%             | 2029-02-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Kodiak Gas Services, LLC                                                          | Kodiak Gas Services, LLC                                                          | CUSIP: 50012LAC8<br>LEI: 549300ZQBRWEUOVOM131 | Long             | DBT              | CORP              | US        |   1040000 | PA      | $1085113.12   | 0.29%             | 2029-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| INEOS Finance PLC                                                                 | INEOS Finance PLC                                                                 | CUSIP: 44984WAJ6<br>LEI: 2138002D68XDR4LZCG32 | Long             | DBT              | CORP              | GB        |    997000 | PA      | $895653.75    | 0.24%             | 2029-04-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: —       |
| Husky Injection Molding Systems Ltd. / Titan Co-Borrower LLC                      | Husky Injection Molding Systems Ltd. / Titan Co-Borrower LLC                      | CUSIP: 44805RAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   1393000 | PA      | $1467873.75   | 0.40%             | 2029-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| STL Holding Co. LLC                                                               | STL Holding Co. LLC                                                               | CUSIP: 861036AB7<br>LEI: 984500BC2I63E7F48656 | Long             | DBT              | CORP              | US        |    375000 | PA      | $395721.78    | 0.11%             | 2029-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Champions Financing, Inc.                                                         | Champions Financing, Inc.                                                         | CUSIP: 15870LAA6<br>LEI: 391200ZDD75EGEUJ7625 | Long             | DBT              | CORP              | US        |    820000 | PA      | $820300.45    | 0.22%             | 2029-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: —       |
| Hillenbrand, Inc.                                                                 | Hillenbrand, Inc.                                                                 | CUSIP: 431571AF5<br>LEI: U246OE781574J2BUD366 | Long             | DBT              | CORP              | US        |    686000 | PA      | $703298.86    | 0.19%             | 2029-02-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| AmWINS Group, Inc.                                                                | AmWINS Group, Inc.                                                                | CUSIP: 031921AC3<br>LEI: 549300SJE7MUB8NMRG61 | Long             | DBT              | CORP              | US        |   1031000 | PA      | $1060130.91   | 0.29%             | 2029-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                                                   | TransDigm, Inc.                                                                   | CUSIP: 893647BU0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   3817000 | PA      | $3936155.29   | 1.06%             | 2029-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| AAR Escrow Issuer, LLC                                                            | AAR Escrow Issuer, LLC                                                            | CUSIP: 00253PAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    971000 | PA      | $1008523.32   | 0.27%             | 2029-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| goeasy Ltd.                                                                       | goeasy Ltd.                                                                       | CUSIP: 380355AJ6<br>LEI: 5493009DJVZG2P8YV435 | Long             | DBT              | CORP              | CA        |    827000 | PA      | $820668.82    | 0.22%             | 2029-07-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Prairie Acquiror L.P.                                                             | Prairie Acquiror L.P.                                                             | CUSIP: 73943NAA4<br>LEI: 254900Q6KU2LVSIISH22 | Long             | DBT              | CORP              | US        |    544000 | PA      | $563265.22    | 0.15%             | 2029-08-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| WESCO Distribution Inc.                                                           | WESCO Distribution Inc.                                                           | CUSIP: 95081QAQ7<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |   1235000 | PA      | $1277517.35   | 0.34%             | 2029-03-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Delek Logistics Partners L.P./ Delek Logistics Finance Corp.                      | Delek Logistics Partners L.P./ Delek Logistics Finance Corp.                      | CUSIP: 24665FAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1459000 | PA      | $1530324.67   | 0.41%             | 2029-03-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| USA Compression Partners L.P./ USA Compression Finance Corp.                      | USA Compression Partners L.P./ USA Compression Finance Corp.                      | CUSIP: 91740PAG3<br>LEI: 5493000B1PEOKXRZEO65 | Long             | DBT              | CORP              | US        |   1384000 | PA      | $1439586.98   | 0.39%             | 2029-03-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| CoreCivic, Inc.                                                                   | CoreCivic, Inc.                                                                   | CUSIP: 21871NAC5<br>LEI: 529900JFA3K6PTLT8B15 | Long             | DBT              | CORP              | US        |    686000 | PA      | $725213.82    | 0.20%             | 2029-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Rithm Capital Corp.                                                               | Rithm Capital Corp.                                                               | CUSIP: 64828TAB8<br>LEI: 549300WNTHGEO5LP2G31 | Long             | DBT              | CORP              | US        |   1067000 | PA      | $1091699.98   | 0.29%             | 2029-04-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Starwood Property Trust, Inc.                                                     | Starwood Property Trust, Inc.                                                     | CUSIP: 85571BBB0<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |    824000 | PA      | $874296.96    | 0.24%             | 2029-04-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Encore Capital Group, Inc.                                                        | Encore Capital Group, Inc.                                                        | CUSIP: 292554AQ5<br>LEI: 5493000UVC6H49CIH830 | Long             | DBT              | CORP              | US        |    686000 | PA      | $722890.01    | 0.20%             | 2029-04-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Medline Borrower LP/Medline Co-Issuer Inc.                                        | Medline Borrower LP/Medline Co-Issuer Inc.                                        | CUSIP: 58506DAA6<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |   2080000 | PA      | $2153985.60   | 0.58%             | 2029-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Hilton Domestic Operating Co. Inc.                                                | Hilton Domestic Operating Co. Inc.                                                | CUSIP: 432833AP6<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |    752000 | PA      | $770639.82    | 0.21%             | 2029-04-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ESAB Corp.                                                                        | ESAB Corp.                                                                        | CUSIP: 29605JAA4<br>LEI: 549300ZNV0SWBXEIWT04 | Long             | DBT              | CORP              | US        |    976000 | PA      | $1006690.32   | 0.27%             | 2029-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Level 3 Financing, Inc.                                                           | Level 3 Financing, Inc.                                                           | CUSIP: 527298CB7<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    844000 | PA      | $808130.00    | 0.22%             | 2029-06-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Lumen Technologies, Inc.                                                          | Lumen Technologies, Inc.                                                          | CUSIP: 550241AB9<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |    452000 | PA      | $449175.00    | 0.12%             | 2029-04-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| GGAM Finance Ltd.                                                                 | GGAM Finance Ltd.                                                                 | CUSIP: 36170JAD8<br>LEI: 254900X2QXEN0FVXRF65 | Long             | DBT              | CORP              | KY        |    548000 | PA      | $569991.24    | 0.15%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| AMC Networks Inc.                                                                 | AMC Networks Inc.                                                                 | CUSIP: 00164VAG8<br>LEI: 549300VGG9K75226LR46 | Long             | DBT              | CORP              | US        |   1210000 | PA      | $1270443.13   | 0.34%             | 2029-01-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| New Home Co. Inc. (The)                                                           | New Home Co. Inc. (The)                                                           | CUSIP: 645370AF4<br>LEI: 549300PLCE8TB3TVRQ85 | Long             | DBT              | CORP              | US        |    511000 | PA      | $531187.57    | 0.14%             | 2029-10-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Rakuten Group, Inc.                                                               | Rakuten Group, Inc.                                                               | CUSIP: 75102WAK4<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | CORP              | JP        |   2785000 | PA      | $3098092.96   | 0.84%             | 2029-04-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Brandywine Operating Partnership, L.P.                                            | Brandywine Operating Partnership, L.P.                                            | CUSIP: 105340AS2<br>LEI: IXBXSCONLDQ1ZI73YU71 | Long             | DBT              | CORP              | US        |    755000 | PA      | $818352.05    | 0.22%             | 2029-04-12      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Comstock Resources, Inc.                                                          | Comstock Resources, Inc.                                                          | CUSIP: 205768AU8<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |    547000 | PA      | $544377.57    | 0.15%             | 2029-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Dye & Durham Ltd.                                                                 | Dye & Durham Ltd.                                                                 | CUSIP: 267486AA6<br>LEI: 549300XUQDPIC5QRY347 | Long             | DBT              | CORP              | CA        |    766000 | PA      | $703187.62    | 0.19%             | 2029-04-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| HLF Financing S.a.r.l. LLC / Herbalife International Inc.                         | HLF Financing S.a.r.l. LLC / Herbalife International Inc.                         | CUSIP: 40390DAD7<br>LEI: 549300VKVJUV5OGV2R51 | Long             | DBT              | CORP              | US        |   1115000 | PA      | $1206919.49   | 0.33%             | 2029-04-15      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| Sunoco L.P.                                                                       | Sunoco L.P.                                                                       | CUSIP: 86765KAB5<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |   1040000 | PA      | $1083358.66   | 0.29%             | 2029-05-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Empire Communities Corp.                                                          | Empire Communities Corp.                                                          | CUSIP: 29163VAG8<br>LEI: 549300JM1L6KK2QFP273 | Long             | DBT              | CORP              | CA        |    660000 | PA      | $664125.00    | 0.18%             | 2029-05-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Tutor Perini Corp.                                                                | Tutor Perini Corp.                                                                | CUSIP: 901109AG3<br>LEI: 549300FHXYVPW8LJ6D98 | Long             | DBT              | CORP              | US        |    548000 | PA      | $609753.02    | 0.16%             | 2029-04-30      | Fixed         | 11.88%                | No            |                  2 | On Loan: No      |
| U.S. Acute Care Solutions, LLC                                                    | U.S. Acute Care Solutions, LLC                                                    | CUSIP: 90367UAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1393000 | PA      | $1416859.30   | 0.38%             | 2029-05-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Cobra AcquisitionCo LLC                                                           | Cobra AcquisitionCo LLC                                                           | CUSIP: 19106CAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    343000 | PA      | $344286.25    | 0.09%             | 2029-11-01      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| Blue Racer Midstream LLC / Blue Racer Finance Corp.                               | Blue Racer Midstream LLC / Blue Racer Finance Corp.                               | CUSIP: 095796AJ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    697000 | PA      | $727458.20    | 0.20%             | 2029-07-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Service Properties Trust                                                          | Service Properties Trust                                                          | CUSIP: 81761LAD4<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |    963000 | PA      | $946808.02    | 0.26%             | 2029-06-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| California Resources Corp.                                                        | California Resources Corp.                                                        | CUSIP: 13057QAK3<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | DBT              | CORP              | US        |   1254000 | PA      | $1312988.16   | 0.35%             | 2029-06-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Alta Equipment Group Inc.                                                         | Alta Equipment Group Inc.                                                         | CUSIP: 02128LAC0<br>LEI: 549300DGOB28CLGS1X27 | Long             | DBT              | CORP              | US        |    697000 | PA      | $618553.35    | 0.17%             | 2029-06-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Gates Corp.                                                                       | Gates Corp.                                                                       | CUSIP: 367398AA2<br>LEI: 984500F43C791F4C7894 | Long             | DBT              | CORP              | US        |    697000 | PA      | $727227.50    | 0.20%             | 2029-07-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Gray Media, Inc.                                                                  | Gray Media, Inc.                                                                  | CUSIP: 389375AM8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |   1738000 | PA      | $1874394.76   | 0.51%             | 2029-07-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: —       |
| Staples, Inc.                                                                     | Staples, Inc.                                                                     | CUSIP: 855030AQ5<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |   3437000 | PA      | $3395209.17   | 0.92%             | 2029-09-01      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| Alliance Resource Operating Partners L.P./ Alliance Resource Finance Corp.        | Alliance Resource Operating Partners L.P./ Alliance Resource Finance Corp.        | CUSIP: 01879NAC9<br>LEI: 2549007036KGPSVTHP54 | Long             | DBT              | CORP              | US        |    547000 | PA      | $578969.96    | 0.16%             | 2029-06-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Velocity Vehicle Group LLC                                                        | Velocity Vehicle Group LLC                                                        | CUSIP: 92262TAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    697000 | PA      | $687998.59    | 0.19%             | 2029-06-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Trident Energy Finance PLC                                                        | Trident Energy Finance PLC                                                        | CUSIP: 89616MAB6<br>LEI: 9845004ECK3FYO64I382 | Long             | DBT              | CORP              | GB        |    830000 | PA      | $843969.07    | 0.23%             | 2029-11-30      | Fixed         | 12.50%                | No            |                  2 | On Loan: No      |
| Herc Holdings Inc.                                                                | Herc Holdings Inc.                                                                | CUSIP: 42704LAE4<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |   1114000 | PA      | $1156138.16   | 0.31%             | 2029-06-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Acrisure LLC / Acrisure Finance Inc.                                              | Acrisure LLC / Acrisure Finance Inc.                                              | CUSIP: 00489LAM5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    687000 | PA      | $721008.56    | 0.19%             | 2029-06-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Brink's Co. (The)                                                                 | Brink's Co. (The)                                                                 | CUSIP: 109696AC8<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | DBT              | CORP              | US        |    547000 | PA      | $565695.37    | 0.15%             | 2029-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| 1011778 BC ULC / New Red Finance Inc.                                             | 1011778 BC ULC / New Red Finance Inc.                                             | CUSIP: 68245XAR0<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   1663000 | PA      | $1716744.83   | 0.46%             | 2029-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Buckeye Partners, L.P.                                                            | Buckeye Partners, L.P.                                                            | CUSIP: 118230AV3<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |    836000 | PA      | $871402.93    | 0.24%             | 2029-07-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Williams Scotsman, Inc.                                                           | Williams Scotsman, Inc.                                                           | CUSIP: 96949VAM5<br>LEI: 549300DAKDS8SCO1OT57 | Long             | DBT              | CORP              | US        |    687000 | PA      | $709324.75    | 0.19%             | 2029-06-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Hertz Corp. (The)                                                                 | Hertz Corp. (The)                                                                 | CUSIP: 428040DC0<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |   1732000 | PA      | $1731898.16   | 0.47%             | 2029-07-15      | Fixed         | 12.62%                | No            |                  2 | On Loan: —       |
| CPI CG Inc.                                                                       | CPI CG Inc.                                                                       | CUSIP: 12598FAC3<br>LEI: 254900H3R50WH1B1LB48 | Long             | DBT              | CORP              | US        |    360000 | PA      | $378649.80    | 0.10%             | 2029-07-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Summit Midstream Holdings, LLC                                                    | Summit Midstream Holdings, LLC                                                    | CUSIP: 86614JAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1142000 | PA      | $1179322.84   | 0.32%             | 2029-10-31      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| SM Energy Co.                                                                     | SM Energy Co.                                                                     | CUSIP: 78454LAX8<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |   1040000 | PA      | $1039506.73   | 0.28%             | 2029-08-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Kraken Oil & Gas Partners LLC                                                     | Kraken Oil & Gas Partners LLC                                                     | CUSIP: 50076PAA6<br>LEI: 549300DR5HSL4YAU3X12 | Long             | DBT              | CORP              | US        |    697000 | PA      | $690753.42    | 0.19%             | 2029-08-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| GEO Group, Inc. (The)                                                             | GEO Group, Inc. (The)                                                             | CUSIP: 36162JAG1<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |    891000 | PA      | $942023.12    | 0.25%             | 2029-04-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Acuris Finance US Inc / Acuris Finance S.a.r.l.                                   | Acuris Finance US Inc / Acuris Finance S.a.r.l.                                   | CUSIP: 00511BAE7<br>LEI: 213800PHEXJH1L7ZN896 | Long             | DBT              | CORP              | US        |    606000 | PA      | $637469.58    | 0.17%             | 2029-08-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: —       |
| Universal Entertainment Corp.                                                     | Universal Entertainment Corp.                                                     | CUSIP: 91349WAC2<br>LEI: 353800BBJTHSMSQ31V91 | Long             | DBT              | CORP              | JP        |    323000 | PA      | $322488.66    | 0.09%             | 2029-08-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| Cornerstone Building Brands, Inc.                                                 | Cornerstone Building Brands, Inc.                                                 | CUSIP: 21925DAB5<br>LEI: 549300IW41QEWQ6T0H29 | Long             | DBT              | CORP              | US        |    686000 | PA      | $551435.20    | 0.15%             | 2029-08-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| R.R. Donnelley & Sons Co.                                                         | R.R. Donnelley & Sons Co.                                                         | CUSIP: 257867BJ9<br>LEI: SU4X0P4WWRGOQDTSV032 | Long             | DBT              | CORP              | US        |   1455000 | PA      | $1496962.20   | 0.40%             | 2029-08-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| R.R. Donnelley & Sons Co.                                                         | R.R. Donnelley & Sons Co.                                                         | CUSIP: 257867BK6<br>LEI: SU4X0P4WWRGOQDTSV032 | Long             | DBT              | CORP              | US        |    650000 | PA      | $656330.35    | 0.18%             | 2029-08-01      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| Enova International, Inc.                                                         | Enova International, Inc.                                                         | CUSIP: 29357KAK9<br>LEI: 549300O8XOCQSB49UO63 | Long             | DBT              | CORP              | US        |    687000 | PA      | $726331.44    | 0.20%             | 2029-08-01      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| Prime Healthcare Services, Inc.                                                   | Prime Healthcare Services, Inc.                                                   | CUSIP: 74165HAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2080000 | PA      | $2207160.80   | 0.60%             | 2029-09-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| 1011778 BC ULC / New Red Finance Inc.                                             | 1011778 BC ULC / New Red Finance Inc.                                             | CUSIP: 68245XAT6<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    686000 | PA      | $699902.48    | 0.19%             | 2029-09-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Gulfport Energy Operating Corp.                                                   | Gulfport Energy Operating Corp.                                                   | CUSIP: 402635AT3<br>LEI: 549300FJX18IDUFPHD40 | Long             | DBT              | CORP              | US        |    890000 | PA      | $919854.36    | 0.25%             | 2029-09-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| MGM Resorts International                                                         | MGM Resorts International                                                         | CUSIP: 552953CK5<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |   1170000 | PA      | $1196778.96   | 0.32%             | 2029-09-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Provident Funding Associates L.P./ PFG Finance Corp.                              | Provident Funding Associates L.P./ PFG Finance Corp.                              | CUSIP: 74387UAK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    720000 | PA      | $758905.20    | 0.20%             | 2029-09-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Victra Holdings LLC / Victra Finance Corp.                                        | Victra Holdings LLC / Victra Finance Corp.                                        | CUSIP: 92648DAA4<br>LEI: 549300KWDYQKQSF0MQ18 | Long             | DBT              | CORP              | US        |    613000 | PA      | $649680.69    | 0.18%             | 2029-09-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Connect Finco S.a.r.l. / Connect US Finco LLC                                     | Connect Finco S.a.r.l. / Connect US Finco LLC                                     | CUSIP: 20752TAB0<br>LEI: 2594001KNYIQ456J2792 | Long             | DBT              | CORP              | LU        |   2740000 | PA      | $2913307.74   | 0.79%             | 2029-09-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Aethon United BR L.P./ Aethon United Finance Corp.                                | Aethon United BR L.P./ Aethon United Finance Corp.                                | CUSIP: 00810GAD6<br>LEI: 5493007HPG2M9K9X5V41 | Long             | DBT              | CORP              | US        |   1393000 | PA      | $1456607.17   | 0.39%             | 2029-10-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Wildfire Intermediate Holdings, LLC                                               | Wildfire Intermediate Holdings, LLC                                               | CUSIP: 96812HAA6<br>LEI: 5493003RHEMQJZEXIR02 | Long             | DBT              | CORP              | US        |    836000 | PA      | $846000.23    | 0.23%             | 2029-10-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Mativ Holdings, Inc.                                                              | Mativ Holdings, Inc.                                                              | CUSIP: 808541AC0<br>LEI: 549300Z1FU4IDULG1R21 | Long             | DBT              | CORP              | US        |    548000 | PA      | $549663.73    | 0.15%             | 2029-10-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: —       |
| Pebblebrook Hotel L.P./ PEB Finance Corp.                                         | Pebblebrook Hotel L.P./ PEB Finance Corp.                                         | CUSIP: 70510LAA7<br>LEI: 549300DXEFK267TXZ832 | Long             | DBT              | CORP              | US        |    553000 | PA      | $566985.92    | 0.15%             | 2029-10-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Wayfair LLC                                                                       | Wayfair LLC                                                                       | CUSIP: 94419NAA5<br>LEI: 549300CTUWTZGOXMYI40 | Long             | DBT              | CORP              | US        |   1114000 | PA      | $1161620.16   | 0.31%             | 2029-10-31      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CD&R Smokey Buyer Inc / Radio Systems Corp.                                       | CD&R Smokey Buyer Inc / Radio Systems Corp.                                       | CUSIP: 12515KAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1075000 | PA      | $728898.91    | 0.20%             | 2029-10-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Belron UK Finance PLC                                                             | Belron UK Finance PLC                                                             | CUSIP: 080782AA3<br>LEI: 9845006BC9D1A77B8178 | Long             | DBT              | CORP              | GB        |   1550000 | PA      | $1577343.55   | 0.43%             | 2029-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cliffs Inc.                                                             | Cleveland-Cliffs Inc.                                                             | CUSIP: 185899AQ4<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |   1254000 | PA      | $1291260.10   | 0.35%             | 2029-11-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Specialty Building Products Holdings LLC / SBP Finance Corp.                      | Specialty Building Products Holdings LLC / SBP Finance Corp.                      | CUSIP: 84749AAC1<br>LEI: 549300ICFD46O3KMJC06 | Long             | DBT              | CORP              | US        |    697000 | PA      | $689948.24    | 0.19%             | 2029-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Ithaca Energy (North sea) PLC                                                     | Ithaca Energy (North sea) PLC                                                     | CUSIP: 46567TAC8<br>LEI: 213800BMMUN3AKWBIO91 | Long             | DBT              | CORP              | GB        |   1041000 | PA      | $1092276.54   | 0.29%             | 2029-10-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Icahn Enterprises L.P./ Icahn Enterprises Finance Corp.                           | Icahn Enterprises L.P./ Icahn Enterprises Finance Corp.                           | CUSIP: 451102CF2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    971000 | PA      | $979457.41    | 0.26%             | 2029-01-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Dcli Bidco LLC                                                                    | Dcli Bidco LLC                                                                    | CUSIP: 233104AA6<br>LEI: 2549007UUVJTHHNK9T70 | Long             | DBT              | CORP              | US        |    686000 | PA      | $675938.71    | 0.18%             | 2029-11-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC / APH3 Somerset Inves  | APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC / APH3 Somerset Inves  | CUSIP: 00188QAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1027000 | PA      | $1036602.45   | 0.28%             | 2029-11-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| NRG Energy, Inc.                                                                  | NRG Energy, Inc.                                                                  | CUSIP: 629377CY6<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |   1113000 | PA      | $1124115.45   | 0.30%             | 2029-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| OneMain Finance Corp.                                                             | OneMain Finance Corp.                                                             | CUSIP: 682691AH3<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |   1254000 | PA      | $1299169.08   | 0.35%             | 2029-05-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Great Canadian Gaming Corp./Raptor LLC                                            | Great Canadian Gaming Corp./Raptor LLC                                            | CUSIP: 389925AA6<br>LEI: 549300FU60SSFLTE0M84 | Long             | DBT              | CORP              | CA        |    740000 | PA      | $746673.32    | 0.20%             | 2029-11-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| CMG Media Corp.                                                                   | CMG Media Corp.                                                                   | CUSIP: 125773AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    790000 | PA      | $648471.50    | 0.18%             | 2029-06-18      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Icahn Enterprises L.P./ Icahn Enterprises Finance Corp.                           | Icahn Enterprises L.P./ Icahn Enterprises Finance Corp.                           | CUSIP: 451102CK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1376000 | PA      | $1385458.62   | 0.37%             | 2029-11-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| EchoStar Corp.                                                                    | EchoStar Corp.                                                                    | CUSIP: 278768AC0<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |   7552000 | PA      | $8333178.88   | 2.25%             | 2029-11-30      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| Ellucian Holdings Inc.                                                            | Ellucian Holdings Inc.                                                            | CUSIP: 289178AA3<br>LEI: 549300RP8NIJ7FY7OS79 | Long             | DBT              | CORP              | US        |    975000 | PA      | $990750.15    | 0.27%             | 2029-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Global Auto Holdings Ltd./AAG FH UK Ltd.                                          | Global Auto Holdings Ltd./AAG FH UK Ltd.                                          | CUSIP: 00033YAA4<br>LEI: 984500ADEF1BB0584352 | Long             | DBT              | CORP              | GB        |    741000 | PA      | $763841.64    | 0.21%             | 2029-08-15      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| Deluxe Corp.                                                                      | Deluxe Corp.                                                                      | CUSIP: 248019AW1<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | DBT              | CORP              | US        |    612000 | PA      | $645419.48    | 0.17%             | 2029-09-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Blackstone Mortgage Trust, Inc.                                                   | Blackstone Mortgage Trust, Inc.                                                   | CUSIP: 09257WAF7<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | DBT              | CORP              | US        |    612000 | PA      | $642707.71    | 0.17%             | 2029-12-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Sabre GLBL Inc.                                                                   | Sabre GLBL Inc.                                                                   | CUSIP: 78573NAL6<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |   1132000 | PA      | $996930.63    | 0.27%             | 2029-11-15      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| Planet Financial Group, LLC                                                       | Planet Financial Group, LLC                                                       | CUSIP: 72702AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    825000 | PA      | $864856.58    | 0.23%             | 2029-12-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| OneSky Flight, LLC                                                                | OneSky Flight, LLC                                                                | CUSIP: 68278CAA3<br>LEI: 549300PM6NEPXGG5B882 | Long             | DBT              | CORP              | US        |    752000 | PA      | $799197.78    | 0.22%             | 2029-12-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| GrafTech Finance Inc.                                                             | GrafTech Finance Inc.                                                             | CUSIP: 384311AC0<br>LEI: 1Z010BU876CF2HDBIN43 | Long             | DBT              | CORP              | US        |    684000 | PA      | $507015.00    | 0.14%             | 2029-12-23      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Innophos Holdings, Inc.                                                           | Innophos Holdings, Inc.                                                           | CUSIP: 45774NAD0<br>LEI: XQ0331QX53IRX25OY417 | Long             | DBT              | CORP              | US        |    644000 | PA      | $581146.29    | 0.16%             | 2029-06-15      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| iHeartCommunications, Inc.                                                        | iHeartCommunications, Inc.                                                        | CUSIP: 45174HBJ5<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |    984000 | PA      | $911370.96    | 0.25%             | 2029-05-01      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| GrafTech Global Enterprises Inc.                                                  | GrafTech Global Enterprises Inc.                                                  | CUSIP: 38431AAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    607000 | PA      | $533557.05    | 0.14%             | 2029-12-23      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| PHH Escrow Issuer LLC/PHH Corp.                                                   | PHH Escrow Issuer LLC/PHH Corp.                                                   | CUSIP: 716964AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    687000 | PA      | $702917.79    | 0.19%             | 2029-11-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| W&T Offshore, Inc.                                                                | W&T Offshore, Inc.                                                                | CUSIP: 92922PAN6<br>LEI: 549300Q7EOY2YIO3YK85 | Long             | DBT              | CORP              | US        |    478000 | PA      | $436022.04    | 0.12%             | 2029-02-01      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| Primo Water Holdings Inc / Triton Water Holdings Inc.                             | Primo Water Holdings Inc / Triton Water Holdings Inc.                             | CUSIP: 74168RAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    994000 | PA      | $1002799.88   | 0.27%             | 2029-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Primo Water Holdings Inc / Triton Water Holdings Inc.                             | Primo Water Holdings Inc / Triton Water Holdings Inc.                             | CUSIP: 74168RAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1036000 | PA      | $1005839.45   | 0.27%             | 2029-04-30      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| WarnerMedia Holdings, Inc.                                                        | WarnerMedia Holdings, Inc.                                                        | CUSIP: 55903VBY8<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |   1886000 | PA      | $1830980.67   | 0.49%             | 2029-03-15      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Discovery Communications, LLC                                                     | Discovery Communications, LLC                                                     | CUSIP: 25470DCA5<br>LEI: L2Z2MO2EQURH3BREWI15 | Long             | DBT              | CORP              | US        |    924000 | PA      | $899486.28    | 0.24%             | 2029-05-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| ION Platform Finance US Inc / ION Platform Finance S.a.r.l.                       | ION Platform Finance US Inc / ION Platform Finance S.a.r.l.                       | CUSIP: 46206AAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1060000 | PA      | $1078294.84   | 0.29%             | 2029-05-30      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| ION Platform Finance US Inc / ION Platform Finance S.a.r.l.                       | ION Platform Finance US Inc / ION Platform Finance S.a.r.l.                       | CUSIP: 46206AAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    975000 | PA      | $966428.85    | 0.26%             | 2029-05-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| ION Platform Finance US Inc / ION Platform Finance S.a.r.l.                       | ION Platform Finance US Inc / ION Platform Finance S.a.r.l.                       | CUSIP: 46206AAF9<br>LEI: 213800FKHT3BRRKMCC89 | Long             | DBT              | CORP              | US        |    690000 | PA      | $689954.16    | 0.19%             | 2029-08-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Sunoco L.P.                                                                       | Sunoco L.P.                                                                       | CUSIP: 86765KAJ8<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |   1094000 | PA      | $1068653.32   | 0.29%             | 2029-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-30

**Name of Applicant:** Invesco Exchange-Traded Self-Indexed Fund Trust

**Signature:** Adrien Deberghes

**Name of Signer:** Adrien Deberghes

**Title:** Vice President